Adecco SA http://www.alacrastore.com/company-snapshot/Adecco_SA-1000228 Saturday, August 30, 2008 10:42:20 AM 1000228 Adecco SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/663395spcred/663395normThe latest Summary from S&Pglobal8/5/2008 1:17:00 PM175Summary663395SwitzerlandHuman Resource & Employment ServicesEurope, Middle East, AfricaLatin AmericaUnited StatesAsiaEmerging MarketsGlobal IssuersCorporationsHealth CareSummaryThe ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Cost discipline, healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factors are offset partially by the staffing industry's cyclical and competitive nature. At March 31, 2007, Adecco's reported debt totaled €1.5 billion. With No. 1 or No. 2 positions in more than 10 of the world's largest temporary staffing markets, Adecco is the world's largest staffing company. The group's wide geographical diversity offers some protection against economic swings in a single country. However, its business remains vulnerableCHE00675420201040 202010 2020 20Adecco S.A.330405EUROMIDAFRLATAMERICAUSAASIAEMERGINGADEN@SWSUMMARYGLOBISSCORPHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662385spcred/662385normThe latest Full Report from S&Pglobal7/31/2008 2:46:08 AM400Full Report662385SwitzerlandHuman Resource & Employment ServicesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsHealth CareFull ReportLeading positions in most of the largest staffing markets and in the high-margin specialist staffing segment worldwide, enabling economies of scale; Operational diversity, with strong brands and the largest global network; and Healthy balance sheet from high free cash flow generation. Low-margin, competitive, and highly cyclical industry; Significant exposure to the low-gross-margin French market; and Uncertainties related to the outcome of investigations by French antitrust authorities. The ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Cost discipline, healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factorsCHE00675420201040 202010 2020 20Adecco S.A.330405ASIAEMERGINGEUROMIDAFRLATAMERICAUSAADEN@SWFULLGLOBISSCORPHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662391spcred/662391normThe latest Summary from S&Pglobal7/31/2008 2:46:08 AM175Summary662391SwitzerlandHuman Resource & Employment ServicesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsHealth CareSummaryThe ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Cost discipline, healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factors are offset partially by the staffing industry's cyclical and competitive nature. At March 31, 2007, Adecco's reported debt totaled €1.5 billion. With No. 1 or No. 2 positions in more than 10 of the world's largest temporary staffing markets, Adecco is the world's largest staffing company. The group's wide geographical diversity offers some protection against economic swings in a single country. However, its business remains vulnerableCHE00675420201040 202010 2020 20Adecco S.A.330405ASIAEMERGINGEUROMIDAFRLATAMERICAUSAADEN@SWSUMMARYGLOBISSCORPHealthCredit & Investment ResearchS&P Credit ResearchUS - ZeroChaos Inc acquired PayWise Inc, a provider of referral staffing services, from Adecco USA, a unit of Adecco SA. Terms were not disclosed.6/20/2008 11:58:23 AM99093F70434X01089F006754ZeroChaos IncPayWise IncAP Capital Partners LLCAdecco SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/ZeroChaos_Inc_acquires_PayWise_Inc_from_Adecco_SA-1988290020sdc/19882900201988290020Copyright © 2008, Thomson Financial, All Rights ReservedBusiness ServicesUnited StatesManagement services8741FLFloridaSubsidiary8741:Management services8742:Management consulting services6799:Investors, necBusiness ServicesUnited StatesEmployment agencies7361NYNew YorkSubsidiary945350002Prvd priv equity srvcsEmployment agcyUnspecifiedAssets1023649001Jun 20 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007.500000.000000.000000.000000.000000.000000.000000.000000.0000031 Dec 0731 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.000001.000002.000003.000004.000005.00000ZeroChaos Inc is a provider ofcontingent contractorworkforce and managementservices, headquartered inOrlando, Florida.ZeroChaos Inc is a provider of contingent contractorworkforce and management services, headquartered in Orlando,Florida.ZeroChaos Inc is a provider of contingent contractor workforce and management services, headquartered in Orlando, Florida.1.000002.000003.000004.000005.00000PayWise Inc is a provider ofreferral staffing services,headquartered in New York, NewYork. The company specializesin providing payroll services.PayWise Inc