Randstad N.V. — Earnings Release 2007

Jul 25, 2007

Randstad Holding nv Diemermere 25, Diemen P.O. Box 12600, NL-1100 AP Amsterdam z.o.

····················································································································································· Press release Second quarter results 2007

Date July 25, 2007 For more information Machteld Merens/Bart Gianotten Telephone +31 (0)20 569 56 23

Continued solid growth; net income up 34%, revenue up 14%

Highlights second quarter 2007

• − Revenue increased by 14% to € 2,253.7 million (organic growth1 14%)
• − Gross profit is up 21% to € 500.5 million, also stimulated by rapid growth in fee income
• − EBITA increased by 44% to € 135.1 million, while the EBITA² margin improved to 6.0% from 4.7% in Q2 2006
• − Diluted EPS³ up by 33% to € 0.85 compared to € 0.64 in Q2 2006
• − Continued difficult market circumstances in North America; rationalization of capacity in branch network initiated
• − European operations do well: 28% growth in Germany, 13% growth in the Netherlands and 20% in Belgium
• − Agreement signed with the founder and leading shareholder, Mr. Frits Goldschmeding, aimed at continuity of his position as long term shareholder

Outlook third quarter 2007

− We expect continued double digit growth but note that our organic growth rate has eased. This effect was most visible in June, when our organic growth rate was 12%. On the basis of current trends our outlook for Q3 2007 is cautious. We expect diluted EPS to amount to at least € 0.95 compared to € 0.92 in Q3 2006.

"For fourteen consecutive quarters, we have achieved double digit revenue growth," says Ben Noteboom, CEO of Randstad Holding. "The global markets for HR services are constantly changing, reflecting trends in society. New service concepts are gradually catching on, as evidenced by our recent outsourcing deal with Philips. Meanwhile, the European market continues to be very healthy, while the US market is confronted with pressure. Overall, we continue to expect steadily growing markets for our services. Our people have again been able to increase our market share, and we are in an excellent position to continue to do so."

In € million	Q2 2007	Q2 2006	change
Revenue	2,253.7	1,976.84	14%
EBITA	135.1	93.6	44%
Net income	97.1	72.2	34%
Diluted EPS (in €)	0.85	0.64	33%

1) Organic growth is measured excluding the impact of currency effects, acquisitions, disposals and transfers between segments

2) EBITA: operating profit before amortization acquisition related intangible assets and impairment goodwill 3) Definition: diluted EPS before amortization acquisition related intangible assets and impairment goodwill 4) In Q3 2006 reported Q2 2006 revenue was adjusted by € 11.2 million due to deconsolidation of Talent Shanghai

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Summary of Group financial performance

Revenue

Revenue growth continued to be solid. Total revenue amounted to € 2,253.7 million in Q2 2007, an increase of 14% compared to Q2 2006. Organic growth also amounted to 14%. Currencies had a negative impact of about 1%, while the impact of acquisitions and disposals was +1%. During the quarter revenue growth eased. The reasons differ by market. As expected, our North American business was faced with economic headwind and we have not been able to withstand this satisfactorily. Our combined North American revenue declined 4% organically. In the Netherlands, market growth is consolidating, which is not unusual after a first phase of rapid recovery. However, ongoing growth in the industrial segment points at continued healthy economic circumstances. In Germany comparables have become tougher but we continued to outperform the market, which has high potential and which continued to grow at around 25%.

In € million	Q2 2007	Q2 2006	growth	organic growth
Revenue	2,253.7	1,976.8	14%	14%
Gross profit	500.5	412.3	21%	21%
Operating expenses	365.4	318.7	15%	14%
EBITA	135.1	93.6	44%	44%
Amortization acquisition related intangibles	3.4	2.7
Operating profit	131.7	90.9	45%
Net income	97.1	72.2	34%
Diluted EPS (in €)	0.85	0.64	33%
Gross margin	22.2%	20.9%
Operating expenses as % revenue	16.2%	16.1%
EBITA margin	6.0%	4.7%

Gross profit

Gross margin improved to 22.2% from 20.9%. The positive trend that set in as of Q3 2006 continued. Mix improvements and healthy pricing stimulated the gross margins in the Netherlands, Belgium, Spain, UK, Italy and some smaller markets. In France, gross profit includes a one-off of € 4.7 million, related to recent changes in the allotment of labor subsidies, with retroactive effect as of January 2006. In Germany the gross margin decreased from 25.1% in Q2 2006 to 24.1% in Q2 2007, especially because of strong growth in the in-house segment, relatively strong growth in the Eastern part of the country, and some margin pressure. The acquisition of PinkRoccade HR Services had a positive impact on group gross margin of 0.2% and of 0.5% on the Dutch gross margin. The latter also reflects the continued growth in fee income (fees for permanent placements, salary processing, etc.). For instance, in 2002 fee income made up 4% of gross profit at Randstad the Netherlands. In Q2 2007 this has increased to 20%. Gross profit per corporate FTE, which is one of our key performance indicators, increased by 7% in Q2 2007.

