PageGroup PLC · LSE:PAGE
PageGroup — Michael Page International — Investor Day (September 2007)
148 slides from PageGroup's investor day presentation, Sep 12, 2007
Slide 1: Opportunities for growth
“Opportunities for growth” Michael Page International Investor Presentation 12th September 2007 Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 2: Agenda
Agenda 1 Business Model and Group Strategy Steve Ingham 2 EMEA and The Americas – Introduction Charles-Henri Dumon 3 EMEA – Our Biggest Market - France Charles-Henri Dumon - EMEA excluding France Christophe Duchatellier 4 Germany – A Rapidly Developing Market Olivier Lemaitre 5 The Americas – The Fu
Slide 3: Business Model and Group Strategy
Business Model and Group Strategy Steve Ingham CEO Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 4: Business Model and Group Strategy
BUSINESS MODEL AND GROUP STRATEGY • Launched, 1976, one team focused on accountancy recruitment, permanent placements, in Central London Business Model and Group Strategy • Today, 2007, approximately 800 teams focused on 14 disciplines, permanent or temporary placements, from 141 offices in 24 count
Slide 5: Teams
BUSINESS MODEL AND GROUP STRATEGY • Focused by discipline, geography, perm or temp, as well as skill/industry/level • Each team, typically a manager and 4 consultants, owns its own P&L • Receives quarterly profit share, as bonus, which is allocated, by contribution, to team members Teams • Grow by t
Slide 6: Consultants
BUSINESS MODEL AND GROUP STRATEGY • With the ongoing growth of the brand and the success of the group we are able to improve the quantity and quality of the consultants we can attract, including a substantial graduate intake • Incentivised by profit share bonus, potential for management, internation
Slide 7: The Result
BUSINESS MODEL AND GROUP STRATEGY • Creates strong and consistent brands • Profit focus leads to strong cost control, ensures higher The Result margins and creates the opportunity to invest throughout a cycle • Maximises referrals cross-discipline, nationally and internationally • A platform to allo
Slide 8: 31 Years Of Organic Growth
BUSINESS MODEL AND GROUP STRATEGY Consistency around the world • People • Culture • Management 31 Years Of Organic Growth • Service • Product • Technology • Knowledge ‘Low risk, higher returns’ Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwid
Slide 9: 1976 v 2007 – Momentum Builds
BUSINESS MODEL AND GROUP STRATEGY International brand strength • Attracting candidates, clients, consultants • On-line presence • Launching new businesses/countries 1976 v 2007 – Momentum Builds • Managing increasing compliance • Managing increasing legislation • Sourcing and recruiting internationa
Slide 10: EMEA and The Americas – Introduction
EMEA and The Americas – Introduction Charles-Henri Dumon Managing Director - Continental Europe and The Americas Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 11: Charles-Henri Dumon
EMEA and The Americas - Introduction Charles-Henri Dumon Career History at Michael Page – 48 Years Old 1985 – 1986 1986 – 2001 2001 – 2003 2003 – Present London Paris Paris Geneva Responsible for North Launched France (1986) Launched Switzerland (2001) America, Europe, Latin America (2005) Launched
Slide 12: EMEA and The Americas - Senior Management
EMEA and The Americas - Introduction EMEA and The Americas - Senior Management Charles-Henri Dumon (22) Continental Europe and The Americas CFO France Rest of Europe The Americas Francois Sallembien (12) Fabrice Lacombe (13) Christophe Duchatellier (15) Alexis de Bretteville (14) Rest of Africa Paul
Slide 13: Our Biggest Market
EMEA and The Americas - Introduction Our Biggest Market 2005 Poland 1997 1987 Spain 2001 2007 Netherlands Italy Switzerland Luxembourg Openings 1986 1993 2002 France Germany Belgium 2006 Sweden Russia 2000 Ireland • 65 offices in 15 countries (Jun 07) Portugal South Africa • 1785 employees (Jun 07)
Slide 14: France
France Charles-Henri Dumon Managing Director - Continental Europe and The Americas Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 15: MP France – Geographical Coverage
FRANCE MP France – Geographical Coverage France Paris Rest of Africa Clichy Courbevoie Paris Neuilly-sur-Seine Paris Paris Versailles Issy-les-Moulineaux Clichy Courbevoie Paris Neuilly-sur-Seine Paris Paris Versailles Issy-les-Moulineaux MP PP MP & PP Virtual Office Michael Page International is a
Slide 16: Headcount
FRANCE Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 900 45 800 40 700 35 600 30 Headcount 500 25 £m 400 20 300 15 200 10 100 5 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 H H H H H H H
Slide 17: Overview
FRANCE • Michael Page’s 2nd largest country • 2000 70% of EMEA and 25% of Group’s gross profit • 2002/3 downturn, Group strategy and strength ensured: Overview - No office closures - Maintained infrastructure - Headcount reduced • H1 2007 33% of EMEA and 13% of Group’s gross profit Michael Page Inte
Slide 18: H1 2007
FRANCE H1 2007 H1 2007 Gross Profit £30m** +29%* Headcount 589** +31%** Growth rate improving during first half * In local currency ** Includes ‘Rest of Africa’ team - launched 2006 Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.mich
Slide 19: Changes in legislation: the impact on us
FRANCE Changes in legislation: the impact on us Heidrick & Struggles Russell Reynolds Egon Zehnder €100,000 Hudson Robert Half Robert Walters Mercuri Urval €40,000 Hays Expectra Adecco Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.m
