Summary - Annual Report 2015

Transcription

Summary
Making People Successful
in a Ch@nging World
3
Building Value
7
Harnessing Technology
13
A Partner in Personal Success
15
Leading Global Service Provider
19
Adecco’s Brand of Entrepreneurs
25
Power Brands
29
Financials
35
Philippe Foriel-Destezet
Chairman
Klaus J. Jacobs
Vice-Chairman
Making People
Successful in a
Ch@nging World
Another excellent performance in
2000 has strengthened our conviction that the profitable growth and
development of our operations, and the industry which we work hard to lead, is only just
beginning.
Patterns of business, employment and lifestyle
are fundamentally changing in the midst of a
modern day economic revolution.
Our mission is to make people a success in this
changing world. As the interchange between
people and businesses is evolving, the relevance of the staffing industry is increasing
for both decision-makers in companies and
for people seeking employment.
3
Corporate Competitiveness
Corporate decision-makers are increasingly
adopting an on-demand “just in time” and
“just in skills” human resource model. This
gives them an integrated flexible workforce to
respond to project and market need, delivering
real competitive advantage and heightened
productivity. Major corporations seeking global competitiveness are leading this revolution.
Almost half of Adecco’s business comes from
large national or international agreements.
This accelerating corporate drive to achieve
“competitiveness through people” is also
fuelling the rapid growth of our specialist
brands and services, such as personnel training, skill development and outplacement
programmes.
The fundamental changes in today’s evolving
environment transcend purely cyclical economic forces. Globalisation, liberalisation,
faster and more effective communications and
the emergence of new job functions continue
to create a highly positive climate for our industry. Already about 1.5% of the European Union’s
working population – a daily average of around
2.5 million workers – is employed through
staffing companies, largely on short-term contracts ranging from a day to a year. In the USA,
our industry already provides around 2.3% of
the workforce, nearly 3.9 million workers per
day, indicating a significant opportunity for further growth in Europe. Huge opportunities for
the future exist in Asia and South America as
these economies develop. Our general staffing
business is in the vanguard of the companies
exploiting such changes in the global market.
4
Personal Partnerships
Equally, we partner with the individual in the
new world of work, in which the traditional
relationship between employer and employee
is changing and personal lifestyle expectations
and aspirations are themselves evolving.
Our challenge is to maximise the opportunities
for and security of our flexible workforce who
are seeking to take greater charge of their own
work, career and lifestyles. Adecco calls such
people “Associates” and offers appropriate
training opportunities, lifelong learning and
career management advice to help them reach
their full potential. This means meeting modern day ambitions, whether they be for a “temporary” career, a bridge to a full-time job or a
consultative part-time position for an experienced early “retiree” who now wants, or even
needs, to return to mainstream employment.
Through the development of its services,
Adecco is leading the way in recognising and
responding to the major demographic and
social changes impacting upon the world of
work. Amongst such trends, none is of greater
importance than the role of older people within the workforce. Increasing life expectancy
and falling birth rates are creating the prospect
of a smaller number of workers having to support a growing number of pensioners. Such a
scenario is both an economic time bomb and
a waste of experienced talent.
Through the Adecco Foundation in Europe,
the USA and Asia, we are driving ideas and
initiatives directly to address this issue. In
Spain for example, we support a Governmentendorsed “40 Plus” programme, using Lee
Hecht Harrison’s expertise and the Adecco
Xpert® “Can do, will do, will fit” test programme
to help those over 40 find appropriate opportunities to re-enter the workforce. In the USA,
we are partnering with Operation Able – an
organisation dedicated to the training and
skills development of older workers – by
testing, training and placing graduates of the
programme into temporary jobs.
In August 2000, the Foundation hosted a conference in Switzerland of politicians and Chief
Executive Officers of international Swiss companies to address the “ageing issue”. As a result,
a solution-orientated research programme will
be launched in 2001 and is designed to be a key
information source for government and corporate decision-makers.
Additionally, the Adecco Foundation will continue its activities supporting other groups of
people entering or re-entering the workforce,
such as the young and the disabled.
Building for the Long-term
As global market leader, Adecco is at the forefront of the new world of work. In an increasingly fast-paced environment, our business
is building long-term relationships with
companies and Associates, enabling increased
productivity and personal fulfilment.
We have enormous scope to develop our business still further across general staffing, specialist brands and career services, expanding
our portfolio of Human Resources services in
line with the ever changing needs of our Clients
and Associates world-wide. We combine the
muscle and the investment capability of a true
global leader, with the local insight and entrepreneurial spirit of our Colleagues operating
from over 5,000 locations.
To all of our partners – Shareholders, Clients,
Associates and Colleagues, we express and
renew our deepest thanks and confidence in
continued success in a changing world.
6
To our Clients, Colleagues, Associates and
Shareholders
I am pleased to report another year of excellent
progress for Adecco, with strong results around
the world and major strides in positioning the
organisation for future success.
A landmark in this past year, the merger with
Olsten Corporation combined with strong organic growth reinforced our
position as the undisputed leader in staffing services world-wide.
Since Adecco was established five years ago, we
have built an unrivalled global network of over
5,000 branches in 58 countries to serve our
global and local customers. We have pushed to
establish the leading and highest quality company in all our markets. As a result we became
number one or number two in 11 of the 13
largest marketplaces. We have
invested heavily in technology to
assure speed and quality and to
make us the most cost efficient
provider in our industry. We stand
ready to integrate the use of the
Internet into our business to provide unmatched service in the next
year. Over 30,000 dedicated and
professional internal Colleagues
ensure that on an average day close
to 700,000 temporary Associates
deliver labour flexibility and skills
to enhance the productivity of our customers.
Both sales and operating profits have grown at a
compound rate of 45% over the last five years
through the superb and consistent execution of
our strategy by the best people in our industry.
Building Value
Delivering Results
JOHN BOWMER
Chief Executive Officer
A powerful combination of organic and
acquisitive growth boosted 2000 revenues to
CHF 26.6 billion, a 44% increase over 1999
levels. This exceeded our expectations in light
of the challenges presented by the integration
of the Olsten Corporation during the year.
Operating profits grew 49% to CHF 1.2 billion.
We once again demonstrated our ability to
drive productivity gains as our operating profit
margin improved to 4.6% from 4.5%.
The improvement in operating profit margin
was achieved despite CHF 55 million of mergerrelated costs included in ordinary operating
expenses. The CHF 65 million restructuring
costs associated with the merger were lower
than originally forecast and synergy cost savings of approximately CHF 80 million in a full
year were realised by the fourth quarter of 2000.
7
Merger Success
Adecco is the leading consolidator in a fast coalescing global market. Our success in very
speedily integrating large companies is a major
competitive advantage. We have been able to
continue organic growth faster than the market, while merging four large additions, TAD,
Delphi, Career Staff and Olsten, along with
smaller strategic companies. Mergers have
given us critical mass together with geographic
and product spread much quicker than pure
organic growth. The successful combination of
internal and external growth is unique in the
staffing industry.
The addition of Olsten, by far the largest merger in our industry, has made Adecco the number one in both the IT staffing sector world-wide
and in the North American staffing market. It
has given us a strong position in Scandinavia
and bolstered our position in Germany, France,
the United Kingdom and South America. The
integration will be completed ahead of time
and on budget in the first quarter of 2001. We
have single headquarters and common systems in all countries with merged operations.
In the USA, the major integration where the
two companies were of similar size, we closed
down the Adecco headquarters in California
and moved to the Olsten head office on Long
Island, New York, and rolled out the Olsten
front office system through Adecco North
America. The former will lead to major future
cost savings and the latter has gained a couple
of years and saved around US$ 50 million in IT
development costs that we were preparing to
incur. Overall, the Olsten merger will generate
synergies of around CHF 100 million in a full
year, compared with the CHF 60 million we
expected at completion on 1 April 2000.
Robust Global Performance
Our results around the world reflect the
strength of Adecco’s diversified group of
businesses, as our broad network spreads
the impact of changes in regional macroeconomic conditions and helps Adecco
maintain steady growth.
Highlights of our continued growth include
France, where revenues grew 28% to
CHF 9.0 billion. This strong performance illustrates our ability to respond positively to
changes in legislation, such as the 35-hour
week and the increases in labour cost that took
place in 2000. Despite this excellent performance, our exposure to this market has been
strategically reduced by strong growth in other
regions. France now accounts for 34% of Group
revenues, down from 38% a year ago. North
America witnessed a sharp increase in revenues of 63% in the year 2000, contributing
CHF 8.0 billion to Group revenues. The region
posted over 20% organic profit growth in local
currency during the year, an excellent performance amid the inherent challenges brought
about by the tight labour market in the USA as
well as a major focus on the Olsten integration.
The new Adecco North America head office in
Melville, New York, is now fully operational,
and confirms the very good cultural fit between
Adecco and Olsten. Another key market, the
United Kingdom performed according to our
expectations in 2000 with a substantial
increase in operating margin.
Turning the spotlight to the Rest of Europe, the
region posted an outstanding performance
during the year 2000 with revenue growth of
50%, reaching CHF 4.5 billion. This substantial
growth, nearly two-thirds of which was
organic, was mainly driven by aggressive market penetration strategies in Italy, Belgium,
Germany and Spain. In Italy, results greatly
exceeded our expectations, and now the
country ranks among the five largest Adecco
countries, a significant accomplishment in just
over three years in operation. In Belgium, we
have achieved a major increase in market
share. In Spain, business expertise and drive
were the key qualities that overcame
unfavourable changes in the regulatory environment to achieve organic revenue growth of
over 20%. At the Hanover Expo in Germany,
Adecco exhibited excellence in labour supply
and administration that once again confirmed
our ability to manage big projects and resulted
in strong organic revenue growth of nearly
30%. The Adecco world is certainly not destitute of challenges. In The Netherlands, which
has very low unemployment and has seen
major legislative changes in our industry, our
market grew only 2% on reduced Associate
numbers.
Revenues in the Rest of World rose strongly at
the rate of 63% to CHF 2.9 billion. More than
half of this growth was organic. In Japan, the
acquisition of Career Staff proved to be a huge
success that enabled faster market penetration.
Adecco is now the number two company in the
market. Full synergies started to be realised
in 2000 as operating margins improved by over
100 basis points. Organic business expansion
accounted for nearly half of total revenue
growth this year.
In Latin America and especially in Mexico, we
performed superbly despite very difficult conditions in some markets. We see great future
opportunities for our business in this fastdeveloping sub-continent.
We continue to optimise our business mix,
expanding our higher margin businesses significantly. Speciality brands grew by 33% to
CHF 3.5 billion, despite the sluggish recovery of
the IT sector following the Y2K surge but
helped by the fast-paced expansion of other
business lines such as Accounting and Finance.
Growing demand for financial information and
complex reporting requirements have stimulated demand for financial professionals.
Adecco is on the forefront of industry plans to
meet these needs. In the Career Services area,
we benefited from market conditions to
expand our business and penetrate the market
with fabulous results.
9
Rapid Global Client Growth
In 2000, we doubled the number of major
national or international contracts, encompassing up to 30 markets for some Clients. This
reflects the strength of our global network and
increasing recognition of the competitive value
to our Clients of integrating flexible staffing
into their human resources strategies. This
underpins the value of the continued expansion of our global network in 2000, with
the opening of offices in Bolivia, Costa
Rica, Dominican Republic, Guatemala and
Liechtenstein.
In addition, our staffing experience was clearly
demonstrated during the year when we recruited and trained more than 17,000 temporary
Associates to support and contribute to a number of significant international events. These
included the Euro 2000 Football Championships in The Netherlands and Belgium, The
World Expo in Hanover and the Sydney
2000 Olympic Games.
10
Building Business on a Browser
When Adecco was born in 1996, we set an
objective to abolish the paper timecard that
was the basis of all payments to Associates and
billings to Clients. Through new ERP back
office pay bill software, we now have the
means for paperless transactions. Over the
next two years, our objective is to introduce
new front office systems through the company
that will make it easier still for Clients and
Associates to interact with Adecco. Our new
front office systems will be integrated with our
back office and the systems of our customers.
They will be web-enabled so that e-commerce
will become a reality. In the future, Adecco will
do its business on a browser.
In Italy, we successfully launched a webenabled system – www.adecco.it – a hybrid
business model that blends the best of the
Internet with our industry-leading branch network. This fully integrated system allows Clients
to manage the entire staffing process, while
giving job-seekers a quick and powerful job
search tool. It generated close to 200,000 applicants by the end of 2000 and is Italy’s leading
on-line recruitment site. Clients can roam the
database and help us to provide the archetypal
“bricks and clicks” recruitment experience.
This concept will be rolled out through Europe
and North America. Adecco now receives
around 20% of candidates through the web, a
figure that we believe will rise rapidly as we
build upon our initiatives.
Another example is idealjob.com. Initially
launched in Switzerland, idealjob.com has
been expanded to Italy, France, United
Kingdom,
Ireland,
Germany,
Austria,
Liechtenstein, Belgium and Luxembourg. This
web-based business unit specialises in mid- to
high-level skilled candidates mainly for permanent positions. Idealjob.com provides a set of
customised on-line tools to help Clients
manage their human resources and find ideal
candidates, while linking back to the Adecco
branch network for key off-line services such as
interviews and assessments.
These two alternative, low cost candidate
sources are key to sustaining a leadership position in the increasingly competitive employment market. Both validate our strategy of
combining bricks and people with clicks on
the web.
Industry Leadership
While we are proud of our accomplishments
over the past several years, Adecco is also ideally positioned for success in the future. Our
industry leadership position allows us to
finance investments, leverage our central
costs and continually improve our efficiency.
Moreover, our global scope and balanced business portfolio will help Adecco thrive in time of
regional economic instability.
We see nearly unlimited opportunities for
growth in the next few years. Clients and
Associates have come to value the advantages
of labour flexibility, and our industry is now frequently recognised by companies and individuals as a valued partner in the drive for productivity and personal career success. As the
industry leader, it is our hope and continual
goal to ensure that, when people think of
flexible work, they think of Adecco.
As we close the doors of the millennium and
look back one last time to this year in review,
Adecco Colleagues and Associates, you should
be proud. Thank you for your tremendous
commitment, energy and initiative that continues to nurture our success. With equal
measure, thank you also to our Clients and
Shareholders for your continued support
and trust in our vision.
12
Harnessing
Technology
Technology Tools for Today
Technology is key to our ability to drive successful practice and high quality through the
business, and to capitalise upon the benefits of
scale. As well as our Internet initiatives, Adecco
develops and utilises proprietary software and
hardware to improve many aspects of the
recruitment process.
One example is our Xpert® candidate evaluation methodology and software which is
unique in the industry. Used all over the world
by Adecco branded companies, the Xpert® “can
do, will do, will fit” program evaluates candidates’ capability, motivation and crucially, cultural fit with the Client organisation.
Adecco’s JOB’shop® – the first of its kind interactive job search kiosk that is used in malls and
universities around the world – was launched
in 1997 and now places thousands of people in
jobs every year. The colourful kiosk is designed
to attract a steady flow of interested job seekers
that follow the simple interactive touch-screen
guide to submit their qualifications in pursuit
of new job opportunities.
With self-guiding instructions, JOB’shop®
prompts users to specify the nature of work
desired, their schedule and availability, their
education, experience, salary requirements,
skills and other data – in a process that takes
only a few minutes. All the information entered
is linked immediately to Adecco’s central database, where it is processed by proprietary software programs that screen and match the
applicant’s interests and skills to specific jobs
from among thousands of temporary and fulltime positions. A positive match activates
trained Adecco professionals who set up an
appointment with the candidate to complete
the final steps of the screening, testing and
placement process.
From web-based solutions to proprietary soft
and hardware, Adecco is harnessing technology, creating new opportunities for people to
fulfil their potential in the new world of work.
13
over the age of 50 currently represent some
28% of the US population but as the baby
boomer generation ages, the percentage will
rise to 42% by 2010.
All over the world, Adecco offers Associates a
highly localised and personalised approach to
satisfy the needs and aspirations of the individual, as many examples demonstrate:
Career Partner Insights
A Partner
In the new world of work,
the relationship between
employer and employee
is changing as the pace of
economic change quickens and lifestyle expectations and personal aspirations evolve.
