Annual Report 2011

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

4. Outlook

The Company is solidly positioned for the future. In an environment of economic uncertainty the Company will continue to build on its strengths – its leading global position and the diversity of its service offerings. The Company will continue to take advantage of growth opportunities, with a strong focus on disciplined pricing and cost control to optimise profitability and value creation. Besides the structural changes and related investments of EUR 45 in France, which would mainly be incurred in the second half of 2012, management expects additional costs of EUR 10 in the first half of 2012, to further optimise the cost base in other European countries and to protect profitability. The Company is committed to its strategic priorities and has the right offering to achieve an EBITA [1] margin target of above 5.5% mid-term.

[1] EBITA is a non-U.S. GAAP measure and refers to operating income before amortisation of intangible assets.