is a provider of referral staffing services,headquartered in New York, New York. The company specializesin providing payroll services.PayWise Inc is a provider of referral staffing services, headquartered in New York, New York. The company specializes in providing payroll services.0.000000.000000.000000.00000N18 Jun 08Wed, 18 Jun 2008 00:00:00 ESTDate Announced: 06/18/200818 Jun 08Date Effective: 06/18/200818 Jun 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000US - ZeroChaos Inc acquiredPayWise Inc, a provider ofreferral staffing services,from Adecco USA, a unit ofAdecco SA. Terms were notdisclosed.US - ZeroChaos Inc acquired PayWise Inc, a provider of referral staffing services, from Adecco USA, a unit of Adecco SA. Terms were not disclosed.US - ZeroChaos Inc acquired PayWise Inc, a provider of referral staffing services, fromAdecco USA, a unit of Adecco SA. Terms were not disclosed.US - ZeroChaos Inc acquired PayWise Inc, a provider of referral staffing services, from Adecco USA, a unit of Adecco SA. Terms were not disclosed.US - ZeroChaos Inc acquired PayWise Inc, a provider of referral staffing services, from Adecco USA, a unit of Adecco SA. Terms were notdisclosed.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007.500000.000000.000000.000000.000007.500000.000000.000000.000000.000000.000000.00000Status:CompletedUS-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007361:Employment agencies8721:Accounting, auditing, and bookkeeping services8742:Management consulting services945351001United States6799FloridaPrivate6719:Offices of holding companies, nec7361:Employment agencies7363:Help supply services8741:Management services66002New YorkSwitzerland7361ForeignPublicADO0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/650417spcred/650417normThe latest Summary from S&Pglobal5/27/2008 3:27:29 PM175Summary650417SwitzerlandHuman Resource & Employment ServicesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsHealth CareSummaryThe ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Cost discipline, healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factors are offset partially by the staffing industry's cyclical and competitive nature. At Dec. 31, 2007, Adecco's reported debt totaled €1.4 billion. Revenues rose to €21.1 billion in 2007, representing 3% organic growth compared with 2006. This combined with a growing contribution from the professional staffing and permanent placement business as well as stronger cost-monitoring systems, improved reported operating margins (after depreciation, excluding onetime gains) by 26CHE00675420201040 202010 2020 20Adecco S.A.330405ASIAEMERGINGEUROMIDAFRLATAMERICAUSAADEN@SWSUMMARYGLOBISSCORPHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1827296ccbn/T1827296norm...Good day, and welcome to the Adecco analyst conference call. For your information today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Burth. Please go ahead. ... 5/6/2008 11:06:00 AMAdecco SA54.0000FinalQ1 2008 Adecco SA Earnings Conference Call TranscriptADO10:00am CETTranscriptT1827296Credit & Investment ResearchThomson Street EventsROMANIA - Enea AB of Sweden agreed to acquire the entire share capital of IP Devel Srl, a Bucharest-based provider of information technology outsourcing services, from Adecco SA, for ##.### mil Romanian lei (##.## mil Swedish kronor/$#.## mil US) in cash and an undisclosed amount of profit-related payments.4/22/2008 5:05:32 PM29185H46792Y29185H006754Enea ABIP Devel SrlEnea ABAdecco SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Enea_AB_acquires_IP_Devel_Srl_from_Adecco_SA-1970978040sdc/19709780401970978040Copyright © 2008, Thomson Financial, All Rights ReservedStockholmPrepackaged SoftwareSwedenPrepackaged Software7372FFForeignPublicENEA7371:Computer programming services7372:Prepackaged Software7373:Computer integrated systems design7374:Data processing services7376:Computer facilities management services7371:Computer programming services7372:Prepackaged Software7373:Computer integrated systems design7374:Data processing services7376:Computer facilities management servicesBusiness ServicesRomaniaComputer facilities management services7376FFForeignSubsidiary683533002Dvlp telecommun softwareEmployment agcyCashEarnoutStock877991002Apr 22 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000Enea Data AB, located inKista, develops Internetcommunications and networksystem software in the areasof information technologydeveloping operating systemsand development tools fordistributed and fault-tolerantapplications. The company wasfounded in 1968.Enea Data AB, located in Kista, develops Internetcommunications and network system software in the areas ofinformation technology developing operating systems anddevelopment tools for distributed and fault-tolerantapplications. The company was founded in 1968.Enea Data AB, located in Kista, develops Internet communications and network system software in the areas of information technology developing operating systems and development tools for distributed and fault-tolerant applications. The company was founded in 1968.