We are a partner to Associates in meeting the
challenges of adapting to the new world of
work, providing practical support to help them
sustain their employability and connect to new
opportunities.
With the support of Adecco, Associates are
increasingly taking responsibility for their skill
development and positive career evolution,
as the concept of one lifetime employer is
replaced by “serial” employment.
For some, variety and flexibility in their working lives is increasingly welcomed – and multitasking is becoming the norm as people seek
new ways to balance work with their lifestyle
aspirations. Also, many people want to return
to work on their own terms, perhaps having left
the “working world” to have a family or to retire
early. According to US Census statistics, people
in Personal
Success
Adecco Career Staff – Japan
In 2000, over 29,000 Associates undertook courses at “Adecco Career Schools”, up from 16,500 in
1999. Located at major Adecco Career Staff
branches throughout Japan, the
Adecco Career Schools offer courses
ranging from computer skills and
business etiquette to orientation
programmes for temporary assignments. The costs of courses are fully
borne by Adecco Career Staff. In
addition, 500 Associates received
free career counselling advice
through the Adecco Dial Service,
providing easy access to a qualified
career counsellor over the telephone. Adecco Career Staff also provides Associates with a variety of training courses at major educational institutions and cultural
schools at discounted rates and discounts on
numerous leisure activities.
Adecco – Spain
In Spain, every year Adecco’s investment in
training Associates is in excess of the 1.25%
of the payroll legally required in the country.
In 2000, over 38,000 people attended over
5,000 courses ranging from computer skills,
warehouse organisation, safety and security to
a wide variety of other industrial or administrative courses. Training is very much focused on
local needs. In Northern Spain for example,
Adecco helps the fishing industry by organising
anchovy handling courses, so the delicate
catch can be placed in cans without breakage.
15
Hundreds of women have taken the course and
are successfully working through Adecco in this
industry – helping reduce female unemployment in this region of Spain.
Adecco – United Kingdom
In the United Kingdom, “Adecco Learning
Centres” are being set up to enable Associates
seeking work to obtain the core skills and qualifications needed by local businesses. The
two to four-week courses enable Associates to
achieve qualifications – recognised by United
Kingdom City and Guilds – for call centre,
information technology or secretarial skills.
Leeds is the largest of three centres set up in
2000 and over 11 centres will be open by the
end of 2001, which will train and find jobs for
almost 4,000 Associates. The courses are free to
Associates. Adecco funds the Learning Centres
in collaboration with local educational and
business agencies.
In Greenock, Scotland, Adecco is running a training centre specifically for IBM’s European manufacturing site. In collaboration with Scottish
Enterprise, Adecco offers a four-week training
course, equipping people with the core skills
required by IBM. Continuing training is available,
which enables Associates employed by IBM to
achieve a nationally recognised qualification.
Adecco – France
Adecco, operating in the northern region of
France, noted a significant shortage of labour
in the Dunkirk docks, one of the major ports in
the north of France.
In partnership with five prospective Clients,
Adecco established a long-term venture designed to provide appropriate skills training for
young candidates seeking to become dockers.
The training specialises in loading and unloading cargo ships and operating and driving
heavy plant and machinery.
16
The training programme ran over a two-year
period, involving more than 1,000 hours of
experience with a range of specialist port companies. The training combined periods of formal skills training with “hands on” work experience at Adecco customer companies partnering in the training scheme.
Sixty young people benefited from this training.
Each received a nationally recognised diploma
and all were successful in gaining immediate
employment.
This initiative allowed us to train young people
in the necessary skills to pursue an important
trade, whilst also allowing Adecco to penetrate
a market new to the concept of temporary
resources.
Adecco – North America
Adecco North America is a leader in encouraging and enabling minority candidates, who
may lack strong educational or work backgrounds, to become productive contributors to
the workforce and fulfil their own potential.
The Diversity Council, composed of representatives from each North American division,
works with its Director of Diversity to locate
and train candidates from groups that have
been traditionally under-represented in the
workforce.
Encouraging Diversity…
In 2000, Procter & Gamble recognised our commitment to diversity by naming Adecco one of
five Supplier Diversity Advocates. In the first
year of on-site operation at Procter & Gamble,
7% of its business was the result of partnering
with minority-owned service companies. We
continue to expand our business with minority-owned staffing companies to meet Procter
& Gamble’s and Adecco’s shared goals.
Technical Training…
In the USA, where an unusually low unemployment level has been a characteristic of the marketplace for several years, the demand for
skilled technical employees is at an all-time
high and competition for such employees is
intense. Many Clients recognise the challenges
and turn to Adecco to train people for these
high-demand positions. Adecco’s network of
eight Technical Training Centers offers
22 industry standard courses focusing on skills
in demand at manufacturing facilities nationwide. The courses can also be customised to a
Client’s unique environment or specific skill
requirements. Each year, the Centers are capable of training up to 2,800 people who, without
this training, would be unlikely to qualify for
such skilled technical positions.
Individual Recognition…
In October 2000, Keith Palmer, an Associate of
Olsten Staffing Services, was named National
Temporary Employee of the Year by the
American Staffing Association (ASA). Palmer
was recognised for exemplifying the hard work,
dedication, and success of millions of temporary employees throughout the country.
Keith was so successful in his two-year assignment writing software code for the United
Space Alliance (USA), the space shuttle maintenance and launch contractor for NASA, that he
was hired on a full-time basis.
Adecco Foundation
The objective of the Adecco Foundation –
through research and localised activities – is to
help people, who have particular difficulties,
find employment to fulfil their potential and
find personal success. Adecco believes there
are still far too many people marginalized from
the workplace through no fault of their own –
for example, owing to their age, gender, education or socio-economic circumstances. These
are the people the Adecco Foundation helps.
In Spain….
The 40 Plus Programme is run in collaboration with the Spanish Government and the
Federation of Unemployed. The goal of the
programme is to offer a series of services to
help those over 40 to quickly re-enter the workforce. Services include training, testing and
skill evaluation, counselling and of course job
placement. Lee Hecht Harrison’s outplacement
methodology, Adecco’s own training expertise
and the Xpert® “can do, will do, will fit” evaluation programme have resulted in 65% of the
candidates entering the programme to find
positions within three months. Additionally,
the Spanish Confederation of Young Businessmen (CEAJE) partners in this project, encouraging young businessmen to capitalise on the
know-how and experience of unemployed
over-40s from the relevant industry sector
experience.
Leading
Global Service
As global competition
intensifies, companies increasingly recognise the
value of a human resources solutions provider
that can deliver a consistent quality of service and cost economies
on an international basis.
No competitor is better placed or working
harder to deliver global competitiveness
through people than Adecco. Adecco is now
number one or two in 11 out of the world’s 13
largest marketplaces for personnel services
and it operates in 58 countries, more than any
competitor. Through general staffing, speciality brands and career services, it offers the
widest range of services in the world.
Global Clients can manage their temporary
workforce and other related Human Resources
services through one point of contact, an
Adecco Global Account Manager. He or she has
the responsibility to ensure consistent service
delivery and transfer of successful practices
using the Adecco global database and a team of
internal Adecco specialists, thus ensuring
Adecco Clients gain competitive advantage.
These factors enabled Adecco to double the
number of international contracts in 2000
and to expand its global teams of account
managers and technical specialists located
across Asia, Europe and the Americas.
Provider
Hewlett Packard
Adecco is the preferred supplier
for Hewlett Packard’s temporary
staffing needs in 31 countries
across Europe and Asia Pacific. The
ability to provide an integrated
flexible workforce is a key component of
Hewlett Packard’s competitiveness.
In Stuttgart for example, the company is manufacturing servers and Adecco Associates play a
key role in building the machines. Local
recruitment conditions are tough, particularly
as Hewlett Packard requires Associates with a
highly adaptable attitude and skill set. To gain
an intimate knowledge of their requirements
and a rapid response, an Adecco “implant”
operates full-time, providing an on-site link to
Adecco resources. The implant has responsibility to manage the testing, selection, and
induction of new Associates and handles timekeeping, payroll and personnel queries.
“Adecco’s ability to deliver the right amount
of people, with the right skills and attitudes,
at the right time gives us a real competitive
edge. Adecco’s on-site presence is a real
advantage. They have developed a strong
understanding of our business and people,
enabling rapid implementation.”
Andreas Schmiedel, Hewlett Packard’s
European Employment Manager
19
IBM
Adecco supplies IBM with temporary workforce and contract employees in 36 countries.
Adecco’s employees perform manufacturing
and assembly work, administrative and customer service support, technical and IT projects and project management. Adecco fits into
IBM’s workforce strategy by supplying difficultto-find labour in emerging and labour-constrained markets. Adecco is able to source
just-in-time labour, and difficult-to-find skills
efficiently and cost effectively, allowing IBM
to focus on its core competencies.
Cirque du Soleil
Facing many of the challenges common to
global organisations which seek to establish a
presence in new markets, the world-famous
Cirque du Soleil chose Adecco as a staffing
partner, for its year 1999 “Saltimbanco” tour in
Australia and Singapore. Saltimbanco has been
described as barely a circus at all in the traditional sense, more a unique stylised blend of
theatre, music, comedy, symbolism and athletic performance for the young and old. Adecco
provided between 150 and 200 temporary
Associates for each performance of Saltimbanco. To ensure each applicant’s skills and
motivation were the correct fit for Cirque du
Soleil, Adecco applied Xpert®, its exclusive,
leading edge testing system to identify people
who shared the appropriate customer service
focus.
Adecco also established a Client forum on
AdeccoNet, the group’s global intranet, to allow
Adecco successful practices to be transferred to
each tour destination and for all relevant documents to be listed for easy reference, avoiding
the need to reinvent the wheel at each tour
location. An Adecco co-ordinator was sent
from each Saltimbanco tour location to meet
with the on-site co-ordinator in the new city to
ensure “teething problems” were overcome.
Citigroup
Adecco is a global human resources partner for
Citigroup, providing Human Resources services,
staffing, IT program management and workforce augmentation in 34 countries. Because of
Adecco’s keen understanding of the financial
services industry and diverse service offering, it
helps Citigroup meet its business goals in a
demanding and evolving global market.
“With the help of Adecco, Citigroup
can manage labour costs, quality, and
emerging market demands, while improving
customer care, operating performance
and shareholder value.”
Citigroup Vice President, Karl Whelpdale
Global Event Capability
The capability of the Adecco Group can also be
brought together for one-time global events.
Top Performance Down Under…
Adecco was the Official Staffing Services
Supporter for the Sydney 2000 Olympic Games,
acclaimed as the most successful Olympic
Games ever. Adecco’s wide-ranging role commenced in April 1996, following its appointment by the Sydney Organising Committee.
First, Adecco recruited the majority of the
2,500 permanent staff who made up the
Organising Committee. Vacancies at all levels
from senior executives to support staff were
filled, in departments including sport, marketing, protocol, technology, finance, legal and
even “torch relay”.
Adecco also provided 5,000 temporary staff.
The diverse array of job roles included a zoo
keeper to care for the kangaroos in the Media
Village, video arcade supervisors for the
Athletes’ Village and make-up and hair stylist
managers for the Opening Ceremony. In addition, Adecco was the Master Vendor in a consortium of eight recruitment firms behind the
development of the Olympic Labour Network,
which supplied a further 5,000 temporary staff
to many of the Games contractors. This included roving photographers for Kodak, chefs and
hospitality staff for global catering company,
Sodexho, and drivers and bilingual secretaries for the European Broadcasting Union.
Specialist consulting expertise was also provided to the Organising Committee in areas such
as employment policy, industrial relations and
occupational health and safety. Moreover,
career counselling and outplacement services
were provided by Lee Hecht Harrison, including the development of Lead Link, a state of the
art on-line job listing facility available to companies globally, leading to interstate and subsequent appointments for many members of the
Organising Committee.
“Over the past several years Adecco, as
the Official Staffing Services Supporter to
The Sydney Organising Committee for the
Olympic Games (SOCOG), has provided
a variety of permanent, temporary and
consulting services that have enabled us to
create a workforce who delivered ‘the best
Games ever’ in the history of the Olympic
Games. On behalf of SOCOG, I would like
to thank Adecco for approaching the staffing
partnership with a spirit of co-operation
and for showing the flexibility required
to staff an event of this magnitude.”
Ian Clubb, General Manager,
Games Workforce, The Sydney Organising
Committee for the Olympic Games (SOCOG)
“We could not have been successful
without Adecco.”
Sandy Holloway, Chief Executive Officer,
The Sydney Organising Committee
for the Olympic Games (SOCOG)
21
EXPO 2000…
As Product Partner for Employment Services at
Expo 2000 in Hanover, Germany, Adecco generated 100,000 applications and filled 10,000 work
contracts, fulfilling positions as varied as
hosts/hostesses, sales executives, information
personnel and restaurant and catering positions. 60% of applications were registered on
the Internet and 40% through a Call Center
established by Adecco on-site that operated
seven days a week. Associates were recruited at
the rate of 300 per day and over 38,000 telephone interviews and 15,000 face-to-face interviews were conducted. Over 4,700 Adecco
Associates worked at the Expo on its opening
day. Moreover, Adecco produced a CD-ROM
training guide for all employees and delivered
training sessions for 1,500 hosts and hostesses.
“We thank you a lot, all the men and women
on the Adecco team, for your brilliant support
of our guests. Because of your professionalism,
you were able to work confidently in a very
short amount of time, providing an ideal
experience for our guests.”
Norbert Bargmann
and Alexander Freiherr v. Fircks,
EXPO 2000
22
Euro Sport…
Adecco was the official staffing partner of
Europe’s largest sporting event in 2000, the
Euro 2000 football championships in Belgium
and Holland. Over 80 paid managers and
3,200 volunteers – from all walks of life and
aged between 18 and 65 – were recruited and
trained to ensure the smooth organisation of
31 matches at eight venues in June and July. The
roles ranged from chauffeurs of players and
officials to ticket validation, security and logistics
support staff. Over 7,000 applications were generated through advertising, media coverage and
the Internet. Turnover of staff was less than 1%.
“It was a real challenge to recruit qualified
and motivated people who were needed
for a relatively short time period. Adecco
rose to the challenge. Their Associates were
the winning team for Euro 2000.”
Alain Courtois,
General Director of the Euro 2000
Organising Committee
Combining Global Best
Practice with Local Insight
Our overall success servicing global Clients is
underpinned by the continuing development
of our local office network. Adecco achieves
this through ensuring rapid adoption and
adaptation of innovative successful practices
and investments at local level.
For example, Adecco convenes international,
cross-functional task forces that understand
the challenges of implementing global projects.
This approach lay behind the successful development of the world-wide satisfaction measurement systems. Called “You & Adecco” this
measures Client, Associate and Colleague satisfaction – a three-way approach essential to
building sustainable success.
A multi-cultural perspective is also cultivated
in Adecco’s Executive Management Team –
comprising one person from Great Britain,
three from Switzerland, one from Spain, two
from France and four from the USA. This diversity, unique in our industry is, we believe, a
major competitive edge. Our executive team
meetings bring different perspectives to issues
that allow us to have a real global strategy with
superb local execution.
Notwithstanding occasional short-term international assignments for some Colleagues to
gain experience and career development, at
country management level, the goal is to have
every operation led by talented strong “nationals” who often have gained international experience. We believe that leaders in their home
countries best understand the local business
community, the people and economic climate.
So Adecco continually invests in local employee development programmes teaching key
leadership behaviours and project management skills.
Adecco’s Brand
of Entrepreneurs
As a highly decentralised organisation operating in a rapidly changing environment,
Adecco’s success is built upon the dynamic,
entrepreneurial approach of those Colleagues
running a network of over 5,000 offices as individual profit centres.
Their challenge is to adapt and apply the
expertise, service range and reach of the
world’s largest Human Resources services solution provider to the individual needs of local
Clients and Associates.
Adecco recognises that people who succeed
best are those motivated, not just by top and
bottom line performance, but by making a
wider contribution to the communities they
serve – mirroring the outward looking approach of the organisation as a whole.
