Randstad N.V. is a public limited liability company incorporated and domiciled in the Netherlands and listed on Euronext Amsterdam. The registered office of the company is in Amsterdam. The address of the company is Diemermere 25, 1112 TC Diemen, The Netherlands.
\nThe consolidated financial statements of Randstad N.V. include the company and its subsidiaries (together called the 'Group').
\nSee note 28 for IFRS consolidation policies and an overview of selected subsidiaries.
\nRandstad specializes in solutions in the field of work and human resources services. Our services comprise temporary and permanent placements of talent. In addition, we offer recruitment process outsourcing services (RPO), managed services programs (MSP), payroll services, outplacement services, and job posting and r\u00e9sum\u00e9 services on digital platforms.
\nThe financial statements were signed and authorized for issue by the Executive Board and Supervisory Board on February 11, 2025. The adoption of the financial statements and the adoption of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders (AGM) on March 26, 2025.
\nThe material accounting policies applied in the preparation of these consolidated financial statements are set out separately below or explained in the respective notes to these financial statements. These policies have been consistently applied to the periods presented.
\nThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
\nFair value estimations are mainly used with respect to financial assets and financial liabilities.
\nThe fair value of most financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities. The use of market data that is observable either directly or indirectly reflects level 2 inputs in the fair value hierarchy.
\nIn addition, the Group holds a loan that is carried at fair value. The Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Refer to note 21.1.1 for details.
\nRandstad N.V.'s policy is to maintain a sound financial position through a leverage ratio (excluding IFRS 16) of below 2. We believe this is important to maintain the confidence of clients, talent, creditors and investors, and to sustain the future development of our business.
\nOur financing policy aims to secure financing that matches the Group's mid- to long-term financing requirements.
\nRandstad's dividend policy is part of our capital allocation policy, and consists of two elements.
\nFirstly, we pay out an ordinary cash dividend. We aim for a flexible payout ratio of 40% to 50% of net profit adjusted for amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. In addition, we have set a conditional ordinary cash floor dividend of \u20ac\u00a01.62 per share. This baseline dividend level will be maintained even when the 40\u201350% payout ratio is temporarily exceeded, barring (i) seriously adverse economic conditions, (ii) material strategic changes to the sector, and (iii) a material deterioration in our solvency and liquidity ratios.
\nSecondly, we have set discretionary additional returns to shareholders in the event of a leverage ratio below 1.0 (excluding IFRS 16 'Leases') through either (i) a special cash dividend or (ii) share buybacks.
\nThe Group is exposed to a variety of financial risks, including credit risk, liquidity risk, foreign currency exchange risk, and interest rate risk. One of the objectives of the Group's Risk & Control framework is to minimize potential adverse effects on the financial performance of the Group.
\nOur Risk & Control framework is in place to ensure that risks are detected, measured, and reported properly. Risk management procedures are carried out under policies that have been approved by the Executive Board.
\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Transactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
\nThe Group's interest rate risk primarily arises from its consolidated net debt, which may be subject to changes in interest rates. The general policy is to maintain floating interest rates on net debt as much as possible. We believe that the staffing industry naturally hedges against interest rate changes, as EBITDA levels tend to fluctuate in line with interest rates.\u00a0
\nAs a cash-generating business, the Group aims to issue debt with floating interest rates where possible. When this is not feasible, hedging instruments, such as interest rate swaps, may be used to achieve floating interest rate exposures. The use of such instruments can influence the amount and variability of the future interest payments, making them sensitive to changes in market interest rates.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately. A derivative with a positive fair value is recognised within financial assets whereas a derivative with a negative fair value is recognised within other liabilities.
\nAt the inception of a hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit or loss. The fair value change on qualifying hedging instruments is recognised in profit or loss in the same line as the hedged item. These fair value changes are recorded to the line Other finance income (expenses).
\nOn March 12, 2024, the Group issued a fixed-rate \u20ac\u00a0500 million Eurobond. On the same date, it entered into an interest rate swap contract in order to hedge the interest rate risk associated with the Eurobond. Under the swap, the fixed leg pays interest to the Group at a rate matching the fixed interest rate paid on the Eurobond. Meanwhile, the Group pays interest on the floating leg based on the three-month Euribor plus a fixed margin. The interest rate swap was designated as the hedging instrument in a fair value hedge relationship with the Eurobond's interest rate risk as the hedged item. The Group estimates that the majority of the Eurobond's fair value changes result from fluctuations in the market interest rate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Notional amount | \u20ac\u00a0500 million | n.a. |
| Maturity date | March 2029 | n.a. |
| Hedge ratio | 1:1 | n.a. |
| Average hedged rate for the year | 3.61% | n.a. |
The interest rate swap enables the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt held. The fair value of the interest rate swap and the Eurobond at the reporting date are determined by discounting the future cash flows using the relevant interest rate curves at the reporting date.
\nThe Group determined that there is an economic relationship between the hedging instrument and the hedged item because both have similar critical terms such as reference rate, maturities and notional amount. Hedge effectiveness was determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge ineffectiveness may occur due to the differences in the timing of the floating leg cash flows and the credit spread on the floating leg. No other sources of ineffectiveness have emerged from this hedging relationship. Hedge ineffectiveness in relation to the interest rate swap included in net finance costs was nil in 2024 (2023: nil).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of hedging instrument | 10 | - |
| Carrying amount of hedged item | (508) | - |
| Accumulated fair value hedge adjustments on hedged item | 10 | - |
| Change in value of hedging instrument used to determine hedge effectiveness | 10 | - |
| Change in value of hedged item used to determine hedge effectiveness | 10 | - |
As at December 31, 2024, the full carrying amount of the hedging instrument is presented in the line Financial assets, while the full carrying amount of the hedged item is presented in the line Borrowings.
\nIf the interest rates had been two percentage points higher on average during 2024, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a018 million (2023: \u20ac\u00a08 million higher).
\nIf the interest rate had been one percentage point higher on average during the year, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a09 million (2023: \u20ac\u00a04 million higher).
\nIn 2024 and 2023, we experienced a number of dynamic market circumstances, such as geopolitical conflicts, supply chain disruptions, and increased cost of living.
\nAlthough we remain cautious as visibility remains limited, Randstad is well positioned to respond quickly and effectively amidst a challenging macro environment, thanks to our diverse portfolio, our scale and data insights, and high operational adaptability and flexibility.
\nWe closely follow the developments of global geopolitical conflicts that may have a direct or indirect impact on our business. In 2024, the impact of geopolitical conflicts on our business was limited. We are continuously monitoring developments, with the aim of responding as quickly and effectively as possible to changing circumstances.
\nIn preparing the financial statements, management has to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. The actual outcome may differ from these judgments, estimates, and assumptions, and therefore could have a material effect on the carrying amount of the asset or liability involved. The timing of the outflow of resources to settle provisions is subject to the same uncertain factors. Judgments, estimates, and assumptions are reviewed on an ongoing basis, and are based on historical experience and various other factors, including expectations about future events that are believed to be reasonable under the circumstances and for the item involved. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
\nThe Group considers the following accounting policies, judgments, estimates, and assumptions as critical, which are described in the notes as indicated:
The carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets and the plan assets in relation to defined benefit pension plans, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, testing for impairment is performed at least annually.
\nIf there are such indications, the recoverable amount of the asset is estimated. If this is not possible, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Goodwill is allocated to groups of cash-generating units, being operating segments, for purposes of impairment testing.
\nIf the recoverable amount of an asset or a cash-generating unit (or operating segment) is estimated to be lower than its carrying amount, the related carrying amount is reduced to its recoverable amount.
\nThe resulting impairment loss is immediately recognized in total operating expenses.
\nThe recoverable amount is the higher of an asset's fair value less costs to dispose and its value in use.
\nThe value in use is determined by using the present value of estimated cash flow projections. The discount rates are based on interest rates that align with the terms of the projections and the specific risks of the asset or business respectively.
\nIn determining the fair value less costs to dispose, information such as recent market transactions is taken into account; if no such transactions (or comparable transactions) can be identified, an appropriate valuation model is used. This valuation model is supplemented by valuation multiples, quoted share prices, or other available fair-value indicators.
\nImpairment losses relating to a cash-generating unit (or operating segment) are first allocated to reduce the carrying amount of the goodwill of the related cash-generating unit (or operating segment) and then to reduce the carrying amount of the other assets of that cash-generating unit (or operating segment) on a pro rata basis.
\nAn impairment loss with respect to goodwill is not reversed.
\nWith respect to other assets, an impairment loss recognized in a prior period is assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
\nFor the impairment testing method of property, plant and equipment, software, and acquisition-related intangible assets, see notes 18, 19 and 20, respectively.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
\nThe Group is subject to corporate income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide deferred tax assets on, among other items, tax losses carried forward. There are many uncertain factors that affect the recognition of deferred tax assets with respect to the amount of tax losses carried forward. The Group recognizes deferred tax assets on tax losses carried forward based on its best estimates. The recoverability of deferred income tax assets is reviewed and assessed frequently, using forecasts that are based on actual and future (taxable) results. External data are used for reference if considered necessary. When the actual (taxable) results are different from the amounts that were initially estimated, such differences will impact the income tax in the income statement (effective tax rate), as well as the deferred tax assets and/or deferred tax liabilities in the period in which these deviations occur.
\nThe Group has also identified a number of uncertain tax positions. The Group determines whether to consider each uncertain tax position separately or together with one or more other uncertain tax positions, and applies the approach considered most suitable to predict the resolution of the uncertainty. The Group applies significant judgment in identifying uncertainties over income tax treatments. As the Group operates in a complex multinational environment, it takes any potential uncertain tax position into consideration, mostly relating to transfer pricing policies. The tax returns of the companies in the Group are filed in different tax jurisdictions and include deductions related to transfer pricing (mainly holding, royalty and interest charges passed on by the Company). Tax authorities may challenge those deductions for tax purposes. Based on the Group's tax compliance, transfer pricing studies, and assessments based on the judgments of tax professionals within the Group, supplemented by external tax advice from case to case, the Group determines the probable outcome of the uncertainties. Provisions are recognized for those matters for which the tax determination is uncertain, but for which it is considered probable that the tax authorities will not accept the uncertain treatment. The provisions are based on either the most likely amounts or the expected value of the payable amount.
\nThe Group is currently facing claims from tax authorities concerning its transfer pricing arrangements. The claims are assessed to be individually not material. Based on our assessment, supported by external advisors opinion, we strongly believe that the likelihood of a permanent financial outflow resulting from a court ruling or settlement is considered to be not probable and remote, and as such, no provision has been recorded. Our assessment of the likelihood is reinforced by consistent court rulings or settlements in our favor regarding similar claims.
\nUsing the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
Corporate taxes on income for the year comprise current taxes and deferred taxes. Income taxes are recognized in the income statement, except for taxes that relate to items recognized in other comprehensive income; these taxes are consequently also recognized in other comprehensive income.
\nCurrent taxes on income are the sum of taxes recorded on the results before taxes in the countries where those results were generated, based on local tax regulations and against tax rates of the applicable year. Income that is tax-exempt and expenses that are not tax-deductible are taken into account in calculating current taxes on income.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current tax expense | 91 | 190 |
| Deferred tax income | (24) | (52) |
| Tax expense | 67 | 138 |
In 2024, the effective tax rate on income before taxes was 35.2% (2023: 18.1%). The reconciliation between the applicable income tax rate of the company's country of domicile and the effective tax rate is as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Income tax rate of the company's country of domicile | 25.8% | 25.8% |
| Effect of income tax rates in other (non-domestic) jurisdictions | (8.3%) | (4.1%) |
| Weighted average applicable tax rate | 17.5% | 21.7% |
| Tax-exempt income/non-tax-deductible items | 16.8% | (0.4%) |
| Changes in statutory applicable tax rates and effect of prior years | 0.9% | (0.4%) |
| Change in valuation of deferred tax assets and other | (5.0%) | (2.8%) |
| Pillar Two top-up tax | 5.0% | 0.0% |
| Effective tax rate | 35.2% | 18.1% |
The decrease on the weighted average applicable (8.3%-decreasing effect; 2023:(4.1%)-points) is explained by relatively significant losses in the jurisdictions with high tax rate and relatively significant income in the jurisdictions with low tax rates.
\nTax-exempt income/non-tax deductible items had an effect of 16.8%-points (2023: (0.4%)). This is mainly caused by non-tax-deductible expenses and tax-exempt income that had an increasing effect of 3.3%-points (2023: 1.8%-points decreasing effect), and by the non-tax-deductible goodwill impairment in 2024 having an increasing effect of 13.5%-points (2023: 1.4%-points increasing effect).
\nChanges in statutory applicable tax rates and effects of prior years had an effect of 0.9%-points (2023: (0.4%)-points) on the effective tax rate.
\nChange in valuation of deferred tax assets and other had an effect of (5.0%)-points in 2024, compared to (2.8%)-points in 2023, and is mainly the result of the re-assessment of the future recoverability of carried forward losses and deferred tax assets in various countries and other tax assets recognized upon Monster disposal. The impact in 2024 was mainly caused by an increase of the valuation of the net operating losses in Luxembourg as a consequence of a mixed effect of higher expected future taxable profits due to expected increased net interest income following higher interest rates on outstanding intercompany loans and repayment of intercompany loans from other group companies (14.7%-points decreasing effect on the effective tax rate; 2023: (8.2%)-points)), offset by an increase in the valuation allowances recorded on the future recoverability of deferred tax assets related to temporarily denied interest expense in the Netherlands and Germany (22.9%-points increasing effect on the effective tax rate; 2023: 5%-points increasing effect), increase in the valuation allowance on the future recoverability of carried forward losses in Norway, Singapore and Sweden, (7.3% increasing effect on the effective tax rate; 2023: 0%-points) and other countries (3.7%-points increasing effect; 2023: 0.8%-points increasing effect), and a decrease as result of tax assets related to Monster that were recognized in Randstad North America at the date of Monster disposal that occurred in 2024 (24.8%-points decreasing effect on the effective tax rate).
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points.
\nIn December 2023, the government of the Netherlands, where the parent company is incorporated, enacted the Pillar Two income taxes legislation effective to the Group from January 1, 2024. Under the legislation, the Group may, briefly stated, be required to pay top-up tax on profits that are taxed at an effective tax rate of less than 15 per cent. In the 2024 financial statements, Randstad applied the temporary exemption for recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points on the reported effective tax rate under IFRS of 35.2%. The additional Pillar Two income taxes relate to Singapore and Switzerland.
\nBased on the Transitional Country-by-Country (CbCR) Safe Harbor rules, the top-up tax in other jurisdictions is zero.
\n| \u00a0 | right-of-use buildings | right-of-use cars | right-of-use IT and other equipment | right-of-use assets | lease liabilities |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 414 | 118 | 11 | 543 | 617 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 1 | - | - | 1 | 1 |
| Disposals of subsidiaries | (3) | - | - | (3) | (13) |
| Additions | 48 | 62 | 10 | 120 | 120 |
| Remeasurements | 47 | 5 | (4) | 48 | 43 |
| Depreciation/impairment | (144) | (58) | (6) | (208) | - |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 25 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (225) |
| Translation differences | (1) | (3) | - | (4) | 3 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| Cost | 1,040 | 239 | 23 | 1,302 | \u00a0 |
| Accumulated depreciation and impairment | 678 | 115 | 12 | 805 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 391 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 180 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,090 | 199 | 9 | 1,298 | \u00a0 |
| Accumulated depreciation and impairment | 656 | 111 | 7 | 774 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 412 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 186 |
| Balance as at January 1, 2023 | 434 | 88 | 2 | 524 | 598 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 12 | 3 | 8 | 23 | 23 |
| Disposals of subsidiaries | - | - | - | - | - |
| Additions | 56 | 76 | 3 | 135 | 134 |
| Remeasurements | 54 | 2 | 1 | 57 | 57 |
| Depreciation/impairment | (138) | (52) | (2) | (192) | \u00a0 |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 24 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (214) |
| Translation differences | (4) | 1 | (1) | (4) | (5) |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
| Cost | 1,108 | 230 | 19 | 1,357 | \u00a0 |
| Accumulated depreciation and impairment | 694 | 112 | 8 | 814 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 414 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 203 |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
Lease liabilities are payable as follows and are set out in the table below, showing the undiscounted lease payments to be paid after the balance sheet date.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Year 1 | 183 | 207 |
| Year 2-5 | 363 | 379 |
| More than 5 years | 89 | 104 |
| Undiscounted lease amounts to be paid | 635 | 690 |
| Interest | (64) | (73) |
| Total lease liabilities | 571 | 617 |
The Group has various lease arrangements for buildings (such as local head offices and branches), cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and subject to domestic rules and regulations. This results in a wide range of different terms and conditions. At the inception of a lease contract, the Group assesses whether the contract conveys the right to control the use of an identified asset for a certain period in exchange for a consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are measured on a present value basis.
\nRenewal options that are reasonably certain to occur are added to the lease term period (extending it). Meanwhile, early termination options that are reasonably certain to take place are deducted from the lease term period (shortening it). If an extension option or termination option is included in the lease, judgment is required to determine whether the extension option will be exercised or the termination option will not be exercised.
\nLease-related assets and liabilities are subject to remeasurement when terms are modified or when lease assumptions have changed. Such an event results in the lease liability being remeasured to reflect the measurement of the present value of the remaining lease payments, discounted using the discount rate at the moment of the change. The related right-of-use assets are adjusted to reflect the change in the remeasured liabilities.
\nWe have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See note 21.1.2 for net investment in subleases.
\nRight-of-use assets are measured at cost and at the inception of the lease may include the following components:
The right-of-use assets are depreciated on a straight-line basis over the duration of the contract. Depreciation of right-of-use assets is charged to operating expenses and/or cost of services. At the end of a lease contract when the asset is fully depreciated, the value at cost is reversed against accumulated depreciation. In the event of lease abandonment, the carrying amount of the related right-of-use asset is impaired to the recoverable amounts.
\nLease liabilities include the net present value of the following components:
The lease payments are discounted using the interest rate implicit in the lease. If this rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The discount rate that is used to calculate the present value reflects the interest rate applicable to the lease at inception of the contract. Lease contracts entered into in a currency different than the local functional currency are subject to periodically foreign currency revaluations, which are recognized in the income statement in net finance costs.
\nThe lease liabilities are subsequently increased by the interest costs on the lease liabilities and decreased by lease payments made.
\nRevenue comprises the expected consideration for services rendered during the year to third parties and is recognized when control of the promised service is transferred to the third party (e.g., the client). A performance obligation is a promise in a contract to transfer a distinct service to the client. When the outcome of the contract cannot be measured reliably, revenue is recognized only to the extent that expenses incurred are eligible to be recovered. No revenue is recognized if it does not satisfy the \"highly probable criteria\".
\nRevenue from temporary placements is recognized over time and includes the amounts received or receivable for the services delivered by talent, including their salary and salary-related employment costs (gross basis). These revenues are generally based on the number of hours worked by these talent. The salary and salary-related employment costs of talent are reported under cost of services. Revenue from services rendered is recognized in the income statement in proportion to the progress in execution of the contract as of the balance sheet date. Progress in execution of the contract is measured on the basis of costs (mainly hours) incurred to date as a percentage of total estimated costs for each contract.
\nRevenue from permanent placements includes the fee received or receivable for the services provided. This fee is generally a percentage of the remuneration package of the talent placed (net basis). The revenue of these permanent placements is recognized at a point in time on completion of the service when the performance obligations are fulfilled, being, in principle, the start date of the talent placed. For 'retained assignments', judgment is required in determining the timing of satisfaction of the performance obligation. This judgment requires the consideration of the specific terms\u00a0of each revenue contract and whether the fee is refundable before the completion of the contract. The related revenue may be recognized upon the completion of certain pre-agreed stages of the service included in the contract. Allowances are established to estimate losses due to talent who do not remain employed during the agreed guarantee period.
\nFor the job posting and r\u00e9sum\u00e9 services of Monster, prior to its disposal date, revenue is recognized over time, based on (statistical) usage during the term of the contract, based on the specific underlying elements of the contract and service.
\nFor outplacement services, revenue is recognized over time as we provide the outplacement service, and revenue is generally based on the progress in execution of the contract measured in terms of hours of service.
\nFor our activities as managed services provider, revenue is recognized over time and mainly based on the underlying volume of the contingent workforce.
\nFor our recruitment process outsourcing services, revenue is recognized either at a point in time if we have agreed a fee per placement or over time if we have agreed a fee for managing the recruitment process during a certain period.
\nIn situations where the Group is the principal in a transaction and thus controls a promised service before transferring that service to the client, the transaction is recorded gross in the statement of comprehensive income (such as in the case of temporary placements). When the Group acts as an agent and thus only arranges for another party to provide a service to the client, revenue is reported on a net basis (such as in cases where the Group acts as a managed services provider). When it is initially not fully clear whether or not Randstad controls the service, we use the following indicators to determine whether we control the service:
As of 2024, the revenue segmentation that was based on Randstad\u2019s former revenue concepts Staffing, Inhouse, Professionals and Enterprise has changed to reflect Randstad's four specializations with Monster shown separately. As of 2024, Randstad reports: Randstad Operational, Randstad Professional, Randstad Digital, Randstad Enterprise and Monster. Also refer to note 10.1 for a description of changes in the geographical segmentation. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOur specializations are grouped into revenue categories, being 'Operational', 'Professional' (conducted under the responsibility of a country manager on a country-by-country basis), 'Digital', 'Enterprise' and 'Monster', (conducted on a worldwide basis with separate global leadership). Within all Randstad's revenue categories and in all parts of the world, both temporary and permanent placements are in principle undertaken and executed by the same team of employees. For a more detailed description of Randstad's services, see the section 'our strong foundation' .
\nOn September 16, 2024, the Group disposed of Monster. Revenue related to Monster in 2024 is only included up to this date in the statement of profit and loss and in the segmentation table below. Refer to note 11.2 for further information about the disposal.
\nThe disaggregation of revenues (excluding intersegment revenue) for the specializations above is shown in the table below.
\nRevenue of permanent placements amounted to \u20ac\u00a0483 million (2023: \u20ac\u00a0590 million). Revenue of recruitment process outsourcing amounted to \u20ac\u00a0320 million (2023: \u20ac\u00a0373 million).
\n| \u00a0 | randstad operational | randstad professional | randstad digital | randstad enterprise | monster | total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 2,049 | 2,187 | 661 | 807 | 1,375 | 1,572 | 591 | 672 | 90 | 142 | 4,766 | 5,380 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 2,467 | 2,689 | 436 | 426 | 55 | 68 | 46 | 50 | 4 | 5 | 3,008 | 3,238 |
| Germany | 1,296 | 1,494 | 74 | 88 | 245 | 254 | 24 | 29 | 9 | 17 | 1,648 | 1,882 |
| Belgium & Luxembourg | 1,206 | 1,224 | 186 | 149 | 81 | 1311 | 69 | 62 | 1 | 1 | 1,543 | 1,567 |
| Other North European countries | 989 | 1,110 | 269 | 285 | 85 | 90 | 62 | 52 | 1 | 2 | 1,406 | 1,539 |
| Northern Europe | 5,958 | 6,517 | 965 | 948 | 466 | 543 | 201 | 193 | 15 | 25 | 7,605 | 8,226 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 2,472 | 2,619 | 838 | 890 | 265 | 307 | 20 | 19 | 2 | 6 | 3,597 | 3,841 |
| Italy | 1,775 | 1,738 | 375 | 352 | 36 | 33 | 30 | 25 | 1 | 2 | 2,217 | 2,150 |
| Iberia | 1,745 | 1,477 | 78 | 74 | 28 | 29 | 26 | 25 | - | - | 1,877 | 1,605 |
| Other South European countries, UK & Latin America | 997 | 908 | 242 | 211 | 34 | 39 | 404 | 456 | 1 | 3 | 1,678 | 1,617 |
| Southern Europe, UK & Latin America | 6,989 | 6,742 | 1,533 | 1,527 | 363 | 408 | 480 | 525 | 4 | 11 | 9,369 | 9,213 |
| Asia Pacific | 864 | 928 | 795 | 888 | 621 | 700 | 102 | 90 | - | 1 | 2,382 | 2,607 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Third-party revenue | 15,860 | 16,374 | 3,954 | 4,170 | 2,825 | 3,223 | 1,374 | 1,480 | 109 | 179 | 24,122 | 25,426 |
As of January 1, 2024, the reportable segments have changed from the way they were presented in the 2023 annual report. The changes in segments better reflect the way management reviews its operating results and makes decisions around resource allocation, while the specialization segmental changes align Randstad\u2019s reporting with its Partner for Talent strategy.
\nAs of 2024, the Group reports four main geographical segments: North America, Northern Europe, Southern Europe, UK & Latin America and Asia Pacific. The reportable segments within each of the four main geographical segments remain unchanged from the prior year. In 2023, the former Global Businesses segment included Enterprise Solutions (Sourceright & RiseSmart) and Monster, Randstad\u2019s online talent recruitment platform. As of 2024, Global Businesses has been included in each of the main geographical segments. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOn September 16, 2024, the Group disposed of Monster. Activities related to Monster are included across all reportable segments, particularly in North America. Refer to note 11.2 for further information about the disposal.
\n'Corporate' is also included in the disclosures on segments, and represents the unallocated part of assets and liabilities of holding activities, as well as the income and expenses of holding activities; the latter net after management and other charges to other segments.
\nSegments are reported in a manner consistent with internal management reporting provided to the Executive Board. Goodwill is tested for impairment at the operating segment level, which may be a lower level than the reportable segments included in this note.
\n| \u00a0 |
| \u00a0 |
| \u00a0 |
| \u00a0 | revenue 2024 | revenue 2023 | gross profit | operating profit | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| total | intersegment | third party | total | intersegment | third party | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 4,768 | (2) | 4,766 | 5,381 | (1) | 5,380 | 1,263 | 1,520 | 108 | 232 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3,015 | (7) | 3,008 | 3,244 | (6) | 3,238 | 566 | 653 | 114 | 186 |
| Germany | 1,650 | (2) | 1,648 | 1,883 | (1) | 1,882 | 293 | 392 | (24) | 26 |
| Belgium & Luxembourg | 1,544 | (1) | 1,543 | 1,569 | (2) | 1,567 | 328 | 343 | 52 | 62 |
| Other North European countries | 1,416 | (10) | 1,406 | 1,549 | (10) | 1,539 | 244 | 274 | (85) | 30 |
| Northern Europe | 7,625 | (20) | 7,605 | 8,245 | (19) | 8,226 | 1,431 | 1,662 | 57 | 304 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 3,600 | (3) | 3,597 | 3,844 | (3) | 3,841 | 634 | 714 | 115 | 187 |
| Italy | 2,217 | - | 2,217 | 2,150 | - | 2,150 | 375 | 372 | 140 | 157 |
| Iberia | 1,884 | (7) | 1,877 | 1,610 | (5) | 1,605 | 287 | 255 | 99 | 92 |
| Other South European countries, UK & Latin America | 1,681 | (3) | 1,678 | 1,621 | (4) | 1,617 | 262 | 252 | 3 | (11) |
| Southern Europe, UK & Latin America | 9,382 | (13) | 9,369 | 9,225 | (12) | 9,213 | 1,558 | 1,593 | 357 | 425 |
| Asia Pacific | 2,417 | (35) | 2,382 | 2,628 | (21) | 2,607 | 450 | 503 | 78 | 61 |
| Corporate | - | - | - | - | - | - | - | - | (195) | (191) |
| Eliminations | (70) | 70 | - | (53) | 53 | - | (1) | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 24,122 | - | 24,122 | 25,426 | - | 25,426 | 4,701 | 5,278 | 405 | 831 |
| \u00a0 | amortization and impairment of acquisition-related intangibles and goodwill | EBITA1 | depreciation/amortization and impairment of property, plant, equipment, and software | depreciation and impairment of right-of-use assets | EBITDA2 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 12 | 10 | 120 | 242 | 31 | 36 | 24 | 23 | 175 | 301 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | - | 117 | 186 | 8 | 11 | 31 | 26 | 156 | 223 |
| Germany | - | - | (24) | 26 | 5 | 4 | 18 | 27 | (1) | 57 |
| Belgium & Luxembourg | 4 | 5 | 56 | 67 | 3 | 3 | 24 | 20 | 83 | 90 |
| Other North European countries | 101 | - | 16 | 30 | 6 | 8 | 13 | 14 | 35 | 52 |
| Northern Europe | 108 | 5 | 165 | 309 | 22 | 26 | 86 | 87 | 273 | 422 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 6 | 120 | 193 | 11 | 12 | 39 | 35 | 170 | 240 |
| Italy | - | - | 140 | 157 | 5 | 5 | 12 | 10 | 157 | 172 |
| Iberia | 6 | 1 | 105 | 93 | 4 | 3 | 18 | 11 | 127 | 107 |
| Other South European countries, UK & Latin America | 20 | 41 | 23 | 30 | 2 | 2 | 9 | 5 | 34 | 37 |
| Southern Europe, UK & Latin America | 31 | 48 | 388 | 473 | 22 | 22 | 78 | 61 | 488 | 556 |
| Asia Pacific | 16 | 29 | 94 | 90 | 6 | 8 | 19 | 21 | 119 | 119 |
| Corporate | - | - | (195) | (191) | 16 | 15 | 1 | - | (178) | (176) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 167 | 92 | 572 | 923 | 97 | 107 | 208 | 192 | 877 | 1,222 |
| \u00a0 | EBITA - actuals1 | integration expenses and one-offs2 | EBITA - underlying3 | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 120 | 242 | 32 | 28 | 152 | 270 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 117 | 186 | 28 | 8 | 145 | 194 |
| Germany | (24) | 26 | 26 | 39 | 2 | 65 |
| Belgium & Luxembourg | 56 | 67 | 14 | 8 | 70 | 75 |
| Other North European countries | 16 | 30 | 13 | 3 | 29 | 33 |
| Northern Europe | 165 | 309 | 81 | 58 | 246 | 367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 120 | 193 | 30 | 15 | 150 | 208 |
| Italy | 140 | 157 | 1 | - | 141 | 157 |
| Iberia | 105 | 93 | 6 | 5 | 111 | 98 |
| Other South European countries, UK & Latin America | 23 | 30 | 12 | 8 | 35 | 38 |
| Southern Europe, UK & Latin America | 388 | 473 | 49 | 28 | 437 | 501 |
| Asia Pacific | 94 | 90 | 7 | 32 | 101 | 122 |
| Corporate | (195) | (191) | 13 | 6 | (182) | (185) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 572 | 923 | 182 | 152 | 754 | 1,075 |
Assets by segment include total assets excluding deferred income tax assets, current income tax receivables, associates, equity investments, interest receivable, and cash and cash equivalents. Assets by segment decreased by \u20ac\u00a0275 million in the year (2023: \u20ac\u00a0481 million decrease).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Total assets | 11,190 | 10,686 |
| \u00a0 | \u00a0 | \u00a0 |
| Less: | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Associates | 3 | 3 |
| Equity investments | 30 | 36 |
| Interest rate swap | 10 | - |
| Interest receivable | 6 | 5 |
| Plan assets defined benefit pension plan | 2 | 2 |
| Current income tax receivables | 210 | 153 |
| Cash and cash equivalents | 357 | 261 |
| Assets by segment | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment and software | right-of-use assets | goodwill | acquisition-related intangible assets | loans and receivables | operating working capital assets | total assets | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 34 | 84 | 34 | 49 | 843 | 767 | 43 | 21 | 33 | 10 | 1,311 | 1,232 | 2,298 | 2,163 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 30 | 32 | 53 | 64 | 1,051 | 867 | 162 | - | - | - | 603 | 646 | 1,899 | 1,609 |
| Germany | 13 | 14 | 46 | 48 | 286 | 296 | - | - | - | - | 370 | 359 | 715 | 717 |
| Belgium & Luxembourg | 7 | 6 | 76 | 79 | 168 | 171 | 4 | 8 | - | - | 341 | 328 | 596 | 592 |
| Other North European countries | 8 | 21 | 25 | 26 | 70 | 174 | - | - | - | - | 397 | 371 | 500 | 592 |
| Northern Europe | 58 | 73 | 200 | 217 | 1,575 | 1,508 | 166 | 8 | - | - | 1,711 | 1,704 | 3,710 | 3,510 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 21 | 26 | 118 | 117 | 549 | 545 | 4 | 9 | 140 | 143 | 695 | 777 | 1,527 | 1,617 |
| Italy | 15 | 12 | 53 | 49 | 59 | 59 | - | - | - | - | 510 | 476 | 637 | 596 |
| Iberia | 3 | 6 | 35 | 40 | 39 | 37 | 23 | 29 | - | - | 417 | 418 | 517 | 530 |
| Other South European countries, UK & Latin America | 5 | 6 | 11 | 11 | 2 | 4 | - | - | - | - | 361 | 335 | 379 | 356 |
| Southern Europe, UK & Latin America | 44 | 50 | 217 | 217 | 649 | 645 | 27 | 38 | 140 | 143 | 1,983 | 2,006 | 3,060 | 3,099 |
| Asia Pacific | 14 | 18 | 43 | 57 | 173 | 180 | 38 | 58 | - | - | 402 | 363 | 670 | 676 |
| Corporate | 26 | 28 | 3 | 3 | - | - | - | - | - | - | 136 | 172 | 165 | 203 |
| Eliminations | - | - | - | - | - | - | - | - | - | - | (71) | (94) | (71) | (94) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 176 | 253 | 497 | 543 | 3,240 | 3,100 | 274 | 125 | 173 | 153 | 5,472 | 5,383 | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment | software | right-of-use assets | acquisition-related intangible assets and goodwill | sum of additions | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 8 | 10 | 17 | 25 | 7 | 9 | 61 | - | 93 | 44 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | 4 | 4 | 1 | 9 | 31 | 361 | - | 377 | 36 |
| Germany | 4 | 6 | - | - | 14 | 11 | - | - | 18 | 17 |
| Belgium & Luxembourg | 3 | 1 | 2 | - | 22 | 23 | - | - | 27 | 24 |
| Other North European countries | 3 | 2 | 5 | 7 | 10 | 5 | - | - | 18 | 14 |
| Northern Europe | 13 | 13 | 11 | 8 | 55 | 70 | 361 | - | 440 | 91 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 4 | 2 | 5 | 20 | 22 | - | - | 27 | 31 |
| Italy | 7 | 7 | - | - | 15 | 10 | - | - | 22 | 17 |
| Iberia | 2 | 1 | 1 | - | 9 | 4 | 2 | 65 | 14 | 70 |
| Other South European countries, UK & Latin America | 3 | 2 | 1 | 1 | 10 | 6 | - | - | 14 | 9 |
| Southern Europe, UK & Latin America | 17 | 14 | 4 | 6 | 54 | 42 | 2 | 65 | 77 | 127 |
| Asia Pacific | 3 | 3 | 2 | 3 | 4 | 11 | - | 2 | 9 | 19 |
| Corporate | 1 | - | 13 | 13 | - | 3 | - | - | 14 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 42 | 40 | 47 | 55 | 120 | 135 | 424 | 67 | 633 | 297 |
During 2024 and 2023, the Group acquired 100% of the shares of the following companies:
\n| company | acquisition date |
|---|---|
| \u00a0 | \u00a0 |
| 2024 | \u00a0 |
| Torc LLC (US) | May 10, 2024 |
| Zorgwerk (Netherlands) | December 5, 2024 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
| 2023 | \u00a0 |
| Grupo CTC (Spain) | October 25, 2023 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac\u00a029 million of goodwill and \u20ac\u00a032 million acquisition-related intangibles.
\nIn 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a healthcare and care talent provider recognized for its innovative approach to serving the talent needs of clients in the healthcare, social assistance and childcare sectors. The Group completed the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac\u00a0195 million of goodwill and \u20ac\u00a0166 million acquisition-related intangibles.
\nIn 2023, the Group acquired 100% of the shares of Grupo CTC, a group of companies based in Spain that provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain, and in Portugal.
\nThe acquisitions made in 2024 and 2023 are in line with Randstad's mid- to long-term strategy to grow in digital platforms and strengthen our market position in certain markets and/or countries.
\nThe fair value of the assets and liabilities arising from the above-mentioned acquisitions, based on (provisional) purchase price allocations, can be summarized as follows:
\n| \u00a0 | Torc LLC | Zorgwerk | Other | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant, equipment and software | - | - | - | - | 2 |
| Right-of-use assets | - | 1 | - | 1 | 24 |
| Acquisition-related intangible assets | 32 | 166 | - | 198 | 30 |
| Deferred tax assets | - | - | - | - | 7 |
| Total non-current assets | 32 | 167 | - | 199 | 63 |
| Working capital | - | (13) | (2) | (15) | (9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | - | 1 | - | 1 | 23 |
| Provisions and employee benefit obligations | - | 2 | - | 2 | 9 |
| Deferred income tax liabilities | 2 | 43 | - | 45 | 8 |
| Total non-current liabilities | 2 | 46 | - | 48 | 40 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net assets acquired | 30 | 108 | (2) | 136 | 14 |
| Goodwill | 29 | 195 | 2 | 226 | 37 |
| Total consideration | 59 | 303 | - | 362 | 51 |
| Net debt/ (cash) acquired included in working capital | (1) | 14 | \u00a0 | 13 | 2 |
| Net debt/(cash) acquired | (1) | 14 | - | 13 | 2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Consideration, adjusted for net debt/(cash) acquired | 58 | 317 | - | 375 | 53 |
| Deferred compensation on acquisitions | (1) | - | - | (1) | - |
| Consideration paid in respect of acquisitions in preceding years | - | - | 7 | 7 | 1 |
| Consideration paid | 57 | 317 | 7 | 381 | 54 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries, statement of cash flows | 57 | 317 | 7 | 381 | 54 |
In 2024, the Group finalized the purchase price allocation of the acquisition of Grupo CTC. The adjustment to the provisional purchase price allocation performed in 2023 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nIn 2023, the Group finalized the purchase price allocation of the acquisition of Side and Avanzo with no adjustment to the provisional purchase price allocation performed in 2022. In 2023, the Group also finalized the purchased price allocation of the acquisition of Finite Group. The adjustment to the provisional purchase price allocation performed in 2022 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nThe contribution of the acquired companies in 2024 to the Group's revenue was \u20ac\u00a014 million and to the Group's EBITA \u20ac\u00a01 million. If the acquired companies had been acquired on January 1, 2024, the estimated additional contribution to revenue and EBITA would have been \u20ac\u00a084 million and \u20ac\u00a022 million respectively.
\nSee note 5 for further information.
\nThe Group uses the acquisition method to account for the acquisition of subsidiaries.
\nGoodwill at acquisition date is measured as:
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly in total operating expenses.
\nAll considerations transferred to acquire a business are recorded at fair value as at the acquisition date; subsequent changes to the fair value of the contingent considerations classified as debt are recognized as expenses or income.
\nThe Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets.
\nAll acquisition-related costs are expensed and included in other general and administrative expenses.
\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in the newly-formed associate, as well as loans receivable from the associate (see note 21.1).
\nThe Group's policy is to apply IAS 28 to account for contributions in associates and transactions with associates. This means that the Group realizes a gain/loss on disposal up to Apollo's equity share in the associate. The remaining portion of the gain is applied against the investment in associates and any remainder is deferred. The deferred gain was applied against the investment in associate resulting in additions to associates of nil.
\nAs a result of the transaction, the assets and liabilities related to Monster have been disposed of, resulting in a gain on disposal of \u20ac\u00a01 million. The disposal of the subsidiary/investment in the associate led to a net cash outflow of \u20ac\u00a032 million in 2024.
\nIn 2023, the Group did not dispose of any subsidiaries or activities.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment, right-of-use assets and software | 68 | - |
| Deferred income tax assets | 42 | \u00a0 |
| Financial assets | 5 | - |
| Total non-current assets | 115 | - |
| Working capital | 30 | - |
| Lease liabilities | (13) | - |
| Deferred income tax liabilities | (20) | - |
| Provisions | (9) | - |
| Assets and liabilities in disposed subsidiaries/activities | 103 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | - | - |
| Interest in associate | 23 | - |
| Financial assets (note 21) | 130 | - |
| Total consideration received | 153 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Difference in net assets disposed and consideration received | 50 | - |
| Proportion of associate not owned | 51% | - |
| Gain on disposal | 26 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Translation (losses) reclassified to income statement | (5) | - |
| Disposal costs | (20) | - |
| Gain on disposal in profit & loss | 1 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents received | - | - |
| Net cash of disposed subsidiaries/activities, included in working capital | (32) | - |
| Disposal of subsidiaries, statement of cash flows | (32) | - |
Upon disposal of a subsidiary, the gain or loss upon disposal is included in other general and administrative expenses. See note 5 for further information.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net income | 123 | 624 |
| Net income attributable to holders of ordinary shares | 115 | 616 |
| \u00a0 | \u00a0 | \u00a0 |
| Numbers of ordinary shares (in millions) | \u00a0 | \u00a0 |
| Weighted average number of ordinary shares outstanding | 176.1 | 178.4 |
| Dilutive effect of share-based compensation arrangements | 1.0 | 1.1 |
| Weighted average number of diluted ordinary shares outstanding | 177.1 | 179.5 |
| Earnings per ordinary share (in \u20ac) | \u00a0 | \u00a0 |
| Basic earnings per ordinary share | 0.65 | 3.45 |
| Diluted earnings per ordinary share | 0.65 | 3.43 |
Basic earnings per ordinary share are calculated by dividing net income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. The issued number of ordinary shares is adjusted for ordinary shares purchased by Randstad N.V., which are held as treasury shares.
\nDiluted earnings per ordinary share are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares arise from various share-based compensation arrangements.
\nCost of services comprises expenses directly attributable to revenue. These costs mainly include expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 15,390 | 16,079 |
| Social security charges | 2,989 | 3,034 |
| Pension charges - defined contribution plans | 200 | 200 |
| Pension charges - defined benefit plans | 12 | 12 |
| Other post-employment benefit plans charges | 15 | 11 |
| Other long-term employee benefits | 4 | 31 |
| Wages, salaries, social security and pension charges | 18,610 | 19,367 |
| Depreciation of property, plant and equipment | 2 | 2 |
| Depreciation of right-of-use assets | 28 | 21 |
| Other cost of services | 781 | 758 |
| Total cost of services | 19,421 | 20,148 |
Included in the wages and salaries are restructuring-related expenses of \u20ac\u00a017 million (2023: \u20ac\u00a03 million). Other costs of services include travel-related costs of \u20ac\u00a0309 million (2023: \u20ac\u00a0318 million), other personnel costs of \u20ac\u00a0201 million (2023: \u20ac\u00a0204 million), and training-related costs of \u20ac\u00a0162 million (2023: \u20ac\u00a0146 million).
