key points 2008

• 2008 was a historic year as Randstad and Vedior combined forces to create the world’s second-largest HR services provider
  
• the integration in staffing is progressing well and synergies are coming in ahead of schedule
  
• the contours of the professionals strategy have been drafted and the professionals house style was developed
  
• a year with two faces : 4% organic growth in both Q1 and Q2, followed by declines of 2% and 14% in Q3 and Q4, respectively
  
• timely cost savings demonstrate the improved focus gained from our ‘managing through the cycle’ approach
  
• despite the successful integration, the rapid market decline in H2 2008 required an impairment on Vedior goodwill of € 500 million
  
• to ensure financial strength we opt for debt reduction and propose to pay no ordinary dividend for 2008