This approach is encouraged in the annual
Chairmen’s Award which recognises Colleagues
who make an extraordinary contribution
towards advancing both Adecco and community values. Open to everyone in the organisation irrespective of their function or seniority,
ten Colleagues receive the Chairmen’s Award,
five of whom are highlighted.
Chairmen’s Award
Chairmen’s Award Criteria:
Chairmen’s Award nominees, past and future,
exhibit an extraordinary balance between work
and community, and every day make a noteworthy and inspiring contribution to improving both.
Outstanding Performance:
Consistently produces excellent business
results – brings innovation, creativity, and new
ideas to developing and growing Adecco’s
business.
Commitment to Values:
Consistently exhibits the following Adecco values at work – customer focus, innovation and
creativity, empowerment and entrepreneurial
behaviour, open communication and integrity.
Community Involvement:
Donates personal time to a charity or programme that supports in some way youth, seniors, minorities, the underprivileged, disabled,
unemployed or other groups in need.
25
2000 Chairmen’s Award
Winners
Debra Monahan – Account Representative
aoc:
Debra Monahan, joined AOC in 1992 and
received a Rookie Achievement award in 1993.
Ranked among the top ten AOC Account
Representatives for the past three years and
number two in 1999, Debra is an outstanding
performer and contributor to the team’s success.
Moreover, Debra has a long history of community service and has assisted in fundraising
efforts for various charities, involving both the
branch and Clients. Her activities include food
and clothing drives, annual golf events for AOC
and Clients benefiting research and treatment of
breast cancer, and serving on the board of directors for several non-profit organisations.
“Debra’s competitive spirit extends beyond
the workplace to her community. She strives
to be the best she can be at work and in life, and
is dedicated to helping others do the same.”
Diane O’Meally, President of AOC
Kristy Fitzsimmons-Willis
Senior Regional Vice President
Adecco North America
Kristy Fitzsimmons-Willis joined the business in
1991. After managing one of Adecco’s most profitable branches in North America, the Rancho
Bernardo branch in San Diego, California, she
was promoted into a variety of different positions. She now leads sales and operations for the
important Southcoast Region in California. Her
activities in the community range from raising
money for the Muscular Dystrophy Association
and Arthritis Foundation to volunteering with
the Girl Scouts of America and supporting local
shelters for battered women.
26
“Kristy personifies Adecco North America’s
mission to extend our efforts beyond putting
people to work. She has invested her energy,
time and considerable talent in community
activities that help people realise their personal
and professional potential. We applaud Kristy
and others like her who take our corporate
mission to heart every day.”
Debbie Pond-Heide,
President of Adecco North America
Margaret Locke – Group National Operations
Adecco Australia
Margaret Locke demonstrates tireless commitment and dedication to her work and is an
inspiration and mentor to many of her
Colleagues. Her attention to excellence is
reflected in her service delivery, and also in the
number of Quality Awards she has received
over the years. Using her unique brand of
humour and passion, she inspires her
Colleagues to go “one step further” and she
never asks others to do something which she
would not be prepared to do herself. Margaret
participates actively in her local community,
supporting organisations such as the Australian Student Traineeship Foundation, where she
provided active sponsorship and assistance to
young Australians in gaining apprenticeships.
“Margaret is that type of person who is
more concerned with doing what is right
and making a positive difference every day,
than ever considering who gets the credit.”
Ray Roe, Zone Manager, Asia Pacific
Yvon Grosso – Area Manager, Alpes Maritime
Adecco France
Yvon Grosso joined the business in 1980, and
continues to make an outstanding professional
contribution to the company’s growth and the
community as a whole.
Among his many achievements, Yvon has
played a key role in the establishment and
development of the business’ network of
21 offices on the Côte d’Azur. Yvon also created
the company TPLUS, a temping agency catering for those in difficulty such as the long-term
unemployed, or people leaving prison. In addition, he played a key role in setting up the
option Human Resources as part of the
Economics degree at the University of
Nice/Sophia, a first in France in anticipation
of the 35-hour week.
Moreover, Yvon’s application of his expertise to
the benefit of the community is extensive. He
has been a member of the Employers
Organisation in the Alpes Maritime area since
1982. Since 1998, he has given time to
the Resources Centre at the Chamber of
Commerce in Nice and gives support and
assistance to the Association GEFLUG for
French companies in the fight against cancer.
Maria Nagy – Regional Director
Adecco Debrecon, Hungary
Having joined the business in 1993, Maria has
played a key role in pioneering the establishment and growth of the staffing business in an
economic region of Hungary only just beginning to harness its commercial potential in the
post-communist era. In these challenging conditions, Maria took the lead in communicating
the value of a flexible skilled workforce to
emerging regional and national enterprises.
Over and above traditional advertising and
mail shots, Maria maximised face-to-face contact through ensuring a company presence at
job fairs, university forums and business
organisations, building the acceptance and
trust of Clients and Associates – establishing
Adecco as a leader in the region.
“Maria’s enthusiasm, loyalty and commitment
to Clients and Associates makes her an
outstanding Adecco Colleague.”
György Gyorfi, Country Manager, Adecco Hungary
“For more than 20 years, Yvon has been
a dedicated Adecco Colleague in the south
of France. He is passionate about transmitting
to his team an entrepreneurial spirit and a
real sense of service to its Adecco Clients
and Associates.”
Philippe Marcel, President, France & Africa
27
The Greatest Strength in Depth
Adecco is the only personnel services company
in the world to offer such a comprehensive
range of services with such a geographic reach,
from general to highly specialised staffing,
temporary and permanent placement, Human
Resources consulting and career management.
General Staffing
Under its flagship brand the Group provides
the services of temporary and full-time clerical,
industrial and technical Associates in 58 countries. Adecco leverages proprietary information technologies such as Xpert® (“Can do,
will do, will fit”), JOB’shop® recruiting kiosks,
adecco.com Internet recruiting and Connect
Client information systems. Many Adecco
offices specialise in a specific activity: Adecco
Technical and Adecco Clerical, Adecco Light
Industrial, Adecco Construction and Adecco
Call Centers Solutions.
www.adecco.com
Power Brands
In France, the Olsten operations
merged with Adia to form the
fourth largest network in this market, with more than 380 offices.
Adia operations, with both general
staffing and specialised offices,
offer the strength of a local presence on all important markets
combined with the dynamism of a
fast growing company.
www.adia.com
Following the world-wide merger of Adecco
and Olsten, a significant number of US branches
have retained the well-known and respected
Olsten brand. This network delivers a range
of services including general office, production/distribution/assembly, speciality and professional staffing.
www.olsten.com
29
Office Angels specialises in temporary and permanent recruitment of secretarial, administrative, call centre and junior financial staff.
Established in 1986, the Office Angels brand
has become synonymous with refreshing,
innovative approaches to recruitment solutions and maintains the highest media profile
of any United Kingdom recruitment consultancy. It is quoted 12 times more in the media than
any of our competitors. Emphasis is placed on
providing the quality of a local consultancy
backed by a nation-wide branch network. The
company presently comprises head office and
60 branches, employing over 550 Colleagues.
Growth has been remarkable, with turnover
increasing from £71 million in 1995 to £125 million in 1999. Further expansion is planned for
2001, with more branches scheduled for opening in key locations throughout the United
Kingdom. Office Angels places approximately
8,000 temporary Associates daily, 11,500 permanent candidates annually and has a Client
base of approximately 3,800.
www.office-angels.com
Professional Staffing
and Services
IT Staffing and Services
Adecco’s IT staffing and IT services capabilities
are the most extensive in the world. Ajilon
(North America and Australia), Computer
People and Ajilon (Europe) and ICON and
Ajilon (Asia Pacific) are all leaders in their
respective markets. Together these brands are
uniquely positioned to offer coverage and
support in delivering the highest quality IT
services around the globe.
30
Ajilon is one of the largest and fastest-growing
technology employers in the industry. With
over 6,500 consultants working in more than
50 offices world-wide, Ajilon is on the cutting
edge of the IT industry.
Ajilon’s Clients range from large multinationals,
to mid-size corporations, to public employers
and include a variety of industries such as manufacturing, finance, communications, health,
transportation and insurance. In addition to
supplemental staffing, Ajilon offers several
managed services, where the Ajilon team takes
responsibility for a complete project. Managed
services include systems transformation, functional outsourcing, systems capacity, and software testing. From its strong base in the USA,
Ajilon has expanded its operations to Canada,
the United Kingdom and Australia.
www.ajilon.com
Established in 1972, Computer People is the
United Kingdom and Europe’s leading provider
of IT and e-commerce recruitment solutions.
The company supplies individuals or complete
project teams on a contract basis and finds permanent positions for highly qualified IT professionals. Through innovative, effective solutions, Computer People is the supplier of
choice to a wide range of Clients, from large
multinational organisations to the smallest
software houses breaking new ground in the
field of e-technology. Its services range from
fast and accurate high-volume recruitment and
candidate-driven permanent placements to
executive search and selection. Operating from
35 locations throughout Europe and South
Africa, Computer People provides a truly integrated approach which combines the benefits
of international presence with specialist local
knowledge. In recognition of Computer
People’s commitment to quality, the company
was voted the Best IT Recruitment Agency by
the readers of Computing Magazine four out of
the past seven years.
www.computerpeople.com
Managing in excess of 1,500 contractors, and
with offices in all major cities of Australia, New
Zealand, Hong Kong, Singapore and the
Philippines ICON Recruitment has positioned
itself as the region’s premier IT resource
provider of both permanent and contract IT
professionals.
ICON aims to provide innovative and cost
effective solutions and is committed to the
investment and improvement of technologies
that enables it to provide a better service, and
add value to the recruitment process for both
candidates and Clients. Through consistently
challenging the traditional recruitment business model, ICON has launched two new
unique business units designed to provide a
total IT resource management suite of solutions; IT&R – ICON Training and Re-skilling
concentrates on implementing a proven
methodology of combining training, re-skilling
and recruitment to provide a total skills solution. www.graduate.com.au is a new dynamic
website dedicated to attracting and recruiting
quality graduates in Australia and New
Zealand.
www.jobserve.com/icon
AOC is one of the largest and fastest-growing
financial staffing and recruiting specialists in
the world. The temporary staffing division of
AOC North America, recruits, pre-screens and
places thousands of temporary accounting
personnel on short- and long-term assignments. AOC Financial Executive Search recruits
highly-qualified accounting and financial professionals on a direct-hire basis. The global
AOC brand provides a wide range of accounting and financial specialists through more than
125 offices in the United States, Canada,
the United Kingdom, Ireland, France, Italy,
Belgium, Spain and Portugal.
www.aocnet.com
Established in 1968, Jonathan Wren is one of the
best-known brands in Financial Recruitment.
In London and Frankfurt, the company provides permanent and temporary recruitment
solutions to the banking, investment, life and
pensions and related disciplines. Specialist
teams focus on areas of expertise within financial markets, allowing both Clients and potential recruits to benefit from an in-depth understanding of the key trends in their chosen fields.
In Australia, Jonathan Wren also offers contract
and full-time accounting and financial recruitment services to a wide range of organisations
in government, industry and commerce.
www.jwren.com
Technical Services
To satisfy a growing demand for highly skilled
technical personnel, Adecco has developed a
network of technology-focused subsidiaries.
TAD and ROEVIN assist companies in providing hardware and software engineers, electrical
and mechanical engineers, drafting, architecture and CAD/CAM professionals.
TAD Telecom provides engineering, project
management, technical services and installation personnel to all facets of the communications industry (voice, data and video). Services
include outside plant, central office, Client
premise equipment and wireless and broadband applications. TAD Telecom’s primary
Clients are telephone operating companies,
cable TV companies, wireless companies, common carriers, equipment manufacturers and
private systems users. TAD Telecom can provide these services on Client premises or at a
TAD Telecom facility. Adhering to the newly
designed TL9000 Quality System Requirements
for telecommunications service providers, TAD
Telecom can furnish, from a single task to an
entire project, the highest quality of customised, innovative solutions and services.
www.tadtelecom.com
As the pace of technological advancement
continues to increase, ROEVIN provides
management, technical, project, operational
engineering and design personnel to the manufacturing, oil, construction, utilities, automotive and aerospace industries, satisfying our
Clients’ demands for skilled technical personnel who can assist them to meet and surpass
that rate of advancement. Operating throughout the United Kingdom, Europe and Canada,
services include temporary and permanent
recruitment, technical documentation, illustration and translation, outsourcing and project management.
www.roevin.com
Career Management
Lee Hecht Harrison is the premier global career
services firm specialising in outplacement,
career development, executive coaching, leadership development, retention and workforce
consulting services. Its unparalleled experience working with companies as they manage
downsizing, restructuring, relocations and
other important organisational changes, Lee
Hecht Harrison has earned a reputation for
extraordinary quality, responsiveness and
results.
Lee Hecht Harrison has more than 150 worldwide offices and has expertise managing complex, global assignments where consistency
and quality are key differentiators. It is the only
firm in the industry that has fully integrated
career transition delivery with information
services and technology resources to connect
Clients – from Chief Executive Officers to
hourly workers – to their next opportunity
faster. Lee Hecht Harrison’s unique Project
Services division manages all aspects of a large
transition, including consulting, planning,
implementation and follow-up.
Since 1974, Lee Hecht Harrison has helped
more than one million people transition into
new employment. With the highly successful introduction of LHH@HOME, Lee Hecht
Harrison is reaching individuals who want or
need to conduct their job search from their
home. This has been an especially effective
choice for those in remote locations, field sales
staff, telecommuters, people with disabilities
and expatriates. Through LHH@HOME, organisations are finally able to provide consistent
career transition services wherever their employees are located.
www.lhh.com
Adecco Consulting offers a comprehensive
range of Human Resources services and consulting. In France, Adecco Consulting is a onestop shopping provider of Human Resources
solutions, from executive search to training to
outplacement and outsourcing, with 65 offices
and 1,300 Associates. Established in 1961,
Alexandre TIC has developed a strong reputation for quality and reliability in executive
search, coaching and Human Resources consulting.
Novitec (training) and RH Facilities (outsourcing of Human Resources projects) help companies with Human Resources management,
while Phonecco and Districom specialise in
Sales and Marketing services. Cenergys, Setsys
and Adetec are fast-growing providers of IT and
technical professionals and solutions.
www.groupe-adecco.com
www.alexandretic.com
Templar International Consultants (TIC) offers
executive search services throughout Asia, with
offices in the major regional cities of Bangkok,
Beijing, Guangzhou, Hong Kong, Jakarta, Kuala
Lumpur, Seoul, Singapore and Taipei.
www.templarsearch.com
33
Financial Table
of Contents
Selected Financial Data – Unaudited
36
Consolidated Financial Statements
37
Notes to Consolidated Financial Statements 41
Adecco SA Financial Statements
53
35
Selected Financial Data
unaudited
5-year
Compound
IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS
Selected Financial Highlights
for the fiscal years ended
Growth Rate
2000
1999
1998
1997
1996
45.0%
CHF 26,628
CHF 18,471
CHF 15,308
CHF 11,432
CHF 6,386
44.7%
1,237
832
644
486
271
41.4%
746
528
403
307
202
36.1%
CHF 37.08
CHF 29.24
CHF 23.85
CHF 18.30
CHF 12.12
–
(23.29)
(10.11)
(11.61)
(12.52)
(1.17)
24.2%
8.40
7.00
5.50
5.00
7.262
RESULTS OF OPERATIONS DATA
Net service revenues
Operating income before restructuring costs
and amortisation of goodwill
Income before restructuring costs
and amortisation of goodwill1
PER SHARE DATA
Income per share before restructuring costs
Basic and diluted net loss per share
Cash dividends per share
OTHER KEY INDICATORS
Working Capital
– CHF
847
CHF 2,085
Amortisation
–
1,109
699
CHF
791
601
CHF
222
507
CHF
292
192
Capital Expenditures, net
–
347
155
122
76
3
ADDITIONAL STATISTICS
Pro forma diluted weighted average common shares
–
20,346,121
18,055,376
16,893,802
16,779,939
16,663,672
Basic and diluted weighted average common shares
–
18,373,534
17,212,858
16,790,025
16,459,431
12,861,165
Outstanding shares
–
18,541,492
17,822,104
17,084,614
16,486,427
16,518,392
Number of employees
–
30,000
21,000
16,000
15,000
10,000
December 31, 2000
CHF
STATEMENTS OF OPERATIONS DATA3:
Operating income
USD
EUR
January 2, 2000
CHF
(52 weeks)
USD
January 3, 1999
EUR
CHF
(52 weeks)
USD
EUR
(53 weeks)
26,628
16,237
17,518
18,471
11,263
12,152
15,308
9,334
10,071
1,237
754
814
832
507
547
644
393
424
746
455
491
528
322
374
403
246
265
37.08
22.61
24.39
29.24
17.83
19.24
23.85
14.54
15.69
8.40
5.12
5.53
7.00
4.27
4.61
5.50
3.35
3.62
Income before restructuring costs
PER SHARE DATA3:
Income per share before restructuring
costs and amortisation of goodwill1
Cash dividends per share
December 31, 2000
BALANCE SHEET DATA3:
Cash and cash equivalents
Goodwill, net
Total assets
CHF
USD
EUR
487
297
320
3,091
1,885
2,034
10,653
6,496
7,009
Short-term debt and current maturities of long-term debt
1,188
724
782
Long-term debt
2,548
1,554
1,676
Total liabilities
8,263
5,038
5,436
Shareholders’ equity
2,390
1,457
1,572
1
Income before restructuring costs and amortisation of goodwill is not meant to portray net income or cash flow in accordance with U.S. GAAP or to represent cash available to shareholders.
