2005 Results

1
2005 Results
2 February 2006
Presented by Zach Miles Chief Executive
2
This presentation includes forward-looking
statements that reflect our intentions, beliefs
or current expectations and projections about our
future results of operations, financial
condition, liquidity, performance, prospects,
growth, strategies, opportunities and the
industry in which we operate. Forward-looking
statements include all matters that are not
historical fact. We have tried to identify these
forward-looking statements by using words
including may, will, should, expect,
intend, estimate, project, believe,
plan, seek, continue, appears and similar
expressions or their negative. These
forward-looking statements are subject to a
number of risks, uncertainties, assumptions and
other factors that could cause our actual results
of operations, financial condition, liquidity,
performance, prospects or opportunities, as well
as those of the markets we serve or intend to
serve, to differ materially from those expressed
in, or suggested by these forward-looking
statements. Important factors that could cause
those differences include, but are not limited to
our financial position and our ability to
implement our business strategy and plans and
objectives of management for future operations,
our ability to develop, balance and expand our
business, our ability to implement our long-term
growth strategy (including through organic growth
and acquisitions), our ability to make
improvements to our capital structure, industry
and market trends and volumes, including the
speed and strength at which the staffing services
industry and the sectors in which we operate,
rebound from economic slowdowns and recessions,
the effects of regulation (including employment
and tax regulations), our ability to improve the
efficiency of our operations and to reduce
expenses in our operating companies and their
network of offices, litigation and our ability to
take advantage of new technologies. In light of
these risks, uncertainties, assumptions and other
factors, the forward-looking events described in
this presentation might not occur. Additional
risks that we may deem immaterial or that are not
presently known to us could also cause the
forward-looking events discussed in this
presentation not to occur. Except as otherwise
required by applicable law, we undertake no
obligation to update publicly or revise publicly
any forward-looking statements, whether as a
result of new information, future events, changed
circumstances or any other reason after the date
of this presentation.
3
2005 Highlights

• Sales of 6,851m
• Up 7 organically
• Operating income of 232m
• Up 11 organically
• Net income increased to 139m
• Up 27
• EPS of 0.82
• Up 30
• Dividend of 0.25, up 25 from 2004

Excluding Special Items
4
2005 Highlights

• Pick up in the Netherlands
• Robust profit in US and Australia
• Exceptional year in emerging markets
• France gains share
• Strong UK profit maintained

5
2005 Highlights

• Efficiency improves
• Global network extended to 44 markets (2004 37)
• Bulgaria
• Croatia
• Cyprus
• Oman
• Romania
• Serbia Montenegro
• Uruguay

6
MAT Vedior Group
140 130 120 110 100 90
EBIT
Sales
Gross Profit
SGA
Q2
Q4
Q1
Q2
Q3
Q4
Q1
Q3
Q1
Q2
Q3
Q4
2003
2004
2005
Excluding Niscom
7
Geographic Breakdown 2005
Sales
Operating income
Netherlands 6
Netherlands 7
ROE 20
ROE 14
UK 20
France 37
UK 13
France 44
US 8
US 14
ROW 8
ROW 9
8
Sector Breakdown 2005
Sales
Operating income
Other Sectors 8
Education 2
Other Sectors 6
Education 6
Engineering 6
Engineering
9
IT 9
Traditional 49
Accounting 4
IT 14
Traditional 67
Healthcare 6
Accounting 5
Healthcare 9
9
Organic Growth by Region
Rest of Europe
Rest of World
UK
Netherlands
France
US
30 20 10 0 -10 -20 -30
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
10
Organic Growth by Sector
Other Sectors
Education
Healthcare
Engineering
IT
Accounting
Traditional
40 30 20 10 0 -10 -20
Q4 2004
Q2 2005
Q3 2005
Q4 2005
Q1 2005
11
Business Development

• Organic initiatives
• Andrew Farr
• Supreme Education
• Ma Foi
• Select Interservices
• Vedior Career
• Vedior Contec
• SESA Select

Date Mar 05 Mar 05 Jul 05 Jul 05 Sept 05 Oct
05 Dec 05
Sector Accounting Education HR
BPO Travel/Tourism Perm Plcmnt Engineering Traditi
onal
Market UK UK Oman Cyprus Japan Japan Urugua
y
12
Business Development

• Acquisitions
• Becker
• Locum Medical
• Mandeville
• Consulteam
• Qualitair
• Compliance
• Delta Pharma
• Capsil

Date Jun 05 Jun 05 Jul 05 Jul 05 Aug 05 Oct
05 Nov 05 Nov 05
Sector Accounting Healthcare Sales/Retail Tra
ditional Engineering Legal Pharmaceutical Pharmace
utical
Market US US UK Eastern Europe UK US US Fin
land
13
Presentation Agenda

• 2005 Highlights and Operating Summary
• Strategy Management Outlook
• Appendices

14
Strategic Objectives

• Primary objective to achieve above average
  investment returns
• Higher organic growth
• Improving operating margin
• Maximise opportunities through multi-brand
  approach

