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Dinsdag 4 november

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  1. forum rang 4 nr36 4 november 2008 06:05
    Adecco maintains margin levels despite tough conditions
    04/11/08

    Q3 HIGHLIGHTS (Q3 08 vs. Q3 07)

    Revenues of EUR 5.1 billion, down 6% (-4% organically[1])
    Solid gross margin of 18.0%, flat on an underlying2 basis
    EBITA margin at 5.0%, down 30 bps on an underlying basis
    Acquisition of French professional staffing company Groupe Datavance

    KEY FIGURES

    EUR millions (except EPS) Q3 2008
    Q3 2008
    Underlying[2] growth Q3 2008
    underlying[2]
    Organic[1] growth

    Revenues 5,101 -6% -4%
    Gross profit 917 -6% -4%
    EBITA 254 -11% -11%
    Operating income 244 -12% -12%
    Net income 168 -23%



    Zurich, Switzerland, November 4, 2008: Adecco S.A. ("Adecco"), the worldwide leader in HR services, today announced results for the third quarter of 2008. Revenues of EUR 5.1 billion were down 4% organically compared to Q3 2007. The gross margin was maintained at a solid 18.0% on an underlying basis, while the EBITA margin of 5.0% was down 30 bps when excluding the impact of the modified calculation of French social charges in the prior year.

    Dieter Scheiff, Chief Executive Officer of the Adecco Group said: "Despite tough market conditions and declining revenues, I am pleased to report that we maintained a solid gross margin of 18.0%, equal to the underlying gross margin in Q3 2007. On the cost side, we continue to work hard to adapt to revenue developments in order to protect our EBITA margin, which still stands at a solid 5.0%. I am proud of this achievement, especially given the increasingly difficult economic environment."

    "Looking ahead, we anticipate a progressively more difficult environment in terms of revenue development. September saw the negative revenue trend accelerate in most countries, with the exception of the Emerging Markets, which continued to grow strongly."


    FINANCIAL PERFORMANCE

    Revenues
    Group revenues for Q3 2008 were down 6% to EUR 5.1 billion compared to Q3 2007. On a constant currency basis, revenues were down 3%, while organically revenues declined by 4%. Permanent placement revenues declined by 7% in constant currency to EUR 85 million in the quarter.

    Gross Profit
    In Q3 2008, the gross margin was 18.0% compared to 18.5% in the same period last year. On an underlying basis, adjusted for the modified calculation of French social charges in the prior year, the gross margin remained flat compared to Q3 2007.

    Selling, General and Administrative Expenses (SG&A)
    In the period under review, SG&A declined by 6%. Underlying and organically, SG&A was down 1%, which, as a percentage of revenues, reflects a 20 bps increase to 13.0% compared to Q3 2007.
    FTEs, on an organic basis, declined by 3% (-1,200 FTEs) when comparing to the same quarter last year. At the end of the third quarter, Adecco operated a network of over 6,700 offices with more than 36,000 FTEs.

    Operating Income before Amortization of Intangible Assets (EBITA)
    In the third quarter of 2008, EBITA was EUR 254 million, a decrease of 16% compared to Q3 2007 and a decline of 11% on an organic and underlying basis. The corresponding EBITA margin for Q3 2008 was 5.0%, which compares to 5.3%, on an underlying basis, in Q3 2007.

    Amortisation of Intangible Assets
    Amortisation increased to EUR 10 million from EUR 8 million in the same quarter last year, largely attributable to the acquisition of Tuja, which was consolidated as of August 2007.

    Operating Income
    Operating income in the third quarter of 2008 was EUR 244 million, a decline of 18% compared to Q3 2007 or down 12% organically and when adjusting Q3 2007 for the modified calculation of French social charges.

    Interest Expense and Other Income / (Expenses), net
    The interest expense amounted to EUR 15 million in the period under review, equal to Q3 2007. For the full year 2008, the interest expense is expected at approximately EUR 58 million. Other income / (expenses), net was EUR 2 million in Q3 2008 compared to EUR 4 million in Q3 2007. Lower interest income was the main reason for the difference.