2
Including extraordinary dividends related to the Adia and Ecco merger.
3
Adecco is a Swiss corporation and as such presents its financial statements in Swiss francs (CHF). For convenience, the fiscal years 2000, 1999 and 1998
Statements of Operations Data, and Per Share Data and Balance Sheet Data and Other Data as of December 31, 2000 were translated from Swiss francs into
US dollars (USD) at the year end rate of CHF 1.64 to USD 1 and from Swiss francs into Euros (EUR) at the year end rate of CHF 1.52 to EUR 1.
36
Adecco SA Annual Report 2000
Consolidated Balance Sheets
December 31, 2000
January 2, 2000
ASSETS
Current assets
CHF
Trade accounts receivable, net
487
CHF
1,555
5,297
3,496
Deferred income taxes
232
219
Other current assets
372
287
6,388
5,557
Total current assets
Property, equipment and leasehold improvements, net
Goodwill, net
Other assets
660
411
3,091
1,756
514
214
CHF
10,653
CHF
CHF
1,188
CHF
7,938
LIABILITIES
Current liabilities
Short-term debt and current maturities of long-term debt
Accounts payable and accrued expenses
435
4,353
3,037
5,541
3,472
Long-term debt
2,548
1,885
Other liabilities
163
179
8,252
5,536
11
2
186
178
Additional paid-in capital
3,113
2,449
Accumulated deficit
(857)
(274)
Total current liabilities
Total liabilities
Minority interests
Commitments and contingencies (see Note 10)
SHAREHOLDERS’ EQUITY
Participation certificates, CHF 2 par value –
Authorised and issued : 24,500 and 24,500 shares
Outstanding : 3,490 and 10,073 shares
Common stock, CHF 10 par value –
Authorised : 19,783,019 and 19,783,019 shares
Issued : 18,551,343 and 17,830,928 shares
Outstanding : 18,538,002 and 17,812,031 shares
Accumulated other comprehensive income (loss)
Less: Treasury stock, at cost
CHF
(43)
55
2,399
2,408
(9)
(8)
2,390
2,400
10,653
CHF
7,938
The accompanying notes are an integral part of these consolidated financial statements.
37
Consolidated Statements
of Operations
December 31, 2000
January 2, 2000
January 3, 1999
(52 weeks)
(52 weeks)
(53 weeks)
CHF
Direct costs of services
26,628
CHF
18,471
CHF
15,308
(21,637)
(15,169)
4,991
3,302
2,644
(3,754)
(2,470)
(2,000)
(65)
(3)
3
(1,109)
(699)
(601)
63
130
46
Interest income
43
22
23
Interest expense
(263)
(118)
(91)
–
(4)
3
Income (loss) before income taxes and minority interests
(157)
30
(19)
Provision for income taxes
(265)
(204)
(174)
(6)
–
Selling, general and administrative expenses
Restructuring costs
Amortisation of goodwill
Other income (expense)
Income applicable to minority interests
Net loss
CHF
CHF
Basic and diluted weighted average common shares
(428)
CHF
(23.29)
CHF
18,373,534
(12,664)
(2)
(174)
CHF
(10.11)
CHF
17,212,858
(195)
(11.61)
16,790,025
38
Consolidated Statements
of Cash Flows
December 31, 2000
January 2, 2000
January 3, 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
CHF
(428)
CHF
(174)
CHF
(195)
Adjustments to reconcile net loss to
net cash and cash equivalents from operating activities :
Amortisation
1,109
699
601
Depreciation
176
102
82
Restructuring provision (benefit)
Deferred income provision (benefit)
Income applicable to minority interests
65
3
(3)
(201)
15
(24)
6
–
2
Utilisation of restructuring reserve
(65)
(32)
(27)
Other non-cash operating charges
36
26
43
(1,131)
(451)
(288)
542
217
245
16
(127)
202
Non-current assets and liabilities
(102)
10
33
Cash flows from operating activities
23
288
671
(351)
(156)
(136)
4
1
14
(800)
–
–
Delphi, net of cash acquired of CHF 99
–
(296)
–
Career Staff, net of cash acquired of CHF 75
–
(37)
–
Changes in operating assets and liabilities, net
of acquisitions:
Trade accounts receivable
Accounts payable and accrued expenses
Other current assets
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, equipment and leasehold improvements
Proceeds from sales of property, equipment and leasehold improvements
Cash purchase price for acquisitions:
Olsten, net of cash acquired of CHF 101
Other acquisitions and investing activities
Cash flows from investing activities
(159)
(142)
(72)
(1,306)
(630)
(194)
(517)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in short-term debt
Increase in long-term debt
Repayment of long-term debt
Dividends paid to shareholders
773
7
1,051
1,134
40
(1,495)
(30)
(38)
(91)
(155)
(120)
Change in treasury stock
–
–
4
Issuance of common stock, net
–
516
302
Common stock options exercised
47
42
17
Other financing activities
40
(30)
(18)
261
1,519
(301)
(46)
(162)
(75)
(1,068)
1,015
101
Cash flows from financing activities
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents:
Beginning of year
End of year
1,555
540
CHF
487
CHF
Cash paid for interest
CHF
215
Cash paid for taxes
CHF
272
Issued 634,371 shares of stock for the acquisition of Olsten CHF
439
1,555
CHF
540
CHF
44
CHF
51
CHF
183
CHF
56
591
CHF
–
CHF
–
17
CHF
–
CHF
–
Non-cash investing and financing activities:
Converted Olsten stock option plan to Adecco plan
CHF
39
Consolidated Statements of
Changes in Shareholders’ Equity
Additional
Paid-in
Capital
Common Stock
Shares
Amount
December 28,1997
16,605,719 CHF
165 CHF 1,611
Retained
Earnings
(Deficit )
Treasury Stock
Shares
Amount
(119,292) CHF
(54) CHF
Accumulated
Other
Total
Comprehensive Shareholders’
Income (Loss )
Equity
306 CHF
(8) CHF 2,020
Comprehensive loss :
Net loss
(195)
Currency translation adjustment
(195)
11
11
(184)
Issuance of common stock
500,000
5
297
72,813
1
15
302
5,245
1
17
Common stock purchased
(29,326)
(14)
(14)
Participation certificates purchased
(34,480)
(4)
(4)
83,935
41
Common stock sold
(19)
Cash dividends, CHF 5.50 per share
January 3, 1999
22
(91)
17,178,532
171
1,904
(93,918)
(30)
20
(91)
3
2,068
Net loss
(174)
(174)
52
52
(122)
600,000
6
510
132,644
1
41
516
545
-
42
(16,677)
(2)
(2)
(7,346)
(5)
(5)
Common stock issued for
participation certificates
13,937
–
(69,685)
–
Participation certificates exchanged
for common stock
Common stock sold
1
36,730
6
7
(7)
44,460
22
15
2,882
1
1
(33,324)
(8)
Treasury participation certificates exchanged
for treasury common stock
January 2, 2000
(120)
17,855,428
178
2,449
(274)
(120)
55
2,400
Net loss
(428)
(428)
(101)
Unrealised gain on marketable securities
3
(101)
3
(526)
634,371
6
585
86,044
2
45
591
4,240
(6,583)
Tax benefit from stock transactions
47
(1)
(1)
16
16
Treasury participation certificates exchanged
for treasury common stock
1
Converted Olsten stock options
17
1,316
1
17
December 31, 2000
–
(155)
18,575,843 CHF
186 CHF 3,113
(34,351) CHF
(9) CHF (857) CHF
(155)
(43) CHF 2,390
40
Notes to Consolidated
Financial Statements
as of December 31, 2000
Note 1 – The Business and Summary of Significant
Accounting Policies
BUSINESS
Adecco’s principal business is providing personnel services
to companies and industry worldwide. Adecco’s personnel
services include providing temporary personnel, placing
permanent employees, training and testing temporary and
permanent employees, outsourcing and providing outplacement counselling services. Adecco provides these
services by contract to businesses located throughout
North America, Europe, Asia and Latin America.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the
accounts of Adecco SA, a Swiss corporation, and its majority-owned subsidiaries (collectively, “Adecco”). The equity
and net income attributable to minority shareholders’
interests are shown separately in the consolidated financial statements. All material intercompany accounts and
transactions have been eliminated.
The consolidated financial statements are presented in
accordance with accounting principles generally accepted in
the United States of America and the provisions of Swiss law.
USE OF ESTIMATES
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the consolidated financial statements and the reported
components of results of operations during the reporting
period. Actual results could differ from those estimates.
BASIS OF PRESENTATION
Adecco’s fiscal year ends on the Sunday nearest to
December 31. For 2000 and 1999, the fiscal years contained 52 weeks and ended on December 31, 2000 and
January 2, 2000. For 1998, the fiscal year contained
53 weeks and ended on January 3, 1999.
RECOGNITION OF REVENUE
Adecco’s personnel services revenues are recognised when
the services are rendered or upon acceptance of employment of permanent placement.
FOREIGN CURRENCY TRANSLATION
Adecco’s operations are conducted in over 58 countries
and Adecco’s local operations are reported in the applicable foreign currencies, then translated into Swiss francs at
the applicable foreign currency exchange rates for inclusion in Adecco’s consolidated financial statements.
Financial statements of foreign subsidiaries are translated
into Swiss francs using year-end rates of exchange for assets
and liabilities and using weighted average rates for the year
for revenues and expenses. The translation adjustments
are included as a separate component of shareholders’
equity. Exchange gains and losses on hedges of non-Swiss
franc net investments and on intercompany balances of a
long-term investment nature are also included in equity.
CASH AND CASH EQUIVALENTS
All highly liquid instruments with an original maturity of
three months or less are considered to be cash equivalents.
ACCOUNTS RECEIVABLE
Accounts receivable are recorded at their net realisable
value after deducting an allowance for doubtful accounts.
Such deductions reflect specific cases and estimates based
on historical evidence of collectibility.
PROPERTY, EQUIPMENT
AND LEASEHOLD IMPROVEMENTS
Property and equipment are carried at cost and depreciated on a straight-line basis over their estimated useful lives
(three to five years for furniture, computers, software and
equipment and twenty to forty years for buildings).
Leasehold improvements are stated at cost and amortised
over the shorter of the lease term or the useful life of the
improvement.
GOODWILL
The excess of the purchase price over the fair value of net
assets acquired is shown as goodwill on the accompanying
consolidated balance sheets. Adecco amortises goodwill on a
straight-line basis over five years. Adecco evaluates the recoverability of goodwill based on estimated future undiscounted
cash flows. Charges for impairment of goodwill are recorded
to the extent unamortised book value of such assets exceeds
the related future undiscounted cash flows. Goodwill may
change as certain estimates and contingencies are finalised,
although any adjustments are not expected to have a significant effect on the ultimate amount of goodwill. Accumulated
amortisation of goodwill amounted to CHF 3,163 and
CHF 2,072 at December 31, 2000 and January 2, 2000.
LONG-LIVED ASSETS
Adecco reviews, on a periodic basis, the carrying amount of
long-lived assets and certain identifiable intangibles for
impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be
recoverable. For all fiscal years presented, Adecco determined
that no material impairment loss had occurred.
41
INCOME TAXES
Deferred tax assets and liabilities are recognised for the
expected tax consequences of temporary differences arising between the tax basis of assets and liabilities and their
reported amounts.
FAIR VALUE OF FINANCIAL INSTRUMENTS
Adecco uses the following methods and assumptions to
estimate the fair value of each class of financial instruments for which it is practical to estimate that value:
The carrying amount approximates fair value because of
the short maturity of those instruments.
Short-term debt
The carrying amount approximates fair value because of
the short maturity of those instruments.
Long-term debt
The fair value of Adecco’s long-term debt is estimated based
on the quoted market prices for the same or similar issues
or on the current rates offered for debt of similar remaining
maturities. The carrying amount of the aggregate debt was
CHF 2,548 and CHF 1,904 and the fair value was CHF 2,598
and CHF 2,037 as of December 31, 2000 and January 2, 2000.
Foreign currency and interest rate contracts
The fair value of foreign currency contracts is estimated
based upon information obtained from financial institutions. The carrying amount of the foreign currency contracts was CHF 51 and CHF 6 and the fair value was CHF 51
and CHF 10 as of December 31, 2000 and January 2, 2000.
Any interest rate differential on interest rate contracts is
recognised as an adjustment to interest expense over the
term of the agreement. The carrying amounts of the interest rate contracts was CHF 1 loss and the fair value was
CHF 9 loss as of December 31, 2000.
DERIVATIVE FINANCIAL INSTRUMENTS
Adecco uses short-term forward exchange contracts to
hedge the foreign currency exposure that is created as a
result of financing within the group, primarily intercompany loans. On a monthly basis, outstanding hedge contracts are valued at the current spot rates. The gains and
losses as a result of the hedge contracts are recorded in the
consolidated statements of operations as interest expense.
In June 1998, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standards
(SFAS) No. 133, “Accounting for Derivative Instruments and
Hedging Activities”. In June 1999, the FASB issued
SFAS No. 137, “Accounting for Derivative Instruments and
42
Hedging Activities – Deferral of the Effective Date of
FASB Statement No. 133”. In June 2000, the FASB issued
SFAS No. 138, “Accounting for Certain Derivative Instruments and Certain Hedging Activities, an amendment of
FASB Statement No. 133”. SFAS No. 133, as amended, establishes accounting and reporting standards requiring that
every derivative instrument (including certain derivative
instruments embedded in other contracts) be recorded in
the balance sheet as either an asset or liability measured at
its fair value. These rules require that changes in the derivative instrument’s fair value be recognised currently in
earnings unless specific hedge accounting criteria are met.
Special accounting for qualifying hedges allows a derivative
instrument’s gains and losses to offset related results on the
hedged item in the income statement, to the extent effective, and requires that a company must formally document,
designate, and assess the effectiveness of transactions that
receive hedge accounting.
SFAS No. 133, as amended, is effective for fiscal years
beginning after June 15, 2000. Adecco has adopted SFAS
No. 133 as of January 1, 2001. Currently Adecco employs
derivative financial instruments to hedge underlying
transactional currency exposure, but does not engage in
any foreign currency speculation; see Note 12. The adoption of this new standard will result in cumulative after-tax
reductions in net income of approximately CHF 8 million
as of January 1, 2001, which will be reported as a cumulative effect of a change in accounting principle in the first
quarter of 2001. The adoption of this statement may result
in additional volatility in reported earnings, other comprehensive income, and accumulated other comprehensive
income. The adoption will also impact the reported
amounts of assets and liabilities on the balance sheet.
