Acquisitions
legislative overview of Randstad’s biggest
operating countries HRS
situation by the end of 2010
country license to sectoral bans sector limited reasons CLA maximum
start a to use flex. length of
staffing empl. assignment
company
Netherlands - - - - -
Germany X Construction X X
Belgium X Public X - X
France X - X
Spain X - X
Italy X Public X - X
UK - - - - - -
US - - - - - -
• within main markets the number of future opportunities is large as many
restrictions still apply
1 • recent changes: Germany (’04), industrial sector Japan (’04), China (’06), public
sector France (‘010) and public & construction sector Spain (‘010)
• changes in European labor law, free traffic of labor
Acquisitions
legislative changes in Germany
HRS
Germany is an example where legislative changes
have provided a boost
2,100 revenue Randstad in Germany
1,900
revenue in €* mln.
1,700
1,500
1,300 legislative change
1,100
900
700
500
300
2002 2003 2004 2005 2006 2007 2008 2009
2
protective legislation and unemployment
12%
Spain
10%
unemployment 2008
8% Germany
Portugal France
Italy Sweden Belgium
6% US UK
4% Japan
Denmark
Netherlands
2%
0%
0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5%
penetration rate staffing 2008*
liberal legislation restrictive legislation
3
* source: Euro-Ciett
•3