\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
\n| \u00a0 | restructuring | integration and M&A1 | other | total | ||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 38 | 26 | 3 | 2 | (9) | - | 32 | 28 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 27 | 8 | 1 | - | - | - | 28 | 8 |
| Germany | 26 | 34 | - | - | - | 5 | 26 | 39 |
| Belgium & Luxembourg | 14 | 4 | - | 4 | - | - | 14 | 8 |
| Other North European countries | 13 | 3 | - | - | - | - | 13 | 3 |
| Northern Europe | 80 | 49 | 1 | 4 | - | 5 | 81 | 58 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 30 | 8 | - | 5 | - | 2 | 30 | 15 |
| Italy | 1 | - | - | - | - | - | 1 | - |
| Iberia | 1 | 3 | 5 | 2 | - | - | 6 | 5 |
| Other South European countries, UK & Latin America | 12 | 8 | - | - | - | - | 12 | 8 |
| Southern Europe, UK & Latin America | 44 | 19 | 5 | 7 | - | 2 | 49 | 28 |
| Asia Pacific | 5 | 3 | 2 | 29 | - | - | 7 | 32 |
| Corporate | 5 | 4 | - | - | 8 | 2 | 13 | 6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 172 | 101 | 11 | 42 | (1) | 9 | 182 | 152 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Restructuring costs (see note 6) | 115 | 76 |
| Impairment of right-of-use assets | 24 | 16 |
| Impaired property, plant and equipment | 7 | - |
| Impaired software | - | 2 |
| Other severance costs | 26 | 7 |
| Total restructuring costs | 172 | 101 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Disposal, legal restructuring related costs | - | 2 |
| Onerous contract provisions | - | 7 |
| Gain on disposal Group company | (1) | - |
| Total other | (1) | 9 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation of buildings | - | - |
| Depreciation of computer hardware | 15 | 19 |
| Depreciation of leasehold improvements and furniture and fixtures | 40 | 34 |
| Impairment of leasehold improvements | - | 1 |
| Depreciation and impairment of property, plant and equipment | 55 | 54 |
| Amortization of software | 41 | 49 |
| Impairment of software | 1 | 4 |
| Amortization and impairment of software | 42 | 53 |
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairment of property, plant, equipment and software | 97 | 107 |
| Depreciation of right-of-use buildings | 119 | 122 |
| Depreciation of right-of-use cars | 58 | 52 |
| Depreciation of right-of-use IT and other equipment | 6 | 2 |
| Impairment of right-of-use buildings | 25 | 16 |
| Depreciation and impairment of right-of-use assets | 208 | 192 |
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairment of property, plant, equipment, software and right-of-use assets | 305 | 299 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 2 | 2 |
| Selling expenses | 22 | 22 |
| General and administrative expenses | 73 | 83 |
| \u00a0 | 97 | 107 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 28 | 21 |
| Selling expenses | 146 | 137 |
| General and administrative expenses | 34 | 34 |
| \u00a0 | 208 | 192 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 30 | 23 |
| Selling expenses | 168 | 159 |
| General and administrative expenses | 107 | 117 |
| \u00a0 | 305 | 299 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Amortization of acquisition-related intangible assets | 46 | 47 |
| Impairment of goodwill and acquisition-related intangible assets | 121 | 45 |
| \u00a0 | 167 | 92 |
For impairment of goodwill, see note 5.
\nGrants are recognized when there is reasonable assurance they will be received and the Group will comply with the conditions attached to them.
\nGrants that compensate for expenses incurred are credited to operating expenses and/or cost of services on a systematic basis in the same period in which the expenses are incurred.
\nGrants included in operating profit amount to \u20ac\u00a030 million (2023: \u20ac\u00a033 million). These grants mainly relate to the compensation (in whole or in part) of talent training costs and costs related to employing selected talent categories.
\nWages, salaries, social security charges, pension charges and other are included in cost of services when they relate to talent placed, and in personnel expenses when they relate to corporate employees.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 17,691 | 18,560 |
| Social security charges | 3,411 | 3,475 |
| Pension charges - defined contribution plans | 248 | 252 |
| Pension charges - defined benefit plans | 22 | 21 |
| Other post-employment benefit plans charges | 16 | 12 |
| Other long-term employee benefits | 8 | 41 |
| Share-based compensations | 60 | 59 |
| \u00a0 | 21,456 | 22,420 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net income includes foreign exchange gains of nil (2023: \u20ac\u00a05 million loss). For other items included in net income, see note 13.2.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Translation differences | 62 | (65) |
| Tax on translation differences | (8) | 9 |
| Translation differences, net of taxes | 54 | (56) |
| Items that subsequently may be reclassified to the income statement | 54 | (56) |
| \u00a0 | \u00a0 | \u00a0 |
| Translation reclassified to income statement | 5 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Fair value adjustments of equity investments | (5) | 2 |
| Tax on fair value adjustment of equity investments | - | - |
| Remeasurements of post-employment benefits | 19 | (31) |
| Tax on remeasurements of post-employment benefits | (5) | 8 |
| Items that will never be reclassified to the income statement | 9 | (21) |
| \u00a0 | \u00a0 | \u00a0 |
| Total other comprehensive income, net of taxes | 68 | (77) |
| \u00a0 | buildings and land | computer hardware | leasehold improvements, furniture and fixtures | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 11 | 28 | 97 | 136 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 34 | 42 |
| Disposals | (1) | (1) | (3) | (5) |
| Depreciation/impairment | - | (15) | (40) | (55) |
| Translation differences | - | - | - | - |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| Cost | 37 | 137 | 431 | 605 |
| Accumulated depreciation and impairment | 27 | 117 | 343 | 487 |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 38 | 178 | 420 | 636 |
| Accumulated depreciation and impairment | 27 | 138 | 318 | 483 |
| \u00a0 | 11 | 40 | 102 | 153 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 32 | 40 |
| Disposals | - | - | (1) | (1) |
| Depreciation/impairment | - | (19) | (35) | (54) |
| Translation differences | - | (1) | (1) | (2) |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
| Cost | 38 | 163 | 439 | 640 |
| Accumulated depreciation and impairment | 27 | 135 | 342 | 504 |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
Based on appraisals made by independent and expert appraisers performed in 2022, the estimated fair value of buildings and land is approximately \u20ac\u00a023 million higher than the carrying amount in 2024 (2023: \u20ac\u00a022 million). The fair value represents the market value, taking into account that the property is in a rented status.
\nProperty, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets.
\nLand is not depreciated. Depreciation on other property, plant and equipment is charged to operating expenses and/or cost of services on a straight-line basis over their estimated useful lives, from the date they are available for use.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nGains and losses arising on disposal are included in the income statement under other general and administrative expenses.
\n| \u00a0 | term |
|---|---|
| \u00a0 | \u00a0 |
| Buildings | 33 years |
| Computer hardware | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fixtures | 4-5 years |
on average
Leasehold improvements are depreciated over the term of the initial lease, in the event that this term is shorter than five years.
\nImpairments, if any, are mainly caused by the discontinuation of outlets. The net book value of leasehold improvements and other furniture and fixtures is impaired to the recoverable amount, based on each individual case. The recoverable amount tends to be zero.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 578 | 537 |
| Accumulated amortization and impairment | 461 | 420 |
| Balance as at January 1 | 117 | 117 |
| Additions | 47 | 55 |
| Disposals | (64) | - |
| Amortization and impairment | (42) | (53) |
| Translation differences | (0) | (2) |
| Balance as at December 31 | 58 | 117 |
| Cost | 433 | 578 |
| Accumulated amortization and impairment | 375 | 461 |
| Balance as at December 31 | 58 | 117 |
Acquired software (licenses) and developed software are stated at cost less accumulated amortization and impairment losses.
\nExpenditures in relation to the development of on-premise, identifiable and unique software (or significant enhancements to existing on-premise software) used by the Group, of which the intellectual property is owned by the Group, for which these will probably generate economic benefits exceeding costs beyond one year, are recognized as developed software and amortized over their estimated useful lives. Capitalized costs include employee costs of software development and third-party expenses.
\nConfiguration and customization costs relating to cloud computing arrangements are expensed as incurred.
\nExpenditures associated with small enhancements or maintenance of software are recognized as an expense when incurred.
\nAmortization of software applications is charged to operating expenses and/or cost of services on a straight-line basis over the estimated useful lives, from the date they are available for use.
\nIn 2024, we had \u20ac\u00a01 million software impairment (2023: \u20ac\u00a04 million).
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nInternally developed software and purchased software are amortized on a straight-line basis over the useful lives of three to five years or, in the case of licenses, if the license period is shorter than three years, over this shorter period.
\nImpairments, if any, are mainly caused by the discontinuation of software applications. The net book value of software is impaired to its recoverable amount, which tends to be zero, based on each individual case.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Additions | \u00a0 | \u00a0 |
| Property, plant and equipment | (41) | (39) |
| Software | (47) | (55) |
| \u00a0 | (88) | (94) |
| Disposals | \u00a0 | \u00a0 |
| Proceeds property, plant and equipment & Software | 4 | 1 |
| \u00a0 | 4 | 1 |
| Statement of cash flows | (84) | (93) |
| \u00a0 | client relationships | brand names | talent profiles | technology | total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 84 | 36 | 1 | 4 | 125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 77 | 30 | - | 91 | 198 |
| Amortization and impairment | (27) | (11) | (1) | (7) | (46) |
| Translation differences | (1) | (2) | - | - | (3) |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| Cost | 201 | 88 | - | 103 | 392 |
| Accumulated amortization and impairment | 68 | 35 | - | 15 | 118 |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 117 | 47 | 6 | 11 | 181 |
| Accumulated amortization and impairment | 25 | 6 | 3 | 3 | 37 |
| \u00a0 | 92 | 41 | 3 | 8 | 144 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 17 | 13 | - | - | 30 |
| Amortization and impairment | (23) | (17) | (3) | (4) | (47) |
| Translation differences | (2) | (1) | 1 | - | (2) |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
| Cost | 131 | 59 | 2 | 11 | 203 |
| Accumulated amortization and impairment | 47 | 23 | 1 | 7 | 78 |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
Acquisition-related intangible assets (client relationships (including franchise agreements), brand names, talent profiles and developed technology) that are acquired by the Group are stated at cost less accumulated amortization and impairment losses.
\nWhen an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects an amount that the entity would have paid for the asset in an arm's length transaction between knowledgeable and willing parties, based on the best information available. If the fair value cannot be measured reliably, the asset is not recognized as a separate intangible asset but is included in goodwill.
\nAmortization of acquisition-related intangible assets is charged to total operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. If the asset is fully amortized, the at-cost value is reversed against accumulated amortization.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nThe estimated useful life of client relationships is four to five years, of brand names two to five years, of talent profiles two to threeyears, and of technology five to six years.
\nTechnology relates to the software platforms acquired in acquisitions and in use as an integral part of our business activities.
\nImpairments, if any, can be the result of the asset no longer being able to generate future economic benefits or the annual impairment test of the cash-generating unit (or operating segment) to which the acquisition-related intangible assets are related.
\nInvestments in financial assets are divided into various categories. Classification of these investments depends on the purposes for which the investments have been acquired. Management determines the classification at the time of the purchase and re-evaluates such designation at each subsequent balance sheet date.
\nPurchase and sale of financial assets are recognized on the settlement date, which is the date an asset is delivered to or by the Group. The cost of financial assets includes transaction costs.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loans and receivables | 166 | 139 |
| Equity investments | 30 | 36 |
| Derivative instruments | 10 | - |
| Financial assets | 206 | 175 |
For details on derivative instruments, refer to note 3.2.4.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loan at fair value through profit or loss | 31 | - |
| Housing loans | 133 | 135 |
| Other loans at amortized cost | 2 | - |
| Net investments in subleases | - | 4 |
| Loans and receivables | 166 | 139 |
Net investments in subleases comprise receivables originating from sublease contracts in respect of right-of-use buildings in which the Group is an intermediate lessor. These sublease contracts qualify as finance lease under IFRS 16.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value.
\nLoan at fair value through profit or loss originated as consideration for the disposal of Monster as a consolidated subsidiary and is receivable on the resulting associate. The amount and timing of repayment of this loan are dependent on the proceeds amount and timing of the sale of certain business units of the associate. This loan is denominated in USD and is secured by certain assets of the associate. It accrues interest at an annual rate of 10%, with interest payable at maturity.
\nAs at December 31, 2024, the fair value of this loan was \u20ac\u00a031 million (2023: nil) after a fair value adjustment of \u20ac\u00a086 million (2023: nil). The fair value adjustment of the loan was the result of our evaluation of the recoverability of this loan in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 113 | - |
| Redemptions | - | - |
| Changes in fair value | (86) | - |
| Accrued interest | - | - |
| Translation differences | 4 | - |
| Balance as at December 31 | 31 | - |
| Non-current part | 31 | - |
| Current part | - | - |
| Balance as at December 31 | 31 | - |
This loan is mandatorily measured at fair value through profit or loss. Any changes in fair value at the end of the reporting period are recorded to net finance costs.
\nThe Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of the asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Management exercised judgment when estimating the timing and amount of the repayment of the loan.
\nOther loans measured at amortized cost relate to two loans issued to CareerBuilder + Monster, an associate of the Group. This balance includes a loan receivable of $ 19 million issued as part of the consideration for the disposal of Monster as a consolidated subsidiary, as well as an additional cash loan of $ 20 million provided to the associate following the disposal. These loans are denominated in USD, have a five-year term, and are repayable in full by September 16, 2029. Partial early repayments are mandatory based on the free cash flows of the associate. The loans accrue interest at an annual rate of 10%, with interest payable at maturity. These loans are secured by certain assets of the associate.
\nAs at December 31, 2024 the book value of these loans was \u20ac\u00a02 million (2023: nil) after an allowance for expected credit losses of \u20ac\u00a035 million (2023: nil). The allowance on the loans was the result of our evaluation of the recoverability of these loans in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 35 | - |
| Redemptions | - | - |
| Allowance for expected credit losses | (35) | - |
| Accrued interest | 1 | - |
| Translation differences | 1 | - |
| Balance as at December 31 | 2 | - |
| Non-current part | 2 | - |
| Current part | - | - |
| Balance as at December 31 | 2 | - |
These loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nHousing loans represent loans that are granted by the Group's subsidiaries in France each year to French public housing agencies in relation to legal arrangements for payment of certain social security charges. These annual loans are interest-free and have a repayment term of 20 years each. These investments have an average remaining term of 11 years (2023: 11 years) and an effective interest rate of 2.5% (2023: 2.5%). The nominal value of these loans amounts to \u20ac\u00a0179 million (2023: \u20ac\u00a0175 million) and best represents the maximum exposure to credit risk. As at December 31, 2024, the fair value was approximately \u20ac\u00a05 million higher than the carrying amount (2023: \u20ac\u00a05 million lower).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 142 | 139 |
| Additions at fair value | 5 | 6 |
| Redemptions | (7) | (7) |
| Interest due to passage of time | 4 | 4 |
| Allowance for expected credit losses | (4) | - |
| Balance as at December 31 | 140 | 142 |
| Non-current part | 133 | 135 |
| Current part | 7 | 7 |
| Balance as at December 31 | 140 | 142 |
The difference between additions at nominal value of \u20ac\u00a010 million (2023: \u20ac\u00a011 million) and at fair value is recognized in cost of services, and amounts to \u20ac\u00a05 million (2023: \u20ac\u00a05 million).
\nThese loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nThe allowance for expected credit losses (ECL) is based on spread between the yield curve for government bonds and the interbank interest rates for all years from year 1 to year 20 (the length of the original yearly housing loans up to maturity). The Group did observe a change in risk compared to the prior year in respect of government bonds. As such allowance for expected credit losses has been included for these loans for an amount of \u20ac\u00a04 million.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 11 | 18 |
| Additions at fair value | 1 | - |
| Redemptions | (5) | (8) |
| Translation differences | (6) | 1 |
| Balance as at December 31 | 1 | 11 |
| Non-current part | - | 4 |
| Current part | 1 | 7 |
| Balance as at December 31 | 1 | 11 |
The Group subleases some of its right-of-use assets. In these instances, the Group is an intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and rewards incidental to the underlying right-of-use assets arising from the head lease have been transferred. Sublease contracts with the classification of financial leases are recognized as a net investment in sublease, which is presented as a financial asset. The carrying amount of the underlying right-of-use asset is derecognized. The net investments in subleases are measured at the present value of the (future) lease receipts, discounted using our incremental borrowing rate at commencement date of the sublease. Sublease contracts with the classification of operating leases result in sublease income being recognized periodically during the sub-rental period. Operating subleases have no impact on the right-of-use asset measurement.
\nThe maturity of net investments in subleases is set out in the table below, showing the undiscounted lease amounts to be received after the balance sheet date.
\nThe nominal value of the net investments in subleases amounts to \u20ac\u00a01 million (2023: \u20ac\u00a011 million), which best represents the maximum exposure to credit risk. As at December 31, 2024 and 2023, the carrying amount equaled the fair value.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| year 1 | 1 | 7 |
| year 2 -5 | - | 4 |
| Undiscounted lease amounts to be received | 1 | 11 |
| Unearned finance income | \u00a0 | - |
| Present value of lease amounts to be received | 1 | 11 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at December 31 | 1 | 11 |
The carrying amounts of loans and receivables are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount is impaired. If objective evidence exists that a financial asset or group of financial assets is impaired, the amount of the impairment loss is calculated as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets). The resulting impairment loss is immediately recognized in net finance costs.
\nAn impairment loss on financial assets is reversed if, in a subsequent period, the amount of the impairment loss decreases and this decrease can be related objectively to an event occurring after the impairment loss was recognized. Such reversal is immediately recognized in net finance costs.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in CareerBuilder + Monster, the newly formed associate. The deferred gain that resulted from the disposal of Monster was applied against the investment in associate resulting in additions to associates of nil. For more details, refer to note 11.2.
\nAs at December 31, 2024, the Group had investments in associates of \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The total assets and liabilities of CareerBuilder + Monster amounted to approximately \u20ac\u00a0289 million and \u20ac\u00a0294 million, respectively, as at December 31, 2024 (2023: nil). Total revenue in 2024 since the inception of the associate amounted to \u20ac\u00a059 million (2023: nil).
\nThe total assets and liabilities of all other associates amounted to approximately \u20ac\u00a08 million and \u20ac\u00a02 million, respectively, as at December 31, 2024 (2023: \u20ac\u00a09 million and \u20ac\u00a02 million respectively). Total revenue in 2024 amounted to \u20ac\u00a034 million (2023: \u20ac\u00a042 million).
\nOur share in profit was nil in 2024 (2023: \u20ac\u00a01 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 3 | 3 |
| Share in profit | - | 1 |
| Dividend | - | - |
| Translation differences | - | (1) |
| Balance as at December 31 | 3 | 3 |
Associates are companies over which the Group has significant influence, but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
\nInvestments in associates are accounted for using the equity method and are initially recognized at cost. The Group's investment in associates includes goodwill on acquisition, net of any accumulated impairment losses.
\nThe Group's share of the post-acquisition profits and losses of the associates is recognized as share in results of associates, and its share of post-acquisition movements in other comprehensive income of the associates is recognized in other comprehensive income, with a corresponding effect on the carrying amount of the associate.
\nDownstream transactions with associates are recognized in profit or loss up the unrelated investors' percentage ownership in the associate. The remainder gain or loss of the downstream transaction is deferred.
\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
\nAt year-end, share premium consists of \u20ac\u00a02,087 million share premium on ordinary shares (2023: \u20ac\u00a02,060 million) and \u20ac\u00a0298 million share premium on preference shares (2023: \u20ac\u00a0298 million).
\nStichting Randstad Optiefonds, in its capacity of shareholder of the company, has delivered 590,901 Randstad shares to the company by way of share contribution amounting to \u20ac\u00a027 million (2023: \u20ac\u00a028 million). These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe translation reserve comprises all translation differences arising from the translation of the net investment in activities in currencies other than the euro, as well as translation differences of financial liabilities designated as hedges of such investments, to the extent that the hedge is effective. Such translation differences are recognized initially in other comprehensive income and presented in this separate component of shareholders' equity. If the net investment is disposed of, these translation differences are recognized in the statement of comprehensive income. The translation reserve also includes the tax effect on translation differences.
\nThe share-based compensations reserve comprises the value of vested rights in respect of share-based compensation arrangements as far as stock options have not been exercised or performance shares have not been allocated.
\nThe company has various share-based compensation arrangements. Additional information about these arrangements is given in note 29. The income statement includes an amount of \u20ac\u00a060 million (2023: \u20ac\u00a059 million) for share-based compensations.
\nAt year-end 2024, 2.0 million performance shares (2023: 1.7 million performance shares) are outstanding. Upon exercise of stock options or allocation of performance shares, this will lead to the issuance of the same number of new ordinary shares or the re-issue of treasury shares.
\nThe employee benefits reserve comprises the cumulative remeasurements of post-employment benefit obligations. The amounts are net of corporate taxes.
\nSee note 8 to the company financial statements for the restrictions on the distribution of dividends and the repayment of capital.
\nAdditional information about shareholders' equity is included in the consolidated statement of changes in equity.
\n| \u00a0 | dividend related to | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ordinary shares | \u00a0 | \u00a0 | \u00a0 |
| Dividend paid during 2023 | \u00a0 | \u00a0 | 522 |
| Dividend paid during 2024 | \u00a0 | 627 | \u00a0 |
| Dividend 2024 proposed | 284 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Preference shares | \u00a0 | \u00a0 | \u00a0 |
| Dividend paid during 2023 | \u00a0 | \u00a0 | 8 |
| Dividend paid during 2024 | \u00a0 | 8 | \u00a0 |
| Dividend 2024 proposed | 8 | \u00a0 | \u00a0 |
| Statement of cash flows | 292 | 635 | 530 |
At the Annual General Meeting of Shareholders, to be held on March 26, 2025, the Executive Board, with the approval of the Supervisory Board, will propose, in line with our dividend policy, that a cash dividend of \u20ac\u00a01.62 per ordinary share be paid for the year 2024 (2023: \u20ac\u00a03.55). The dividend of \u20ac\u00a01.62 per ordinary share consist of a regular floor dividend. This equates to 70% of basic underlying adjusted net profit and is line with our current policy when the floor of \u20ac\u00a01.62 temporarily exceeds the 40-50% payout-ratio. For preference shares B and C, it will be proposed by the Executive Board, with the approval of the Supervisory Board, that a dividend of \u20ac\u00a03.3 million and \u20ac\u00a04.9 million be paid, respectively. The difference of \u20ac\u00a0169 million between the dividend proposed (\u20ac\u00a0292 million) and net income for the year (\u20ac\u00a0123 million) will be deducted from retained earnings.
\nIn 2024 and 2023, no transactions took place with non-controlling interests without a change of control.
\nNon-controlling interests represent the net assets not held by the Group and are presented within total equity in the consolidated balance sheet as a separate category. Profit or loss and each component of other comprehensive income are attributed to the equity holders and to the non-controlling interests.
\nThe Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the net assets is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity as long as control of the subsidiary is maintained.
\nAdditional information about non-controlling interests is included in the consolidated statement of changes in equity.
\nEmployee benefit obligations comprise obligations from defined benefit pension plans, other post-employment benefits, and other long-term employee benefits.
\n| \u00a0 | defined benefit pension plans | other post-employment benefits | other long-term employee benefits | total | ||
|---|---|---|---|---|---|---|
| obligation | plan assets | net | ||||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 450 | (343) | 107 | 20 | 110 | 237 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current service costs, total | 32 | - | 32 | 14 | 4 | 50 |
| Past service costs, total | - | - | - | 2 | 4 | 6 |
| Contributions, employees | - | (10) | (10) | - | - | (10) |
| Contributions, employers | - | (18) | (18) | - | - | (18) |
| Withdrawals/benefits paid | (32) | 30 | (2) | (15) | (12) | (29) |
| Total amount in statement of cash flows | - | 2 | 2 | 1 | (4) | (1) |
| Acquisition of subsidiaries | - | - | - | - | 2 | 2 |
| Remeasurement results | 4 | (24) | (20) | 1 | - | (19) |
| Interest due to passage of time, net | 13 | (9) | 4 | - | 1 | 5 |
| Translation differences | (1) | 1 | - | - | 1 | 1 |
| Balance as at December 31, 2024 | 466 | (373) | 93 | 22 | 110 | 225 |
| Reclassification of net pension plan assets | (103) | 105 | 2 | - | - | 2 |
| Balance as at December 31, 2023, after reclass | 363 | (268) | 95 | 22 | 110 | 227 |
| Non-current | 351 | (258) | 93 | 15 | 63 | 171 |
| Current | 12 | (10) | 2 | 7 | 47 | 56 |
| Balance as at December 31, 2024 | 363 | (268) | 95 | 22 | 110 | 227 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | 364 | (291) | 73 | 22 | 73 | 168 |
| Non-current | 364 | (291) | 73 | 13 | 56 | 142 |
| Current | - | - | - | 9 | 17 | 26 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current service costs, total | 32 | - | 32 | 10 | 6 | 48 |
| Past service costs, total | - | - | - | 2 | 35 | 37 |
| Contributions, employees | - | (11) | (11) | - | - | (11) |
| Contributions, employers | - | (18) | (18) | - | - | (18) |
| Withdrawals/benefits paid | (30) | 28 | (2) | (14) | (7) | (23) |
| Total amount in statement of cash flows | 2 | (1) | 1 | (2) | 34 | 33 |
| Acquisition of subsidiaries | - | - | - | - | - | - |
| Remeasurement results | 64 | (33) | 31 | - | - | 31 |
| Interest due to passage of time, net | 13 | (11) | 2 | - | 2 | 4 |
| Translation differences | 7 | (7) | - | - | 1 | 1 |
| Balance as at December 31, 2023 | 450 | (343) | 107 | 20 | 110 | 237 |
| Reclassification of net pension plan assets | (99) | 101 | 2 | - | - | 2 |
| Balance as at December 31, 2023, after reclass | 351 | (242) | 109 | 20 | 110 | 239 |
| Non-current | 351 | (242) | 109 | 13 | 67 | 189 |
| Current | - | - | - | 7 | 43 | 50 |
| Balance as at December 31, 2023 | 351 | (242) | 109 | 20 | 110 | 239 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current service cost, total | 50 | 48 |
| Past service cost, total | 6 | 37 |
| Contributions, employees | (10) | (11) |
| Current service cost net, charged to operating profit | 46 | 74 |
| Interest expense due to passage of time | 14 | 13 |
| Interest income due to passage of time | (9) | (11) |
| Charged to net finance costs | 5 | 2 |
| Net remeasurement gains/losses charged to other comprehensive income | (19) | 31 |
| Charged to comprehensive income | 32 | 107 |
The discount rates used to calculate employee benefit obligations are in the following ranges:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit pension plans | 1.0% - 3.6% | 1.3% - 4.2% |
| Other post-employment benefits | 3.1% - 6.6% | 3.0% - 7.0% |
| Other long-term employee benefits | 2.1% - 2.3% | 3.1% - 3.8% |
The obligations regarding other post-employment benefits and other long-term employee benefits are unfunded.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit plan, corporate employees in Belgium | 29 | 44 |
| Defined benefit plan, corporate employees in France | 52 | 55 |
| Defined benefit plan, corporate employees in Germany | 5 | 5 |
| Defined benefit plan, staffing and corporate employees in Switzerland | 6 | 3 |
| Defined benefit plans, corporate employees in other countries | 3 | 2 |
| Total | 95 | 109 |
The Group has various pension schemes, in accordance with local conditions and practices in the countries in which it operates. In some countries, such pension schemes are operated through a company pension fund. Most of the pension schemes are defined contribution plans, which are funded through payments to independent entities. For these schemes, the Group's obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services.
\nA few pension schemes are defined benefit plans. The liability recognized in the balance sheet is the present value of the defined benefit obligation less the fair value of plan assets. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service and compensation (based upon the projected unit credit method).
\nThe present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid, and with terms to maturity that approximate the term when the related pension liability is due.
\nCurrent service costs are recognized in personnel expenses and/or cost of services and reflect the increase in the defined benefit obligation resulting from employee service in the current year.
\nPast service costs are recognized immediately in personnel expenses and/or cost of services.
\nWithdrawals/benefits paid also include the net transfer of participants' vested benefits.
\nRemeasurement gains and losses of the net defined benefit obligation arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income.
\nThe net interest expense on the net defined benefit liability is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit liability. Net interest expense is recognized in net finance costs.
\nIn the Netherlands and Belgium, two pension schemes are operated through separate and independent company pension funds.
\nFor the Netherlands, this is 'Stichting Pensioenfonds Flexsecurity' for staffing employees employed by Dutch Group companies; the fund operates a defined contribution pension plan. In 2024, the transactions with 'Stichting Pensioenfonds Flexsecurity' amounted to \u20ac\u00a081 million (2023: \u20ac\u00a076 million); the balance as at December 31, 2024 amounted to \u20ac\u00a08 million payable (December 31, 2023: \u20ac\u00a08 million).
\nFor Belgium, the pension fund is 'Pensioenfonds Belgische werkmaatschappijen van Randstad OFP' for corporate employees employed by Belgian Group companies. The plan is organized through a fund that is legally separated from the company. The Board of this pension fund is required to act in the interest of the fund and of all relevant stakeholders in the scheme; the investment policy with regard to the assets of the fund is also the responsibility of the Board. The fund operates a defined benefit pension plan and a hybrid pension plan. The defined benefit plan is a final-salary pension plan, providing benefits to (former) employees in the form of a guaranteed level of pension payable for life upon retirement. As of January 1, 2024, the defined benefit plan closed to new plan participants. All plan\u00a0participants that were enrolled in the defined benefit plan prior to this date opted to remain in this plan. New plan participants from January 1, 2024 joined the hybrid\u00a0plan. In the hybrid\u00a0plan, the portion related to salaries\u00a0that are below the Belgian statutory pension ceiling is treated as a defined benefit plan, while the portion related to salaries above this pension ceiling functions as a defined contribution\u00a0plan where the Group is required to guarantee a minimum return on the contributions\u00a0paid,\u00a0in\u00a0line with Belgian pension legislation. Both pension plans are\u00a0accounted for as defined benefit plans. The pension entitlement of corporate employees is based on the average pensionable salary in the last three years before retirement. In 2024, transactions with this fund amounted to \u20ac\u00a06 million (2023: \u20ac\u00a06 million). The balance as at December 31, 2024 amounted to nil (2023: \u20ac\u00a01 million).
\nIn the Netherlands, a second pension scheme is in origin a defined benefit pension plan. This pension plan is a closed plan (operated through an insurance company) and the net asset/liability is basically the difference between the expected future surplus interest sharing that will flow to the Group and a yearly guarantee payment based on the pension obligation towards employees. The net pension asset is fully recoverable and has been presented under (current) assets in the statement of financial position.
\nIn France, the defined benefit pension plan is a final-salary pension plan, which provides benefits to (former) employees in the form of a guaranteed level of pension payable as a lump sum upon retirement. The plan is in addition to state plans. The company is legally required to pay lump sums to employees upon retirement. The amounts are based on the number of years of service in the company and on the base salary according to the collective bargaining agreement in force. The scheme covers all corporate employees employed by French Group companies.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Present value of funded obligations | 363 | 351 |
| Present value of unfunded obligations | - | - |
| Total present value of obligations | 363 | 351 |
| Fair value of plan assets | (268) | (242) |
| Liability in the balance sheet | 95 | 109 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cash | 1% | 2% |
| Bonds | 26% | 26% |
| Equity instruments | 46% | 44% |
| Real estate | 10% | 10% |
| Other | 17% | 18% |
| \u00a0 | 100% | 100% |
as a % of fair value of total plan assets
The actual return on plan assets was \u20ac\u00a033 million positive (2023: \u20ac\u00a044 million positive), as a result of positive developments in the value of equity investments.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Discount rate | 1.0% - 3.6% | 1.3% - 4.2% |
| Expected salary increases | 0.0% - 4.0% | 0.0% - 3.7% |
| Expected pension increases | 0.1% - 2.0% | 0.1% - 1.8% |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Male | 20.9 - 22.5 | 20.8 - 22.5 |
| Female | 23.9 - 27.1 | 23.8 - 27.0 |
in years
The assumptions regarding future mortality are based on published statistics and mortality tables in each territory.
\nThe Group expects the 2025 contributions to be paid for defined benefit plans to be approximately \u20ac\u00a024 million, excluding the impact of acquisitions and disposals.
\nThe most significant risks related to defined benefit plans are related to:
With respect to the provision for pensions, a change in the interest rate of 1%-point, with all other variables held constant, would result in a deviation in the range of \u20ac\u00a03 to \u20ac\u00a05 million (2023: \u20ac\u00a08 to \u20ac\u00a010 million).
\nOther post-employment benefit plans are defined benefit plans and follow the same accounting treatment as defined benefit pension plans. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service, and compensation (based upon the projected unit credit method). These plans mainly consist of state-driven plans in Italy and India, post-employment health benefits in the US, and transition fee payments related to temporary workers in the Netherlands, based on the Dutch 'Wet Arbeidsmarkt in Balans' (WAB).
\nRemeasurements of the obligation \u2013 comprising gains and losses arising from experience adjustments and changes in actuarial assumptions \u2013 are recognized in other comprehensive income.
\nIn accordance with applicable legal requirements, the Group recognizes liabilities for several other long-term employee benefit plans, such as schemes related to sickness and long-term disability and long-service leave plans. These liabilities are based on calculations made by independent actuaries based on factors such as age, years of service, expected sickness duration and compensation (based on the 'projected unit credit method').
\nRemeasurement gains and losses related to these plans are recognized in personnel expenses and/or cost of services in the year in which they occur.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 7 | 7 |
| Changes in value | 18 | 1 |
| Deferred compensations from acquired subsidiaries/activities | 1 | - |
| Deferred gains on disposal | 2 | - |
| Considerations paid in respect of acquisitions in preceding years | (7) | (1) |
| Interest due to passage of time | - | \u00a0 |
| Translation differences | 2 | - |
| Balance as at December 31 | 23 | 7 |
| Non-current part | 3 | - |
| Current part | 20 | 7 |
| Balance as at December 31 | 23 | 7 |
Other liabilities comprise deferred payments and financial commitments.
\nFinancial commitments relate to future payments that the Group has committed to making for which there are no economic benefits that are expected to flow to the Group. These commitments are recognized at the moment that the Group determines that no economic benefits will arise and the related expense is recorded to net finance costs.
\nDeferred payments (including earn-out arrangements) relate to business combinations. The initial amount of the earn-out liability is calculated based on the provisional purchase price allocation at the moment of acquisition. Any changes in the earn-out liability are included as adjustments to goodwill at the moment of the final purchase price allocation, performed at one year after acquisition. Should earn-out arrangements have a longer term than one year after the acquisition date, differences upon settlement between the actual cash outflow and the expected cash outflow, are accounted for in net finance costs.
\nTrade and other payables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 935 | 836 |
| Other taxes and social insurance charges | 1,051 | 1,090 |
| Pension contributions | 30 | 25 |
| Wages, salaries and other personnel costs | 1,574 | 1,639 |
| Other accruals | 621 | 620 |
| Deferred income | 62 | 79 |
| \u00a0 | 4,273 | 4,289 |
The statement of cash flows has been prepared applying the indirect method.
\nCash flows in foreign currencies have been translated, in principle, at average exchange rates; certain material (mainly financing) transactions are translated at the exchange rate at the day of translation. Exchange differences concerning cash items are shown separately in the statement of cash flows. Income taxes paid/received are included in the cash flow from operating activities. Finance income received, finance expenses paid and dividends paid are included in the cash flow from financing activities.
\nThe purchase price of acquisitions paid, as well as the selling price of disposed subsidiaries received, is included in cash flow from investing activities. This purchase price paid, as well as the selling price received, are included in the statement of cash flows net of debt and cash acquired or disposed of. Changes in assets and liabilities resulting from the acquisition and disposal of subsidiaries are taken into account in the calculation of the consolidated cash flows.
\nThe majority of the items in the consolidated statement of cash flows are individually cross-referenced to the relevant notes to the consolidated statement of comprehensive income and the consolidated statement of financial position. For the remainder of the material items, the reconciliation between amounts as included in the consolidated statement of cash flows and related amounts in the consolidated statement of comprehensive income and the consolidated statement of financial position is shown in this note.
\nOperating working capital includes current assets, excluding cash and cash equivalents, current income tax receivables, current part of loans and receivables, current part of net investments in subleases and the net plan assets defined benefit pension plan; minus current liabilities, excluding current borrowings, current income tax liabilities and the current part of provisions, of employee benefit obligations, of other liabilities and of lease liabilities. Interest receivable and payable are also excluded in order to align the presentation of the movements in these items, which are presented under net cash flow from financing activities.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Current liabilities | (4,795) | (5,226) |
| Working capital | 1,259 | 592 |
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Adjusted for: | \u00a0 | \u00a0 |
| Cash and cash equivalents | (357) | (261) |
| Current income tax receivables | (210) | (153) |
| Trade and other receivables | 5,487 | 5,404 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables | (7) | (7) |
| Current part of net investments in sublease | (1) | (7) |
| Interest receivable | (5) | (5) |
| Net plan assets defined benefit pension plan | (2) | (2) |
| Operating working capital assets | 5,472 | 5,383 |
| \u00a0 | \u00a0 | \u00a0 |
| Current liabilities | (4,795) | (5,226) |
| Adjusted for: | \u00a0 | \u00a0 |
| Current borrowings | 71 | 493 |
| Current part of lease liabilities | 180 | 203 |
| Current income tax liabilities | 62 | 63 |
| Current part of provisions | 133 | 121 |
| Current part of employee benefit obligations | 56 | 50 |
| Current other liabilities | 20 | 7 |
| Trade and other payables | (4,273) | (4,289) |
| Adjusted for: | \u00a0 | \u00a0 |
| Dividend payable | - | 6 |
| Interest payable | 8 | 11 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital assets | 5,472 | 5,383 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital | 1,207 | 1,105 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other receivables as at January 1 | 5,404 | 5,828 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables, and net plan assets | (16) | (17) |
| Interest receivable | (5) | (4) |
| Operating working capital assets as at January 1 | 5,383 | 5,807 |
| Acquisition of subsidiaries | 18 | 59 |
| Disposal of subsidiaries | (49) | - |
| Translation gains/(losses) | 50 | (86) |
| Statement of cash flows | 70 | (397) |
| Operating working capital assets as at December 31 | 5,472 | 5,383 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other payables as at January 1 | 4,289 | 4,576 |
| Adjusted for: | \u00a0 | \u00a0 |
| Interest payable | (11) | (8) |
| Operating working capital liabilities as at January 1 | 4,278 | 4,568 |
| Acquisition of subsidiaries | 19 | 65 |
| Disposal of subsidiaries | (81) | - |
| Translation losses/(gains) | 68 | (70) |
| Statement of cash flows | (19) | (285) |
| Operating working capital liabilities as at December 31 | 4,265 | 4,278 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loans | 5 | 5 |
| Net result of net investments in subleases | (1) | - |
| Net result of remeasurements of right-of-use assets and lease liabilities | (5) | - |
| Non-cash | (1) | 5 |
| \u00a0 | \u00a0 | \u00a0 |
| Collections of net investments in subleases | 6 | 8 |
| Cash | 6 | 8 |
| \u00a0 | \u00a0 | \u00a0 |
| Statement of cash flows | 5 | 13 |
Corporate income taxes paid in North America are relatively low compared to last year as a result of the US being in a tax loss position in 2024. In the Netherlands the decrease in 2024 was mainly caused by lower payments as result of lower taxable result. The payments in 2024 were higher than expected as these were made based on older-year tax assessment, while the taxable result for the year resulted being lower than expected. Germany's 2023 figures include refunds related to prior years. The increase in other NE countries is explained mainly by refunds received in Sweden in 2023 related to the prior year. In France the payments related to 2024 were in line with prior year related payments. France recorded lower taxable results compared to 2023, however we do not see a significant deviation as in 2023 France made used of almost all tax loss carry forward positions. In Italy, the decrease is mainly explained by payments made in 2023 related to the prior year.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| North America | 3 | 14 |
| Netherlands/Corporate | 40 | 64 |
| Germany | 2 | (3) |
| Belgium & Luxembourg | 291 | 301 |
| Other NE countries | 23 | 18 |
| Northern Europe | 94 | 109 |
| France | 28 | 30 |
| Italy | 37 | 44 |
| Iberia | 17 | 17 |
| Other SE Countries, UK & Latam | 2 | 2 |
| Southern Europe, UK & Latin America | 84 | 93 |
| Asia Pacific | 38 | 40 |
| Total | 219 | 256 |
Free cash flow comprises net cash from operating and investing activities, excluding the cash flows from the acquisition and disposal of subsidiaries/activities, of equity investments, and of associates, as well as the dividends from associates. Repayment of lease liabilities is also deducted in order to arrive at free cash flow.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net cash flow from operating activities | 649 | 1,194 |
| Net cash flow from investing activities | (518) | (147) |
| \u00a0 | 131 | 1,047 |
| Acquisition of subsidiaries, equity investments and associates | 381 | 56 |
| Disposal of subsidiaries, equity investments and associates | 32 | (6) |
| \u00a0 | 544 | 1,097 |
| Repayment of lease liabilities | (225) | (214) |
| Free cash flow | 319 | 883 |
Subsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed to or has rights to variable returns from its involvement with subsidiary companies and can influence those returns through its power over the subsidiary, generally accompanying a shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date that such control commences until the date that it ceases.
\nIntragroup balances and intragroup transactions are eliminated, as well as any unrealized gains from these transactions. Unrealized losses from intragroup transactions are also eliminated unless there is evidence of impairment of the assets transferred. Intragroup transactions take place on an arm's length basis.
\nUpon translation of foreign activities, the assets and liabilities of operations in currencies other than the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into euros at the foreign exchange rates at the balance sheet date. The income statements of these operations in currencies other than the euro are translated into euros at average exchange rates.
\nUpon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items are translated into euros at the foreign exchange rates at the acquisition date.
\nThe net investment in subsidiaries that have a currency other than the euro includes the participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries, settlement of which is neither planned nor expected to occur in the foreseeable future.
\nTranslation differences that occur upon consolidation, relating to the translation of the net investment in subsidiaries that have a currency other than the euro, are recognized in other comprehensive income and presented in the (foreign currency) translation reserve, a separate component within equity, as are translation differences of financial liabilities designated as hedges of such investments (net investment hedge), to the extent that the hedge is effective. The gain or loss relating to the ineffective part is recognized immediately in net finance costs.
\nIf the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation differences is allocated to the non-controlling interests.
\nWhenever a foreign operation is disposed of, these translation differences are released or charged to the statement of comprehensive income as part of the gain or loss on disposal.
\n| \n north america
the netherlands
germany
belgium & luxembourg
other northern european countries
| \n france
italy
iberia
other southern european countries, uk and latin america
asia pacific
other subsidiaries
|
A list of all subsidiaries has been filed at the Chamber of Commerce in Amsterdam ('Kamer van Koophandel', Amsterdam; Chamber of Commerce number 33216172; Legal Entity Identification number 7245009EAAUUQJ0U4T57). Randstad N.V. has, directly or indirectly, a 100% interest in all subsidiaries, unless stated otherwise.
\nThe company has various share-based compensation arrangements that are settled in ordinary shares. The fair value of these share-based compensations, calculated on grant date, is based on valuation models, taking into account relevant market conditions and non-market vesting conditions. The fair value is included in personnel expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders' equity.
\nAt each balance sheet date, the company reassesses its estimates of the non-market vesting conditions under these share-based compensation arrangements. The impact of the revision on original estimates with respect to the past vesting period, if any, is recognized in personnel expenses immediately, with a corresponding adjustment to shareholders' equity.
\nWithin the Group, a number of share-based compensation arrangements are in effect: performance share plans for Executive Board members and senior management, a share matching plan for Executive Board members, and a share purchase plan for all corporate employees.
\nThe actual annual grant of performance shares will, in principle, not exceed 1% of the ordinary issued capital. However, depending on the realization of related performance targets and the company's actual share price, the number of shares to be issued in relation to vesting of the performance shares might in a certain year exceed the 1% limit.
