ADECCO DELIVERS RECORD Q4 PROFITABILITY WITH A 5.3% MARGIN

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.