Adecco S.A. reported earnings results for the first quarter ended March 2013. For the quarter, the company reported revenues of EUR 4.6 billion, down 10% or minus 8% in constant currency. Organically and adjusted for trading days, revenues were down 5%. EBITDA was EUR 127 million. Excluding restructuring costs, EBITDA was EUR 138 million. Cash used in operating activities was EUR 28 million compared to operating cash flow churn rates of EUR 137 million in the first quarter last year. The group invested EUR 20 million in capex. Net debt at the end of March 2013 was EUR 1.1 billion compared to EUR 972 million at the end of 2012. The company expects its capex for the year 2013 is to be around EUR 120 million. Interest expenses, excluding interest income, expected to be around EUR 75 million for 2013. Amortization of intangible assets is expected at EUR 45 million for 2013. The company's underlying tax rate for second quarter of 2013 is expected to be around 30%.

Adecco Group announced the appointment of the Group's new Head of Investor Relations, David Hancock. David will take the lead of Adecco's Investor Relations team at the beginning of June 2013 and will be responsible for communication to the financial markets, as well as for competitive analysis. He will report to the Group's Chief Financial Officer, Dominik de Daniel. David joins the Adecco Group from Morgan Stanley, where he has been working for the past eleven years, most recently as Executive Director and Head of the European Business Services team. David will be based at Adecco's global headquarters in Zurich, Switzerland. Karin Selfors-Thomann, the current Head of Investor Relations, continues her career within the Adecco Group and will be joining the leadership team at Pontoon, Adecco's Contingent Workforce Solutions (MSP), Recruitment Process Outsourcing (RPO) and Workforce consulting business. She will take on the role of SVP Head of Sales North America for MSP Solutions at Pontoon, and will be based in Jacksonville, Florida, United States.

Adecco S.A., Q1 2013 Earnings Call, May 07, 2013