Operating expenses

We continued to invest in people and in our network to capture future growth. The number of corporate employees has increased by 14% (+13% organic) compared to Q2 2006, while the number of outlets has increased by 7% (+6% organic). We employed on average 17,150 FTEs and operated from 2,769 outlets at the end of the quarter. Operating expenses excluding amortization of acquisition related intangibles and impairment goodwill grew by 15% (14% organic). Operating expenses as a percentage of revenue amounted to 16.2% in Q2 2007 compared to 16.1% in Q2

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1. The increase of the cost ratio is linked to the continued growth in fee income and to the low productivity of our mass-customized operations in North America.

EBITA

The percentage of gross profit that was converted into EBITA, the conversion ratio, improved from 23% in Q2 2006 to 27% in Q2 2007. EBITA grew by 44% to € 135.1 million, compared to € 93.6 million in Q2 2006, while the EBITA margin improved to 6.0% from 4.7%. The positive effect on EBITA of the French one-off was € 4.2 million.

Net income

In Q2 2007, net income increased by 34% to € 97.1 million. Net finance costs, including preferred dividend, amounted to € 0.5 million in Q2 2007, compared to € 2.3 million in Q2 2006. In line with earlier guidance, the effective tax rate increased from 18.5% in Q2 2006 to 26.0% in Q2 2007. In Q1 2007 the effect was similar. Diluted EPS before amortization of acquisition related intangibles amounted to € 0.85 or € 0.83 excluding the French one-off.

Cash flow and balance sheet

In Q2 2007, the free cash flow amounted to € 63.0 million negative, an improvement versus € 81.5 million negative in Q2 2006. Cash flow in Q2 is seasonally impacted by dividend payments and holiday allowances. The moving average of days sales outstanding (DSO) improved by another day, to 51 in Q2 2007 from 52 in Q2 2006. The net cash position excluding preferred shares was € 103.2 million at the end of the quarter versus € 26.3 million at the end of Q2 2006.

Second quarter by segment

Mass-customized Europe and Asia: very solid profitability

All countries contributed to the growth and the combined organic revenue growth amounted to 15%. The highest growth was posted in Germany, Italy, Belgium and France. Gross margin trends are positive, which is most clearly visible in the Netherlands, where we benefit from focus, better pricing and mix shifts. We also made good improvements in the UK, largely driven by a rise in permanent placement fees. EBITA increased by 52% to € 104.3 million while the EBITA margin reached a healthy 7.1% compared to 5.2% in Q2 2006. As announced last quarter, we evaluated our cost allocation system in Q2 2007, which resulted in the transfer of a limited amount of direct and indirect costs from mass-customized Germany to in-house Germany. We have restated our Q1 2007 figures accordingly. The restatement and the effects of transfers are specified in a separate appendix.

Mass-customized and in-house services North America: rationalizing capacity

Market circumstances continued to be difficult for our North American business. On an organic basis revenue was down 4%. We did well in the in-house segment. In general, temp volumes at large clients have come down, which has been offset by gaining wallet share and gaining new clients. Profitability of in-house is strong, due to high productivity. However, productivity of our total mass-customized network is too low. We have started to rationalize the cost base, in line with our unit steering model. It is planned to reduce headcount by about 110 people in Q3 2007. We anticipate reorganization costs of approximately USD 2 million in Q3 2007, related to planned branch closures in areas where we service our clients primarily through in-house or in areas where we can combine offices. Gross margin came down from 18.0% to 17.6%. This is mostly explained by mix shifts as our large account business is holding up relatively better than other segments. The EBITA margin for our combined North American businesses came down to 2.3% compared to 3.2% in Q2 2006. Our Canadian operations continued to show strong performance.

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In-house services Europe: continued strong growth

Market circumstances continued to be good in this segment and revenue growth was strong. Organic revenue growth amounted to 26% in Q2 2007. Total growth including transfers was 64%. Growth was well spread across our different geographies. Growth was highest in Germany, France, Italy and the UK. In total we now operate from 733 in-house locations in Europe. The gross margin reached 14.5% compared to 14.2% in Q2 2006. Gross margin of the German business was reduced by about 2% due to the aforementioned cost reallocation. The gross margin also includes a healthy improvement at Capac in the Netherlands. EBITA improved to € 20.7 million from € 11.4 million.

Interim professionals, search & selection

Organic revenue growth of interim professionals, search & selection was 19% in Q2 2007. Demand remains high. We continue to see healthy growth in secondment in large segments such as IT and Finance (Yacht in the Netherlands) and Engineering, albeit that our German business was faced with reduced growth in aerospace. We had good growth in other competences such as Legal and Marketing & Communications. Attracting candidates in sectors such as IT, Finance and Engineering has become more challenging. Search & selection is gaining momentum in various countries. The slightly reduced EBITA margin reflects continued investment in our foreign operations.

