CH0012138605 - ADE NYSE
(ADO) Indice: SBF
250 - SMI
figure parmis les trois premiers groupes mondiaux sur le marché
du travail temporaire et des services en ressources humaines. Il
dans trois domaines de compétence : travail temporaire, recrutement
des cadres - gestion de carrières et enfin formation.
S.A. is a Fortune Global 500 company and the global leader in HR
The Adecco Group network connects over 700,000 associates with clients
each day through its network of over 37,000 employees (FTEs) and
7,000 offices in over 60 countries and territories around the world.
in Switzerland, and managed by a multinational team with expertise in
spanning the globe, the Adecco Group delivers an unparalleled range of
flexible staffing and career resources to clients and associates.
S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on
Swiss Stock Exchange with trading on SWX Europe (SWX: ADEN) and the
Paris (EURONEXT: ADE).
06.11.2013 ADECCO RETURNS TO GROWTH IN
Improving revenue trends and strong profitability in Q3 2013
Q3 2013 HIGHLIGHTS
Revenues flat in constant currency
Gross margin of 18.7%, up 80 bps
SG&A down 2% in constant currency and excluding restructuring costs
EBITA1 excluding restructuring costs of EUR 276 million
EBITA margin excluding restructuring costs of 5.5%, positively impacted
by a benefit of approximately 50 bps relating to prior periods
Net income up 61%, basic EPS up 71%
EUR 400 million share buyback programme completed, EUR 250 million new
share buyback programme commenced during the quarter
Key figures Q3 2013
in EUR millions
constant currency growth
EBITA excluding restructuring
Zurich, Switzerland, November 6, 2013: Adecco Group, the world’s
leading provider of Human Resources solutions, today announced results
for Q3 2013. Revenues were EUR 5.0 billion, flat in constant currency
compared to the same quarter last year. The gross margin was 18.7%, an
increase of 80 bps. Continued strong cost control resulted in 2% lower
SG&A, in constant currency and excluding restructuring costs. The
EBITA margin excluding restructuring costs was 5.5%, positively
impacted by a benefit of approximately 50 bps relating to prior
periods. Net income was up 61% to EUR 191 million and basic EPS
increased by 71% to EUR 1.06.
Patrick De Maeseneire, CEO of the Adecco Group said: “We delivered a
strong performance in the third quarter. With most European economies
coming out of recession, we expect demand for flexible labour to
increase. In Q3 2013 we returned to growth in many countries in Europe
and the pick-up in Italy, Germany and Spain is especially encouraging.
In France the rate of revenue decline reduced further, and North
America continued to perform well. Price discipline and the business
mix resulted in a solid gross margin and we further reduced SG&A
year-on-year. This drove strong profitability. After the flat revenue
development in the quarter, the Group returned to growth in October,
both in constant currency. Given recent trends and more favourable
economic conditions expected from the end of 2013, we remain convinced
we will achieve our above 5.5% EBITA margin target by 2015.”
Q3 2013 FINANCIAL PERFORMANCE
Q3 2013 revenues of EUR 5.0 billion were down 5% year-on-year, or flat
in constant currency. Currency fluctuations had a negative impact on
revenues of approximately 5%. Permanent placement revenues amounted to
EUR 79 million, flat in constant currency. Revenues from
counter-cyclical Career Transition (outplacement) totalled EUR 66
million, up 6% in constant currency.
Gross profit amounted to EUR 942 million and the gross margin was
18.7%, up 80 bps year-on-year. Temporary staffing had a 75 bps positive
impact on the gross margin and the outplacement business added a
further 5 bps. Permanent placement and other activities had a neutral
effect. Reassessment of the French CICE resulted in an approximately 50
bps benefit to the temporary staffing gross margin in Q3 2013 relating
to prior periods.
Selling, General and Administrative Expenses (SG&A)
SG&A was EUR 669 million, a 9% decrease compared to Q3 2012.
Restructuring costs were EUR 3 million, compared to EUR 22 million in
Q3 2012. SG&A excluding restructuring costs was down 2% in constant
currency. Sequentially, SG&A was down 1% in constant currency and
excluding restructuring costs. FTE employees declined by 5% (-1,700)
and the branch network decreased by 7% (-370 branches), compared to Q3
2012. At the end of Q3 2013, the Adecco Group had over 31,000 FTE
employees and operated a network of around 5,100 branches.
EBITA was EUR 273 million and EBITA excluding restructuring costs was
EUR 276 million. The EBITA margin excluding restructuring costs was
5.5% compared to 4.4% in Q3 2012. Approximately 50 bps of this
year-on-year increase was due to reassessment of the French CICE
relating to prior periods.
Amortisation of Intangible Assets
Amortisation of intangible assets was EUR 10 million.
Operating income was EUR 263 million.
Interest Expense and Other Income / (Expenses), net
Interest expense was EUR 20 million. Other income / (expenses), net was
positive EUR 1 million in Q3 2013 compared to an expense of EUR 1
million in Q3 2012.
Provision for Income Taxes
The effective tax rate was 22%, compared to 33% in the prior year. In
Q3 2013, the tax rate was positively impacted by the successful
resolution of prior years’ audits and tax disputes and the expiration
of the statute of limitations in several jurisdictions.
Net Income attributable to Adecco shareholders and EPS
Net income attributable to Adecco shareholders was EUR 190 million, an
increase of 61%. Basic EPS increased by 71% to EUR 1.06, reflecting net
income growth and the impact of the share buyback programmes.
Cash flow, Net Debt2 and DSO
Cash flow generated from operating activities was EUR 270 million in
the first nine months of 2013, compared to EUR 284 million in the same
period last year. In the first nine months of 2013, capital expenditure
was EUR 53 million and the Group paid dividends of EUR 266 million and
paid EUR 276 million for treasury shares. Net debt at September 30,
2013 was EUR 1,284 million, compared with EUR 972 million at December
31, 2012. DSO in Q3 2013 was 54 days, one day less than in Q3 2012.
Full-year 2012 HIGHLIGHTS