NET LOSS PER SHARE
Adecco computes basic and diluted net loss per share
using the weighted average number of shares of common
stock, participation certificates and incremental shares of
common stock. Incremental common stock consists of the
incremental common stock from assumed conversion of
convertible notes (using the if-converted method) and
stock issuable upon the exercise of stock options (using
the treasury stock method). Incremental common stock of
1,972,587, 842,518 and 103,777 in fiscal years 2000, 1999
and 1998 was excluded from the computation as the effect
was anti-dilutive. Participation certificates are included at
a rate of five shares of participation certificates common
stock to one share of common stock.
RECLASSIFICATIONS
Certain reclassifications have been made to the fiscal years
1998 and 1999 financial statements to conform to the fiscal year 2000 financial statement presentation.
OTHER DISCLOSURES REQUIRED BY SWISS LAW
December 31,
Balance sheet data
2000
Prepayments and accrued income CHF
63
Total non-current assets
4,265
Total accruals and deferred income
3,853
Total pension liabilities, non-current
31
January 2,
2000
CHF
64
2,381
2,749
24
Statements of operations data
Personnel expenses
1999
CHF 1,520
2000
CHF 2,289
The fire insurance value of property, equipment and leasehold improvements amounts to CHF 532 and CHF 520 at
December 31, 2000 and January 2, 2000.
In connection with the acquisition, Adecco accrued a total
of CHF 93 in estimated costs to close facilities, and reduce
the Olsten workforce by approximately 600 employees. The
amounts accrued included CHF 10 for lease terminations,
CHF 25 for branch closures, CHF 38 for employee severance, and CHF 20 for other costs. To the extent that unused
facilities covered by long-term leases are subleased and
unfavourable contracts are renegotiated, a reduction in the
acquisition-related reserves and goodwill recorded as of
the end of fiscal year 2000 will be required.
The results of operations of Olsten have been included in
the financial statements since the date of acquisition. The
following unaudited pro forma information shows consolidated operating results as if the acquisition of Olsten had
occurred at the beginning of fiscal 2000 and at the beginning of fiscal 1999.
2000
CHF 27,889
Net loss
(575)
(31.10)
1999
CHF 23,407
(617)
(34.59)
Note 2 – Acquisitions
OLSTEN CORPORATION
In March, 2000, Adecco acquired through merger all of the
common stock of Olsten Corporation (“Olsten”), a leading
supplier of staffing and information technology services
and health services conducting owned, franchised, and
licensed operations in North America, Europe, and Latin
America. In exchange for all of the common stock of
Olsten, Adecco paid approximately CHF 800, net of CHF
101 cash acquired, assumed CHF 1,190 in net debt, and
issued to Olsten shareholders CHF 591 in Adecco common
stock, and recorded CHF 17 in connection with the conversion of the Olsten stock plan to the Adecco stock plan. The
purchase price was partly funded with proceeds from the
issuance of EUR 360 (CHF 548) guaranteed convertible
notes. The acquisition was accounted for as a purchase
and, the assets and liabilities and results of operations of
Olsten have been included in Adecco’s consolidated financial statements since the date of acquisition.
The excess of purchase price over the fair value of tangible
assets acquired, liabilities assumed and additional liabilities recorded of CHF 2,321 was allocated to goodwill which
is amortised over a period of five years. In addition, Olsten
had accumulated net operating loss carryforwards of
CHF 23 and capital loss carryforwards of CHF 690, the
majority of which were utilised in the current year.
Under the terms of the purchase agreement, Olsten agreed
to split off to Olsten shareholders Olsten Health Services as
a separate public traded entity. In the transaction, holders
of common stock of Olsten received shares of the new
health services company, which will continue to conduct
the healthcare business of Olsten.
The pro forma results include adjustments for goodwill
and intangible asset amortisation, interest expense and
income taxes. The pro forma results of operations do not
necessarily represent operating results which would have
occurred if the acquisition had taken place on the basis
assumed above, nor are they indicative of future operating
results of the combined companies.
CAREER STAFF CO., LTD.
In May 1999, Adecco acquired Career Staff Co., Ltd (“Career
Staff”), a personnel services business in Japan, for approximately CHF 128. The acquisition was financed using existing credit facilities and internal resources and was
accounted for as a purchase. The excess of the purchase
price over the fair value of the net assets acquired was
CHF 127 and was recorded as goodwill. The results of operations of Career Staff have been included in the financial
statements beginning May 1999. The following unaudited
pro forma information shows consolidated operating
results as if the acquisition of Career Staff had occurred at
the beginning of fiscal 1999 and at the beginning of fiscal 1998.
1999
CHF 18,685
Net loss
(177)
(10.28)
1998
CHF 15,909
(195)
(11.61)
DELPHI GROUP PLC
In April 1999, Adecco acquired Delphi Group plc (“Delphi”)
for approximately CHF 395. Delphi is an information technology service and staffing business with operations in the United
Kingdom, the United States and Europe. The acquisi-
43
accounts of GBP 0.5 (CHF 1) at December 31, 2000 related to
these exposures.
tion was financed from bank borrowings and was accounted for
as a purchase. The excess of the purchase price over the fair
value of the net assets acquired was CHF 400 and was recorded
as goodwill. The results of the operations of Delphi have been
included in the financial statements beginning in April 1999.
The following unaudited pro forma information shows consolidated operating results as if the acquisition of Delphi had
occurred at the beginning of fiscal 1999 and at the beginning of
fiscal 1998.
1999
CHF 18,681
Net loss
(176)
(10.25)
1998
CHF 16,047
(221)
(13.16)
Note 3 – Trade Accounts Receivable
December 31,
2000
Trade accounts receivable
CHF 5,456
Allowance for doubtful accounts
(159)
Trade accounts receivable, net
CHF 5,297
January 2,
2000
CHF 3,620
(124)
CHF 3,496
In March 2000, Adecco entered into an agreement to sell a percentage ownership interest in a continuous revolving pool of
certain of its United Kingdom trade receivables (“the pool”).
The purchaser funds its investment in the pool through the
issuance of commercial paper. Under the terms of the sale
agreement, the purchaser’s investment in the pool (i) cannot
exceed GBP 64 (CHF 156), (ii) bears interest based on the underlying commercial paper rate (7.00% at December 31, 2000), and
(iii) is subject to reduction based on the eligibility and concentration of the trade accounts receivable that comprise the pool.
The sale agreement is renewable annually. This arrangement is
accounted for as a sale of receivables under the provisions of
SFAS No. 125, “Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities.” At
December 31, 2000, the pool, amounting to GBP 49 (CHF 120),
has been reflected as a reduction in trade accounts receivable of
which an undivided interest has been sold to the purchaser for
cash of GBP 37 (CHF 90). In addition, Adecco has a long-term
receivable of GBP 12 (CHF 30) at December 31, 2000 from the
purchaser for the percentage interest sold for which Adecco has
not yet received cash. Adecco’s interest in the remainder of the
pool is classified as trade accounts receivable. Adecco has exposure to risk of credit loss related to the total pool for the nonperformance of the purchaser, and to uncollectible accounts
receivable, and has provided an allowance for doubtful
44
In October 2000, Adecco terminated an agreement to sell an
undivided ownership interest in a continuous revolving pool of
certain of its United States trade receivables of up to USD 200
(CHF 328), which had been accounted for as a sale of receivables. Concurrently, Adecco entered into a new agreement to
borrow, on an ongoing basis, against the security of certain of its
United States trade receivables arising in the future. In conjunction with these concurrent transactions, Adecco received a loan
from a lending institution. As of December 31, 2000, the loan
amounted to USD 400 (CHF 655). This arrangement is accounted for as a secured borrowing with pledge of collateral under the
provisions of SFAS No. 125, “Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of
Liabilities.” Unlike Adecco’s prior agreement where it sold an
undivided interest in certain United States trade receivables
thereby removing such receivables from its balance sheet,
under the new agreement the receivables and related debt
remain on the balance sheet. Adecco continues to be exposed
to a risk of credit loss related to uncollectible accounts receivable and has provided an allowance for doubtful accounts of
USD 5 (CHF 7) at December 31, 2000.
In September 2000, the FASB issued SFAS No. 140 “Accounting
for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities – a Replacement of SFAS No. 125”.
This statement replaces SFAS No. 125 “Accounting for Transfers
and Servicing of Financial Assets and Extinguishment of
Liabilities” and provides accounting and reporting standards
for transfers and servicing of financial assets and extinguishment of liabilities. Those standards are based on consistent
application of a financial-components approach that focuses
on control. SFAS No. 140 is effective for transfers and servicing
of financial assets and extinguishments of liabilities occurring
after March 31, 2001 and shall be applied prospectively. Adecco
believes that the adoption of this standard will not be material
to its results of operations.
Note 4 – Property, Equipment
and Leasehold Improvements
December 31,
2000
Land and buildings
CHF
99
Furniture, fixtures and office equipment
211
Computer equipment and software
633
Leasehold improvements
206
1,149
Accumulated depreciation
(489)
CHF
660
January 2,
2000
CHF
52
203
444
159
858
(447)
CHF
411
Included in property, equipment and leasehold improvements
are assets acquired under capital leases with an original cost of
CHF 32 and CHF 21 and accumulated depreciation of CHF 15
and CHF 15 at December 31, 2000 and January 2, 2000.
Note 5 – Accounts Payable and Accrued Expenses
December 31, 2000
Accounts payable
Wages and benefits
VAT and sales taxes
Income and other taxes
Other
CHF
CHF
273
1,849
680
669
882
4,353
January 2, 2000
CHF
CHF
123
1,576
513
418
407
3,037
Note 6 - Financing Arrangements
SHORT-TERM DEBT
To support short-term working capital and borrowing requirements, Adecco had available bank lines of credit in certain
countries in which it operates of CHF 1,229 and CHF 757 and
borrowings outstanding of CHF 1,178 and CHF 416 as of
LONG-TERM DEBT
Unsecured, CHF 1,500, multicurrency revolving credit facility,
CHF 232 due February 2002, CHF 819 due 2003
Convertible subordinated notes, EUR 360, 1.5%, due 2004
Senior notes, USD 200, 7.0%, due 2006
Unsecured, GBP 175, credit facility, due February 2000
Bonds, CHF 300, 4.0%, due 2005
Guaranteed notes, FRF 800, 6.0%, due 2008
Senior note, USD 50, 7.1%
Subordinated notes, undated
Other
Less current maturities
Long-term portion
In January 2000, Adecco entered into CHF 1,500 of unsecured
multicurrency revolving credit facilities consisting of a 3 1/2
year CHF 1,000 revolving credit facility and a one year CHF 500
revolving credit facility which bear interest at LIBOR plus a
maximum margin of 0.65% (including a maximum utilisation
fee of 0.05%), with a maximum annual commitment fee of
0.30% and 0.15% on the 3 1/2 year and one year facilities,
respectively, payable on the undrawn portion of each facility.
These funds were used to refinance CHF 842 of Adecco debt
maturing in February 2000 and to fund, in part, the cash
requirements of the Olsten acquisition. In January 2001, Adecco
amended the existing agreement to extend the one year
CHF 500 revolving credit facility for another year.
In connection with the March 2000 Olsten acquisition, Adecco
December 31, 2000 and January 2, 2000. The lines of credit are
in various currencies at variable interest rates that as of
December 31, 2000 averaged 6%. Included in the lines of credit
are bank overdrafts aggregating CHF 46 and CHF 57 at
December 31, 2000
CHF
CHF
1,051
548
328
–
300
184
82
46
19
2,558
(10)
2,548
January 2, 2000
CHF
CHF
494
576
–
348
300
–
80
62
44
1,904
(19)
1,885
assumed Olsten’s outstanding USD 200 (CHF 328) 7.0% guaranteed senior notes due 2006. Additionally, Adecco assumed
Olsten’s outstanding FRF 800 (CHF 184) guaranteed notes due
2008.
In November 1999, Meridian B.V., a wholly-owned subsidiary of
Adecco, issued EUR 360 (CHF 548) in total principal amount of
its 1.5% guaranteed convertible notes due 2004. The convertible
notes are guaranteed on a senior, unsecured basis by Adecco
and are convertible, in the aggregate, into approximately
540,000 Adecco common shares commencing January 2000.
In connection with the 1999 Delphi acquisition, Adecco
assumed Delphi’s outstanding USD 50 (CHF 82) guaranteed
senior note bearing interest of 7.1%. Interest on the note is
payable semi-annually and the principal amount of the note is
45
Note 7 – Shareholders’ Equity
repayable in six equal annual instalments commencing June
2002.
In 1992, a subsidiary issued USD 100 (CHF 164) of undated subordinated notes (“the notes”). The notes are not due to be
redeemed, and will only be repaid in the event of a merger or a
liquidation of the subsidiary. The notes bear interest at 1.0%
above LIBOR, which is adjusted every six months, in perpetuity.
Interest payments on these notes may be suspended if the subsidiary’s losses exceed 25% of shareholders’ equity and no dividends are distributed with respect to the previous year. The
notes are considered repackaged in accordance with the
Structured Finance Agreement (“the Agreement”) entered into
by a third party and the noteholders. The third party (“the trust”)
has agreed to acquire all the notes from the noteholders after a
period of fifteen years and forego all rights to interest from the
sixteenth year to perpetuity in return for a prepayment of that
interest by the subsidiary amounting to approximately
USD 29 (CHF 46). The trust invested this amount in a zero
coupon bond maturing up to USD 100 (CHF 164) over fifteen
years. In 1996, the notes were restructured as part of an agreement between the subsidiary, the trust and a bank. The bank
bought back the notes from the investors and the trust contributed the zero coupon bonds to the bank. The bank also
agreed to forego all the rights to interest from the sixteenth year
to perpetuity. Adecco has accounted for the notes by stating the
principal balance net of the prepaid interest USD 71 (CHF 116)
and accounts for payments on the notes as interest and principal. The effective interest rate, before impact of the hedging
financial instrument (see Note 12), of these payments was
8.86%, 5.50%, and 7.17% in fiscal years 2000, 1999 and 1998.
Adecco accounted for USD 5 (CHF 8), USD 4 (CHF 7) and
USD 4 (CHF 7) of payments as principal in fiscal years 2000, 1999
and 1998.
Under the terms of the various short and long-term credit
agreements, Adecco is subject to covenants requiring, among
other things, compliance with certain financial tests and ratios.
Adecco was in compliance with or obtained waivers for these
covenants at December 31, 2000.
Payments of long-term debt are due as follows:
FISCAL YEAR
2001
CHF
2002
255
2003
844
2004
572
2005
323
Thereafter
554
CHF
46
10
2,558
Adecco’s shareholders’ equity consists of common stock and
participation certificates. Participation certificates entitle the
holder to receive dividends, other distributions and liquidation
proceeds to the extent such payments are made to the holders
of common stock. Participation certificates are non-voting.
Included in common stock are participation certificates, par
value CHF 2, which consisted of 24,500; 24,500 and 94,185
shares as of December 31, 2000, January 2, 2000 and January 3,
1999. Included in treasury stock are participation certificates
which consisted of 21,010; 14,427 and 34,480 shares as of
December 31, 2000, January 2, 2000, and January 3, 1999. At
December 31, 2000, Adecco had 523,430 shares of common
stock reserved for issuance to employees and directors upon
the exercise of stock options. Common stock held as treasury
stock is generally reserved to support option exercises under
stock option plans.
Adecco may only pay dividends out of unappropriated retained
earnings disclosed in the annual financial statements of Adecco
SA (“Holding Company”), prepared in accordance with Swiss
law and as approved at the annual general meeting of shareholders. These parent company financial statements, which
reflected unappropriated retained earnings of CHF 1,112 as of
December 31, 2000, account for investments in all subsidiaries
at cost.
In March 2000, Adecco acquired the staffing services and IT
services businesses of Olsten. The aggregate purchase price of
Olsten by Adecco was approximately CHF 1,509, excluding the
assumption of debt and including the issuance of 634,371 shares
of common stock to the Olsten shareholders for a value of
CHF 591.
During 2000, a tax benefit of CHF 16 was recorded in relation to
stock option exercises.