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000IP Devel Srl, headquartered inBucharest, Romania, providesinformation technologyoutsourcing services such ason-site and remote, near-shoreand offshore outsourcing,build-operate-transferservices to both local andinternational markets. Itsclients include industries incommunications, multimedia,and consumer electronics,automotive and marinenavigation systems. Thecompany was founded in 2000.IP Devel Srl, headquartered in Bucharest, Romania, providesinformation technology outsourcing services such as on-siteand remote, near-shore and offshore outsourcing,build-operate-transfer services to both local andinternational markets. Its clients include industries incommunications, multimedia, and consumer electronics,automotive and marine navigation systems. The company wasfounded in 2000.IP Devel Srl, headquartered in Bucharest, Romania, provides information technology outsourcing services such as on-site and remote, near-shore and offshore outsourcing, build-operate-transfer services to both local and international markets. Its clients include industries in communications, multimedia, and consumer electronics, automotive and marine navigation systems. The company was founded in 2000.0.000000.000000.000000.00000YRomanian Lei21 Apr 08Mon, 21 Apr 2008 00:00:00 ESTDate Announced: 04/21/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000011.434 Romanian Lei11.434000.0000011.434 Romanian Lei11.434000.000000.000000.000000.0000011.4340011.434 Romanian Lei0.44300N2.533000.000000.000000.000000.000000.000005.060005.060000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000ROMANIA - Enea AB of Swedenagreed to acquire the entireshare capital of IP Devel Srl,a Bucharest-based provider ofinformation technologyoutsourcing services, fromAdecco SA, for 11.434 milRomanian lei (30.09 milSwedish kronor/$5.06 mil US)in cash and an undisclosedamount of profit-relatedpayments.ROMANIA - Enea AB of Sweden agreed to acquire the entire share capital of IP Devel Srl, a Bucharest-based provider of information technology outsourcing services, from Adecco SA, for 11.434 mil Romanian lei (30.09 mil Swedish kronor/$5.06 mil US) in cash and an undisclosed amount of profit-related payments.ROMANIA - Enea AB of Sweden agreed to acquire the entire share capital of IP Devel Srl, aBucharest-based provider of information technology outsourcing services, from Adecco SA,for 11.434 mil Romanian lei (30.09 mil Swedish kronor/$5.06 mil US) in cash and anundisclosed amount of profit-related payments.ROMANIA - Enea AB of Sweden agreed to acquire the entire share capital of IP Devel Srl, a Bucharest-based provider of information technology outsourcing services, from Adecco SA, for 11.434 milRomanian lei (30.09 mil Swedish kronor/$5.06 mil US) in cash and an undisclosed amount of profit-related payments.ROMANIA - Enea AB of Sweden agreed to acquire the entire share capital of IP Devel Srl, a Bucharest-based provider of informationtechnology outsourcing services, from Adecco SA, for 11.434 mil Romanian lei (30.09 mil Swedish kronor/$5.06 mil US) in cash and anundisclosed amount of profit-related payments.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007372:Prepackaged Software7374:Data processing services7376:Computer facilities management services7379:Computer related services,nec683533002StockholmSweden7372ForeignPublicENEA6719:Offices of holding companies, nec7361:Employment agencies7363:Help supply services8741:Management services66002New YorkSwitzerland7361ForeignPublicADO5.0600011.434005.060002.53300Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/bir/788281bir/788281normAdecco S.A.Adia Temporary ServicesWorkCard Company Inc.SwitzerlandServices: Temporary personnel, permanent placements, outsourcing, training and testing services. Finance: Holding company.736367195613205511129GMADEN4/4/2008 6:14:00 AM788281Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/ccbn/T1756684ccbn/T1756684norm... - Adecco SA - Head of IR My name is Nicole Burth, Investor Relations at Adecco, I would like to welcome you to our fourth quarter and full year results presentation here in Zurich but I would also like to welcome people on the phone. This presentation is also webcasted so later on we will take questions from here, from the room but also over the phone. I'm here today with Dieter Scheiff, our CEO, as well as our CFO, Dominik de Daniel. I would like to draw your attention very briefly to the forward-looking statement in our presentation and then move on to today's agenda. Peter Scheiff will start and give an operational overview. Dominik de Daniel will then walk you through the financials and then Dieter Scheiff will give you a brief outlook about our shorter term and longer term future. With this I hand over to Dieter. ... 