Jacobs Holding AG Annual Report 2011 - Jacobs AG

ANNUAL REPORT 2011
HOLDING AG

TABLE OF CONTENTS
PAGE
JACOBS HOLDING AG AND THE JACOBS FOUNDATION 2
HIGHLIGHTS OF 2011 5
REPORT FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER 7
STAKEHOLDERS’ MANUAL
OUR PRINCIPLES 12
OUR ORGANIZATIONAL MODEL 14
OUR GOVERNANCE STRUCTURE 15
PERFORMANCE METRICS 16
JACOBS HOLDING AG BOARD OF DIRECTORS 19
JACOBS HOLDING AG MANAGEMENT 21
PORTFOLIO
ADECCO SA 24
BARRY CALLEBAUT AG 28
INFRONT SPORTS & MEDIA AG 31
AGRI BUSINESS 34
FINANCIAL STATEMENTS 2011
BALANCE SHEET JACOBS HOLDING AG 38
STATEMENT OF INCOME JACOBS HOLDING AG 40

ANNUAL REPORT 2011
HOLDING AG

2 BACK TO TOP
JACOBS HOLDING AG AND
THE JACOBS FOUNDATION
Jacobs Holding AG optimally enhances the Jacobs Foundation’s ability to influence the
social dimension of the world in which we live, thereby continuing our family’s long-held
commitment to the improvement of society.
JACOBS HOLDING AG
HISTORY Jacobs Holding AG is a professional investment company founded on our
family’s entrepreneurial legacy. Over generations, the Jacobs family has been involved in
business operations which are united in Jacobs Holding AG, our holding company
domiciled in Zurich. To understand Jacobs Holding AG, it is important to bear in mind
the dynamic relationship we maintain with the Jacobs family. While our past endeavours
may have focussed primarily on entrepreneurial business achievements, these ambitions
were always underpinned by a commitment to social betterment.
MISSION Jacobs Holding AG’s goal as an investment firm is to create value by investing
in a select group of companies with the potential and promise of achieving and
maintaining global leadership positions in their sectors. The resulting dividends are
used exclusively to fund the philanthropic endeavours of the Jacobs Foundation.

THE JACOBS FOUNDATION
HISTORY The Jacobs Foundation was established in 1988 to equip young people for a
changing world and help them become productive and socially responsible members of
society. In order to be able to fulfill the Foundation’s mission for an indefinite period,
Klaus J. Jacobs donated his stake in Jacobs Holding AG to the Foundation in 2001,
making it one of the world’s best-capitalized non-profit organizations devoted to youth
development. These assets are intended to secure the financing of the Foundation’s
activities in the future.
MISSION The Jacobs Foundation’s primary purpose is to contribute to the welfare,
social productivity, and social inclusion of current and future generations of children and
youth by understanding and promoting their personal development and employability,
their respect for and integration with nature and culture, as well as by understanding the
challenges they face due to social, economic, or technological changes. Consequently, we
are committed to:
> making children and youth (0–24 years) better equipped to grow up and live in
a changing world and to be productive, socially responsible members of society;
> supporting societies in improving their capacities for child and youth development;
> pursuing this vision worldwide without national limitation but with respect for
cultural diversity.
BACK TO TOP
3

BACK TO TOP

HIGHLIGHTS OF 2011
In financial year 2011 (1.10.2010–30.09.2011) the net asset value of the Jacobs
Holding AG investment pool decreased by CHF 145 million, from CHF 2’876 million
to CHF 2’731 million.
The total shareholder return (TSR) of CHF -128 million, or -4.5%, outperformed
the Swiss Market Dividend Adjusted Index (SMIC), which yielded -9.2% during the
same period.
A negative development in the share price of both Adecco SA (-29.6%) and
Barry Callebaut AG (-0.2%) resulted in a negative overall performance.
Jacobs Holding AG posted an after-tax profit of CHF 29.6 million for 2011, compared
with a loss of CHF 42.9 million in 2010.
Adecco achieved solid results and profited from previous measures to structurally
optimize the business. Adecco continues to see good demand from its clients. Given the
level of economic uncertainty, a cost-conscious approach to running the business
remains essential.
Barry Callebaut again reported strong results for the financial year ending 31.08.2011.
Volumes and revenues increased together with earnings. Barry Callebaut has continued
its focused growth strategy.
On September 2, 2011 Jacobs Holding AG and the other shareholders in Infront sold
100% of Infront Sports & Media AG’s shares to the European private equity firm
Bridgepoint. The closing of the transaction is subject to the approval of the anti-trust
authorities.
On December 9, 2010, the collateralized equity-linked limited liability obligation
(CELLO) in the amount of CHF 828 million was repaid by Jacobs Venture AG.
BACK TO TOP
READ MORE ON PAGE 6
READ MORE ON PAGE 6
READ MORE ON PAGE 17
READ MORE ON PAGE 40
READ MORE ON PAGE 24
READ MORE ON PAGE 28
READ MORE ON PAGES 9+31
READ MORE ON PAGE 27
5