Note 8 – Stock Option Plans
At December 31, 2000, Adecco had options outstanding relating
to its common stock under several existing plans and plans
assumed in the Olsten acquisition. Under these plans, options
vest and become exercisable in instalments, generally on a rateable basis over two to five years beginning on the day of the
grant or one year after the date of grant, and have a contractual
life of three to ten years.
Adecco applies APB Opinion No. 25, “Accounting for Stock
Issued to Employees”, and related interpretations in accounting
for its plans. Accordingly, no compensation cost has been recognised for its stock option plans. Had compensation cost for
Adecco’s stock-based compensation plans been determined
based on the fair value at the grant dates for awards under those
plans consistent with SFAS No. 123, “Accounting for Stock-Based
Compensation”, Adecco’s net loss and loss per share would have
increased to the pro forma amounts indicated on the next page:
Net loss:
As reported
Pro forma
Basic and diluted loss per share:
As reported
Pro forma
Exercise
Price per Share
CHF
64
88 - 213
430 - 680
533 - 760
1,022 - 1,415
1,080
599 - 3,151
CHF 64 - 3,151
Number
170
49,315
108,281
165,830
280,151
200,000
20,205
823,952
2000
1999
1998
CHF
(428)
(454)
CHF
(174)
(188)
CHF
(195)
(205)
CHF
(23.29)
(24.71)
CHF
(10.11)
(10.92)
CHF
(11.61)
(12.21)
OPTIONS OUTSTANDING
Weighted Average
Remaining Life
1.91
2.30
4.79
5.67
6.07
6.91
5.00
5.77
OPTIONS EXERCISABLE
Weighted Average Exercise
Number
Price per Share
170
CHF 64
46,177
179
74,398
462
53,016
534
91,399
1,025
31,485
1,080
20,205
1,795
316,850
CHF 741
Weighted Average Exercise
Price per Share
CHF 64
177
462
536
1,029
1,080
1,795
CHF 835
The fair value of each option grant is estimated on the date of
grant using the Black-Scholes option-pricing model and the
following weighted average assumptions:
Expected lives
Risk-free interest rate
Expected volatility
Expected dividend
CHF
2000
3.9
3.50%
39%
10.0
CHF
1999
3.7
3.40%
27%
8.4
A summary of the status of Adecco’s stock option plans as of
the fiscal years ended 2000, 1999 and 1998, and changes
during those years is presented below.
CHF
1998
5.0
5.25%
57%
7.0
Balance, December 28, 1997
Granted
Exercised
Cancelled
Number
of Shares
425,838
236,010
(78,058)
(31,173)
Exercise
Price per Share
CHF 5 - 1,120
472 - 674
5 - 430
10 - 1,120
Weighted
Average Exercise
Price per Share
CHF
300
532
200
389
Balance, January 3, 1999
Granted
Exercised
Cancelled
552,617
297,141
(133,189)
(19,496)
10 - 674
533 - 1,022
10 - 750
166 - 533
446
1,018
322
376
Balance, January 2, 2000
Granted
Exercised
Cancelled
697,073
245,392
(89,390)
(29,123)
64 - 1,022
599 - 3,151
64 - 1,221
166 - 2,981
688
1,193
525
1,373
Balance, December 31, 2000
823,952
CHF 64 - 3,151
CHF
835
Exercisable, December 31, 2000
316,850
CHF 64 - 3,151
CHF
741
The weighted average fair value per option granted in 2000,
1999 and 1998 was CHF 351, CHF 237 and CHF 248 per share.
47
Adecco common stock, on the Swiss Stock Exchange for the
five days immediately preceding the date of acquisition
and the average closing prices of the Olsten common stock,
on the New York Stock Exchange for the five days immediately preceding the date of acquisition. Pursuant to the
acquisition Agreement and Plan of Merger, the converted
Olsten options became 100% vested and exercisable on the
acquisition date. The fair value of these vested options has
been accounted for as additional purchase price, with the
corresponding credit to equity.
In connection with the acquisition of Olsten, Adecco converted approximately 3,726,264 shares of outstanding Olsten stock
options to an existing Adecco stock option plan. The converted options were adjusted by the exchange ratio of
0.014, which reflected the average closing prices of the
Switzerland. Consequently, the weighted average expected
effective rate will vary from year to year according to the
source of earnings by country. The provision for income
taxes on continuing operations consists of the following
for the fiscal years:
Note 9 – Income Taxes
Adecco is incorporated in Switzerland, operates in countries that have differing tax laws and rates and generates
income from continuing operations primarily outside of
Current provision
Deferred provision (benefit)
Total
CHF
CHF
2000
466
(201)
265
CHF
CHF
1999
189
15
204
CHF
CHF
1998
198
(24)
174
Temporary differences that give rise to deferred income tax
assets and liabilities are summarised as follows:
December 31, 2000
Net operating loss carryforward
Provision for risk and accrued restructuring charges
Accrued business tax
Accrued workers’ compensation
Deferred compensation and accrued employee benefits
41
88
18
24
32
CHF
47
22
17
17
43
Other accrued expenses
Financial amortisation in excess of tax amortisation
Other
123
225
39
41
83
35
Gross deferred tax asset
Valuation allowance
590
(58)
305
(32)
Net deferred tax asset
Deferred tax liability
532
20
273
9
Deferred tax asset net of deferred tax liability
Adecco’s assessment of the realisability of deferred tax assets is
made on a country-by-country basis. A valuation allowance is
used to reduce deferred tax assets to a level which, more likely
than not, will be realised. Other long-term assets include
CHF 280 and CHF 45 of net deferred tax assets as of
At December 31, 2000, Adecco had approximately CHF 169 in
net operating loss carryforwards expiring beginning 2001
48
CHF
January 2, 2000
CHF
512
CHF
264
attributable to several European countries. Future utilisation
of these loss carryforwards may be limited by local country tax
laws that restrict utilisation of the loss to the subsidiary that
incurred the loss and by reorganisation of local country operations. A portion of the net operating loss carryforward available is not included in the net operating loss carryforward and
related deferred tax assets disclosed above because management believes the probability of utilisation is remote.
The difference between the provision for income taxes and
the expected tax provision at the weighted average tax rate is
reconciled as follows for the fiscal years:
Expected tax provision (benefit)
Goodwill amortisation
Adjustment to deferred tax assets due to rate changes
Other
Total provision for income taxes
CHF
CHF
2000
(64)
297
–
32
265
CHF
CHF
1999
11
199
11
(17)
204
CHF
CHF
1998
(8)
195
–
(13)
174
The expected tax provision was calculated by aggregating the
products of pre-tax income (loss) in each country multiplied
by that country’s statutory income tax rate. A provision has
been made for withholding tax and other taxes on crossborder, intercompany transactions including management
fees, royalties, interest and dividends.
Note 10 – Commitments and Contingencies
agreement grants NPG the right to put at fair value, at any time,
any number of its shares in the Olsten Norway AS subsidiary
to Olsten Norway AS. If the put is exercised, Olsten Norway AS
is required to buy at least 50% of the shares subject to the put
immediately. The remaining 50% is required to be purchased
within two years following the exercise of the put.
In November 2000, a valuation resulted in an estimated value
of CHF 7,784 per share. As of December 31, 2000, NPG can put
a total of 28,258 shares in the subsidiary, out of which Olsten
Norway AS is required to buy 50% of the shares subject to the
put immediately. Based on the valuation, Olsten Norway AS
would be required to pay CHF 110 for these shares. During fiscal 2000, NPG put 1,500 shares changing Olsten Norway AS’s
ownership in the subsidiary to 51.4%. In January 2001, NPG
put 8,350 shares out of which Olsten Norway AS bought 4,175
shares for CHF 32 changing its ownership to 58.4%.
COMMITMENTS
Adecco leases facilities under operating leases, certain of
which require payment of property taxes, insurance and
maintenance costs. Operating leases for facilities are usually
renewable at Adecco’s option and usually include escalation
clauses linked to inflation.
Future minimum annual lease payments are as follows:
FISCAL YEAR
2001
CHF
148
2002
117
2003
83
2004
59
2005
35
Thereafter
83
CHF
525
Note 11 – Restructuring
Total rent expense under operating leases amounted to
CHF 149, CHF 131 and CHF 91 during 2000, 1999 and 1998.
CONTINGENCIES
Adecco is involved in various legal actions and claims. In the
opinion of management, after taking appropriate legal advice,
the future settlements of such actions and claims will not have
a material adverse effect on Adecco’s financial position or
results of operations.
In 1995, Olsten Norway AS (a wholly-owned subsidiary of
Adecco) entered into an agreement with Norsk Personal
Gruppen AS (“NPG”) regarding a subsidiary that was 49.9%
owned by NPG and 50.1% owned by Olsten Norway AS. The
In connection with acquisitions in 2000, primarily Olsten,
Adecco committed to restructuring plans which resulted in a
pre-tax charge of CHF 65 during the year. This included
CHF 36 related to employee reductions, lease commitments,
branch closure and other costs and CHF 29 for the write-down
of software and other fixed assets. In addition, restructuring
costs of CHF 93 of the acquirees were accrued in connection
with the purchase accounting for the acquisitions (See Note 2).
The total restructuring costs of CHF 129 included CHF 57 for
employee reductions, CHF 20 for remaining lease commitments
on abandoned facilities and CHF 52 for branch closure and other
costs. At December 31, 2000, the remaining restructuring
reserve related to acquisitions in 2000 was CHF 66, including
49
restructuring costs of CHF 24 of the acquirees were accrued in
connection with the purchase accounting for the acquisitions
in 1999. The total restructuring costs of CHF 27 included CHF 8
for employee reductions, CHF 9 for remaining lease commitments on abandoned facilities and CHF 10 for branch closure
costs. At January 2, 2000, the remaining restructuring reserve
related to acquisitions was CHF 17, including CHF 6 for
employee reductions, CHF 5 for remaining lease commitments on abandoned facilities and CHF 6 for branch closure
and other costs, and was included in accounts payable and
accrued expenses. Restructuring costs of CHF 8 recorded in
1999 in connection with the Delphi acquisition were reversed
during the year and booked against goodwill. At December 31,
2000, the remaining restructuring reserve related to 1999
acquisitions was CHF 7, including CHF 3 for remaining lease
commitments on abandoned facilities and CHF 4 for branch
closure costs, and was included in accounts payable and
accrued expenses.
CHF 17 for employee reductions, CHF 9 for remaining lease
commitments on abandoned facilities and CHF 40 for branch
closure and other costs, and was included in accounts payable
and accrued expenses. As part of the restructuring plans
Adecco will reduce its workforce by approximately 1,000 positions, including approximately 700 positions in North America
and 300 positions in the rest of the world, consisting primarily
of administrative and sales and marketing personnel.
Approximately 860 positions were eliminated during 2000.
In connection with acquisitions in 1999, primarily Delphi and
Career Staff, Adecco committed to restructuring plans which
resulted in a pre-tax charge of CHF 3 in 1999 related to
employee reductions and branch closure costs. In addition,
Employee reductions
Remaining lease commitments on
abandoned facilities
Branch closure and other costs
Total restructuring liability
Restructuring
liability
January 2, 2000
CHF
6
Net additions
to restructuring
liability
CHF
51
5
6
17
19
51
121
CHF
Note 12 - Financial Instruments
Financial instruments that potentially expose Adecco to concentrations of credit risk consist principally of cash investments,
trade accounts receivable and foreign exchange contracts.
Adecco places its cash investments in major financial institutions throughout the world that management assesses to be of
high credit quality. Credit risk, with respect to trade accounts
receivable, is dispersed due to the international nature of the
business, the large number of customers and the diversity of
industries serviced. Adecco performs credit evaluations of its
customers and, where available and cost effective, utilises credit insurance. Adecco sells a percentage ownership interest in a
continuous revolving pool of certain of its United Kingdom
trade accounts receivable; see Note 3.
Adecco uses foreign exchange contracts for purposes other than
proprietary trading to exchange various currencies into Swiss
francs and other currencies, and enters into foreign exchange
contracts for the purpose of hedging underlying transactional
currency exposure, but not to engage in any foreign currency
speculation. Foreign exchange contracts include: forward contracts representing agreements to buy or sell a specified amount
of foreign currency at a specified price in the future; foreign currency options representing contracts that grant the purchaser,
for a premium payment, the right to either buy or sell in the
future a specified amount of currency at a specified price; and
foreign currency swap contracts representing agreements to
50
CHF
CHF
Cash
payments
(40)
Restructuring
liability as of
December 31, 2000
CHF
17
CHF
(13)
(12)
(65)
11
45
73
CHF
simultaneously buy and sell an amount in a currency at two different dates in the future (collectively “foreign exchange contracts”). Market risk, with respect to foreign exchange contracts,
is offset by the corresponding exposure related to the underlying
assets and liabilities. Foreign exchange gains and losses and the
amortisation of premiums and discounts related to foreign
exchange contracts used to hedge existing assets and liabilities
are recognised in the consolidated statements of operations in
the same period that the exchange gains and losses of the
hedged assets and liabilities are recorded.
At December 31, 2000, Adecco had short-term foreign exchange
contracts outstanding with an aggregate notional amount of
CHF 1,818. CHF 51 would be required to close the positions at
December 31, 2000. These contracts primarily hedge intercompany lending activity with the respective gains and losses being
included in interest expense.
At December 31, 2000, foreign exchange contracts and interest
rate swap agreements that expire in the year 2007 exist for the
purpose of managing foreign currency and interest rate exposures related to the undated subordinated notes described in
Note 6. The interest rate swap agreements are used to exchange
the USD 6 month LIBOR interest payments under the undated
subordinated notes into EUR fixed interest payments until May
2001, and thereafter into CHF 3 month LIBOR interest payments payable in Euro. Changes in interest receivable and
payable under interest rate and exchange rate swaps are recorded as adjustments to interest expense on the related debt.
Note 13 – Segment Reporting
Adecco has adopted SFAS No. 131, “Disclosures about
Segments of an Enterprise and Related Information.” SFAS
No. 131 establishes standards for reporting information
about operating segments in annual financial statements.
The operating segments of Adecco are defined by geography. Adecco’s reportable operating segments are France,
North America, United Kingdom, Rest of Europe and Rest
of World. Adecco evaluates performance based on country
France
2000
CHF 8,959
Depreciation and amortisation
71
Country contribution
440
Additions to property, equipment
and leasehold improvements, net 50
Segment assets
2,886
Long lived assets4
111
1999
CHF 7,000
28
302
Segment assets
2,109
Long lived assets4
88
1998
CHF 6,298
24
261
Segment assets
1,893
Long lived assets4
78
SALES BY SERVICE
General Staffing
Speciality Services
North
America1
CHF
CHF
CHF
contribution, which is defined as the amount of segment
profit or loss before intercompany charges, interest income
and expense charges, goodwill amortisation, restructuring
costs and income tax expense. The accounting policies of
the operating segments are the same as those described in
the summary of significant accounting policies. Adecco
delivers general staffing services and speciality services
within its segments. Speciality services include accounting
and finance, information technology, engineering and
technical, and outplacement and career transition.
United
Kingdom
7,986
320
449
CHF 2,220
106
119
129
2,067
295
34
616
84
4,885
176
306
CHF 1,763
78
77
64
1,181
140
17
823
42
4,520
152
241
CHF 1,280
19
41
32
1,041
119
11
271
27
2000
CHF 23,088
3,540
CHF 26,628
Rest of
Europe2
CHF
CHF
CHF
Rest of
World3
Total
4,534
45
232
CHF 2,929
743
(3)
CHF 26,628
1,285
1,237
53
1,161
106
85
3,923
298
351
10,653
894
3,023
26
164
CHF 1,800
493
(20)
CHF 18,471
801
829
60
873
83
22
2,952
227
196
7,938
580
852
465
(24)
CHF 15,308
683
647
30
1,817
66
136
5,607
347
2,358
23
128
40
585
57
1999
CHF 15,804
2,667
CHF 18,471
CHF
1998
CHF 13,641
1,667
CHF 15,308
1
Consists primarily of operations in the United States
Consists primarily of operations in Belgium, Germany, Italy, the Netherlands, Spain and Switzerland
3
Consists of operations in Asia, Latin America, Other and Corporate
4
Long lived assets include all non-current assets except deferred taxes of CHF 280, CHF 45 and CHF 37, and goodwill,
net of CHF 3,091, CHF 1,756 and CHF 1,730 for 2000, 1999 and 1998
2
51
Report of the Group Auditors
to the General Meeting of
Adecco SA, Chéserex
As auditors of the group, we have audited the Consolidated
Financial Statements, (Consolidated Balance Sheets as of
December 31, 2000 and January 2, 2000, Consolidated
Statements of Operations, Cash Flows, Changes in
Shareholders’ Equity and Notes pages 41 to 51) of Adecco
SA for the three years ended December 31, 2000.