    Provision for Income Taxes
    The effective tax rate for the third quarter of 2008 was 27% compared to 18% in the same period a year ago. Last year's Q3 included a positive impact of EUR 28 million due to a change in the German income tax rate. For the full year 2008 Adecco expects an effective tax rate of approximately 28%, based on current operations.

    Net Income and EPS
    Net income was down 27% to EUR 168 million in the third quarter of 2008 (Q3 2007: EUR 230 million), reflecting a net income margin of 3.3%. Basic EPS was EUR 0.96 (EUR 1.24 in Q3 2007). When excluding the impact of the modified calculation of French social charges in the prior year, basic EPS was down 18% in Q3 2008 compared to Q3 2007.

    Balance Sheet, Cash-flow and Net Debt[3]
    In the first nine months of 2008, the Group generated EUR 669 million of operating cash flow, paid dividends of EUR 163 million, invested EUR 71 million in capex and purchased treasury shares for EUR 274 million. The net debt position declined to EUR 800 million at the end of September 2008 compared to EUR 866 million at year end 2007. In the third quarter of 2008, DSO improved by 0.6 to 58.8 days compared to the third quarter last year.

    Currency Impact
    In Q3 2008, currency fluctuations had a negative impact of approximately 3% on revenues and 2% on operating income, mainly due to the weakness of the US dollar and the British pound.
  2. forum rang 4 nr36 4 november 2008 06:05
    GEOGRAPHICAL PERFORMANCE

    In France, Q3 2008 revenues declined by 2% to EUR 1.7 billion, compared to the same period a year ago. The underlying gross margin remained flat compared to the prior year. Operating income, excluding the French social tax benefit in 2007, declined by 13% to EUR 69 million compared to Q3 2007, reflecting an underlying operating income margin decline of 50 bps to 4.0%. SG&A as a percentage of sales increased by 50 bps compared to Q3 2007. Costs associated with headcount reductions, prior to the announced social plan, amounted to EUR 6 million in the quarter.

    In the USA & Canada, Adecco's revenues declined by 9% in constant currency to EUR 651 million in Q3 2008. Organically, revenues were down 8%. The decline was most pronounced in the Office and Industrial business, while revenues in Human Capital Solutions continued to grow strongly. Operating income declined by 18% in constant currency, while the operating income margin was lower by 50 bps to 4.4%. Costs associated with the investments to improve customer mix and efficiency amounted to EUR 3 million in the quarter.

    In Germany, revenues grew 12%, to EUR 404 million in Q3 2008, but were down 2% organically compared to Q3 2007. On the operating income level, Germany grew 8% (-4% organically) compared to Q3 2007, corresponding to an operating income margin of 13.2% (Q3 2007: 13.6%).

    In the UK & Ireland, revenues in Q3 2008 declined by 16% in constant currency. Operating income fell by 58% in constant currency, which reflects an operating income margin decline of 140 bps to 1.4%, compared to the same quarter a year ago.

    In Japan, third quarter revenues grew by 1% in constant currency. Continued strong management on the cost side led to a 5% higher operating income in constant currency and an improvement on the operating margin side of 30 bps to 7.5% compared to Q3 2007.

    In Italy revenues declined by 5% in Q3 2008 and in Iberia by 12%, while revenues in the Benelux declined by 2%. In the Nordics, revenues were down by 3% on a constant currency basis.

    Emerging Markets revenues continued to grow strongly by 16% in constant currency, while the operating income margin was raised by 40 bps to 4.1% compared to Q3 2007.
  3. forum rang 4 nr36 4 november 2008 06:06
    BUSINESS LINE PERFORMANCE

    In Q3 2008, Adecco's revenues in the Office and Industrial businesses declined by 4% in constant currency to EUR 4.0 billion (-6% organically) while the underlying gross margin declined by 20 bps to 16.2%. Revenues in the Industrial business declined by 3% in constant currency (-5% organically). In Germany, revenues were down 4% organically, France declined by 3%, Italy by 7%, Iberia by 17% and in the USA & Canada revenues decreased by 12% in constant currency. The Office business saw a decline of 6% both organically and in constant currency. While Japan grew 1% in constant currency, revenues declined in the Nordics by 5%, in the UK & Ireland by 13% and in USA & Canada by 17%, all in constant currency. In France revenue development was flat.

