Half Year Report 2012

Adecco Group –
Operating and financial review and prospects
in millions, except share and per share information

1.3 Business line performance

The business line breakdown of revenues for the six months ended June 30, 2012 and June 30, 2011 is presented below:

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Variance %

in EUR

2012

2011

EUR

Constant
currency

 

 

 

 

 

Revenues [1]

 

 

 

 

Office

2,722

2,606

4

0

Industrial

4,959

5,216

(5)

(6)

General Staffing

7,681

7,822

(2)

(4)

 

 

 

 

 

Information Technology [2]

1,196

1,057

13

7

Engineering & Technical [2]

576

504

14

9

Finance & Legal

378

362

4

(1)

Medical & Science [2]

200

189

6

3

Professional Staffing [2]

2,350

2,112

11

6

 

 

 

 

 

Solutions [2]

199

147

36

30

 

 

 

 

 

Adecco Group [2]

10,230

10,081

1

(1)

[1]Breakdown of staffing revenues into Office, Industrial, Information Technology, Engineering & Technical, Finance & Legal, and Medical & Science is based on dedicated branches. Solutions include revenues from Human Capital Solutions, Managed Service Programmes (“MSP”), Recruitment Process Outsourcing (“RPO”), and Vendor Management System (“VMS”).

[2]In the first six months of 2012, revenues changed organically in Information Technology by 4%; in Engineering & Technical by 3%; in Medical & Science by 0%; in Professional Staffing by 3%; in Solutions by 2%; and in Adecco Group by –2%.


General Staffing

The Company’s Office and Industrial businesses which represented 74% of total revenues in the first six months of 2012 amounted to EUR 7,681, a decrease of 2% or 4% in constant currency compared to the first six months of 2011.

In the Industrial business, revenues decreased by 5% or by 6% in constant currency. In France, revenues decreased by 12%. In North America, revenues decreased by 1% in constant currency, and in Italy revenues decreased by 9%, whereas Germany & Austria reported a revenue increase of 7%. Revenues in France, Germany & Austria, North America, and Italy comprised over 70% of the Industrial business.

In the Office business, revenues increased by 4% or were flat in constant currency. In constant currency, the UK & Ireland reported a revenue decline of 2%, whereas revenues in North America grew by 5% in constant currency. In Japan, revenues decreased by 4% and in the Nordics, revenues decreased by 3%, both in constant currency. The combined revenues from these four segments represented over 55% of the Office business revenues.

Information Technology

In Information Technology, revenues increased by 13% or by 4% organically. Revenues in the UK & Ireland increased by 14% in constant currency, while in North America, revenues decreased by 4% in constant currency. The UK & Ireland and North America comprised approximately 70% of the Information Technology business line’s revenues. Information Technology represented 12% of the Company’s revenues in the first six months of 2012.

Engineering & Technical

In the first six months of 2012, revenues in the Engineering & Technical business increased by 14% or by 3% organically. In North America, revenues decreased by 1% in constant currency, while revenues in Germany & Austria increased by 10%. North America and Germany & Austria comprised over 70% of Engineering & Technical revenues. Engineering & Technical represented 6% of the Company’s revenues in the first six months of 2012.

Finance & Legal

In Finance & Legal, revenues grew by 4% in the first six months of 2012 compared to the same period in 2011, or decreased by 1% in constant currency. The Finance & Legal businesses in North America and the UK & Ireland comprised over 75% of the business line’s revenues. The Finance & Legal business line contributed 4% to the Company’s revenues in the first six months of 2012.

Medical & Science

In the first six months of 2012, revenues in Medical & Science grew by 6% and remained flat organically.

Solutions

In Solutions, revenues increased by 36%, by 30% in constant currency, and by 2% organically in the first six months of 2012 compared to the same period last year.