TOTAL SHAREHOLDER RETURN INDEX (TSR)
SWISS MARKET DIVIDEND ADJ. INDEX (SMIC)
TARGET PERFORMANCE 2001–2011
ADECCO (INCL. JACOBS VENTURE
& TRIVENTURA)
INFRONT SPORTS & MEDIA
BARRY CALLEBAUT
CASH AND CASH EQUIVALENTS
6 BACK TO TOP
TOTAL SHAREHOLDER RETURN (TSR)
KEY FACTORS 2010/11 TSR -4.5%
300
260
220
180
140
100
60
SEP
01
SEP
02
SEP
03
SEP
04
SMIC -9.2%
TARGET +6.8%
SEP
05
NET ASSET VALUE DEVELOPMENT IN FINANCIAL YEAR 2010/2011
CHF MILLION
3’500
3’000
2’500
2’000
1’500
1’000
500
0
2‘876
NET
ASSET
VALUE
2010
SEP
06
157 33
LIABILITY
2010
ASSET
ALLOCATION
2010
CHANGE
IN
LIABILITY
SEP
07
145
CHANGE
IN NET
ASSET
VALUE
SEP
08
SEP
09
ASSET
ALLOCATION
2011
SEP
10
124
LIABILITY
2011
SEP
11
2‘731
NET
ASSET
VALUE
2011

REPORT FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER
In 2009/2010 our portfolio achieved a performance of 13.3%; for 2010/2011, however,
we were somewhat uncertain about the outlook.
The markets were hit by a further round of bad news in August 2011. It became clear that
the consequences of the original bank crisis of 2008 were now affecting the balance sheets
of sovereign states. The threat of default by European countries has not only created
a new crisis in itself but also again threatens banks’ balance sheets. It is difficult to see a
resolution of this situation that will not cause pain to all those involved.
In this challenging environment our portfolio generated a return of -4.5% in 2010/2011.
This was clearly below our long-term expectations but substantially above our bench-
marks.
Barry Callebaut delivered very good operational performance, with a total shareholder
return, or TSR, of +1.6%.
Infront continued to perform over budget and ahead of the previous year, generating
another year of continuing, strong EBITDA growth.
Adecco reestablished an impressive growth rate with a good EBITDA margin. However,
the bad news in the second half of 2011 brought about a radical change in investors’
assessment of the economic outlook for almost all countries. In the wake of this new
pessimistic assessment, there was a sharp correction to Adecco’s share price, which resulted
in a negative TSR of -27.4% TSR.
JACOBS HOLDING AG
On December 9, 2010 the collateralized equity-linked limited liability obligation
(CELLO) in the amount of CHF 828 million was repaid by Jacobs Venture AG.
On September 2, 2011 Jacobs Holding AG and the other shareholders in Infront sold
100% of Infront Sports & Media AG’s shares to the European private-equity firm of
Bridgepoint. The closing of the transaction is subject to approval by the anti-trust
authorities.
Jacobs Holding AG has distributed CHF 35 million of dividends to the Jacobs Foundation.
Our portfolio companies have achieved a TSR of -4.5% or 9.2% better than the Morgan
Stanley Capital Index (MSCI -13.7%) and 4.7% above the Swiss Market Dividend
Adjusted Index (SMIC -9.2%).
BACK TO TOP
7

