Vedior has been consolidated since May 16 2008. We focus in our analysis of revenue, gross profit, operating expenses and EBITA on the pro forma comparison, adjusted for one-offs, as if both companies had been combined in Q1 2008 as well. This reflects underlying performance best. Below EBITA, and regarding the balance sheet and cash flow, we compare versus the actual Q1 2008 results to reflect the impact of the merger.
Key points first quarter 2009
- Revenue amounted to € 3,055.5 million (organic growth1 amounted to -27% in Q1 2009 and -31% in March)
- EBITA2 reached € 49.2 million (-73%), with the EBITA margin reaching 1.6% (vs. 4.3% pro forma)
- Operating expenses decreased by 19% to € 564.7 million backed by natural attrition, synergies and restructuring
- Solid cash generation; net debt improved by € 195 million to € 1.446 million; leverage ratio stable at 1.8
- Adjusted net income3 attributable to ordinary shareholders € 8.8 million; diluted EPS € 0.05 (-92%)
"Our challenge in this difficult quarter has been to adjust our cost base while preserving and even improving the foundations for our future growth potential," says Ben Noteboom, CEO Randstad. "I am touched by the dedication and energy of our people who are doing a great job in adjusting costs and managing cash. They deserve credit for doing a painful job in what is always the slowest quarter of the year, due to seasonal patterns in our business. We make sure that we do not damage our market presence. In many markets, our people are stepping up their commercial activities ensuring no demand is left undiscovered. We are gaining more and more client contracts. The markets of our clients move through violent patterns, but in the medium term, immediately after the downsizing waves, there will be significant demand for flexibility. In the midst of all the turmoil, we are making sure we are prepared for this. The capabilities of our new combined company, with a very strong presence in both staffing and professionals segments, give us an excellent position to be the partner of choice for our present and new clients."