Randstad Nv · EURONEXT:RAND
Randstad Nv — Shareholder Meeting (March 2021)
48 slides from Randstad Nv's shareholder meeting presentation, Mar 23, 2021
Slide 1: Annual general meeting of shareholders
annual general meeting of shareholders. Randstad N.V. March 23, 2021
Slide 2: Disclaimer & definitions
disclaimer & definitions. Certain statements in this document concern prognoses about the future financial condition, risks, investment plans, and the results of operations of Randstad N.V. and its operating companies, as well as certain plans and objectives. Obviously, such prognoses involve risks
Slide 3: Agenda
agenda. 1. opening 2. review 2020 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 3
Slide 4: Agenda
agenda. 1. opening 2. review 2020 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 4
Slide 5: Performance moving forward
performance moving forward. © Randstad 2021
Slide 6: Our purpose is to support people and organizations
our purpose is to support people and organizations in realizing their true potential randstad human forward. |
Slide 7: Solid and competitive performance in an exceptional 2020
solid and competitive performance in an exceptional 2020. FY 2020 FY key financials resilience & agility achievements agile crisis management organic growth -12% diversified portfolio paying off successful #newways program EBITA € 692m, 3.3% margin strong operational agility high employee engagement
Slide 8: Regional split: diversified portfolio paying off
regional split: diversified portfolio paying off. quarterly organic revenue growth Q1 2018 - Q4 2020 © Randstad 2021 | 8
Slide 9: Improving our competitive position
improving our competitive position. our road to leadership quality of results inhouse growth driver revenue in € bn © Randstad 2021 | 9
Slide 10: Organic revenue growth in key markets
organic revenue growth in key markets Europe decreased 15%, NAM down 8%, RoW rose 2%. 2020 organic revenue growth performance drivers • exposure to structural growth sectors e-commerce, logistics healthcare, and food retail • partial recovery manufacturing and automotive sectors • #newways including
Slide 11: Our strategy is to deliver long-term value to all our stakeholders
our strategy is to deliver long-term value to all our stakeholders. our ultimate goal By 2030, we will touch the work lives of 500 million people worldwide. our purpose We support people and organizations in realizing their true potential. lifetime employability At the center of our business model,
Slide 12: #newways
In 2020, the world around us changed beyond recognition at an incredible speed. Our #newways program, aims to help us all navigate the new situation we’re finding ourselves in, and builds on the work done for the 'Safely Back to Work' industry alliance. ● online sales program and training launch of
Slide 13: Sustainability
sustainability. © Randstad 2021 | 13
Slide 14: Sustainability - an integral part of our strategy
sustainability - an integral part of our strategy. ● for the 6th time in a row included in the Dow Jones Sustainability Index ● Executive Board’s LTI 2020-2022 performance targets ● employee engagement - at least 80% participation and outperformance of the benchmark annually ● establish non-financia
Slide 15: Some specific questions
some specific questions. ● working conditions in the value chain ● decent work and working conditions are the basics of our services ● thorough risk- and audit management system to check our own business and our client’s performance ● Dec 10th 2020 Human Rights Day: special attention to our human ri
Slide 16: Some specific questions
some specific questions. ● equity, diversity & inclusion ● business programs on fostering inclusive employment that contribute to our ultimate goal and the SDGs ● diversity & inclusion policy ● further analysis of equal pay for men and women ● global Equity, Diversity and Inclusion Council © Randsta
Slide 17: Financial results
financial results. © Randstad 2021 | 17
Slide 18: FY 2020 resilient and competitive performance
FY 2020 resilient and competitive performance. FY performance FY key financials € million FY ’20 FY ‘19 % org. revenue 20,718 23,676 (12)% gross profit 3,970 4,726 (16)% • organic revenue growth -12% gross margin 19.2% 20.0% operating expenses* 3,278 3,632 (9)% opex % 15.8% 15.3% • balanced opex ste
Slide 19: FY 2020 gross margin impacted by mix, stable pricing
FY 2020 gross margin impacted by mix, stable pricing. FY gross margin development YoY FY gross margin drivers • temp margin impact -40bp • perm fees -30bp impact on gross margin • HRS/other impact -10bp © Randstad 2021 | 19
Slide 20: Utilizing the flexibility of our cost base
utilizing the flexibility of our cost base. FY YoY opex bridge (€ million) FY cost management • good momentum for accelerating investments in growth and digitalization • cost optimization program of € 120m on track • safeguarding future fit investments © Randstad 2021 | 20
Slide 21: Strong FCF generation in FY 2020
strong FCF generation in FY 2020. improved free cash flow YoY strong balance sheet • strong liquidity and solvency • FY FCF € 1,132m (+24% vs. FY 2019) • net cash € 333m excluding lease liabilities • high FCF resilience, given counter cyclical (incl. CICE sale in Q3 2020) nature working capital • le
Slide 22: Dividend proposal FY 2020