8 BACK TO TOP
BARRY CALLEBAUT increased its volume by 7.2% to 1.3 million metric tons, its
revenue by 1% to CHF 4.6 billion, and its EBIT by 5.7% to CHF 361 million (excluding
Consumer, including a negative foreign-exchange impact of CHF 30 million). This repre-
sents an EBIT improvement in local currency of 15%. This operational performance
translated into a TSR of +1.6% for the fiscal year under review.
Under the leadership of Jürgen Steinemann, Barry Callebaut added a new, fourth strategic
pillar: Sustainable Cocoa. With Sustainable Cocoa, Barry Callebaut will provide global
support for initiatives to improve cocoa farmers’ agricultural practices, help them
achieve certifications such as Fairtrade, UTZ Certified Good Inside Cocoa Program and
Rainforest Alliance, and ensure better protection for their children.
IN MAY 2011 Barry Callebaut and Hershey agreed to substantially expand the
volume of the existing supply agreement.
IN JUNE 2011 Barry Callebaut placed a new bond and renewed its syndicated
credit facility.
IN SEPTEMBER 2011 Barry Callebaut sold the European consumer business to the
Belgian Baronie Group.
ADECCO reported solid profitable revenue growth of 26% for the 2010 fiscal year,
which resulted in a net income of EUR 423 million. Revenue for the first six months of
2011 was EUR 10’081 million. Compared with the same period last year revenue
increased by 17% and EBITA increased from EUR 281 million to EUR 371 million.
Despite these impressive operational improvements the share price at the end of Jacobs
Holding AG’s fiscal year was CHF 36.17, resulting in a TSR of -27.4%.
Knowing that Patrick de Maeseneire and the Adecco management team are continuously
focusing on simplifying the complexity of the brand portfolio and improving the efficiency
of the delivery models, we believe that the current share price does not reflect the longterm
value of the stock. In difficult times many companies tend to refrain from hiring
permanent staff, rather seeking flexibility by employing temporary staff. This is one of
the reasons we believe that the temporary staff market has further potential for growth,
despite the current critical state of the overall labor market.

INFRONT By the end of 2011 Infront will have contributed to more than 2,400 event
days with its comprehensive menu of specialized services. Known for its high standards
of delivery, the company covers all aspects of a successful sport event, including distribu-
tion of media rights, sponsorship, media production and event operations. As a key
player in winter sport, football and other summer sports, Infront enjoys long-lasting
partnerships with 120 rights-holders and hundreds of sponsors and media companies.
On September 2, 2011 Jacobs Holding AG and the other shareholders in Infront sold
100% of Infront Sports & Media AG’s shares to the European private equity firm
Bridgepoint. The closing of the transaction is subject to the approval of the anti-trust
authorities.
The OUTLOOK for the global economy is hard to predict. For Adecco and Barry
Callebaut we see promising opportunities that will help us as investors to again
outperform our benchmarks. We would like to thank all members of the Board, the
management and employees of Jacobs Holding AG and our investment companies, as
well as the Family Council, for their continued support over the past year.
DR. W. ANDREAS JACOBS
CHAIRMAN OF THE BOARD
MARKUS FIECHTER
CHIEF EXECUTIVE OFFICER (CEO)
BACK TO TOP
9

STAKEHOLDERS’ MANUAL
11

12 BACK TO TOP
OUR PRINCIPLES
OUR BUSINESS MODEL Jacobs Holding AG invests in companies around the world
that hold out the promise of attaining – and maintaining – significant positions in their
markets. The model we have adopted concentrates on the long-term development of the
companies in our portfolio, and we focus our energies on a few selected industries,
notably people and food. Furthermore, it is one of our declared principles not to invest in
companies that specialize in alcohol, cigarettes, or military-related activities.
Active participation and responsible ownership are central to our identity as a profes-
sional investment firm. We fulfill our responsibilities through our work on the boards of
the companies in our portfolio, exercising appropriate influence over each one individually.
Jacobs Holding AG, the professional investment company, and the Jacobs Foundation,
the charitable non-profit organization, are separate and distinct organizations; both
maintain separate boards of directors and management.
The two institutions are linked by the Family Council, which proposes the board members
of Jacobs Holding AG and has a right of veto when candidates are proposed for the
board of the Jacobs Foundation. Through the Family Council, the Jacobs family ensures
that Jacobs Holding AG’s activities are a true reflection of their values and spirit.
OUR GUIDING PRINCIPLES Jacobs Holding AG’s primary objective is to function as a
competitive, professional investment firm safeguarding the entrepreneurial tradition of
the Jacobs family through an active approach to investments.
Our mission is to create sustained value for, and deliver dividends to the Jacobs
Foundation, ultimately contributing to the personal development of young people
around the world.
Our strategy for realizing this mission is to invest in a limited number of holdings with
the potential to achieve or maintain global leadership positions in their respective
industries, and to create value.

OUR CORPORATE PRINCIPLES
LONG-TERM VALUE The objective of the enterprise is to create long-term value. Total
Shareholder Return is our principal performance metric.
TALENTED PEOPLE We believe that the skills and abilities of our people ensure
successful business growth.
ENTREPRENEURSHIP We believe that entrepreneurial spirit and risk-taking are an
essential part of an entrepreneurial team effort.
BEST PRACTICE IN CORPORATE GOVERNANCE We believe that excellence in corporate
governance is a key driver of value.
TRUST AND ACCOUNTABILITY We believe that trust and accountability are paramount
principles in linking entrepreneurship to value creation.
SPEED We believe that speed is essential in a rapidly changing business environment.
SIMPLICITY We believe in simple and effective organization and communication.
OUR PEOPLE People are the single most important drivers of success. As stated out in
our corporate principles, our employees are central to our vision of success, as are high
standards in corporate governance.
Our employees boast specialist expertise, a professional attitude, solid ethics and
flexibility. At all levels, it is they who determine the financial success of our enterprise,
and their performance and impact are reflected in their remuneration. We help to
increase their market value by means of appropriate employment, job rotation, and
further education and training.
BACK TO TOP
13

