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Vedior		 Report of the Board of Management Report of the Supervisory Board Sure about Offshoring Financial statements 2004 International Financial Reporting Standards Report from ‘Foundation for ordinary Vedior shares’ Information for shareholders Historical overview
 
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Highlights 2004
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Highlights 2004


  

Highlights 2004 - positives

   positives

 
 


Strategic review confirms core principles and priorities for future development.
Sales grew organically by 8% and operating income improved organically by 21%.
Conversion ratio (operating income divided by gross profit) increased to 19%.
Professional and executive recruitment grew by 15% organically, with the strongest growth achieved in the IT and engineering recruitment sectors.

  
The fourth quarter recorded the strongest growth of the year, with the Dutch market growing again after five years of decline.
Stronger financial position established through reduction of debt, expiry of interest rate swaps and new multi-currency revolving credit facility.
Acquisitions in strategically important markets expands our coverage to 37 countries.
Payment to ordinary shareholders increased by 25%.
 Highlights 2004 - positives


Highlights 2004 - negatives

   negatives

Pricing pressure continued in several markets.
French recruitment market remained weak untill the latter part of the year, despite stronger economic growth.
Education recruitment in the UK declined due to falling vacancy levels.
 Highlights 2004 - negatives
 

Note: Operating income is before goodwill amortisation and excluding special items.		  
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