1.2 Segment performance

The segment breakdown of revenues and operating income for the six months ended June 30, 2012 and June 30, 2011 is presented in the following table:

[1]In 2012, Mexico, previously included in North America, is reported under Emerging Markets. The 2011 information has been restated to conform to the current year presentation.

[2]In the first six months of 2012, revenues changed organically in Germany & Austria by 4%; in Japan by –4%; in LHH by 1%; and in Adecco Group by –2%.

France

In the first six months of 2012, revenues in France decreased by 12% and operating income amounted to EUR 68 compared to EUR 94 in the first six months of 2011. Included in the first six months of 2012 were restructuring expenses of EUR 8. The operating income margin was 2.6% in the first six months of 2012.

North America

In North America, revenues increased by 9% or by 1% in constant currency, compared to the first six months of 2011. Operating income in the first six months of 2012 was EUR 83, an increase of 16% in constant currency. Furthermore, in the first six months of 2012, the operating income margin increased by 60 bps to 4.4%.

UK & Ireland

In the first six months of 2012, revenues in the UK & Ireland increased by 14% or by 8% in constant currency and operating income amounted to EUR 14 compared to EUR 15 in the first six months of 2011. The operating income margin was 1.5% in the first six months of 2012.

Germany & Austria

In Germany & Austria, revenues increased by 7% or by 4% organically compared to the first six months of 2011. Operating income amounted to EUR 43 compared to EUR 48 in the same period of 2011. The operating income margin was 5.5% in the first six months of 2012 compared to 6.5% in the first six months of 2011.

Japan

In Japan, revenues increased by 19% or decreased by 4% organically, compared to the first six months of 2011. Operating income was EUR 48 in the first six months of 2012 compared to EUR 40 in the first six months of 2011. The operating income margin for the first six months of 2012 was unchanged at 5.9% when compared to the first six months of 2011.

Italy

Revenues in Italy decreased by 8% compared to the first six months of 2011. The operating income margin was down 100 bps to 5.4% in the first six months of 2012 compared to the same period of 2011.

Benelux

In the first six months of 2012, revenues in Benelux decreased by 4%. The operating income margin decreased by 100 bps to 3.3% in the first six months of 2012 compared to the first six months of 2011.

Other

Revenues in the Nordics increased by 2% and were flat in constant currency. The operating income margin was 3.2% compared to 1.5% in the first six months of 2011.

In Iberia, revenues decreased by 10%, as economic conditions in the region remained challenging.

In the first six months of 2012, Australia & New Zealand’s revenues increased by 9% or by 1% in constant currency.

Switzerland’s revenues declined by 6% or by 11% in constant currency in the first six months of 2012 compared to the same period in 2011.

Emerging Markets continued to perform strongly in the first six months of 2012 with revenues up 14% in constant currency, mainly driven by Latin America and India.

In the first six months of 2012, revenues of Lee Hecht Harrison (“LHH”), Adecco’s career transition and talent development business, amounted to EUR 157, an increase of 44% or 1% organically. Operating income amounted to EUR 42 and the operating income margin was 26.9%.