Slide 20: Market Characteristics
FRANCE Market Characteristics % increase in the “cadres” population 1995 2000 2003 2006 H1 2007 • Recruitment of “cadres” (white collars) 98,400 increased 17% (2005/2006), to 200,000 recruitments in 2006 • Forecast 2007: increase of 3% to 9% (207,000/220,000 recruitments in 2007) • In 2006 34,200 “c
Slide 21: Our Clients
FRANCE Our Clients • Number of clients: MP : 3,770 PP : 3,700 • Multinationals: - HSBC - Bouygues Immobilier - AXA Investment - Darty - Terreal - Monoprix - H&M - Samsung - Legrand - Nestlé • Locals: - Société Mécanique Magnétique - Sogeres • Financial Services recruitment represents less than 2% of
Slide 22: The Future and Potential
FRANCE • Continue office roll out • Approximately 100,000 ‘white collar’ professionals changed roles in the first 6 months of 2007. Michael Page recruited 2,100 people – implied market share: 2.1% • 2006: 602,000 temps (20 billion Euro turnover (£13.5 billion) • Page Personnel number of temps: 1,500
Slide 23: EMEA excluding France
EMEA excluding France Christophe Duchatellier Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 24: Christophe Duchatellier
EMEA EXCLUDING FRANCE Christophe Duchatellier Career History at Michael Page – 44 Years Old 1992 – 1996 1997 – 2001 2002 – 2005 2006 – Present Paris Milan Milan Geneva Responsible for Northern Europe MP France consultant to director Responsible for Spain Responsible for Southern Europe Launched MP I
Slide 25: EMEA excluding France – Senior Management
EMEA EXCLUDING FRANCE EMEA excluding France – Senior Management Christophe Duchatellier (15) Regional Managing Director Continental Europe (excl. France) Northern Europe Central and Southern Europe Peter Rietvelt (18) Eastern Europe Nicolas Buisson (13) Olivier Lemaitre (10) Reporting to the UK Sout
Slide 26: EMEA excluding France
EMEA EXCLUDING FRANCE EMEA excluding France Central & Eastern Europe Northern Europe Southern Europe Middle East, Africa, Ireland MP PP MP & PP Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 27: Headcount
EMEA EXCLUDING FRANCE Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 1,200 64 56 1,000 48 800 40 Headcount 600 32 £m 24 400 16 200 8 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 H H H H H
Slide 28: Overview
EMEA EXCLUDING FRANCE • In 2000 ‘EMEA excluding France’ was 30% of EMEA and 11% of Group’s gross profit • In 2000 we had 16 offices in 6 countries • Headcount reduced by 10% from its peak in 2001 to 327 in 2002 • Continued to invest during downturn Overview • Maintained infrastructure • Opened new o
Slide 29: EMEA excluding France
EMEA EXCLUDING FRANCE EMEA excluding France H1 2006 H1 2007 Gross Profit: £35.4m Gross Profit: £60.2m Operating Profit: £12.3m +86.2% Operating Profit: £22.9m Headcount: 731 +63.5% Headcount: 1,195 Gross Profit 11.0% 12.8% 9.6% 11.6% 70.1% Growth 13.6% 11.8% 29.4% 27.6% Growth* Holland +62% 18.1% 18
Slide 30: Why we are growing so fast
EMEA EXCLUDING FRANCE • Low level of outsourcing (10 - 25%) and growing • Weak competition Why we are growing so fast • Shortage of good candidates: leverage the power of Michael Page/Page Personnel brands • Changes in legislation Michael Page International is a world leading recruitment consultancy
Slide 31: Competitors
EMEA EXCLUDING FRANCE Competitors Southern Europe Eastern Europe Central Europe Northern Europe Italy Poland Germany Belgium 1. Michael Page 1. Bigram 1. Michael Page 1. Hudson 2. Antal 2. Hrk 2. Kienbaum 2. Robert Half 3. Hays 3. Hays 3. Bauman 3. Michael Page 4. Antal/Michael Page Spain Russia Swi
Slide 32: Competition from Staffing Agencies
EMEA EXCLUDING FRANCE • Adecco, Manpower, Vedior… trying to enter into the permanent recruitment market • What is their strategy? -Adecco, Ajilon, Adecco Expert, Randstad, Competition from Randstad Professionals… Staffing Agencies • Do they have the top candidates? • Do they have the right consultan
Slide 33: Our Clients
EMEA EXCLUDING FRANCE Our Clients • Top 100 clients less than 15% of gross profit Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 34: Our Vision
EMEA EXCLUDING FRANCE • Continued penetration in existing markets • Continued roll out of disciplines and new offices (doubling in the next 10 years – 100 offices) Our Vision • New countries – Eastern Europe, Turkey, Middle East, Africa • c. 5,000 staff in 10 years Michael Page International is a wo
Slide 35: Germany – A Rapidly Developing Market
Germany – A Rapidly Developing Market Olivier Lemaitre Managing Director – Central and Eastern Europe Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 36: Olivier Lemaitre
GERMANY – A RAPIDLY DEVELOPING MARKET Olivier Lemaitre Career History at Michael Page – 35 Years Old 1997 – 1999 2000 – 2002 2002 – 2006 2006 – Present Paris Sao Paulo Frankfurt Düsseldorf Responsible for Germany Responsible for Switzerland MP France consultant MP Brazil manager Responsible for Germ
Slide 37: German Recruitment Market Characteristics
GERMANY – A RAPIDLY DEVELOPING MARKET • Estimate 10% outsourced and increasing • Culturally conservative in the way they do business • Michael Page are the only recruitment consultants to manage the process from A to Z • Established local players: German Recruitment - Kienbaum - Dr. Heimeier & Partn
Slide 38: Headcount
GERMANY – A RAPIDLY DEVELOPING MARKET Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 200 12 180 10 160 140 8 120 Headcount 100 £m 6 80 60 4 40 2 20 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2