15
Financial Objectives

• 2005 Target
• Operating Operating
• Margins Margins
• France 3.2 4.0 to 4.5
• UK 5.9 7.0 to 8.0
• US 6.2 7.0 to 8.0
• Netherlands 2.7 5.0 to 6.0
• Rest of Europe 2.7 3.5 to 4.0
• Rest of World 4.5 5.0 to 6.0
• Vedior Group 3.4 4.6 to 5.6

After Corporate Expenses
16
GDP Forecasts

• 2005 GDP 2006 GDP
• Belgium 1.4 1.9
• France 1.5 1.9
• Germany 1.1 1.7
• Netherlands 0.8 1.9
• UK 1.7 2.1
• Euro area 1.4
  1.9
• Japan 2.5 2.4
• US 3.6 3.3

Source The Economist Poll, 21 January 2006
17
2006 Investment Plans

• Acquisition of fast-growing professional/
  executive recruitment companies
• New start-up initiatives
• Permanent placement
• Infrastructure
• Technology, personnel and offices
• eBusiness

18
Any Questions?
19
Appendix
Temporary Workers Worldwide
Canada 2
Spain 2

• 7.5 million people working through recruitment
  agencies
• 100 countries are still closed to the recruitment
  industry due to lack of regulation or prohibition

Belgium 1
Italy 2
Netherlands 3
Rest of World 9
US 38
Other Europe 3
Germany 3
Australia 4
Japan 8
UK 16
France 9
Source ING, March 2004
20
Penetration Rates
Appendix
Proportion of people working through temporary
agencies as a percentage of the total working
population

• 2004 2009(F)
• US 2.1 2.9
• UK 3.9 5.4
• Netherlands 2.4 3.1
• France 2.4 3.4
• Germany 0.7 1.1
• Japan 0.9 2.0

Source ING, March 2004
21
Growth Factors
Appendix

• Cyclical growth
• GDP and job creation activity
• Seasonal growth
• Holidays and peaks in demand
• Structural growth
• Societal acceptance
• Changing perceptions of work
• Work/life balance
• Requirement for more flexible cost structures
• Growth of the Service sector
• Deregulation
• Liberalization but with appropriate protections
  for temporary workers

22
Appendix
Staffing Market Revenue Growth
30 25 20 15 10 5 0 -5 -10 -15
Belgium
US
Germany
UK
France
NL
2003
1999
1996
2002
2004
2001
1998
2000
1997
Source Deutsche Bank
23
Market Segmentation
Appendix

• Professional/executive recruitment as
• a percentage of the total recruitment market

60 50 40 30 20 10 0
US
Australia
UK
Japan
NL
Belgium
Germany
France
World
Source ING, March 2004
24
Appendix
Professional/Executive Mix
Correlation between Temporary Professional/
Executive Recruitment and Market Liberalisation
60 50 40 30 20 10 0
US
UK
Professional/Executive Recruitment as a of
Total Temporary Recruitment
JP
NL
DE
BE
FR
ES
IT
10 20 30 40 50
60 70 80 90 100
Liberalisation grade
Source ING
25
Appendix
Total Employment by Segment
100 90 80 70 60 50 40 30 20 10 0
Government
Services
Construction
Industry
Agriculture
Belgium
Germany
Spain
Italy
France
UK
US
Netherlands
Source Deutsche Bank
26
Appendix
Temporary Employment by Segment
100 90 80 70 60 50 40 30 20 10 0
Government
Services
Construction
Industry
Agriculture
Belgium
Germany
Spain
Italy
France
UK
US
Netherlands
Source Deutsche Bank
27
Current Growth Drivers by Market
Appendix
Economic
Structural
Legislative
US UK France Japan Australia Netherlands Germany
K
K
J
K
K
K
J
K
J
J
J
J
J
K
K
K
L
J
J
J
L
Source Vedior estimates, September 2005
28
Legislative Restrictions
Appendix
US
ES
UK
JP
NL
BE
DE
FR
IT
C
C
C
C
C
C
C
C
S E C T O R
Recently Open
Industrial Construction Service Public Motive Dura
tion
D
D
C
C
C
C
C
Recently Open
Recently Open
C
C
C
C
C
C
C
C
Partially Open
D
C
C
D
C
Union Opposed
Union Opposed
Union Opposed
Union Opposed
D
D
D
D
D
D
C
C
C
D
D
D
D
D
D
D
C
C
Source Deutsche Bank
29
Demographic Trends
Appendix

• Percentage of the population aged 65 and over
• in Developed Economies

30 25 20 15 10 5 0
1950
1990
2020
2010
1970
1980
2000
1960
2040
2030
2050
Source UN (2001)
30
Appendix
Demographic Trends
Percentage change in working age population (aged
15-64) from 2000 to 2050
30 20 10 0 -10 -20 -30 -40 -50
Canada
France
UK
Germany
Japan
Italy
US
Source UN Projection