\nConditional performance shares have been granted annually to the members of the Executive Board. The plan has a term of three years. The number of shares to vest depends on the company's TSR performance compared to a peer group of 18 companies (2023: 18 peers) measured over a three-year period starting on January 1 of the year of grant. The number of shares to vest also depends on achieving certain non-financial performance targets.
\nAll performance share plans are equity-settled. The fair value is determined as of the date of each grant, based on a Monte Carlo simulation model.
\nThe volatility of the shares of the peer companies, as well as the pair-wise correlation between all peer shares, is estimated on the basis of historical daily prices over three years. Estimated dividends of the peer companies are based on historical dividends.
\nThe fair value is charged to the income statement during the vesting period, based on the on-target awards of the TSR part of each plan and on the expected outcome of the non-financial performance targets.
\nAt each balance sheet date, the non-market conditions (attrition and non-financial performance) are reassessed; any adjustment is charged to the income statement.
\nThe shares yet to be vested of a Board member who resigns from the Group within the three-year vesting period will, in principle, be forfeited.
\n| \u00a0 | 2024 | 2023 | 2022 |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Average share price at grant date | \u20ac\u00a051.60 | \u20ac\u00a059.92 | \u20ac\u00a064.54 |
| Expected volatility, based on historical prices over the three-year period to the valuation date | 27.0% | 32.0% | 33.0% |
| Expected dividends | 6.7% | 4.8% | 8.0% |
| Risk-free interest rate (yield on Dutch government bonds) | 2.6% | 3.1% | 0.0% |
The performance shares 2022 of the Executive Board and senior management vested on December 31, 2024, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 114.628 shares to be allocated, compared to an on-target award of 442.808 shares.
\nThe performance shares 2021 of the Executive Board and senior management vested on December 31, 2023, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 733,186 shares being allocated in February 2024 (share price at allocation date: \u20ac\u00a051.60), compared to an on-target award of 529,792 shares.
\nIn 2024 accelerated vesting of the performance share plans 2022, 2023 and 2024 took place at target to the senior management of Monster as a consequence of the disposal of Monster. This resulted in vesting and allocation of 114,543 shares (average share price at allocation dates of \u20ac\u00a041.99).
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a035.9 million (2023 \u20ac30.9 million).
\nThese share plans are implemented to reward certain individual participants for specific contributions. The shares granted are conditional, and vesting depends on performance on non-market-based conditions and/or the rendering of employee services during the vesting periods. The vesting periods on the remaining shares to vest vary from one to three years.
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a00.3 million (2023: \u20ac\u00a00.8 million).
\nIn 2024 vested 14.265 shares were allocated at on-target awards (average share price at allocation dates of \u20ac\u00a046.59).
\n| year of grant | number of shares (x 1,000) on target | average fair value at grant date per share (in \u20ac) | ||||
|---|---|---|---|---|---|---|
| january 1, 2024 | granted | forfeitures | allocated in 2024 | december 31, 2024 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2021 | 528 | \u00a0 | 2 | (530) | - | 45.89 |
| 2022 | 521 | \u00a0 | (35) | (35) | 451 | 52.32 |
| 2023 | 682 | \u00a0 | (82) | (46) | 554 | 51.27 |
| 2024 | \u00a0 | 1,112 | (100) | (48) | 964 | 33.98 |
| Total | 1,731 | 1,112 | (215) | (659) | 1,969 | \u00a0 |
Under the share purchase plan, participating corporate employees may purchase shares through Stichting Randstad Optiefonds twice a year. The maximum amount to be spent within the plan is set annually at 5% of the participant's annual salary. Employees receive a number of bonus shares equal to 50% of the number of shares purchased; these bonus shares vest over a period of six months, only if employees hold on to the purchased shares for the same period of six months. Employees receive an additional bonus of 50% of bonus shares if they hold the purchased shares for 12 months. All bonus shares will vest under the condition that employees are employed by the Group during the vesting periods.
\nA new cash bonus savings plan (replacing the existing share purchase plan) has been put in place by Stichting Randstad Optiefonds as of November 1, 2024 except for senior management for which the existing share purchase plan remains in place. The new cash bonus savings plan has no impact on the income statement of the company.
\nThe bonus shares are expensed by the company over the vesting period (2024: \u20ac\u00a023.6 million; 2023: \u20ac\u00a027.4 million). In 2024, a total of 590,901 (2023: 567,738) bonus shares were allocated to employees.
\nIn line with the company's remuneration policy, 25% of the net annual bonus of the Executive Board is paid out in Randstad shares. After three years, these shares will be matched 1:1 subject to a sustainable performance of the Company and at the discretion of the Supervisory Board. Executive Board members are allowed to voluntarily convert an additional 25% of the net annual bonus with the same matching principles. The expenses recorded for the matching of shares amount to \u20ac\u00a00.2 million in 2024 (2023: \u20ac\u00a00.2 million).
\nNo annual bonus was paid for the year 2020. No shares were matched 1:1, and no allocations took place in 2024.
\n| in millions of \u20ac | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Performance share plans | 35.9 | 30.9 |
| Other share plans | 0.3 | 0.8 |
| Share purchase plan | 23.6 | 27.4 |
| Share matching plan | 0.2 | 0.2 |
| Total share-based compensations | 60.0 | 59.3 |
Related-party transactions are transfers of resources, services or obligations between the reporting entity and a related party. Related-party transactions are conducted at arm's length.
\nThe members of the Executive Board and Supervisory Board are considered the key management of the Group. Details of the remuneration of the members of the Executive Board and Supervisory Board are included in the governance section of the annual report, under remuneration report .
\nThe totals of the remuneration of the members of the Executive Board are included in the income statement.
\nThe expenses for performance shares refer to the fair value of share-based payments charged to the income statement for the years 2024 and 2023, respectively.
\nIn 2024 no costs were charged to the income statement on benefits pursuant to Article 32bb of the Dutch wage tax act (in 2023, \u20ac\u00a00.5 million is included in social\u00a0charges and taxes).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Fixed compensation | \u00a0 | \u00a0 |
| Base salary | 3,522 | 3,781 |
| Compensation for departure | 2,011 | 2,094 |
| Fringe benefits | 51 | 56 |
| \u00a0 | 5,584 | 5,931 |
| Variable compensation | \u00a0 | \u00a0 |
| Short-term bonus | 596 | 1,776 |
| Share-based compensations | 4,141 | 3,117 |
| \u00a0 | 4,737 | 4,893 |
| \u00a0 | \u00a0 | \u00a0 |
| Pension expenses | 951 | 1,021 |
| Social charges and taxes | 80 | 133 |
| Total1 | 11,352 | 11,978 |
x \u20ac\u00a01,000
The remuneration to former executive board members who were not part of the executive board as of January 1, 2024, amounted to \u20ac\u00a0547,000 of which \u20ac\u00a0125,000 relates to share-based compensation and \u20ac\u00a0422,000 relates to services provided in connection to the disposal of Monster and the establishment of the related associate. The Group has not issued any loans, commitments to provide loans, or guarantees to Executive Board members.
\n| \u00a0 | january 1, 2024 | new shares on target 20241 | transfer | forfeitures | performance adjustment at allocation 2024 | allocated in february 2024 | december 31, 2024 |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total performance shares outstanding of Executive Board members | 147,369 | 118,310 | \u00a0 | (20,690) | 7,290 | (28,453) | 223,826 |
| Total matching shares outstanding of Executive Board members | 9,075 | 7,964 | \u00a0 | (1,164) | - | - | 15,875 |
| Total shares outstanding of Executive Board members | 156,444 | 126,274 | - | (21,854) | 7,290 | (28,453) | 239,701 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total shares outstanding of former Executive Board members | 97,868 | - | - | - | 25,394 | (91,546) | 31,716 |
The performance shares 2021 were allocated in February 2024. The allocation amounted to 137% of the on-target award (share price at allocation date: \u20ac\u00a051.60).
\nThe performance shares 2022 vested on December 31, 2024, based on relative TSR performance of the company and the achievement of certain non-financial targets over the period January 1, 2022 \u2212 December 31, 2024, resulting in an overall vesting of 26% of the on-target award of 18.764 shares.
\nAllocation after vesting of conditional shares awarded in 2022, 2023 and 2024 will take place in February 2025, 2026 and 2027, respectively.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Unrestricted ordinary shares | 46,999 | 49,078 |
| Locked-up ordinary shares | 56,406 | 48,206 |
| Total | 103,405 | 97,284 |
as at december 31
For the conditions and criteria governing the granting and vesting of performance shares, see note 29.1.
\nRemuneration of the members of the Supervisory Board is included in the income statement. The remuneration is fixed and includes gross expense allowances. In 2024, the total remuneration amounted to \u20ac\u00a0729,550 (2023: \u20ac\u00a0721,800).
\nThe Group has not issued any loans, commitments to provide loans, or guarantees to members of the Supervisory Board.
\nRandstad has signed a continuity agreement with Randstad Beheer, the private holding company of Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V in the 30% - 40% category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding) acquired control over Randstad Beheer.
\nStichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 590,901 Randstad shares in 2024 to the Group by way of share contribution amounting to \u20ac\u00a026.4 million. These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe rental expenses of the ship Clipper Stad Amsterdam for promotional activities were \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The largest shareholder of the Group has significant influence over Clipper Stad Amsterdam; therefore it is a related party to the Group.
\nIn 2024, the Group provided personnel and business support services to its CareerBuilder + Monster associate in line with a transitional services agreement in the amount of \u20ac\u00a03 million (2023: nil). As at December 31, 2024, the Group had \u20ac\u00a03 million in accounts receivable from CareerBuilder + Monster (2023: nil). In addition, the Group has issued a number of loans that are receivable from CareerBuilder + Monster (see note 21.1).
\nFor transactions with company pension funds through which certain pension schemes are operated, see note 24.2 under 'Employee benefit obligations'.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Talent | 570,300 | 608,600 |
| Corporate employees | 41,400 | 43,780 |
| \u00a0 | Talent | Corporate employees | ||
|---|---|---|---|---|
| 2024 | 20231 | 2024 | 20231 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 69,300 | 78,500 | 7,300 | 8,840 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 49,300 | 55,100 | 3,920 | 4,360 |
| Germany | 25,700 | 31,600 | 2,390 | 2,770 |
| Belgium & Luxembourg | 36,900 | 39,300 | 2,170 | 2,290 |
| Other North European countries | 30,400 | 36,100 | 2,760 | 3,060 |
| Northern Europe | 142,300 | 162,100 | 11,240 | 12,480 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 74,700 | 81,000 | 4,760 | 4,900 |
| Italy | 55,500 | 55,400 | 3,380 | 3,110 |
| Iberia | 62,900 | 57,800 | 2,880 | 2,520 |
| Other South European countries, UK & Latin America | 49,700 | 53,400 | 3,200 | 3,320 |
| Southern Europe, UK & Latin America | 242,800 | 247,600 | 14,220 | 13,850 |
| Asia Pacific | 115,900 | 120,400 | 6,490 | 6,800 |
| Corporate | 0 | 0 | 2,150 | 1,810 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 570,300 | 608,600 | 41,400 | 43,780 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Commitments less than 1 year | 142 | 178 |
| Commitments more than 1 year, less than 5 years | 132 | 223 |
| Commitments more than 5 years | 5 | 7 |
| \u00a0 | 279 | 408 |
Commitments relate mainly to service contracts. The decrease in commitments as at December 31, 2024 compared to prior year is due to global IT contracts.
\nNo guarantees have been issued other than those relating to commitments regarding rent and leases, and those relating to liabilities included in the balance sheet.
\nThe following auditors' fees were expensed in the income statement in the reporting period:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Audit of the financial statements1 | 5.7 | 5.9 |
| Audit of the financial statements of subsidiaries by other audit firms | 0.9 | 1.2 |
| Subtotal for audit of the financial statements2 | 6.6 | 7.1 |
| Other audit procedures3 | 0.7 | 0.6 |
| Total | 7.3 | 7.7 |
Subsequent to the date of the balance sheet, no events material to the Group as a whole occurred that require disclosure in this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-531": { "value": "\nRandstad N.V. is a public limited liability company incorporated and domiciled in the Netherlands and listed on Euronext Amsterdam. The registered office of the company is in Amsterdam. The address of the company is Diemermere 25, 1112 TC Diemen, The Netherlands.
\nThe consolidated financial statements of Randstad N.V. include the company and its subsidiaries (together called the 'Group').
\nSee note 28 for IFRS consolidation policies and an overview of selected subsidiaries.
\nRandstad specializes in solutions in the field of work and human resources services. Our services comprise temporary and permanent placements of talent. In addition, we offer recruitment process outsourcing services (RPO), managed services programs (MSP), payroll services, outplacement services, and job posting and r\u00e9sum\u00e9 services on digital platforms.
\nThe financial statements were signed and authorized for issue by the Executive Board and Supervisory Board on February 11, 2025. The adoption of the financial statements and the adoption of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders (AGM) on March 26, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-532": { "value": "\nThe financial statements were signed and authorized for issue by the Executive Board and Supervisory Board on February 11, 2025. The adoption of the financial statements and the adoption of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders (AGM) on March 26, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-534": { "value": "\nThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-535": { "value": "\nThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-536": { "value": "\nThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-538": { "value": "\nThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and IFRS IC interpretations (IFRIC), as adopted by the European Union (hereinafter IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
\nNew standards, amendments and/or interpretations to existing IFRS standards became effective in 2024. These new standards, amendments and interpretations, as far as they are relevant to the Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows.
\nNew standards, amendments and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2025. As far as these standards, amendments and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The Group has decided not to opt for early adoption.
\nThe financial statements are prepared under the historical cost convention and on a going concern basis. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and geopolitical uncertainty) for further disclosures.
\nFor both current assets and liabilities (expected to be recovered or settled within 1 year) and non-current assets and liabilities (expected to be recovered or settled/ extinguished after 1 year), the corresponding presentation is used on the face of the balance sheet.
\nThe Group operates in countries with different currencies. All subsidiaries have as their functional currency the local currency of the country in which they operate. The Group and its parent company use the euro as their functional and presentation currency.
\nAll amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-539": { "value": "\nFair value estimations are mainly used with respect to financial assets and financial liabilities.
\nThe fair value of most financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities. The use of market data that is observable either directly or indirectly reflects level 2 inputs in the fair value hierarchy.
\nIn addition, the Group holds a loan that is carried at fair value. The Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Refer to note 21.1.1 for details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-540": { "value": "\nFair value estimations are mainly used with respect to financial assets and financial liabilities.
\nThe fair value of most financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities. The use of market data that is observable either directly or indirectly reflects level 2 inputs in the fair value hierarchy.
\nIn addition, the Group holds a loan that is carried at fair value. The Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Refer to note 21.1.1 for details.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-541": { "value": "\nFair value estimations are mainly used with respect to financial assets and financial liabilities.
\nThe fair value of most financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the Group for similar financial assets and liabilities. The use of market data that is observable either directly or indirectly reflects level 2 inputs in the fair value hierarchy.
\nIn addition, the Group holds a loan that is carried at fair value. The Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Refer to note 21.1.1 for details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-542": { "value": "\nRandstad N.V.'s policy is to maintain a sound financial position through a leverage ratio (excluding IFRS 16) of below 2. We believe this is important to maintain the confidence of clients, talent, creditors and investors, and to sustain the future development of our business.
\nOur financing policy aims to secure financing that matches the Group's mid- to long-term financing requirements.
\nRandstad's dividend policy is part of our capital allocation policy, and consists of two elements.
\nFirstly, we pay out an ordinary cash dividend. We aim for a flexible payout ratio of 40% to 50% of net profit adjusted for amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. In addition, we have set a conditional ordinary cash floor dividend of \u20ac\u00a01.62 per share. This baseline dividend level will be maintained even when the 40\u201350% payout ratio is temporarily exceeded, barring (i) seriously adverse economic conditions, (ii) material strategic changes to the sector, and (iii) a material deterioration in our solvency and liquidity ratios.
\nSecondly, we have set discretionary additional returns to shareholders in the event of a leverage ratio below 1.0 (excluding IFRS 16 'Leases') through either (i) a special cash dividend or (ii) share buybacks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-543": { "value": "\nRandstad's dividend policy is part of our capital allocation policy, and consists of two elements.
\nFirstly, we pay out an ordinary cash dividend. We aim for a flexible payout ratio of 40% to 50% of net profit adjusted for amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. In addition, we have set a conditional ordinary cash floor dividend of \u20ac\u00a01.62 per share. This baseline dividend level will be maintained even when the 40\u201350% payout ratio is temporarily exceeded, barring (i) seriously adverse economic conditions, (ii) material strategic changes to the sector, and (iii) a material deterioration in our solvency and liquidity ratios.
\nSecondly, we have set discretionary additional returns to shareholders in the event of a leverage ratio below 1.0 (excluding IFRS 16 'Leases') through either (i) a special cash dividend or (ii) share buybacks.
\nAt the Annual General Meeting of Shareholders, to be held on March 26, 2025, the Executive Board, with the approval of the Supervisory Board, will propose, in line with our dividend policy, that a cash dividend of \u20ac\u00a01.62 per ordinary share be paid for the year 2024 (2023: \u20ac\u00a03.55). The dividend of \u20ac\u00a01.62 per ordinary share consist of a regular floor dividend. This equates to 70% of basic underlying adjusted net profit and is line with our current policy when the floor of \u20ac\u00a01.62 temporarily exceeds the 40-50% payout-ratio. For preference shares B and C, it will be proposed by the Executive Board, with the approval of the Supervisory Board, that a dividend of \u20ac\u00a03.3 million and \u20ac\u00a04.9 million be paid, respectively. The difference of \u20ac\u00a0169 million between the dividend proposed (\u20ac\u00a0292 million) and net income for the year (\u20ac\u00a0123 million) will be deducted from retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-544": { "value": "\nThe Group is exposed to a variety of financial risks, including credit risk, liquidity risk, foreign currency exchange risk, and interest rate risk. One of the objectives of the Group's Risk & Control framework is to minimize potential adverse effects on the financial performance of the Group.
\nOur Risk & Control framework is in place to ensure that risks are detected, measured, and reported properly. Risk management procedures are carried out under policies that have been approved by the Executive Board.
\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Transactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
\nThe Group's interest rate risk primarily arises from its consolidated net debt, which may be subject to changes in interest rates. The general policy is to maintain floating interest rates on net debt as much as possible. We believe that the staffing industry naturally hedges against interest rate changes, as EBITDA levels tend to fluctuate in line with interest rates.\u00a0
\nAs a cash-generating business, the Group aims to issue debt with floating interest rates where possible. When this is not feasible, hedging instruments, such as interest rate swaps, may be used to achieve floating interest rate exposures. The use of such instruments can influence the amount and variability of the future interest payments, making them sensitive to changes in market interest rates.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately. A derivative with a positive fair value is recognised within financial assets whereas a derivative with a negative fair value is recognised within other liabilities.
\nAt the inception of a hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit or loss. The fair value change on qualifying hedging instruments is recognised in profit or loss in the same line as the hedged item. These fair value changes are recorded to the line Other finance income (expenses).
\nOn March 12, 2024, the Group issued a fixed-rate \u20ac\u00a0500 million Eurobond. On the same date, it entered into an interest rate swap contract in order to hedge the interest rate risk associated with the Eurobond. Under the swap, the fixed leg pays interest to the Group at a rate matching the fixed interest rate paid on the Eurobond. Meanwhile, the Group pays interest on the floating leg based on the three-month Euribor plus a fixed margin. The interest rate swap was designated as the hedging instrument in a fair value hedge relationship with the Eurobond's interest rate risk as the hedged item. The Group estimates that the majority of the Eurobond's fair value changes result from fluctuations in the market interest rate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Notional amount | \u20ac\u00a0500 million | n.a. |
| Maturity date | March 2029 | n.a. |
| Hedge ratio | 1:1 | n.a. |
| Average hedged rate for the year | 3.61% | n.a. |
The interest rate swap enables the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt held. The fair value of the interest rate swap and the Eurobond at the reporting date are determined by discounting the future cash flows using the relevant interest rate curves at the reporting date.
\nThe Group determined that there is an economic relationship between the hedging instrument and the hedged item because both have similar critical terms such as reference rate, maturities and notional amount. Hedge effectiveness was determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge ineffectiveness may occur due to the differences in the timing of the floating leg cash flows and the credit spread on the floating leg. No other sources of ineffectiveness have emerged from this hedging relationship. Hedge ineffectiveness in relation to the interest rate swap included in net finance costs was nil in 2024 (2023: nil).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of hedging instrument | 10 | - |
| Carrying amount of hedged item | (508) | - |
| Accumulated fair value hedge adjustments on hedged item | 10 | - |
| Change in value of hedging instrument used to determine hedge effectiveness | 10 | - |
| Change in value of hedged item used to determine hedge effectiveness | 10 | - |
As at December 31, 2024, the full carrying amount of the hedging instrument is presented in the line Financial assets, while the full carrying amount of the hedged item is presented in the line Borrowings.
\nIf the interest rates had been two percentage points higher on average during 2024, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a018 million (2023: \u20ac\u00a08 million higher).
\nIf the interest rate had been one percentage point higher on average during the year, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a09 million (2023: \u20ac\u00a04 million higher).
\nIn 2024 and 2023, we experienced a number of dynamic market circumstances, such as geopolitical conflicts, supply chain disruptions, and increased cost of living.
\nAlthough we remain cautious as visibility remains limited, Randstad is well positioned to respond quickly and effectively amidst a challenging macro environment, thanks to our diverse portfolio, our scale and data insights, and high operational adaptability and flexibility.
\nWe closely follow the developments of global geopolitical conflicts that may have a direct or indirect impact on our business. In 2024, the impact of geopolitical conflicts on our business was limited. We are continuously monitoring developments, with the aim of responding as quickly and effectively as possible to changing circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-545": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-546": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Transactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
\nThe Group's interest rate risk primarily arises from its consolidated net debt, which may be subject to changes in interest rates. The general policy is to maintain floating interest rates on net debt as much as possible. We believe that the staffing industry naturally hedges against interest rate changes, as EBITDA levels tend to fluctuate in line with interest rates.\u00a0
\nAs a cash-generating business, the Group aims to issue debt with floating interest rates where possible. When this is not feasible, hedging instruments, such as interest rate swaps, may be used to achieve floating interest rate exposures. The use of such instruments can influence the amount and variability of the future interest payments, making them sensitive to changes in market interest rates.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately. A derivative with a positive fair value is recognised within financial assets whereas a derivative with a negative fair value is recognised within other liabilities.
\nAt the inception of a hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit or loss. The fair value change on qualifying hedging instruments is recognised in profit or loss in the same line as the hedged item. These fair value changes are recorded to the line Other finance income (expenses).
\nOn March 12, 2024, the Group issued a fixed-rate \u20ac\u00a0500 million Eurobond. On the same date, it entered into an interest rate swap contract in order to hedge the interest rate risk associated with the Eurobond. Under the swap, the fixed leg pays interest to the Group at a rate matching the fixed interest rate paid on the Eurobond. Meanwhile, the Group pays interest on the floating leg based on the three-month Euribor plus a fixed margin. The interest rate swap was designated as the hedging instrument in a fair value hedge relationship with the Eurobond's interest rate risk as the hedged item. The Group estimates that the majority of the Eurobond's fair value changes result from fluctuations in the market interest rate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Notional amount | \u20ac\u00a0500 million | n.a. |
| Maturity date | March 2029 | n.a. |
| Hedge ratio | 1:1 | n.a. |
| Average hedged rate for the year | 3.61% | n.a. |
The interest rate swap enables the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt held. The fair value of the interest rate swap and the Eurobond at the reporting date are determined by discounting the future cash flows using the relevant interest rate curves at the reporting date.
\nThe Group determined that there is an economic relationship between the hedging instrument and the hedged item because both have similar critical terms such as reference rate, maturities and notional amount. Hedge effectiveness was determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge ineffectiveness may occur due to the differences in the timing of the floating leg cash flows and the credit spread on the floating leg. No other sources of ineffectiveness have emerged from this hedging relationship. Hedge ineffectiveness in relation to the interest rate swap included in net finance costs was nil in 2024 (2023: nil).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of hedging instrument | 10 | - |
| Carrying amount of hedged item | (508) | - |
| Accumulated fair value hedge adjustments on hedged item | 10 | - |
| Change in value of hedging instrument used to determine hedge effectiveness | 10 | - |
| Change in value of hedged item used to determine hedge effectiveness | 10 | - |
As at December 31, 2024, the full carrying amount of the hedging instrument is presented in the line Financial assets, while the full carrying amount of the hedged item is presented in the line Borrowings.
\nIf the interest rates had been two percentage points higher on average during 2024, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a018 million (2023: \u20ac\u00a08 million higher).
\nIf the interest rate had been one percentage point higher on average during the year, with all other variables held constant, net interest expenses for the year would have increased by \u20ac\u00a09 million (2023: \u20ac\u00a04 million higher).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-547": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-548": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-549": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-550": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-551": { "value": "\nCredit risk within the Group arises from the possibility that clients and other counterparties may not be able to settle their obligations towards the Group.
\nCredit control policies are included in a blueprint, which is a global document including prescribed work procedures and guidelines. To manage credit risk, credit checks are, in principle, performed upfront for new customers. For high-risk clients, credit limits are put in place based on internal and/or external ratings. Credit risk is monitored by the credit control departments of our operating companies on a daily basis.
\nThe Group has no significant concentrations of credit risk, as the Group has many clients in a large number of industries and countries.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 4,379 | 4,425 |
| Less: allowance for expected credit losses | 39 | 38 |
| Trade receivables, net of allowance for expected credit losses | 4,340 | 4,387 |
| Other receivables | 824 | 692 |
| Prepayments | 313 | 309 |
| Net plan assets defined benefit pension plan | 2 | 2 |
| Loans | 7 | 7 |
| Net investments in subleases | 1 | 7 |
| Total trade and other receivables | 5,487 | 5,404 |
The balance included within other receivables consists mostly of revenue to be invoiced.
\nThe carrying amount of these receivables reflects the fair value.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value. For details refer to note 21.1.1.
\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
\nTrade and other receivables are hold-to-collect contractual cash flows.
\nFor net plan assets relating to the defined benefit pension plan, see note 24.2.
\nThe allowance for expected credit losses (ECL) of trade receivables is based on individual assessments of expected non-recoverable receivables as well as on expected credit losses estimated using a provision matrix by reference to past default experiences on the portfolio of trade receivables of subsidiaries in relation to revenue streams, and various other (external) sources of actual and forecast economic information.
\nIn our estimation, we have taken into account the impact due to changes in macroeconomic circumstances like the status of geopolitical conflicts, supply chain disruptions and increased cost of living on the expected credit risk in our portfolio. Compared to 2023 this risk increased, resulting in the expected credit losses as a percentage of our portfolio to slightly increase in 2024.
\nSignificant financial difficulties of the debtor, the probability that the debtor will enter into bankruptcy or financial reorganization, serious default or delinquency in payments, and significant overdues in payment are considered indicators that the trade receivable is in default and a credit loss is expected to occur. The amount of the allowance is equal to the difference between the carrying amount of the receivable and the present value of estimated future cash flows.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 38 | 46 |
| Acquisition of subsidiaries | (2) | 3 |
| (Release)/charged to selling expenses | 9 | (3) |
| Receivables written off as uncollectable | (6) | (7) |
| Translation differences | - | (1) |
| Balance as at December 31 | 39 | 38 |
In the allowance for expected credit losses of trade receivables, an allowance is included for individually impaired trade receivables of \u20ac\u00a021 million (2023: \u20ac21 million). The remainder is related to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on the approach described above.
\nThe allowance for expected credit losses of trade receivables excludes recoverable value-added taxes.
\nNet amounts charged to this allowance are generally written off when there is no expectation of recovering additional cash.
\nThe table 'expected credit losses' below shows the rate of expected credit losses for various appropriate past-due categories.
\n| \u00a0 | trade receivables - days past due | \u00a0 | ||||
|---|---|---|---|---|---|---|
| not past due | 0-4 weeks | 5-16 weeks | 17 weeks and over | doubtful debts | total | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.1% | 0.4% | 1.48% - 8.85% | 23.54% - 50% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,335 | 325 | 134 | 27 | 21 | 3,842 |
| Lifetime ECL | 2 | 1 | 3 | 12 | 21 | 39 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| ECL rate | 0.0% | 0.3% | 1.1% - 5.9% | 13.5% - 55% | 100% | \u00a0 |
| Estimated total gross carrying amount at default | 3,359 | 358 | 135 | 27 | 21 | 3,900 |
| Lifetime ECL | 1 | 1 | 3 | 12 | 21 | 38 |
| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| amount | % | amount | % | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 0-4 weeks | 2,278 | 52.0 | 2,410 | 54.5 |
| 5-16 weeks | 1,980 | 45.2 | 1,902 | 43.0 |
| 17-26 weeks | 77 | 1.8 | 64 | 1.5 |
| Not impaired | 4,335 | 99.0 | 4,376 | 99.0 |
| Impaired | 44 | 1.0 | 46 | 1.0 |
| Total trade receivables | 4,379 | \u00a0 | 4,422 | \u00a0 |
The information with regard to aging categories is based on the invoice date, as the risk of non-payment starts from this date.
\nFor other financial assets, which for the main part comprise receivables on governmental or semi-governmental bodies and loans to our associate, see note 21.
\nExcess cash positions are invested with preferred financial partners, which are mostly considered to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds. Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-552": { "value": "\nTrade and other receivables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method less allowance for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-553": { "value": "\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds available to meet its liabilities when due, under both normal and stressed conditions. This risk is managed by having sufficient availability of cash, as well as committed and uncommitted credit lines, both at Group and subsidiary level.
\nAs at December 31, 2024, the Group had a \u20ac\u00a01,750 million (2023: \u20ac\u00a01,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2023: May 2028). The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30 and December 31 each year. The Group was in compliance with the covenant during the year. This credit facility has an interest rate that is based each time on the term of the drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on Randstad's credit rating.
\nThe facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to January 1, 2019.
\nIn 2024, the Group had two committed bilateral term loans of a total of \u20ac\u00a0120 million (2023: \u20ac\u00a077 million), maturing January 2028 and a Eurobond of \u20ac\u00a0500 million (2023: nil), maturing March 2029. The term loans have an interest rate that is each time based on the term of the drawing, increased by a margin fully aligned with the committed multi-currency syndicated revolving credit. The Eurobond has a fixed interest rate, which was swapped to a floating rate with a fixed margin. For details refer to note 3.2.4.
\nThe actual leverage ratio (excluding IFRS 16) as at December 31, 2024 is 1.6 (December 31, 2023: 0.3), which is well below the limit.
\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | 74 |
| \u00a0 | \u00a0 | \u00a0 |
| Current borrowings | 71 | 141 |
| Short-term part of non-current borrowings | - | 352 |
| Borrowings, under current liabilities | 71 | 493 |
| Total borrowings | 1,647 | 567 |
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the market, the effective interest rates are considered equal to the actual rates.
\nNegative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu' clauses apply.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 426 | 477 |
| Drawings on non-current borrowings | 2,111 | 527 |
| Repayments of non-current borrowings | (975) | (570) |
| Fair value adjustments | 10 | - |
| Amortization of transaction costs | 1 | 1 |
| Translation and currency differences | 3 | (9) |
| Non-current borrowings before reclassification | 1,576 | 426 |
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 141 | 69 |
| Acquisition of subsidiary companies | 40 | 14 |
| Drawings / (repayments) | (109) | 66 |
| Net increase / (decrease) cash flow statement | (69) | 80 |
| Translation and currency differences | (1) | (8) |
| Balance as at December 31 | 71 | 141 |
| \u00a0 | \u00a0 | \u00a0 |
| Bank overdrafts | 71 | 141 |
| Balance as at December 31 | 71 | 141 |
Bank overdrafts are denominated in various currencies. As at December 31, 2024, the major bank overdraft denominated in foreign currencies is for an amount of \u20ac\u00a04 million in Indian rupee (2023: \u20ac\u00a03 million in Canadian dollars).
\nMaturities of financial liabilities are expected to be:
\n| \u00a0 | carrying amount | 0 - 90 days | 91 - 365 days | 2 - 5 years | more than 5 years |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | 1,576 | - | - | 1,576 | - |
| Lease liabilities (non-current and current)1 | 571 | 50 | 133 | 363 | 89 |
| Borrowings under current liabilities2 | 71 | 71 | - | - | - |
| Trade and other payables3 | 4,211 | 3,744 | 467 | - | - |
| Other liabilities (non-current and current)4 | 23 | - | 1 | 1 | - |
| \u00a0 | 6,452 | 3,865 | 601 | 1,940 | 89 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings5 | 426 | 80 | 272 | 74 | - |
| Lease liabilities (non-current and current)1 | 617 | 56 | 151 | 383 | 107 |
| Borrowings under current liabilities2 | 141 | 141 | - | - | - |
| Trade and other payables3 | 4,210 | 3,738 | 472 | - | - |
| Other liabilities6 | 7 | - | 7 | - | - |
| \u00a0 | 5,402 | 4,015 | 902 | 457 | 107 |
including interest payments
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Time deposits | 36 | 14 |
| Cash on hand and at bank | 321 | 247 |
| Total cash and cash equivalents | 357 | 261 |
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
\nAs at December 31, 2024, an amount of \u20ac\u00a0305 million out of \u20ac\u00a0357 million (December 31, 2023: \u20ac\u00a0208 million out of \u20ac\u00a0261 million) is available upon demand.
\nThe net debt includes the balance of cash, cash equivalents, borrowings (both current and non-current), derivative instruments, as well as lease liabilities (current and non-current).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Non-current borrowings | (1,576) | (74) |
| Current borrowings | (71) | (493) |
| Total borrowings | (1,647) | (567) |
| Derivative instruments | 10 | - |
| Cash and cash equivalents | 357 | 261 |
| Net cash/(net debt), excluding lease liabilities | (1,280) | (306) |
| Lease liabilities | (571) | (617) |
| Net debt | (1,851) | (923) |
Borrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-559": { "value": "\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
\nAny difference between the proceeds and the amount to be repaid is recognized in net finance costs during the term of the borrowings, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-560": { "value": "\nBorrowings are initially recognized at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-564": { "value": "\nA committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\nTransactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-565": { "value": "\nA committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-566": { "value": "\nA committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-567": { "value": "\nA committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was designated as a hedge of the net investment in subsidiaries in the US (during 2023 and 2024 prior to repayment). These net investment hedges were all considered effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-568": { "value": "\nCash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-569": { "value": "\nCash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
\nTime deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-570": { "value": "\nCash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other short-term highly liquid investments with original maturities of three months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-571": { "value": "\nTime deposits fall due, on average, within a month. The average interest rate for time deposits as at December 31, 2024 is 4.7% (December 31, 2023: 8.2%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-573": { "value": "\nTransactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-575": { "value": "\nTransactions in currencies other than the functional currency of the related subsidiary are converted at the foreign exchange rate on the date of the transaction.
\nMonetary balance sheet items (such as cash and borrowings) in currencies other than the functional currency of the related subsidiary are converted at year-end exchange rates.
\nExchange differences resulting from the settlement of transactions on cash, cash equivalents and borrowings, as well as from the conversion of these monetary balance sheet items, are included in net finance costs. Exchange differences resulting from the settlement of other transactions and conversion of other monetary balance sheet items are included in operating expenses.
\nNon-monetary balance sheet items (such as property, plant and equipment) that are measured in terms of historical cost in currencies other than the functional currency of the related company are converted at the foreign exchange rates on the date of transaction.
\nThe Group uses the euro as its reporting currency. Currencies other than the euro that are of primary importance to the Group are the Australian dollar, the Canadian dollar, the Japanese yen, the Swiss franc, the UK pound sterling, and the US dollar.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| average | at year-end | average | at year-end | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 0.61 | 0.60 | 0.61 | 0.62 |
| Canadian dollar | 0.67 | 0.67 | 0.69 | 0.68 |
| Japanese yen | 0.0061 | 0.0061 | 0.0066 | 0.0064 |
| Swiss franc | 1.05 | 1.06 | 1.03 | 1.08 |
| UK pound sterling | 1.18 | 1.21 | 1.15 | 1.15 |
| US dollar | 0.92 | 0.97 | 0.92 | 0.91 |
averages on annual basis
The foreign currency exchange risk of the Group with respect to transactions is limited, because subsidiaries usually generate both revenues and expenses in the same local currency.
\nAll other foreign exchange transactions, which mostly consist of intercompany financing (equity increases, dividends, intercompany loans and interests), are accounted for, in principle, at the exchange rate at the transaction date. The Group has a policy to match, within certain preset boundaries, the currencies in the net debt positions with the currencies in the cash flow generation. The currency mix of the debt can easily be adjusted, as the \u20ac\u00a01,750 million syndicated revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore unnecessary. At year-ends 2024 and 2023, the Group had no outstanding currency derivatives. Currency fluctuations can, however, affect the consolidated results, due to the translation of local results into the Group's reporting currency.
\nTranslation effects from consolidation may also impact shareholders' equity. The Group has a number of net investments in foreign subsidiaries whose assets and liabilities are exposed to currency translation risk that is accounted for, through total other comprehensive income, in equity. Currency exposures arising from the net assets of the Group's foreign operations are monitored and, when considered necessary, hedged against borrowings in the relevant currencies through a net investment hedge; translation differences on borrowings classified as such are included, through comprehensive income, in equity.
\nIn the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS 29 'Financial reporting in hyperinflationary economies'. The application of this standard has no material effect on the consolidated financial statements. The general price indices published for Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina and Turkey as at December 31, 2024 were 7,491 and 2,657 (December 31, 2023: 2,816 and 1,806) respectively. The effect of the adjustment on the results of the Group designated as the result on net monetary position totaled \u20ac\u00a02 million during the current year (2023: \u20ac\u00a02 million) and is presented under net finance costs (see note 15).
\nIf the euro had weakened or strengthened 15% on average during 2024 against the currencies mentioned in the table 'main exchange rates to the euro', with all other variables held constant, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a016 million per currency (2023: range of \u20ac\u00a02 million \u2212 \u20ac\u00a029 million per currency). If the euro had weakened or strengthened 10% on average against these currencies, EBITA for the year 2024 would have been higher or lower respectively in the range of \u20ac\u00a01 million \u2212 \u20ac\u00a011 million per currency (2023: range of \u20ac\u00a01 million \u2212 \u20ac\u00a019 million per currency). The effect on shareholders' equity would have been the same (before tax effects).
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| 15% change | 10% change | 15% change | 10% change | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australian dollar | 5 | 3 | 4 | 2 |
| Canadian dollar | 2 | 1 | 4 | 2 |
| Japanese yen | 9 | 6 | 10 | 6 |
| Swiss franc | 2 | 1 | 3 | 2 |
| UK pound sterling | 1 | 1 | 2 | 1 |
| US dollar | 16 | 11 | 29 | 19 |
The foreign exchange risk exposure on the consolidated financial assets is limited and not material. The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore foreign exchange risk is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-581": { "value": "\nIn preparing the financial statements, management has to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. The actual outcome may differ from these judgments, estimates, and assumptions, and therefore could have a material effect on the carrying amount of the asset or liability involved. The timing of the outflow of resources to settle provisions is subject to the same uncertain factors. Judgments, estimates, and assumptions are reviewed on an ongoing basis, and are based on historical experience and various other factors, including expectations about future events that are believed to be reasonable under the circumstances and for the item involved. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
\nThe Group considers the following accounting policies, judgments, estimates, and assumptions as critical, which are described in the notes as indicated:
In preparing the financial statements, management has to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. The actual outcome may differ from these judgments, estimates, and assumptions, and therefore could have a material effect on the carrying amount of the asset or liability involved. The timing of the outflow of resources to settle provisions is subject to the same uncertain factors. Judgments, estimates, and assumptions are reviewed on an ongoing basis, and are based on historical experience and various other factors, including expectations about future events that are believed to be reasonable under the circumstances and for the item involved. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
\nThe Group considers the following accounting policies, judgments, estimates, and assumptions as critical, which are described in the notes as indicated:
In preparing the financial statements, management has to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. The actual outcome may differ from these judgments, estimates, and assumptions, and therefore could have a material effect on the carrying amount of the asset or liability involved. The timing of the outflow of resources to settle provisions is subject to the same uncertain factors. Judgments, estimates, and assumptions are reviewed on an ongoing basis, and are based on historical experience and various other factors, including expectations about future events that are believed to be reasonable under the circumstances and for the item involved. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
\nThe Group considers the following accounting policies, judgments, estimates, and assumptions as critical, which are described in the notes as indicated:
The carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets and the plan assets in relation to defined benefit pension plans, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, testing for impairment is performed at least annually.
\nIf there are such indications, the recoverable amount of the asset is estimated. If this is not possible, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Goodwill is allocated to groups of cash-generating units, being operating segments, for purposes of impairment testing.
\nIf the recoverable amount of an asset or a cash-generating unit (or operating segment) is estimated to be lower than its carrying amount, the related carrying amount is reduced to its recoverable amount.
\nThe resulting impairment loss is immediately recognized in total operating expenses.
\nThe recoverable amount is the higher of an asset's fair value less costs to dispose and its value in use.
\nThe value in use is determined by using the present value of estimated cash flow projections. The discount rates are based on interest rates that align with the terms of the projections and the specific risks of the asset or business respectively.
\nIn determining the fair value less costs to dispose, information such as recent market transactions is taken into account; if no such transactions (or comparable transactions) can be identified, an appropriate valuation model is used. This valuation model is supplemented by valuation multiples, quoted share prices, or other available fair-value indicators.
\nImpairment losses relating to a cash-generating unit (or operating segment) are first allocated to reduce the carrying amount of the goodwill of the related cash-generating unit (or operating segment) and then to reduce the carrying amount of the other assets of that cash-generating unit (or operating segment) on a pro rata basis.
\nAn impairment loss with respect to goodwill is not reversed.
\nWith respect to other assets, an impairment loss recognized in a prior period is assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
\nFor the impairment testing method of property, plant and equipment, software, and acquisition-related intangible assets, see notes 18, 19 and 20, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-585": { "value": "\nThe carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets and the plan assets in relation to defined benefit pension plans, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, testing for impairment is performed at least annually.
\nIf there are such indications, the recoverable amount of the asset is estimated. If this is not possible, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Goodwill is allocated to groups of cash-generating units, being operating segments, for purposes of impairment testing.
\nIf the recoverable amount of an asset or a cash-generating unit (or operating segment) is estimated to be lower than its carrying amount, the related carrying amount is reduced to its recoverable amount.
\nThe resulting impairment loss is immediately recognized in total operating expenses.
\nThe recoverable amount is the higher of an asset's fair value less costs to dispose and its value in use.
\nThe value in use is determined by using the present value of estimated cash flow projections. The discount rates are based on interest rates that align with the terms of the projections and the specific risks of the asset or business respectively.
\nIn determining the fair value less costs to dispose, information such as recent market transactions is taken into account; if no such transactions (or comparable transactions) can be identified, an appropriate valuation model is used. This valuation model is supplemented by valuation multiples, quoted share prices, or other available fair-value indicators.
\nImpairment losses relating to a cash-generating unit (or operating segment) are first allocated to reduce the carrying amount of the goodwill of the related cash-generating unit (or operating segment) and then to reduce the carrying amount of the other assets of that cash-generating unit (or operating segment) on a pro rata basis.
\nAn impairment loss with respect to goodwill is not reversed.
