Adecco continues to see an improving revenue trend


FY 2009 HIGHLIGHTS (2009 versus 2008)

  • Revenues of EUR 14.8 billion, down 26% (-27% organically) 
  • Gross margin held up well, down only 20 bps to 17.8% on an adjusted basis 
  • Strong organic and adjusted SG&A reduction of -19% 
  • EBITA margin down 180 bps to 2.7% on an adjusted basis 
  • DSO improved by 4 days to 53 days 
  • Proposed dividend of CHF 0.75 per share

Q4 HIGHLIGHTS (Q4 2009 versus Q4 2008) 

  • Revenues of EUR 3.8 billion, down 18% (-18% organically) 
  • Adjusted gross margin down 60 bps to 17.4% 
  • SG&A down 18%, adjusted and organically 
  • Adjusted EBITA margin at 2.9%, down 70 bps
  • DSO improved by 4 days to 52 days

Key figures

in EUR millions
FY 2009
reported
Q4 2009
reported
FY 2009
growth
adjusted/organic
Q4 2009
growth
adjusted/organic
Revenues
14,797
3,785
-27%
-18%
Gross profit
2,649
665
-29%
-21%
EBITA
299
89
-57%
-33%
Operating income
65
81
Net income attributabel to Adecco shareholders
8
42

in EUR millions FY 2009 reported Q4 2009 reported FY 2009 growth adjusted/organic Q4 2009 growth adjusted/organic Revenues 14,797 3,785 -27% -18% Gross profit 2,649 665 -29% -21% EBITA 299 89 -57% -33% Operating income 65 81 Net income attributable to Adecco shareholders 8 42

Zurich, Switzerland, March 3, 2010: Adecco Group, the worldwide leader in Human Resource services, today announced results for the full year and the fourth quarter of 2009. Revenues in 2009 were down 26%, or down 27% organically, to EUR 14.8 billion compared to EUR 20.0 billion in 2008. Gross margin held up well and was only down 20 bps to 17.8% on an adjusted basis. Rigorous cost management led to a strong organic SG&A reduction of 19%, on an adjusted basis. The 2009 adjusted EBITA margin was 2.7% compared to 4.5% a year ago. DSO improved by 4 days to 53 days in 2009.

Patrick De Maeseneire, Chief Executive Officer of the Adecco Group said: “The year 2009 has been exceptionally tough, but I am pleased to say that we have managed the downturn very proactively. We made the necessary cost reductions and structurally changed our branch network and delivery models. Our pricing discipline and our wellbalanced service portfolio have led to an adjusted gross margin that was only down 20 bps to 17.8%. In the fourth quarter, trading conditions continued to improve in our major markets France and North America, but also in most other geographies we saw positive momentum. This positive trend continued into the first two months of the year, with France and North America returning to year-on-year growth in recent weeks. The substantially lower SG&A base, our disciplined pricing and the higher professional staffing exposure, will let us fully profit from the upturn.”