Annual Report 2013

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 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. We are 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 road-shows, 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. 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 2013, devoting 24 days to market communication around the time of our quarterly results releases. We participated in 13 broker conferences and 30 roadshows in Europe and North America during 2013.

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

Adecco’s share price development is closely monitored by the financial community. After reporting the Q4 and FY results for 2012, at the end of March 2013, 48% of the analysts recommended to buy the stock, 48% had a neutral view and 4% recommended selling. The year 2013 ended with 54% of the analysts being positive, 32% being neutral and 14% being negative on Adecco shares. This evolution has been influenced by continued strong profitability, improving revenue trends and the strong share price performance.

Currently 23 brokers are actively covering Adecco, maintaining regular contact with Group Management and the Investor Relations team. They comprise: ABN Amro, Bank am Bellevue, Bank of America Merrill Lynch, Bank Vontobel, Barclays Capital, Bryan Garnier & Co., Citigroup, Credit Suisse, Deutsche Bank, Exane BNP Paribas, Goldman Sachs, Helvea, HSBC, Jefferies, JP Morgan Cazenove, KeplerChevreux, MainFirst, Morgan Stanley, Natixis, Rabo Bank, Royal Bank of Canada, UBS and Zürcher Kantonalbank.

Shareholder base
Adecco has a broad investor base of over 14,000 shareholders. At the same time, the shareholder base is relatively concentrated, with 66% of all issued shares held by our top 20 investors. Some year-on-year changes were observed within the group of institutional shareholders. European institutional investors increased their holdings in Adecco to 32% of shares issued at the end of 2013, compared to 27% at the end of 2012. The percentage held by North American institutions declined by 5% to 27%.

Investor structure

in % of shares issued





• Europe



• North America



• Rest of world






Insider and treasury






Insider and treasury holdings

as of year end 2013

in % of
shares issued


Group represented by Jacobs Holding AG


Treasury shares


Management and Board [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.

Shareholder concentration

as of year end 2013

in % of shares issued




Top 5 investors



Rest of top 10 investors



Rest of top 20 investors



Rest of top 50 investors