\nWith respect to other assets, an impairment loss recognized in a prior period is assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
\nFor the impairment testing method of property, plant and equipment, software, and acquisition-related intangible assets, see notes 18, 19 and 20, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-586": { "value": "\nThe carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets and the plan assets in relation to defined benefit pension plans, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, testing for impairment is performed at least annually.
\nIf there are such indications, the recoverable amount of the asset is estimated. If this is not possible, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Goodwill is allocated to groups of cash-generating units, being operating segments, for purposes of impairment testing.
\nIf the recoverable amount of an asset or a cash-generating unit (or operating segment) is estimated to be lower than its carrying amount, the related carrying amount is reduced to its recoverable amount.
\nThe resulting impairment loss is immediately recognized in total operating expenses.
\nThe recoverable amount is the higher of an asset's fair value less costs to dispose and its value in use.
\nThe value in use is determined by using the present value of estimated cash flow projections. The discount rates are based on interest rates that align with the terms of the projections and the specific risks of the asset or business respectively.
\nIn determining the fair value less costs to dispose, information such as recent market transactions is taken into account; if no such transactions (or comparable transactions) can be identified, an appropriate valuation model is used. This valuation model is supplemented by valuation multiples, quoted share prices, or other available fair-value indicators.
\nImpairment losses relating to a cash-generating unit (or operating segment) are first allocated to reduce the carrying amount of the goodwill of the related cash-generating unit (or operating segment) and then to reduce the carrying amount of the other assets of that cash-generating unit (or operating segment) on a pro rata basis.
\nAn impairment loss with respect to goodwill is not reversed.
\nWith respect to other assets, an impairment loss recognized in a prior period is assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
\nFor the impairment testing method of property, plant and equipment, software, and acquisition-related intangible assets, see notes 18, 19 and 20, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-587": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
| \u00a0 | client relationships | brand names | talent profiles | technology | total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 84 | 36 | 1 | 4 | 125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 77 | 30 | - | 91 | 198 |
| Amortization and impairment | (27) | (11) | (1) | (7) | (46) |
| Translation differences | (1) | (2) | - | - | (3) |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| Cost | 201 | 88 | - | 103 | 392 |
| Accumulated amortization and impairment | 68 | 35 | - | 15 | 118 |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 117 | 47 | 6 | 11 | 181 |
| Accumulated amortization and impairment | 25 | 6 | 3 | 3 | 37 |
| \u00a0 | 92 | 41 | 3 | 8 | 144 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 17 | 13 | - | - | 30 |
| Amortization and impairment | (23) | (17) | (3) | (4) | (47) |
| Translation differences | (2) | (1) | 1 | - | (2) |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
| Cost | 131 | 59 | 2 | 11 | 203 |
| Accumulated amortization and impairment | 47 | 23 | 1 | 7 | 78 |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
Acquisition-related intangible assets (client relationships (including franchise agreements), brand names, talent profiles and developed technology) that are acquired by the Group are stated at cost less accumulated amortization and impairment losses.
\nWhen an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects an amount that the entity would have paid for the asset in an arm's length transaction between knowledgeable and willing parties, based on the best information available. If the fair value cannot be measured reliably, the asset is not recognized as a separate intangible asset but is included in goodwill.
\nAmortization of acquisition-related intangible assets is charged to total operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. If the asset is fully amortized, the at-cost value is reversed against accumulated amortization.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nThe estimated useful life of client relationships is four to five years, of brand names two to five years, of talent profiles two to threeyears, and of technology five to six years.
\nTechnology relates to the software platforms acquired in acquisitions and in use as an integral part of our business activities.
\nImpairments, if any, can be the result of the asset no longer being able to generate future economic benefits or the annual impairment test of the cash-generating unit (or operating segment) to which the acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-590": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
| \u00a0 | client relationships | brand names | talent profiles | technology | total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 84 | 36 | 1 | 4 | 125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 77 | 30 | - | 91 | 198 |
| Amortization and impairment | (27) | (11) | (1) | (7) | (46) |
| Translation differences | (1) | (2) | - | - | (3) |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| Cost | 201 | 88 | - | 103 | 392 |
| Accumulated amortization and impairment | 68 | 35 | - | 15 | 118 |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 117 | 47 | 6 | 11 | 181 |
| Accumulated amortization and impairment | 25 | 6 | 3 | 3 | 37 |
| \u00a0 | 92 | 41 | 3 | 8 | 144 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 17 | 13 | - | - | 30 |
| Amortization and impairment | (23) | (17) | (3) | (4) | (47) |
| Translation differences | (2) | (1) | 1 | - | (2) |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
| Cost | 131 | 59 | 2 | 11 | 203 |
| Accumulated amortization and impairment | 47 | 23 | 1 | 7 | 78 |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
Acquisition-related intangible assets (client relationships (including franchise agreements), brand names, talent profiles and developed technology) that are acquired by the Group are stated at cost less accumulated amortization and impairment losses.
\nWhen an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects an amount that the entity would have paid for the asset in an arm's length transaction between knowledgeable and willing parties, based on the best information available. If the fair value cannot be measured reliably, the asset is not recognized as a separate intangible asset but is included in goodwill.
\nAmortization of acquisition-related intangible assets is charged to total operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. If the asset is fully amortized, the at-cost value is reversed against accumulated amortization.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nThe estimated useful life of client relationships is four to five years, of brand names two to five years, of talent profiles two to threeyears, and of technology five to six years.
\nTechnology relates to the software platforms acquired in acquisitions and in use as an integral part of our business activities.
\nImpairments, if any, can be the result of the asset no longer being able to generate future economic benefits or the annual impairment test of the cash-generating unit (or operating segment) to which the acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-591": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 4,109 | 4,107 |
| Accumulated impairment | 1,009 | 971 |
| Balance as at January 1 | 3,100 | 3,136 |
| Acquisition of subsidiaries | 226 | 37 |
| Impairment | (121) | (45) |
| Translation differences | 35 | (28) |
| Balance as at December 31 | 3,240 | 3,100 |
| Cost | 4,389 | 4,109 |
| Accumulated impairment | 1,149 | 1,009 |
| Balance as at December 31 | 3,240 | 3,100 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States and 100% of the shares of Zorgwerk in the Netherlands. See note 11.1 for further information. In 2023, the Group acquired 100% of the shares of Grupo CTC in Spain. See note 11.1 for further information.
\nGoodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of associates is included in investments in associates. For the measurement of goodwill at initial recognition, see note 11.1.
\nGoodwill on acquisitions represents payments made by the Group in anticipation of future economic benefits from assets that cannot be identified individually and cannot be recognized separately. These relate, for example, to synergies expected from integrating the acquired companies and the workforces of the acquired companies.
\nGoodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill has been allocated to an operating segment and part of the operation within that operating segment is disposed of, the goodwill related to that part is included in the carrying amount of the disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated based on the relative value of the disposed operation of the total value of the operating segment to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part in the loss is presented in the statement of comprehensive income as an impairment of goodwill, up to a maximum amount of the loss on disposal.
\nGoodwill is allocated to operating segments for the purpose of impairment testing. The allocation is made to those operating segments that are expected to benefit from the business combination in which the goodwill arose.
\nIn the case of triggering events and at least annually, the Group tests whether intangible assets, being goodwill and acquisition-related intangible assets, have suffered any impairment. The recoverable amounts of cash-generating units have been determined using, among other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified.
\nThe recoverable amount for all operating segments is based on the higher of the value in use and the fair value less cost to dispose. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation and amortization) and the expected future performance, which in turn is based on historical performance, management's estimates and assumptions of revenue growth, and on developments of operating margins, assessed using external data, covering a period of, in principle, nine years (2023: nine years). Cash flow projections after this period are extrapolated by means of a growth percentage of 0.5% (2023: 0.5%) throughout the Group. The nine-year period of the projections reflects an estimated full business cycle of our industry.
\nWe performed our annual goodwill impairment test as of October 1, 2024. In line with the changes in management structure during the year, there was a similar change in operating segments, with an emphasis on Randstad's specializations as of 2024 being considered for each operating segment within the individual regions:
Refer to note 10.1 for a description of changes in the primary segmentation. Key assumptions in the cash flow projections are noted below.
\nAnnual revenue growth of the Group: on average between 1.5% and 3.8% (2023: 3.3% and 6.0%) for the first three years and between 3.1% and 3.3% (2023: 3.0% and 3.1%) for the following six years:
EBITA of the Group in the range of 3.9% to 4.3% (2023: 4.1% to 4.4%) of revenue:
Growth rates in revenue and EBITA percentages vary between segments in relatively limited terms and are dependent on the mix in revenue.
\nThe cash flow projections are prepared in local currencies, and discounted with pre-tax discount rates for each currency involved. The pre-tax discount rates vary from 7.8% to 25.0% (2023: 9.1% to 35.4%). The weighted average is 12.5% (2023: average 13.4%);
The assumptions are based on historical experience and on the current best estimate of future macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These assumptions contain inherent judgment due to the continued high degree of uncertainty and therefore might change following global macroeconomic and geopolitical developments.
\nThe annual goodwill impairment test carried out by the Group in 2024 resulted in an impairment for the operating segments Sweden and United Kingdom \u2013 Enterprise for a total amount of \u20ac\u00a0121 million recorded in goodwill. In\u00a0Sweden an amount of \u20ac\u00a0101 million was recorded in goodwill,\u00a0due to continuing weak market conditions in a competitive environment and our continuing low (expected) profitability.\u00a0In\u00a0the United Kingdom \u2013 Enterprise an amount of \u20ac\u00a020 million was recorded in goodwill\u00a0due to continued lower than expected profitability in the market.\u00a0(2023: United Kingdom for an amount of \u20ac\u00a041 million and Greater China for an amount of \u20ac\u00a04 million).
\nFor 2024, the operating segments Germany - OTS/PTS, Australia - OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013 Digital, Canada \u2013 Enterprise and Czech Republic are most sensitive to variations in assumptions (2023: Sourceright EMEA, Germany, Poland, Scandinavia, Czech Republic and Australia). The outcome of impairment testing is sensitive to variations in estimates and assumptions. Variations in estimates and assumptions have the following effect on the impairment test calculations.
\nThe combined recoverable amount of these sensitive operating segments of \u20ac\u00a0801 million (2023: \u20ac\u00a01,260 million) exceeds the carrying amount by \u20ac\u00a095 million (2023: \u20ac\u00a0342 million). The carrying amount includes goodwill of \u20ac\u00a0372 million (2023: \u20ac\u00a0520 million).
\nThe remaining operating segments have substantial headroom available. For the carrying amount of goodwill by reporting segment, see note 10.2.
\n| \u00a0 | revenue decrease1 | EBITA margin decrease2 | discount rate increase | |||||
|---|---|---|---|---|---|---|---|---|
| -3% | -2% | -0.3% | -0.5% | -1% | -1.5% | 1.0% | 1.5% | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2024 - operating segment3 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia - OTS/PTS | - | - | - | - | - | 13 | - | - |
| Czech Republic | - | - | - | - | 1 | 1 | - | - |
| Germany - OTS/PTS | 22 | - | - | - | 30 | 69 | 9 | 32 |
| Netherlands - Digital | 2 | 1 | - | - | - | 1 | 1 | 2 |
| Belgium & Luxembourg- Digital | 3 | 1 | - | - | 2 | 4 | 2 | 4 |
| Germany - Digital | 5 | 3 | - | 1 | 3 | 5 | 5 | 7 |
| Canada - Enterprise | - | - | - | - | 1 | 3 | 1 | 2 |
| Total | 32 | 5 | - | 1 | 37 | 96 | 18 | 47 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2023 - operating segment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Australia | - | - | - | - | - | 39 | - | - |
| Czech Republic | - | - | - | - | - | 1 | - | - |
| Germany | - | - | - | - | 74 | 165 | - | - |
| Poland | - | - | - | - | - | 3 | - | - |
| Randstad Sourceright EMEA | 1 | - | 1 | 12 | 28 | 28 | - | 4 |
| Scandinavia | - | - | - | - | 26 | 56 | - | - |
| UK | - | - | - | - | - | - | - | - |
| Total | 1 | - | 1 | 12 | 128 | 292 | - | 4 |
During 2024 and 2023, the Group acquired 100% of the shares of the following companies:
\n| company | acquisition date |
|---|---|
| \u00a0 | \u00a0 |
| 2024 | \u00a0 |
| Torc LLC (US) | May 10, 2024 |
| Zorgwerk (Netherlands) | December 5, 2024 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
| 2023 | \u00a0 |
| Grupo CTC (Spain) | October 25, 2023 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac\u00a029 million of goodwill and \u20ac\u00a032 million acquisition-related intangibles.
\nIn 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a healthcare and care talent provider recognized for its innovative approach to serving the talent needs of clients in the healthcare, social assistance and childcare sectors. The Group completed the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac\u00a0195 million of goodwill and \u20ac\u00a0166 million acquisition-related intangibles.
\nIn 2023, the Group acquired 100% of the shares of Grupo CTC, a group of companies based in Spain that provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain, and in Portugal.
\nThe acquisitions made in 2024 and 2023 are in line with Randstad's mid- to long-term strategy to grow in digital platforms and strengthen our market position in certain markets and/or countries.
\nThe fair value of the assets and liabilities arising from the above-mentioned acquisitions, based on (provisional) purchase price allocations, can be summarized as follows:
\n| \u00a0 | Torc LLC | Zorgwerk | Other | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant, equipment and software | - | - | - | - | 2 |
| Right-of-use assets | - | 1 | - | 1 | 24 |
| Acquisition-related intangible assets | 32 | 166 | - | 198 | 30 |
| Deferred tax assets | - | - | - | - | 7 |
| Total non-current assets | 32 | 167 | - | 199 | 63 |
| Working capital | - | (13) | (2) | (15) | (9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | - | 1 | - | 1 | 23 |
| Provisions and employee benefit obligations | - | 2 | - | 2 | 9 |
| Deferred income tax liabilities | 2 | 43 | - | 45 | 8 |
| Total non-current liabilities | 2 | 46 | - | 48 | 40 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net assets acquired | 30 | 108 | (2) | 136 | 14 |
| Goodwill | 29 | 195 | 2 | 226 | 37 |
| Total consideration | 59 | 303 | - | 362 | 51 |
| Net debt/ (cash) acquired included in working capital | (1) | 14 | \u00a0 | 13 | 2 |
| Net debt/(cash) acquired | (1) | 14 | - | 13 | 2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Consideration, adjusted for net debt/(cash) acquired | 58 | 317 | - | 375 | 53 |
| Deferred compensation on acquisitions | (1) | - | - | (1) | - |
| Consideration paid in respect of acquisitions in preceding years | - | - | 7 | 7 | 1 |
| Consideration paid | 57 | 317 | 7 | 381 | 54 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries, statement of cash flows | 57 | 317 | 7 | 381 | 54 |
In 2024, the Group finalized the purchase price allocation of the acquisition of Grupo CTC. The adjustment to the provisional purchase price allocation performed in 2023 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nIn 2023, the Group finalized the purchase price allocation of the acquisition of Side and Avanzo with no adjustment to the provisional purchase price allocation performed in 2022. In 2023, the Group also finalized the purchased price allocation of the acquisition of Finite Group. The adjustment to the provisional purchase price allocation performed in 2022 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nThe contribution of the acquired companies in 2024 to the Group's revenue was \u20ac\u00a014 million and to the Group's EBITA \u20ac\u00a01 million. If the acquired companies had been acquired on January 1, 2024, the estimated additional contribution to revenue and EBITA would have been \u20ac\u00a084 million and \u20ac\u00a022 million respectively.
\nSee note 5 for further information.
\nThe Group uses the acquisition method to account for the acquisition of subsidiaries.
\nGoodwill at acquisition date is measured as:
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly in total operating expenses.
\nAll considerations transferred to acquire a business are recorded at fair value as at the acquisition date; subsequent changes to the fair value of the contingent considerations classified as debt are recognized as expenses or income.
\nThe Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets.
\nAll acquisition-related costs are expensed and included in other general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-592": { "value": "\n| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-593": { "value": "\n| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-594": { "value": "\n| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
\nOther post-employment benefit plans are defined benefit plans and follow the same accounting treatment as defined benefit pension plans. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service, and compensation (based upon the projected unit credit method). These plans mainly consist of state-driven plans in Italy and India, post-employment health benefits in the US, and transition fee payments related to temporary workers in the Netherlands, based on the Dutch 'Wet Arbeidsmarkt in Balans' (WAB).
\nRemeasurements of the obligation \u2013 comprising gains and losses arising from experience adjustments and changes in actuarial assumptions \u2013 are recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-595": { "value": "\n| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-596": { "value": "\n| \u00a0 | restructuring | workers' compensation | other | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 48 | 43 | 95 | 186 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Disposal of subsidiaries | (7) | - | - | (7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 119 | 25 | 55 | 199 |
| Released to income statement | (4) | - | (25) | (29) |
| Withdrawals | (101) | (28) | (25) | (154) |
| Total amount in statement of cash flows | 14 | (3) | 5 | 16 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | 1 | 3 | 1 | 5 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| Non-current | 7 | 27 | 35 | 69 |
| Current | 49 | 17 | 67 | 133 |
| Balance as at December 31, 2024 | 56 | 44 | 102 | 202 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Non-current | 3 | 31 | 40 | 74 |
| Current | 34 | 20 | 38 | 92 |
| \u00a0 | 37 | 51 | 78 | 166 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | 9 | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Charged to income statement | 78 | 22 | 50 | 150 |
| Released to income statement | (2) | - | (15) | (17) |
| Withdrawals | (65) | (30) | (27) | (122) |
| Total amount in statement of cash flows | 11 | (8) | 8 | 11 |
| Additions from right-of-use assets | - | - | 1 | 1 |
| Interest due to passage of time | - | 1 | 1 | 2 |
| Translation differences | - | (1) | (2) | (3) |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
| Non-current | 2 | 26 | 37 | 65 |
| Current | 46 | 17 | 58 | 121 |
| Balance as at December 31, 2023 | 48 | 43 | 95 | 186 |
Provisions are recognized for legally enforceable or constructive obligations as a result of a past event for which the settlement is likely to require an outflow of resources and to the extent that these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
\nProvisions for restructuring are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. These restructuring provisions mainly comprise severance payments for personnel.
\nProvisions for workers' compensation are based on claims for compensation and medical expenses (of both employees and talent working) in relation to accidents during working hours for which the Group is liable under applicable local laws. These provisions relate to our activities in North America and in parts of Australia, where we are responsible for payment of workers' compensation claims up to a maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate the amount of the provision.
\nThe effective interest rate used in the calculation of the provision for workers' compensation is 3% (2023: 3%).
\nOther provisions mainly relate to:
The majority of the non-current part of these provisions is expected to be settled within three years of the balance sheet date.
\nThe provision for workers' compensation is sensitive to interest rate changes. Should the interest rate deviate by one percentage point, with all other variables held constant, the provision would deviate in the range of -\u20ac\u00a01 million to \u20ac\u00a01 million (2023: range of -\u20ac\u00a01 million to \u20ac\u00a01 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-597": { "value": "\nThe Group is subject to corporate income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide deferred tax assets on, among other items, tax losses carried forward. There are many uncertain factors that affect the recognition of deferred tax assets with respect to the amount of tax losses carried forward. The Group recognizes deferred tax assets on tax losses carried forward based on its best estimates. The recoverability of deferred income tax assets is reviewed and assessed frequently, using forecasts that are based on actual and future (taxable) results. External data are used for reference if considered necessary. When the actual (taxable) results are different from the amounts that were initially estimated, such differences will impact the income tax in the income statement (effective tax rate), as well as the deferred tax assets and/or deferred tax liabilities in the period in which these deviations occur.
\nThe Group has also identified a number of uncertain tax positions. The Group determines whether to consider each uncertain tax position separately or together with one or more other uncertain tax positions, and applies the approach considered most suitable to predict the resolution of the uncertainty. The Group applies significant judgment in identifying uncertainties over income tax treatments. As the Group operates in a complex multinational environment, it takes any potential uncertain tax position into consideration, mostly relating to transfer pricing policies. The tax returns of the companies in the Group are filed in different tax jurisdictions and include deductions related to transfer pricing (mainly holding, royalty and interest charges passed on by the Company). Tax authorities may challenge those deductions for tax purposes. Based on the Group's tax compliance, transfer pricing studies, and assessments based on the judgments of tax professionals within the Group, supplemented by external tax advice from case to case, the Group determines the probable outcome of the uncertainties. Provisions are recognized for those matters for which the tax determination is uncertain, but for which it is considered probable that the tax authorities will not accept the uncertain treatment. The provisions are based on either the most likely amounts or the expected value of the payable amount.
\nThe Group is currently facing claims from tax authorities concerning its transfer pricing arrangements. The claims are assessed to be individually not material. Based on our assessment, supported by external advisors opinion, we strongly believe that the likelihood of a permanent financial outflow resulting from a court ruling or settlement is considered to be not probable and remote, and as such, no provision has been recorded. Our assessment of the likelihood is reinforced by consistent court rulings or settlements in our favor regarding similar claims.
\nUsing the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
Corporate taxes on income for the year comprise current taxes and deferred taxes. Income taxes are recognized in the income statement, except for taxes that relate to items recognized in other comprehensive income; these taxes are consequently also recognized in other comprehensive income.
\nCurrent taxes on income are the sum of taxes recorded on the results before taxes in the countries where those results were generated, based on local tax regulations and against tax rates of the applicable year. Income that is tax-exempt and expenses that are not tax-deductible are taken into account in calculating current taxes on income.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current tax expense | 91 | 190 |
| Deferred tax income | (24) | (52) |
| Tax expense | 67 | 138 |
In 2024, the effective tax rate on income before taxes was 35.2% (2023: 18.1%). The reconciliation between the applicable income tax rate of the company's country of domicile and the effective tax rate is as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Income tax rate of the company's country of domicile | 25.8% | 25.8% |
| Effect of income tax rates in other (non-domestic) jurisdictions | (8.3%) | (4.1%) |
| Weighted average applicable tax rate | 17.5% | 21.7% |
| Tax-exempt income/non-tax-deductible items | 16.8% | (0.4%) |
| Changes in statutory applicable tax rates and effect of prior years | 0.9% | (0.4%) |
| Change in valuation of deferred tax assets and other | (5.0%) | (2.8%) |
| Pillar Two top-up tax | 5.0% | 0.0% |
| Effective tax rate | 35.2% | 18.1% |
The decrease on the weighted average applicable (8.3%-decreasing effect; 2023:(4.1%)-points) is explained by relatively significant losses in the jurisdictions with high tax rate and relatively significant income in the jurisdictions with low tax rates.
\nTax-exempt income/non-tax deductible items had an effect of 16.8%-points (2023: (0.4%)). This is mainly caused by non-tax-deductible expenses and tax-exempt income that had an increasing effect of 3.3%-points (2023: 1.8%-points decreasing effect), and by the non-tax-deductible goodwill impairment in 2024 having an increasing effect of 13.5%-points (2023: 1.4%-points increasing effect).
\nChanges in statutory applicable tax rates and effects of prior years had an effect of 0.9%-points (2023: (0.4%)-points) on the effective tax rate.
\nChange in valuation of deferred tax assets and other had an effect of (5.0%)-points in 2024, compared to (2.8%)-points in 2023, and is mainly the result of the re-assessment of the future recoverability of carried forward losses and deferred tax assets in various countries and other tax assets recognized upon Monster disposal. The impact in 2024 was mainly caused by an increase of the valuation of the net operating losses in Luxembourg as a consequence of a mixed effect of higher expected future taxable profits due to expected increased net interest income following higher interest rates on outstanding intercompany loans and repayment of intercompany loans from other group companies (14.7%-points decreasing effect on the effective tax rate; 2023: (8.2%)-points)), offset by an increase in the valuation allowances recorded on the future recoverability of deferred tax assets related to temporarily denied interest expense in the Netherlands and Germany (22.9%-points increasing effect on the effective tax rate; 2023: 5%-points increasing effect), increase in the valuation allowance on the future recoverability of carried forward losses in Norway, Singapore and Sweden, (7.3% increasing effect on the effective tax rate; 2023: 0%-points) and other countries (3.7%-points increasing effect; 2023: 0.8%-points increasing effect), and a decrease as result of tax assets related to Monster that were recognized in Randstad North America at the date of Monster disposal that occurred in 2024 (24.8%-points decreasing effect on the effective tax rate).
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points.
\nIn December 2023, the government of the Netherlands, where the parent company is incorporated, enacted the Pillar Two income taxes legislation effective to the Group from January 1, 2024. Under the legislation, the Group may, briefly stated, be required to pay top-up tax on profits that are taxed at an effective tax rate of less than 15 per cent. In the 2024 financial statements, Randstad applied the temporary exemption for recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points on the reported effective tax rate under IFRS of 35.2%. The additional Pillar Two income taxes relate to Singapore and Switzerland.
\nBased on the Transitional Country-by-Country (CbCR) Safe Harbor rules, the top-up tax in other jurisdictions is zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-598": { "value": "\nUsing the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
Corporate taxes on income for the year comprise current taxes and deferred taxes. Income taxes are recognized in the income statement, except for taxes that relate to items recognized in other comprehensive income; these taxes are consequently also recognized in other comprehensive income.
\nCurrent taxes on income are the sum of taxes recorded on the results before taxes in the countries where those results were generated, based on local tax regulations and against tax rates of the applicable year. Income that is tax-exempt and expenses that are not tax-deductible are taken into account in calculating current taxes on income.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current tax expense | 91 | 190 |
| Deferred tax income | (24) | (52) |
| Tax expense | 67 | 138 |
In 2024, the effective tax rate on income before taxes was 35.2% (2023: 18.1%). The reconciliation between the applicable income tax rate of the company's country of domicile and the effective tax rate is as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Income tax rate of the company's country of domicile | 25.8% | 25.8% |
| Effect of income tax rates in other (non-domestic) jurisdictions | (8.3%) | (4.1%) |
| Weighted average applicable tax rate | 17.5% | 21.7% |
| Tax-exempt income/non-tax-deductible items | 16.8% | (0.4%) |
| Changes in statutory applicable tax rates and effect of prior years | 0.9% | (0.4%) |
| Change in valuation of deferred tax assets and other | (5.0%) | (2.8%) |
| Pillar Two top-up tax | 5.0% | 0.0% |
| Effective tax rate | 35.2% | 18.1% |
The decrease on the weighted average applicable (8.3%-decreasing effect; 2023:(4.1%)-points) is explained by relatively significant losses in the jurisdictions with high tax rate and relatively significant income in the jurisdictions with low tax rates.
\nTax-exempt income/non-tax deductible items had an effect of 16.8%-points (2023: (0.4%)). This is mainly caused by non-tax-deductible expenses and tax-exempt income that had an increasing effect of 3.3%-points (2023: 1.8%-points decreasing effect), and by the non-tax-deductible goodwill impairment in 2024 having an increasing effect of 13.5%-points (2023: 1.4%-points increasing effect).
\nChanges in statutory applicable tax rates and effects of prior years had an effect of 0.9%-points (2023: (0.4%)-points) on the effective tax rate.
\nChange in valuation of deferred tax assets and other had an effect of (5.0%)-points in 2024, compared to (2.8%)-points in 2023, and is mainly the result of the re-assessment of the future recoverability of carried forward losses and deferred tax assets in various countries and other tax assets recognized upon Monster disposal. The impact in 2024 was mainly caused by an increase of the valuation of the net operating losses in Luxembourg as a consequence of a mixed effect of higher expected future taxable profits due to expected increased net interest income following higher interest rates on outstanding intercompany loans and repayment of intercompany loans from other group companies (14.7%-points decreasing effect on the effective tax rate; 2023: (8.2%)-points)), offset by an increase in the valuation allowances recorded on the future recoverability of deferred tax assets related to temporarily denied interest expense in the Netherlands and Germany (22.9%-points increasing effect on the effective tax rate; 2023: 5%-points increasing effect), increase in the valuation allowance on the future recoverability of carried forward losses in Norway, Singapore and Sweden, (7.3% increasing effect on the effective tax rate; 2023: 0%-points) and other countries (3.7%-points increasing effect; 2023: 0.8%-points increasing effect), and a decrease as result of tax assets related to Monster that were recognized in Randstad North America at the date of Monster disposal that occurred in 2024 (24.8%-points decreasing effect on the effective tax rate).
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points.
\nIn December 2023, the government of the Netherlands, where the parent company is incorporated, enacted the Pillar Two income taxes legislation effective to the Group from January 1, 2024. Under the legislation, the Group may, briefly stated, be required to pay top-up tax on profits that are taxed at an effective tax rate of less than 15 per cent. In the 2024 financial statements, Randstad applied the temporary exemption for recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
\nThe Group's current tax expense related to Pillar Two income taxes has an effect of 5.0%-points on the reported effective tax rate under IFRS of 35.2%. The additional Pillar Two income taxes relate to Singapore and Switzerland.
\nBased on the Transitional Country-by-Country (CbCR) Safe Harbor rules, the top-up tax in other jurisdictions is zero.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-600": { "value": "\nUsing the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to provide for temporary differences between the value of the assets and liabilities for financial reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income taxes relate to the same tax jurisdiction.
\nDeferred tax assets, including those resulting from tax losses carried forward, are recognized to the extent that it is probable that future taxable profits will be available as a consequence of which the temporary differences, including tax losses carried forward, can be realized.
\nDeferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-end and which are expected to apply in the coming years when the assets and liabilities are expected to be realized or settled.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 669 | 633 |
| Current income tax receivables | 153 | 116 |
| Deferred income tax liabilities | (18) | (52) |
| Current income tax liabilities | (63) | (78) |
| Balance as at January 1 | 741 | 619 |
| Movements during the year | \u00a0 | \u00a0 |
| Charged to income statement | (67) | (138) |
| Net payments | 219 | 256 |
| Acquisition of subsidiaries' current taxes | (2) | - |
| Acquisition of subsidiaries' deferred taxes | (45) | (1) |
| Disposal of subsidiaries' current taxes | 1 | - |
| Disposal of subsidiaries' deferred taxes | (22) | - |
| Recognized in other comprehensive income | (13) | 17 |
| Recognized in equity on share-based compensations | - | 3 |
| Translation differences | 24 | (15) |
| Total movements | 95 | 122 |
| Assets/(liabilities) | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Current income tax receivables | 210 | 153 |
| Deferred income tax liabilities | (52) | (18) |
| Current income tax liabilities | (62) | (63) |
| Balance as at December 31 | 836 | 741 |
Deferred tax is recorded with respect to temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liabilities arising from undistributed profits from investments where the entity is able to control the timing of the distribution and it is probable that such distribution will not occur in the foreseeable future.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Tax losses carry-forward | 452 | 392 |
| Unused tax credits | 224 | 198 |
| \u00a0 | \u00a0 | \u00a0 |
| Temporary differences: | \u00a0 | \u00a0 |
| Property, plant, equipment, intangible assets, and lease liabilities | 231 | 220 |
| Other receivables/other payables | 142 | 138 |
| Provisions | 74 | 79 |
| \u00a0 | 447 | 437 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets (before netting) | 1,123 | 1,027 |
| Amount netted with deferred income tax liabilities | (383) | (358) |
| Deferred income tax assets (after netting) | 740 | 669 |
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac\u00a040 million (2023: \u20ac\u00a015 million), originating from subsidiaries that generated tax losses in the current or preceding year. These deferred tax assets relate mainly to a number of subsidiaries in various countries that generated taxable profits either in 2024 or in 2023 and are expected to continue making taxable profits in the near\u00a0future. The increase compared to last year it is mainly explained by tax losses carried forward generated in North America in 2024.
\nCertain deferred income tax assets, whose recoverability is considered not probable, are valued at nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac\u00a0122 million (December 31, 2023: \u20ac\u00a0168 million), as well as deferred tax assets relating to other temporary differences of \u20ac\u00a0130 million (December 31, 2023: \u20ac\u00a076 million). Such carried forward tax losses mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden. These carried forward losses have expiry dates in the range of five years to indefinitely.
\nUnused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax credits is 20 years. Of these unused tax credits, an amount of \u20ac\u00a06 million is not valued as at December 31, 2024 (December 31, 2023: \u20ac\u00a05 million).
\nThe part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac\u00a055 million (2023: \u20ac\u00a052 million).
\nDeferred tax assets are only recognized to the extent that it is considered probable that future taxable profits are available, as a consequence of which these deferred tax assets can be realized. The scenarios used are in agreement with the estimates and assumptions used in the goodwill impairment testing (see note 5).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Acquisition-related intangible assets | 69 | 36 |
| Temporary differences relating to subsidiaries | 137 | 84 |
| Temporary differences relating right of use assets | 125 | 132 |
| Other temporary differences | 104 | 124 |
| Deferred income tax liabilities (before netting) | 435 | 376 |
| Amount netted with deferred income tax assets | (383) | (358) |
| Deferred income tax liabilities (after netting) | 52 | 18 |
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac\u00a0137 million (December 31, 2023: \u20ac\u00a084 million) relates to recapture obligations in our Luxembourg entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
\nThe part of deferred income tax liabilities that is expected to be settled within one year is estimated at \u20ac\u00a020 million (December 31, 2023: \u20ac\u00a010 million).
\nIn the table below, the balances of deferred income tax assets and deferred income tax liabilities have been included gross at the beginning and end of the year. The netting of deferred income tax assets and liabilities is shown in the tables above.
\n| \u00a0 | tax losses carry-forward | unused tax credits | temporary differences | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred income tax assets | 392 | 198 | 305 | 895 | 985 |
| Deferred income tax liabilities | \u00a0 | \u00a0 | (244) | (244) | (404) |
| Balance as at January 1 | 392 | 198 | 61 | 651 | 581 |
| Movements during the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | - | - | (45) | (45) | (1) |
| Disposal of subsidiaries | - | - | (22) | (22) | - |
| Income statement | (5) | 13 | 16 | 24 | 52 |
| Other movements | 64 | - | (5) | 59 | 31 |
| Translation differences | 1 | 13 | 7 | 21 | (12) |
| Total movements | 60 | 26 | (49) | 37 | 70 |
| Deferred income tax assets | 452 | 224 | 322 | 998 | 1,027 |
| Deferred income tax liabilities | - | - | (310) | (310) | (376) |
| Balance as at December 31 | 452 | 224 | 12 | 688 | 651 |
| \u00a0 | right-of-use buildings | right-of-use cars | right-of-use IT and other equipment | right-of-use assets | lease liabilities |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 414 | 118 | 11 | 543 | 617 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 1 | - | - | 1 | 1 |
| Disposals of subsidiaries | (3) | - | - | (3) | (13) |
| Additions | 48 | 62 | 10 | 120 | 120 |
| Remeasurements | 47 | 5 | (4) | 48 | 43 |
| Depreciation/impairment | (144) | (58) | (6) | (208) | - |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 25 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (225) |
| Translation differences | (1) | (3) | - | (4) | 3 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| Cost | 1,040 | 239 | 23 | 1,302 | \u00a0 |
| Accumulated depreciation and impairment | 678 | 115 | 12 | 805 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 391 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 180 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,090 | 199 | 9 | 1,298 | \u00a0 |
| Accumulated depreciation and impairment | 656 | 111 | 7 | 774 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 412 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 186 |
| Balance as at January 1, 2023 | 434 | 88 | 2 | 524 | 598 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 12 | 3 | 8 | 23 | 23 |
| Disposals of subsidiaries | - | - | - | - | - |
| Additions | 56 | 76 | 3 | 135 | 134 |
| Remeasurements | 54 | 2 | 1 | 57 | 57 |
| Depreciation/impairment | (138) | (52) | (2) | (192) | \u00a0 |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 24 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (214) |
| Translation differences | (4) | 1 | (1) | (4) | (5) |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
| Cost | 1,108 | 230 | 19 | 1,357 | \u00a0 |
| Accumulated depreciation and impairment | 694 | 112 | 8 | 814 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 414 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 203 |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
Lease liabilities are payable as follows and are set out in the table below, showing the undiscounted lease payments to be paid after the balance sheet date.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Year 1 | 183 | 207 |
| Year 2-5 | 363 | 379 |
| More than 5 years | 89 | 104 |
| Undiscounted lease amounts to be paid | 635 | 690 |
| Interest | (64) | (73) |
| Total lease liabilities | 571 | 617 |
The Group has various lease arrangements for buildings (such as local head offices and branches), cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and subject to domestic rules and regulations. This results in a wide range of different terms and conditions. At the inception of a lease contract, the Group assesses whether the contract conveys the right to control the use of an identified asset for a certain period in exchange for a consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are measured on a present value basis.
\nRenewal options that are reasonably certain to occur are added to the lease term period (extending it). Meanwhile, early termination options that are reasonably certain to take place are deducted from the lease term period (shortening it). If an extension option or termination option is included in the lease, judgment is required to determine whether the extension option will be exercised or the termination option will not be exercised.
\nLease-related assets and liabilities are subject to remeasurement when terms are modified or when lease assumptions have changed. Such an event results in the lease liability being remeasured to reflect the measurement of the present value of the remaining lease payments, discounted using the discount rate at the moment of the change. The related right-of-use assets are adjusted to reflect the change in the remeasured liabilities.
\nWe have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See note 21.1.2 for net investment in subleases.
\nRight-of-use assets are measured at cost and at the inception of the lease may include the following components:
The right-of-use assets are depreciated on a straight-line basis over the duration of the contract. Depreciation of right-of-use assets is charged to operating expenses and/or cost of services. At the end of a lease contract when the asset is fully depreciated, the value at cost is reversed against accumulated depreciation. In the event of lease abandonment, the carrying amount of the related right-of-use asset is impaired to the recoverable amounts.
\nLease liabilities include the net present value of the following components:
The lease payments are discounted using the interest rate implicit in the lease. If this rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The discount rate that is used to calculate the present value reflects the interest rate applicable to the lease at inception of the contract. Lease contracts entered into in a currency different than the local functional currency are subject to periodically foreign currency revaluations, which are recognized in the income statement in net finance costs.
\nThe lease liabilities are subsequently increased by the interest costs on the lease liabilities and decreased by lease payments made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-604": { "value": "\n| \u00a0 | right-of-use buildings | right-of-use cars | right-of-use IT and other equipment | right-of-use assets | lease liabilities |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 414 | 118 | 11 | 543 | 617 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 1 | - | - | 1 | 1 |
| Disposals of subsidiaries | (3) | - | - | (3) | (13) |
| Additions | 48 | 62 | 10 | 120 | 120 |
| Remeasurements | 47 | 5 | (4) | 48 | 43 |
| Depreciation/impairment | (144) | (58) | (6) | (208) | - |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 25 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (225) |
| Translation differences | (1) | (3) | - | (4) | 3 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| Cost | 1,040 | 239 | 23 | 1,302 | \u00a0 |
| Accumulated depreciation and impairment | 678 | 115 | 12 | 805 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 391 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 180 |
| Balance as at December 31, 2024 | 362 | 124 | 11 | 497 | 571 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,090 | 199 | 9 | 1,298 | \u00a0 |
| Accumulated depreciation and impairment | 656 | 111 | 7 | 774 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 412 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 186 |
| Balance as at January 1, 2023 | 434 | 88 | 2 | 524 | 598 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 12 | 3 | 8 | 23 | 23 |
| Disposals of subsidiaries | - | - | - | - | - |
| Additions | 56 | 76 | 3 | 135 | 134 |
| Remeasurements | 54 | 2 | 1 | 57 | 57 |
| Depreciation/impairment | (138) | (52) | (2) | (192) | \u00a0 |
| Interest due to passage of time | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 24 |
| Repayments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (214) |
| Translation differences | (4) | 1 | (1) | (4) | (5) |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
| Cost | 1,108 | 230 | 19 | 1,357 | \u00a0 |
| Accumulated depreciation and impairment | 694 | 112 | 8 | 814 | \u00a0 |
| Non-current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 414 |
| Current part | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 203 |
| Balance as at December 31, 2023 | 414 | 118 | 11 | 543 | 617 |
Lease liabilities are payable as follows and are set out in the table below, showing the undiscounted lease payments to be paid after the balance sheet date.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Year 1 | 183 | 207 |
| Year 2-5 | 363 | 379 |
| More than 5 years | 89 | 104 |
| Undiscounted lease amounts to be paid | 635 | 690 |
| Interest | (64) | (73) |
| Total lease liabilities | 571 | 617 |
The Group has various lease arrangements for buildings (such as local head offices and branches), cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and subject to domestic rules and regulations. This results in a wide range of different terms and conditions. At the inception of a lease contract, the Group assesses whether the contract conveys the right to control the use of an identified asset for a certain period in exchange for a consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are measured on a present value basis.
\nRenewal options that are reasonably certain to occur are added to the lease term period (extending it). Meanwhile, early termination options that are reasonably certain to take place are deducted from the lease term period (shortening it). If an extension option or termination option is included in the lease, judgment is required to determine whether the extension option will be exercised or the termination option will not be exercised.
\nLease-related assets and liabilities are subject to remeasurement when terms are modified or when lease assumptions have changed. Such an event results in the lease liability being remeasured to reflect the measurement of the present value of the remaining lease payments, discounted using the discount rate at the moment of the change. The related right-of-use assets are adjusted to reflect the change in the remeasured liabilities.
\nWe have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See note 21.1.2 for net investment in subleases.
\nRight-of-use assets are measured at cost and at the inception of the lease may include the following components:
The right-of-use assets are depreciated on a straight-line basis over the duration of the contract. Depreciation of right-of-use assets is charged to operating expenses and/or cost of services. At the end of a lease contract when the asset is fully depreciated, the value at cost is reversed against accumulated depreciation. In the event of lease abandonment, the carrying amount of the related right-of-use asset is impaired to the recoverable amounts.
\nLease liabilities include the net present value of the following components:
The lease payments are discounted using the interest rate implicit in the lease. If this rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The discount rate that is used to calculate the present value reflects the interest rate applicable to the lease at inception of the contract. Lease contracts entered into in a currency different than the local functional currency are subject to periodically foreign currency revaluations, which are recognized in the income statement in net finance costs.
\nThe lease liabilities are subsequently increased by the interest costs on the lease liabilities and decreased by lease payments made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-605": { "value": "\nRevenue comprises the expected consideration for services rendered during the year to third parties and is recognized when control of the promised service is transferred to the third party (e.g., the client). A performance obligation is a promise in a contract to transfer a distinct service to the client. When the outcome of the contract cannot be measured reliably, revenue is recognized only to the extent that expenses incurred are eligible to be recovered. No revenue is recognized if it does not satisfy the \"highly probable criteria\".
\nRevenue from temporary placements is recognized over time and includes the amounts received or receivable for the services delivered by talent, including their salary and salary-related employment costs (gross basis). These revenues are generally based on the number of hours worked by these talent. The salary and salary-related employment costs of talent are reported under cost of services. Revenue from services rendered is recognized in the income statement in proportion to the progress in execution of the contract as of the balance sheet date. Progress in execution of the contract is measured on the basis of costs (mainly hours) incurred to date as a percentage of total estimated costs for each contract.
\nRevenue from permanent placements includes the fee received or receivable for the services provided. This fee is generally a percentage of the remuneration package of the talent placed (net basis). The revenue of these permanent placements is recognized at a point in time on completion of the service when the performance obligations are fulfilled, being, in principle, the start date of the talent placed. For 'retained assignments', judgment is required in determining the timing of satisfaction of the performance obligation. This judgment requires the consideration of the specific terms\u00a0of each revenue contract and whether the fee is refundable before the completion of the contract. The related revenue may be recognized upon the completion of certain pre-agreed stages of the service included in the contract. Allowances are established to estimate losses due to talent who do not remain employed during the agreed guarantee period.