Business Development

On 4 May 2007, an additional 49% of the capital of our Indian search & selection subsidiary EmmayHR was acquired. After acquiring a 51% stake in November 2005, Randstad now owns 100% of the capital.

On 27 June 2007, it was announced that we almost doubled the size of our Swiss operations through the acquisition of Job One. Job One generated revenue of € 44 million in 2006.

On 17 July 2007, it was announced that Philips plans to outsource its Dutch payroll administration and payroll processing activities to Randstad. The 8-year contract underlines our leading position in HR solutions in the Netherlands.

Tax

In July the German "Bundesrat" approved the proposed reduction, as of January 2008, of the German corporate income tax rate (including trade tax) from approximately 40% to approximately 30%. This tax rate reduction will have a positive influence on the future weighted applicable tax rate and on our future cash flow. As announced earlier, the reduction will also lead to a revaluation of German deferred tax assets and therefore to a non-cash and non-recurring charge to the income statement in the quarter that the rate change will be enacted. Based on our current tax position we now expect a net charge of approximately € 14 million in Q3 2007.

Continuity

We have finalized an agreement with Randstad's founder and leading shareholder, Mr. Frits Goldschmeding. His objective remains explicitly to continue his position as a long term shareholder through direct ownership or eventually through his inheritors. Such clarity and commitment justifies committing one seat in the Supervisory Board. At the same time we have organized the process in case an inheritor would like to dispose of (part of) the shares. The main points of the agreement are as follows:

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• 1) Supervisory Board seat: Randstad Beheer (the investment vehicle through which the majority of family shares is held) will be entitled to claim a seat in the Supervisory Board after Mr. Goldschmeding's third term in the Supervisory Board or at an earlier stage in case his membership of the Supervisory Board is terminated before the Annual General Meeting of Shareholders in 2011.
• 2) Lock-up: the inheritors will be bound to a lock-up of at least 12 months.
• 3) Grace period: if the inheritors want to divest (part of) the shares after the lock-up, they should inform the Executive and Supervisory Boards six months in advance. After receiving notice, the boards have four months to discuss alternative options with the inheritors.

More detail will be provided in the annual report 2007.

Outlook Q3 2007

In general we are optimistic about our prospects for Q3 2007. We continue to expect double digit growth based on ongoing healthy growth in our European and Asian business and continued weakness in North America. However, our organic growth rate has eased somewhat. This effect was most visible in June, when our organic growth rate was 12%. Currently growth patterns are somewhat uncertain but with the exception of North America we believe it is too early to significantly adjust the investment pace. However, on the basis of current trends our outlook for Q3 2007 is cautious. We expect diluted EPS before amortization of acquisition related intangibles and impairment goodwill to amount to at least € 0.95 versus a comparable figure of € 0.92 in Q3 2006. This forecast is including USD 2 million restructuring costs in North America and excluding the anticipated one-off tax charge relating to Germany.

Financial calendar

Publication third quarter results 2007	October 24, 2007
Analyst & Investor days	November 7/8, 2007
Publication fourth quarter and annual results 2007	February 14, 2008
Publication first quarter results 2008	April 23, 2008

Press conference and analyst meeting

Today, at 10.00 CET, Randstad Holding will host a press conference at its headquarters in Diemen. At 13.00 CET, Randstad Holding will host a meeting including a conference call for analysts. The dial in number is +31 (0)20 707 5508 and for participants from the UK +44 (20) 7806 1960. You can follow this analyst conference through live video webcast. A replay of the presentation and the Q & A will also be available on our website as of today 18.00 CET. The link is: http://www.ir.randstad.com/presentations.cfm

Certain statements in this document concern prognoses about the future financial condition and the results of operations of Randstad Holding as well as certain plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include general economic conditions, a shortage on the job market, changes in the demand for (flexible) personnel, changes in employment legislation, future currency and interest fluctuations, future takeovers, acquisitions and disposals and the rate of technological developments. These prognoses therefore apply only on the date on which the document was compiled.

Randstad Holding nv specializes in solutions in the field of flexible work and human resources services with group companies in Europe, North America and Asia. The Randstad Group is one of the largest temporary employment organizations in the world and market leader in the Netherlands, Belgium, Germany, Poland and the southeastern United States. Randstad is dedicated to matching at the right time, the demand by individuals for challenging and well-paid employment to the demand of organizations for employees of the right caliber and the right qualifications. The Group is active under the brand names Randstad, Yacht , Capac Inhouse Services, Tempo-Team, EmmayHR, Team4U, Talent Shanghai, Martin Ward Anderson and Otter-Westelaken. Randstad Holding nv (Reuters: RAND.AS, Bloomberg: RAND NA) is listed on the Euronext Amsterdam exchange, where options for stocks in Randstad Holding are also traded. For more information about Randstad Holding see http://www.randstad.com.