Slide 39: Column Millimetres
GERMANY – A RAPIDLY DEVELOPING MARKET Volume Frankfurter Allgemeine Zeitung FAZ volume increased by 5% year to date +19% 250,000 200,000 Column Millimetres +66% +9% 1st half year 2007 150,000 1st half year 2006 100,000 +31% +26% +157% 50,000 -2% +36% 0 N E M H ER T P ER ER G IF AN C U EI EB PA BA BA
Slide 40: Germany - Gross Profit per Discipline
GERMANY – A RAPIDLY DEVELOPING MARKET Germany - Gross Profit per Discipline Finance S&M Eng/P&C/P&SC Tech Banking Other 25,000 20,000 15,000 10,000 5,000 0 Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 41: Current position
GERMANY – A RAPIDLY DEVELOPING MARKET Current position Hamburg Berlin • 5 offices (Hamburg opened in Jan 07) Düsseldorf • 10 Disciplines (4 launched since Jan 07) • 139 Fee Earners (+70%) (Jun 07) Frankfurt • +82% Gross Profit Growth (H1 07) Munich Michael Page International is a world leading recru
Slide 42: Opportunities across the country
GERMANY – A RAPIDLY DEVELOPING MARKET Opportunities across the country Hamburg 9 FE 2006 GDP by Region € EUR 14 FE Düsseldorf / NRW: 502bn Berlin Munich / Region South: 409bn 57 FE Stuttgart / Region SW: 337bn Düsseldorf Frankfurt / Region Middle: 331bn Hamburg / Region North: 411bn 57 FE Berlin / R
Slide 43: Reasons for optimism
GERMANY – A RAPIDLY DEVELOPING MARKET • So far, no international competitor with a long-term plan for a permanent recruitment business • Immature market, high exposure to the international market, will develop quickly (higher turnover and outsourcing ratio) • Medium-term legislative changes will inc
Slide 44: Our Vision
GERMANY – A RAPIDLY DEVELOPING MARKET • Full roll out of disciplines • Open new offices in short-term - Cologne, Stuttgart • Longer-term there are additional cities with populations greater than 1m such as Hanover, Leipzig, Dresden Our Vision and Nurnberg • Biggest offices (Dusseldorf/Munich/Frankfu
Slide 45: The Americas – The Future
The Americas – The Future Alexis de Bretteville Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 46: Alexis de Bretteville
THE AMERICAS – THE FUTURE Alexis de Bretteville Career History at Michael Page – 44 Years Old 1993 – 1997 1997 – 2002 2002 – 2004 2004 – 2006 2006 – Present Paris Madrid Frankfurt Brussels New York Responsible for USA Launched MP Spain (1997) Responsible for Germany MP France Responsible for Holland
Slide 47: The Americas - Senior Management
THE AMERICAS – THE FUTURE The Americas - Senior Management Alexis de Bretteville (14) Regional Managing Director - The Americas East (US) South (US) Latin America Richard Vickers (13) Joost Fortuin (11) Patrick Hollard (12) Managing Director Managing Director Managing Director Mid-West (US) Canada S
Slide 48: The Story So Far
THE AMERICAS – THE FUTURE • North America launched 1998 in Chrysler Building, New York • 2001 market hit by economic downturn and 9/11 • Today, 9 offices, 233 staff, 5 disciplines The Story So Far • Latin America launched 2000 in Sao Paulo, Brazil • Today 4 offices, 187 staff, 8 disciplnes • H1 2007
Slide 49: Headcount
THE AMERICAS – THE FUTURE Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 450 18 400 16 350 14 300 12 Headcount 250 10 £m 200 8 6 150 4 100 2 50 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2 1 2
Slide 50: The Americas
THE AMERICAS – THE FUTURE The Americas H1 2006 H1 2007 Gross Profit: £9.7m Gross Profit: £17.1m Operating Profit: £1.6m +83.4% Operating Profit: £2.9m Headcount: 272 +55.1% Headcount: 422 Gross Profit 41% 42% 76.1% Growth 59% 58% Growth* North America +90% Latin America +85% *Growth rates are based
Slide 51: Overview - North America
THE AMERICAS – THE FUTURE • Now have presence in 3 regions in US - East, Mid-West, South • East has 6 offices with addition of Hartford (Connecticut) in H1 07 Overview - North America • Roll out of Sales, Marketing, HR continuing across network • Mid-West (Chicago) now established. New replacement o
Slide 52: Overview - Latin America
THE AMERICAS – THE FUTURE • Brazil’s growth continues, now 8 disciplines • Launched Page Personnel in H1 07 • Headcount grown significantly (+64% yoy) to 176 • Newest office (Campinas) performing ahead of Overview - Latin America expectations • Mexico ahead of plan and profitable • Sales & Marketing
Slide 53: Key Characteristics – North America
THE AMERICAS – THE FUTURE • Very candidate-driven: multiple agency registration/offers/ buy-backs • Approximately 35% outsource recruitment • Recruitment industry has poor image/reputation: Key Characteristics - Low service levels – North America - Commission driven • Notice periods typically 2 week
Slide 54: Key Characteristics – Latin America
THE AMERICAS – THE FUTURE • Client driven market, but increasingly becoming candidate-driven • Less than 30% of recruitment outsourced Key Characteristics • Typical ‘white collar’ professional profile: - Hard working/flexible/entrepreneurial – therefore – Latin America high turnover • Recruitment in
Slide 55: Competition - North America
THE AMERICAS – THE FUTURE Competition - North America 18,000 firms performing temporary and permanent recruitment Staffing Executive Adecco Robert Half/Accountemps Heidrick & Struggles 300+ US and Canadian offices 242 US and 18 Canadian offices 20 US and 1 Canadian office Manpower Ajilon (Finance &
Slide 56: Our Business Model