    In constant currency, revenues in the Professional Business[4] declined by 3%. The underlying gross margin in the Professional Business improved by 110 bps to 27.7%, which was mainly driven by Human Capital Solutions and the Engineering & Technical business.

    In Information Technology (IT), Adecco's revenues decreased 9% in constant currency. Continued weak developments in the UK & Ireland led to a revenue decline in constant currency of 15%. Revenues in the USA & Canada declined by 5% in constant currency when compared to Q3 2007.

    Adecco's Engineering & Technical (E&T) business was down 5% in constant currency. Germany saw healthy demand with revenues up 8% in Q3 2008. USA & Canada, faced a revenue decline of 3% and UK & Ireland declined by 36%, both in constant currency.

    In Finance & Legal (F&L), revenues declined by 3% in constant currency in the third quarter of 2008. Declining demand in USA & Canada was only partially offset by good growth in Continental Europe.

    In the third quarter of 2008 revenues in Sales, Marketing & Events (SM&E) were up by 1% on a constant currency basis, whereas Medical & Science (M&S) grew 13%. Revenues in Human Capital Solutions (HCS) increased 10% in constant currency.

  4. forum rang 4 nr36 4 november 2008 06:06
    MANAGEMENT OUTLOOK

    Adecco remains committed to value based management and, in today's particularly tough market environment, places utmost importance on aligning costs to revenue developments. Investments continue to be considered with strict financial discipline and with the focus on professional and specialized business fields, aim to place Adecco in a sound strategic position.

    For the remainder of the year, management anticipates difficult market conditions, leading to even more pronounced pressure on revenues in most countries, albeit by varying magnitude. The target to reach an EBITA margin in excess of 5.0% was initially set in 2006 to be achieved under favourable economic conditions in 2009. In the last two quarters, the company reported an EBITA margin of 5.0%. Given the difficult economic developments, it is unlikely that Adecco will be in a position to achieve or exceed a 5.0% EBITA margin in the quarters to come, and consequently not in 2009. The company remains however fully committed to reach this target in the medium term, while management continues to be strongly focussed on margin protection in the current economic downturn.

    As announced in mid October, Adecco plans to structurally improve the French business and to align the cost base to market conditions. This investment is expected to amount to approximately EUR 35 million and the majority of this is expected to be accrued in the fourth quarter of 2008. In order to align the cost base to trading conditions, Adecco will invest an additional EUR 10 million in Q4 2008 in various European countries.

    Professional staffing acquisition in France

    Adecco strengthens its French professional staffing business with the acquisition of Groupe Datavance. This company is specialized in the IT field and achieved sales of EUR 66 million in 2007/2008.

    Management changes

    Andreas Dinges (49), will be taking over the role of Country Manager of Adecco in Germany as of January 1, 2009. In this function, he will be a member of Group Management and report directly to the Group CEO, Dieter Scheiff. In addition to his new function as Country Manager of Adecco in Germany, Andreas Dinges will remain CEO of DIS AG. Having successfully managed the transition of Tuja into the Adecco Group, Peter Jackwerth, the current country manager, will pursue other interests.

    On January 1, 2009, Federico Vione (36), takes over as Country Manager of Adecco Italy. In his new role, he will also report directly to Dieter Scheiff and will be part of the Adecco Group Management. Federico has been with Adecco since 1999 in various leading positions. Since 2005 he has been the Head of Eastern Europe. Sergio Picarelli (41), the current Country Manager, after having successfully developed Adecco's operations in Italy, is taking on the role of Chief International Sales Officer, in order to coordinate the most important global accounts for the Adecco Group. He will continue to report to the Group CEO.


