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Final Results 
Continued revenue recovery and leading margin performance 
Q4 2020 summary and highlights 
 · Revenues down 5% year-on-year organically1 and trading days adjusted (TDA); 
    Japan & Rest of World returns to growth, and Europe and North America 
    continue to recover 
 · Gross margin up 30 bps yoy to 19.6% (up 50 bps organically), supported by 
    strong performance of LHH (career transition), positive impact of Covid-19 
    employment support schemes, and pricing discipline 
 · EBITA2 margin excluding one-offs3 at 4.8%, up 10 bps yoy organically, with 
    good ongoing cost management 
 · Revenues in January 2021 down 2% organically and TDA, with volumes in 
    February indicating a similar trend 
FY 2020 summary and highlights 
 · Revenues impacted by Covid-19 crisis, down 15% yoy organically and TDA; 
    showing consistent improvement since the trough in Q2 2020 
 · EBITA excluding one-offs of EUR 709 million, with a margin of 3.6%, down 80 
    bps yoy organically; strength and balance of portfolio, GrowTogether 
    benefits and agile cost management largely mitigated crisis impact 
 · Strong cash flow and balance sheet with cash conversion of 123% and net 
    debt/EBITDA excluding one-offs at 0.4x 
 · Proposed dividend of CHF 2.50 per share and resumption of EUR 600 million 
    share buyback 
"At the beginning of 2020, few could have anticipated the challenges that the 
world would face. Covid-19 led to a health crisis and economic shutdowns that 
were unprecedented in recent history. The Adecco Group and my colleagues can be 
proud of the effectiveness with which we have navigated the crisis; maintaining 
business continuity, securing the wellbeing and safety of our associates and 
clients, and ultimately helping individuals and the economies in which we 
operate get safely back to work. I would like to sincerely thank our colleagues 
around the world for their efforts. 
Despite the difficult market environment in 2020, financial performance remained 
resilient. After a sharp drop in Q2, we saw a consistent recovery in revenues 
through the second half of the year, as companies and individuals adapted to the 
new reality. We successfully pivoted towards growth areas, seeing more than 40% 
growth in e-commerce and logistics. Our digital capabilities and Onsite 
solutions contributed to market share gains across many geographies. As an 
essential service provider, we are playing an important role to support 
companies and individuals navigate the workforce transitions that have been 
accelerated by the crisis. 
The Group remained solidly profitable, with an EBITA margin that was higher than 
during previous economic downturns, supported by our balanced portfolio, 
benefits from GrowTogether, and agile cost management. A rigorous focus on cash 
collection and our prudent capital structure helped maintain strong liquidity 
and a healthy cash flow and balance sheet. This allowed us to sustain important 
investments in IT and digital, and to uphold our dividend commitment. 
Throughout the crisis we remained focused on our strategic priorities ??" perform, 
transform and innovate. In December, we launched our new strategy ??" Future@Work 
??" building on the progress of the last strategic cycle and which is underpinned 
by our clear purpose, as one of the world's largest employers, to make the 
future work for everyone." 
Alain Dehaze, Group Chief Executive Officer 
|1|Organic growth is a non-US GAAP measure and excludes the impact of currency,| 
| |acquisitions and divestitures.                                              | 
|2|EBITA is a non-US GAAP measure and refers to operating income before        | 
| |amortisation and impairment of goodwill and intangible assets.              | 
|3|In 2020, EBITA included one-offs of EUR 7 million in Q4 2020 and EUR 139    | 
| |million in FY 2020; in 2019, EBITA included one-offs of EUR 36 million in Q4| 
| |2019 and EUR 81 million in FY 2019.                                         | 
Note to Editors 
Additional information is provided under the following links: 
 · About the Adecco Group 
 · The Adecco Group brands 
Press Release (PDF) 
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(END) Dow Jones Newswires

February 25, 2021 01:01 ET (06:01 GMT)