THE AMERICAS – THE FUTURE • Specialist Focus • Consultants not Agents • Profit Share and Fixed Salary, Not Commission-Based • Adding Integrity to Industry Our Business Model • Enhance Long-Term Partnerships • Web and Print Advertising • Exclusive Assignments • Unique, Cutting-edge Marketing Tools Ta
Slide 57: Our Strategy
THE AMERICAS – THE FUTURE Launched on East Coast (USA) and Brazil Build the brand, establish reputation, focus on one discipline When established: • Grow office – New York and Sao Paulo • Open 2nd offices – New Jersey and Rio de Janeiro • Roll out further disciplines • Look to new countries/regions
Slide 58: Our Clients
THE AMERICAS – THE FUTURE • Michael Page has more than 4,000 clients in the Americas ranging in size from large, global multi-nationals, to small local businesses Our Clients • Diverse client portfolio including: Pharmaceuticals, Financial Services, Consumer Products, Retail, Advertising, Legal, Med
Slide 59: What our clients say about us
THE AMERICAS – THE FUTURE What our clients say about us “I find Michael Page International professional, diligent, productive “Michael Page was a breath of fresh air, I am so impressed with with a very good understanding of the market as well the time the quality and volume of resumes I received aft
Slide 60: The Future and Potential
THE AMERICAS – THE FUTURE • The Brand and the senior management team well established • Momentum building as local hires progress into management The Future and Potential • Roll out of new disciplines/offices gets easier • 2008: potential office openings in Buenos Aires (Argentina), Curitiba (Brazil
Slide 61: Current Locations 2007
THE AMERICAS – THE FUTURE Current Locations 2007 USA : Canada : New York Toronto Chicago Philadelphia Brazil : Boston Sao Paulo Atlanta Rio de Janeiro Stamford Campinas Hartford Edison Mexico : Mexico City ( DF ) Michael Page International is a world leading recruitment consultancy 141 offices in 24
Slide 62: The Future 2015
THE AMERICAS – THE FUTURE The Future 2015 USA : Charlotte Brazil : New York Seattle Sao Paulo Chicago Washington Rio de Janeiro Philadelphia Denver Campinas Boston Las Vegas Curitiba Atlanta Nashville Belo Horizonte Stamford Portland Porto Alegre Hartford Cleveland Edison Miami Mexico : Paramus Oakl
Slide 63: Launch of a new country – Brazil
Launch of a new country – Brazil Patrick Hollard Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 64: Patrick Hollard
LAUNCH OF A NEW COUNTRY – BRAZIL Patrick Hollard Career History at Michael Page – 39 Years Old 1996 – 1999 2000 – 2006 2006 – Present Paris Brazil Brazil Launched Sao Paulo office (2000) MP France Launched Mexico (2006) Launched Rio de Janeiro office (2002) Consultant to Director Launched PP Brazil
Slide 65: The Picture Today
LAUNCH OF A NEW COUNTRY – BRAZIL Country : • 190m people, top ten world economy MP Brazil : • 7 years old The Picture Today • 3 offices • 176 staff (H1 2007) • Leader in the recruitment market • Two brands: Michael Page and Page Personnel Michael Page International is a world leading recruitment con
Slide 66: Why go to Brazil?
LAUNCH OF A NEW COUNTRY – BRAZIL • Size of the country • Opens the door to the South American continent • Strong presence of International Brands (498 of top 500 Why go to Brazil? world companies are in Brazil) • Very immature recruitment market • No competition in middle-management market Michael P
Slide 67: First Step: Jul to Dec 1999
LAUNCH OF A NEW COUNTRY – BRAZIL Market survey: • SWOT analysis: visits to companies, HR and operations, interviews of candidates, evaluation of competition, media, social and legal characteristics First Step: Start-up team: Jul to Dec 1999 • Experienced and motivated MP people Support structures: •
Slide 68: Second Step: From Jan 2000 onwards
LAUNCH OF A NEW COUNTRY – BRAZIL Build a team: • Recruitment of Brazilians to be trained in Europe (6 months) • Learn business model and our culture Build a brand: • Focus first on Finance recruitment • Negotiate with local specialised newspaper Second Step: (Gazeta Mercantil) From Jan 2000 onwards
Slide 69: Michael Page secret: a very strong culture
LAUNCH OF A NEW COUNTRY – BRAZIL Strong team: • Recruit top people and train them. Make people dream and make sure that their dreams become true Strong commercial: Michael Page secret: • Promote our business model by visiting potential clients (min. 5 client visits a week per consultant) a very stro
Slide 70: Headcount
LAUNCH OF A NEW COUNTRY – BRAZIL Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 140 7 120 6 100 5 Headcount 80 4 £m 60 3 40 2 20 1 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 H H H H H H
Slide 71: Organic growth: accelerating factors
LAUNCH OF A NEW COUNTRY – BRAZIL • Management - In 2002 only 3 managers - Today 35 managers • We can grow much faster today Organic growth : accelerating - Open new divisions to become multi-specialism factors recruiters - Open new offices in Brazil - Export senior consultants overseas and duplicate
Slide 72: Mexico: A “copy/paste” of Brazil
LAUNCH OF A NEW COUNTRY – BRAZIL • Started in July 2006 • First Mexican consultants trained in Brazil • Today 15 consultants, including one European (MD) and 2 Brazilians • First profits after 6 months Mexico: A “copy/paste” of Brazil • 4 disciplines: • Finance and Banking • Marketing and Sales Next
Slide 73: Country and Global Job Counts
Country and Global Job Counts Steve Ingham CEO Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 74: Decreasing relevance and correlation, increasing over reliance