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Consolidated income statement

(unaudited)

	Three months ended June 30			Six months ended June 30
In millions of €	2007	2006	change 2007/2006	2007	2006	change 2007/2006
Revenue	2,253.7	1,976.8	14%	4,356.1	3,790.5	15%
Cost of services	1,753.2	1,564.5	12%	3,401.2	3,001.1	13%
Gross profit	500.5	412.3	21%	954.9	789.4	21%
Selling expenses	258.6	224.6		505.7	444.1
General and administrative expenses	110.2	96.8		221.2	193.4
Total operating expenses	368.8	321.4	15%	726.9	637.5	14%
Operating profit	131.7	90.9	45%	228.0	151.9	50%
Dividend preferred shares	-1.8	-1.8		-3.6	-3.6
Financial income and expenses	1.3	-0.5		3.4	-0.7
Net finance cost	-0.5	-2.3		-0.2	-4.3
Income before taxes	131.2	88.6		227.8	147.6
Taxes on income	-34.1	-16.4		-59.2	-27.3
Net income	97.1	72.2	34%	168.6	120.3	40%
Earnings per share attributable to the equity holders of Randstad Holding nv (expressed in € per ordinary share):
- basic earnings per ordinary share	0.83	0.62		1.45	1.04
- diluted earnings per ordinary share	0.83	0.62		1.45	1.03
- diluted earnings per ordinary share before amortization acquisition related intangible
assets and impairment goodwill	0.85	0.64		1.48	1.07
Margins
Gross margin	22.2%	20.9%		21.9%	20.8%
EBITDA margin	6.5%	5.3%		5.9%	4.7%
EBITA margin	6.0%	4.7%		5.4%	4.1%
Operating margin	5.8%	4.6%		5.2%	4.0%
Net margin	4.3%	3.7%		3.9%	3.2%

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Information by segment

(unaudited)

			Three months ended June 30
In millions of €	2007	2006	change 2007/2006	organic * growth	margins 2007	margins 2006
Revenue
Mass-customized Europe and Asia	1,460.9	1,311.3	11%	15%
Mass-customized North America	181.8	263.1	-31%	-6%
In-house services Europe	365.8	223.2	64%	26%
In-house services North America	105.5	62.8	68%	-3%
Interim professionals, search & selection	148.5	123.4	20%	19%
Eliminations	-8.8	-7.0
Total revenue	2,253.7	1,976.8	14%	14%
Gross profit
Mass-customized Europe and Asia	348.9	287.4	21%	24%	23.9%	21.9%
Mass-customized North America	37.5	50.9	-26%	-8%	20.6%	19.3%
In-house services Europe	53.0	31.8	67%	24%	14.5%	14.2%
In-house services North America	13.1	7.6	72%	-1%	12.4%	12.1%
Interim professionals, search & selection	48.2	35.0	38%	31%	32.5%	28.4%
Eliminations	-0.2	-0.4
Total gross profit	500.5	412.3	21%	21%	22.2%	20.9%
EBITA **
Mass-customized Europe and Asia	104.3	68.5	52%	67%	7.1%	5.2%
Mass-customized North America	1.0	7.8	-87%	-79%	0.6%	3.0%
In-house services Europe	20.7	11.4	82%	21%	5.7%	5.1%
In-house services North America	5.5	2.6	112%	13%	5.2%	4.1%
Interim professionals, search & selection	11.4	10.2	12%	5%	7.7%	8.3%
Corporate	-7.8	-6.9
Total EBITA	135.1	93.6	44%	44%	6.0%	4.7%

* Organic growth is measured excluding the impact of currency effects, acquisitions, disposals and transfers between segments. ** EBITA: operating profit before amortization acquisition related intangible assets and impairment goodwill.

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Information by segment

(unaudited)

			Six months ended June 30
In millions of €	2007	2006	change 2007/2006	organic * growth	margins 2007	margins 2006
Revenue
Mass-customized Europe and Asia	2,806.1	2,500.5	12%	17%
Mass-customized North America	361.1	523.5	-31%	-5%
In-house services Europe	693.0	415.5	67%	27%
In-house services North America	212.4	117.6	81%	3%
Interim professionals, search & selection	299.8	245.6	22%	21%
Eliminations	-16.3	-12.2
Total revenue	4,356.1	3,790.5	15%	16%
Gross profit
Mass-customized Europe and Asia	659.6	543.3	21%	24%	23.5%	21.7%
Mass-customized North America	74.0	102.3	-28%	-7%	20.5%	19.5%
In-house services Europe	100.6	59.3	70%	27%	14.5%	14.3%
In-house services North America	26.2	13.7	91%	8%	12.3%	11.6%
Interim professionals, search & selection	95.3	71.6	33%	27%	31.8%	29.2%
Eliminations	-0.8	-0.8
Total gross profit	954.9	789.4	21%	21%	21.9%	20.8%
EBITA **
Mass-customized Europe and Asia	172.0	111.4	54%	68%	6.1%	4.5%
Mass-customized North America	2.3	14.2	-84%	-75%	0.6%	2.7%
In-house services Europe	38.1	19.0	101%	42%	5.5%	4.6%
In-house services North America	10.8	3.8	184%	56%	5.1%	3.2%
Interim professionals, search & selection	25.4	21.7	17%	10%	8.5%	8.8%
Corporate	-14.1	-12.8
Total EBITA	234.5	157.3	49%	51%	5.4%	4.1%