\nFor the job posting and r\u00e9sum\u00e9 services of Monster, prior to its disposal date, revenue is recognized over time, based on (statistical) usage during the term of the contract, based on the specific underlying elements of the contract and service.
\nFor outplacement services, revenue is recognized over time as we provide the outplacement service, and revenue is generally based on the progress in execution of the contract measured in terms of hours of service.
\nFor our activities as managed services provider, revenue is recognized over time and mainly based on the underlying volume of the contingent workforce.
\nFor our recruitment process outsourcing services, revenue is recognized either at a point in time if we have agreed a fee per placement or over time if we have agreed a fee for managing the recruitment process during a certain period.
\nIn situations where the Group is the principal in a transaction and thus controls a promised service before transferring that service to the client, the transaction is recorded gross in the statement of comprehensive income (such as in the case of temporary placements). When the Group acts as an agent and thus only arranges for another party to provide a service to the client, revenue is reported on a net basis (such as in cases where the Group acts as a managed services provider). When it is initially not fully clear whether or not Randstad controls the service, we use the following indicators to determine whether we control the service:
As of 2024, the revenue segmentation that was based on Randstad\u2019s former revenue concepts Staffing, Inhouse, Professionals and Enterprise has changed to reflect Randstad's four specializations with Monster shown separately. As of 2024, Randstad reports: Randstad Operational, Randstad Professional, Randstad Digital, Randstad Enterprise and Monster. Also refer to note 10.1 for a description of changes in the geographical segmentation. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOur specializations are grouped into revenue categories, being 'Operational', 'Professional' (conducted under the responsibility of a country manager on a country-by-country basis), 'Digital', 'Enterprise' and 'Monster', (conducted on a worldwide basis with separate global leadership). Within all Randstad's revenue categories and in all parts of the world, both temporary and permanent placements are in principle undertaken and executed by the same team of employees. For a more detailed description of Randstad's services, see the section 'our strong foundation' .
\nOn September 16, 2024, the Group disposed of Monster. Revenue related to Monster in 2024 is only included up to this date in the statement of profit and loss and in the segmentation table below. Refer to note 11.2 for further information about the disposal.
\nThe disaggregation of revenues (excluding intersegment revenue) for the specializations above is shown in the table below.
\nRevenue of permanent placements amounted to \u20ac\u00a0483 million (2023: \u20ac\u00a0590 million). Revenue of recruitment process outsourcing amounted to \u20ac\u00a0320 million (2023: \u20ac\u00a0373 million).
\n| \u00a0 | randstad operational | randstad professional | randstad digital | randstad enterprise | monster | total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 2,049 | 2,187 | 661 | 807 | 1,375 | 1,572 | 591 | 672 | 90 | 142 | 4,766 | 5,380 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 2,467 | 2,689 | 436 | 426 | 55 | 68 | 46 | 50 | 4 | 5 | 3,008 | 3,238 |
| Germany | 1,296 | 1,494 | 74 | 88 | 245 | 254 | 24 | 29 | 9 | 17 | 1,648 | 1,882 |
| Belgium & Luxembourg | 1,206 | 1,224 | 186 | 149 | 81 | 1311 | 69 | 62 | 1 | 1 | 1,543 | 1,567 |
| Other North European countries | 989 | 1,110 | 269 | 285 | 85 | 90 | 62 | 52 | 1 | 2 | 1,406 | 1,539 |
| Northern Europe | 5,958 | 6,517 | 965 | 948 | 466 | 543 | 201 | 193 | 15 | 25 | 7,605 | 8,226 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 2,472 | 2,619 | 838 | 890 | 265 | 307 | 20 | 19 | 2 | 6 | 3,597 | 3,841 |
| Italy | 1,775 | 1,738 | 375 | 352 | 36 | 33 | 30 | 25 | 1 | 2 | 2,217 | 2,150 |
| Iberia | 1,745 | 1,477 | 78 | 74 | 28 | 29 | 26 | 25 | - | - | 1,877 | 1,605 |
| Other South European countries, UK & Latin America | 997 | 908 | 242 | 211 | 34 | 39 | 404 | 456 | 1 | 3 | 1,678 | 1,617 |
| Southern Europe, UK & Latin America | 6,989 | 6,742 | 1,533 | 1,527 | 363 | 408 | 480 | 525 | 4 | 11 | 9,369 | 9,213 |
| Asia Pacific | 864 | 928 | 795 | 888 | 621 | 700 | 102 | 90 | - | 1 | 2,382 | 2,607 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Third-party revenue | 15,860 | 16,374 | 3,954 | 4,170 | 2,825 | 3,223 | 1,374 | 1,480 | 109 | 179 | 24,122 | 25,426 |
Revenue comprises the expected consideration for services rendered during the year to third parties and is recognized when control of the promised service is transferred to the third party (e.g., the client). A performance obligation is a promise in a contract to transfer a distinct service to the client. When the outcome of the contract cannot be measured reliably, revenue is recognized only to the extent that expenses incurred are eligible to be recovered. No revenue is recognized if it does not satisfy the \"highly probable criteria\".
\nRevenue from temporary placements is recognized over time and includes the amounts received or receivable for the services delivered by talent, including their salary and salary-related employment costs (gross basis). These revenues are generally based on the number of hours worked by these talent. The salary and salary-related employment costs of talent are reported under cost of services. Revenue from services rendered is recognized in the income statement in proportion to the progress in execution of the contract as of the balance sheet date. Progress in execution of the contract is measured on the basis of costs (mainly hours) incurred to date as a percentage of total estimated costs for each contract.
\nRevenue from permanent placements includes the fee received or receivable for the services provided. This fee is generally a percentage of the remuneration package of the talent placed (net basis). The revenue of these permanent placements is recognized at a point in time on completion of the service when the performance obligations are fulfilled, being, in principle, the start date of the talent placed. For 'retained assignments', judgment is required in determining the timing of satisfaction of the performance obligation. This judgment requires the consideration of the specific terms\u00a0of each revenue contract and whether the fee is refundable before the completion of the contract. The related revenue may be recognized upon the completion of certain pre-agreed stages of the service included in the contract. Allowances are established to estimate losses due to talent who do not remain employed during the agreed guarantee period.
\nFor the job posting and r\u00e9sum\u00e9 services of Monster, prior to its disposal date, revenue is recognized over time, based on (statistical) usage during the term of the contract, based on the specific underlying elements of the contract and service.
\nFor outplacement services, revenue is recognized over time as we provide the outplacement service, and revenue is generally based on the progress in execution of the contract measured in terms of hours of service.
\nFor our activities as managed services provider, revenue is recognized over time and mainly based on the underlying volume of the contingent workforce.
\nFor our recruitment process outsourcing services, revenue is recognized either at a point in time if we have agreed a fee per placement or over time if we have agreed a fee for managing the recruitment process during a certain period.
\nIn situations where the Group is the principal in a transaction and thus controls a promised service before transferring that service to the client, the transaction is recorded gross in the statement of comprehensive income (such as in the case of temporary placements). When the Group acts as an agent and thus only arranges for another party to provide a service to the client, revenue is reported on a net basis (such as in cases where the Group acts as a managed services provider). When it is initially not fully clear whether or not Randstad controls the service, we use the following indicators to determine whether we control the service:
As of 2024, the revenue segmentation that was based on Randstad\u2019s former revenue concepts Staffing, Inhouse, Professionals and Enterprise has changed to reflect Randstad's four specializations with Monster shown separately. As of 2024, Randstad reports: Randstad Operational, Randstad Professional, Randstad Digital, Randstad Enterprise and Monster. Also refer to note 10.1 for a description of changes in the geographical segmentation. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOur specializations are grouped into revenue categories, being 'Operational', 'Professional' (conducted under the responsibility of a country manager on a country-by-country basis), 'Digital', 'Enterprise' and 'Monster', (conducted on a worldwide basis with separate global leadership). Within all Randstad's revenue categories and in all parts of the world, both temporary and permanent placements are in principle undertaken and executed by the same team of employees. For a more detailed description of Randstad's services, see the section 'our strong foundation' .
\nOn September 16, 2024, the Group disposed of Monster. Revenue related to Monster in 2024 is only included up to this date in the statement of profit and loss and in the segmentation table below. Refer to note 11.2 for further information about the disposal.
\nThe disaggregation of revenues (excluding intersegment revenue) for the specializations above is shown in the table below.
\nRevenue of permanent placements amounted to \u20ac\u00a0483 million (2023: \u20ac\u00a0590 million). Revenue of recruitment process outsourcing amounted to \u20ac\u00a0320 million (2023: \u20ac\u00a0373 million).
\n| \u00a0 | randstad operational | randstad professional | randstad digital | randstad enterprise | monster | total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 2,049 | 2,187 | 661 | 807 | 1,375 | 1,572 | 591 | 672 | 90 | 142 | 4,766 | 5,380 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 2,467 | 2,689 | 436 | 426 | 55 | 68 | 46 | 50 | 4 | 5 | 3,008 | 3,238 |
| Germany | 1,296 | 1,494 | 74 | 88 | 245 | 254 | 24 | 29 | 9 | 17 | 1,648 | 1,882 |
| Belgium & Luxembourg | 1,206 | 1,224 | 186 | 149 | 81 | 1311 | 69 | 62 | 1 | 1 | 1,543 | 1,567 |
| Other North European countries | 989 | 1,110 | 269 | 285 | 85 | 90 | 62 | 52 | 1 | 2 | 1,406 | 1,539 |
| Northern Europe | 5,958 | 6,517 | 965 | 948 | 466 | 543 | 201 | 193 | 15 | 25 | 7,605 | 8,226 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 2,472 | 2,619 | 838 | 890 | 265 | 307 | 20 | 19 | 2 | 6 | 3,597 | 3,841 |
| Italy | 1,775 | 1,738 | 375 | 352 | 36 | 33 | 30 | 25 | 1 | 2 | 2,217 | 2,150 |
| Iberia | 1,745 | 1,477 | 78 | 74 | 28 | 29 | 26 | 25 | - | - | 1,877 | 1,605 |
| Other South European countries, UK & Latin America | 997 | 908 | 242 | 211 | 34 | 39 | 404 | 456 | 1 | 3 | 1,678 | 1,617 |
| Southern Europe, UK & Latin America | 6,989 | 6,742 | 1,533 | 1,527 | 363 | 408 | 480 | 525 | 4 | 11 | 9,369 | 9,213 |
| Asia Pacific | 864 | 928 | 795 | 888 | 621 | 700 | 102 | 90 | - | 1 | 2,382 | 2,607 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Third-party revenue | 15,860 | 16,374 | 3,954 | 4,170 | 2,825 | 3,223 | 1,374 | 1,480 | 109 | 179 | 24,122 | 25,426 |
As of 2024, the revenue segmentation that was based on Randstad\u2019s former revenue concepts Staffing, Inhouse, Professionals and Enterprise has changed to reflect Randstad's four specializations with Monster shown separately. As of 2024, Randstad reports: Randstad Operational, Randstad Professional, Randstad Digital, Randstad Enterprise and Monster. Also refer to note 10.1 for a description of changes in the geographical segmentation. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOur specializations are grouped into revenue categories, being 'Operational', 'Professional' (conducted under the responsibility of a country manager on a country-by-country basis), 'Digital', 'Enterprise' and 'Monster', (conducted on a worldwide basis with separate global leadership). Within all Randstad's revenue categories and in all parts of the world, both temporary and permanent placements are in principle undertaken and executed by the same team of employees. For a more detailed description of Randstad's services, see the section 'our strong foundation' .
\nOn September 16, 2024, the Group disposed of Monster. Revenue related to Monster in 2024 is only included up to this date in the statement of profit and loss and in the segmentation table below. Refer to note 11.2 for further information about the disposal.
\nThe disaggregation of revenues (excluding intersegment revenue) for the specializations above is shown in the table below.
\nRevenue of permanent placements amounted to \u20ac\u00a0483 million (2023: \u20ac\u00a0590 million). Revenue of recruitment process outsourcing amounted to \u20ac\u00a0320 million (2023: \u20ac\u00a0373 million).
\n| \u00a0 | randstad operational | randstad professional | randstad digital | randstad enterprise | monster | total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 2,049 | 2,187 | 661 | 807 | 1,375 | 1,572 | 591 | 672 | 90 | 142 | 4,766 | 5,380 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 2,467 | 2,689 | 436 | 426 | 55 | 68 | 46 | 50 | 4 | 5 | 3,008 | 3,238 |
| Germany | 1,296 | 1,494 | 74 | 88 | 245 | 254 | 24 | 29 | 9 | 17 | 1,648 | 1,882 |
| Belgium & Luxembourg | 1,206 | 1,224 | 186 | 149 | 81 | 1311 | 69 | 62 | 1 | 1 | 1,543 | 1,567 |
| Other North European countries | 989 | 1,110 | 269 | 285 | 85 | 90 | 62 | 52 | 1 | 2 | 1,406 | 1,539 |
| Northern Europe | 5,958 | 6,517 | 965 | 948 | 466 | 543 | 201 | 193 | 15 | 25 | 7,605 | 8,226 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 2,472 | 2,619 | 838 | 890 | 265 | 307 | 20 | 19 | 2 | 6 | 3,597 | 3,841 |
| Italy | 1,775 | 1,738 | 375 | 352 | 36 | 33 | 30 | 25 | 1 | 2 | 2,217 | 2,150 |
| Iberia | 1,745 | 1,477 | 78 | 74 | 28 | 29 | 26 | 25 | - | - | 1,877 | 1,605 |
| Other South European countries, UK & Latin America | 997 | 908 | 242 | 211 | 34 | 39 | 404 | 456 | 1 | 3 | 1,678 | 1,617 |
| Southern Europe, UK & Latin America | 6,989 | 6,742 | 1,533 | 1,527 | 363 | 408 | 480 | 525 | 4 | 11 | 9,369 | 9,213 |
| Asia Pacific | 864 | 928 | 795 | 888 | 621 | 700 | 102 | 90 | - | 1 | 2,382 | 2,607 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Third-party revenue | 15,860 | 16,374 | 3,954 | 4,170 | 2,825 | 3,223 | 1,374 | 1,480 | 109 | 179 | 24,122 | 25,426 |
As of January 1, 2024, the reportable segments have changed from the way they were presented in the 2023 annual report. The changes in segments better reflect the way management reviews its operating results and makes decisions around resource allocation, while the specialization segmental changes align Randstad\u2019s reporting with its Partner for Talent strategy.
\nAs of 2024, the Group reports four main geographical segments: North America, Northern Europe, Southern Europe, UK & Latin America and Asia Pacific. The reportable segments within each of the four main geographical segments remain unchanged from the prior year. In 2023, the former Global Businesses segment included Enterprise Solutions (Sourceright & RiseSmart) and Monster, Randstad\u2019s online talent recruitment platform. As of 2024, Global Businesses has been included in each of the main geographical segments. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOn September 16, 2024, the Group disposed of Monster. Activities related to Monster are included across all reportable segments, particularly in North America. Refer to note 11.2 for further information about the disposal.
\n'Corporate' is also included in the disclosures on segments, and represents the unallocated part of assets and liabilities of holding activities, as well as the income and expenses of holding activities; the latter net after management and other charges to other segments.
\nSegments are reported in a manner consistent with internal management reporting provided to the Executive Board. Goodwill is tested for impairment at the operating segment level, which may be a lower level than the reportable segments included in this note.
\n| \u00a0 |
| \u00a0 |
| \u00a0 |
| \u00a0 | revenue 2024 | revenue 2023 | gross profit | operating profit | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| total | intersegment | third party | total | intersegment | third party | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 4,768 | (2) | 4,766 | 5,381 | (1) | 5,380 | 1,263 | 1,520 | 108 | 232 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3,015 | (7) | 3,008 | 3,244 | (6) | 3,238 | 566 | 653 | 114 | 186 |
| Germany | 1,650 | (2) | 1,648 | 1,883 | (1) | 1,882 | 293 | 392 | (24) | 26 |
| Belgium & Luxembourg | 1,544 | (1) | 1,543 | 1,569 | (2) | 1,567 | 328 | 343 | 52 | 62 |
| Other North European countries | 1,416 | (10) | 1,406 | 1,549 | (10) | 1,539 | 244 | 274 | (85) | 30 |
| Northern Europe | 7,625 | (20) | 7,605 | 8,245 | (19) | 8,226 | 1,431 | 1,662 | 57 | 304 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 3,600 | (3) | 3,597 | 3,844 | (3) | 3,841 | 634 | 714 | 115 | 187 |
| Italy | 2,217 | - | 2,217 | 2,150 | - | 2,150 | 375 | 372 | 140 | 157 |
| Iberia | 1,884 | (7) | 1,877 | 1,610 | (5) | 1,605 | 287 | 255 | 99 | 92 |
| Other South European countries, UK & Latin America | 1,681 | (3) | 1,678 | 1,621 | (4) | 1,617 | 262 | 252 | 3 | (11) |
| Southern Europe, UK & Latin America | 9,382 | (13) | 9,369 | 9,225 | (12) | 9,213 | 1,558 | 1,593 | 357 | 425 |
| Asia Pacific | 2,417 | (35) | 2,382 | 2,628 | (21) | 2,607 | 450 | 503 | 78 | 61 |
| Corporate | - | - | - | - | - | - | - | - | (195) | (191) |
| Eliminations | (70) | 70 | - | (53) | 53 | - | (1) | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 24,122 | - | 24,122 | 25,426 | - | 25,426 | 4,701 | 5,278 | 405 | 831 |
| \u00a0 | amortization and impairment of acquisition-related intangibles and goodwill | EBITA1 | depreciation/amortization and impairment of property, plant, equipment, and software | depreciation and impairment of right-of-use assets | EBITDA2 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 12 | 10 | 120 | 242 | 31 | 36 | 24 | 23 | 175 | 301 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | - | 117 | 186 | 8 | 11 | 31 | 26 | 156 | 223 |
| Germany | - | - | (24) | 26 | 5 | 4 | 18 | 27 | (1) | 57 |
| Belgium & Luxembourg | 4 | 5 | 56 | 67 | 3 | 3 | 24 | 20 | 83 | 90 |
| Other North European countries | 101 | - | 16 | 30 | 6 | 8 | 13 | 14 | 35 | 52 |
| Northern Europe | 108 | 5 | 165 | 309 | 22 | 26 | 86 | 87 | 273 | 422 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 6 | 120 | 193 | 11 | 12 | 39 | 35 | 170 | 240 |
| Italy | - | - | 140 | 157 | 5 | 5 | 12 | 10 | 157 | 172 |
| Iberia | 6 | 1 | 105 | 93 | 4 | 3 | 18 | 11 | 127 | 107 |
| Other South European countries, UK & Latin America | 20 | 41 | 23 | 30 | 2 | 2 | 9 | 5 | 34 | 37 |
| Southern Europe, UK & Latin America | 31 | 48 | 388 | 473 | 22 | 22 | 78 | 61 | 488 | 556 |
| Asia Pacific | 16 | 29 | 94 | 90 | 6 | 8 | 19 | 21 | 119 | 119 |
| Corporate | - | - | (195) | (191) | 16 | 15 | 1 | - | (178) | (176) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 167 | 92 | 572 | 923 | 97 | 107 | 208 | 192 | 877 | 1,222 |
| \u00a0 | EBITA - actuals1 | integration expenses and one-offs2 | EBITA - underlying3 | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 120 | 242 | 32 | 28 | 152 | 270 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 117 | 186 | 28 | 8 | 145 | 194 |
| Germany | (24) | 26 | 26 | 39 | 2 | 65 |
| Belgium & Luxembourg | 56 | 67 | 14 | 8 | 70 | 75 |
| Other North European countries | 16 | 30 | 13 | 3 | 29 | 33 |
| Northern Europe | 165 | 309 | 81 | 58 | 246 | 367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 120 | 193 | 30 | 15 | 150 | 208 |
| Italy | 140 | 157 | 1 | - | 141 | 157 |
| Iberia | 105 | 93 | 6 | 5 | 111 | 98 |
| Other South European countries, UK & Latin America | 23 | 30 | 12 | 8 | 35 | 38 |
| Southern Europe, UK & Latin America | 388 | 473 | 49 | 28 | 437 | 501 |
| Asia Pacific | 94 | 90 | 7 | 32 | 101 | 122 |
| Corporate | (195) | (191) | 13 | 6 | (182) | (185) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 572 | 923 | 182 | 152 | 754 | 1,075 |
Assets by segment include total assets excluding deferred income tax assets, current income tax receivables, associates, equity investments, interest receivable, and cash and cash equivalents. Assets by segment decreased by \u20ac\u00a0275 million in the year (2023: \u20ac\u00a0481 million decrease).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Total assets | 11,190 | 10,686 |
| \u00a0 | \u00a0 | \u00a0 |
| Less: | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Associates | 3 | 3 |
| Equity investments | 30 | 36 |
| Interest rate swap | 10 | - |
| Interest receivable | 6 | 5 |
| Plan assets defined benefit pension plan | 2 | 2 |
| Current income tax receivables | 210 | 153 |
| Cash and cash equivalents | 357 | 261 |
| Assets by segment | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment and software | right-of-use assets | goodwill | acquisition-related intangible assets | loans and receivables | operating working capital assets | total assets | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 34 | 84 | 34 | 49 | 843 | 767 | 43 | 21 | 33 | 10 | 1,311 | 1,232 | 2,298 | 2,163 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 30 | 32 | 53 | 64 | 1,051 | 867 | 162 | - | - | - | 603 | 646 | 1,899 | 1,609 |
| Germany | 13 | 14 | 46 | 48 | 286 | 296 | - | - | - | - | 370 | 359 | 715 | 717 |
| Belgium & Luxembourg | 7 | 6 | 76 | 79 | 168 | 171 | 4 | 8 | - | - | 341 | 328 | 596 | 592 |
| Other North European countries | 8 | 21 | 25 | 26 | 70 | 174 | - | - | - | - | 397 | 371 | 500 | 592 |
| Northern Europe | 58 | 73 | 200 | 217 | 1,575 | 1,508 | 166 | 8 | - | - | 1,711 | 1,704 | 3,710 | 3,510 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 21 | 26 | 118 | 117 | 549 | 545 | 4 | 9 | 140 | 143 | 695 | 777 | 1,527 | 1,617 |
| Italy | 15 | 12 | 53 | 49 | 59 | 59 | - | - | - | - | 510 | 476 | 637 | 596 |
| Iberia | 3 | 6 | 35 | 40 | 39 | 37 | 23 | 29 | - | - | 417 | 418 | 517 | 530 |
| Other South European countries, UK & Latin America | 5 | 6 | 11 | 11 | 2 | 4 | - | - | - | - | 361 | 335 | 379 | 356 |
| Southern Europe, UK & Latin America | 44 | 50 | 217 | 217 | 649 | 645 | 27 | 38 | 140 | 143 | 1,983 | 2,006 | 3,060 | 3,099 |
| Asia Pacific | 14 | 18 | 43 | 57 | 173 | 180 | 38 | 58 | - | - | 402 | 363 | 670 | 676 |
| Corporate | 26 | 28 | 3 | 3 | - | - | - | - | - | - | 136 | 172 | 165 | 203 |
| Eliminations | - | - | - | - | - | - | - | - | - | - | (71) | (94) | (71) | (94) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 176 | 253 | 497 | 543 | 3,240 | 3,100 | 274 | 125 | 173 | 153 | 5,472 | 5,383 | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment | software | right-of-use assets | acquisition-related intangible assets and goodwill | sum of additions | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 8 | 10 | 17 | 25 | 7 | 9 | 61 | - | 93 | 44 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | 4 | 4 | 1 | 9 | 31 | 361 | - | 377 | 36 |
| Germany | 4 | 6 | - | - | 14 | 11 | - | - | 18 | 17 |
| Belgium & Luxembourg | 3 | 1 | 2 | - | 22 | 23 | - | - | 27 | 24 |
| Other North European countries | 3 | 2 | 5 | 7 | 10 | 5 | - | - | 18 | 14 |
| Northern Europe | 13 | 13 | 11 | 8 | 55 | 70 | 361 | - | 440 | 91 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 4 | 2 | 5 | 20 | 22 | - | - | 27 | 31 |
| Italy | 7 | 7 | - | - | 15 | 10 | - | - | 22 | 17 |
| Iberia | 2 | 1 | 1 | - | 9 | 4 | 2 | 65 | 14 | 70 |
| Other South European countries, UK & Latin America | 3 | 2 | 1 | 1 | 10 | 6 | - | - | 14 | 9 |
| Southern Europe, UK & Latin America | 17 | 14 | 4 | 6 | 54 | 42 | 2 | 65 | 77 | 127 |
| Asia Pacific | 3 | 3 | 2 | 3 | 4 | 11 | - | 2 | 9 | 19 |
| Corporate | 1 | - | 13 | 13 | - | 3 | - | - | 14 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 42 | 40 | 47 | 55 | 120 | 135 | 424 | 67 | 633 | 297 |
As of January 1, 2024, the reportable segments have changed from the way they were presented in the 2023 annual report. The changes in segments better reflect the way management reviews its operating results and makes decisions around resource allocation, while the specialization segmental changes align Randstad\u2019s reporting with its Partner for Talent strategy.
\nAs of 2024, the Group reports four main geographical segments: North America, Northern Europe, Southern Europe, UK & Latin America and Asia Pacific. The reportable segments within each of the four main geographical segments remain unchanged from the prior year. In 2023, the former Global Businesses segment included Enterprise Solutions (Sourceright & RiseSmart) and Monster, Randstad\u2019s online talent recruitment platform. As of 2024, Global Businesses has been included in each of the main geographical segments. Comparative figures for prior periods have been adjusted accordingly for presentation purposes.
\nOn September 16, 2024, the Group disposed of Monster. Activities related to Monster are included across all reportable segments, particularly in North America. Refer to note 11.2 for further information about the disposal.
\n'Corporate' is also included in the disclosures on segments, and represents the unallocated part of assets and liabilities of holding activities, as well as the income and expenses of holding activities; the latter net after management and other charges to other segments.
\nSegments are reported in a manner consistent with internal management reporting provided to the Executive Board. Goodwill is tested for impairment at the operating segment level, which may be a lower level than the reportable segments included in this note.
\n| \u00a0 |
| \u00a0 |
| \u00a0 |
| \u00a0 | revenue 2024 | revenue 2023 | gross profit | operating profit | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| total | intersegment | third party | total | intersegment | third party | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 4,768 | (2) | 4,766 | 5,381 | (1) | 5,380 | 1,263 | 1,520 | 108 | 232 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3,015 | (7) | 3,008 | 3,244 | (6) | 3,238 | 566 | 653 | 114 | 186 |
| Germany | 1,650 | (2) | 1,648 | 1,883 | (1) | 1,882 | 293 | 392 | (24) | 26 |
| Belgium & Luxembourg | 1,544 | (1) | 1,543 | 1,569 | (2) | 1,567 | 328 | 343 | 52 | 62 |
| Other North European countries | 1,416 | (10) | 1,406 | 1,549 | (10) | 1,539 | 244 | 274 | (85) | 30 |
| Northern Europe | 7,625 | (20) | 7,605 | 8,245 | (19) | 8,226 | 1,431 | 1,662 | 57 | 304 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 3,600 | (3) | 3,597 | 3,844 | (3) | 3,841 | 634 | 714 | 115 | 187 |
| Italy | 2,217 | - | 2,217 | 2,150 | - | 2,150 | 375 | 372 | 140 | 157 |
| Iberia | 1,884 | (7) | 1,877 | 1,610 | (5) | 1,605 | 287 | 255 | 99 | 92 |
| Other South European countries, UK & Latin America | 1,681 | (3) | 1,678 | 1,621 | (4) | 1,617 | 262 | 252 | 3 | (11) |
| Southern Europe, UK & Latin America | 9,382 | (13) | 9,369 | 9,225 | (12) | 9,213 | 1,558 | 1,593 | 357 | 425 |
| Asia Pacific | 2,417 | (35) | 2,382 | 2,628 | (21) | 2,607 | 450 | 503 | 78 | 61 |
| Corporate | - | - | - | - | - | - | - | - | (195) | (191) |
| Eliminations | (70) | 70 | - | (53) | 53 | - | (1) | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 24,122 | - | 24,122 | 25,426 | - | 25,426 | 4,701 | 5,278 | 405 | 831 |
| \u00a0 | amortization and impairment of acquisition-related intangibles and goodwill | EBITA1 | depreciation/amortization and impairment of property, plant, equipment, and software | depreciation and impairment of right-of-use assets | EBITDA2 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 12 | 10 | 120 | 242 | 31 | 36 | 24 | 23 | 175 | 301 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | - | 117 | 186 | 8 | 11 | 31 | 26 | 156 | 223 |
| Germany | - | - | (24) | 26 | 5 | 4 | 18 | 27 | (1) | 57 |
| Belgium & Luxembourg | 4 | 5 | 56 | 67 | 3 | 3 | 24 | 20 | 83 | 90 |
| Other North European countries | 101 | - | 16 | 30 | 6 | 8 | 13 | 14 | 35 | 52 |
| Northern Europe | 108 | 5 | 165 | 309 | 22 | 26 | 86 | 87 | 273 | 422 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 6 | 120 | 193 | 11 | 12 | 39 | 35 | 170 | 240 |
| Italy | - | - | 140 | 157 | 5 | 5 | 12 | 10 | 157 | 172 |
| Iberia | 6 | 1 | 105 | 93 | 4 | 3 | 18 | 11 | 127 | 107 |
| Other South European countries, UK & Latin America | 20 | 41 | 23 | 30 | 2 | 2 | 9 | 5 | 34 | 37 |
| Southern Europe, UK & Latin America | 31 | 48 | 388 | 473 | 22 | 22 | 78 | 61 | 488 | 556 |
| Asia Pacific | 16 | 29 | 94 | 90 | 6 | 8 | 19 | 21 | 119 | 119 |
| Corporate | - | - | (195) | (191) | 16 | 15 | 1 | - | (178) | (176) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 167 | 92 | 572 | 923 | 97 | 107 | 208 | 192 | 877 | 1,222 |
| \u00a0 | EBITA - actuals1 | integration expenses and one-offs2 | EBITA - underlying3 | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 120 | 242 | 32 | 28 | 152 | 270 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 117 | 186 | 28 | 8 | 145 | 194 |
| Germany | (24) | 26 | 26 | 39 | 2 | 65 |
| Belgium & Luxembourg | 56 | 67 | 14 | 8 | 70 | 75 |
| Other North European countries | 16 | 30 | 13 | 3 | 29 | 33 |
| Northern Europe | 165 | 309 | 81 | 58 | 246 | 367 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 120 | 193 | 30 | 15 | 150 | 208 |
| Italy | 140 | 157 | 1 | - | 141 | 157 |
| Iberia | 105 | 93 | 6 | 5 | 111 | 98 |
| Other South European countries, UK & Latin America | 23 | 30 | 12 | 8 | 35 | 38 |
| Southern Europe, UK & Latin America | 388 | 473 | 49 | 28 | 437 | 501 |
| Asia Pacific | 94 | 90 | 7 | 32 | 101 | 122 |
| Corporate | (195) | (191) | 13 | 6 | (182) | (185) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 572 | 923 | 182 | 152 | 754 | 1,075 |
Assets by segment include total assets excluding deferred income tax assets, current income tax receivables, associates, equity investments, interest receivable, and cash and cash equivalents. Assets by segment decreased by \u20ac\u00a0275 million in the year (2023: \u20ac\u00a0481 million decrease).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Total assets | 11,190 | 10,686 |
| \u00a0 | \u00a0 | \u00a0 |
| Less: | \u00a0 | \u00a0 |
| Deferred income tax assets | 740 | 669 |
| Associates | 3 | 3 |
| Equity investments | 30 | 36 |
| Interest rate swap | 10 | - |
| Interest receivable | 6 | 5 |
| Plan assets defined benefit pension plan | 2 | 2 |
| Current income tax receivables | 210 | 153 |
| Cash and cash equivalents | 357 | 261 |
| Assets by segment | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment and software | right-of-use assets | goodwill | acquisition-related intangible assets | loans and receivables | operating working capital assets | total assets | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 34 | 84 | 34 | 49 | 843 | 767 | 43 | 21 | 33 | 10 | 1,311 | 1,232 | 2,298 | 2,163 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 30 | 32 | 53 | 64 | 1,051 | 867 | 162 | - | - | - | 603 | 646 | 1,899 | 1,609 |
| Germany | 13 | 14 | 46 | 48 | 286 | 296 | - | - | - | - | 370 | 359 | 715 | 717 |
| Belgium & Luxembourg | 7 | 6 | 76 | 79 | 168 | 171 | 4 | 8 | - | - | 341 | 328 | 596 | 592 |
| Other North European countries | 8 | 21 | 25 | 26 | 70 | 174 | - | - | - | - | 397 | 371 | 500 | 592 |
| Northern Europe | 58 | 73 | 200 | 217 | 1,575 | 1,508 | 166 | 8 | - | - | 1,711 | 1,704 | 3,710 | 3,510 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 21 | 26 | 118 | 117 | 549 | 545 | 4 | 9 | 140 | 143 | 695 | 777 | 1,527 | 1,617 |
| Italy | 15 | 12 | 53 | 49 | 59 | 59 | - | - | - | - | 510 | 476 | 637 | 596 |
| Iberia | 3 | 6 | 35 | 40 | 39 | 37 | 23 | 29 | - | - | 417 | 418 | 517 | 530 |
| Other South European countries, UK & Latin America | 5 | 6 | 11 | 11 | 2 | 4 | - | - | - | - | 361 | 335 | 379 | 356 |
| Southern Europe, UK & Latin America | 44 | 50 | 217 | 217 | 649 | 645 | 27 | 38 | 140 | 143 | 1,983 | 2,006 | 3,060 | 3,099 |
| Asia Pacific | 14 | 18 | 43 | 57 | 173 | 180 | 38 | 58 | - | - | 402 | 363 | 670 | 676 |
| Corporate | 26 | 28 | 3 | 3 | - | - | - | - | - | - | 136 | 172 | 165 | 203 |
| Eliminations | - | - | - | - | - | - | - | - | - | - | (71) | (94) | (71) | (94) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 176 | 253 | 497 | 543 | 3,240 | 3,100 | 274 | 125 | 173 | 153 | 5,472 | 5,383 | 9,832 | 9,557 |
| \u00a0 | property, plant, equipment | software | right-of-use assets | acquisition-related intangible assets and goodwill | sum of additions | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 8 | 10 | 17 | 25 | 7 | 9 | 61 | - | 93 | 44 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 3 | 4 | 4 | 1 | 9 | 31 | 361 | - | 377 | 36 |
| Germany | 4 | 6 | - | - | 14 | 11 | - | - | 18 | 17 |
| Belgium & Luxembourg | 3 | 1 | 2 | - | 22 | 23 | - | - | 27 | 24 |
| Other North European countries | 3 | 2 | 5 | 7 | 10 | 5 | - | - | 18 | 14 |
| Northern Europe | 13 | 13 | 11 | 8 | 55 | 70 | 361 | - | 440 | 91 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 5 | 4 | 2 | 5 | 20 | 22 | - | - | 27 | 31 |
| Italy | 7 | 7 | - | - | 15 | 10 | - | - | 22 | 17 |
| Iberia | 2 | 1 | 1 | - | 9 | 4 | 2 | 65 | 14 | 70 |
| Other South European countries, UK & Latin America | 3 | 2 | 1 | 1 | 10 | 6 | - | - | 14 | 9 |
| Southern Europe, UK & Latin America | 17 | 14 | 4 | 6 | 54 | 42 | 2 | 65 | 77 | 127 |
| Asia Pacific | 3 | 3 | 2 | 3 | 4 | 11 | - | 2 | 9 | 19 |
| Corporate | 1 | - | 13 | 13 | - | 3 | - | - | 14 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 42 | 40 | 47 | 55 | 120 | 135 | 424 | 67 | 633 | 297 |
During 2024 and 2023, the Group acquired 100% of the shares of the following companies:
\n| company | acquisition date |
|---|---|
| \u00a0 | \u00a0 |
| 2024 | \u00a0 |
| Torc LLC (US) | May 10, 2024 |
| Zorgwerk (Netherlands) | December 5, 2024 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
| 2023 | \u00a0 |
| Grupo CTC (Spain) | October 25, 2023 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac\u00a029 million of goodwill and \u20ac\u00a032 million acquisition-related intangibles.
\nIn 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a healthcare and care talent provider recognized for its innovative approach to serving the talent needs of clients in the healthcare, social assistance and childcare sectors. The Group completed the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac\u00a0195 million of goodwill and \u20ac\u00a0166 million acquisition-related intangibles.
\nIn 2023, the Group acquired 100% of the shares of Grupo CTC, a group of companies based in Spain that provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain, and in Portugal.
\nThe acquisitions made in 2024 and 2023 are in line with Randstad's mid- to long-term strategy to grow in digital platforms and strengthen our market position in certain markets and/or countries.
\nThe fair value of the assets and liabilities arising from the above-mentioned acquisitions, based on (provisional) purchase price allocations, can be summarized as follows:
\n| \u00a0 | Torc LLC | Zorgwerk | Other | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant, equipment and software | - | - | - | - | 2 |
| Right-of-use assets | - | 1 | - | 1 | 24 |
| Acquisition-related intangible assets | 32 | 166 | - | 198 | 30 |
| Deferred tax assets | - | - | - | - | 7 |
| Total non-current assets | 32 | 167 | - | 199 | 63 |
| Working capital | - | (13) | (2) | (15) | (9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | - | 1 | - | 1 | 23 |
| Provisions and employee benefit obligations | - | 2 | - | 2 | 9 |
| Deferred income tax liabilities | 2 | 43 | - | 45 | 8 |
| Total non-current liabilities | 2 | 46 | - | 48 | 40 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net assets acquired | 30 | 108 | (2) | 136 | 14 |
| Goodwill | 29 | 195 | 2 | 226 | 37 |
| Total consideration | 59 | 303 | - | 362 | 51 |
| Net debt/ (cash) acquired included in working capital | (1) | 14 | \u00a0 | 13 | 2 |
| Net debt/(cash) acquired | (1) | 14 | - | 13 | 2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Consideration, adjusted for net debt/(cash) acquired | 58 | 317 | - | 375 | 53 |
| Deferred compensation on acquisitions | (1) | - | - | (1) | - |
| Consideration paid in respect of acquisitions in preceding years | - | - | 7 | 7 | 1 |
| Consideration paid | 57 | 317 | 7 | 381 | 54 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries, statement of cash flows | 57 | 317 | 7 | 381 | 54 |
In 2024, the Group finalized the purchase price allocation of the acquisition of Grupo CTC. The adjustment to the provisional purchase price allocation performed in 2023 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nIn 2023, the Group finalized the purchase price allocation of the acquisition of Side and Avanzo with no adjustment to the provisional purchase price allocation performed in 2022. In 2023, the Group also finalized the purchased price allocation of the acquisition of Finite Group. The adjustment to the provisional purchase price allocation performed in 2022 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nThe contribution of the acquired companies in 2024 to the Group's revenue was \u20ac\u00a014 million and to the Group's EBITA \u20ac\u00a01 million. If the acquired companies had been acquired on January 1, 2024, the estimated additional contribution to revenue and EBITA would have been \u20ac\u00a084 million and \u20ac\u00a022 million respectively.
\nSee note 5 for further information.
\nThe Group uses the acquisition method to account for the acquisition of subsidiaries.
\nGoodwill at acquisition date is measured as:
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly in total operating expenses.
\nAll considerations transferred to acquire a business are recorded at fair value as at the acquisition date; subsequent changes to the fair value of the contingent considerations classified as debt are recognized as expenses or income.
\nThe Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets.
\nAll acquisition-related costs are expensed and included in other general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-611": { "value": "\nDuring 2024 and 2023, the Group acquired 100% of the shares of the following companies:
\n| company | acquisition date |
|---|---|
| \u00a0 | \u00a0 |
| 2024 | \u00a0 |
| Torc LLC (US) | May 10, 2024 |
| Zorgwerk (Netherlands) | December 5, 2024 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
| 2023 | \u00a0 |
| Grupo CTC (Spain) | October 25, 2023 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac\u00a029 million of goodwill and \u20ac\u00a032 million acquisition-related intangibles.
\nIn 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a healthcare and care talent provider recognized for its innovative approach to serving the talent needs of clients in the healthcare, social assistance and childcare sectors. The Group completed the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac\u00a0195 million of goodwill and \u20ac\u00a0166 million acquisition-related intangibles.
\nIn 2023, the Group acquired 100% of the shares of Grupo CTC, a group of companies based in Spain that provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain, and in Portugal.
\nThe acquisitions made in 2024 and 2023 are in line with Randstad's mid- to long-term strategy to grow in digital platforms and strengthen our market position in certain markets and/or countries.
\nThe fair value of the assets and liabilities arising from the above-mentioned acquisitions, based on (provisional) purchase price allocations, can be summarized as follows:
\n| \u00a0 | Torc LLC | Zorgwerk | Other | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant, equipment and software | - | - | - | - | 2 |
| Right-of-use assets | - | 1 | - | 1 | 24 |
| Acquisition-related intangible assets | 32 | 166 | - | 198 | 30 |
| Deferred tax assets | - | - | - | - | 7 |
| Total non-current assets | 32 | 167 | - | 199 | 63 |
| Working capital | - | (13) | (2) | (15) | (9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | - | 1 | - | 1 | 23 |
| Provisions and employee benefit obligations | - | 2 | - | 2 | 9 |
| Deferred income tax liabilities | 2 | 43 | - | 45 | 8 |
| Total non-current liabilities | 2 | 46 | - | 48 | 40 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net assets acquired | 30 | 108 | (2) | 136 | 14 |
| Goodwill | 29 | 195 | 2 | 226 | 37 |
| Total consideration | 59 | 303 | - | 362 | 51 |
| Net debt/ (cash) acquired included in working capital | (1) | 14 | \u00a0 | 13 | 2 |
| Net debt/(cash) acquired | (1) | 14 | - | 13 | 2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Consideration, adjusted for net debt/(cash) acquired | 58 | 317 | - | 375 | 53 |
| Deferred compensation on acquisitions | (1) | - | - | (1) | - |
| Consideration paid in respect of acquisitions in preceding years | - | - | 7 | 7 | 1 |
| Consideration paid | 57 | 317 | 7 | 381 | 54 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries, statement of cash flows | 57 | 317 | 7 | 381 | 54 |
In 2024, the Group finalized the purchase price allocation of the acquisition of Grupo CTC. The adjustment to the provisional purchase price allocation performed in 2023 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nIn 2023, the Group finalized the purchase price allocation of the acquisition of Side and Avanzo with no adjustment to the provisional purchase price allocation performed in 2022. In 2023, the Group also finalized the purchased price allocation of the acquisition of Finite Group. The adjustment to the provisional purchase price allocation performed in 2022 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nThe contribution of the acquired companies in 2024 to the Group's revenue was \u20ac\u00a014 million and to the Group's EBITA \u20ac\u00a01 million. If the acquired companies had been acquired on January 1, 2024, the estimated additional contribution to revenue and EBITA would have been \u20ac\u00a084 million and \u20ac\u00a022 million respectively.
\nSee note 5 for further information.
\nThe Group uses the acquisition method to account for the acquisition of subsidiaries.
\nGoodwill at acquisition date is measured as:
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly in total operating expenses.