COUNTRY AND GLOBAL JOB COUNTS Decreasing relevance and correlation, increasing over reliance • 23% of fee earners in Page Personnel, therefore no impact • Restructure in Europe means all junior perm roles transferred to Page Personnel website • Multiple assignments for similar roles recorded once •
Slide 75: Growth of On-line
COUNTRY AND GLOBAL JOB COUNTS • Job boards investing heavily in technology • MP utilises all on-line methods to source candidates: • Job boards • SEO • PPC • MP/PP websites Growth of On-line • 37% of candidates register CV on-line • 65% of candidates received interview via on-line application • In t
Slide 76: Conclusion
COUNTRY AND GLOBAL JOB COUNTS • On-line strategy will focus entirely on candidate generation Conclusion • During Q4 job count will go Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 77: Questions
Questions Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
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Slide 79: Asia Pacific – Introduction
Asia Pacific – Introduction Gary James Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 80: Gary James
ASIA PACIFIC Gary James Career History at Michael Page – 45 Years Old 1984 – 1992 1992 – 2002 2002 – 2006 2006 – Present UK UK USA Australia Responsible for Australia MPUK – consultant to Responsible for China director Responsible for UK Sales Responsible for USA Responsible for Hong Kong Launched U
Slide 81: Headcount
ASIA PACIFIC Gross Profit* and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 600 30 500 25 400 20 Headcount 300 15 £m 200 10 100 5 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 H H H H H H H H H H H H H H
Slide 82: Asia Pacific
ASIA PACIFIC Asia Pacific H1 2006 H1 2007 Gross Profit: £21.6m Gross Profit: £27m Operating Profit: £7.8m +26.4% Operating Profit: £9.8m Headcount: 390 +28.5% Headcount: 501 Gross Profit 40% 43% 25.2% Growth 60% 57% Growth* Australia +20% Rest of Asia Pacific +49% *Growth rates are based on local cu
Slide 83: Growth of the region
ASIA PACIFIC Growth of the region 1985 1996 2003 Australia Singapore China Openings 1994 2001 Hong Kong Japan The Drivers of Growth • Economic maturity of country • Sophistication of employers to external recruiters • Cultural change in career aspirations of individuals • Regulatory restrictions • A
Slide 84: Current MPI Market Positioning
ASIA PACIFIC Current MPI Market Positioning Admin & Clerical Junior & Middle Senior & Board Management Level Appointments Specialist Staffing Executive Adecco RHI Heidrick & Struggles Randstad RWA Korn Ferry Vedior Hays Russell Reynolds Kelly Hudson Spencer Stuart Manpower Michael Page International
Slide 85: MPI differences within the region
ASIA PACIFIC • Time in market: diversity of business • Local economic influences: mix of disciplines MPI differences • Cultural/behavioural: nature of business within the region • Legislative/regulatory: speed of entry One Constant: Specialists Michael Page International is a world leading recruitme
Slide 86: Competitive landscape
ASIA PACIFIC • Enormous diversity across region • Junior appointments often local Competitive landscape • Search firms and boutiques at senior level • Niche specialists on regional basis • Limited number of regional multi-discipline specialists Michael Page International is a world leading recruitme
Slide 87: Competitive Landscape
ASIA PACIFIC Competitive Landscape Number of Asia Region Offices Number of Asia Region Fee Earners (estimated) 45 920 40 828 35 736 30 644 552 25 460 20 368 15 276 10 184 5 92 0 0 Hays Hudson MPI RWA RHI Hays Hudson MPI RWA RHI • Similar country coverage • Hudson/Hays greater presence in staffing •
Slide 88: Asia Pacific Strategy
ASIA PACIFIC • Consistent with Group • Roll out existing disciplines to existing offices • New disciplines and new offices Asia Pacific Strategy • New countries: Malaysia, New Zealand, South Korea, Taiwan 50% world population vs. 37% world economy with the gap closing over next 7 years Michael Page
Slide 89: Australia – Back on Track
Australia – Back on Track Phil Guest Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 90: Phil Guest
AUSTRALIA – BACK ON TRACK Phil Guest Career History at Michael Page – 37 Years Old 1997 – 1999 1999 – 2006 2006 – Present Australia Australia Australia Guiness Australia Finance Director Responsible for Australia (part of Diageo plc) Asia Pacific Finance Director Finance Director Managing Director A
Slide 91: Market Overview
AUSTRALIA – BACK ON TRACK • The 12th largest economy in the world • 16 years of uninterrupted economic growth • Sophisticated knowledge-based economy Market Overview • Services account for 77% of economic activity • Recruitment is a AUS $16 billion industry • Implied MPI share < 1% Michael Page Inte
Slide 92: Our Business
AUSTRALIA – BACK ON TRACK • Started in 1985 • 7 offices in Sydney (3), Melbourne (2), Brisbane & Perth Our Business • 9 disciplines including Finance, Financial Services, Sales, Marketing, Human Resources, Legal, Technology, Engineering & Manufacturing, Procurement & Supply Chain • 218 Fee Earners/3
Slide 93: What were the issues?
AUSTRALIA – BACK ON TRACK • Lack of growth - particularly from newer and less established businesses • Management Structure - geographical rather than What were the issues? by discipline • Systems Integration - Lotus Notes to Profile • Culture Michael Page International is a world leading recruitmen
Slide 94: What changes were made?