dividend proposal FY 2020. cash dividend per ordinary share 2015 - 2020 dividend proposal over FY 2020 dividend per ordinary share • a cash dividend of € 3.24 p/s (totalling € 594 million) consisting of: • floor dividend of € 1.62 p/s (63% payout of the basic underlying EPS) • special dividend of €
Slide 23: 2. Review 2020 Q&A
2. review 2020 Q&A © Randstad 2021 | 23
Slide 24: 2b. Remuneration report 2020
2. review 2020 2b. remuneration report 2020 • advisory vote by shareholders • last update of the remuneration policy approved in 2020 • remuneration report on pages 122-136 of the annual report 2020 © Randstad 2021 | 24
Slide 25: AGM 2021 remuneration
For vote today AGM 2021 remuneration. remuneration policy application remuneration policy revisions target realization proposed changes ● bonus 2020: forfeited ● reduction of notice period ● bonus shares (2017): matched ● flexibility on # of non financial psp targets ● psp 2018: vested at 151% ● int
Slide 26: 2c. Proposal to adopt the financial statements 2020
2. review 2020 2c. proposal to adopt the financial statements 2020 © Randstad 2021 | 26
Slide 27: Audit committee
audit committee. • we have had 6 meetings with: CEO, CFO, Deloitte and selected functional directors present • meetings are prepared via bilateral meetings with functional directors • strong focus on impact of COVID-19 • we always have a focus on financial reports, press releases and reports from th
Slide 28: Overview of Deloitte audit
overview of Deloitte audit. © Randstad 2021 | 28
Slide 29: 2d. Explanation of the policy on reserves and dividends
2. review 2020 2d. explanation of the policy on reserves and dividends © Randstad 2021 | 29
Slide 30: Transparent capital allocation policy
transparent capital allocation policy. organic growth investments cash dividend policy with payout 40 – 50% of earnings; barring: floor cash dividend of € 1.62 per share 1. seriously adverse economic conditions 2. material strategic changes to the sector 3. a material deterioration in our solvency a
Slide 31: 2e. Proposal to determine a regular dividend
2. review 2020 2e. proposal to determine a regular dividend for the financial year 2020 regular dividend process and timeline in 2021: • March 25, 2021: ex-dividend date for the regular dividend • March 26, 2021: record date regular dividend • April 6, 2021: payment of the regular cash dividend © Ra
Slide 32: 2f. Proposal to determine a special dividend
2. review 2020 2f. proposal to determine a special dividend for the financial year 2020 special dividend process and timeline in 2021: • September 24, 2021: ex-dividend date for the special dividend • September 27, 2021: record date special dividend • October 4, 2021: payment of the special cash div
Slide 33: Agenda
agenda. 1. opening 2. review 2020 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 33
Slide 34: 3a. Discharge of liability of the executive board
3. discharge of liability 3a. discharge of liability of the members of the executive board for the management © Randstad 2021 | 34
Slide 35: 3b. Discharge of liability of the supervisory board
3. discharge of liability 3b. discharge of liability of the members of the supervisory board for the supervision of the management © Randstad 2021 | 35
Slide 36: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 36
Slide 37: 4. Proposal to amend the remuneration policy
4. remuneration policies 4. proposal to amend the remuneration policy of the executive board • last update of the remuneration policy approved in 2020 • three amendments to the remuneration policy • mandatory share ownership for the Executive Board: minimum level equals 150% of gross base salary for
Slide 38: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 38
Slide 39: 5. Proposal to appoint Sander van 't Noordende
5. composition supervisory board 5. proposal to appoint Sander van 't Noordende as member of the Supervisory Board • Dutch national • strong international track record in the professional services industry • proven experience in growing and leading global businesses, most recently serving as the Glo
Slide 40: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 40
Slide 41: 6a. Authorization to issue shares
6. shares 6a. proposal to designate the executive board as the authorized body to issue shares and to restrict or exclude the pre-emptive right to any issue of shares • valid for a period of 18 months • approval by the supervisory board • yearly maximum authorization of 10% of the issued capital © R
Slide 42: 6b. Authorization to repurchase shares
6. shares 6b. proposal to authorize the executive board to repurchase shares • valid for a period of 18 months • maximum of 10% of the issued share capital © Randstad 2021 42
Slide 43: 6c. Proposal to cancel repurchased shares
6. shares 6c. proposal to cancel repurchased shares • valid for a period of 18 months • maximum of 10% of the issued share capital © Randstad 2021 43
Slide 44: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 44
Slide 45: 7. External auditor
7. external auditor 7. proposal to reappoint Deloitte Accountants bv as external auditor for the financial year 2022 © Randstad 2021 45
Slide 46: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition executive board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 46
Slide 47: Agenda
agenda. 1. opening 2. review 2019 3. discharge of liability 4. remuneration policies 5. composition supervisory board 6. shares 7. external auditor 8. any other business 9. closing © Randstad 2021 | 47
Slide 48: eaese
eaese human forward. MW