€6.1 B

Adecco Revenue Q2, 2018
Adecco Gross profit (Q2, 2018)1.1 B
Adecco Gross profit margin (Q2, 2018), %18.3%
Adecco Net income (Q2, 2018)170 M
Adecco EBITDA (Q2, 2018)260 M
Adecco EBIT (Q2, 2018)249 M
Adecco Cash, 30-Jun-2018487 M
Adecco EV13.3 B

Adecco Revenue

Adecco revenue was €23.66 b in FY, 2017 which is a 4.2% year over year increase from the previous period.

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Adecco Revenue Breakdown

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Adecco revenue breakdown by business segment: 21.8% from Professional Staffing, 75.7% from General Staffing and 2.5% from Other

Adecco revenue breakdown by geographic segment: 12.8% from North America, UK&I General Staffing , 15.2% from North America, UK&I Professional Staffing, 5.4% from Japan, 7.8% from Italy, 8.8% from Benelux & Nordics, 9.2% from Germany, Austria, Switzerland, 22.6% from France and 18.2% from Other

Adecco Income Statement

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

20.0b22.0b22.7b23.7b

Revenue growth, %

10%3%4%

Cost of goods sold

16.3b17.8b18.4b19.3b

Gross profit

3.7b4.2b4.3b4.3b

Gross profit Margin, %

19%19%19%18%

General and administrative expense

2.8b3.1b3.2b3.2b

Operating expense total

2.8b3.9b3.2b3.4b

Depreciation and amortization

37.0m41.0m34.0m32.0m

EBITDA

1.0b1.2b1.2b1.2b

EBITDA margin, %

5%5%5%5%

EBIT

891.0m300.0m1.1b992.0m

EBIT margin, %

4%1%5%4%

Interest expense

69.0m67.0m59.0m52.0m

Pre tax profit

827.0m246.0m1.0b939.0m

Income tax expense

187.0m236.0m310.0m149.0m

Net Income

640.0m10.0m725.0m790.0m

Quarterly

EURQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

5.1b5.6b5.7b5.3b5.7b5.8b5.7b6.0b5.9b5.7b6.1b

Cost of goods sold

4.1b4.5b4.6b4.3b4.6b4.7b4.7b4.9b4.8b4.7b4.9b

Gross profit

972.0m1.0b1.1b1.0b1.1b1.1b1.1b1.1b1.1b1.0b1.1b

Gross profit Margin, %

19%19%19%19%19%19%19%18%18%18%18%

General and administrative expense

736.0m784.0m749.0m783.0m789.0m794.0m808.0m803.0m770.0m839.0m847.0m

Operating expense total

744.0m794.0m760.0m792.0m798.0m803.0m815.0m811.0m770.0m848.0m858.0m

Depreciation and amortization

8.0m20.0m11.0m9.0m9.0m9.0m7.0m8.0m8.0m9.0m11.0m

EBITDA

236.0m257.0m326.0m228.0m282.0m294.0m269.0m288.0m321.0m194.0m260.0m

EBITDA margin, %

5%5%6%4%5%5%5%5%5%3%4%

EBIT

228.0m247.0m(425.0m)219.0m273.0m285.0m263.0m280.0m184.0m185.0m249.0m

EBIT margin, %

4%4%(7%)4%5%5%5%5%3%3%4%

Interest expense

14.0m20.0m16.0m15.0m16.0m14.0m13.0m13.0m12.0m12.0m9.0m

Pre tax profit

215.0m236.0m(433.0m)204.0m262.0m250.0m250.0m269.0m176.0m186.0m234.0m

Income tax expense

54.0m58.0m80.0m59.0m72.0m76.0m73.0m77.0m52.0m55.0m64.0m

Net Income

161.0m178.0m(513.0m)145.0m190.0m174.0m177.0m192.0m124.0m131.0m170.0m

Adecco Balance Sheet

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Cash

695.0m1.3b1.1b958.0m

Accounts Receivable

3.7b4.0b4.3b4.4b

Current Assets

4.6b5.3b5.6b5.6b

PP&E

222.0m192.0m167.0m198.0m

Goodwill

3.6b3.0b3.1b2.9b

Total Assets

9.4b9.6b10.1b9.9b

Accounts Payable

746.0m771.0m799.0m766.0m

Short-term debt

89.0m354.0m345.0m394.0m

Current Liabilities

3.7b4.1b4.4b4.5b

Long-term debt

1.6b1.8b1.7b1.6b

Total Debt

1.7b2.2b2.0b2.0b

Total Liabilities

5.6b6.3b6.4b6.3b

Common Stock

111.0m108.0m106.0m11.0m

Additional Paid-in Capital

1.1b721.0m581.0m579.0m

Retained Earnings

3.1b2.8b3.1b3.6b

Total Equity

3.8b3.3b3.7b3.6b

Debt to Equity Ratio

0.4 x0.7 x0.5 x0.5 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.5 x2.9 x2.7 x2.8 x

Quarterly

EURQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

921.0m1.1b1.1b753.0m948.0m1.1b1.2b1.1b959.0m1.2b487.0m

Accounts Receivable

3.9b4.1b4.1b3.9b4.2b4.3b4.3b4.4b4.5b4.4b4.6b

Current Assets

5.1b5.6b5.6b4.9b5.5b5.8b5.7b5.8b5.7b5.8b5.4b

PP&E

232.0m230.0m227.0m180.0m183.0m175.0m169.0m168.0m173.0m210.0m268.0m

Goodwill

3.8b3.8b3.0b2.9b3.1b3.0b3.0b2.9b2.9b2.9b3.2b

Total Assets

10.2b10.6b9.8b9.3b9.7b10.0b10.3b10.0b9.8b10.2b10.1b

Short-term debt

630.0m714.0m565.0m141.0m533.0m473.0m347.0m754.0m719.0m749.0m490.0m

Current Liabilities

4.5b4.6b4.4b3.7b4.3b4.4b4.4b4.8b4.8b4.7b4.7b

Long-term debt

1.4b1.9b1.8b1.8b1.8b1.8b1.7b1.3b1.3b1.6b1.6b

Total Debt

2.0b2.6b2.4b2.0b2.4b2.3b2.0b2.1b2.0b2.3b2.1b

Total Liabilities

6.2b6.8b6.6b5.9b6.5b6.6b6.4b6.4b6.4b6.6b6.5b

Common Stock

111.0m108.0m108.0m108.0m108.0m106.0m106.0m106.0m11.0m11.0m11.0m

Additional Paid-in Capital

1.1b715.0m718.0m711.0m575.0m578.0m569.0m572.0m576.0m568.0m571.0m

Retained Earnings

3.2b3.1b2.6b2.9b2.9b2.8b3.2b3.2b3.3b3.7b3.5b

Total Equity

4.1b3.8b3.2b3.4b3.2b3.4b3.9b3.6b3.4b3.6b3.5b

Debt to Equity Ratio

0.5 x0.7 x0.8 x0.6 x0.7 x0.7 x0.5 x0.6 x0.6 x0.6 x0.6 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.5 x2.8 x3.1 x2.8 x3 x2.9 x2.7 x2.8 x2.9 x2.8 x2.9 x

Adecco Cash Flow

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

640.0m10.0m725.0m790.0m

Depreciation and Amortization

129.0m135.0m119.0m109.0m

Accounts Receivable

(38.0m)(186.0m)(319.0m)(380.0m)

Accounts Payable

106.0m56.0m205.0m222.0m

Cash From Operating Activities

785.0m799.0m687.0m730.0m

Cash From Investing Activities

(93.0m)(246.0m)(407.0m)(113.0m)

Short-term Borrowings

(67.0m)(488.0m)(678.0m)(104.0m)

Long-term Borrowings

(346.0m)(184.0m)(299.0m)

Dividends Paid

(291.0m)(348.0m)(372.0m)(374.0m)

Cash From Financing Activities

(987.0m)(114.0m)(589.0m)(695.0m)

Net Change in Cash

(277.0m)459.0m(14.0m)(165.0m)

Interest Paid

78.0m56.0m64.0m44.0m

Income Taxes Paid

230.0m237.0m259.0m258.0m

Free Cash Flow

705.0m702.0m611.0m630.0m

Quarterly

EURQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

161.0m339.0m(174.0m)145.0m335.0m509.0m177.0m369.0m493.0m131.0m301.0m

Depreciation and Amortization

32.0m65.0m100.0m30.0m60.0m90.0m26.0m54.0m80.0m28.0m62.0m

Accounts Receivable

(49.0m)(319.0m)(347.0m)10.0m(286.0m)(400.0m)(15.0m)(253.0m)(360.0m)18.0m(180.0m)

Accounts Payable

(22.0m)75.0m155.0m(147.0m)(9.0m)136.0m11.0m122.0m204.0m(82.0m)65.0m

Cash From Operating Activities

54.0m208.0m501.0m(42.0m)136.0m353.0m115.0m343.0m532.0m16.0m319.0m

Cash From Investing Activities

(53.0m)(210.0m)(236.0m)(99.0m)(105.0m)(135.0m)(28.0m)(47.0m)(113.0m)(116.0m)(486.0m)

Long-term Borrowings

(316.0m)(316.0m)(316.0m)(350.0m)

Dividends Paid

(348.0m)(348.0m)(372.0m)(372.0m)(235.0m)(374.0m)(350.0m)

Cash From Financing Activities

178.0m401.0m173.0m(289.0m)(271.0m)(328.0m)(26.0m)(263.0m)(512.0m)320.0m(296.0m)

Net Change in Cash

226.0m428.0m449.0m(445.0m)(250.0m)(126.0m)65.0m(15.0m)(164.0m)211.0m(457.0m)

Free Cash Flow

34.0m164.0m432.0m(56.0m)104.0m303.0m99.0m302.0m464.0m(19.0m)242.0m

Adecco Ratios

EURY, 2018

EV/EBITDA

51.2 x

EV/EBIT

53.4 x

EV/CFO

41.7 x

EV/FCF

55 x

Debt/Equity

0.6 x

Debt/Assets

0.2 x

Financial Leverage

2.9 x
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Adecco Operating Metrics

Adecco's Enterprise Customers was reported to be 100 k in FY, 2017.
FY, 2014FY, 2015FY, 2016FY, 2017

Branches

5.10 k5.10 k5.12 k5.07 k

Enterprise Customers

100 k

Countries

60 60 60 60
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Adecco Employee Rating

3.21864 votes
Culture & Values
3.0
Work/Life Balance
3.2
Senior Management
2.9
Salary & Benefits
2.7
Career Opportunities
2.9
Source