AUSTRALIA – BACK ON TRACK • New Managing Director 5/06 - Australia • New Regional Managing Director 8/06 - Asia Pacific • New management structure – by discipline 9/06 • Drive to change culture – the same as What changes were made? Michael Page around the world - Entrepreneurial H2/06 - Meritocratic
Slide 95: Gross Profit Q1 2004 to Q2 2007
AUSTRALIA – BACK ON TRACK Gross Profit Q1 2004 to Q2 2007 Gross Profit 25 AUS $m 20 15 10 20.2 16.1 16.0 16.5 16.6 16.0 17.0 14.5 13.9 13.8 14.6 13.3 13.0 5 10.9 0 04 04 04 04 05 05 05 05 06 06 06 06 07 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 3 4 1 2 3 4 1 2 3 4 1 2 Q Q Q Q Q Q Q Q Q Q Q Q
Slide 96: Gross Profit Growth Rates %
AUSTRALIA – BACK ON TRACK Gross Profit Growth Rates % Year on Year Growth % 24% 23% 17% 11% 6% 2% 3% -7% 05 05 06 06 06 06 07 07 20 20 20 20 20 20 20 20 3 4 1 2 3 4 1 2 Q Q Q Q Q Q Q Q Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.m
Slide 97: Australia
AUSTRALIA – BACK ON TRACK Australia H1 2006 H1 2007 Turnover: A$76.2m Turnover: A$84.0m Gross Profit: A$31.1m +19.9% Gross Profit: A$37.2m Fee Earners: 157 Fee Earners: 218 +38.9% Gross Profit 13% 11% 19.9% Growth 10% 12% 50% 12% 54% Growth* 11% 13% Finance & Financial Services +12% Sales & Marketin
Slide 98: Our Clients
AUSTRALIA – BACK ON TRACK Our Clients • Total number of clients YTD 1,524 • Percentage of Gross Profit from: - Top 10 Clients 13% - Top 100 Clients 43% • National and International Clients are equally represented by Gross Profit • Large listed Clients are 80% of Gross Profit v 20% from SMEs Michael
Slide 99: Opportunities
AUSTRALIA – BACK ON TRACK • Higher productivity • Expansion of headcount in existing offices • Roll out existing disciplines Opportunities • Launch new disciplines e.g. Property & Construction • Michael Page Executive Search • New offices Adelaide, Canberra • In 10 years 1,000+ fee earners Michael P
Slide 100: China – The Opportunity
China – The Opportunity Dan Chavasse, Managing Director, Greater China & SE Asia Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 101: Dan Chavasse
CHINA – THE OPPORTUNITY Dan Chavasse Career History at Michael Page – 44 Years Old 1989 – 1997 1997 – 1999 1999 – 2005 2005 – Present UK UK China China Responsible for Greater China MP UK – Responsible for UK consultant to Finance in home counties Responsible for Greater China Responsible for South
Slide 102: History
CHINA – THE OPPORTUNITY • 1994: MP is the first international recruitment firm to set up in Hong Kong • Prior to 2000: China not viable from a recruitment perspective - No rule of law, MNC’s losing money, low salaries, high personal tax rates = no interest from candidate community • 2000: WTO entry
Slide 103: Characteristics of the recruitment market – Cultural
CHINA – THE OPPORTUNITY • The recruitment sector did not exist in any recognisable form 10 years ago • Reluctance to share thoughts/opinions/feedback Characteristics of the • Reluctance of some clients to share knowledge. Keep matters ‘in-house’ recruitment market – Cultural • Issues of integrity –
Slide 104: Characteristics of the recruitment market – General
CHINA – THE OPPORTUNITY • 3 distinct levels of candidates – Local Chinese, Returnees, Asia Expatriates Characteristics of the • Salary increases of 20-80% when moving jobs recruitment market • Fees: 25% or a minimum fee of USD 10,000 – General • ‘Advertised Selection’ model unheard of: - No national
Slide 105: Characteristics of the recruitment market – Regulatory
CHINA – THE OPPORTUNITY • Illegal to run a foreign-owned recruitment company without Characteristics of the a local partner recruitment market • Must have a minimum of 5 employees with a recruitment licence (exam is in Chinese) – Regulatory • Separate and different requirements between major cities
Slide 106: Characteristics of the recruitment market – Competition
CHINA – THE OPPORTUNITY • Five major western recruiters have a local partner Characteristics of the • By far the biggest competitor is direct recruitment recruitment market – Competition • Thousands of local ‘mom & pop’ shops who rely on headhunting to acquire candidates Michael Page International i
Slide 107: Highlights of our China Business to date
CHINA – THE OPPORTUNITY • Secured a successful local partnership agreement where we have 100% operational control • Never lost money, doubled profit year-on-year in first 3 years, +46% YTD Highlights of our • Increased fee earners from 6 to 13 in 2006, 20+ forecast by end of 2007. Strong team of mul
Slide 108: Origin of placed candidates
CHINA – THE OPPORTUNITY Origin of placed candidates 2005 2006 2007 80% 70% 60% 50% 40% 78% 30% 58% 20% 38% 34% 30% 28% 10% 14% 12% 8% 0% Local Expat Returnee Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 109: Top Clients
CHINA – THE OPPORTUNITY Top Clients Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 110: The Next Five Years – Opportunities
CHINA – THE OPPORTUNITY • Investment banks and law firms scaling up The Next Five Years • Wage inflation normalising salaries – Opportunities • Demographics moving in our favour • Relaxation of regulatory requirements Michael Page International is a world leading recruitment consultancy 141 offices
Slide 111: The Next Five Years – Threats