14 BACK TO TOP
OUR ORGANIZATIONAL MODEL
Jacobs Holding AG is governed by a two-tier organizational structure comprising the
Board of Directors and Management.
Jacobs Holding AG’s Board of Directors is the company’s ultimate decision-making
body. It bears responsibility for the long-term success of Jacobs Holding AG. The posts
of the members are non-executive. The Family Council appoints the Chairman of the
Board, who has an executive function and is a member of the Jacobs family.
Our Business Regulations set out certain criteria for the ideal composition of our Board.
Accordingly, Board members must have the experience and ability to fulfill their individ-
ual responsibilities.
Collectively, the Board should display a proven entrepreneurial track record and know-
ledge of the specific industries in which we invest. It must also offer international expertise
and experience in the fields of investment management, corporate finance, strategy develop -
ment and implementation, family businesses, human resources and talent management.
Jacobs Holding AG Management comprises a CEO (Chief Executive Officer), a CFO
(Chief Financial Officer), two investment managers, a financial controller, a treasurer
and a corporate secretary. The CEO is responsible for day-to-day decisions at Jacobs
Holding AG. The CFO is responsible for all finance-related activities at Jacobs Holding
AG, including financial controlling/accounting and treasury operations. The CEO and
CFO both work closely with the Chairman and the investment managers to monitor and
support Jacobs Holding AG’s investments.
The Board has formed the following committees: The MDC (Management Development
Committee) and the ARC (Audit & Risk Committee). The MDC – which is known in
other companies as the Nomination & Compensation Committee – is responsible for the
selection and compensation of the members of Jacobs Holding AG’s Board and
Management. The MDC also evaluates the performance of the CEO and the CFO.
Furthermore, it ensures that Human Resources policies are set up and implemented
throughout the Group so that Jacobs Holding AG achieves its target of attracting and
retaining outstanding talent.
The ARC has focused mainly on establishing corporate governance rules for Jacobs
Holding AG. One of its main achievements has been the implementation and improvement
of a risk management process to assess portfolio company risk. In line with new
legislation, the ARC actively monitors the IKS, the internal control system required by
the Swiss Code of Obligations.

OUR GOVERNANCE STRUCTURE
BOARD OF DIRECTORS
W. Andreas Jacobs Executive Chairman (ALSO CHAIRMAN OF THE MDC AND
Michael Hilti Member
Franz B. Humer Member
MEMBER OF THE ARC)
Nicolas Jacobs Member (ALSO MEMBER OF THE MDC)
Philippe Jacobs Member (ALSO MEMBER OF THE ARC)
Renata Jacobs Member
Conrad Meyer Member (ALSO CHAIRMAN OF THE ARC AND MEMBER OF THE MDC)
MANAGEMENT
Markus Fiechter CEO
Daniel Pfister CFO
Johan Fahlén Investment Manager
Thomas Hagmann Investment Manager
Michael Albert Head of Controlling and Accounting
Andreas Zimmermann Treasurer
Michael Tuchschmid Corporate Secretary
BACK TO TOP
15

16 BACK TO TOP
PERFORMANCE METRICS
Traditionally, the Annual Report has focused on the financial statements of Jacobs
Holding AG and the consolidated financial statements of the Jacobs Group. During the
process of defining Jacobs Holding AG’s strategy it became clear that these financial
statements have some significant shortcomings as measures of performance.
In recent years, we introduced a new set of metrics and units that more properly reflect
the essence of Jacobs Holding AG as an investment company. These metrics were select-
ed from a range of possible factors in line with Jacobs Holding AG parameters:
Investment pool, NAV (Net Asset Value) and TSR (Total Shareholder Return).
Jacobs Holding AG holds assets that can be grouped into three different classes:
Asset class A: consists of holdings in publicly traded companies like Adecco SA and
Barry Callebaut AG
Asset class B: consists of private companies like Infront Sports & Media AG
Asset class C: consists of the family-tradition “credo” businesses (agribusiness) and
other businesses
Asset classes A and B make up the investment pool, i.e. the assets that Jacobs Holding
AG manages as an active investor for the purpose of long-term value creation.
We carefully monitor the net asset value development of our holdings in the investment
pool. The net asset value of the investment pool itself is defined as the market value of
the investment pool, less its financing.
We take a conservative approach to valuing our assets. Our holdings in public companies
are valued using the share price on the last trading day of the financial year.
We currently hold shares in two public companies:
> Adecco SA (ADEN VX)
> Barry Callebaut AG (BARN SW)
Our holdings in private companies are at book value unless a market valuation can be
estimated with reasonable accuracy using comparable companies or from an arm’s-
length transaction. This includes all necessary write-offs on the basis of impairment
tests or revaluations. In case of a divestiture, the resulting book profit or book loss is
automatically taken into account in the calculation of NAV performance.

