Invitation to the Annual
General Shareholders’ Meeting
Wednesday, 13 May 2009, 11.00 a.m.
Beaulieu, Centre de Congrès et d’Expositions,
Av. des Bergières, CH-1004 Lausanne
Opening of doors to meeting room: 10.15 a.m.
Beginning of meeting: 11.00 a.m.
Adecco S. A.
The staffing industry was confronted with an exceptionally challenging business environment,
particularly during the fourth quarter of 2008. Nevertheless, the Adecco Group delivered
a robust performance in the reporting period, which saw revenues decline by 5%. The Com-
pany remained price-disciplined and reported a gross margin of 18.4% in 2008. EBITA1
amounted to EUR 908 million, a decline of 16%. Operating income was affected by impair-
ment charges on goodwill and intangible assets of EUR 116 million, and declined by 29%
to EUR 748 million in 2008. Net income declined by 33% to EUR 495 million. Operating cash
flow remained strong at over EUR 1 billion, on a par with last year. In view of these solid
results, and considering our sound financial position, the Board of Directors is pleased to pro-
pose a dividend of CHF 1.50 per share.
These solid results reflect both a decisive and disciplined response to the downturn as well as
strategic progress in advancing our two core businesses: general and professional staffing.
It has been a year in which we kept up our pace of development and consequently strength-
ened the competitiveness of the Adecco Group worldwide with our dual-market model:
•	 We continued to segment our general staffing operations, differentiating our offering through
more specialised solutions.
•	 We strengthened our professional business lines through organic growth and acquisitions
in France and the Netherlands.
1 EBITA is a non-U.S. GAAP measure and refers to operating income before amortisation and impairment of goodwill and
Adecco S. A.
By adhering to value-based management – an approach fundamental to our organisation –
we were able to deliver a steadily improving gross