Key points Q4 2010
− Revenue up 22% to € 3,891 million; organic growth1 per working day 17%
− Underlying2 EBITA3 reached € 161.5 million (+52%), with the EBITA margin4 reaching 4.2% (vs. 3.3% in Q4 2009)
− Adjusted net income5 attributable to holders of ordinary shares € 109.5 million; diluted EPS6 € 0.64 (+36%)
− Leverage ratio (net debt/EBITDA) improved to 1.5
Key points full year 2010
− Markets recovered with strengthening growth throughout the year in almost all markets
− Revenue of € 14.2 billion compared to € 12.4 billion in 2009; organic growth per working day 12%
− Clear improvement in EBITA margin from 2.5% to 3.6%
− Adjusted net income attributable to holders of ordinary shares € 336 million (+62%); diluted EPS € 1.96 (+62%)
− Strong footprint in Japan established by the acquisition of FujiStaff
− Proposal to pay dividend of € 1.18 per ordinary share
“Growth has accelerated throughout the year”, says Ben Noteboom, CEO of Randstad. “Not only did we see our inhouse and staffing services perform very strongly, in many markets the professionals segment has started to improve as well. We have gained market share through the year in many important regions due to the continuing efforts of our people. I would like to thank them for their contribution in the special year of Randstad’s 50th anniversary. Market prospects look bright, we see good growth opportunities. At the same time, we will maintain our focus on efficiency. It is very satisfying to be able to propose to pay our shareholders dividend again. We are looking forward to a great year in the world of work, delivering value to our clients, candidates, employees and other stakeholders.”

In € million (unaudited)
Q4 2010 Q4 2009 change FY 2010 FY 2009 change
Revenue 3,891.1 3,179.7 22% 14,179.3 12,399.9 14%
Underlying EBITA 161.5 106.1 52% 509.6 315.7 61%
EBITA 161.5 96.1 68% 513.6 252.4 103%
Net income 138.5 47.7 190% 288.5 67.6 327%
Adjusted net income attr. to holders ord. shares
109.5 79.9 37% 335.9 207.2 62%
Diluted EPS 0.64 0.47 36% 1.96 1.21 62%
Proposed dividend on ordinary shares 1.18 -- nm

1) organic growth is measured excluding the impact of currencies, acquisitions, disposals, reclassifications and French business tax
2) underlying: before integration costs and one-offs
3) operating profit before amortization/impairment acquisition-related intangible assets and goodwill
4) following a change in French tax law an amount of € 10.4 million is now recorded as income tax instead of cost of services; this has a positive effect on Q4 gross profit and EBITA of € 10.4 million or 0.3% on the respective margins; the new classification has no
impact on net income or EPS. The 2009 figures have not been adjusted
5) before amortization and impairment acquisition-related intangible assets and goodwill, integration costs and one-offs
6) diluted EPS before amortization and impairment acquisition-related intangible assets and goodwill, integration costs and one-offs.

Significant progress towards our targets
In 2010, Randstad achieved significant progress towards its operational and financial targets. After focusing on the integration of Vedior and weathering the economic downturn in 2008 and 2009, the year 2010 was all about recovery and profitable growth.
Strong commercial focus, backed by enhanced marketing campaigns in several countries enabled market share gains in almost all regions, especially in Germany, North America, Iberia, Italy and the Nordics. In France we gained momentum throughout the year, resulting in growth ahead of the market in the second half of the year. The only region where we were below the market is the Netherlands, partly based on margin protection and business mix.
Increased focus on field steering, copy-pasting specialties, the rollout of the professionals concept and improved cross-selling should all help to drive outperformance against our markets in 2011.
Operating leverage in the business was strong, resulting in solid profitability improvements. The EBITA margin rose to 3.6%, compared to 2.5% in 2009. We continue to strive for a 5-6% EBITA margin through the cycle and we are fully committed to realize enhanced returns in 2011.
Our financial position further strengthened. The net debt position improved to € 899.3 million. In combination with increased profitability, the leverage ratio improved to 1.5, well within our target range of 0 to 2. This enables us to pay dividend on ordinary shares. We propose a dividend of € 1.18 per share, in line with our dividend policy.
Summary of Group financial performance
Revenue
In Q4 2010, revenue increased by 22% to € 3,891.1 million. Organic revenue growth was 17%, the net addition of acquisitions/disposals (primarily the € 105 million revenue contribution from FujiStaff) was 3%, while currencies added the remainder. In October and November growth per working day was 17%, while it was 16% in December. Permanent placement fees increased by 20% organically. Perm fees made up 1.5% of revenue and 7.6% of gross profit (7.1% in Q4 2009).
In 2010 revenue improved by 14% to € 14.2 billion. Organic growth amounted to 12%, strengthening from a 1% decline in Q1 to 17% growth in Q4. Recovery followed a classical pattern. Our combined inhouse businesses returned to growth in Q1 2010. Our staffing businesses grew as of Q2 2010, whereas professionals turned the corner in the same quarter and showed clear growth as of Q3 2010. Our US staffing and inhouse businesses started to recover first, followed by the more industrial oriented countries in continental Europe such as Germany, France, Belgium and Poland. The more white collar and public sector geared markets in the UK and the Netherlands returned to growth later in the year.

Gross profit
In Q4 2010, gross profit amounted to € 736.7 million. The gross margin amounted to 18.9% compared to 19.1% in Q4 2009. The temp margin declined 0.3% YoY, including mix effects. Sequentially the temp margin is stable. The growth in perm fees added 0.1%. Mix changes in HRS (strong growth in the relatively lower gross margin parts of our HRS offering) had a negative impact of 0.2%. A change in French tax law (see note 4 on the front page) added 0.3%.

For the full year underlying gross profit amounted to € 2,658.7 million, with the gross margin coming down from 19.5% to 18.8%. During the year pressure on the temp margin eased, while growth in perm fees started to add to gross margin. The negative mix effects in HRS have become smaller during the year as well. The French tax impact was stable throughout the year.
Operating expenses
In Q4 2010, operating expenses amounted to € 575.2 million, up 15% compared to Q4 2009 and up 6% compared to the previous quarter. The consolidation of FujiStaff added 3% (approx. € 15 million) to the cost base. Organic growth in operating expenses was 10% YoY and 3% sequentially.
At the end of the quarter we operated a network of 4,195 outlets, 80 more than in the previous quarter, largely influenced by the consolidation of FujiStaff. Average headcount (measured by FTE) amounted to 26,970 for the quarter, up 5% YoY and up 4% sequentially. Organically the increase was 2% YoY and 1% sequentially. Growth in the number of FTEs has been significantly below revenue and gross profit growth, allowing for considerable productivity improvements.
For the full year underlying operating expenses amounted to € 2,149.1 million, compared to € 2,098.5 million in 2009. Whereas operating expenses were below last year in the first half of the year, the cost base began to increase in the second half to support the fast growth in our business.

voor meer info
http://files.shareholder.com/downloads/RANJF/399135291x0x442251/08e3589d-0857-42cd-8561-58f1c9f511f9/RAND.AMS_News_2011_2_17_Quarterly_Results.pdf