The financing of the investment pool is represented by the balance sheet debt. The NAV
of the investment pool at the end of financial year 2011 was CHF 2.7 billion – down by
-4.5% over the previous financial year.
The key performance metric for the Board and the Management is TSR, which is defined
as the sum of the annual change in the NAV of the investment pool, plus the dividend
paid out to the Jacobs Foundation, if any, and the cash transfers required to fund
businesses outside the investment pool during the financial year, less the net asset value at
the beginning of that year.
In financial year 2011 the NAV decreased by CHF 145 million. Net cash outflows from
the investment pool amounted to CHF 17 million. This implies a TSR of CHF 128 million,
or -4.5%. Over the same period, the total return produced by the SMIC was -9.2%.
FAIR MARKET VALUE CALCULATION SEP 11 SEP 10 CHANGE
ADECCO SA: SHARE PRICE CHF 36.17 51.35 -29.6%
x Number of shares MILLION 15.07 15.07
= Market value of Jacobs Holding AG shares CHFM 545 774
+ Value creation additional Adecco Investment
Jacobs Venture AG and Triventura AG CHFM -6 -19
= Total value of Jacobs Holding AG Adecco Investment CHFM 539 755
BARRY CALLEBAUT AG: SHARE PRICE CHF 767.00 768.50 -0.2%
x Number of shares MILLION 2.59 2.59
= Market value of Jacobs Holding AG shares CHFM 1’987 1’991
BACK TO TOP
17

JACOBS HOLDING AG BOARD OF DIRECTORS
FROM LEFT TO RIGHT
COMMITTEES FIRST ELECTION
W. Andreas Jacobs (1963) Chairman Jacobs Holding AG A, B* 2004
Michael Hilti (1946) Board of Directors Hilti Group 2009
Franz B. Humer (1946) Chairman Roche Holding AG, Chairman Diageo plc 2009
Nicolas Jacobs (1982) Senior Director Business Development EMEA
at Fast Moving Consumer Goods (FMCG) Company B 2008
Philippe Jacobs (1984) Investment Banker Royal Bank of Scotland A 2008
Renata Jacobs President Jacobs Family Council 2008
Conrad Meyer (1949) Prof. Zurich University A*, B 2000
A AUDIT & RISK COMMITTEE (ARC), B MANAGEMENT DEVELOPMENT COMMITTEE (MDC), * COMMITTEE CHAIRMAN
BACK TO TOP
19

JACOBS HOLDING AG MANAGEMENT
FROM LEFT TO RIGHT
JOINED JACOBS HOLDING AG IN:
Markus Fiechter (1956) CEO 2004
Daniel Pfister (1960) CFO 2000
Johan Fahlén (1978) Investment Manager 2006
Thomas Hagmann (1978) Investment Manager 2008
Michael Albert (1970) Head of Controlling and Accounting 2003
Andreas Zimmermann (1973) Treasurer 2000
Michael Tuchschmid (1973) Corporate Secretary 2009
BACK TO TOP
21

PORTFOLIO
23

ADECCO SA
SMI INDEX
ADECCO SA
WWW.ADECCO.COM
24 BACK TO TOP
KEY FINANCIAL DATA 31.12.10 31.12.09 31.12.08 31.12.07 31.12.06
CHFM
Market cap 10’749 9’909 6’232 11’175 15’388
Share price in CHF 61.25 57.05 35.78 61.25 83.25
Dividend/share in CHF 1.10 0.75 1.50 1.50 1.20
EURM
Net sales 18’656 14’797 19’965 21’090 20’417
Gross profit 3’329 2’649 3’673 3’927 3’546
EBITA 722 299 908 1’081 816
Net income 423 8 495 735 611
Cash flows from operating activities 455 477 1’054 1’062 747
SHARE PRICE DEVELOPMENT Between September 2001 and September 2011 Adecco
SA underperformed its benchmark, the SMI, by 27.6%.
120%
100%
80%
60%
40%
20%
0%
–20%
–40%
–60%
SEP
01
SEP
02
SEP
03
SEP
04
SEP
05
THE COMPANY Adecco SA is the world leader in human-resource solutions. With
approximately 33’000 employees and more than 5’500 branches in over 60 countries
and territories around the world, the Adecco Group offers a wide variety of services,
connecting over 750’000 associates with well over 100’000 clients a day. The services the
Adecco Group offers fall into the broad categories of temporary staffing, permanent
placement, career transition, talent development and workforce management solutions,
as well as outsourcing and consulting. The Adecco Group is based in Zurich-Glattbrugg,
Switzerland and is a Fortune Global 500 company listed on the SIX Swiss Exchange.
SEP
06
SEP
07
SEP
08
SEP
09
SEP
10
SEP
11