* Organic growth is measured excluding the impact of currency effects, acquisitions, disposals and transfers between segments.

** EBITA: operating profit before amortization acquisition related intangible assets and impairment goodwill.

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Information by geographical area

(unaudited)

		Three months ended June 30
In millions of €	2007	2006	change 2007/2006	organic * growth	margins 2007	margins 2006
Revenue
Netherlands	788.1	696.8	13%	12%
Germany	388.8	304.4	28%	28%
Belgium/Luxembourg	262.2	218.0	20%	20%
France	164.9	130.5	26%	26%
Spain	123.3	121.9	1%	6%
United Kingdom	64.0	56.6	13%	12%
Italy	80.6	64.8	24%	24%
Other European counties	59.8	53.3	12%	12%
North America	287.3	325.9	-12%	-4%
Asia	34.7	4.6
Total revenue	2,253.7	1,976.8	14%	14%
Gross profit
Netherlands	209.3	163.9	28%	24%	26.6%	23.5%
Germany	93.6	76.5	22%	22%	24.1%	25.1%
Belgium/Luxembourg	54.4	41.4	31%	28%	20.7%	19.0%
France	28.9	18.8	54%	54%	17.5%	14.4%
Spain	22.2	19.7	13%	18%	18.0%	16.2%
United Kingdom	15.0	12.1	24%	22%	23.4%	21.4%
Italy	13.8	11.1	24%	24%	17.1%	17.1%
Other European countries	11.0	9.4	17%	17%	18.4%	17.6%
North America	50.6	58.5	-14%	-6%	17.6%	18.0%
Asia	1.7	0.9				-
Total gross profit	500.5	412.3	21%	21%	22.2%	20.9%

Information by geographical area

(unaudited)

		Six months ended June 30
In millions of €	2007	2006	change 2007/2006	organic * growth	margins 2007	margins 2006
Revenue
Netherlands	1,543.9	1,352.7	14%	13%
Germany	750.8	562.8	33%	33%
Belgium/Luxembourg	505.8	419.5	21%	20%
France	303.1	245.0	24%	24%
Spain	243.7	232.3	5%	11%
United Kingdom	127.7	113.5	13%	11%
Italy	151.1	120.3	26%	26%
Other European counties	115.3	98.4	17%	18%
North America	573.5	641.1	-11%	-2%
Asia	41.2	4.9
Total revenue	4,356.1	3,790.5	15%	16%
Gross profit
Netherlands	404.9	318.5	27%	23%	26.2%	23.5%
Germany	176.9	137.8	28%	28%	23.6%	24.5%
Belgium/Luxembourg	102.0	80.2	27%	26%	20.2%	19.1%
France	48.7	35.2	38%	38%	16.1%	14.4%
Spain	43.7	37.4	17%	22%	17.9%	16.1%
United Kingdom	28.9	24.9	16%	14%	22.6%	21.9%
Italy	25.2	20.3	24%	24%	16.7%	16.9%
Other European countries	21.6	17.9	21%	21%	18.7%	18.2%
North America	100.2	116.0	-14%	-3%	17.5%	18.1%
Asia	2.8	1.2				-
Total gross profit	954.9	789.4	21%	21%	21.9%	20.8%

* Organic growth is measured excluding the impact of currency effects, acquisitions, disposals and transfers between segments.

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Consolidated balance sheet

(unaudited)

In millions of €	June 30, 2007	June 30, 2006	December 31, 2006
Assets
Property, plant and equipment	124.8	108.2	117.1
Intangible assets	363.6	258.5	324.2
Deferred income tax assets	327.0	350.7	329.0
Financial assets and associates	9.3	8.0	11.9
Non-current assets	824.7	725.4	782.2
Trade and other receivables	1,575.5	1,383.2	1,443.0
Income tax receivables	7.9	9.4	6.1
Cash and cash equivalents	297.2	379.8	346.5
Current assets	1,880.6	1,772.4	1,795.6
Total assets	2,705.3	2,497.8	2,577.8
Equity and liabilities
Issued capital	11.6	11.6	11.6
Share premium	423.8	389.9	404.6
Reserves	386.8	149.8	374.1
Shareholders' equity	822.2	551.3	790.3
Minority interest	0.8	-	-
Group equity	823.0	551.3	790.3
Preferred shares	165.8	165.8	165.8
Borrowings	-	190.1	-
Deferred income tax liabilities	296.4	355.6	298.9
Provisions	47.9	35.2	49.4
Non-current liabilities	510.1	746.7	514.1
Trade and other payables	1,074.3	962.6	1,095.7
Income tax liabilities	65.2	38.7	48.4
Borrowings	194.0	163.4	96.2
Provisions	38.7	35.1	33.1
Current liabilities	1,372.2	1,199.8	1,273.4
Total equity and liabilities	2,705.3	2,497.8	2,577.8