\nAll considerations transferred to acquire a business are recorded at fair value as at the acquisition date; subsequent changes to the fair value of the contingent considerations classified as debt are recognized as expenses or income.
\nThe Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets.
\nAll acquisition-related costs are expensed and included in other general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-613": { "value": "\nDuring 2024 and 2023, the Group acquired 100% of the shares of the following companies:
\n| company | acquisition date |
|---|---|
| \u00a0 | \u00a0 |
| 2024 | \u00a0 |
| Torc LLC (US) | May 10, 2024 |
| Zorgwerk (Netherlands) | December 5, 2024 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
| 2023 | \u00a0 |
| Grupo CTC (Spain) | October 25, 2023 |
| \u00a0 | \u00a0 |
| \u00a0 | \u00a0 |
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac\u00a029 million of goodwill and \u20ac\u00a032 million acquisition-related intangibles.
\nIn 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a healthcare and care talent provider recognized for its innovative approach to serving the talent needs of clients in the healthcare, social assistance and childcare sectors. The Group completed the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac\u00a0195 million of goodwill and \u20ac\u00a0166 million acquisition-related intangibles.
\nIn 2023, the Group acquired 100% of the shares of Grupo CTC, a group of companies based in Spain that provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain, and in Portugal.
\nThe acquisitions made in 2024 and 2023 are in line with Randstad's mid- to long-term strategy to grow in digital platforms and strengthen our market position in certain markets and/or countries.
\nThe fair value of the assets and liabilities arising from the above-mentioned acquisitions, based on (provisional) purchase price allocations, can be summarized as follows:
\n| \u00a0 | Torc LLC | Zorgwerk | Other | total 2024 | total 2023 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant, equipment and software | - | - | - | - | 2 |
| Right-of-use assets | - | 1 | - | 1 | 24 |
| Acquisition-related intangible assets | 32 | 166 | - | 198 | 30 |
| Deferred tax assets | - | - | - | - | 7 |
| Total non-current assets | 32 | 167 | - | 199 | 63 |
| Working capital | - | (13) | (2) | (15) | (9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | - | 1 | - | 1 | 23 |
| Provisions and employee benefit obligations | - | 2 | - | 2 | 9 |
| Deferred income tax liabilities | 2 | 43 | - | 45 | 8 |
| Total non-current liabilities | 2 | 46 | - | 48 | 40 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net assets acquired | 30 | 108 | (2) | 136 | 14 |
| Goodwill | 29 | 195 | 2 | 226 | 37 |
| Total consideration | 59 | 303 | - | 362 | 51 |
| Net debt/ (cash) acquired included in working capital | (1) | 14 | \u00a0 | 13 | 2 |
| Net debt/(cash) acquired | (1) | 14 | - | 13 | 2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Consideration, adjusted for net debt/(cash) acquired | 58 | 317 | - | 375 | 53 |
| Deferred compensation on acquisitions | (1) | - | - | (1) | - |
| Consideration paid in respect of acquisitions in preceding years | - | - | 7 | 7 | 1 |
| Consideration paid | 57 | 317 | 7 | 381 | 54 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries, statement of cash flows | 57 | 317 | 7 | 381 | 54 |
In 2024, the Group finalized the purchase price allocation of the acquisition of Grupo CTC. The adjustment to the provisional purchase price allocation performed in 2023 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nIn 2023, the Group finalized the purchase price allocation of the acquisition of Side and Avanzo with no adjustment to the provisional purchase price allocation performed in 2022. In 2023, the Group also finalized the purchased price allocation of the acquisition of Finite Group. The adjustment to the provisional purchase price allocation performed in 2022 resulted in an increase of \u20ac\u00a02 million to the goodwill.
\nThe contribution of the acquired companies in 2024 to the Group's revenue was \u20ac\u00a014 million and to the Group's EBITA \u20ac\u00a01 million. If the acquired companies had been acquired on January 1, 2024, the estimated additional contribution to revenue and EBITA would have been \u20ac\u00a084 million and \u20ac\u00a022 million respectively.
\nSee note 5 for further information.
\nThe Group uses the acquisition method to account for the acquisition of subsidiaries.
\nGoodwill at acquisition date is measured as:
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly in total operating expenses.
\nAll considerations transferred to acquire a business are recorded at fair value as at the acquisition date; subsequent changes to the fair value of the contingent considerations classified as debt are recognized as expenses or income.
\nThe Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets.
\nAll acquisition-related costs are expensed and included in other general and administrative expenses.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 11 | 18 |
| Additions at fair value | 1 | - |
| Redemptions | (5) | (8) |
| Translation differences | (6) | 1 |
| Balance as at December 31 | 1 | 11 |
| Non-current part | - | 4 |
| Current part | 1 | 7 |
| Balance as at December 31 | 1 | 11 |
The Group subleases some of its right-of-use assets. In these instances, the Group is an intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and rewards incidental to the underlying right-of-use assets arising from the head lease have been transferred. Sublease contracts with the classification of financial leases are recognized as a net investment in sublease, which is presented as a financial asset. The carrying amount of the underlying right-of-use asset is derecognized. The net investments in subleases are measured at the present value of the (future) lease receipts, discounted using our incremental borrowing rate at commencement date of the sublease. Sublease contracts with the classification of operating leases result in sublease income being recognized periodically during the sub-rental period. Operating subleases have no impact on the right-of-use asset measurement.
\nThe maturity of net investments in subleases is set out in the table below, showing the undiscounted lease amounts to be received after the balance sheet date.
\nThe nominal value of the net investments in subleases amounts to \u20ac\u00a01 million (2023: \u20ac\u00a011 million), which best represents the maximum exposure to credit risk. As at December 31, 2024 and 2023, the carrying amount equaled the fair value.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| year 1 | 1 | 7 |
| year 2 -5 | - | 4 |
| Undiscounted lease amounts to be received | 1 | 11 |
| Unearned finance income | \u00a0 | - |
| Present value of lease amounts to be received | 1 | 11 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at December 31 | 1 | 11 |
The carrying amounts of loans and receivables are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount is impaired. If objective evidence exists that a financial asset or group of financial assets is impaired, the amount of the impairment loss is calculated as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets). The resulting impairment loss is immediately recognized in net finance costs.
\nAn impairment loss on financial assets is reversed if, in a subsequent period, the amount of the impairment loss decreases and this decrease can be related objectively to an event occurring after the impairment loss was recognized. Such reversal is immediately recognized in net finance costs.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit plan, corporate employees in Belgium | 29 | 44 |
| Defined benefit plan, corporate employees in France | 52 | 55 |
| Defined benefit plan, corporate employees in Germany | 5 | 5 |
| Defined benefit plan, staffing and corporate employees in Switzerland | 6 | 3 |
| Defined benefit plans, corporate employees in other countries | 3 | 2 |
| Total | 95 | 109 |
The Group has various pension schemes, in accordance with local conditions and practices in the countries in which it operates. In some countries, such pension schemes are operated through a company pension fund. Most of the pension schemes are defined contribution plans, which are funded through payments to independent entities. For these schemes, the Group's obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services.
\nA few pension schemes are defined benefit plans. The liability recognized in the balance sheet is the present value of the defined benefit obligation less the fair value of plan assets. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service and compensation (based upon the projected unit credit method).
\nThe present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid, and with terms to maturity that approximate the term when the related pension liability is due.
\nCurrent service costs are recognized in personnel expenses and/or cost of services and reflect the increase in the defined benefit obligation resulting from employee service in the current year.
\nPast service costs are recognized immediately in personnel expenses and/or cost of services.
\nWithdrawals/benefits paid also include the net transfer of participants' vested benefits.
\nRemeasurement gains and losses of the net defined benefit obligation arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income.
\nThe net interest expense on the net defined benefit liability is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit liability. Net interest expense is recognized in net finance costs.
\nIn the Netherlands and Belgium, two pension schemes are operated through separate and independent company pension funds.
\nFor the Netherlands, this is 'Stichting Pensioenfonds Flexsecurity' for staffing employees employed by Dutch Group companies; the fund operates a defined contribution pension plan. In 2024, the transactions with 'Stichting Pensioenfonds Flexsecurity' amounted to \u20ac\u00a081 million (2023: \u20ac\u00a076 million); the balance as at December 31, 2024 amounted to \u20ac\u00a08 million payable (December 31, 2023: \u20ac\u00a08 million).
\nFor Belgium, the pension fund is 'Pensioenfonds Belgische werkmaatschappijen van Randstad OFP' for corporate employees employed by Belgian Group companies. The plan is organized through a fund that is legally separated from the company. The Board of this pension fund is required to act in the interest of the fund and of all relevant stakeholders in the scheme; the investment policy with regard to the assets of the fund is also the responsibility of the Board. The fund operates a defined benefit pension plan and a hybrid pension plan. The defined benefit plan is a final-salary pension plan, providing benefits to (former) employees in the form of a guaranteed level of pension payable for life upon retirement. As of January 1, 2024, the defined benefit plan closed to new plan participants. All plan\u00a0participants that were enrolled in the defined benefit plan prior to this date opted to remain in this plan. New plan participants from January 1, 2024 joined the hybrid\u00a0plan. In the hybrid\u00a0plan, the portion related to salaries\u00a0that are below the Belgian statutory pension ceiling is treated as a defined benefit plan, while the portion related to salaries above this pension ceiling functions as a defined contribution\u00a0plan where the Group is required to guarantee a minimum return on the contributions\u00a0paid,\u00a0in\u00a0line with Belgian pension legislation. Both pension plans are\u00a0accounted for as defined benefit plans. The pension entitlement of corporate employees is based on the average pensionable salary in the last three years before retirement. In 2024, transactions with this fund amounted to \u20ac\u00a06 million (2023: \u20ac\u00a06 million). The balance as at December 31, 2024 amounted to nil (2023: \u20ac\u00a01 million).
\nIn the Netherlands, a second pension scheme is in origin a defined benefit pension plan. This pension plan is a closed plan (operated through an insurance company) and the net asset/liability is basically the difference between the expected future surplus interest sharing that will flow to the Group and a yearly guarantee payment based on the pension obligation towards employees. The net pension asset is fully recoverable and has been presented under (current) assets in the statement of financial position.
\nIn France, the defined benefit pension plan is a final-salary pension plan, which provides benefits to (former) employees in the form of a guaranteed level of pension payable as a lump sum upon retirement. The plan is in addition to state plans. The company is legally required to pay lump sums to employees upon retirement. The amounts are based on the number of years of service in the company and on the base salary according to the collective bargaining agreement in force. The scheme covers all corporate employees employed by French Group companies.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Present value of funded obligations | 363 | 351 |
| Present value of unfunded obligations | - | - |
| Total present value of obligations | 363 | 351 |
| Fair value of plan assets | (268) | (242) |
| Liability in the balance sheet | 95 | 109 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cash | 1% | 2% |
| Bonds | 26% | 26% |
| Equity instruments | 46% | 44% |
| Real estate | 10% | 10% |
| Other | 17% | 18% |
| \u00a0 | 100% | 100% |
as a % of fair value of total plan assets
The actual return on plan assets was \u20ac\u00a033 million positive (2023: \u20ac\u00a044 million positive), as a result of positive developments in the value of equity investments.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Discount rate | 1.0% - 3.6% | 1.3% - 4.2% |
| Expected salary increases | 0.0% - 4.0% | 0.0% - 3.7% |
| Expected pension increases | 0.1% - 2.0% | 0.1% - 1.8% |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Male | 20.9 - 22.5 | 20.8 - 22.5 |
| Female | 23.9 - 27.1 | 23.8 - 27.0 |
in years
The assumptions regarding future mortality are based on published statistics and mortality tables in each territory.
\nThe Group expects the 2025 contributions to be paid for defined benefit plans to be approximately \u20ac\u00a024 million, excluding the impact of acquisitions and disposals.
\nThe most significant risks related to defined benefit plans are related to:
With respect to the provision for pensions, a change in the interest rate of 1%-point, with all other variables held constant, would result in a deviation in the range of \u20ac\u00a03 to \u20ac\u00a05 million (2023: \u20ac\u00a08 to \u20ac\u00a010 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-614": { "value": "\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in the newly-formed associate, as well as loans receivable from the associate (see note 21.1).
\nThe Group's policy is to apply IAS 28 to account for contributions in associates and transactions with associates. This means that the Group realizes a gain/loss on disposal up to Apollo's equity share in the associate. The remaining portion of the gain is applied against the investment in associates and any remainder is deferred. The deferred gain was applied against the investment in associate resulting in additions to associates of nil.
\nAs a result of the transaction, the assets and liabilities related to Monster have been disposed of, resulting in a gain on disposal of \u20ac\u00a01 million. The disposal of the subsidiary/investment in the associate led to a net cash outflow of \u20ac\u00a032 million in 2024.
\nIn 2023, the Group did not dispose of any subsidiaries or activities.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment, right-of-use assets and software | 68 | - |
| Deferred income tax assets | 42 | \u00a0 |
| Financial assets | 5 | - |
| Total non-current assets | 115 | - |
| Working capital | 30 | - |
| Lease liabilities | (13) | - |
| Deferred income tax liabilities | (20) | - |
| Provisions | (9) | - |
| Assets and liabilities in disposed subsidiaries/activities | 103 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | - | - |
| Interest in associate | 23 | - |
| Financial assets (note 21) | 130 | - |
| Total consideration received | 153 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Difference in net assets disposed and consideration received | 50 | - |
| Proportion of associate not owned | 51% | - |
| Gain on disposal | 26 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Translation (losses) reclassified to income statement | (5) | - |
| Disposal costs | (20) | - |
| Gain on disposal in profit & loss | 1 | - |
| \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents received | - | - |
| Net cash of disposed subsidiaries/activities, included in working capital | (32) | - |
| Disposal of subsidiaries, statement of cash flows | (32) | - |
Upon disposal of a subsidiary, the gain or loss upon disposal is included in other general and administrative expenses. See note 5 for further information.
\nSubsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed to or has rights to variable returns from its involvement with subsidiary companies and can influence those returns through its power over the subsidiary, generally accompanying a shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date that such control commences until the date that it ceases.
\nIntragroup balances and intragroup transactions are eliminated, as well as any unrealized gains from these transactions. Unrealized losses from intragroup transactions are also eliminated unless there is evidence of impairment of the assets transferred. Intragroup transactions take place on an arm's length basis.
\nUpon translation of foreign activities, the assets and liabilities of operations in currencies other than the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into euros at the foreign exchange rates at the balance sheet date. The income statements of these operations in currencies other than the euro are translated into euros at average exchange rates.
\nUpon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items are translated into euros at the foreign exchange rates at the acquisition date.
\nThe net investment in subsidiaries that have a currency other than the euro includes the participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries, settlement of which is neither planned nor expected to occur in the foreseeable future.
\nTranslation differences that occur upon consolidation, relating to the translation of the net investment in subsidiaries that have a currency other than the euro, are recognized in other comprehensive income and presented in the (foreign currency) translation reserve, a separate component within equity, as are translation differences of financial liabilities designated as hedges of such investments (net investment hedge), to the extent that the hedge is effective. The gain or loss relating to the ineffective part is recognized immediately in net finance costs.
\nIf the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation differences is allocated to the non-controlling interests.
\nWhenever a foreign operation is disposed of, these translation differences are released or charged to the statement of comprehensive income as part of the gain or loss on disposal.
\n| \n north america
the netherlands
germany
belgium & luxembourg
other northern european countries
| \n france
italy
iberia
other southern european countries, uk and latin america
asia pacific
other subsidiaries
|
A list of all subsidiaries has been filed at the Chamber of Commerce in Amsterdam ('Kamer van Koophandel', Amsterdam; Chamber of Commerce number 33216172; Legal Entity Identification number 7245009EAAUUQJ0U4T57). Randstad N.V. has, directly or indirectly, a 100% interest in all subsidiaries, unless stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-615": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net income | 123 | 624 |
| Net income attributable to holders of ordinary shares | 115 | 616 |
| \u00a0 | \u00a0 | \u00a0 |
| Numbers of ordinary shares (in millions) | \u00a0 | \u00a0 |
| Weighted average number of ordinary shares outstanding | 176.1 | 178.4 |
| Dilutive effect of share-based compensation arrangements | 1.0 | 1.1 |
| Weighted average number of diluted ordinary shares outstanding | 177.1 | 179.5 |
| Earnings per ordinary share (in \u20ac) | \u00a0 | \u00a0 |
| Basic earnings per ordinary share | 0.65 | 3.45 |
| Diluted earnings per ordinary share | 0.65 | 3.43 |
Basic earnings per ordinary share are calculated by dividing net income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. The issued number of ordinary shares is adjusted for ordinary shares purchased by Randstad N.V., which are held as treasury shares.
\nDiluted earnings per ordinary share are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares arise from various share-based compensation arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-616": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net income | 123 | 624 |
| Net income attributable to holders of ordinary shares | 115 | 616 |
| \u00a0 | \u00a0 | \u00a0 |
| Numbers of ordinary shares (in millions) | \u00a0 | \u00a0 |
| Weighted average number of ordinary shares outstanding | 176.1 | 178.4 |
| Dilutive effect of share-based compensation arrangements | 1.0 | 1.1 |
| Weighted average number of diluted ordinary shares outstanding | 177.1 | 179.5 |
| Earnings per ordinary share (in \u20ac) | \u00a0 | \u00a0 |
| Basic earnings per ordinary share | 0.65 | 3.45 |
| Diluted earnings per ordinary share | 0.65 | 3.43 |
Basic earnings per ordinary share are calculated by dividing net income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. The issued number of ordinary shares is adjusted for ordinary shares purchased by Randstad N.V., which are held as treasury shares.
\nDiluted earnings per ordinary share are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares arise from various share-based compensation arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-618": { "value": "\nCost of services comprises expenses directly attributable to revenue. These costs mainly include expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 15,390 | 16,079 |
| Social security charges | 2,989 | 3,034 |
| Pension charges - defined contribution plans | 200 | 200 |
| Pension charges - defined benefit plans | 12 | 12 |
| Other post-employment benefit plans charges | 15 | 11 |
| Other long-term employee benefits | 4 | 31 |
| Wages, salaries, social security and pension charges | 18,610 | 19,367 |
| Depreciation of property, plant and equipment | 2 | 2 |
| Depreciation of right-of-use assets | 28 | 21 |
| Other cost of services | 781 | 758 |
| Total cost of services | 19,421 | 20,148 |
Included in the wages and salaries are restructuring-related expenses of \u20ac\u00a017 million (2023: \u20ac\u00a03 million). Other costs of services include travel-related costs of \u20ac\u00a0309 million (2023: \u20ac\u00a0318 million), other personnel costs of \u20ac\u00a0201 million (2023: \u20ac\u00a0204 million), and training-related costs of \u20ac\u00a0162 million (2023: \u20ac\u00a0146 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-619": { "value": "\nCost of services comprises expenses directly attributable to revenue. These costs mainly include expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 15,390 | 16,079 |
| Social security charges | 2,989 | 3,034 |
| Pension charges - defined contribution plans | 200 | 200 |
| Pension charges - defined benefit plans | 12 | 12 |
| Other post-employment benefit plans charges | 15 | 11 |
| Other long-term employee benefits | 4 | 31 |
| Wages, salaries, social security and pension charges | 18,610 | 19,367 |
| Depreciation of property, plant and equipment | 2 | 2 |
| Depreciation of right-of-use assets | 28 | 21 |
| Other cost of services | 781 | 758 |
| Total cost of services | 19,421 | 20,148 |
Included in the wages and salaries are restructuring-related expenses of \u20ac\u00a017 million (2023: \u20ac\u00a03 million). Other costs of services include travel-related costs of \u20ac\u00a0309 million (2023: \u20ac\u00a0318 million), other personnel costs of \u20ac\u00a0201 million (2023: \u20ac\u00a0204 million), and training-related costs of \u20ac\u00a0162 million (2023: \u20ac\u00a0146 million).
\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-620": { "value": "\nCost of services comprises expenses directly attributable to revenue. These costs mainly include expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 15,390 | 16,079 |
| Social security charges | 2,989 | 3,034 |
| Pension charges - defined contribution plans | 200 | 200 |
| Pension charges - defined benefit plans | 12 | 12 |
| Other post-employment benefit plans charges | 15 | 11 |
| Other long-term employee benefits | 4 | 31 |
| Wages, salaries, social security and pension charges | 18,610 | 19,367 |
| Depreciation of property, plant and equipment | 2 | 2 |
| Depreciation of right-of-use assets | 28 | 21 |
| Other cost of services | 781 | 758 |
| Total cost of services | 19,421 | 20,148 |
Included in the wages and salaries are restructuring-related expenses of \u20ac\u00a017 million (2023: \u20ac\u00a03 million). Other costs of services include travel-related costs of \u20ac\u00a0309 million (2023: \u20ac\u00a0318 million), other personnel costs of \u20ac\u00a0201 million (2023: \u20ac\u00a0204 million), and training-related costs of \u20ac\u00a0162 million (2023: \u20ac\u00a0146 million).
\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-623": { "value": "\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-624": { "value": "\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-625": { "value": "\nOperating expenses are classified based on the functional model and are recognized in the year to which they relate.
\nSelling expenses comprise personnel and accommodation expenses in relation to operational activities at the outlets, advertising and marketing, and other selling expenses.
\nSelling expenses include an amount of \u20ac\u00a07 million expenses (2023: \u20ac\u00a04 million gain) related to impairment losses on trade receivables, as well as debt collection costs.
\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-626": { "value": "\nGeneral and administrative expenses comprise personnel and accommodation expenses of head offices, IT expenses, other general and administrative expenses, as well as the amortization and impairment of acquisition-related intangible assets and goodwill.
\nOther general and administrative expenses include:
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 2,301 | 2,481 |
| Social security charges | 422 | 441 |
| Pension charges - defined contribution plans | 48 | 52 |
| Pension charges - defined benefit plans | 10 | 9 |
| Other post-employment benefit plans charges | 1 | 1 |
| Other long-term employee benefits | 4 | 10 |
| Share-based compensations | 60 | 59 |
| Wages, salaries, social security and pension charges | 2,846 | 3,053 |
| Other personnel expenses | 202 | 205 |
| Personnel expenses | 3,048 | 3,258 |
| Depreciation and impairment of property, plant and equipment | 53 | 52 |
| Amortization and impairment of software | 42 | 53 |
| Depreciation and impairment of right-of-use assets | 180 | 171 |
| Advertising and marketing | 175 | 193 |
| Accommodation | 71 | 70 |
| IT-related costs | 368 | 363 |
| Other | 193 | 195 |
| Other income | (1) | - |
| Operating expenses | 4,129 | 4,355 |
| Amortization and impairment of acquisition-related intangible assets and goodwill | 167 | 92 |
| Total operating expenses | 4,296 | 4,447 |
Included in wages and salaries are restructuring-related expenses for \u20ac\u00a0116 million (2023: \u20ac\u00a073 million). Included in accommodation are restructuring-related expenses for \u20ac\u00a08 million (2023: nil). Included in other are consultancy-related costs of \u20ac\u00a059 million (2023: \u20ac\u00a057 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-628": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation of buildings | - | - |
| Depreciation of computer hardware | 15 | 19 |
| Depreciation of leasehold improvements and furniture and fixtures | 40 | 34 |
| Impairment of leasehold improvements | - | 1 |
| Depreciation and impairment of property, plant and equipment | 55 | 54 |
| Amortization of software | 41 | 49 |
| Impairment of software | 1 | 4 |
| Amortization and impairment of software | 42 | 53 |
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairment of property, plant, equipment and software | 97 | 107 |
| Depreciation of right-of-use buildings | 119 | 122 |
| Depreciation of right-of-use cars | 58 | 52 |
| Depreciation of right-of-use IT and other equipment | 6 | 2 |
| Impairment of right-of-use buildings | 25 | 16 |
| Depreciation and impairment of right-of-use assets | 208 | 192 |
| \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairment of property, plant, equipment, software and right-of-use assets | 305 | 299 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 2 | 2 |
| Selling expenses | 22 | 22 |
| General and administrative expenses | 73 | 83 |
| \u00a0 | 97 | 107 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 28 | 21 |
| Selling expenses | 146 | 137 |
| General and administrative expenses | 34 | 34 |
| \u00a0 | 208 | 192 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Included in: | \u00a0 | \u00a0 |
| Cost of services | 30 | 23 |
| Selling expenses | 168 | 159 |
| General and administrative expenses | 107 | 117 |
| \u00a0 | 305 | 299 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Amortization of acquisition-related intangible assets | 46 | 47 |
| Impairment of goodwill and acquisition-related intangible assets | 121 | 45 |
| \u00a0 | 167 | 92 |
For impairment of goodwill, see note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-630": { "value": "\nGrants are recognized when there is reasonable assurance they will be received and the Group will comply with the conditions attached to them.
\nGrants that compensate for expenses incurred are credited to operating expenses and/or cost of services on a systematic basis in the same period in which the expenses are incurred.
\nGrants included in operating profit amount to \u20ac\u00a030 million (2023: \u20ac\u00a033 million). These grants mainly relate to the compensation (in whole or in part) of talent training costs and costs related to employing selected talent categories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-631": { "value": "\nGrants are recognized when there is reasonable assurance they will be received and the Group will comply with the conditions attached to them.
\nGrants that compensate for expenses incurred are credited to operating expenses and/or cost of services on a systematic basis in the same period in which the expenses are incurred.
\nGrants included in operating profit amount to \u20ac\u00a030 million (2023: \u20ac\u00a033 million). These grants mainly relate to the compensation (in whole or in part) of talent training costs and costs related to employing selected talent categories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-632": { "value": "\nWages, salaries, social security charges, pension charges and other are included in cost of services when they relate to talent placed, and in personnel expenses when they relate to corporate employees.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 17,691 | 18,560 |
| Social security charges | 3,411 | 3,475 |
| Pension charges - defined contribution plans | 248 | 252 |
| Pension charges - defined benefit plans | 22 | 21 |
| Other post-employment benefit plans charges | 16 | 12 |
| Other long-term employee benefits | 8 | 41 |
| Share-based compensations | 60 | 59 |
| \u00a0 | 21,456 | 22,420 |
Employee benefit obligations comprise obligations from defined benefit pension plans, other post-employment benefits, and other long-term employee benefits.
\n| \u00a0 | defined benefit pension plans | other post-employment benefits | other long-term employee benefits | total | ||
|---|---|---|---|---|---|---|
| obligation | plan assets | net | ||||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 450 | (343) | 107 | 20 | 110 | 237 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current service costs, total | 32 | - | 32 | 14 | 4 | 50 |
| Past service costs, total | - | - | - | 2 | 4 | 6 |
| Contributions, employees | - | (10) | (10) | - | - | (10) |
| Contributions, employers | - | (18) | (18) | - | - | (18) |
| Withdrawals/benefits paid | (32) | 30 | (2) | (15) | (12) | (29) |
| Total amount in statement of cash flows | - | 2 | 2 | 1 | (4) | (1) |
| Acquisition of subsidiaries | - | - | - | - | 2 | 2 |
| Remeasurement results | 4 | (24) | (20) | 1 | - | (19) |
| Interest due to passage of time, net | 13 | (9) | 4 | - | 1 | 5 |
| Translation differences | (1) | 1 | - | - | 1 | 1 |
| Balance as at December 31, 2024 | 466 | (373) | 93 | 22 | 110 | 225 |
| Reclassification of net pension plan assets | (103) | 105 | 2 | - | - | 2 |
| Balance as at December 31, 2023, after reclass | 363 | (268) | 95 | 22 | 110 | 227 |
| Non-current | 351 | (258) | 93 | 15 | 63 | 171 |
| Current | 12 | (10) | 2 | 7 | 47 | 56 |
| Balance as at December 31, 2024 | 363 | (268) | 95 | 22 | 110 | 227 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | 364 | (291) | 73 | 22 | 73 | 168 |
| Non-current | 364 | (291) | 73 | 13 | 56 | 142 |
| Current | - | - | - | 9 | 17 | 26 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current service costs, total | 32 | - | 32 | 10 | 6 | 48 |
| Past service costs, total | - | - | - | 2 | 35 | 37 |
| Contributions, employees | - | (11) | (11) | - | - | (11) |
| Contributions, employers | - | (18) | (18) | - | - | (18) |
| Withdrawals/benefits paid | (30) | 28 | (2) | (14) | (7) | (23) |
| Total amount in statement of cash flows | 2 | (1) | 1 | (2) | 34 | 33 |
| Acquisition of subsidiaries | - | - | - | - | - | - |
| Remeasurement results | 64 | (33) | 31 | - | - | 31 |
| Interest due to passage of time, net | 13 | (11) | 2 | - | 2 | 4 |
| Translation differences | 7 | (7) | - | - | 1 | 1 |
| Balance as at December 31, 2023 | 450 | (343) | 107 | 20 | 110 | 237 |
| Reclassification of net pension plan assets | (99) | 101 | 2 | - | - | 2 |
| Balance as at December 31, 2023, after reclass | 351 | (242) | 109 | 20 | 110 | 239 |
| Non-current | 351 | (242) | 109 | 13 | 67 | 189 |
| Current | - | - | - | 7 | 43 | 50 |
| Balance as at December 31, 2023 | 351 | (242) | 109 | 20 | 110 | 239 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current service cost, total | 50 | 48 |
| Past service cost, total | 6 | 37 |
| Contributions, employees | (10) | (11) |
| Current service cost net, charged to operating profit | 46 | 74 |
| Interest expense due to passage of time | 14 | 13 |
| Interest income due to passage of time | (9) | (11) |
| Charged to net finance costs | 5 | 2 |
| Net remeasurement gains/losses charged to other comprehensive income | (19) | 31 |
| Charged to comprehensive income | 32 | 107 |
The discount rates used to calculate employee benefit obligations are in the following ranges:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit pension plans | 1.0% - 3.6% | 1.3% - 4.2% |
| Other post-employment benefits | 3.1% - 6.6% | 3.0% - 7.0% |
| Other long-term employee benefits | 2.1% - 2.3% | 3.1% - 3.8% |
The obligations regarding other post-employment benefits and other long-term employee benefits are unfunded.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit plan, corporate employees in Belgium | 29 | 44 |
| Defined benefit plan, corporate employees in France | 52 | 55 |
| Defined benefit plan, corporate employees in Germany | 5 | 5 |
| Defined benefit plan, staffing and corporate employees in Switzerland | 6 | 3 |
| Defined benefit plans, corporate employees in other countries | 3 | 2 |
| Total | 95 | 109 |
The Group has various pension schemes, in accordance with local conditions and practices in the countries in which it operates. In some countries, such pension schemes are operated through a company pension fund. Most of the pension schemes are defined contribution plans, which are funded through payments to independent entities. For these schemes, the Group's obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services.
\nA few pension schemes are defined benefit plans. The liability recognized in the balance sheet is the present value of the defined benefit obligation less the fair value of plan assets. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service and compensation (based upon the projected unit credit method).
\nThe present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid, and with terms to maturity that approximate the term when the related pension liability is due.
\nCurrent service costs are recognized in personnel expenses and/or cost of services and reflect the increase in the defined benefit obligation resulting from employee service in the current year.
\nPast service costs are recognized immediately in personnel expenses and/or cost of services.
\nWithdrawals/benefits paid also include the net transfer of participants' vested benefits.
\nRemeasurement gains and losses of the net defined benefit obligation arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income.
\nThe net interest expense on the net defined benefit liability is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit liability. Net interest expense is recognized in net finance costs.
\nIn the Netherlands and Belgium, two pension schemes are operated through separate and independent company pension funds.
\nFor the Netherlands, this is 'Stichting Pensioenfonds Flexsecurity' for staffing employees employed by Dutch Group companies; the fund operates a defined contribution pension plan. In 2024, the transactions with 'Stichting Pensioenfonds Flexsecurity' amounted to \u20ac\u00a081 million (2023: \u20ac\u00a076 million); the balance as at December 31, 2024 amounted to \u20ac\u00a08 million payable (December 31, 2023: \u20ac\u00a08 million).
\nFor Belgium, the pension fund is 'Pensioenfonds Belgische werkmaatschappijen van Randstad OFP' for corporate employees employed by Belgian Group companies. The plan is organized through a fund that is legally separated from the company. The Board of this pension fund is required to act in the interest of the fund and of all relevant stakeholders in the scheme; the investment policy with regard to the assets of the fund is also the responsibility of the Board. The fund operates a defined benefit pension plan and a hybrid pension plan. The defined benefit plan is a final-salary pension plan, providing benefits to (former) employees in the form of a guaranteed level of pension payable for life upon retirement. As of January 1, 2024, the defined benefit plan closed to new plan participants. All plan\u00a0participants that were enrolled in the defined benefit plan prior to this date opted to remain in this plan. New plan participants from January 1, 2024 joined the hybrid\u00a0plan. In the hybrid\u00a0plan, the portion related to salaries\u00a0that are below the Belgian statutory pension ceiling is treated as a defined benefit plan, while the portion related to salaries above this pension ceiling functions as a defined contribution\u00a0plan where the Group is required to guarantee a minimum return on the contributions\u00a0paid,\u00a0in\u00a0line with Belgian pension legislation. Both pension plans are\u00a0accounted for as defined benefit plans. The pension entitlement of corporate employees is based on the average pensionable salary in the last three years before retirement. In 2024, transactions with this fund amounted to \u20ac\u00a06 million (2023: \u20ac\u00a06 million). The balance as at December 31, 2024 amounted to nil (2023: \u20ac\u00a01 million).
\nIn the Netherlands, a second pension scheme is in origin a defined benefit pension plan. This pension plan is a closed plan (operated through an insurance company) and the net asset/liability is basically the difference between the expected future surplus interest sharing that will flow to the Group and a yearly guarantee payment based on the pension obligation towards employees. The net pension asset is fully recoverable and has been presented under (current) assets in the statement of financial position.
\nIn France, the defined benefit pension plan is a final-salary pension plan, which provides benefits to (former) employees in the form of a guaranteed level of pension payable as a lump sum upon retirement. The plan is in addition to state plans. The company is legally required to pay lump sums to employees upon retirement. The amounts are based on the number of years of service in the company and on the base salary according to the collective bargaining agreement in force. The scheme covers all corporate employees employed by French Group companies.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Present value of funded obligations | 363 | 351 |
| Present value of unfunded obligations | - | - |
| Total present value of obligations | 363 | 351 |
| Fair value of plan assets | (268) | (242) |
| Liability in the balance sheet | 95 | 109 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cash | 1% | 2% |
| Bonds | 26% | 26% |
| Equity instruments | 46% | 44% |
| Real estate | 10% | 10% |
| Other | 17% | 18% |
| \u00a0 | 100% | 100% |
as a % of fair value of total plan assets
The actual return on plan assets was \u20ac\u00a033 million positive (2023: \u20ac\u00a044 million positive), as a result of positive developments in the value of equity investments.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Discount rate | 1.0% - 3.6% | 1.3% - 4.2% |
| Expected salary increases | 0.0% - 4.0% | 0.0% - 3.7% |
| Expected pension increases | 0.1% - 2.0% | 0.1% - 1.8% |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Male | 20.9 - 22.5 | 20.8 - 22.5 |
| Female | 23.9 - 27.1 | 23.8 - 27.0 |
in years
The assumptions regarding future mortality are based on published statistics and mortality tables in each territory.
\nThe Group expects the 2025 contributions to be paid for defined benefit plans to be approximately \u20ac\u00a024 million, excluding the impact of acquisitions and disposals.
\nThe most significant risks related to defined benefit plans are related to:
With respect to the provision for pensions, a change in the interest rate of 1%-point, with all other variables held constant, would result in a deviation in the range of \u20ac\u00a03 to \u20ac\u00a05 million (2023: \u20ac\u00a08 to \u20ac\u00a010 million).
\nOther post-employment benefit plans are defined benefit plans and follow the same accounting treatment as defined benefit pension plans. Independent actuaries calculate the defined benefit obligations based on factors such as age, years of service, and compensation (based upon the projected unit credit method). These plans mainly consist of state-driven plans in Italy and India, post-employment health benefits in the US, and transition fee payments related to temporary workers in the Netherlands, based on the Dutch 'Wet Arbeidsmarkt in Balans' (WAB).
\nRemeasurements of the obligation \u2013 comprising gains and losses arising from experience adjustments and changes in actuarial assumptions \u2013 are recognized in other comprehensive income.
\nIn accordance with applicable legal requirements, the Group recognizes liabilities for several other long-term employee benefit plans, such as schemes related to sickness and long-term disability and long-service leave plans. These liabilities are based on calculations made by independent actuaries based on factors such as age, years of service, expected sickness duration and compensation (based on the 'projected unit credit method').
\nRemeasurement gains and losses related to these plans are recognized in personnel expenses and/or cost of services in the year in which they occur.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-633": { "value": "\nNet finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | \u00a0 | \u00a0 |
| Interest and similar income | 18 | 17 |
| Interest due to passage of time for financial assets at amortized cost1 | 5 | 4 |
| \u00a0 | 23 | 21 |
| Finance expenses | \u00a0 | \u00a0 |
| Interest and similar expenses | 17 | 22 |
| Interest and commitment fees on non-current borrowings | 42 | 30 |
| Amortization of transaction cost non-current borrowings1 | 1 | 1 |
| Expected credit losses on financial assets1 | 39 | - |
| Interest due to passage of time1 | 7 | 6 |
| Interest due to passage of time for lease liabilities1 | 25 | 24 |
| \u00a0 | 131 | 83 |
| Other finance income (expense) | \u00a0 | \u00a0 |
| Foreign exchange gains (losses), net1 | (1) | (5) |
| Result on net monetary position1 | (2) | (2) |
| Changes in fair value of financial assets1 | (86) | - |
| Changes in value of other liabilities1 | (18) | (1) |
| \u00a0 | (107) | (8) |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs | 215 | 70 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Finance income | 23 | 21 |
| Deduct: non-cash items | 5 | 4 |
| Cash items | 18 | 17 |
| Change in interest receivable | - | (1) |
| Finance income, cash | 18 | 16 |
| Finance expenses | 131 | 91 |
| Deduct: non-cash items | 72 | 39 |
| Cash items | 59 | 52 |
| Change in interest payable | 4 | (3) |
| Finance expenses, cash | 63 | 49 |
| \u00a0 | \u00a0 | \u00a0 |
| Net finance costs paid, statement of cash flows | 45 | 33 |
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-639": { "value": "\nNet finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-640": { "value": "\nNet finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-641": { "value": "\nNet finance costs comprise interest income, interest expenses, items similar to interest, exchange differences on net debt, interest due to the passage of time of loans and receivables, deferred considerations, lease liabilities, result on net monetary position (as a result of hyperinflation accounting), changes in the value of other liabilities (mainly deferred considerations and financial commitments), changes in fair value of financial assets measured at fair value, and expected credit losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also recorded in net finance costs.
\nInterest expenses and income are recognized in the income statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-646": { "value": "\nNet income includes foreign exchange gains of nil (2023: \u20ac\u00a05 million loss). For other items included in net income, see note 13.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-648": { "value": "\n| \u00a0 | buildings and land | computer hardware | leasehold improvements, furniture and fixtures | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 11 | 28 | 97 | 136 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 34 | 42 |
| Disposals | (1) | (1) | (3) | (5) |
| Depreciation/impairment | - | (15) | (40) | (55) |
| Translation differences | - | - | - | - |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| Cost | 37 | 137 | 431 | 605 |
| Accumulated depreciation and impairment | 27 | 117 | 343 | 487 |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 38 | 178 | 420 | 636 |
| Accumulated depreciation and impairment | 27 | 138 | 318 | 483 |
| \u00a0 | 11 | 40 | 102 | 153 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 32 | 40 |
| Disposals | - | - | (1) | (1) |
| Depreciation/impairment | - | (19) | (35) | (54) |
| Translation differences | - | (1) | (1) | (2) |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
| Cost | 38 | 163 | 439 | 640 |
| Accumulated depreciation and impairment | 27 | 135 | 342 | 504 |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
Based on appraisals made by independent and expert appraisers performed in 2022, the estimated fair value of buildings and land is approximately \u20ac\u00a023 million higher than the carrying amount in 2024 (2023: \u20ac\u00a022 million). The fair value represents the market value, taking into account that the property is in a rented status.
\nProperty, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets.
\nLand is not depreciated. Depreciation on other property, plant and equipment is charged to operating expenses and/or cost of services on a straight-line basis over their estimated useful lives, from the date they are available for use.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nGains and losses arising on disposal are included in the income statement under other general and administrative expenses.
\n| \u00a0 | term |
|---|---|
| \u00a0 | \u00a0 |
| Buildings | 33 years |
| Computer hardware | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fixtures | 4-5 years |
on average
Leasehold improvements are depreciated over the term of the initial lease, in the event that this term is shorter than five years.
\nImpairments, if any, are mainly caused by the discontinuation of outlets. The net book value of leasehold improvements and other furniture and fixtures is impaired to the recoverable amount, based on each individual case. The recoverable amount tends to be zero.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-649": { "value": "\n| \u00a0 | buildings and land | computer hardware | leasehold improvements, furniture and fixtures | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 11 | 28 | 97 | 136 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 34 | 42 |
| Disposals | (1) | (1) | (3) | (5) |
| Depreciation/impairment | - | (15) | (40) | (55) |
| Translation differences | - | - | - | - |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| Cost | 37 | 137 | 431 | 605 |
| Accumulated depreciation and impairment | 27 | 117 | 343 | 487 |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 38 | 178 | 420 | 636 |
| Accumulated depreciation and impairment | 27 | 138 | 318 | 483 |
| \u00a0 | 11 | 40 | 102 | 153 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 32 | 40 |
| Disposals | - | - | (1) | (1) |
| Depreciation/impairment | - | (19) | (35) | (54) |
| Translation differences | - | (1) | (1) | (2) |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
| Cost | 38 | 163 | 439 | 640 |
| Accumulated depreciation and impairment | 27 | 135 | 342 | 504 |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
Based on appraisals made by independent and expert appraisers performed in 2022, the estimated fair value of buildings and land is approximately \u20ac\u00a023 million higher than the carrying amount in 2024 (2023: \u20ac\u00a022 million). The fair value represents the market value, taking into account that the property is in a rented status.
\nProperty, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets.
\nLand is not depreciated. Depreciation on other property, plant and equipment is charged to operating expenses and/or cost of services on a straight-line basis over their estimated useful lives, from the date they are available for use.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nGains and losses arising on disposal are included in the income statement under other general and administrative expenses.
\n| \u00a0 | term |
|---|---|
| \u00a0 | \u00a0 |
| Buildings | 33 years |
| Computer hardware | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fixtures | 4-5 years |
on average
Leasehold improvements are depreciated over the term of the initial lease, in the event that this term is shorter than five years.