PERFORMANCE FOR FINANCIAL YEAR 2010 In a year of generally improved
economic conditions, the Adecco Group achieved strong results and profited from pre-
vious measures to structurally optimize the business. The Adecco Group reported solid
profitable revenue growth of 26%, which resulted in a net income of EUR 423 million.
PERFORMANCE DURING THE FIRST HALF OF FINANCIAL YEAR 2011 Revenues
for the first six months of 2011 were EUR 10’081 million. Compared to the same period
last year, revenues increased by 19%. Acquisitions made up 2% of revenues. EBITA
increased from EUR 281 million to EUR 371 million, net income from EUR 154 million
to EUR 241 million. Patrick De Maeseneire, CEO of the Adecco Group, notes:
“We again had very solid double-digit revenue growth, still driven by strong demand in
the industrial segment. Revenue growth in France and North America held up very well,
against an increasingly challenging base. Germany and Italy continued to deliver remarkably
strong growth of above 30% and Benelux and Japan also performed ahead of the market.
The gross margin was lower seasonally and was still affected by the stronger growth of
the lower-margin industrial staffing business. Pricing remained rational. We continued to
work hard on improving our profitability, delivering an increase of 30 bps on the EBITA
margin to 3.9% in the second quarter. This was again achieved with rigorous measures
on the cost side. With the current economic uncertainties, we keep a close lid on our cost
base, and will only invest where prospects are promising.”
OUTLOOK In the current uncertain economic environment, the Adecco Group continues
to see good demand from its clients. Growth short-term will continue to be driven by the
industrial staffing segment, and growth in the office business is expected to remain solid,
while revenue growth in professional staffing is expected at levels similar to the second
quarter.
On July 26, 2011, the Adecco Group announced the acquisition of Drake Beam Morin.
Combining Adecco’s Lee Hecht Harrison business with Drake Beam Morin will create
the world’s largest provider in the career transition and talent development services
sector. The acquisition considerably expands the global footprint of Lee Hecht Harrison
beyond its main markets, the USA and France, into new geographies, and enhances its
scale in markets with an existing presence.
BACK TO TOP
25

ADECCO SA
CONTINUED
26 BACK TO TOP
The Adecco management remains confident that the current business environment will
continue to offer attractive growth opportunities. Given the level of economic uncertainty
which currently persists, a cost-conscious approach to running the business remains
essential. The Adecco Group expects the cost base to remain stable at constant currency.
With the growth and profitability levels achieved to date, the Adecco Group is well on
track to reach its medium-term EBITA margin target of over 5.5%.
SENIOR MANAGEMENT
Patrick De Maeseneire CHIEF EXECUTIVE OFFICER, Dominik de Daniel CHIEF FINANCIAL OFFICER,
Christian Vasino CHIEF HUMAN RESOURCES, Sergio Picarelli CHIEF SALES OFFICER, Alain Dehaze
REGIONAL HEAD OF FRANCE, Tig Gilliam REGIONAL HEAD OF NORTH AMERICA, Martin Alonso
REGIONAL HEAD OF NORTHERN EUROPE, Mark du Ree REGIONAL HEAD OF JAPAN & ASIA, Andreas
Dinges REGIONAL HEAD OF GERMANY & AUSTRIA, Federico Vione REGIONAL HEAD OF ITALY & EASTERN
EUROPE & INDIA, Enrique Sanchez REGIONAL HEAD OF IBERIA & SOUTH AMERICA, Peter Searle REGIONAL
HEAD OF UK & IRELAND
BOARD MEMBERS
Rolf Dörig CHAIRMAN, Thomas O’Neill VICE-CHAIRMAN, Jakob Baer, Alexander Gut,
W. Andreas Jacobs, Didier Lamouche, David Prince, Wanda Rapaczynski OTHER MEMBERS
JACOBS HOLDING AG’S STAKE IN ADECCO SA AT 30.9.2011
DIRECT OWNERSHIP 8.0%, TOTAL OWNERSHIP TOGETHER WITH MEMBERS OF THE JACOBS FAMILY 18.7%,
JACOBS HOLDING AG, JACOBS VENTURE AG* AND TRIVENTURA AG’S* NET VALUE OF ADECCO INVESTMENT
CHF 539 million, PERCENTAGE OF JACOBS HOLDING AG’S INVESTMENTPOOL 18.9%
*JACOBS VENTURE AG AND TRIVENTURA AG ARE SINGLE-PURPOSE VEHICLES.

