Adecco Group

Human Resources & Recruiting consulting hrtech outsourcing staffing

The Adecco Group is a provider of HR solutions. The services offered fall into the broad categories of temporary staffing, permanent placement, career transition and talent development, as well as outsourcing and consulting. The Company's vision is to ensure that people across the globe are inspired, motivated, trained and developed to embrace the future of work.

Revenue(FY, 2017)

€23.7 B

Market capitalization(2017-08-28)

CHF11.7 B

Enterprise Customers(FY, 2017)

100 K

Type

Public

Zürich, CH

Founded

1996

Size (employees)

33,787 (est)+3%

Website

adecco.com

Adecco Group was founded in 1996 and is headquartered in Zürich, CH

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Key People/Management at Adecco Group

Alain Dehaze

CEO

Hans Ploos van Amstel

CFO

Shanthi Flynn

Chief Human Resources Officer

Christophe Catoir

Regional Head of France

Enrique Sanchez

Regional Head of Iberia and Latin America

Ian Lee

Regional Head of Asia Pacific

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Adecco Group Office Locations

Adecco Group has offices in Ho Chi Minh City, Bangkok, Taipei, Seoul and in 46 other locations

Zürich, CH (HQ)

30 Bellerivestrasse

Buenos Aires, AR

1 Carlos Pellegrini

Southbank, AU

16 28 Freshwater Pl

Wien, AT

123 Mariahilfer Str.

Dilbeek, BE

North coastlaan 16B Groot-Bijgaarden

São Paulo, BR

Alameda Santos, 787, 13th floor - Cerqueira César

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Adecco Group Financials and Metrics

Adecco Group Financials

Adecco Group's revenue was reported to be €23.66 b in FY, 2017 which is a 4.2% increase from the previous period.

Summary

EUR
Revenue (FY, 2017)	23.7 b
Revenue growth (FY, 2016 - FY, 2017), %	4.2%
Gross profit (FY, 2017)	4.3 b
Gross profit margin (FY, 2017), %	18.4%
Net income (FY, 2017)	790 m
EBIT (FY, 2017)	992 m
Market capitalization (28-Aug-2017)	11.7 b
Closing share price (28-Aug-2017)	69.7
Cash (31-Dec-2017)	958 m
EV	12.7 b

Adecco Group's current market capitalization is CHF11.7 b.

Source: Company Filings

Income Statement

Annual

EUR	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	20 b	22 b	22.7 b	23.7 b
Revenue growth, %		10%	3%	4%
Cost of goods sold	16.3 b	17.8 b	18.4 b	19.3 b
Gross profit	3.7 b	4.2 b	4.3 b	4.3 b

Quarterly

EUR	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Revenue	5.1 b	5.6 b	5.7 b	5.3 b	5.7 b	5.8 b	5.7 b	6 b	5.9 b
Cost of goods sold	4.1 b	4.5 b	4.6 b	4.3 b	4.6 b	4.7 b	4.7 b	4.9 b	4.8 b
Gross profit	972 m	1 b	1.1 b	1 b	1.1 b	1.1 b	1.1 b	1.1 b	1.1 b
Gross profit Margin, %	19%	19%	19%	19%	19%	19%	19%	18%	18%

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Source: Company Filings

Balance Sheet

Annual

EUR	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	695 m	1.3 b	1.1 b	958 m
Accounts Receivable	3.7 b	4 b	4.3 b	4.4 b
Current Assets	4.6 b	5.3 b	5.6 b	5.6 b
PP&E	222 m	192 m	167 m	198 m

Quarterly

EUR	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Cash	921 m	1.1 b	1.1 b	753 m	948 m	1.1 b	1.2 b	1.1 b	959 m
Accounts Receivable	3.9 b	4.1 b	4.1 b	3.9 b	4.2 b	4.3 b	4.3 b	4.4 b	4.5 b
Current Assets	5.1 b	5.6 b	5.6 b	4.9 b	5.5 b	5.8 b	5.7 b	5.8 b	5.7 b
PP&E	232 m	230 m	227 m	180 m	183 m	175 m	169 m	168 m	173 m

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Cash Flow

Annual

EUR	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	640 m	10 m	725 m	790 m
Depreciation and Amortization	129 m	135 m	119 m	109 m
Accounts Payable	106 m	56 m	205 m	222 m
Cash From Operating Activities	785 m	799 m	687 m	730 m

Quarterly

EUR	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Net Income	161 m	339 m	(174 m)	145 m	335 m	509 m	177 m	369 m	493 m
Depreciation and Amortization	32 m	65 m	100 m	30 m	60 m	90 m	26 m	54 m	80 m
Accounts Payable	(22 m)	75 m	155 m	(147 m)	(9 m)	136 m	11 m	122 m	204 m
Cash From Operating Activities	54 m	208 m	501 m	(42 m)	136 m	353 m	115 m	343 m	532 m

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Ratios

EUR	Y, 2017
EV/EBIT	12.8 x
EV/CFO	17.4 x
EV/FCF	20.2 x
Revenue/Employee	713.6 k
Debt/Equity	0.5 x
Debt/Assets	0.2 x
Financial Leverage	2.8 x

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Adecco Group Operating Metrics

Adecco Group's Enterprise Customers was reported to be 100 k in FY, 2017.

	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Branches	5.10 k	5.10 k	5.12 k	5.07 k
Enterprise Customers				100 k
Countries	60	60	60	60

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Adecco Group Acquisitions / Subsidiaries

Acquired Company	Date	Deal Size
Adecco Engineering Pte Ltd
ADIA SASU
Adecco Group North America
Adecco India Private Limited
ADO Staffing, Inc.
Adecco Formacion S.A.
Adecco Korea Co., Ltd.
ALTEDIA
Adecco France S.A.S.
Adecco Recursos Humanos S.A.