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Adecco Results & Acquisition

cAdecco S.A. has announced its results for the third quarter of 2008. Revenues of EUR 5.1 billion were down 4% organically compared to Q3 2007. The gross margin was maintained at a solid 18.0% on an underlying basis, while the EBITA margin of 5.0% was down 30 bps when excluding the impact of the modified calculation of French social charges in the prior year.

Dieter Scheiff, Chief Executive Officer of the Adecco Group said: Despite tough market conditions and declining revenues, I am pleased to report that we maintained a solid gross margin of 18.0%, equal to the underlying gross margin in Q3 2007. On the cost side, we continue to work hard to adapt
to revenue developments in order to protect our EBITA margin, which still stands at a solid 5.0%. I am proud of this achievement, especially given the increasingly difficult economic environment.
Looking ahead, we anticipate a progressively more difficult environment in terms of revenue development. September saw the negative revenue trend accelerate in most countries, with the exception of the Emerging Markets, which continued to grow strongly.

Gross Profit
In Q3 2008, the gross margin was 18.0% compared to 18.5% in the same period last year. On an underlying basis, adjusted for the modified calculation of French social charges in the prior year, the gross margin remained flat compared to Q3 2007.

In the UK & Ireland, revenues in Q3 2008 declined by 16% in constant currency. Operating income fell by 58% in constant currency, which reflects an operating income margin decline of 140 bps to 1.4%, compared to the same quarter a year ago.

Professional staffing acquisition in France
Adecco strengthens its French professional staffing business with the acquisition of Groupe Datavance. This company is specialized in the IT field and achieved sales of EUR 66 million in 2007/2008.
Management changes
Andreas Dinges (49), will be taking over the role of Country Manager of Adecco in Germany as of January 1, 2009. In this function, he will be a member of Group Management and report directly to the Group CEO, Dieter Scheiff. In addition to his new function as Country Manager of Adecco in Germany, Andreas Dinges will remain CEO of DIS AG. Having successfully managed the transition of Tuja into the Adecco Group, Peter Jackwerth, the current country manager, will pursue other interests.
On January 1, 2009, Federico Vione (36), takes over as Country Manager of Adecco Italy. In his new role, he will also report directly to Dieter Scheiff and will be part of the Adecco Group Management. Federico has been with Adecco since 1999 in various leading positions. Since 2005 he has been the Head of Eastern Europe. Sergio Picarelli (41), the current Country Manager, after having successfully developed Adeccos operations in Italy, is taking on the role of Chief International Sales Officer.

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