JACOBS VENTURE AG
THE COMPANY Jacobs Venture AG is owned 50.5% by Jacobs Holding AG and 49.5%
by Jacobs family members. It is a single-purpose vehicle. Jacobs Venture AG serves only
as a financing company. The main asset of Jacobs Venture AG is 4.9 million Adecco
shares.
FINANCING AGREEMENT WITH DEUTSCHE BANK On December 9, 2010, the collat-
eralized equity-linked limited liability obligation (CELLO) was repaid by Jacobs Venture
AG. The redemption amount of the CELLO was mainly financed through (i) proceeds
from the sale of 7.3 million Adecco shares, (ii) accrued dividend income, and (iii) a new
intercompany loan from Jacobs Holding AG. After the CELLO settlement, all pledged
Adecco shares were released.
FINANCING AGREEMENT WITH JACOBS HOLDING AG In December 2010 Jacobs
Venture AG entered into an intercompany loan agreement with Jacobs Holding AG,
which refinanced the intercompany loan with a five-year bank credit from Credit Suisse.
This credit in the amount of CHF 220 million has been fully used to finance the Cello
settlement.
CELLO-BOND DEVELOPMENT From its inception in December 2005 until repayment
in December 2010, the CELLO bond has posted a performance of 7.8%.
80%
60%
40%
20%
0%
-20%
-40%
-60%
DEC
05
MAR
06
JUN
06
BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Nicolas Jacobs, Philippe Jacobs, Renata Jacobs, Conrad
Meyer MEMBERS
JACOBS VENTURE AG’S STAKE IN ADECCO SA AT 30.9.2011
OWNERSHIP 2.6%
SEP
06
DEC
06
MAR
07
JUN
07
SEP
07
DEC
07
MAR
08
JUN
08
SEP
08
DEC
08
MAR
09
JUN
09
SEP
09
DEC
09
MAR
10
JUN
10
SEP
10
DEC
10
BACK TO TOP
ADECCO SA
CELLO-BOND
27

BARRY CALLEBAUT
SPI INDEX
28 BACK TO TOP
BARRY CALLEBAUT AG
WWW.BARRY-CALLEBAUT.COM
KEY FINANCIAL DATA 31.08.11 31.08.10* 31.08.09 31.08.08 31.08.07
CHFM
Market cap 3’955.1 3’631.9 2’967.6 3’743.1 4’510.8
Net debt 789.8 870.8 942.7 1’041.2 930.2
Sales volume (in k tons) 1’296.4 1’209.7 1’213.6 1’166.0 1’059.2
Net sales 4’554.4 4’524.5 4’880.2 4’815.4 4’106.8
EBITDA 432.1 414.6 456.1 443.7 427.1
EBIT 360.6 341.1 350.8 341.1 324.0
Net profit 176.8 251.7 226.9 205.5 207.0
Pay-out per share in CHF 15.50*** 14.00** 12.5** 11.5** 11.5**
* DUE TO THE DISCONTINUATION OF THE EUROPEAN CONSUMER PRODUCTS BUSINESS CERTAIN COMPARATIVES HAVE BEEN
RESTATED ** PAR VALUE REDUCTION *** DIVIDEND OUT OF PAID-IN CAPITAL RESERVES
SHARE PRICE DEVELOPMENT Between September 2001 and September 2011,
Barry Callebaut overperformed its benchmark, the SPI, by 431%.
700%
600%
500%
400%
300%
200%
100%
0%
-100%
THE COMPANY Barry Callebaut, the world’s leading manufacturer of high-quality cocoa
and chocolate products, was created in the 1996 merger of Callebaut SA, a leading
Belgian industrial chocolate company, and Group Barry, with its complementary sourcing
activities and semi-finished products. Today Barry Callebaut is active in 27 countries,
operates around 40 production facilities in Europe, Africa, North and Latin America and
Asia/Pacific, employs approximately 6’000 people, and generates sales of CHF 4.6
billion.
SEP
01
SEP
02
SEP
03
SEP
04
SEP
05
PERFORMANCE Barry Callebaut has consistently exceeded the long-term global choco-
late confectionery market growth of 2–3% p.a. and has delivered impressive average
annual volume growth of approximately 7% in the last five years. This growth is
driven by cutting-edge products, intensive geographic expansion and continuous cost
SEP
06
SEP
07
SEP
08
SEP
09
SEP
10
SEP
11