    Financial Agenda 2009

    Q4 & FY 2008 results March 4, 2009
    Q1 2009 results May 6, 2009
    Annual General Meeting May 13, 2009
    Q2 2009 results August 11, 2009
    Q3 2009 results November 4, 2009



    Forward-looking statements
    Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco S.A. as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company competes; changes in the Company's ability to attract and retain qualified temporary personnel; the resolution of the French anti-trust procedure and any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.

    About Adecco
    Adecco S.A. is a Fortune Global 500 company and the global leader in HR services. The Adecco Group network connects about 700,000 associates with clients each day through its network of over 36,000 employees (FTEs) and over 6,700 offices in over 60 countries and territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to clients and associates.

    Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the Swiss Stock Exchange with trading on SWX Europe (SWX: ADEN) and the Euronext Paris (EURONEXT: ADE).

    Contacts:

    Adecco Corporate Press Office
    press.office@adecco.com ; Tel.

    Adecco Corporate Investor Relations
    Investor.relations@adecco.com ; Tel.


    There will be a media conference call at 9 am CET as well as an analyst conference call at 11 am CET, details of which can be found on our website in the Investor Relations section at webcast.adecco.com.
  5. forum rang 4 nr36 4 november 2008 08:01
    Brunel cijfers vallen enigzins tegen - ING
    4 november 2008, 7:51 uur | FD.nl/DJ
    AMSTERDAM (FD.nl/DJ)-- Brunel maakte maandag nabeurs onderliggend enigszins tegenvallende cifers bekend, aldus analist Marc Zwartsenburg van ING Wholesale Banking. "Het punt is een eenmalige boekwinst in Duitsland van euro 2,7 mln waardoor ook de outlook voor heel 2008 onderliggend lager uitkomt dan verwacht", aldus de analist. Brunel gaat voor dit jaar uit van een winst voor aftrek van rente en belastingen (ebit) van meer dan euro 62 mln, inclusief de genoemde boekwinst. Zwartsenburg wijst in verband met de eenmalige boekwinst ook op de gedaalde groei in Duitsland, als deze groei gecorrigeerd wordt voor deze eenmalige post. Zwartsenburg geeft aan dat Brunel in Duitsland vertraging heeft gesignaleerd bij beslissingen van klanten. Zwartsenburg hanteert een buy advies op het aandeel Brunel. Het aandeel Brunel sloot maandag op euro 10,47. (ANS)

  6. [verwijderd] 4 november 2008 08:52
    En weer de ING met Zwetsenburg die een negatieve stempel op de uitzendbranche wil drukken.
    Dat hij zich maar meer met die geweldige ING bank van hem bezighoudt, misschien gaan ze daar dan ook naar behoren presteren, zonder gemeenschapsgeld van 10 miljard te gaan verkwanselen en bijna een half miljard minder te presteren!!

    Marc en consorten, mondje houden als je niets positiefs hebt te melden, we hebben al genoeg van jullie geweldige adviezen gekregen waar we met zijn allen niet beter van zijn geworden.

    Banken zijn niets anders dan zakkenvullers!
  7. forum rang 4 nr36 4 november 2008 10:11
    Adecco nettowinst daalt 27% in K3; waarschuwt voor 2009
    4 november 2008, 9:57 uur | FD.nl/DJ
    AMSTERDAM (FD.nl/DJ)--Adecco SA heeft in het derde kwartaal van 2008 een 27% lagere nettowinst geboekt, door aanhoudende zwakke uitzendmarkten in de Verenigde Staten, Frankrijk en het Verenigd Koninkrijk. Daarnaast waarschuwt het Zwitserse uitzendconcern dat het de winstdoelstelling voor 2009 niet zal realiseren.

    Adecco streefde voor 2009 naar een operationele winstmarge van meer dan 5%. In het derde kwartaal kwam deze marge nog uit op 5%, maar voor de komende kwartalen is het volgens Adecco onwaarschijnlijk dat een marge van 5% of meer gerealiseerd kan worden.