\nImpairments, if any, are mainly caused by the discontinuation of outlets. The net book value of leasehold improvements and other furniture and fixtures is impaired to the recoverable amount, based on each individual case. The recoverable amount tends to be zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-650": { "value": "\n| \u00a0 | buildings and land | computer hardware | leasehold improvements, furniture and fixtures | total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 11 | 28 | 97 | 136 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 34 | 42 |
| Disposals | (1) | (1) | (3) | (5) |
| Depreciation/impairment | - | (15) | (40) | (55) |
| Translation differences | - | - | - | - |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| Cost | 37 | 137 | 431 | 605 |
| Accumulated depreciation and impairment | 27 | 117 | 343 | 487 |
| Balance as at December 31, 2024 | 10 | 20 | 88 | 118 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 38 | 178 | 420 | 636 |
| Accumulated depreciation and impairment | 27 | 138 | 318 | 483 |
| \u00a0 | 11 | 40 | 102 | 153 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | - | 8 | 32 | 40 |
| Disposals | - | - | (1) | (1) |
| Depreciation/impairment | - | (19) | (35) | (54) |
| Translation differences | - | (1) | (1) | (2) |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
| Cost | 38 | 163 | 439 | 640 |
| Accumulated depreciation and impairment | 27 | 135 | 342 | 504 |
| Balance as at December 31, 2023 | 11 | 28 | 97 | 136 |
Based on appraisals made by independent and expert appraisers performed in 2022, the estimated fair value of buildings and land is approximately \u20ac\u00a023 million higher than the carrying amount in 2024 (2023: \u20ac\u00a022 million). The fair value represents the market value, taking into account that the property is in a rented status.
\nProperty, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets.
\nLand is not depreciated. Depreciation on other property, plant and equipment is charged to operating expenses and/or cost of services on a straight-line basis over their estimated useful lives, from the date they are available for use.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nGains and losses arising on disposal are included in the income statement under other general and administrative expenses.
\n| \u00a0 | term |
|---|---|
| \u00a0 | \u00a0 |
| Buildings | 33 years |
| Computer hardware | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fixtures | 4-5 years |
on average
Leasehold improvements are depreciated over the term of the initial lease, in the event that this term is shorter than five years.
\nImpairments, if any, are mainly caused by the discontinuation of outlets. The net book value of leasehold improvements and other furniture and fixtures is impaired to the recoverable amount, based on each individual case. The recoverable amount tends to be zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-651": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 578 | 537 |
| Accumulated amortization and impairment | 461 | 420 |
| Balance as at January 1 | 117 | 117 |
| Additions | 47 | 55 |
| Disposals | (64) | - |
| Amortization and impairment | (42) | (53) |
| Translation differences | (0) | (2) |
| Balance as at December 31 | 58 | 117 |
| Cost | 433 | 578 |
| Accumulated amortization and impairment | 375 | 461 |
| Balance as at December 31 | 58 | 117 |
Acquired software (licenses) and developed software are stated at cost less accumulated amortization and impairment losses.
\nExpenditures in relation to the development of on-premise, identifiable and unique software (or significant enhancements to existing on-premise software) used by the Group, of which the intellectual property is owned by the Group, for which these will probably generate economic benefits exceeding costs beyond one year, are recognized as developed software and amortized over their estimated useful lives. Capitalized costs include employee costs of software development and third-party expenses.
\nConfiguration and customization costs relating to cloud computing arrangements are expensed as incurred.
\nExpenditures associated with small enhancements or maintenance of software are recognized as an expense when incurred.
\nAmortization of software applications is charged to operating expenses and/or cost of services on a straight-line basis over the estimated useful lives, from the date they are available for use.
\nIn 2024, we had \u20ac\u00a01 million software impairment (2023: \u20ac\u00a04 million).
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nInternally developed software and purchased software are amortized on a straight-line basis over the useful lives of three to five years or, in the case of licenses, if the license period is shorter than three years, over this shorter period.
\nImpairments, if any, are mainly caused by the discontinuation of software applications. The net book value of software is impaired to its recoverable amount, which tends to be zero, based on each individual case.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Additions | \u00a0 | \u00a0 |
| Property, plant and equipment | (41) | (39) |
| Software | (47) | (55) |
| \u00a0 | (88) | (94) |
| Disposals | \u00a0 | \u00a0 |
| Proceeds property, plant and equipment & Software | 4 | 1 |
| \u00a0 | 4 | 1 |
| Statement of cash flows | (84) | (93) |
| \u00a0 | client relationships | brand names | talent profiles | technology | total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 84 | 36 | 1 | 4 | 125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 77 | 30 | - | 91 | 198 |
| Amortization and impairment | (27) | (11) | (1) | (7) | (46) |
| Translation differences | (1) | (2) | - | - | (3) |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| Cost | 201 | 88 | - | 103 | 392 |
| Accumulated amortization and impairment | 68 | 35 | - | 15 | 118 |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 117 | 47 | 6 | 11 | 181 |
| Accumulated amortization and impairment | 25 | 6 | 3 | 3 | 37 |
| \u00a0 | 92 | 41 | 3 | 8 | 144 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 17 | 13 | - | - | 30 |
| Amortization and impairment | (23) | (17) | (3) | (4) | (47) |
| Translation differences | (2) | (1) | 1 | - | (2) |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
| Cost | 131 | 59 | 2 | 11 | 203 |
| Accumulated amortization and impairment | 47 | 23 | 1 | 7 | 78 |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
Acquisition-related intangible assets (client relationships (including franchise agreements), brand names, talent profiles and developed technology) that are acquired by the Group are stated at cost less accumulated amortization and impairment losses.
\nWhen an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects an amount that the entity would have paid for the asset in an arm's length transaction between knowledgeable and willing parties, based on the best information available. If the fair value cannot be measured reliably, the asset is not recognized as a separate intangible asset but is included in goodwill.
\nAmortization of acquisition-related intangible assets is charged to total operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. If the asset is fully amortized, the at-cost value is reversed against accumulated amortization.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nThe estimated useful life of client relationships is four to five years, of brand names two to five years, of talent profiles two to threeyears, and of technology five to six years.
\nTechnology relates to the software platforms acquired in acquisitions and in use as an integral part of our business activities.
\nImpairments, if any, can be the result of the asset no longer being able to generate future economic benefits or the annual impairment test of the cash-generating unit (or operating segment) to which the acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-652": { "value": "\n| \u00a0 | client relationships | brand names | talent profiles | technology | total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2024 | 84 | 36 | 1 | 4 | 125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Movements in 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 77 | 30 | - | 91 | 198 |
| Amortization and impairment | (27) | (11) | (1) | (7) | (46) |
| Translation differences | (1) | (2) | - | - | (3) |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| Cost | 201 | 88 | - | 103 | 392 |
| Accumulated amortization and impairment | 68 | 35 | - | 15 | 118 |
| Balance as at December 31, 2024 | 133 | 53 | - | 88 | 274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 117 | 47 | 6 | 11 | 181 |
| Accumulated amortization and impairment | 25 | 6 | 3 | 3 | 37 |
| \u00a0 | 92 | 41 | 3 | 8 | 144 |
| Movements in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Acquisition of subsidiaries | 17 | 13 | - | - | 30 |
| Amortization and impairment | (23) | (17) | (3) | (4) | (47) |
| Translation differences | (2) | (1) | 1 | - | (2) |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
| Cost | 131 | 59 | 2 | 11 | 203 |
| Accumulated amortization and impairment | 47 | 23 | 1 | 7 | 78 |
| Balance as at December 31, 2023 | 84 | 36 | 1 | 4 | 125 |
Acquisition-related intangible assets (client relationships (including franchise agreements), brand names, talent profiles and developed technology) that are acquired by the Group are stated at cost less accumulated amortization and impairment losses.
\nWhen an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects an amount that the entity would have paid for the asset in an arm's length transaction between knowledgeable and willing parties, based on the best information available. If the fair value cannot be measured reliably, the asset is not recognized as a separate intangible asset but is included in goodwill.
\nAmortization of acquisition-related intangible assets is charged to total operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. If the asset is fully amortized, the at-cost value is reversed against accumulated amortization.
\nThe residual values and useful lives are reviewed as at each balance sheet date and adjusted, if appropriate.
\nThe estimated useful life of client relationships is four to five years, of brand names two to five years, of talent profiles two to threeyears, and of technology five to six years.
\nTechnology relates to the software platforms acquired in acquisitions and in use as an integral part of our business activities.
\nImpairments, if any, can be the result of the asset no longer being able to generate future economic benefits or the annual impairment test of the cash-generating unit (or operating segment) to which the acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-656": { "value": "\nInvestments in financial assets are divided into various categories. Classification of these investments depends on the purposes for which the investments have been acquired. Management determines the classification at the time of the purchase and re-evaluates such designation at each subsequent balance sheet date.
\nPurchase and sale of financial assets are recognized on the settlement date, which is the date an asset is delivered to or by the Group. The cost of financial assets includes transaction costs.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loans and receivables | 166 | 139 |
| Equity investments | 30 | 36 |
| Derivative instruments | 10 | - |
| Financial assets | 206 | 175 |
For details on derivative instruments, refer to note 3.2.4.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loan at fair value through profit or loss | 31 | - |
| Housing loans | 133 | 135 |
| Other loans at amortized cost | 2 | - |
| Net investments in subleases | - | 4 |
| Loans and receivables | 166 | 139 |
Net investments in subleases comprise receivables originating from sublease contracts in respect of right-of-use buildings in which the Group is an intermediate lessor. These sublease contracts qualify as finance lease under IFRS 16.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value.
\nLoan at fair value through profit or loss originated as consideration for the disposal of Monster as a consolidated subsidiary and is receivable on the resulting associate. The amount and timing of repayment of this loan are dependent on the proceeds amount and timing of the sale of certain business units of the associate. This loan is denominated in USD and is secured by certain assets of the associate. It accrues interest at an annual rate of 10%, with interest payable at maturity.
\nAs at December 31, 2024, the fair value of this loan was \u20ac\u00a031 million (2023: nil) after a fair value adjustment of \u20ac\u00a086 million (2023: nil). The fair value adjustment of the loan was the result of our evaluation of the recoverability of this loan in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 113 | - |
| Redemptions | - | - |
| Changes in fair value | (86) | - |
| Accrued interest | - | - |
| Translation differences | 4 | - |
| Balance as at December 31 | 31 | - |
| Non-current part | 31 | - |
| Current part | - | - |
| Balance as at December 31 | 31 | - |
This loan is mandatorily measured at fair value through profit or loss. Any changes in fair value at the end of the reporting period are recorded to net finance costs.
\nThe Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of the asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Management exercised judgment when estimating the timing and amount of the repayment of the loan.
\nOther loans measured at amortized cost relate to two loans issued to CareerBuilder + Monster, an associate of the Group. This balance includes a loan receivable of $ 19 million issued as part of the consideration for the disposal of Monster as a consolidated subsidiary, as well as an additional cash loan of $ 20 million provided to the associate following the disposal. These loans are denominated in USD, have a five-year term, and are repayable in full by September 16, 2029. Partial early repayments are mandatory based on the free cash flows of the associate. The loans accrue interest at an annual rate of 10%, with interest payable at maturity. These loans are secured by certain assets of the associate.
\nAs at December 31, 2024 the book value of these loans was \u20ac\u00a02 million (2023: nil) after an allowance for expected credit losses of \u20ac\u00a035 million (2023: nil). The allowance on the loans was the result of our evaluation of the recoverability of these loans in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 35 | - |
| Redemptions | - | - |
| Allowance for expected credit losses | (35) | - |
| Accrued interest | 1 | - |
| Translation differences | 1 | - |
| Balance as at December 31 | 2 | - |
| Non-current part | 2 | - |
| Current part | - | - |
| Balance as at December 31 | 2 | - |
These loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nHousing loans represent loans that are granted by the Group's subsidiaries in France each year to French public housing agencies in relation to legal arrangements for payment of certain social security charges. These annual loans are interest-free and have a repayment term of 20 years each. These investments have an average remaining term of 11 years (2023: 11 years) and an effective interest rate of 2.5% (2023: 2.5%). The nominal value of these loans amounts to \u20ac\u00a0179 million (2023: \u20ac\u00a0175 million) and best represents the maximum exposure to credit risk. As at December 31, 2024, the fair value was approximately \u20ac\u00a05 million higher than the carrying amount (2023: \u20ac\u00a05 million lower).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 142 | 139 |
| Additions at fair value | 5 | 6 |
| Redemptions | (7) | (7) |
| Interest due to passage of time | 4 | 4 |
| Allowance for expected credit losses | (4) | - |
| Balance as at December 31 | 140 | 142 |
| Non-current part | 133 | 135 |
| Current part | 7 | 7 |
| Balance as at December 31 | 140 | 142 |
The difference between additions at nominal value of \u20ac\u00a010 million (2023: \u20ac\u00a011 million) and at fair value is recognized in cost of services, and amounts to \u20ac\u00a05 million (2023: \u20ac\u00a05 million).
\nThese loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nThe allowance for expected credit losses (ECL) is based on spread between the yield curve for government bonds and the interbank interest rates for all years from year 1 to year 20 (the length of the original yearly housing loans up to maturity). The Group did observe a change in risk compared to the prior year in respect of government bonds. As such allowance for expected credit losses has been included for these loans for an amount of \u20ac\u00a04 million.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 11 | 18 |
| Additions at fair value | 1 | - |
| Redemptions | (5) | (8) |
| Translation differences | (6) | 1 |
| Balance as at December 31 | 1 | 11 |
| Non-current part | - | 4 |
| Current part | 1 | 7 |
| Balance as at December 31 | 1 | 11 |
The Group subleases some of its right-of-use assets. In these instances, the Group is an intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and rewards incidental to the underlying right-of-use assets arising from the head lease have been transferred. Sublease contracts with the classification of financial leases are recognized as a net investment in sublease, which is presented as a financial asset. The carrying amount of the underlying right-of-use asset is derecognized. The net investments in subleases are measured at the present value of the (future) lease receipts, discounted using our incremental borrowing rate at commencement date of the sublease. Sublease contracts with the classification of operating leases result in sublease income being recognized periodically during the sub-rental period. Operating subleases have no impact on the right-of-use asset measurement.
\nThe maturity of net investments in subleases is set out in the table below, showing the undiscounted lease amounts to be received after the balance sheet date.
\nThe nominal value of the net investments in subleases amounts to \u20ac\u00a01 million (2023: \u20ac\u00a011 million), which best represents the maximum exposure to credit risk. As at December 31, 2024 and 2023, the carrying amount equaled the fair value.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| year 1 | 1 | 7 |
| year 2 -5 | - | 4 |
| Undiscounted lease amounts to be received | 1 | 11 |
| Unearned finance income | \u00a0 | - |
| Present value of lease amounts to be received | 1 | 11 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at December 31 | 1 | 11 |
The carrying amounts of loans and receivables are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount is impaired. If objective evidence exists that a financial asset or group of financial assets is impaired, the amount of the impairment loss is calculated as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets). The resulting impairment loss is immediately recognized in net finance costs.
\nAn impairment loss on financial assets is reversed if, in a subsequent period, the amount of the impairment loss decreases and this decrease can be related objectively to an event occurring after the impairment loss was recognized. Such reversal is immediately recognized in net finance costs.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-657": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loan at fair value through profit or loss | 31 | - |
| Housing loans | 133 | 135 |
| Other loans at amortized cost | 2 | - |
| Net investments in subleases | - | 4 |
| Loans and receivables | 166 | 139 |
Net investments in subleases comprise receivables originating from sublease contracts in respect of right-of-use buildings in which the Group is an intermediate lessor. These sublease contracts qualify as finance lease under IFRS 16.
\nThe Group does not hold any collateral as security, except on the loan receivable carried at fair value.
\nLoan at fair value through profit or loss originated as consideration for the disposal of Monster as a consolidated subsidiary and is receivable on the resulting associate. The amount and timing of repayment of this loan are dependent on the proceeds amount and timing of the sale of certain business units of the associate. This loan is denominated in USD and is secured by certain assets of the associate. It accrues interest at an annual rate of 10%, with interest payable at maturity.
\nAs at December 31, 2024, the fair value of this loan was \u20ac\u00a031 million (2023: nil) after a fair value adjustment of \u20ac\u00a086 million (2023: nil). The fair value adjustment of the loan was the result of our evaluation of the recoverability of this loan in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 113 | - |
| Redemptions | - | - |
| Changes in fair value | (86) | - |
| Accrued interest | - | - |
| Translation differences | 4 | - |
| Balance as at December 31 | 31 | - |
| Non-current part | 31 | - |
| Current part | - | - |
| Balance as at December 31 | 31 | - |
This loan is mandatorily measured at fair value through profit or loss. Any changes in fair value at the end of the reporting period are recorded to net finance costs.
\nThe Group determines the fair value of this loan by using a discounted cash flow valuation method. For the valuation of the asset, the Group uses inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy). Management exercised judgment when estimating the timing and amount of the repayment of the loan.
\nOther loans measured at amortized cost relate to two loans issued to CareerBuilder + Monster, an associate of the Group. This balance includes a loan receivable of $ 19 million issued as part of the consideration for the disposal of Monster as a consolidated subsidiary, as well as an additional cash loan of $ 20 million provided to the associate following the disposal. These loans are denominated in USD, have a five-year term, and are repayable in full by September 16, 2029. Partial early repayments are mandatory based on the free cash flows of the associate. The loans accrue interest at an annual rate of 10%, with interest payable at maturity. These loans are secured by certain assets of the associate.
\nAs at December 31, 2024 the book value of these loans was \u20ac\u00a02 million (2023: nil) after an allowance for expected credit losses of \u20ac\u00a035 million (2023: nil). The allowance on the loans was the result of our evaluation of the recoverability of these loans in light of the financial performance and outlook of the associate.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | - | - |
| Additions at fair value | 35 | - |
| Redemptions | - | - |
| Allowance for expected credit losses | (35) | - |
| Accrued interest | 1 | - |
| Translation differences | 1 | - |
| Balance as at December 31 | 2 | - |
| Non-current part | 2 | - |
| Current part | - | - |
| Balance as at December 31 | 2 | - |
These loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nHousing loans represent loans that are granted by the Group's subsidiaries in France each year to French public housing agencies in relation to legal arrangements for payment of certain social security charges. These annual loans are interest-free and have a repayment term of 20 years each. These investments have an average remaining term of 11 years (2023: 11 years) and an effective interest rate of 2.5% (2023: 2.5%). The nominal value of these loans amounts to \u20ac\u00a0179 million (2023: \u20ac\u00a0175 million) and best represents the maximum exposure to credit risk. As at December 31, 2024, the fair value was approximately \u20ac\u00a05 million higher than the carrying amount (2023: \u20ac\u00a05 million lower).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 142 | 139 |
| Additions at fair value | 5 | 6 |
| Redemptions | (7) | (7) |
| Interest due to passage of time | 4 | 4 |
| Allowance for expected credit losses | (4) | - |
| Balance as at December 31 | 140 | 142 |
| Non-current part | 133 | 135 |
| Current part | 7 | 7 |
| Balance as at December 31 | 140 | 142 |
The difference between additions at nominal value of \u20ac\u00a010 million (2023: \u20ac\u00a011 million) and at fair value is recognized in cost of services, and amounts to \u20ac\u00a05 million (2023: \u20ac\u00a05 million).
\nThese loans are initially recognized at fair value and subsequently measured at amortized cost, using the effective interest method less allowance for expected credit losses.
\nThe allowance for expected credit losses (ECL) is based on spread between the yield curve for government bonds and the interbank interest rates for all years from year 1 to year 20 (the length of the original yearly housing loans up to maturity). The Group did observe a change in risk compared to the prior year in respect of government bonds. As such allowance for expected credit losses has been included for these loans for an amount of \u20ac\u00a04 million.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 11 | 18 |
| Additions at fair value | 1 | - |
| Redemptions | (5) | (8) |
| Translation differences | (6) | 1 |
| Balance as at December 31 | 1 | 11 |
| Non-current part | - | 4 |
| Current part | 1 | 7 |
| Balance as at December 31 | 1 | 11 |
The Group subleases some of its right-of-use assets. In these instances, the Group is an intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and rewards incidental to the underlying right-of-use assets arising from the head lease have been transferred. Sublease contracts with the classification of financial leases are recognized as a net investment in sublease, which is presented as a financial asset. The carrying amount of the underlying right-of-use asset is derecognized. The net investments in subleases are measured at the present value of the (future) lease receipts, discounted using our incremental borrowing rate at commencement date of the sublease. Sublease contracts with the classification of operating leases result in sublease income being recognized periodically during the sub-rental period. Operating subleases have no impact on the right-of-use asset measurement.
\nThe maturity of net investments in subleases is set out in the table below, showing the undiscounted lease amounts to be received after the balance sheet date.
\nThe nominal value of the net investments in subleases amounts to \u20ac\u00a01 million (2023: \u20ac\u00a011 million), which best represents the maximum exposure to credit risk. As at December 31, 2024 and 2023, the carrying amount equaled the fair value.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| year 1 | 1 | 7 |
| year 2 -5 | - | 4 |
| Undiscounted lease amounts to be received | 1 | 11 |
| Unearned finance income | \u00a0 | - |
| Present value of lease amounts to be received | 1 | 11 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at December 31 | 1 | 11 |
The carrying amounts of loans and receivables are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount is impaired. If objective evidence exists that a financial asset or group of financial assets is impaired, the amount of the impairment loss is calculated as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets). The resulting impairment loss is immediately recognized in net finance costs.
\nAn impairment loss on financial assets is reversed if, in a subsequent period, the amount of the impairment loss decreases and this decrease can be related objectively to an event occurring after the impairment loss was recognized. Such reversal is immediately recognized in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-661": { "value": "\nThe carrying amounts of loans and receivables are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount is impaired. If objective evidence exists that a financial asset or group of financial assets is impaired, the amount of the impairment loss is calculated as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets). The resulting impairment loss is immediately recognized in net finance costs.
\nAn impairment loss on financial assets is reversed if, in a subsequent period, the amount of the impairment loss decreases and this decrease can be related objectively to an event occurring after the impairment loss was recognized. Such reversal is immediately recognized in net finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-662": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-663": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-664": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 36 | 38 |
| Fair value adjustments | (6) | 2 |
| Additions | 2 | 2 |
| Disposals | (2) | (6) |
| Balance as at December 31 | 30 | 36 |
Equity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
\nThe fair value of the investments has decreased by \u20ac6 million (2023: increased by \u20ac\u00a02 million). This was based on share transactions and other market information. During the year 2024, the Group divested some of its minority participations. These divestments had a carrying amount of \u20ac\u00a02 million (2023: \u20ac\u00a06 million).
\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in CareerBuilder + Monster, the newly formed associate. The deferred gain that resulted from the disposal of Monster was applied against the investment in associate resulting in additions to associates of nil. For more details, refer to note 11.2.
\nAs at December 31, 2024, the Group had investments in associates of \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The total assets and liabilities of CareerBuilder + Monster amounted to approximately \u20ac\u00a0289 million and \u20ac\u00a0294 million, respectively, as at December 31, 2024 (2023: nil). Total revenue in 2024 since the inception of the associate amounted to \u20ac\u00a059 million (2023: nil).
\nThe total assets and liabilities of all other associates amounted to approximately \u20ac\u00a08 million and \u20ac\u00a02 million, respectively, as at December 31, 2024 (2023: \u20ac\u00a09 million and \u20ac\u00a02 million respectively). Total revenue in 2024 amounted to \u20ac\u00a034 million (2023: \u20ac\u00a042 million).
\nOur share in profit was nil in 2024 (2023: \u20ac\u00a01 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 3 | 3 |
| Share in profit | - | 1 |
| Dividend | - | - |
| Translation differences | - | (1) |
| Balance as at December 31 | 3 | 3 |
Associates are companies over which the Group has significant influence, but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
\nInvestments in associates are accounted for using the equity method and are initially recognized at cost. The Group's investment in associates includes goodwill on acquisition, net of any accumulated impairment losses.
\nThe Group's share of the post-acquisition profits and losses of the associates is recognized as share in results of associates, and its share of post-acquisition movements in other comprehensive income of the associates is recognized in other comprehensive income, with a corresponding effect on the carrying amount of the associate.
\nDownstream transactions with associates are recognized in profit or loss up the unrelated investors' percentage ownership in the associate. The remainder gain or loss of the downstream transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-666": { "value": "\nEquity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-667": { "value": "\nEquity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-668": { "value": "\nEquity investments are minority participations in early-stage to expansion-stage companies that are considered strategically relevant to Randstad. The typical investment amounts range between \u20ac\u00a02 million and \u20ac\u00a05 million. The Group has no significant influence over these investments. These investments are qualified as \"fair-value through other comprehensive income\" investments, and if no reliable fair-value measurements are available, valued at cost. All investments are in principle considered non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-669": { "value": "\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in CareerBuilder + Monster, the newly formed associate. The deferred gain that resulted from the disposal of Monster was applied against the investment in associate resulting in additions to associates of nil. For more details, refer to note 11.2.
\nAs at December 31, 2024, the Group had investments in associates of \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The total assets and liabilities of CareerBuilder + Monster amounted to approximately \u20ac\u00a0289 million and \u20ac\u00a0294 million, respectively, as at December 31, 2024 (2023: nil). Total revenue in 2024 since the inception of the associate amounted to \u20ac\u00a059 million (2023: nil).
\nThe total assets and liabilities of all other associates amounted to approximately \u20ac\u00a08 million and \u20ac\u00a02 million, respectively, as at December 31, 2024 (2023: \u20ac\u00a09 million and \u20ac\u00a02 million respectively). Total revenue in 2024 amounted to \u20ac\u00a034 million (2023: \u20ac\u00a042 million).
\nOur share in profit was nil in 2024 (2023: \u20ac\u00a01 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 3 | 3 |
| Share in profit | - | 1 |
| Dividend | - | - |
| Translation differences | - | (1) |
| Balance as at December 31 | 3 | 3 |
Associates are companies over which the Group has significant influence, but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
\nInvestments in associates are accounted for using the equity method and are initially recognized at cost. The Group's investment in associates includes goodwill on acquisition, net of any accumulated impairment losses.
\nThe Group's share of the post-acquisition profits and losses of the associates is recognized as share in results of associates, and its share of post-acquisition movements in other comprehensive income of the associates is recognized in other comprehensive income, with a corresponding effect on the carrying amount of the associate.
\nDownstream transactions with associates are recognized in profit or loss up the unrelated investors' percentage ownership in the associate. The remainder gain or loss of the downstream transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-671": { "value": "\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in CareerBuilder + Monster, the newly formed associate. The deferred gain that resulted from the disposal of Monster was applied against the investment in associate resulting in additions to associates of nil. For more details, refer to note 11.2.
\nAs at December 31, 2024, the Group had investments in associates of \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The total assets and liabilities of CareerBuilder + Monster amounted to approximately \u20ac\u00a0289 million and \u20ac\u00a0294 million, respectively, as at December 31, 2024 (2023: nil). Total revenue in 2024 since the inception of the associate amounted to \u20ac\u00a059 million (2023: nil).
\nThe total assets and liabilities of all other associates amounted to approximately \u20ac\u00a08 million and \u20ac\u00a02 million, respectively, as at December 31, 2024 (2023: \u20ac\u00a09 million and \u20ac\u00a02 million respectively). Total revenue in 2024 amounted to \u20ac\u00a034 million (2023: \u20ac\u00a042 million).
\nOur share in profit was nil in 2024 (2023: \u20ac\u00a01 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 3 | 3 |
| Share in profit | - | 1 |
| Dividend | - | - |
| Translation differences | - | (1) |
| Balance as at December 31 | 3 | 3 |
Associates are companies over which the Group has significant influence, but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
\nInvestments in associates are accounted for using the equity method and are initially recognized at cost. The Group's investment in associates includes goodwill on acquisition, net of any accumulated impairment losses.
\nThe Group's share of the post-acquisition profits and losses of the associates is recognized as share in results of associates, and its share of post-acquisition movements in other comprehensive income of the associates is recognized in other comprehensive income, with a corresponding effect on the carrying amount of the associate.
\nDownstream transactions with associates are recognized in profit or loss up the unrelated investors' percentage ownership in the associate. The remainder gain or loss of the downstream transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-672": { "value": "\nOn September 16, 2024, the Group completed the formation of an associate combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo. The Group obtained a non-controlling minority stake (49%) in CareerBuilder + Monster, the newly formed associate. The deferred gain that resulted from the disposal of Monster was applied against the investment in associate resulting in additions to associates of nil. For more details, refer to note 11.2.
\nAs at December 31, 2024, the Group had investments in associates of \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The total assets and liabilities of CareerBuilder + Monster amounted to approximately \u20ac\u00a0289 million and \u20ac\u00a0294 million, respectively, as at December 31, 2024 (2023: nil). Total revenue in 2024 since the inception of the associate amounted to \u20ac\u00a059 million (2023: nil).
\nThe total assets and liabilities of all other associates amounted to approximately \u20ac\u00a08 million and \u20ac\u00a02 million, respectively, as at December 31, 2024 (2023: \u20ac\u00a09 million and \u20ac\u00a02 million respectively). Total revenue in 2024 amounted to \u20ac\u00a034 million (2023: \u20ac\u00a042 million).
\nOur share in profit was nil in 2024 (2023: \u20ac\u00a01 million).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 3 | 3 |
| Share in profit | - | 1 |
| Dividend | - | - |
| Translation differences | - | (1) |
| Balance as at December 31 | 3 | 3 |
Associates are companies over which the Group has significant influence, but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
\nInvestments in associates are accounted for using the equity method and are initially recognized at cost. The Group's investment in associates includes goodwill on acquisition, net of any accumulated impairment losses.
\nThe Group's share of the post-acquisition profits and losses of the associates is recognized as share in results of associates, and its share of post-acquisition movements in other comprehensive income of the associates is recognized in other comprehensive income, with a corresponding effect on the carrying amount of the associate.
\nDownstream transactions with associates are recognized in profit or loss up the unrelated investors' percentage ownership in the associate. The remainder gain or loss of the downstream transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-673": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
\nAt year-end, share premium consists of \u20ac\u00a02,087 million share premium on ordinary shares (2023: \u20ac\u00a02,060 million) and \u20ac\u00a0298 million share premium on preference shares (2023: \u20ac\u00a0298 million).
\nStichting Randstad Optiefonds, in its capacity of shareholder of the company, has delivered 590,901 Randstad shares to the company by way of share contribution amounting to \u20ac\u00a027 million (2023: \u20ac\u00a028 million). These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe translation reserve comprises all translation differences arising from the translation of the net investment in activities in currencies other than the euro, as well as translation differences of financial liabilities designated as hedges of such investments, to the extent that the hedge is effective. Such translation differences are recognized initially in other comprehensive income and presented in this separate component of shareholders' equity. If the net investment is disposed of, these translation differences are recognized in the statement of comprehensive income. The translation reserve also includes the tax effect on translation differences.
\nThe share-based compensations reserve comprises the value of vested rights in respect of share-based compensation arrangements as far as stock options have not been exercised or performance shares have not been allocated.
\nThe company has various share-based compensation arrangements. Additional information about these arrangements is given in note 29. The income statement includes an amount of \u20ac\u00a060 million (2023: \u20ac\u00a059 million) for share-based compensations.
\nAt year-end 2024, 2.0 million performance shares (2023: 1.7 million performance shares) are outstanding. Upon exercise of stock options or allocation of performance shares, this will lead to the issuance of the same number of new ordinary shares or the re-issue of treasury shares.
\nThe employee benefits reserve comprises the cumulative remeasurements of post-employment benefit obligations. The amounts are net of corporate taxes.
\nSee note 8 to the company financial statements for the restrictions on the distribution of dividends and the repayment of capital.
\nAdditional information about shareholders' equity is included in the consolidated statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-674": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-675": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-676": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-677": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-678": { "value": "\nAuthorized capital is \u20ac\u00a0106 million (2023: \u20ac\u00a0106 million) and consists of 350,000,000 (2023: 350,000,000) ordinary shares with a nominal value of \u20ac\u00a00.10, a further 106,000 (2023: 106,000) type-A preference shares with a nominal value of \u20ac\u00a0500, 30,000,000 (2023: 30,000,000) type-B preference shares with a nominal value of \u20ac\u00a00.10, and 150,000,000 (2023: 150,000,000) type-C preference shares with a nominal value of \u20ac\u00a00.10.
\nAt year-end, issued share capital consists of 180,869,312 ordinary shares (2023: 180,869.312), 25,200,000 type-B preference shares (2023: 25,200,000), and 50,130,352 (2023: 50,130,352) type-C preference shares.
\nFor information regarding the rights, preferences and restrictions on each type of share, see 'voting rights' under corporate governance .
\nThe current conditions of the preference shares are such that the holders of these shares receive a dividend at the company's discretion, which dividend is preferred and cumulative, and that the voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac\u00a025 capital payment for type-C preference shares, resulting in 0.1117 vote per share on average.
\nThe dividend on preference shares type-B and type-C is reviewed every seven years. In November 2019, the dividend on type B and type C was reset. The dividend for preference shares type B was set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of the capital contribution. The next review of the dividend will take place in November 2026. Only the Executive Board can propose to the Annual General Meeting of Shareholders to decide that preference shares be repaid.
\n| \u00a0 | 2024 | 2023 | ||
|---|---|---|---|---|
| ordinary shares | preference shares | ordinary shares | preference shares | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| January 1 | 180,869 | 75,330 | 183,959 | 75,330 |
| Cancellation ordinary shares | - | - | -3,090 | - |
| December 31 | 180,869 | 75,330 | 180,869 | 75,330 |
(x 1,000)
Ordinary and preference shares are classified as equity. The distribution of the dividend on ordinary and preference shares is recognized as a liability in the period in which these dividends are adopted by the company's shareholders. In 2024 we had no cancellation (2023: 3,090,000) of shares related to the purchase of ordinary shares under the share buyback program.
\nOn the issue of new shares, or on the extension of the term of preference shares outstanding, the proceeds less directly attributable costs are recognized in shareholders' equity within issued capital and, if applicable, within share premium.
\nOn the purchase of ordinary shares included in shareholders' equity, the consideration paid, including directly attributable costs, is recorded as a change in shareholders' equity. Purchased ordinary shares are classified as treasury shares and presented as a deduction from shareholders' equity under reserves.
\nOn the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are recognized under treasury shares for the original consideration paid; the remainder is recognized as a change in retained earnings.
\nAs at December 31, 2024, the company held 5,725,965 treasury shares (December 31, 2023: 2,850,392). These\u00a0treasury shares\u00a0relate to the last third tranche of the share buyback program that started in 2023 and share repurchases related to the performance share plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-679": { "value": "\n| \u00a0 | dividend related to | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ordinary shares | \u00a0 | \u00a0 | \u00a0 |
| Dividend paid during 2023 | \u00a0 | \u00a0 | 522 |
| Dividend paid during 2024 | \u00a0 | 627 | \u00a0 |
| Dividend 2024 proposed | 284 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Preference shares | \u00a0 | \u00a0 | \u00a0 |
| Dividend paid during 2023 | \u00a0 | \u00a0 | 8 |
| Dividend paid during 2024 | \u00a0 | 8 | \u00a0 |
| Dividend 2024 proposed | 8 | \u00a0 | \u00a0 |
| Statement of cash flows | 292 | 635 | 530 |
At the Annual General Meeting of Shareholders, to be held on March 26, 2025, the Executive Board, with the approval of the Supervisory Board, will propose, in line with our dividend policy, that a cash dividend of \u20ac\u00a01.62 per ordinary share be paid for the year 2024 (2023: \u20ac\u00a03.55). The dividend of \u20ac\u00a01.62 per ordinary share consist of a regular floor dividend. This equates to 70% of basic underlying adjusted net profit and is line with our current policy when the floor of \u20ac\u00a01.62 temporarily exceeds the 40-50% payout-ratio. For preference shares B and C, it will be proposed by the Executive Board, with the approval of the Supervisory Board, that a dividend of \u20ac\u00a03.3 million and \u20ac\u00a04.9 million be paid, respectively. The difference of \u20ac\u00a0169 million between the dividend proposed (\u20ac\u00a0292 million) and net income for the year (\u20ac\u00a0123 million) will be deducted from retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-529": { "value": "3.55", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ixv-681": { "value": "\nIn 2024 and 2023, no transactions took place with non-controlling interests without a change of control.
\nNon-controlling interests represent the net assets not held by the Group and are presented within total equity in the consolidated balance sheet as a separate category. Profit or loss and each component of other comprehensive income are attributed to the equity holders and to the non-controlling interests.
\nThe Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the net assets is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity as long as control of the subsidiary is maintained.
\nAdditional information about non-controlling interests is included in the consolidated statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-682": { "value": "\nIn 2024 and 2023, no transactions took place with non-controlling interests without a change of control.
\nNon-controlling interests represent the net assets not held by the Group and are presented within total equity in the consolidated balance sheet as a separate category. Profit or loss and each component of other comprehensive income are attributed to the equity holders and to the non-controlling interests.
\nThe Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the net assets is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity as long as control of the subsidiary is maintained.
\nAdditional information about non-controlling interests is included in the consolidated statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-684": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current service cost, total | 50 | 48 |
| Past service cost, total | 6 | 37 |
| Contributions, employees | (10) | (11) |
| Current service cost net, charged to operating profit | 46 | 74 |
| Interest expense due to passage of time | 14 | 13 |
| Interest income due to passage of time | (9) | (11) |
| Charged to net finance costs | 5 | 2 |
| Net remeasurement gains/losses charged to other comprehensive income | (19) | 31 |
| Charged to comprehensive income | 32 | 107 |
The discount rates used to calculate employee benefit obligations are in the following ranges:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Defined benefit pension plans | 1.0% - 3.6% | 1.3% - 4.2% |
| Other post-employment benefits | 3.1% - 6.6% | 3.0% - 7.0% |
| Other long-term employee benefits | 2.1% - 2.3% | 3.1% - 3.8% |
The obligations regarding other post-employment benefits and other long-term employee benefits are unfunded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-687": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 7 | 7 |
| Changes in value | 18 | 1 |
| Deferred compensations from acquired subsidiaries/activities | 1 | - |
| Deferred gains on disposal | 2 | - |
| Considerations paid in respect of acquisitions in preceding years | (7) | (1) |
| Interest due to passage of time | - | \u00a0 |
| Translation differences | 2 | - |
| Balance as at December 31 | 23 | 7 |
| Non-current part | 3 | - |
| Current part | 20 | 7 |
| Balance as at December 31 | 23 | 7 |
Other liabilities comprise deferred payments and financial commitments.
\nFinancial commitments relate to future payments that the Group has committed to making for which there are no economic benefits that are expected to flow to the Group. These commitments are recognized at the moment that the Group determines that no economic benefits will arise and the related expense is recorded to net finance costs.
\nDeferred payments (including earn-out arrangements) relate to business combinations. The initial amount of the earn-out liability is calculated based on the provisional purchase price allocation at the moment of acquisition. Any changes in the earn-out liability are included as adjustments to goodwill at the moment of the final purchase price allocation, performed at one year after acquisition. Should earn-out arrangements have a longer term than one year after the acquisition date, differences upon settlement between the actual cash outflow and the expected cash outflow, are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-688": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 7 | 7 |
| Changes in value | 18 | 1 |
| Deferred compensations from acquired subsidiaries/activities | 1 | - |
| Deferred gains on disposal | 2 | - |
| Considerations paid in respect of acquisitions in preceding years | (7) | (1) |
| Interest due to passage of time | - | \u00a0 |
| Translation differences | 2 | - |
| Balance as at December 31 | 23 | 7 |
| Non-current part | 3 | - |
| Current part | 20 | 7 |
| Balance as at December 31 | 23 | 7 |
Other liabilities comprise deferred payments and financial commitments.
\nFinancial commitments relate to future payments that the Group has committed to making for which there are no economic benefits that are expected to flow to the Group. These commitments are recognized at the moment that the Group determines that no economic benefits will arise and the related expense is recorded to net finance costs.
\nDeferred payments (including earn-out arrangements) relate to business combinations. The initial amount of the earn-out liability is calculated based on the provisional purchase price allocation at the moment of acquisition. Any changes in the earn-out liability are included as adjustments to goodwill at the moment of the final purchase price allocation, performed at one year after acquisition. Should earn-out arrangements have a longer term than one year after the acquisition date, differences upon settlement between the actual cash outflow and the expected cash outflow, are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-689": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 7 | 7 |
| Changes in value | 18 | 1 |
| Deferred compensations from acquired subsidiaries/activities | 1 | - |
| Deferred gains on disposal | 2 | - |
| Considerations paid in respect of acquisitions in preceding years | (7) | (1) |
| Interest due to passage of time | - | \u00a0 |
| Translation differences | 2 | - |
| Balance as at December 31 | 23 | 7 |
| Non-current part | 3 | - |
| Current part | 20 | 7 |
| Balance as at December 31 | 23 | 7 |
Other liabilities comprise deferred payments and financial commitments.
\nFinancial commitments relate to future payments that the Group has committed to making for which there are no economic benefits that are expected to flow to the Group. These commitments are recognized at the moment that the Group determines that no economic benefits will arise and the related expense is recorded to net finance costs.
\nDeferred payments (including earn-out arrangements) relate to business combinations. The initial amount of the earn-out liability is calculated based on the provisional purchase price allocation at the moment of acquisition. Any changes in the earn-out liability are included as adjustments to goodwill at the moment of the final purchase price allocation, performed at one year after acquisition. Should earn-out arrangements have a longer term than one year after the acquisition date, differences upon settlement between the actual cash outflow and the expected cash outflow, are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-690": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Balance as at January 1 | 7 | 7 |
| Changes in value | 18 | 1 |
| Deferred compensations from acquired subsidiaries/activities | 1 | - |
| Deferred gains on disposal | 2 | - |
| Considerations paid in respect of acquisitions in preceding years | (7) | (1) |
| Interest due to passage of time | - | \u00a0 |
| Translation differences | 2 | - |
| Balance as at December 31 | 23 | 7 |
| Non-current part | 3 | - |
| Current part | 20 | 7 |
| Balance as at December 31 | 23 | 7 |
Other liabilities comprise deferred payments and financial commitments.
\nFinancial commitments relate to future payments that the Group has committed to making for which there are no economic benefits that are expected to flow to the Group. These commitments are recognized at the moment that the Group determines that no economic benefits will arise and the related expense is recorded to net finance costs.
\nDeferred payments (including earn-out arrangements) relate to business combinations. The initial amount of the earn-out liability is calculated based on the provisional purchase price allocation at the moment of acquisition. Any changes in the earn-out liability are included as adjustments to goodwill at the moment of the final purchase price allocation, performed at one year after acquisition. Should earn-out arrangements have a longer term than one year after the acquisition date, differences upon settlement between the actual cash outflow and the expected cash outflow, are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-691": { "value": "\nTrade and other payables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 935 | 836 |
| Other taxes and social insurance charges | 1,051 | 1,090 |
| Pension contributions | 30 | 25 |
| Wages, salaries and other personnel costs | 1,574 | 1,639 |
| Other accruals | 621 | 620 |
| Deferred income | 62 | 79 |
| \u00a0 | 4,273 | 4,289 |
Trade and other payables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 935 | 836 |
| Other taxes and social insurance charges | 1,051 | 1,090 |
| Pension contributions | 30 | 25 |
| Wages, salaries and other personnel costs | 1,574 | 1,639 |
| Other accruals | 621 | 620 |
| Deferred income | 62 | 79 |
| \u00a0 | 4,273 | 4,289 |
Trade and other payables are initially stated at fair value. Subsequent measurement is at amortized cost, using the effective interest method.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 935 | 836 |
| Other taxes and social insurance charges | 1,051 | 1,090 |
| Pension contributions | 30 | 25 |
| Wages, salaries and other personnel costs | 1,574 | 1,639 |
| Other accruals | 621 | 620 |
| Deferred income | 62 | 79 |
| \u00a0 | 4,273 | 4,289 |
The statement of cash flows has been prepared applying the indirect method.
\nCash flows in foreign currencies have been translated, in principle, at average exchange rates; certain material (mainly financing) transactions are translated at the exchange rate at the day of translation. Exchange differences concerning cash items are shown separately in the statement of cash flows. Income taxes paid/received are included in the cash flow from operating activities. Finance income received, finance expenses paid and dividends paid are included in the cash flow from financing activities.