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Consolidated cash flow statement

(unaudited)

	Three months ended June 30		Six months ended June 30
In millions of €	2007	2006	2007	2006
Net income	97.1	72.2	168.6	120.3
Taxes on income Net finance cost	34.1 0.5	16.4 2.3	59.2 0.2	27.3 4.3
Operating profit	131.7	90.9	228.0	151.9
Depreciation property, plant and equipment Amortization software Amortization acquisition related intangible assets Share-based payments	8.5 2.6 3.4 3.5	8.3 3.1 2.7 1.1	18.3 5.7 6.5 4.9	15.8 6.3 5.4 2.1
Provisions Income taxes paid	0.0 -34.9	-2.1 -33.5	-0.7 -52.9	-3.4 -45.9
Cash flow from operations before operating working capital	114.8	70.5	209.8	132.2
Trade and other receivables Trade and other payables Operating working capital	-102.5 -56.8 -159.3	-77.6 -59.5 -137.1	-121.8 -28.9 -150.7	-69.8 1.5 -68.3
Net cash flow from operating activities	-44.5	-66.6	59.1	63.9
Additions of property, plant and equipment Additions of software Acquisition of subsidiaries and associates Financial assets Disposals of property, plant and equipment Disposal of subsidiaries	-14.9 -3.6 -13.3 0.0 0.0 -	-14.6 -1.1 -8.6 -0.2 1.0 -	-26.6 -4.6 -36.5 0.0 0.8 -	-23.9 -3.1 -124.3 -0.2 1.0 1.0
Net cash flow from investing activities	-31.8	-23.5	-66.9	-149.5
Re-issue of purchased ordinary shares Issue of ordinary shares Proceeds from non-current borrowings	0.2 6.8 -	- 1.3 -	0.6 7.8 -	1.0 1.3 59.7
Financing	7.0	1.3	8.4	62.0
Financial income and expenses received Dividend paid on ordinary shares Dividend paid on preferred shares B	2.1 -145.3 -7.2	0.2 -90.7 -8.4	4.8 -145.3 -7.2	0.4 -90.7 -8.4
Reimbursement to financiers	-150.4	-98.9	-147.7	-98.7
Net cash flow from financing activities	-143.4	-97.6	-139.3	-36.7
Net decrease in cash, cash equivalents and current borrowings	-219.7	-187.7	-147.1	-122.3
Cash, cash equivalents and current borrowings at begin of period Net decrease in cash, cash equivalents and current	322.8	402.9	250.3	336.5
borrowings Translation gains	-219.7 0.1	-187.7 1.2	-147.1 0.0	-122.3 2.2
Cash, cash equivalents and current borrowings at end of period	103.2	216.4	103.2	216.4
Free cash flow	-63.0	-81.5	28.7	37.7

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Consolidated statement of changes in shareholders' equity (unaudited)

In millions of €	2007	2006
Value at April 1	861.4	579.8
Net income for the period Translation differences	97.1 -1.5	72.2 -12.4
Total recognized income	95.6	59.8
Dividend paid on ordinary shares Share-based payments Re-issue of purchased ordinary shares Issue of ordinary shares	-145.3 3.5 0.2 6.8	-90.7 1.1 - 1.3
Value at June 30	822.2	551.3

In millions of €	2007	2006
Value at January 1	790.3	536.2
Movements in the period:
Net income for the period	168.6	120.3
Translation differences	-4.7	-18.9
Total recognized income	163.9	101.4
Dividend paid on ordinary shares	-145.3	-90.7
Share-based payments	4.9	2.1
Re-issue of purchased ordinary shares	0.6	1.0
Issue of ordinary shares	7.8	1.3
Value at June 30	822.2	551.3

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Core data

(unaudited) In millions of €

Balance sheet	June 30, 2007	June 30, 2006
Operating working capital *	504.8	424.2
Borrowings (excluding preferred shares)	194.0	353.5
Net cash / (net debt) (excluding preferred shares)	103.2	26.3

* Operating working capital is defined as trade and other receivables minus trade and other payables plus dividend payable preferred shares.

