Annual Report 2011

Investor Relations

Investor Relations  The Adecco Group Investor Relations team focuses on providing transparent and consistent information and interactive communication. We strive for an open dialogue with the financial community, the media and all key stakeholders, to enhance understanding of the business as well as to explain the implied risks and opportunities.

The Adecco Group is committed to providing regular updates on key value drivers, business strategy, threats and opportunities, as well as key ratios used by the Group to track its own performance.

The Investor Relations team is dedicated to providing true, fair and up-to-date information to every interested stakeholder, so that the share price reflects the inherent value of the Company.

In addition to the release of our comprehensive quarterly results – which management discusses with the financial community via a conference call and webcast – we also offer meetings with management and investor relations at roadshows, industry or market conferences, and at our Headquarters. In addition, we strive to ensure clear and transparent communication of other price-sensitive information through press releases and comprehensive content on our website. At the same time, we respect the legal obligations relating to confidentiality and disclosure, and make every effort to guarantee equal distribution of price-sensitive information.

In keeping with this strategy, we maintained an efficient and open dialogue with the market through our Investor Relations activities in 2011, devoting 52 days to market communication around the time of our quarterly results releases. We participated in 11 broker conferences and 35 roadshows in Europe, North America and Australia during 2011.

In addition, the Investor Relations section on the Adecco website,, aims to provide the investment community with a broad source of up-to-date information at all times.

Coverage  Adecco’s share price development is closely monitored by the financial community. The majority of the financial analysts covering Adecco perceived the Company’s strategy, results and valuation as positive in the first half of 2011. After reporting strong Q4 & FY results for 2010, at the end of March 2011, 53% of the analysts recommended to buy the stock, 30% had a neutral view and 17% recommended selling. Peak confidence was reached in June 2011, with 58% of analysts recommending to buy, 29% were neutral and 13% recommended to sell the shares. Fears over a renewed global recession and Euro-related uncertainties led to a more cautious view from the analysts’ side, resulting in downgrades during the summer months and early autumn. At the end of October 2011, 52% of analysts recommended to buy the stock, 44% had a neutral view, while 4% of analysts recommended selling. The year 2011 ended with 52% of the analysts being positive, 36% being neutral and 12% being negative on Adecco shares, mostly driven by increased fears over economic developments in 2012, but also due to slightly weaker Q3 2011 results than expected by the financial community.

Over 25 brokers are covering Adecco, maintaining regular contact with Group management and the Investor Relations department. They include: ABN Amro, Bank am Bellevue, Bank of America Merrill Lynch, Bank Vontobel, Barclays Capital, Berenberg, Cheuvreux, Citigroup, Credit Suisse, Deutsche Bank, Exane BNP Paribas, Goldman Sachs, Helvea, HSBC, ING, Jefferies, JP Morgan Cazenove, Kepler, MainFirst, Morgan Stanley, Natixis, Rabo Bank, Royal Bank of Canada, Société Générale, UBS and Zürcher Kantonalbank.

Shareholder base  Adecco has a broad investor base of over 18,000 shareholders. At the same time, the shareholder base is concentrated, with 61% of all issued shares held by institutional investors, 29% held by insiders and Adecco S.A., and only 4% held by retail investors. Some year-on-year changes were observed within the group of institutional shareholders. North American institutional shareholders increased their holdings in Adecco to 30% of shares issued at the end of 2011 compared with 27% at the end of 2010. The percentage held by European institutions declined by 5% to 30%, while the percentage of holdings by institutions from the rest of the world declined to 1% from 2%.

Investor structure

in % of shares issued












• Europe




• North America




• Rest of World








Insider and treasury








Insider and treasury holdings

as of year-end 2011

in % of
shares issued



Group represented by Jacobs Holding AG


Treasury shares


Executive Management and Board of Directors [1]


[1]Not included are shares held by one member of the Board of Directors,
who is part of the Group represented by Jacobs Holding AG.