\nThe purchase price of acquisitions paid, as well as the selling price of disposed subsidiaries received, is included in cash flow from investing activities. This purchase price paid, as well as the selling price received, are included in the statement of cash flows net of debt and cash acquired or disposed of. Changes in assets and liabilities resulting from the acquisition and disposal of subsidiaries are taken into account in the calculation of the consolidated cash flows.
\nThe majority of the items in the consolidated statement of cash flows are individually cross-referenced to the relevant notes to the consolidated statement of comprehensive income and the consolidated statement of financial position. For the remainder of the material items, the reconciliation between amounts as included in the consolidated statement of cash flows and related amounts in the consolidated statement of comprehensive income and the consolidated statement of financial position is shown in this note.
\nOperating working capital includes current assets, excluding cash and cash equivalents, current income tax receivables, current part of loans and receivables, current part of net investments in subleases and the net plan assets defined benefit pension plan; minus current liabilities, excluding current borrowings, current income tax liabilities and the current part of provisions, of employee benefit obligations, of other liabilities and of lease liabilities. Interest receivable and payable are also excluded in order to align the presentation of the movements in these items, which are presented under net cash flow from financing activities.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Current liabilities | (4,795) | (5,226) |
| Working capital | 1,259 | 592 |
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Adjusted for: | \u00a0 | \u00a0 |
| Cash and cash equivalents | (357) | (261) |
| Current income tax receivables | (210) | (153) |
| Trade and other receivables | 5,487 | 5,404 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables | (7) | (7) |
| Current part of net investments in sublease | (1) | (7) |
| Interest receivable | (5) | (5) |
| Net plan assets defined benefit pension plan | (2) | (2) |
| Operating working capital assets | 5,472 | 5,383 |
| \u00a0 | \u00a0 | \u00a0 |
| Current liabilities | (4,795) | (5,226) |
| Adjusted for: | \u00a0 | \u00a0 |
| Current borrowings | 71 | 493 |
| Current part of lease liabilities | 180 | 203 |
| Current income tax liabilities | 62 | 63 |
| Current part of provisions | 133 | 121 |
| Current part of employee benefit obligations | 56 | 50 |
| Current other liabilities | 20 | 7 |
| Trade and other payables | (4,273) | (4,289) |
| Adjusted for: | \u00a0 | \u00a0 |
| Dividend payable | - | 6 |
| Interest payable | 8 | 11 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital assets | 5,472 | 5,383 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital | 1,207 | 1,105 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other receivables as at January 1 | 5,404 | 5,828 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables, and net plan assets | (16) | (17) |
| Interest receivable | (5) | (4) |
| Operating working capital assets as at January 1 | 5,383 | 5,807 |
| Acquisition of subsidiaries | 18 | 59 |
| Disposal of subsidiaries | (49) | - |
| Translation gains/(losses) | 50 | (86) |
| Statement of cash flows | 70 | (397) |
| Operating working capital assets as at December 31 | 5,472 | 5,383 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other payables as at January 1 | 4,289 | 4,576 |
| Adjusted for: | \u00a0 | \u00a0 |
| Interest payable | (11) | (8) |
| Operating working capital liabilities as at January 1 | 4,278 | 4,568 |
| Acquisition of subsidiaries | 19 | 65 |
| Disposal of subsidiaries | (81) | - |
| Translation losses/(gains) | 68 | (70) |
| Statement of cash flows | (19) | (285) |
| Operating working capital liabilities as at December 31 | 4,265 | 4,278 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loans | 5 | 5 |
| Net result of net investments in subleases | (1) | - |
| Net result of remeasurements of right-of-use assets and lease liabilities | (5) | - |
| Non-cash | (1) | 5 |
| \u00a0 | \u00a0 | \u00a0 |
| Collections of net investments in subleases | 6 | 8 |
| Cash | 6 | 8 |
| \u00a0 | \u00a0 | \u00a0 |
| Statement of cash flows | 5 | 13 |
Corporate income taxes paid in North America are relatively low compared to last year as a result of the US being in a tax loss position in 2024. In the Netherlands the decrease in 2024 was mainly caused by lower payments as result of lower taxable result. The payments in 2024 were higher than expected as these were made based on older-year tax assessment, while the taxable result for the year resulted being lower than expected. Germany's 2023 figures include refunds related to prior years. The increase in other NE countries is explained mainly by refunds received in Sweden in 2023 related to the prior year. In France the payments related to 2024 were in line with prior year related payments. France recorded lower taxable results compared to 2023, however we do not see a significant deviation as in 2023 France made used of almost all tax loss carry forward positions. In Italy, the decrease is mainly explained by payments made in 2023 related to the prior year.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| North America | 3 | 14 |
| Netherlands/Corporate | 40 | 64 |
| Germany | 2 | (3) |
| Belgium & Luxembourg | 291 | 301 |
| Other NE countries | 23 | 18 |
| Northern Europe | 94 | 109 |
| France | 28 | 30 |
| Italy | 37 | 44 |
| Iberia | 17 | 17 |
| Other SE Countries, UK & Latam | 2 | 2 |
| Southern Europe, UK & Latin America | 84 | 93 |
| Asia Pacific | 38 | 40 |
| Total | 219 | 256 |
Free cash flow comprises net cash from operating and investing activities, excluding the cash flows from the acquisition and disposal of subsidiaries/activities, of equity investments, and of associates, as well as the dividends from associates. Repayment of lease liabilities is also deducted in order to arrive at free cash flow.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net cash flow from operating activities | 649 | 1,194 |
| Net cash flow from investing activities | (518) | (147) |
| \u00a0 | 131 | 1,047 |
| Acquisition of subsidiaries, equity investments and associates | 381 | 56 |
| Disposal of subsidiaries, equity investments and associates | 32 | (6) |
| \u00a0 | 544 | 1,097 |
| Repayment of lease liabilities | (225) | (214) |
| Free cash flow | 319 | 883 |
The statement of cash flows has been prepared applying the indirect method.
\nCash flows in foreign currencies have been translated, in principle, at average exchange rates; certain material (mainly financing) transactions are translated at the exchange rate at the day of translation. Exchange differences concerning cash items are shown separately in the statement of cash flows. Income taxes paid/received are included in the cash flow from operating activities. Finance income received, finance expenses paid and dividends paid are included in the cash flow from financing activities.
\nThe purchase price of acquisitions paid, as well as the selling price of disposed subsidiaries received, is included in cash flow from investing activities. This purchase price paid, as well as the selling price received, are included in the statement of cash flows net of debt and cash acquired or disposed of. Changes in assets and liabilities resulting from the acquisition and disposal of subsidiaries are taken into account in the calculation of the consolidated cash flows.
\nThe majority of the items in the consolidated statement of cash flows are individually cross-referenced to the relevant notes to the consolidated statement of comprehensive income and the consolidated statement of financial position. For the remainder of the material items, the reconciliation between amounts as included in the consolidated statement of cash flows and related amounts in the consolidated statement of comprehensive income and the consolidated statement of financial position is shown in this note.
\nOperating working capital includes current assets, excluding cash and cash equivalents, current income tax receivables, current part of loans and receivables, current part of net investments in subleases and the net plan assets defined benefit pension plan; minus current liabilities, excluding current borrowings, current income tax liabilities and the current part of provisions, of employee benefit obligations, of other liabilities and of lease liabilities. Interest receivable and payable are also excluded in order to align the presentation of the movements in these items, which are presented under net cash flow from financing activities.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Current liabilities | (4,795) | (5,226) |
| Working capital | 1,259 | 592 |
| \u00a0 | \u00a0 | \u00a0 |
| Current assets | 6,054 | 5,818 |
| Adjusted for: | \u00a0 | \u00a0 |
| Cash and cash equivalents | (357) | (261) |
| Current income tax receivables | (210) | (153) |
| Trade and other receivables | 5,487 | 5,404 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables | (7) | (7) |
| Current part of net investments in sublease | (1) | (7) |
| Interest receivable | (5) | (5) |
| Net plan assets defined benefit pension plan | (2) | (2) |
| Operating working capital assets | 5,472 | 5,383 |
| \u00a0 | \u00a0 | \u00a0 |
| Current liabilities | (4,795) | (5,226) |
| Adjusted for: | \u00a0 | \u00a0 |
| Current borrowings | 71 | 493 |
| Current part of lease liabilities | 180 | 203 |
| Current income tax liabilities | 62 | 63 |
| Current part of provisions | 133 | 121 |
| Current part of employee benefit obligations | 56 | 50 |
| Current other liabilities | 20 | 7 |
| Trade and other payables | (4,273) | (4,289) |
| Adjusted for: | \u00a0 | \u00a0 |
| Dividend payable | - | 6 |
| Interest payable | 8 | 11 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital assets | 5,472 | 5,383 |
| Operating working capital liabilities | (4,265) | (4,278) |
| Operating working capital | 1,207 | 1,105 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other receivables as at January 1 | 5,404 | 5,828 |
| Adjusted for: | \u00a0 | \u00a0 |
| Current part of loans and receivables, and net plan assets | (16) | (17) |
| Interest receivable | (5) | (4) |
| Operating working capital assets as at January 1 | 5,383 | 5,807 |
| Acquisition of subsidiaries | 18 | 59 |
| Disposal of subsidiaries | (49) | - |
| Translation gains/(losses) | 50 | (86) |
| Statement of cash flows | 70 | (397) |
| Operating working capital assets as at December 31 | 5,472 | 5,383 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Trade and other payables as at January 1 | 4,289 | 4,576 |
| Adjusted for: | \u00a0 | \u00a0 |
| Interest payable | (11) | (8) |
| Operating working capital liabilities as at January 1 | 4,278 | 4,568 |
| Acquisition of subsidiaries | 19 | 65 |
| Disposal of subsidiaries | (81) | - |
| Translation losses/(gains) | 68 | (70) |
| Statement of cash flows | (19) | (285) |
| Operating working capital liabilities as at December 31 | 4,265 | 4,278 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Loans | 5 | 5 |
| Net result of net investments in subleases | (1) | - |
| Net result of remeasurements of right-of-use assets and lease liabilities | (5) | - |
| Non-cash | (1) | 5 |
| \u00a0 | \u00a0 | \u00a0 |
| Collections of net investments in subleases | 6 | 8 |
| Cash | 6 | 8 |
| \u00a0 | \u00a0 | \u00a0 |
| Statement of cash flows | 5 | 13 |
Corporate income taxes paid in North America are relatively low compared to last year as a result of the US being in a tax loss position in 2024. In the Netherlands the decrease in 2024 was mainly caused by lower payments as result of lower taxable result. The payments in 2024 were higher than expected as these were made based on older-year tax assessment, while the taxable result for the year resulted being lower than expected. Germany's 2023 figures include refunds related to prior years. The increase in other NE countries is explained mainly by refunds received in Sweden in 2023 related to the prior year. In France the payments related to 2024 were in line with prior year related payments. France recorded lower taxable results compared to 2023, however we do not see a significant deviation as in 2023 France made used of almost all tax loss carry forward positions. In Italy, the decrease is mainly explained by payments made in 2023 related to the prior year.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| North America | 3 | 14 |
| Netherlands/Corporate | 40 | 64 |
| Germany | 2 | (3) |
| Belgium & Luxembourg | 291 | 301 |
| Other NE countries | 23 | 18 |
| Northern Europe | 94 | 109 |
| France | 28 | 30 |
| Italy | 37 | 44 |
| Iberia | 17 | 17 |
| Other SE Countries, UK & Latam | 2 | 2 |
| Southern Europe, UK & Latin America | 84 | 93 |
| Asia Pacific | 38 | 40 |
| Total | 219 | 256 |
Free cash flow comprises net cash from operating and investing activities, excluding the cash flows from the acquisition and disposal of subsidiaries/activities, of equity investments, and of associates, as well as the dividends from associates. Repayment of lease liabilities is also deducted in order to arrive at free cash flow.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Net cash flow from operating activities | 649 | 1,194 |
| Net cash flow from investing activities | (518) | (147) |
| \u00a0 | 131 | 1,047 |
| Acquisition of subsidiaries, equity investments and associates | 381 | 56 |
| Disposal of subsidiaries, equity investments and associates | 32 | (6) |
| \u00a0 | 544 | 1,097 |
| Repayment of lease liabilities | (225) | (214) |
| Free cash flow | 319 | 883 |
Subsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed to or has rights to variable returns from its involvement with subsidiary companies and can influence those returns through its power over the subsidiary, generally accompanying a shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date that such control commences until the date that it ceases.
\nIntragroup balances and intragroup transactions are eliminated, as well as any unrealized gains from these transactions. Unrealized losses from intragroup transactions are also eliminated unless there is evidence of impairment of the assets transferred. Intragroup transactions take place on an arm's length basis.
\nUpon translation of foreign activities, the assets and liabilities of operations in currencies other than the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into euros at the foreign exchange rates at the balance sheet date. The income statements of these operations in currencies other than the euro are translated into euros at average exchange rates.
\nUpon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items are translated into euros at the foreign exchange rates at the acquisition date.
\nThe net investment in subsidiaries that have a currency other than the euro includes the participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries, settlement of which is neither planned nor expected to occur in the foreseeable future.
\nTranslation differences that occur upon consolidation, relating to the translation of the net investment in subsidiaries that have a currency other than the euro, are recognized in other comprehensive income and presented in the (foreign currency) translation reserve, a separate component within equity, as are translation differences of financial liabilities designated as hedges of such investments (net investment hedge), to the extent that the hedge is effective. The gain or loss relating to the ineffective part is recognized immediately in net finance costs.
\nIf the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation differences is allocated to the non-controlling interests.
\nWhenever a foreign operation is disposed of, these translation differences are released or charged to the statement of comprehensive income as part of the gain or loss on disposal.
\n| \n north america
the netherlands
germany
belgium & luxembourg
other northern european countries
| \n france
italy
iberia
other southern european countries, uk and latin america
asia pacific
other subsidiaries
|
A list of all subsidiaries has been filed at the Chamber of Commerce in Amsterdam ('Kamer van Koophandel', Amsterdam; Chamber of Commerce number 33216172; Legal Entity Identification number 7245009EAAUUQJ0U4T57). Randstad N.V. has, directly or indirectly, a 100% interest in all subsidiaries, unless stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-700": { "value": "\nSubsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed to or has rights to variable returns from its involvement with subsidiary companies and can influence those returns through its power over the subsidiary, generally accompanying a shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date that such control commences until the date that it ceases.
\nIntragroup balances and intragroup transactions are eliminated, as well as any unrealized gains from these transactions. Unrealized losses from intragroup transactions are also eliminated unless there is evidence of impairment of the assets transferred. Intragroup transactions take place on an arm's length basis.
\nUpon translation of foreign activities, the assets and liabilities of operations in currencies other than the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into euros at the foreign exchange rates at the balance sheet date. The income statements of these operations in currencies other than the euro are translated into euros at average exchange rates.
\nUpon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items are translated into euros at the foreign exchange rates at the acquisition date.
\nThe net investment in subsidiaries that have a currency other than the euro includes the participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries, settlement of which is neither planned nor expected to occur in the foreseeable future.
\nTranslation differences that occur upon consolidation, relating to the translation of the net investment in subsidiaries that have a currency other than the euro, are recognized in other comprehensive income and presented in the (foreign currency) translation reserve, a separate component within equity, as are translation differences of financial liabilities designated as hedges of such investments (net investment hedge), to the extent that the hedge is effective. The gain or loss relating to the ineffective part is recognized immediately in net finance costs.
\nIf the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation differences is allocated to the non-controlling interests.
\nWhenever a foreign operation is disposed of, these translation differences are released or charged to the statement of comprehensive income as part of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-702": { "value": "\nThe net investment in subsidiaries that have a currency other than the euro includes the participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries, settlement of which is neither planned nor expected to occur in the foreseeable future.
\nTranslation differences that occur upon consolidation, relating to the translation of the net investment in subsidiaries that have a currency other than the euro, are recognized in other comprehensive income and presented in the (foreign currency) translation reserve, a separate component within equity, as are translation differences of financial liabilities designated as hedges of such investments (net investment hedge), to the extent that the hedge is effective. The gain or loss relating to the ineffective part is recognized immediately in net finance costs.
\nIf the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation differences is allocated to the non-controlling interests.
\nWhenever a foreign operation is disposed of, these translation differences are released or charged to the statement of comprehensive income as part of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-704": { "value": "\nThe company has various share-based compensation arrangements that are settled in ordinary shares. The fair value of these share-based compensations, calculated on grant date, is based on valuation models, taking into account relevant market conditions and non-market vesting conditions. The fair value is included in personnel expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders' equity.
\nAt each balance sheet date, the company reassesses its estimates of the non-market vesting conditions under these share-based compensation arrangements. The impact of the revision on original estimates with respect to the past vesting period, if any, is recognized in personnel expenses immediately, with a corresponding adjustment to shareholders' equity.
\nWithin the Group, a number of share-based compensation arrangements are in effect: performance share plans for Executive Board members and senior management, a share matching plan for Executive Board members, and a share purchase plan for all corporate employees.
\nThe actual annual grant of performance shares will, in principle, not exceed 1% of the ordinary issued capital. However, depending on the realization of related performance targets and the company's actual share price, the number of shares to be issued in relation to vesting of the performance shares might in a certain year exceed the 1% limit.
\nConditional performance shares have been granted annually to the members of the Executive Board. The plan has a term of three years. The number of shares to vest depends on the company's TSR performance compared to a peer group of 18 companies (2023: 18 peers) measured over a three-year period starting on January 1 of the year of grant. The number of shares to vest also depends on achieving certain non-financial performance targets.
\nAll performance share plans are equity-settled. The fair value is determined as of the date of each grant, based on a Monte Carlo simulation model.
\nThe volatility of the shares of the peer companies, as well as the pair-wise correlation between all peer shares, is estimated on the basis of historical daily prices over three years. Estimated dividends of the peer companies are based on historical dividends.
\nThe fair value is charged to the income statement during the vesting period, based on the on-target awards of the TSR part of each plan and on the expected outcome of the non-financial performance targets.
\nAt each balance sheet date, the non-market conditions (attrition and non-financial performance) are reassessed; any adjustment is charged to the income statement.
\nThe shares yet to be vested of a Board member who resigns from the Group within the three-year vesting period will, in principle, be forfeited.
\n| \u00a0 | 2024 | 2023 | 2022 |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Average share price at grant date | \u20ac\u00a051.60 | \u20ac\u00a059.92 | \u20ac\u00a064.54 |
| Expected volatility, based on historical prices over the three-year period to the valuation date | 27.0% | 32.0% | 33.0% |
| Expected dividends | 6.7% | 4.8% | 8.0% |
| Risk-free interest rate (yield on Dutch government bonds) | 2.6% | 3.1% | 0.0% |
The performance shares 2022 of the Executive Board and senior management vested on December 31, 2024, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 114.628 shares to be allocated, compared to an on-target award of 442.808 shares.
\nThe performance shares 2021 of the Executive Board and senior management vested on December 31, 2023, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 733,186 shares being allocated in February 2024 (share price at allocation date: \u20ac\u00a051.60), compared to an on-target award of 529,792 shares.
\nIn 2024 accelerated vesting of the performance share plans 2022, 2023 and 2024 took place at target to the senior management of Monster as a consequence of the disposal of Monster. This resulted in vesting and allocation of 114,543 shares (average share price at allocation dates of \u20ac\u00a041.99).
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a035.9 million (2023 \u20ac30.9 million).
\nThese share plans are implemented to reward certain individual participants for specific contributions. The shares granted are conditional, and vesting depends on performance on non-market-based conditions and/or the rendering of employee services during the vesting periods. The vesting periods on the remaining shares to vest vary from one to three years.
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a00.3 million (2023: \u20ac\u00a00.8 million).
\nIn 2024 vested 14.265 shares were allocated at on-target awards (average share price at allocation dates of \u20ac\u00a046.59).
\n| year of grant | number of shares (x 1,000) on target | average fair value at grant date per share (in \u20ac) | ||||
|---|---|---|---|---|---|---|
| january 1, 2024 | granted | forfeitures | allocated in 2024 | december 31, 2024 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2021 | 528 | \u00a0 | 2 | (530) | - | 45.89 |
| 2022 | 521 | \u00a0 | (35) | (35) | 451 | 52.32 |
| 2023 | 682 | \u00a0 | (82) | (46) | 554 | 51.27 |
| 2024 | \u00a0 | 1,112 | (100) | (48) | 964 | 33.98 |
| Total | 1,731 | 1,112 | (215) | (659) | 1,969 | \u00a0 |
Under the share purchase plan, participating corporate employees may purchase shares through Stichting Randstad Optiefonds twice a year. The maximum amount to be spent within the plan is set annually at 5% of the participant's annual salary. Employees receive a number of bonus shares equal to 50% of the number of shares purchased; these bonus shares vest over a period of six months, only if employees hold on to the purchased shares for the same period of six months. Employees receive an additional bonus of 50% of bonus shares if they hold the purchased shares for 12 months. All bonus shares will vest under the condition that employees are employed by the Group during the vesting periods.
\nA new cash bonus savings plan (replacing the existing share purchase plan) has been put in place by Stichting Randstad Optiefonds as of November 1, 2024 except for senior management for which the existing share purchase plan remains in place. The new cash bonus savings plan has no impact on the income statement of the company.
\nThe bonus shares are expensed by the company over the vesting period (2024: \u20ac\u00a023.6 million; 2023: \u20ac\u00a027.4 million). In 2024, a total of 590,901 (2023: 567,738) bonus shares were allocated to employees.
\nIn line with the company's remuneration policy, 25% of the net annual bonus of the Executive Board is paid out in Randstad shares. After three years, these shares will be matched 1:1 subject to a sustainable performance of the Company and at the discretion of the Supervisory Board. Executive Board members are allowed to voluntarily convert an additional 25% of the net annual bonus with the same matching principles. The expenses recorded for the matching of shares amount to \u20ac\u00a00.2 million in 2024 (2023: \u20ac\u00a00.2 million).
\nNo annual bonus was paid for the year 2020. No shares were matched 1:1, and no allocations took place in 2024.
\n| in millions of \u20ac | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Performance share plans | 35.9 | 30.9 |
| Other share plans | 0.3 | 0.8 |
| Share purchase plan | 23.6 | 27.4 |
| Share matching plan | 0.2 | 0.2 |
| Total share-based compensations | 60.0 | 59.3 |
Conditional performance shares have been granted annually to the members of the Executive Board. The plan has a term of three years. The number of shares to vest depends on the company's TSR performance compared to a peer group of 18 companies (2023: 18 peers) measured over a three-year period starting on January 1 of the year of grant. The number of shares to vest also depends on achieving certain non-financial performance targets.
\nAll performance share plans are equity-settled. The fair value is determined as of the date of each grant, based on a Monte Carlo simulation model.
\nThe volatility of the shares of the peer companies, as well as the pair-wise correlation between all peer shares, is estimated on the basis of historical daily prices over three years. Estimated dividends of the peer companies are based on historical dividends.
\nThe fair value is charged to the income statement during the vesting period, based on the on-target awards of the TSR part of each plan and on the expected outcome of the non-financial performance targets.
\nAt each balance sheet date, the non-market conditions (attrition and non-financial performance) are reassessed; any adjustment is charged to the income statement.
\nThe shares yet to be vested of a Board member who resigns from the Group within the three-year vesting period will, in principle, be forfeited.
\n| \u00a0 | 2024 | 2023 | 2022 |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Average share price at grant date | \u20ac\u00a051.60 | \u20ac\u00a059.92 | \u20ac\u00a064.54 |
| Expected volatility, based on historical prices over the three-year period to the valuation date | 27.0% | 32.0% | 33.0% |
| Expected dividends | 6.7% | 4.8% | 8.0% |
| Risk-free interest rate (yield on Dutch government bonds) | 2.6% | 3.1% | 0.0% |
The performance shares 2022 of the Executive Board and senior management vested on December 31, 2024, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 114.628 shares to be allocated, compared to an on-target award of 442.808 shares.
\nThe performance shares 2021 of the Executive Board and senior management vested on December 31, 2023, based on relative TSR performance and reaching certain non-financial targets of the company, resulting in 733,186 shares being allocated in February 2024 (share price at allocation date: \u20ac\u00a051.60), compared to an on-target award of 529,792 shares.
\nIn 2024 accelerated vesting of the performance share plans 2022, 2023 and 2024 took place at target to the senior management of Monster as a consequence of the disposal of Monster. This resulted in vesting and allocation of 114,543 shares (average share price at allocation dates of \u20ac\u00a041.99).
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a035.9 million (2023 \u20ac30.9 million).
\nThese share plans are implemented to reward certain individual participants for specific contributions. The shares granted are conditional, and vesting depends on performance on non-market-based conditions and/or the rendering of employee services during the vesting periods. The vesting periods on the remaining shares to vest vary from one to three years.
\nThe expenses charged to the 2024 income statement amount to \u20ac\u00a00.3 million (2023: \u20ac\u00a00.8 million).
\nIn 2024 vested 14.265 shares were allocated at on-target awards (average share price at allocation dates of \u20ac\u00a046.59).
\n| year of grant | number of shares (x 1,000) on target | average fair value at grant date per share (in \u20ac) | ||||
|---|---|---|---|---|---|---|
| january 1, 2024 | granted | forfeitures | allocated in 2024 | december 31, 2024 | ||
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2021 | 528 | \u00a0 | 2 | (530) | - | 45.89 |
| 2022 | 521 | \u00a0 | (35) | (35) | 451 | 52.32 |
| 2023 | 682 | \u00a0 | (82) | (46) | 554 | 51.27 |
| 2024 | \u00a0 | 1,112 | (100) | (48) | 964 | 33.98 |
| Total | 1,731 | 1,112 | (215) | (659) | 1,969 | \u00a0 |
| in millions of \u20ac | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Performance share plans | 35.9 | 30.9 |
| Other share plans | 0.3 | 0.8 |
| Share purchase plan | 23.6 | 27.4 |
| Share matching plan | 0.2 | 0.2 |
| Total share-based compensations | 60.0 | 59.3 |
Related-party transactions are transfers of resources, services or obligations between the reporting entity and a related party. Related-party transactions are conducted at arm's length.
\nThe members of the Executive Board and Supervisory Board are considered the key management of the Group. Details of the remuneration of the members of the Executive Board and Supervisory Board are included in the governance section of the annual report, under remuneration report .
\nThe totals of the remuneration of the members of the Executive Board are included in the income statement.
\nThe expenses for performance shares refer to the fair value of share-based payments charged to the income statement for the years 2024 and 2023, respectively.
\nIn 2024 no costs were charged to the income statement on benefits pursuant to Article 32bb of the Dutch wage tax act (in 2023, \u20ac\u00a00.5 million is included in social\u00a0charges and taxes).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Fixed compensation | \u00a0 | \u00a0 |
| Base salary | 3,522 | 3,781 |
| Compensation for departure | 2,011 | 2,094 |
| Fringe benefits | 51 | 56 |
| \u00a0 | 5,584 | 5,931 |
| Variable compensation | \u00a0 | \u00a0 |
| Short-term bonus | 596 | 1,776 |
| Share-based compensations | 4,141 | 3,117 |
| \u00a0 | 4,737 | 4,893 |
| \u00a0 | \u00a0 | \u00a0 |
| Pension expenses | 951 | 1,021 |
| Social charges and taxes | 80 | 133 |
| Total1 | 11,352 | 11,978 |
x \u20ac\u00a01,000
The remuneration to former executive board members who were not part of the executive board as of January 1, 2024, amounted to \u20ac\u00a0547,000 of which \u20ac\u00a0125,000 relates to share-based compensation and \u20ac\u00a0422,000 relates to services provided in connection to the disposal of Monster and the establishment of the related associate. The Group has not issued any loans, commitments to provide loans, or guarantees to Executive Board members.
\n| \u00a0 | january 1, 2024 | new shares on target 20241 | transfer | forfeitures | performance adjustment at allocation 2024 | allocated in february 2024 | december 31, 2024 |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total performance shares outstanding of Executive Board members | 147,369 | 118,310 | \u00a0 | (20,690) | 7,290 | (28,453) | 223,826 |
| Total matching shares outstanding of Executive Board members | 9,075 | 7,964 | \u00a0 | (1,164) | - | - | 15,875 |
| Total shares outstanding of Executive Board members | 156,444 | 126,274 | - | (21,854) | 7,290 | (28,453) | 239,701 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total shares outstanding of former Executive Board members | 97,868 | - | - | - | 25,394 | (91,546) | 31,716 |
The performance shares 2021 were allocated in February 2024. The allocation amounted to 137% of the on-target award (share price at allocation date: \u20ac\u00a051.60).
\nThe performance shares 2022 vested on December 31, 2024, based on relative TSR performance of the company and the achievement of certain non-financial targets over the period January 1, 2022 \u2212 December 31, 2024, resulting in an overall vesting of 26% of the on-target award of 18.764 shares.
\nAllocation after vesting of conditional shares awarded in 2022, 2023 and 2024 will take place in February 2025, 2026 and 2027, respectively.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Unrestricted ordinary shares | 46,999 | 49,078 |
| Locked-up ordinary shares | 56,406 | 48,206 |
| Total | 103,405 | 97,284 |
as at december 31
For the conditions and criteria governing the granting and vesting of performance shares, see note 29.1.
\nRemuneration of the members of the Supervisory Board is included in the income statement. The remuneration is fixed and includes gross expense allowances. In 2024, the total remuneration amounted to \u20ac\u00a0729,550 (2023: \u20ac\u00a0721,800).
\nThe Group has not issued any loans, commitments to provide loans, or guarantees to members of the Supervisory Board.
\nRandstad has signed a continuity agreement with Randstad Beheer, the private holding company of Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V in the 30% - 40% category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding) acquired control over Randstad Beheer.
\nStichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 590,901 Randstad shares in 2024 to the Group by way of share contribution amounting to \u20ac\u00a026.4 million. These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe rental expenses of the ship Clipper Stad Amsterdam for promotional activities were \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The largest shareholder of the Group has significant influence over Clipper Stad Amsterdam; therefore it is a related party to the Group.
\nIn 2024, the Group provided personnel and business support services to its CareerBuilder + Monster associate in line with a transitional services agreement in the amount of \u20ac\u00a03 million (2023: nil). As at December 31, 2024, the Group had \u20ac\u00a03 million in accounts receivable from CareerBuilder + Monster (2023: nil). In addition, the Group has issued a number of loans that are receivable from CareerBuilder + Monster (see note 21.1).
\nFor transactions with company pension funds through which certain pension schemes are operated, see note 24.2 under 'Employee benefit obligations'.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-708": { "value": "\nRelated-party transactions are transfers of resources, services or obligations between the reporting entity and a related party. Related-party transactions are conducted at arm's length.
\nThe members of the Executive Board and Supervisory Board are considered the key management of the Group. Details of the remuneration of the members of the Executive Board and Supervisory Board are included in the governance section of the annual report, under remuneration report .
\nThe totals of the remuneration of the members of the Executive Board are included in the income statement.
\nThe expenses for performance shares refer to the fair value of share-based payments charged to the income statement for the years 2024 and 2023, respectively.
\nIn 2024 no costs were charged to the income statement on benefits pursuant to Article 32bb of the Dutch wage tax act (in 2023, \u20ac\u00a00.5 million is included in social\u00a0charges and taxes).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Fixed compensation | \u00a0 | \u00a0 |
| Base salary | 3,522 | 3,781 |
| Compensation for departure | 2,011 | 2,094 |
| Fringe benefits | 51 | 56 |
| \u00a0 | 5,584 | 5,931 |
| Variable compensation | \u00a0 | \u00a0 |
| Short-term bonus | 596 | 1,776 |
| Share-based compensations | 4,141 | 3,117 |
| \u00a0 | 4,737 | 4,893 |
| \u00a0 | \u00a0 | \u00a0 |
| Pension expenses | 951 | 1,021 |
| Social charges and taxes | 80 | 133 |
| Total1 | 11,352 | 11,978 |
x \u20ac\u00a01,000
The remuneration to former executive board members who were not part of the executive board as of January 1, 2024, amounted to \u20ac\u00a0547,000 of which \u20ac\u00a0125,000 relates to share-based compensation and \u20ac\u00a0422,000 relates to services provided in connection to the disposal of Monster and the establishment of the related associate. The Group has not issued any loans, commitments to provide loans, or guarantees to Executive Board members.
\n| \u00a0 | january 1, 2024 | new shares on target 20241 | transfer | forfeitures | performance adjustment at allocation 2024 | allocated in february 2024 | december 31, 2024 |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total performance shares outstanding of Executive Board members | 147,369 | 118,310 | \u00a0 | (20,690) | 7,290 | (28,453) | 223,826 |
| Total matching shares outstanding of Executive Board members | 9,075 | 7,964 | \u00a0 | (1,164) | - | - | 15,875 |
| Total shares outstanding of Executive Board members | 156,444 | 126,274 | - | (21,854) | 7,290 | (28,453) | 239,701 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total shares outstanding of former Executive Board members | 97,868 | - | - | - | 25,394 | (91,546) | 31,716 |
The performance shares 2021 were allocated in February 2024. The allocation amounted to 137% of the on-target award (share price at allocation date: \u20ac\u00a051.60).
\nThe performance shares 2022 vested on December 31, 2024, based on relative TSR performance of the company and the achievement of certain non-financial targets over the period January 1, 2022 \u2212 December 31, 2024, resulting in an overall vesting of 26% of the on-target award of 18.764 shares.
\nAllocation after vesting of conditional shares awarded in 2022, 2023 and 2024 will take place in February 2025, 2026 and 2027, respectively.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Unrestricted ordinary shares | 46,999 | 49,078 |
| Locked-up ordinary shares | 56,406 | 48,206 |
| Total | 103,405 | 97,284 |
as at december 31
For the conditions and criteria governing the granting and vesting of performance shares, see note 29.1.
\nRemuneration of the members of the Supervisory Board is included in the income statement. The remuneration is fixed and includes gross expense allowances. In 2024, the total remuneration amounted to \u20ac\u00a0729,550 (2023: \u20ac\u00a0721,800).
\nThe Group has not issued any loans, commitments to provide loans, or guarantees to members of the Supervisory Board.
\nRandstad has signed a continuity agreement with Randstad Beheer, the private holding company of Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V in the 30% - 40% category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding) acquired control over Randstad Beheer.
\nStichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 590,901 Randstad shares in 2024 to the Group by way of share contribution amounting to \u20ac\u00a026.4 million. These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe rental expenses of the ship Clipper Stad Amsterdam for promotional activities were \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The largest shareholder of the Group has significant influence over Clipper Stad Amsterdam; therefore it is a related party to the Group.
\nIn 2024, the Group provided personnel and business support services to its CareerBuilder + Monster associate in line with a transitional services agreement in the amount of \u20ac\u00a03 million (2023: nil). As at December 31, 2024, the Group had \u20ac\u00a03 million in accounts receivable from CareerBuilder + Monster (2023: nil). In addition, the Group has issued a number of loans that are receivable from CareerBuilder + Monster (see note 21.1).
\nFor transactions with company pension funds through which certain pension schemes are operated, see note 24.2 under 'Employee benefit obligations'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-709": { "value": "\nRelated-party transactions are transfers of resources, services or obligations between the reporting entity and a related party. Related-party transactions are conducted at arm's length.
\nThe members of the Executive Board and Supervisory Board are considered the key management of the Group. Details of the remuneration of the members of the Executive Board and Supervisory Board are included in the governance section of the annual report, under remuneration report .
\nThe totals of the remuneration of the members of the Executive Board are included in the income statement.
\nThe expenses for performance shares refer to the fair value of share-based payments charged to the income statement for the years 2024 and 2023, respectively.
\nIn 2024 no costs were charged to the income statement on benefits pursuant to Article 32bb of the Dutch wage tax act (in 2023, \u20ac\u00a00.5 million is included in social\u00a0charges and taxes).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Fixed compensation | \u00a0 | \u00a0 |
| Base salary | 3,522 | 3,781 |
| Compensation for departure | 2,011 | 2,094 |
| Fringe benefits | 51 | 56 |
| \u00a0 | 5,584 | 5,931 |
| Variable compensation | \u00a0 | \u00a0 |
| Short-term bonus | 596 | 1,776 |
| Share-based compensations | 4,141 | 3,117 |
| \u00a0 | 4,737 | 4,893 |
| \u00a0 | \u00a0 | \u00a0 |
| Pension expenses | 951 | 1,021 |
| Social charges and taxes | 80 | 133 |
| Total1 | 11,352 | 11,978 |
x \u20ac\u00a01,000
The remuneration to former executive board members who were not part of the executive board as of January 1, 2024, amounted to \u20ac\u00a0547,000 of which \u20ac\u00a0125,000 relates to share-based compensation and \u20ac\u00a0422,000 relates to services provided in connection to the disposal of Monster and the establishment of the related associate. The Group has not issued any loans, commitments to provide loans, or guarantees to Executive Board members.
\n| \u00a0 | january 1, 2024 | new shares on target 20241 | transfer | forfeitures | performance adjustment at allocation 2024 | allocated in february 2024 | december 31, 2024 |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total performance shares outstanding of Executive Board members | 147,369 | 118,310 | \u00a0 | (20,690) | 7,290 | (28,453) | 223,826 |
| Total matching shares outstanding of Executive Board members | 9,075 | 7,964 | \u00a0 | (1,164) | - | - | 15,875 |
| Total shares outstanding of Executive Board members | 156,444 | 126,274 | - | (21,854) | 7,290 | (28,453) | 239,701 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total shares outstanding of former Executive Board members | 97,868 | - | - | - | 25,394 | (91,546) | 31,716 |
The performance shares 2021 were allocated in February 2024. The allocation amounted to 137% of the on-target award (share price at allocation date: \u20ac\u00a051.60).
\nThe performance shares 2022 vested on December 31, 2024, based on relative TSR performance of the company and the achievement of certain non-financial targets over the period January 1, 2022 \u2212 December 31, 2024, resulting in an overall vesting of 26% of the on-target award of 18.764 shares.
\nAllocation after vesting of conditional shares awarded in 2022, 2023 and 2024 will take place in February 2025, 2026 and 2027, respectively.
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Unrestricted ordinary shares | 46,999 | 49,078 |
| Locked-up ordinary shares | 56,406 | 48,206 |
| Total | 103,405 | 97,284 |
as at december 31
For the conditions and criteria governing the granting and vesting of performance shares, see note 29.1.
\nRemuneration of the members of the Supervisory Board is included in the income statement. The remuneration is fixed and includes gross expense allowances. In 2024, the total remuneration amounted to \u20ac\u00a0729,550 (2023: \u20ac\u00a0721,800).
\nThe Group has not issued any loans, commitments to provide loans, or guarantees to members of the Supervisory Board.
\nRandstad has signed a continuity agreement with Randstad Beheer, the private holding company of Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V in the 30% - 40% category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding) acquired control over Randstad Beheer.
\nStichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 590,901 Randstad shares in 2024 to the Group by way of share contribution amounting to \u20ac\u00a026.4 million. These shares were subsequently delivered to the employees of the company as part of the share purchase plan (see note 29.2).
\nThe rental expenses of the ship Clipper Stad Amsterdam for promotional activities were \u20ac\u00a03 million (2023: \u20ac\u00a03 million). The largest shareholder of the Group has significant influence over Clipper Stad Amsterdam; therefore it is a related party to the Group.
\nIn 2024, the Group provided personnel and business support services to its CareerBuilder + Monster associate in line with a transitional services agreement in the amount of \u20ac\u00a03 million (2023: nil). As at December 31, 2024, the Group had \u20ac\u00a03 million in accounts receivable from CareerBuilder + Monster (2023: nil). In addition, the Group has issued a number of loans that are receivable from CareerBuilder + Monster (see note 21.1).
\nFor transactions with company pension funds through which certain pension schemes are operated, see note 24.2 under 'Employee benefit obligations'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-710": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Talent | 570,300 | 608,600 |
| Corporate employees | 41,400 | 43,780 |
| \u00a0 | Talent | Corporate employees | ||
|---|---|---|---|---|
| 2024 | 20231 | 2024 | 20231 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| North America | 69,300 | 78,500 | 7,300 | 8,840 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netherlands | 49,300 | 55,100 | 3,920 | 4,360 |
| Germany | 25,700 | 31,600 | 2,390 | 2,770 |
| Belgium & Luxembourg | 36,900 | 39,300 | 2,170 | 2,290 |
| Other North European countries | 30,400 | 36,100 | 2,760 | 3,060 |
| Northern Europe | 142,300 | 162,100 | 11,240 | 12,480 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| France | 74,700 | 81,000 | 4,760 | 4,900 |
| Italy | 55,500 | 55,400 | 3,380 | 3,110 |
| Iberia | 62,900 | 57,800 | 2,880 | 2,520 |
| Other South European countries, UK & Latin America | 49,700 | 53,400 | 3,200 | 3,320 |
| Southern Europe, UK & Latin America | 242,800 | 247,600 | 14,220 | 13,850 |
| Asia Pacific | 115,900 | 120,400 | 6,490 | 6,800 |
| Corporate | 0 | 0 | 2,150 | 1,810 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total | 570,300 | 608,600 | 41,400 | 43,780 |
| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Commitments less than 1 year | 142 | 178 |
| Commitments more than 1 year, less than 5 years | 132 | 223 |
| Commitments more than 5 years | 5 | 7 |
| \u00a0 | 279 | 408 |
Commitments relate mainly to service contracts. The decrease in commitments as at December 31, 2024 compared to prior year is due to global IT contracts.
\nNo guarantees have been issued other than those relating to commitments regarding rent and leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-712": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Commitments less than 1 year | 142 | 178 |
| Commitments more than 1 year, less than 5 years | 132 | 223 |
| Commitments more than 5 years | 5 | 7 |
| \u00a0 | 279 | 408 |
Commitments relate mainly to service contracts. The decrease in commitments as at December 31, 2024 compared to prior year is due to global IT contracts.
\nNo guarantees have been issued other than those relating to commitments regarding rent and leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-713": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Commitments less than 1 year | 142 | 178 |
| Commitments more than 1 year, less than 5 years | 132 | 223 |
| Commitments more than 5 years | 5 | 7 |
| \u00a0 | 279 | 408 |
Commitments relate mainly to service contracts. The decrease in commitments as at December 31, 2024 compared to prior year is due to global IT contracts.
\nNo guarantees have been issued other than those relating to commitments regarding rent and leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-714": { "value": "\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Commitments less than 1 year | 142 | 178 |
| Commitments more than 1 year, less than 5 years | 132 | 223 |
| Commitments more than 5 years | 5 | 7 |
| \u00a0 | 279 | 408 |
Commitments relate mainly to service contracts. The decrease in commitments as at December 31, 2024 compared to prior year is due to global IT contracts.
\nNo guarantees have been issued other than those relating to commitments regarding rent and leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-715": { "value": "\nThe following auditors' fees were expensed in the income statement in the reporting period:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Audit of the financial statements1 | 5.7 | 5.9 |
| Audit of the financial statements of subsidiaries by other audit firms | 0.9 | 1.2 |
| Subtotal for audit of the financial statements2 | 6.6 | 7.1 |
| Other audit procedures3 | 0.7 | 0.6 |
| Total | 7.3 | 7.7 |
Subsequent to the date of the balance sheet, no events material to the Group as a whole occurred that require disclosure in this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }