Annual Report 2012

for the fiscal years in EUR millions (except shares)	2012	2011	2010	2009	2008

Statement of operations data
Revenues	20,536	20,545	18,656	14,797	19,965
Gross profit	3,674	3,566	3,329	2,649	3,673
EBITA [1]	725	814	722	299	908
Net income attributable to Adecco shareholders	377	519	423	8	495

Other financial indicators
Cash flow from operating activities	579	524	455	477	1,054
Free cash flow [2]	491	415	350	385	948
Net debt [3]	972	892	751	110	617

Key ratios (as % of revenues)
Gross margin	17.9%	17.4%	17.8%	17.9%	18.4%
SG&A ratio [4]	14.4%	13.4%	14.0%	15.9%	13.8%
EBITA margin	3.5%	4.0%	3.9%	2.0%	4.5%

Per share figures
Basic EPS in EUR	2.00	2.72	2.20	0.04	2.82
Diluted EPS in EUR	2.00	2.72	2.17	0.04	2.71
Cash dividend in CHF	1.80 [5]	1.80	1.10	0.75	1.50

Number of shares
Basic weighted-average shares	188,393,511	190,671,723	192,113,079	177,606,816	175,414,832
Diluted weighted-average shares	188,555,377	190,805,080	195,596,325	177,613,991	184,859,650
Outstanding (year end)	184,609,768	170,448,401	174,702,026	174,079,431	174,188,402

[1]EBITA is a non-U.S. GAAP measure and is defined herein as operating income before amortisation of intangible assets and impairment of goodwill and intangible assets.

[2]Free cash flow is a non-U.S. GAAP measure and is defined herein as cash flow from operating activities minus capital expenditures.

[3]Net debt is a non-U.S. GAAP measure and comprises short-term and long-term debt, less cash and cash equivalents and short-term investments.

[4]Excluding amortisation of intangible assets and impairment of goodwill and intangible assets.

[5]Proposed by the Board of Directors.

Share information


Tickers
SWX Europe	ADEN
Bloomberg	ADEN VX
Reuters	ADEN.VX
ISIN	CH0012138605


Share price in CHF
• Year end	48.04
• Average	44.31
• High/low	49.18/36.33

Key figures

Historical data

Share information