Adecco Group: Continuation of growth and strong margin in Q4 2015 Mittwoch, 09. März 2016 - 07:00

Continuation of growth and strong margin in Q4 2015

Strong operating results in 2015, proposed dividend per share up 14% to CHF 2.40

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.