3/4/2008 11:04:00 AMAdecco SA54.0000FinalQ4 2007 Adecco SA Earnings Conference Call TranscriptADO11:00am CETTranscriptT1756684Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/moodys/PBC_107278moodys/PBC_107278pdfAnalysis1/31/2008 8:34:34 PM...Headquartered in Switzerland, Adecco S.A. (Baa#, stable) was created in #### from the merger of Switzerland-based Adia and France-based Ecco. Adecco is currently the world s largest personnel services company with ##.# billion in revenues in the fiscal year ended ## December ####, followed by Manpower Inc. (Baa#, stable) with revenues of US$##.# billion ( ##.# billion). Randstad Holding NV is however expected to significantly close the gap with Adecco after it announced late #### that it reached a conditional agreement to buy all the shares of Vedior NV with an estimated revenue for the combined entity of approximately ## billion in ####. ... Adecco S.A.600051090300.0000AnalysispdfAdecco S.A.PBC_107278Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600051090moodys/COP_600051090htmlCredit Opinion1/4/2008 2:20:25 AMGlobal Credit Research Credit Opinion ## SEP #### Credit Opinion: Adecco S.A. Adecco S.A. Zurich, Switzerland Ratings Category Moody's Rating Outlook Stable Issuer Rating Baa# Adecco International Financial Services B.V. Outlook Stable...Adecco S.A.600051090150.0000NewshtmlAdecco S.A.COP_600051090Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611832spcred/611832normThe latest Summary from S&P11/7/2007 8:30:18 AMSummary175global611832SwitzerlandHuman Resource & Employment ServicesEurope, Middle East, AfricaLatin AmericaUnited StatesAsiaEmerging MarketsGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry, cost discipline, healthy cash flow generation, strong presence in the fairly high-margin subsegment of specialized and professional staffing, and moderate financial policy. These factors are offset partially by the staffing industry's cyclical and competitive nature. At Sept. 30, 2007, Adecco's debt totaled €1.452 billion. Adecco recorded revenues of €5.4 billion in the third quarter of fiscal 2007, representing 2% organic growth compared with the third quarter of 2006. This, combined with a growing contribution from the professional staffing and permanent placement business as well as stronger cost-monitoring systems, improved reported operating margins (after depreciation, excluding onetimeCHE00675420201040 202010 2020 20Adecco S.A.330405EUROMIDAFRLATAMERICAUSAASIAEMERGINGADEN@SWSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1679210ccbn/T1679210norm11/2/2007 12:06:00 PMAdecco SA54.0000FinalQ3 2007 Adecco SA Earnings Conference Call TranscriptADO11:00am CET...Good day, ladies and gentlemen, and welcome to the Adecco Q# results conference call. For your information, today's conference call is being recorded. At this time I would like to turn the call over to our host today, Miss Burth. Please go ahead. ... TranscriptT1679210Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/spcred/603024spcred/603024normThe latest Summary from S&P9/19/2007 10:33:00 AMSummary175global603024SwitzerlandHuman Resource & Employment ServicesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry, cost discipline, healthy cash flow generation, strong presence in the fairly high-margin subsegment of specialized and professional staffing, and moderate financial policy. These factors are offset partially by the staffing industry's cyclical and competitive nature. At June 30, 2007, Adecco's debt totaled €1.4 billion. Adecco recorded revenues of €10.3 billion in the first half of fiscal 2007, representing 5% organic growth (7% total growth including currency effects) in comparison to the first half of 2006. This, combined with a growing contribution from the professional staffing and permanent placement business as well as stronger cost-monitoring systems, improvedCHE00675420201040 202010 2020 20Adecco S.A.330405ASIAEMERGINGEUROMIDAFRLATAMERICAUSAADEN@SWSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Research