These Consolidated Financial Statements are the responsibility of the Board of Directors. Our responsibility is to
express an opinion on these Consolidated Financial
Statements based on our audits. We confirm that we meet
the legal requirements concerning professional qualification and independence.
Our audits were conducted in accordance with auditing
standards promulgated by the profession in Switzerland
and in accordance with auditing standards generally
accepted in the United States of America, which require
that an audit be planned and performed to obtain reasonable assurance about whether the Consolidated Financial
Statements are free from material misstatement. We have
examined, on a test basis, evidence supporting the
amounts and disclosures in the Consolidated Financial
Statements. We have also assessed the accounting principles used, significant estimates made and the overall
Consolidated Financial Statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the Consolidated Financial Statements give
a true and fair view of the financial position, the results of
operations and the cash flows in accordance with accounting principles generally accepted in the United States of
America, and comply with Swiss law.
We recommend that the Consolidated
Statements submitted to you be approved.
Financial
ARTHUR ANDERSEN SA
Mike Sills
Jane Ellis
Lausanne, January 26, 2001
52
Balance Sheets
(Holding Company)
as of December 31
2000
1999
ASSETS
Current assets
CHF
42
CHF
570
Amounts due from subsidiaries
82
49
Amounts due from third parties
2
3
Withholding taxes, accrued income and prepaid expenses
57
24
183
646
2,415
1,647
3,701
2,426
Non-current assets
Investments in subsidiaries
Loans to subsidiaries
Provisions on investments in and loans to subsidiaries
Investments
Treasury shares
Other fixed assets
(1,056)
(636)
5,060
3,437
10
–
9
10
107
50
5,186
Total assets
3,497
CHF
5,369
CHF
4,143
CHF
–
CHF
56
LIABILITIES
Current liabilities
Short-term debt
Amounts due to subsidiaries
27
Amounts due to third parties
–
2
46
40
73
109
Accrued liabilities
11
Non-current liabilities
Long-term debt
Long-term debt to subsidiaries
Provisions and non-current liabilities
Total liabilities
532
1,143
1,418
362
119
165
2,069
1,670
2,142
1,779
SHAREHOLDERS’ EQUITY
Share and participation capital
General reserve
Reserve for treasury shares
Retained earnings
Total shareholders’ equity
Total liabilities and shareholders’ equity
186
178
1,920
1,273
9
10
1,112
903
3,227
CHF
5,369
2,364
CHF
4,143
The accompanying notes are an integral part of these financial statements.
53
Statements of Operations
(Holding Company)
for the years ended December 31
2000
1999
Operating income
Royalties
CHF
Dividends
284
CHF
111
Gain on sale of investments
Interest income from subsidiaries
Interest income from third parties
191
201
1
27
216
88
3
1
615
508
Operating expense
Interest expense to subsidiaries
(42)
(9)
Interest expense to third parties
(87)
(52)
Provisions on loans to subsidiaries
(29)
(31)
Taxes
(18)
(26)
Financial expenses
(35)
–
Other expenses (including depreciation of CHF 16 and CHF 4)
(41)
(22)
(252)
(140)
NET INCOME FOR THE YEAR
363
368
Retained earnings, beginning of year
903
710
1
(55)
Transfer from/to reserve for treasury shares
Dividend distribution
Retained earnings, end of year
(155)
CHF
1,112
(120)
CHF
903
The accompanying notes are an integral part of these financial statements.
54
Notes to Financial Statements
(Holding Company)
as of December 31
Note 1 – Contingent Liabilities in Favour of Third Parties
December 31,
December 31,
2000
Guarantees
CHF
1,322
CHF
1,373
Letters of comfort
1999
CHF
849
CHF
907
51
58
Adecco SA has guaranteed the outstanding senior notes of
USD 200 (CHF 328) and the outstanding notes of FRF 800
(CHF 184) assumed by a subsidiary as part of the Olsten
acquisition.
Adecco SA has guaranteed the senior notes of USD 50
(CHF 82) issued by Delphi Group Limited.
Adecco SA has unconditionally and irrevocably guaranteed the convertible notes of EUR 360 (CHF 548) issued by
Meridian B.V. (“Meridian”), a subsidiary of Adecco SA.
Adecco SA has also provided Meridian with guarantees for
any receivable Meridian may have on group companies
arising from group financing. In addition, Adecco SA has
issued 539,988 call options of its registered shares to
Meridian at an initial strike price of CHF 1,072.38 payable
in five annual instalments. The resulting liability has been
included in provisions at the original price per option.
Adecco SA has also committed to provide Meridian with
Euro loans for the exercise price each time Meridian exercises an option. Loans bear interest at 5.124% and are
repayable in November 2004.
Note 2 – Outstanding Bonds
December 31, 2000
4.0% due July 7, 2005
CHF
December 31, 1999
300
CHF
300
Note 3 - Treasury Shares
Common stock:
At December 31, 1999
Average
cost
Number
Purchase
sale price
average
per share
Highest
price
per share
Lowest
price
per share
CHF 7
18,897
Options exercised
(2)
(4,240)
CHF 416
CHF 496
CHF 403
Shares sold
(1)
(1,316)
401
403
397
4
13,341
3
14,427
Shares purchased
2
6,583
CHF 206
CHF 215
CHF 190
5
21,010
Participation certificates :
Total treasury shares
CHF 9
The reserve for treasury shares held by the holding company is transferred to/from retained earnings. All treasury shares held by subsidiary companies
have been transferred to Adecco SA as of December 31, 2000.
55
Notes to Financial Statements
(Holding Company)
as of December 31
Note 4 – Shareholders’ equity
Share
capital
Partcipation
certificates
General
reserves
Reserve for
treasury
shares
Retained
earnings
Total
Balance at
December 31, 1999
CHF
Share capital increase
178
CHF
–
6
CHF 1,273
CHF
10
CHF
903
CHF 2,364
(155)
(155)
602
608
Dividend distribution
Conditional share capital
increase
2
45
Provision for treasury shares
47
–
(1)
Net income for the year
1
–
363
363
CHF 1,112
CHF 3,227
Balance at
December 31, 2000
CHF
186*
CHF
–**
CHF 1,920
CHF
9
*18,551,343 common shares at CHF 10 par value
**24,500 participation certificates at CHF 2 par value
On April 19, 2000, Adecco held its annual meeting of shareholders in Lausanne, Switzerland. At the meeting, the Adecco
shareholders voted to approve the following capital changes
as a result of the acquisition of the staffing services and IT
services of Olsten:
56
the exercise of option rights which the Board of
Directors grants to the employees and to the members
of the Board of Directors of the corporation or of its
affiliated companies.
a. Reduce the conditional capital of Art 3sexies from 1,400,000
shares to 700,000 shares, or a maximum aggregate amount
of CHF 7, through issuing a maximum of 700,000 registered
shares, which shall be fully paid up by the exercise of option
and conversion rights to be granted in relation with bond
issues or other obligations of the corporation or affiliated
companies.
b. Increase the conditional capital of Art 3quinquies from
500,000 shares to 565,629 shares, or, a maximum aggregate amount of CHF 5,656,290 by issuing a maximum of
565,629 registered shares, which shall be fully paid up by
In March 2000, Adecco acquired the staffing services and IT
services businesses of Olsten. The aggregate purchase price of
Olsten by Adecco included the issuance of 634,371 shares of
common stock to the Olsten shareholders for a value of
CHF 608, representing par value of CHF 6, additional paid in
capital of CHF 585 (representing the fair value of Adecco
shares on the date of the acquisition of Olsten) and additional
paid in capital of CHF 17 (representing the fair value of the
transfer of Olsten options to Adecco options). The additional
paid in capital has been recognised in the general reserve.
During 2000, 85,150 shares were issued for stock options for a
total value of CHF 47.
Note 5 – Significant Shareholders
Note 6 – Restriction Regarding the Distribution of Dividends
Adecco SA’s shares are registered shares. Adecco is not
aware of any significant shareholders, other than Akila SA
and KJ Jacobs Holding AG, which held interests of 19.3%
and 20.1%, at December 31, 2000.
Under Swiss law, a minimum of 5% of the net income for the
year must be transferred to a general reserve until this reserve
equals 20% of the issued share capital. Other allocations to this
reserve are also mandatory. The general reserve is an appropriation of retained earnings and is not available for distribution.
Proposal by the Board of Directors for Dealing
with the Unallocated Retained Earnings
as of December 31
2000
DIVIDEND
CHF 10.00 per registered share
CHF
CHF 2.00 per participation certificate
CHF
To be carried forward
197,647,780*
6,980
914,067,710
1,111,722,470
*This amount represents the maximum amount of dividends
payable based on the total number of issued and authorised
shares as of December 31, 2000. Included in this total number of
shares are 1,227,776 conditional shares, which were not in circulation as of December 31, 2000.
57
Report of the Statutory
Auditors to the General
Meeting of Adecco SA, Chéserex
As Statutory Auditors, we have audited the accounting records
and the Financial Statements, (Balance Sheet, Statements of
Operations and Notes, pages 55 to 57) of Adecco SA for the
year ended December 31, 2000.
These Financial Statements are the responsibility of the Board
of Directors. Our responsibility is to express an opinion on
these Financial Statements based on our audit. We confirm
that we meet the legal requirements concerning professional
qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the profession in Switzerland which
require that an audit be planned and performed to obtain reasonable assurance about whether the Financial Statements
are free from material misstatement. We have examined, on a
test basis, evidence supporting the amounts and disclosures
in the Financial Statements. We have also assessed the
accounting principles used, significant estimates made and
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the accounting records and Financial
Statements (and the proposed allocation of available earnings) comply with Swiss law and the company’s Articles of
Incorporation.
We recommend that the Financial Statements submitted to
you be approved.
ARTHUR ANDERSEN SA
Mike Sills
Jane Ellis
Lausanne, January 26, 2001
58
Addresses
REGISTERED OFFICE
Adecco SA (Holding)
1275 Chéserex
Switzerland
PRINCIPAL CORPORATE
OFFICES
Adecco management &
consulting SA
Rue de Langallerie 11
Case Postale 16
1000 Lausanne 4
Switzerland
Tel: +41 21 321 66 66
Fax: +41 21 321 66 28
Adecco, Inc
175 Broad Hollow Road
Melville, New York 11747
United States of America
Tel: +1 631 844 7800
Fax: +1 631 844 2867
Adecco Travail
Temporaire SA
4, rue Louis Guérin
69626 Villeurbanne Cedex
France
Tel: +33 4 72 82 5858
Fax: +33 4 72 82 5860
Adecco Global Sales
52B, rue de la Bienfaisance
75008 Paris
France
Tel: +33 1 56 88 9940
Fax: +33 1 56 88 9941
MAIN OPERATING UNITS
ARGENTINA
Adecco Argentina SA
Suipacha 745 4th Piso
1008 Capital Federal
Tel: +54 11 4322 65 39
Fax: +54 11 4328 44 49
AUSTRALIA
Adecco Australia Pty Ltd
Level 35, 385 Bourke Street
Melbourne VIC 3000
Tel: +61 3 9954 2100
Fax: +61 3 9600 3105
Ajilon Australia Pty Ltd
Level 6, 55 Southbank
Boulevard
Southbank VIC 3006
Tel: +61 3 9686 0358
Fax: +61 3 9686 0359
Icon Recruitment Pty Ltd
Level 12, 350 Collins Street
Melbourne VIC 3000
Tel: +61 3 9641 6601
Fax: +61 3 9642 0845
Jonathan Wren
Australia Pty Ltd
Melbourne VIC 3000
Tel: +61 3 9963 6333
Fax: +61 3 9670 9948
Lee Hecht Harrison
Pty Ltd
Building 2, Level 2
4 Riverside Quay
Southbank VIC 3006
Tel: +61 3 9690 2400
Fax: +61 3 9690 2444
TAD Pty Ltd
Melbourne VIC 3000
Tel: +61 3 9963 6363
Fax: +61 3 9963 6400
AUSTRIA
Adecco GesmbH
Pinguinweg 5
4053 Pucking
Tel +43 7229 78 0730
Fax: +43 7229 78 0734
BELGIUM
Adecco Personnel
Services SA
Assesteenweg 65
1740 Ternat
Tel: +32 2 583 91 11
Fax: +32 2 583 91 12
AOC
Louisalaan 125
Bruxelles 1050
Tel: +32 2 542 6390
Fax: +32 2 542 6391
Lee Hecht Harrison
Chaussee de
Roodebeek 206
1200 Bruxelles
Tel: +32 475 253 253
Fax: +32 2 770 3088
BOLIVIA
Adecco Bolivia SA
Federico Zauzo 1563
Zona Central
La Paz
Tel: +59 12 32 20 63
Fax: +59 18 11 67 14
BRAZIL
Adecco Recursos
Humanos Ltda
Al. Joaquim E. de Lima 696
Cerqueira Cesar
01403-000 São Paulo
Tel: +55 11 3178 04 72
Fax: +55 11 3178 04 00
CANADA
Adecco Employment
Services Ltd
Water Park Place
10 Bay Street, 14th Floor
Toronto, Ontario M5J 2R8
Tel: +1 416 364 2020
Fax: +1 416 366 7375
AOC
Accountants On Call
of Canada Ltd
20 Eglinton Avenue West
Yonge Eglinton Centre,
Suite 1101
Toronto, Ontario M4R1K8
Tel: +1 416 932 1566
Fax: +1 416 932 2766
Ajilon Canada Inc
Water Park Place
10 Bay Street, 7th Floor
Toronto, Ontario M5J 2R8
Tel: +1 416 367 2020
Fax: +1 416 366 2804
Roevin Technical
People Ltd
2500 Meadowpine
Boulevard
Suite 201
Mississauga, Ontario
L5N 6C4
Tel: +1 905 826 4155
Fax: +1 905 826 5336
TAD Telecom Canada Inc
60 Queen Street, Suite 200
Ottawa, ON K2J 1N6
Tel: +1 613 232 4744
Fax: +1 613 232 1199
CHILE
Adecco Temporarios SA
Alfredo Lecannelier 1946
Providencia
Santiago
Tel: +56 2 560 72 00
Fax: +56 2 231 86 06
CHINA
Guangdong Personnel
Services Ltd
Room 2902
World Peace Plaza
362-366 Huanshi Road G2
Guangzhou 510060
Tel: +8620 8384 9658
Fax: +8620 8384 9799
59
Addresses
COLOMBIA
Adecco Colombia SA
Calle 70 A n° 9-46
Santa Fe de Bogota D.C.
Tel: +57 1 313 01 26
Fax: +57 1 212 69 79
COSTA RICA
Adecco de Costa Rica
Recursos Humanos SA
Alotico de la Mercedes Benz
Paseo Colon 250 mts.
Al oeste, mano derecha
correcto contiguo a la
Panadería La Selecta.
San José de Costa Rica
Tel: +50 63 82 14 35
CZECH REPUBLIC
Adecco spol s.r.o.