Split up operating expenses	Three months ended June 30		Six months ended June 30
	2007	2006	2007	2006
Personnel expenses Other operating expenses Operating expenses	254.6 110.8 365.4	221.1 97.6 318.7	499.2 221.2 720.4	436.2 195.9 632.1
Amortization acquisition related intangible assets and impairment goodwill	3.4	2.7	6.5	5.4
Total operating expenses	368.8	321.4	726.9	637.5
Depreciation and amortization software
Depreciation property, plant and equipment Amortization software	8.5 2.6	8.3 3.1	18.3 5.7	15.8 6.3
Total depreciation and amortization software	11.1	11.4	24.0	22.1
EPS calculation
Net income for ordinary shareholders	97.1	72.2	168.6	120.3
Amortization acquisition related intangible assets and impairment goodwill (after taxes)	2.3	1.8	4.4	3.5
Net income before amortization acquisition related intangible assets and impairment goodwill	99.4	74.0	173.0	123.8
Basic EPS (in €)	0.83	0.62	1.45	1.04
Diluted EPS (in €)	0.83	0.62	1.45	1.03
Diluted EPS before amortization acquisition related intangible assets and impairment goodwill (in €)	0.85	0.64	1.48	1.07
Average number of ordinary shares outstanding (mln) Average number of diluted ordinary shares outstanding (mln)	116.3 116.7	115.7 116.4	116.2 116.6	115.6 116.3

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Notes to the consolidated interim financial statements

Reporting entity

Randstad Holding nv is a public limited liability company incorporated and domiciled in the Netherlands and listed on Euronext Amsterdam.

The consolidated interim financial statements of Randstad Holding nv as at and for the three and six months' period ended June 30, 2007 include the company and its Group companies (together called the 'Group').

Significant accounting policies

These consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union (hereafter: IFRS).

The accounting polices applied by the Group in these consolidated interim financial statements are unchanged compared to those applied by the Group in its consolidated financial statements as at and for the year ended December 31, 2006.

Basis of presentation

These consolidated interim financial statements are condensed and prepared in accordance with (IFRS) IAS 34 'Interim Financial Reporting'; they do not include all of the information required for full (annual) financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended December 31, 2006.

The consolidated financial statements of the Group as at and for the year ended December 31, 2006 are available upon request at the Company's office or at www.ir.randstad.com.

Estimates

The preparation of consolidated interim financial statements, requires the Group to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these consolidated interim financial statements, the significant judgments, estimates and assumptions, were the same as those applied to the consolidated financial statements as at and for the year ended December 31, 2006.

Seasonality

The Group's activities are impacted by seasonal patterns. The volume of transactions throughout the year fluctuates per quarter, dependent upon demand as well as variations in items such as the number of working days, public holidays and holiday periods. Historically, the Group usually generates its strongest revenue and profits in the second half of the year. Historically, in the second quarter free cash flow is usually negative due to the timing of the payments of holiday allowances and dividend; free cash flow tends to be the strongest in the second half of the year.

Effective tax rate/income tax expense

The effective tax rate in Q2, 2007 and YTD June 30, 2007, is based upon the estimated effective tax rate for the whole year 2007 and amounts to 26%. The increase in comparison to 18,5% in 2006, is mainly caused by an expected lower release of the allowance for deferred tax assets USA and a relatively lower effect from tax-exempt income.

Acquisitions of Group companies

The total cash out for acquisitions year to date June 30, 2007 is € 36.5 million (Q2: € 13.3 million), including € 2.4 million (Q2: € 2,1 million) for acquired companies in preceding years.

As per April 2nd, 2007 the Group acquired a further 23% in Talent Shanghai, China, resulting in a 70% interest; this company is consolidated as from that date. As per June 26, 2007, the Group furthermore acquired 100% of the shares of Job One SA, a Swiss based general staffing company, with estimated annual revenue of € 44 million. Earn-out arrangements exist. During the first quarter, the Group acquired 100% of the shares of Thremen bv as per March 29, and of a small Belgium based company at the beginning of the year.

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The assets and liabilities arising from acquisitions as per June 30, 2007, as well as the breakdown of the total amount of goodwill are (all based upon preliminary figures and therefore subject to change):

In millions of €	carrying amount June 30, 2007	fair value June 30, 2007	fair value March 31, 2007
Tangible fixed assets	0.3	0.3	0.1
Acquisition related intangible assets	-	14.8	5.8
Working capital (including 0.2 for purchased minority interest)	3.0	3.0	0.7
Deferred taxes	0.1	-3.3	-1.4
Provisions	0.0	0.8	0.0
Net assets acquired (100%)	3.4	14.0	5.2
Deduction for acquisition of 23% of the shares of one of the
acquired companies		-1.6	-
Subtotal		12.4	5.2
Goodwill		29.9	15.8
Total consideration		43.3	21.0
Deferred compensations		-3.2	-0.1
Consideration paid		39.1	20.9
Net (cash) / debt of subsidiaries acquired		-5.0	2.0
Consideration paid, adjusted for net (cash) / debt		34.1	22.9
Consideration paid for acquisitions in preceding years		2.4	0.3
Acquisition of subsidiaries		36.5	23.2

Goodwill is mainly attributable to the synergies expected to arise after the Group's acquisition of these companies and to the workforce of the acquired businesses. The expected costs for all acquisitions are (to be) paid in cash.

