Annual Report 2012

Investor Relations

Investor Relations  The Adecco Group Investor Relations team focuses on providing transparent and consistent information and interactive communication. We strive for an open dialogue with the financial community, the media and all key stakeholders, to enhance understanding of the business as well as to explain the implied risks and opportunities.

The Adecco Group is committed to providing regular updates on key value drivers, business strategy, threats and opportunities, as well as key ratios used by the Group to track its own performance.

The Investor Relations team is dedicated to providing true, fair and up-to-date information to every interested stakeholder, so that the share price reflects the inherent value of the Company.

In addition to the release of our comprehensive quarterly results – which management discusses with the financial community via a conference call and webcast – we also offer meetings with management and Investor Relations at road-shows, industry or market conferences, and at our Headquarters. In addition, we strive to ensure clear and transparent communication of other price-sensitive information through press releases and comprehensive content on our website. At the same time, we respect the legal obligations relating to confidentiality and disclosure, and make every effort to guarantee equal distribution of price-sensitive information.

In keeping with this strategy, we maintained an efficient and open dialogue with the market through our Investor Relations activities in 2012, devoting 47 days to market communication around the time of our quarterly results releases. We participated in 8 broker conferences and 27 road-shows in Europe and North America during 2012.

On September 19 and 20, 2012, we hosted our bi-annual Investor Days in Paris with a total of 90 participants. The theme of the event was ‘leading HR solutions on a global scale’. We provided the financial community and the media with an update on Adecco’s strategy, financial performance and achievements, both from a Group and segment perspective. The aim was also to explain the progress so far in achieving the EBITA margin target of above 5.5%. While our CEO provided a strategic update and our CFO explained the financial performance and our potential, the event also featured presentations on Adecco’s operations in France, including our progress with the restructuring plan; on Lee Hecht Harrison (LHH), the global leader in Career Transition and Talent Development; on the Company’s business in North and Latin America, and Adecco’s offering in Business Process Outsourcing solutions (which includes Managed Service Programmes and Recruitment Process Outsourcing, both run under the global brand Pontoon, and the Vendor Management System branded Beeline).

In addition, the Investor Relations section on the Adecco website,, provides the investment community with a broad source of up-to-date information at all times.

Coverage  Adecco’s share price development is closely monitored by the financial community. After reporting the Q4 & FY results for 2011, at the end of March 2012, 43% of the analysts recommended to buy the stock, 48% had a neutral view and 9% recommended selling. Peak confidence was reached in June 2012, after reporting strong Q1 results, which highlighted strong margin resilience despite organically declining revenues. 54% of analysts recommended to buy, 38% were neutral and 8% recommended to sell the shares. A slowing European economy and an accelerating rate of revenue decline led to a more cautious view from the analysts’ side, resulting in downgrades during the summer months and early autumn. At the end of September 2012, 44% of analysts recommended to buy the stock, 52% had a neutral view, while 4% of analysts recommended selling. The year 2012 ended with 48% of the analysts being positive, 43% being neutral and 9% being negative on Adecco shares. Continued margin outperformance and a relatively stabilising macro-economic outlook were the drivers behind this result.

Currently 23 brokers are actively covering Adecco, maintaining regular contact with Group management and the Investor Relations team. They include: ABN Amro, Bank am Bellevue, Bank of America Merrill Lynch, Bank Vontobel, Barclays Capital, Berenberg, Bryan Garnier & Co., Citigroup, Credit Suisse, Deutsche Bank, Exane BNP Paribas, Goldman Sachs, Helvea, HSBC, Jefferies, JP Morgan Cazenove, Kepler, MainFirst, Natixis, Rabo Bank, Royal Bank of Canada, UBS and Zürcher Kantonalbank.

Shareholder base  Adecco has a broad investor base of over 17,000 shareholders. At the same time, the shareholder base is concentrated, with 60% of all issued shares held by institutional investors, 21% held by insiders and Adecco S.A., and only 4% held by retail investors. Some year-on-year changes were observed within the group of institutional shareholders. North American institutional shareholders increased their holdings in Adecco to 32% of shares issued at the end of 2012 compared with 30% at the end of 2011. The percentage held by European institutions declined by 3% to 27%, while the percentage of holdings by institutions from the rest of the world remained unchanged at 1%.

Investor structure

in % of shares issued












• Europe




• North America




• Rest of World








Insider and treasury








Insider and treasury holdings

as of year end 2012

in % of
shares issued



Group represented by Jacobs Holding AG


Treasury shares


Executive Management and Board of Directors [1]


[1]Not included are shares held by one member of the Board of Directors,
who is part of the Group represented by Jacobs Holding AG.