    Adecco realiseerde in de afgelopen driemaandsperiode een nettowinst van euro 168 mln tegen euro 230 mln een jaar eerder. De winst lag daarmee min of meer in lijn met de euro 165 mln die analisten hadden voorzien.

    De omzet daalde met 6% tot euro 5,1 mrd, van euro 5,4 mrd. De daling werd geleid door belangrijke markten in Frankrijk, de VS, het VK en Spanje. Alleen in Duitsland, Zwisterland en in de opkomende markten werd een omzetgroei gerealiseerd, deels veroorzaakt door overnames.

    - Door Martijn Mom; FD.nl/DJ; +31-20-5928456 ; martijn.mom@dowjones.com

  8. forum rang 6 tatje 4 november 2008 11:12
    aih aih aih 8,95 aangetikt.

    Nog even en ik pak de rest van de dag vrij.

    Bij het aantikken van de 9 euro houden we even op dit forum receptie.

    Lijkt me wel leuk om elke keer als we over de hele euro heen gaan , wel de stijging, om dan op dit forum even een receptie te houden.

    Onbewolkte hemel in het zonnige zuiden.
  9. forum rang 6 tatje 4 november 2008 11:25
    Allemaal gefeliciteerd met de 9 euro mijlpaal.

    Nu houden en even doordouwen.

    Nog geen meldingen op de AFM.
  10. [verwijderd] 4 november 2008 11:46
    het gaat lekker jongens, maar wel een beetje verslavend die 5% stijgingen. ik begon een beetje te trillen toen ik rood zag vanmorgen, maar we zijn weer op de goede weg. ik hoop dat jullie ook goedkoop hebben bijgekocht. op naar de 11,40
  11. forum rang 4 nr36 4 november 2008 12:26
    Petercam over Brunel

    --------------------------------------------------------------------------------


    Datum Bank Aandeel Advies Koersdoel Verw. rend.
    04 november 2008 Petercam BRUNEL Verkopen € 13.00 24,16 %

    --------------------------------------------------------------------------------

    Advies omschrijving:
    (Analist.nl) Brussel - Op 4-11-2008 herhalen de analisten van Petercam hun verkoopadvies voor het Nederlandse IT-dienstverleningsbedrijf Brunel (ISIN: NL0000343432 / Mnemo: BRNL).

    Het 12-maands koersdoel voor Brunel wordt neerwaarts bijgesteld van 15.00 euro naar 13.00 euro. In 2007 bedroeg de koerswinstverhouding (berekend met de ultimo slotkoers van het aandeel in 2007) 10.25.
  12. forum rang 4 nr36 4 november 2008 12:27
    Beursexpres over Brunel

    --------------------------------------------------------------------------------


    Datum Bank Aandeel Advies Koersdoel Verw. rend.
    04 november 2008 Beursexpres BRUNEL Kopen - -

    --------------------------------------------------------------------------------

    Advies omschrijving:
    (Analist.nl) Amsterdam - Op 4-11-2008 herhalen de analisten van Beursexpres hun koopadvies voor het Nederlandse IT-dienstverleningsbedrijf Brunel (ISIN: NL0000343432 / Mnemo: BRNL).

    Een koersdoel wordt niet afgegeven. In 2007 bedroeg de koerswinstverhouding (berekend met de ultimo slotkoers van het aandeel in 2007) 10.25.

  13. [verwijderd] 4 november 2008 14:10
    Beknopt advies
    Advies: Neutraal
    Weerstand 1 9,25 Steun 1 6,35
    Weerstand 2 10,65 Steun 2
    Uitleg Vlug, Davids & van Mourik
    Update: 4-11-2008

    USG People heeft sinds 31 oktober 2008 een Neutraal advies. Als gevolg van een stijging van 6.02% werd maandag een slotkoers neergezet op EUR 8.63. Per saldo is het aandeel de afgelopen 5 dagen met 24.17% gestegen.
    Het koersverloop na de trendbreuk geeft een periode van stagnatie aan, een hervatting van de voorafgaande dalende trend wordt echter wel verwacht gegeven het zwakke langetermijn beeld.
    EUR 8.24 heeft als weerstand geen stand kunnen houden, nieuwe weerstandniveaus zijn te vinden op EUR 9.25 en EUR 10.65.

