ADECCO DELIVERS RECORD Q4 PROFITABILITY WITH A 5.3% MARGIN

Workforce Transformation
Adecco delivers record Q4 profitability with a 5.3% margin
Revenue growth into Q1 2015 shows improving trend.
November 3, 2015
CORPORATE

Fourth quarter 2014 highlights:


• Revenues up 4% year-on-year and up 2% in constant currency


• Gross margin 18.9%, up 60 bps


• SG&A excluding restructuring costs1 up 2% yoy and up 2% sequentially, both in constant currency


• EBITA2 excluding restructuring costs EUR 272 million


• EBITA margin excluding restructuring costs 5.3%, up 50 bps


• Strong cash flows from operating activities


Full year 2014 highlights


• Revenues EUR 20.0 billion, up 3% year-on-year and up 4% in constant currency


• Gross margin 18.5%, up 20 bps


• SG&A excluding restructuring costs up 3% in constant currency


• EBITA excluding restructuring costs EUR 965 million


• EBITA margin excluding restructuring costs 4.8%, up 40 bps


• Net income attributable to Adecco shareholders up 14%, basic EPS up 17%


• Proposed 2014 dividend of CHF 2.10 per share, up 5% compared to last year



  1. Restructuring costs were EUR 37 million in 2014, including EUR 23 million in Q4 2014; restructuring costs were EUR 33 million in 2013, including EUR 17 million in Q4 2013.


  2. EBITA is a non-US GAAP measure and refers to operating income before amortisation of intangible assets.