Narodni Trida 33
110 00 Praha 1
Tel: +42 02 2422 9688
+42 02 2422 0518
Fax: +42 02 923 2600
+42 02 923 2602
Lee Hecht Harrison
Narodni Tr 33
110 00 Praha 1
Tel: +42 02 2422 9688
Fax: +42 02 2422 9328
DENMARK
Adecco AS
Lyngby Hovedgade 60
2800 Lyngby
Tel: +45 45 93 88 00
Fax: +45 45 93 88 50
Computer People APS
Smakkedalen 4
2820 Copenhagen
Tel: +45 7020 2430
Fax: +45 2173 4212
60
DOMINICAN REPUBLIC
Adecco Dominicana SA
Zona Franca
Grace Valerio Lama
Edif. Servicios Generales,
Modulo 3
Pq. Ind. Santiago Norte
Zona Franca Pisano
Aut. Santiago Navarete
Tel: +1 809 223 58 24
ECUADOR
Adeccoiberia SA
Av. 6 de Diciembre 15-29
Ibaquedano
Quito
Tel: +593 2 52 87 56
Fax: +593 2 23 16 24
FINLAND
Adecco Finland Oy
Annankatu 42D, 6th Fl
00100 Helsinki
Tel: +358 9 6689 8880
Fax: +358 9 6689 8888
FRANCE
Adecco Travail
Temporaire SA
Tel: +33 4 72 82 58 58
Fax: +33 4 72 82 58 60
Adia SA
Tel: +33 4 72 82 28 28
Fax: +33 4 72 82 28 29
Adecco Consulting SA
2 Bd du 11 novembre
BP 2089
Tel : +33 4 78 17 37 47
Fax : +33 4 78 17 37 40
Alexandre Tic Interim
Quick Medical Service
AOC
67 Bd Malesherbes
75008 Paris
Tel: +33 1 44 69 98 70
Fax: +33 1 44 69 98 78
Computer People SA
4 Avenue Bertie Albrecht
Paris 75008
Tel: +33 1 5669 3500
Fax: +33 1 5376 3501
GUATEMALA
Adecco Guatemala
Recursos Humanos SA
Edificio Real Reforma
Avda. Reforma 1370,
Local 6F
1er nivel zona 9
Guatemala
Tel: +502 332 50 67
Fax: +502 334 74 06
Lee Hecht Harrison
1, rue de la République
69001 Lyon
Tel: +33 4 7828 7133
Fax: +33 4 7828 5085
HONG KONG
Adecco Personnel Ltd
902-903, 9/F Soundwill
Plaza
38 Russell Street
Causeway Bay
Tel: +852 28 95 2616
Fax: +852 28 95 3571
GERMANY
Adecco Personaldienstleistungen GmbH
Flemingstrasse 20-22
36041 Fulda
Tel: +49 661 9398 998
Fax: +49 661 9398 995
Lee Hecht Harrison
12/F Takshing House
20 Des Voeux Road
Central
Tel: +852 2524 0889
Fax: +852 2845 0420
Computer People GmbH
Südwestpark 108
90449 Nürnberg
Tel: + 49 911 689 380
Fax: + 49 911 689 3841
Lee Hecht Harrison
Baselerstrasse 35-37
60329 Frankfurt
Tel: +49 692 7399 422
Fax: +49 692 7399 460
GREECE
Adecco HR, AE
Vasileos Alexandrou 2
161 21 Athens
Tel: +30 1722 9907
Fax: +30 1729 7197
Templar International
Consultants Ltd
Room 56,5/F
New Henry House
10 Ice House Street
Central, Hong Kong
Tel: +852 2970 2722
Fax: +852 2970 2723
HUNGARY
Adecco Szemelyzeti
Kozvetitö Kft.
Benczur ut 47
1068 Budapest
Tel: +36 1 479 53 50
Fax: +36 1 479 53 59
Lee Hecht Harrison
Benzur ut 47
1068 Budapest
Tel: +36 1 479 53 62
Fax: +36 1 479 53 69
Addresses
INDONESIA
Templar International
Consultants Pte Ltd
World Trade Centre
11th floor
Jl. Jend. Sudirman Kav 31
Jakarta 12920
Tel: +6221 52960380
Fax: +6221 52960379
IRELAND
Adecco (Ireland) Ltd
8 Mainstreet
Tallaght
Dublin 24
Tel: +353 1 462 4353
Fax: +353 1 462 4364
Computer People Ltd
64 Lower Mount Street
Dublin
Tel: +353 1663 3456
Fax: +353 1663 3434
ISRAEL
Adecco Israel Staffing Ltd
53 Hamasger St.
67217 Tel Aviv
Tel: +972 3 561 66 88
Fax: +972 3 561 07 57
ITALY
Adecco Società di
Formitura di Lavoro
Temporaneo SpA
Piazza Diaz, 2
20123 Milano
Tel: +39 02 88 14 28 03
Fax: +39 02 88 14 28 00
AOC
Via Campanini 6
20124 Milano
Tel: +39 02 6707 0107
Fax: +39 02 6707 0556
Computer People Srl
Viale Lombardia 20
20131 Milano
Tel: +39 02 67681 205
Fax: +39 02 67070 556
Career Srl
Piazza Diaz 2
20123 Milano
Tel: +39 02 869 152 41
Fax: +39 02 804 770
Lee Hecht Harrison Srl
Via Dogana 1
20123 Milano
Tel: +39 02 881 2871
Fax: +39 02 88 12 8750
JAPAN
Adecco Career Staff Ltd
Kowa Bldg. No. 45
1-15-9, Minami Aoyama
Minato-ku, Tokyo 107-0062
Tel: +81 3 3470 9300
Fax: +81 3 3470 9301
Lee Hecht Harrison
New Career Consulting
Mitsui-asahi Bldg. 9F
1-1 Kanda-sudacho
Chiyoda-ku, Tokyo 101-0041
Tel: +81 3 3254 5141
Fax: +81 3 3254 5144
LIECHTENSTEIN
Adecco Personaldienstleistungen AG
St. Gallerstrasse 1
9470 Buchs
Tel: +41 81 750 60 70
Fax: +41 81 750 60 75
LUXEMBOURG
Adecco Luxembourg SA
26 Place de la Gare
1616 Luxembourg
Tel: +35 2 48 25 51 1
Fax: +35 2 40 65 36
MALAYSIA
Agensi Perkerjaan Adecco
Personnel Sdn Bhd
Lot 802 B, 8th Floor
Wisma Lim Foo Yong
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: +603 244 8360
Fax: +603 244 8464
MEXICO
Adecco de Mexico SA
Avda. Ejército Nacional
539 Piso 12
Colonia Granada
11520 Mexico D.F.
Tel: +52 5 581 07 00
Fax: +52 5 581 07 01
MONACO
Adecco Monaco SAM
4, rue Baron de Ste. Suzanne
Monaco 98000
Tel: +377 97 97 53 00
Fax: +377 97 97 53 01
MOROCCO
Adecco Maroc SA
125, BD. Zerktouni
Casablanca 20190
Tel: +21 2 22 99 10 23
Fax: +21 2 22 99 10 26
NETHERLANDS
Adecco Personeelsdiensten BV
Savannahweg 71
3542 AW Utrecht
Tel: +31 30 247 5555
Fax: +31 30 247 5666
Computer People BV
Oostenburgervoorstraat 116
1018 MR Amsterdam
Tel: +31 20 420 3945
Fax: +31 20 420 3964
61
Addresses
Lee Hecht Harrison
Fellenoord 47
5612 AA Eindhoven
Tel: +40 2 36 8925
Fax: +40 2 44 4267
NORWAY
Adecco Norge AS
Karl Johansgate 25
0139 Oslo
Tel: +47 22 94 1000
Fax: +47 22 33 2025
NEW CALEDONIA
Adecco Calédonie Sarl
18, rue de la Somme
Noumea
Tel: +687 24 9294
Fax: +687 24 9295
Olsten Personal Norden AS
Grensen 9, Sentrum
0104 Oslo
Tel: +47 55 54 0400
Fax: +47 55 54 0436
NEW ZEALAND
Adecco New Zealand Ltd
Level 7, Guardian Trust
Building
P.O.Box 6918 Wellesley St
105 Queen Street
Auckland
Tel: +64 9 914 2922
Fax: +64 9 914 2921
ICON Recruitment Ltd
Level 7, Guardian
Trust building,
105 Queen Street
Auckland
Tel: +64 93 77 3848
Fax: +64 93 77 8685
TAD - Technical Careers
& Contracts
Level 7, Guardian
Trust Building
105 Queen Street
Auckland
Tel: +64 9 309 9316
Fax: +64 9 309 0212
Lee Hecht Harrison
Level 7, Guardian
Trust Building
P.O.Box 5151 Wellesley St
105 Queen Street
Auckland
Tel: +64 9 914 3515
Fax: +64 9 379 3407
62
PANAMA
Adecco Panama SA
Bella Vista
Calle Eusebio A. Morales
Edif. San Antonio, local 1
Apto. 832-1440 World Trade
Center - Ciudad de Panamá
Tel: +507 214 76 56/76 54
Fax: +507 214 76 57
PORTUGAL
Adecco Recursos
Humanos Lda
Rua Antonio Pedro,
111 – 3 Frente
1150.045 Lisboa
Tel: +351 21 316 8327
Fax: +351 21 316 8350
SLOVENIA
Adecco, kadrovsko
Svetovanje, d.o.o.
Kolodvorska 10
1000 Ljubljani
Tel: +386 1 234 9 272
Fax: +386 1 234 9 274
AOC
Rua Antonio Pedro,
111 – 3 Frente
1150.045 Lisboa
Tel: +351 2 316 8327
Fax: +351 2 316 8350
SOUTH AFRICA
Adecco Technihire Ltd
6th Floor, Nedbank Place
35, Sauer Street
Johannesburg 2001
Tel: +27 11 836 8041
Fax: +27 11 836 4601
PUERTO RICO
Adecco de Puerto Rico Inc
PMB 341
667 Ave. Ponce de Leon
San Juan 00907
Tel: +787 289 0690
Fax: +787 289 0693
Computer People
PO Box 6550
Roggebaai 8012
Cape Town
Tel: +27 21 419 4070
Fax: +27 21 419 4167
PERU
Adecco Peru SA
Las Begonias 471
San Isidro – Lima
Tel: +511 221 3855
+511 222 7426
Fax: +511 422 7468
ROMANIA
Adecco Romania Sarl
2 Bulevardul Expozitiei
Bucharest, Code 71264
Tel: +40 1 224 1366
Fax : +40 1 224 0075
THE PHILIPPINES
AddForce Personnel
Services Inc
3rd Floor, Pilar Building
148, Amorsolo St.
Legaspi Village – Makati City
Tel: +63 2 810 0319
Fax: +63 2 894 1357
SINGAPORE
Adecco Personnel Pte Ltd
Block 846 Yishun Ring
Road
#02-3673
Singapore 760846
Tel: +65 756 6686
Fax: +65 756 4063
POLAND
Adecco Poland Sp. z.o.o.
ul. Marszalkowska 82
00-517 Warszawa
Tel: +48 22 622 21 55
+48 22 622 21 63/21 75
Fax: +48 22 623 66 09
Lee Hecht Harrison
435 Orchard Road
21-06 Wisma Atria
Singapore 068805
Tel: +65 732 3123
Fax: +65 734 0787
SOUTH KOREA
Adecco Korea Ltd
10th Fl, Kyong Am Bldg.
157-27 Samsung-Dong,
Kangnam-Ku
Seoul 135-090
Tel: +82 2 555 0606
Fax: +82 2 555 5529
Lee Hecht Harrison
10th Fl, Kyong Am Bldg.
157-27 Samsung-Dong,
Kangnam-Ku
Seoul 135-090
Tel: +82 2 555 0606
Fax: +82 2 555 5529
SPAIN
Adecco ETT SA
Calle Goya 29
28001 Madrid
Tel: +34 91 432 56 00
Fax: +34 91 432 57 01
Accountants SA
Empresa de Trabajo
Temporal
Calle Goya 29
28001 Madrid
Tel: +34 91 432 5615
Fax: +34 91 432 5679
Addresses
Delphi IT SA
Calle Goya 29
4th Floor
28001 Madrid
Tel: +34 91 432 5400
Fax: +34 91 432 4403
Lee Hecht Harrison
Calle Goya 29
28001 Madrid
Tel: +34 91 432 5625
Fax: +34 91 432 9580
SWEDEN
Adecco Sverige AB
Slussplan 7 – 11, Box 1240
111 82 Stockholm
Tel: +46 8 23 53 00
Fax: +46 8 23 53 90
SWITZERLAND
Adecco Ressources
Humaines SA
Grand-Pont 12
1002 Lausanne
Tel: +41 21 341 9292
Fax: +41 21 341 9212
Computer People Sarl
Poudrières 135-137
2006 Neuchâtel
Tel: +41 32 732 1000
Fax: +41 32 731 4463
Lee Hecht Harrison SA
Höschgasse 25
Postfach 150
8034 Zürich
Tel: +41 1 385 9955
Fax: +41 1 385 9956
TAIWAN
Adecco Personnel Co Ltd
501F, No 131 Min Sheng
E. Road
Section 3
Taipei
Tel: +886 2271 88 881
Fax: +886 2271 89 337
Adia L&M Personnel
Consultants Ltd
9F-1 77, Tun Hua S. Road
Section 2
Taipei
Tel: +886 2 2705 1234
Fax: +886 2 2754 5289
THAILAND
Adecco Consulting Ltd
979/25, SM Tower,15th F
Phaholyothin Road
Samsennai, Phayathai
Bangkok 10400
Tel: +662 298 0512-17
Fax: +662 298 0518
TURKEY
Adecco Hizmet ve
Danismanlik, SA
Cumhuriyet Cad. Efser
Han No: 301 Kat: 9
80230 Harbiye - Istambul
Tel: +90 212 291 26 27
Fax: +90 212 291 26 22
UNITED KINGDOM
Adecco Holdings Ltd
Adecco House, Elstree Way
Borehamwood
Hertfordshire WD6 1HY
Tel: +44 208 207 5000
Fax: +44 208 307 6715
AOC Ltd
The Grange
16 St. Peters Street
St Albans, Herts AL 13 NA
Tel: +44 1727 8484 82
Fax: +44 1727 8341 51
Computer People Ltd
33 Regent Street
London SW1Y 4NB
Tel: +44 207 440 2000
Fax: +44 207 440 2020
Office Angels Ltd
3 Shortlands
Hammersmith
London W6 8RR
Tel: +44 208 741 4000
Fax: +44 208 741 4047
Ajilon LLC
210 W. Pennsylvania
Avenue, Suite 650
Towson, MD 21204
Tel: +1 410 821 0435
Fax: +1 410 828 0106
Jonathan Wren & Co Ltd
34 London Wall
London EC2M 5RU
Tel: +44 207 309 3550
Fax: +44 207 309 3552
Lee Hecht Harrison LLC
50 Tice Boulevard
Woodcliff Lake, NJ 07675
Tel: +1 201 930 9333
+1 800 611 4544
Fax: +1 201 505 1428
Lee Hecht Harrison Ltd
25 Bucklersbury 4th Floor
London EC4N 8DA
Tel: +44 207 489 0700
Fax: +44 207 236 5643
Roevin Management
Services Ltd
3 Peerglow Park Ind Est
Timperley
Altrincham
Cheshire WA14 5QH
Tel: +44 161 935 2000
Fax: +44 161 935 2001
TAD Technical
Services Ltd
40-44 Rothesay Road
Luton
Bedfordshire LU1 1QZ
Tel: +44 158 272 7216
Fax: +44 158 273 3913
UNITED STATES
OF AMERICA
Adecco North America LLC
Tel: +1 631 844 7800
Fax: +1 631 844 2867
AOC
Park 80 West – Plaza II,
9th Fl
Saddle Brook, NJ 07663
Tel: +1 201 843 0006
Fax: +1 201 843 1397
Olsten Staffing
Services Corp.
Tel: +1 631 844 7800
Fax: +1 631 844 2867
Paywise, Inc.
122 East 42nd Street
Suite 520
New York, New York 10017
Tel: +1 800 975 8607
Fax: +1 212 953 9690
TAD PGS, Inc.
2464 Massachusetts
Avenue
Suite 401
Cambridge, MA 02140
Tel: +1 617 234 4390
Fax: +1 617 661 6925
TAD Technical/TAD
Staffing
Tel: +1 631 844 7800
Fax: +1 631 844 2867
TAD Telecom LLC
3039 Premiere Parkway
Suite 900
Duluth, GA 30097
Tel: +1 678 584 2511
Fax: +1 678 584 2550
63

Summary - Annual Report 2015

Transcription

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