The contribution of the acquired businesses to Group's revenue and operating profit for the six months' period ended June 30, 2007 is € 32 million and € 0.3 million, respectively. If these acquisitions had occurred on January 1, 2007, Group revenue and operating profit would have been higher by approximately € 85 million and €1.5 million respectively.

Shareholders' equity

The issued number of ordinary shares increased as follows:

Number of issued shares as at December 31, 2006	116.096.328
Issue from share based payments arrangements	400.567
Number of issued shares as at June 30, 2007	116.498.894

During the period the company also re-issued 36.000 purchased ordinary shares.

Post balance sheet events

Mid July the Group signed a memo of understanding with Philips Electronics Netherlands bv concerning the outsourcing to Randstad of the Dutch payroll administration and payroll processing, currently handled by Philips itself.

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Appendix

Pro forma restatement* of revenue, gross profit and EBITA for transfers and cost reallocation (unaudited)

In millions of €	Q2 2007	Q1 2007	Q4 2006	Q3 2006	Q2 2006	Q1 2006
Revenue
Mass-customized Europe and Asia	1,460.9	1,345.2	1,439.3	1,400.3	1,254.4	1,138.6
Mass-customized North America	181.8	179.3	201.7	206.2	209.2	208.1
In-house services Europe	365.8	327.2	342.6	331.4	280.1	242.9
In-house services North America	105.5	106.9	111.8	109.9	116.7	107.1
Interim professionals, search & selection	148.5	151.3	142.9	129.5	123.4	122.2
Eliminations	-8.8	-7.5	-11.7	-8.3	-7.0	-5.2
Total revenue	2,253.7	2,102.4	2,226.6	2,169.0	1,976.8	1,813.7
Gross profit
Mass-customized Europe and Asia	347.4	312.2	336.1	315.2	277.8	248.5
Mass-customized North America	37.5	36.5	41.1	44.2	44.4	45.5
In-house services Europe	54.5	46.1	50.7	48.0	41.4	34.9
In-house services North America	13.1	13.1	13.0	12.9	14.1	12.0
Interim professionals, search & selection	48.2	47.1	43.6	37.5	35.0	36.6
Eliminations	-0.2	-0.6	-1.0	-0.1	-0.4	-0.4
Total gross profit	500.5	454.4	483.5	457.7	412.3	377.1
EBITA
Mass-customized Europe and Asia	102.8	69.2	105.4	97.6	63.2	41.3
Mass-customized North America	1.0	1.3	6.6	6.9	5.9	4.7
In-house services Europe	22.2	15.9	22.4	20.2	16.7	9.2
In-house services North America	5.5	5.3	3.6	4.3	4.5	2.9
Interim professionals, search & selection	11.4	14.0	13.8	11.1	10.2	11.5
Corporate	-7.8	-6.3	-7.7	-5.4	-6.9	-5.9
Total EBITA	135.1	99.4	144.1	134.7	93.6	63.7
Gross margin
Mass-customized Europe and Asia	23.8%	23.2%	23.4%	22.5%	22.1%	21.8%
Mass-customized North America	20.6%	20.4%	20.4%	21.4%	21.2%	21.9%
In-house services Europe	14.9%	14.1%	14.8%	14.5%	14.8%	14.4%
In-house services North America	12.4%	12.3%	11.6%	11.7%	12.1%	11.2%
Interim professionals, search & selection	32.5%	31.1%	30.5%	29.0%	28.4%	30.0%
Total gross margin	22.2%	21.6%	21.7%	21.1%	20.9%	20.8%
EBITA margin
Mass-customized Europe and Asia	7.0%	5.1%	7.3%	7.0%	5.0%	3.6%
Mass-customized North America	0.6%	0.7%	3.3%	3.3%	2.8%	2.3%
In-house services Europe	6.1%	4.9%	6.5%	6.1%	6.0%	3.8%
In-house services North America	5.2%	5.0%	3.2%	3.9%	3.9%	2.7%
Interim professionals, search & selection	7.7%	9.3%	9.7%	8.6%	8.3%	9.4%
Total EBITA margin	6.0%	4.7%	6.5%	6.2%	4.7%	3.5%

* Pro forma restatement of revenue, gross profit and EBITA for transfers from mass-customized to in-house services in North America and the Netherlands as known as per January 1, 2007 (related to 2006 figures) and for cost reallocation between mass-customized and in-house services Germany (related to Q1 and Q2 2007 figures).