    en dat was de volgende weerstand op naar de 10,65 dus!!!!!
  14. forum rang 4 marathon 11 4 november 2008 16:06
    Helaas een weekje niet kunnen reageren maar het is onbegrijpelijk wat een onzin onze analisten in dat weekje allemaal bij elkaar hebben geanaliseerd.
    Hold en koersdoel van 6 nadat de koers laag 6 was gekomen en nadat duidelijk was dat 2008 een winst op zal leveren van € 2+.
    Begrijp nog steeds niet dat deze beroepsgroep door de banken buiten schot wordt gelaten. Zouden beter hun eigen aandeeltjes kunnen gaan analiseren en daar koersdoelen met een K/W van 3 af kunnen geven maar daar komen de heren uit op 6 want de banken zijn meer dan gehalveerd hebben ze inmiddels opgemerkt.
    Nee ik ben bang dat we beter uit zijn zonder analisten!!!
    Verder allemaal veel succes met USG. Hoop dat we weer snel richting de 15 kunnen want een paar maanden geleden was dat nog de helft van de gemiddelde waardering (K/W van 15) die op basis van de te verwachten winst over 2008 als koersdoel gold. Nog maar 6 euro te gaan oftewel nog 2 weken met een zelfde reeele stijging van de afgelopen week dat ik weg was en we staan weer op het nivo waarop dooor deze en gene geboden kan worden!!
  15. [verwijderd] 4 november 2008 16:17
    Marathon, je hebt helemaal gelijk, weg met de analisten, voorop Zwetsenburg en de hele ING groep!!

    USG gaat eindelijk zijn eigen koers en zal hopelijk snel weer ruim boven de €15,- staan.

    Fonds: aand. USG People
    Beurs: Euronext Amsterdam

    Laatste Volume Tijd
    Laatste 9,11 700 16:14:39
    Verschil 0,48 5,5620 %
    Bied 9,11 1.287 16:14:03
    Laat 9,12 390 16:14:03
    Hoogste 9,26 14:07:14
    Laagste 8,51 09:08:33
    Cum. volume --- 584.730 16:14:39
    Indicatieve opening ---
    Open 8,67 09:00:02
    Vorig slot 8,63 03-11-2008
    Gemiddelde dagomzet --- 739.077

    Bid Ask
    Orders Volume Bid Ask Volume Orders
    1 1.287 9,11 9,12 390 2
    1 2.442 9,10 9,13 1.097 1
    1 1.642 9,09 9,14 1.651 1
    2 2.845 9,08 9,15 1.650 1
    2 1.833 9,07 9,16 1.095 1

    Bijwerken


  16. Pim de Waard 4 november 2008 16:38
    quote:

    tatje schreef:

    Allemaal gefeliciteerd met de 9 euro mijlpaal.

    Nu houden en even doordouwen.

    Nog geen meldingen op de AFM.
    Tatje, ik meldde zondag dat bij "melding substantiële deelneming detail" op de AFM-site te zien is dat Mulder 30% deelneming bezit. De IEX-site geeft 17,45% aan. De melding was van 1 november. Zie ik iets over het hoofd?

    Pim
  17. forum rang 4 nr36 4 november 2008 16:46
    quote:

    pina100 schreef:

    [quote=tatje]
    Allemaal gefeliciteerd met de 9 euro mijlpaal.

    Nu houden en even doordouwen.

    Nog geen meldingen op de AFM.
    [/quote]

    Tatje, ik meldde zondag dat bij "melding substantiële deelneming detail" op de AFM-site te zien is dat Mulder 30% deelneming bezit. De IEX-site geeft 17,45% aan. De melding was van 1 november. Zie ik iets over het hoofd?

    Pim
    Kleinigheidje: het jaartal
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