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www.randstadholding.com Results Q3 2002 Robert-Jan van de Kraats CFO
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Agenda Market developments Operational performance Financial performance Financial topics Outlook
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Market developments (revenue)
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Operational performance: Randstad Germany & Yacht Randstad Germany -Idle time further reduced -Market bottoming out -Deregulation update Yacht -Start-up losses outside the Netherlands -Risk profile key issue -Cost reduction -Operational leverage
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Operational performance: Randstad North America Randstad North America -Restructuring of telecommunication activities -Gross margin stable compared to Q2 2002 -Integration front- and back-office according to plan (75% realized)
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Operational performance: Randstad Netherlands, Tempo-Team & In-house services Randstad the Netherlands and Tempo Team -Market share stable -Some signs of pressure on gross margin -Solid profitability In-house services -Continued strong organic growth -Flexibility of cost structure -Profitability at client level
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Income statement € mln Q3 2002 Q3 2001 %YtD Sept 2002 YtD Sept 2001 % Revenue1,445.71,507.5-44,075.94,422.8-8 Gross margin21.3%22.6%21.8%23.0% Operating profit40.942.8-467.784.7-20 Operating profit margin2.8% 1.7%1.9% Net income from ordinary operations 25.722.81337.938.3
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Balance sheet € mlnQ3 2002Q3 2001FY 2001 Goodwill7.87.77.0 Tangible fixed assets224.1281.7264.1 Financial fixed assets410.4384.9420.6 Receivables1,094.91,207.51,077.3 Equity345.8368.4333.8 Provisions363.9266.7323.5 Net debt344.9472.2405.3
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Cash flow statement € mln YtD Sept 2002 YtD Sept 2001 Cash flow from operations Cash flow from investments Net tangible fixed assets Acquisitions/disposal group companies 106.6 -15.4 -14.4 123.9 25.2 -85.3 110.5 Free cash flow Cash flow from financing Net cash flow 91.2 -199.3 -105.8 149.1 -98.9 52.9
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Change net debt Q2 2002 to Q3 2002 600 500 400 300 200 100 0 € mln 443 53 47-4 345 * 472 Q2 2002 Q3 2002Q3 2001 CF from operations Working capital CF from investments Reimbursements financiers * Incl. currency differences
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Net debt Cash impact of reduction DSO -€ 100 million target feasible -DSO down by 4 days in Q3 -Target DSO level at year end: 52 days Sale of part of real estate portfolio -Marginal impact on income statement in Q4 -Cash impact of € 60 – 70 million
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Operational leverage Some signs of gross margin pressure Counteracted through continuously improving cost structure -Working processes standardization -Leverage IT costs -Reduction square meters in large branches -Contracts flexworkers Yacht and Randstad Germany Extra capacity visible in productivity level
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Outlook Given the still uncertain market circumstances we continue to give guidance on a quarterly basis. With the continuation of current trends, we expect total revenue in Q4 to reach last year’s level. Consequently, full year EPS from ordinary operations will amount to at least € 0.40 (versus € 0.34 last year).
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DisclaimerDisclaimer Certain statements in this document comprise forecasts on Randstad Holding’s future financial condition and results from operations and certain plans and goals. By their nature, such forecasts generate risk and uncertainty because they concern events in the future and depend on circumstances which then apply. Any number of factors can cause actual results and developments to deviate from those expressed in the forecasts stated here. Such factors can be, but are not limited to, general economic conditions, scarcity on the employment market, the variation in the demand for (flexible) personnel, changes in employment legislation, future currency exchange rates and interest rates, future corporate mergers, acquisitions and divestments and the speed of technical change. The forecasts speak only as at the date of this document.
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