Advancing our business

The year in review;

2019

highlights

2019 was a year of continued transformation and strategic progress. While the economic environment was difficult, we did not compromise long-term investments and remained focused on delivering our ‘Perform, Transform, Innovate’ strategy, to position the business for profitable growth and broader stakeholder value creation.

Revenues €23.4bn Down 3% on an organic1 basis, impacted by slower market growth Open popup

Organic revenue growth

-3%

Target: accelerate structural organic revenue growth, and increase GDP multiplier from 3x to 4x

Gross margin 19.2% +60bps YoY driven by improved business mix and value-based pricing Open popup

Gross margin

19.2%

Adding value to clients that is reflected in the price we are paid for our services

EBITA2 margin excluding one-offs 4.6% +10bps YoY supported by GrowTogether productivity savings Open popup

EBITA margin excluding one-offs

4.6%

Target: drive sustained improvement, with EUR 250 million p.a. productivity savings in 20206

Cash conversion3 93% Strong underlying cash flow while continuing to invest Open popup

Cash conversion

93%

Target: maintain a progressive dividend policy and continued strong FCF after investments

Dividend per share4 CHF 2.50 Stable YoY and representing a 52% payout ratio Open popup

Dividend per share

CHF 2.50

Complemented by EUR 600 million share buyback, consistent with our capital allocation policy

Net debt/EBITDA5 0.3x Strong balance sheet, supported by FCF and divestment of US Healthcare staffing operations Open popup

Net debt to EBITDA excluding one-offs

0.3x

Strong balance sheet, supported by FCF and divestment of US Healthcare staffing operations

Share buyback €600m Returning excess capital to shareholders, in line with our capital allocation policy
Net Promoter Score (Client) 23 Delivering more value to our clients Open popup

Net Promoter Score (Client)

23

Delivering more value to our clients

Great Place to Work® Ranking 11th Out of more than 7,000 participating companies globally Open popup

Great Place to Work® Ranking

11th

Out of more than 7,000 participating companies globally

Permanent placements 100,000+ People placed in permanent employment
Number of associates on assignment 600,000+ Associates provided with flexible employment every day
People trained and coached 500,000+ Enhancing their employability and accelerating their careers
  1. Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and divestitures.
  2. EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.
  3. Cash conversion is a non-US GAAP measure and is calculated as free cash flow before interest and tax paid divided by EBITA excluding one-offs. Free cash flow is a non-US GAAP measure and is calculated as cash flows from operating activities less capital expenditures.
  4. For 2019, as proposed by the Board of Directors.
  5. Net debt to EBITDA is a non-US GAAP measure and is calculated as net debt at period end divided by last 4 quarters EBITA excluding one-offs plus depreciation. Net debt is a non-US GAAP measure and comprises short-term and long-term debt less cash and cash equivalents and short-term investments.
  6. Equivalent to a reduction in SG&A as a percentage of revenues of 100 bps, compared with the 2016 baseline.

Our Global Footprint

Global map

Contribution to Group revenues

  • Europe

    61%

    • France - 23%
    • UK & Ireland - 9%
    • Germany, Austria & Switzerland - 8%
    • Benelux & Nordics - 8%
    • Italy - 8%
    • Iberia - 5%

  • North America

    19%

  • Japan and Rest of World

    18%

    • Japan - 6%
    • Latin America - 4%
    • Eastern Europe & MENA - 3%
    • Asia - 2%
    • Australia and New Zealand - 2%
    • India - 1%

  • Talent Development & Career Transition

    2%

  1. Talent Development & Career Transition is managed as a global business line.

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