CONTINUATION OF GROWTH AND STRONG MARGIN IN Q4 2015

Fourth quarter 2015 highlights

• Revenues up 5% organically [1]




• Gross margin 19.2%; gross profit up 6% organically




• SG&A excluding one-offs [2] up 4% organically




• EBITA excluding one-offs EUR 310 million, up 9% organically




• EBITA [3] margin excluding one-offs 5.5%, up 20 bps

Full year 2015 highlights

• Revenues EUR 22.0 billion, up 4% organically




• Gross margin 19.0%, gross profit up 5% organically




• SG&A excluding one-offs [4] up 3% organically




• EBITA excluding one-offs EUR 1,147 million




• EBITA margin excluding one-offs 5.2%, up 40 bps




• Good cash flow from operating activities and strong balance sheet




• Proposed 2015 dividend of CHF 2.40 per share, up 14% compared to last year




• Recommended cash offer of 365p per share for Penna Consulting Plc, one of the leading HR services providers in the UK

[1] Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and divestitures.

[2] In Q4 2015, one-offs comprised integration costs of EUR 3 million and the write-down of capitalized software of EUR 45 million; in Q4 2014, one-offs comprised restructuring costs of EUR 23 million.

[3] EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.

[4] In FY 2015, one-offs comprised integration costs of EUR 11 million, contractual obligations related to changes in the Executive Committee of EUR 10 million and the write-down of capitalized software of EUR 45 million; in FY 2014, one-offs comprised restructuring costs of EUR 37 million.