core data
| |
 |
2008 |
|
2007 |
|
Δ% |
| |
|
|
|
|
|
|
| Key financials (in millons of €) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Pro forma |
|
|
|
|
|
|
| Revenue |
|
17,177.4 |
|
17,625.2 |
|
-3 |
| Gross profit |
|
3,540.0 |
|
3,637.1 |
|
-3 |
| EBITA |
|
834.4 |
|
907.1 |
|
-8 |
| Average number of staffing employees |
|
674,100 |
|
685,900 |
|
-2 |
| Average number of corporate employees |
|
34,550 |
|
33,900 |
|
2 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Actual |
|
|
|
|
|
|
| Revenue |
|
14,038.4 |
|
9,197.0 |
|
53 |
| Gross profit |
|
2,972.3 |
|
2,029.7 |
|
46 |
| EBITA1 |
|
644.0 |
|
554.4 |
|
16 |
| Net income |
|
18.4 |
|
384.9 |
|
-95 |
| |
|
|
|
|
|
|
| Free cash flow |
|
672.7 |
|
328.4 |
|
105 |
| Net debt2; |
|
1,641.0 |
|
144.2 |
|
1,038 |
| Shareholders’ equity |
|
2,416.9 |
|
1,021.6 |
|
137 |
| |
|
|
|
|
|
|
| Ratios (in % of revenue) |
|
|
|
|
|
|
| Gross margin |
|
21.2 |
|
22.1 |
|
|
| EBITA margin |
|
4.6 |
|
6.0 |
|
|
| Net income margin |
|
0.1 |
|
4.2 |
|
|
| |
|
|
|
|
|
|
| Share data |
|
|
|
|
|
|
| Basic earnings per ordinary share (in €) |
|
0.07 |
|
3.31 |
|
-98 |
| Diluted earnings per ordinary share before amortization and impairment acquisitionrelated intangible assets, goodwill, integration costs and one-offs (in €) |
|
3.21 |
|
3.47 |
|
-7 |
| Dividend per ordinary share (in €) |
|
- |
|
1.25 |
|
- |
| Payout per ordinary share (in %)3 |
|
- |
|
38 |
|
- |
| |
|
|
|
|
|
|
| Closing price (in €) |
|
14.55 |
|
27.02 |
|
-46 |
| Market capitalization, year-end (€ million) |
|
2,466.9 |
|
3,150.7 |
|
-22 |
| Enterprise value, year-end (€ million) 4 |
|
4,107.9 |
|
3,294.9 |
|
|
| |
|
|
|
|
|
|
| Employees/outlets |
|
|
|
|
|
|
| Average number of staffing employees |
|
555,600 |
|
369,200 |
|
50 |
| Average number of corporate employees |
|
28,230 |
|
17,570 |
|
61 |
| Number of branches, year-end5 |
|
4,146 |
|
1,889 |
|
117 |
| Number of inhouse locations, year-end5 |
|
1.087 |
|
997 |
|
13 |
| |
|
|
|
|
|
|
- EBITA: operating profit before amortization and impairment acquisition-related intangible assets and impairment goodwill.
- Net debt: cash and cash equivalents minus borrowings.
- Payout per ordinary share in %: dividend per ordinary share on basic earnings per ordinary share.
- Enterprise value: market capitalization and net debt.
- Branches are outlets from which various clients are served with a number of various services and which are located in residential/commercial areas. Inhouse locations are outlets from which one client is served with a limited number of job profiles and which are located on the site of the client.
The Vedior Group has been consolidated since May 16 2008. This has a significant impact on results. We focus in our analysis of revenue, gross profit, operating expenses and EBITA on the pro forma comparison, as if the companies had been combined since January 1, 2007. Pro forma figures have been adjusted for integration costs, restructuring charges and one-offs. This best reflects the underlying performance and the way the companies have been managed. Reconciliation between actual and pro forma figures is as follows:
| |
|
Revenue |
|
Gros profit |
|
EBITA |
| |
|
|
|
|
|
|
| Actual |
|
14,038.4 |
|
2,972.3 |
|
644.0 |
| |
|
|
|
|
|
|
| Vedior Q1 2008 |
|
2,038.9 |
|
396.8 |
|
77.9 |
| Vedior April 1, 2008 - May 15, 2008 |
|
1,102.1 |
|
212.5 |
|
41.5 |
| Eliminations and reclassifications |
|
-2.0 |
|
-2.9 |
|
-1.1 |
| Integration costs |
|
- |
|
- |
|
61.9 |
| One-Offs |
|
- |
|
-38.7 |
|
10.2 |
| |
|
|
|
|
|
|
| Pro forma |
|
17,177.4 |
|
3,540.0 |
|
834.4 |
| |
|
|
|
|
|
|