CHINA – THE OPPORTUNITY • Beijing/Guangzhou remain ‘hardship postings’ • Hiring sufficient top quality consultants and developing The Next Five Years them to manager level effectively – Threats • Competitor recognition of the opportunity • ‘Getting things done’ remains hard Michael Page Internationa
Slide 112: The Next Five Years – Conclusion
CHINA – THE OPPORTUNITY • The model works – don’t change it • Remain specialist – roll out new disciplines in existing and new geographies (Beijing, Shenzhen, Guangzhou) The Next Five Years – Conclusion • Further exploit online proposition • Hire, retain and develop more good people • Remain focused
Slide 113: United Kingdom – Introduction
United Kingdom – Introduction Steve Ingham CEO and UK Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 114: UK - Senior Management
UNITED KINGDOM UK - Senior Management Steve Ingham (20) CEO and UK Managing Director Gary Watson (23) Dean Ball (19) Oliver Watson (12) Regional Managing Director Regional Managing Director Regional Managing Director Finance, Financial Services, Property & Construction, Sales, Marketing, Retail, Sec
Slide 115: No. of Fee Earners vs No. of Offices
UNITED KINGDOM No. of Fee Earners vs No. of Offices 1976 1985 1986 1988 1991 1994 1998 2000 2004 2005 2006 H1 2007 No. of Fee Earners 2 78 82 105 109 220 528 714 830 933 1152 1207 No. of UK Offices 1 8 10 12 14 22 38 46 47 48 46 48 Finance & Accounting 1976 Banking/Legal 1985 Marketing 1986 Technolo
Slide 116: Market share of recruitment companies
UNITED KINGDOM Market share of recruitment companies Implied UK MP share 2005/6 Total Industry Turnover* £24.838bn 1.1% 2005/6 No. of permanent placements* 706,080 1.5% 2005/6 No. of temps on payroll* 1,265,060 0.3% 2005/6 No. of fee earners in recruitment industry* 97,674 1.0% *Annual Recruitment S
Slide 117: Headcount
UNITED KINGDOM Gross Profit and Headcount – H1 2000 to H1 2007 Total Headcount Gross Profit £m 1,800 100 1,600 90 1,400 80 70 1,200 60 Headcount 1,000 50 £m 800 40 600 30 400 20 200 10 0 0 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 1 2 1 2 1 2 1 2 1
Slide 118: United Kingdom
UNITED KINGDOM United Kingdom H1 2006 H1 2007 Gross Profit: £76.0m Gross Profit: £92.0m Operating Profit: £19.6m +46.2% Operating Profit: £28.6m Headcount: 1,387 Headcount: 1,615 +16.4% Gross Profit 6% 5% 15% 16% 21% Growth 4% 4% 55% 52% 21% Growth 22% Finance & Accounting +14% Marketing, Sales & Re
Slide 119: Opportunities
UNITED KINGDOM • Grow market share from strong base • Roll out existing disciplines • Roll out Page Personnel to 60 offices Opportunities • Roll out Page Personnel to other disciplines • Expand existing offices • New Michael Page offices – Aberdeen, Canary Wharf, West London (Chiswick), Newcastle, C
Slide 120: Continuing Growth in the UK – Accounting and Finance
Continuing Growth in the UK – Accounting and Finance Gary Watson Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 121: Gary Watson
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE Gary Watson Career History at Michael Page – 46 Years Old 1984 – 1998 1998 – 2001 2001 – 2006 2006 – Present UK UK UK UK Responsible for Finance MP UK consultant Responsible for Finance Responsible for Finance Responsible for Financial Services to
Slide 122: Our Finance Business - The History So Far
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE Our Finance Business - The History So Far No. of Offices Total Fee Years AA MP Earners 1976 - 1 4 MPP Formed MP Finance (1976) 1986 - 6 106 MP Financial Services MP Tax MP Finance MP Public Sector AA (1985) (1986) (1992) (1992) 1996 3 10 256 MP Tr
Slide 123: Market Characteristics
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE • Total size of the Accounting & Finance recruitment market estimated at £3.2billion • Proportion of hiring through recruitment organisations v direct estimated to be 75:25 Market Characteristics • MP market share in Accounting & Finance varies by
Slide 124: MP Finance - The Competition
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE MP Finance - The Competition Highly fragmented market with national, local, specialist and search organisations all competing in the Michael Page space National Local Specialist Search Staffing Hays Macildowie Pure Odgers Adecco Robert Half Stark
Slide 125: Recruitment Market Evolution
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE • Significant shift from print to on-line advertising • The FT remains the premium print brand: - MP has been and continues to be the largest advertiser in the FT by a factor of 3 for the last 20 years Recruitment Market Evolution • Specialist job
Slide 126: Our Clients
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE • Banking, Insurance, Professional Services, Pharma, Energy, Consumer, Retail, Telecoms, Healthcare, Engineering, Electronics, Leisure, Technology, Construction, Publishing, Central Government, Local Government, Charities and NFP, Property, Logist
Slide 127: Michael Page UK – geographical coverage
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE MP AA MP & AA Michael Page UK – geographical coverage Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 128: Our growth strategy
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE A simple strategy that continues to stand the test of time: • Focus on specialist recruitment - and where appropriate we create more specialist offerings within disciplines Our growth strategy • Grow organically - one set of values, one culture, o
Slide 129: Why is this achievable?
CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE • Only 3% market share • Highly fragmented market • Keeping it simple • New locations: Aberdeen, Leicester, Chiswick, Canary Why is this achievable? Wharf (2007), Newcastle, Cardiff, Canterbury and Wolverhampton (2008) • More profit centres/focuse
Slide 130: Continuing Growth in the UK – New Businesses
Continuing Growth in the UK – New Businesses Dean Ball Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 131: Dean Ball
CONTINUING GROWTH IN THE UK – NEW BUSINESSES Dean Ball Career History at Michael Page – 39 Years Old 1988 – 1998 1998 – 2001 2001 – 2006 2006 – Present UK USA UK UK Launched Engineering (2001) Responsible for Engineering Launched Procurement & Responsible for Procurement MP UK Responsible for Financ
Slide 132: New businesses H1 2007 highlights
CONTINUING GROWTH IN THE UK – NEW BUSINESSES • Combined Gross Profit represents 11% of UK • Combined growth in Gross Profit 41% H1 2007 • Total fee earners +45%, 154 H1 2007 • Total office locations 12, 13 by year end Michael Page International is a world leading recruitment consultancy 141 offices
Slide 133: Strategy for Growth
CONTINUING GROWTH IN THE UK – NEW BUSINESSES • Experienced Michael Page management plus consultants with relevant background • Create teams in existing locations • Leverage current MP relationships, develop new • Grow discipline brand awareness, develop focused teams Strategy for Growth • Grow teams
Slide 134: The Competition
CONTINUING GROWTH IN THE UK – NEW BUSINESSES The Competition Highly fragmented market with national, local, specialist and search organisations all competing in the Michael Page space Human Resources Engineering & Procurement & Supply Property & Manufacturing Chain Construction Hays Jonathan Lee Pur
Slide 135: The Future
CONTINUING GROWTH IN THE UK – NEW BUSINESSES • Growing candidate shortages • Increasing international flow of candidates • Large market places – 120,000 IPD, 270,000 Chartered Engineers, 42,000 CIPS members, 20,000 ILT members • MP market shares < 3% • 10 MP offices with no presence from any of thes
Slide 136: Increasing Candidate Shortages and Compliance/Legislation – Threat Or Opportunity?
Increasing Candidate Shortages and Compliance/Legislation – Threat Or Opportunity? Oliver Watson Regional Managing Director Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 137: Oliver Watson
THREAT OR OPPORTUNITY? Oliver Watson Career History at Michael Page – 38 Years Old 1995 – 2002 2002 – 2006 2006 – Present UK UK UK Responsible for Sales MP UK - Responsible for Marketing Responsible for Sales consultant to director Responsible for Retail Responsible for UAE Managing Director Regiona
Slide 138: Candidate Shortage
THREAT OR OPPORTUNITY? • Current market has significant skills and candidate shortages • Many disciplines and geographies are seeing structural shortage: - Legislative requirements e.g. Corporate Governance, Compliance - Corporate confidence in growth strategies Candidate Shortage - International mo
Slide 139: Candidate Shortage
THREAT OR OPPORTUNITY? • Scarcity of labour resource a positive? • Searching for the talent is time consuming and requires expertise (74% of UK Companies outsource recruitment – REC Survey 2007) Candidate Shortage • Increasingly complex to know where to go for candidates (800 Job Boards in UK in 200
Slide 140: Candidate Shortage
THREAT OR OPPORTUNITY? • Clients in turn are more flexible on requirements and move quickly to attract talent • Candidates are confident that their skills are valuable and with a largely stable economy will continue to move jobs Candidate Shortage • Both candidates and clients are seeking choice whi
Slide 141: Candidate Shortage
THREAT OR OPPORTUNITY? • Key success criteria: our ability to attract high volumes of quality candidates • Attracting them, capturing them, advising and building relationships with them is critical • Comprehensive on-line strategy (2005 – 17%, 2007 – 78% Candidate Shortage Jobseekers are on-line: Ma
Slide 142: Candidate Shortage
THREAT OR OPPORTUNITY? • Breadth of discipline coverage to assist referrals amongst ‘white collar’ workers • In-depth training that leads to expertise in sourcing and networking Candidate Shortage • Breadth of client base – FTSE, SME’s • Delivering great customer service • Delivering results – re-en
Slide 143: Compliance and Legislation
THREAT OR OPPORTUNITY? • Increasing compliance and ‘best practice’ includes - ID checks / visa checks - Qualification checks - Referencing Compliance and Legislation - Employment Legislation, e.g. Age Discrimination - Diversity - Data Protection • International movement of labour and candidate short
Slide 144: Compliance and Legislation
THREAT OR OPPORTUNITY? • Managing compliance is complicated and time consuming • Outsourcing recruitment means others shoulder the burden • Increasing compliance drives up service levels Compliance and Legislation • Opportunity to add more value and build deep relationships with clients • Responsibi
Slide 145: Compliance and Legislation
THREAT OR OPPORTUNITY? • In-depth consultant training required • Strong administrative support • World-class global technology platform Compliance and Legislation • Plays to MPI strengths as a well-resourced, accountable, market-leader • Not often a strength in competitors or HR functions Michael Pa
Slide 146: Summary
THREAT OR OPPORTUNITY? Summary • Increasing candidate shortages, compliance/legislation ‘Plays to Michael Page’s strengths and highlights competitors (including HR departments) weaknesses’ Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | w
Slide 147: Conclusion
Conclusion Steve Ingham CEO Michael Page International is a world leading recruitment consultancy 141 offices in 24 countries worldwide | www.michaelpage.co.uk
Slide 148: Conclusion & Questions
CONCLUSION • Strong, consistent, simple, proven business model • Strong global brand – off and on-line • Clear strategy for growth Conclusion & Questions • Trends working in our favour • Increasing depth of talent to deliver growth • Outstanding scope for growth Michael Page International is a world
Michael Page International — Investor Day (September 2007) on 6ix