leadership. Major outsourcing contracts with the leading confectionery companies glob-
ally are a result of the company’s unique position as the only fully integrated chocolate
company, able to serve its customers on a global level.
Between September 2010 and August 2011, Barry Callebaut increased its volume by 7%,
from 1’209’654 tons to 1’296’438 tons (continuing business only, i.e. excluding the
discontinued Consumer business). In the same period, EBIT increased from CHF 341
million to CHF 361 million (continuing business only, i.e. excluding the discontinued
Consumer business), which represents an increase in Swiss francs of 6%, or 15% in local
currencies. Hence, the company was once again able to deliver strong results despite eco-
nomic uncertainties, high and volatile raw material prices, political difficulties in the
Ivory Coast – the world’s most important cocoa-growing country – and unfavorable
foreign exchange effects due to the strong Swiss franc.
With the divestiture of Stollwerck, the European Consumer business, Barry Callebaut
has further strengthened its focus on the core business. The transaction includes a long-
term supply agreement for the supply of approximately 25’000 tones of liquid chocolate
annually as well as the additional supply of cocoa beans and semi-finished products. In
its core business, the group has continued its growth efforts during financial year
2010/2011 in line with its three strategic pillars. The company expanded its geographic
presence in South America and announced outsourcing agreement with Chocolate Turin,
a leading Mexican Group, operating in the consumer and gourmet markets in Mexico
and 25 other countries. In North America, Hershey decided to substantially expand the
existing supply agreement with Barry Callebaut. The long-term global agreement with
Kraft Foods, announced in September 2010, and the associated production capacity
extensions have been ramped-up.
In fiscal year 2010/2011 Barry Callebaut continued its efforts to ensure a sustainable
cocoa supply chain. After joining the UTZ certified cocoa program in the previous year,
in spring 2011 the company purchased the majority of the first-ever shipment of cocoa
beans from Ghana that fulfill the requirements of the UTZ certified sustainability
program.
For the first time ever, Barry Callebaut achieved investment grade, with an upgrade from
Ba1 to Baa3 by Moody’s. The company further improved its liquidity profile and financial
flexibility by successfully placing a EUR 250 million 10-year bond, as well as renewing
and amending its long-term revolving credit facility.
BACK TO TOP
29

30 BACK TO TOP
BARRY CALLEBAUT AG
CONTINUED
OUTLOOK For the next financial year, Barry Callebaut will continue to grow its industrial
segment by further ramping-up the growth in emerging markets, making market share
gains in mature and consolidating markets, and implementing existing outsourcing
contracts as well as targeting new ones. Tight cost control and continuous operational
and commercial improvements will help sustain profitable growth. A specific focus will be
on further expanding the company’s “Gourmet and Specialty” business by leveraging the
leading position of its global brands in the premium segment and the strong position of its
various local brands and labels.
SENIOR MANAGEMENT
Jürgen B. Steinemann CHIEF EXECUTIVE OFFICER, Victor Balli CHIEF FINANCIAL OFFICER,
Massimo Garavaglia PRESIDENT EUROPE, David S. Johnson PRESIDENT NORTH AMERICA,
Steven Retzlaff PRESIDENT GLOBAL SOURCING & COCOA, Dirk Poelman CHIEF OPERATIONS
OFFICER, Hans Vriens CHIEF INNOVATION OFFICER
BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Andreas Schmid VICE-CHAIRMAN, Rolando Benedick, James
L. Donald, Markus Fiechter, Stefan Pfander, Urs Widmer OTHER MEMBERS
JACOBS HOLDING AG’S STAKE IN BARRY CALLEBAUT AT 30.9.2011
OWNERSHIP 50.1%, MARKET VALUE OF HOLDING CHF 1’987 million, PERCENTAGE OF JACOBS
HOLDING AG’S INVESTMENT POOL 69.6%

INFRONT SPORTS & MEDIA AG
WWW.INFRONTSPORTS.COM
THE COMPANY Infront Sports & Media AG (Infront), based in Zug, Switzerland, is one
of the three top international full-service sports marketing companies in the world. It has
an exceptional track record in major events and a passionate team of experts helping to
transform the industry. With its innovative approach, Infront has enhanced every area of
sports marketing, including the distribution of media rights, media production, event
operations, brand development and sponsorship marketing.
In the winter sports arena, Infront is the strongest, most experienced marketing agency,
representing six out of seven Olympic winter sports federations at the international level.
Infront has a long-term partnership with the IIHF in world ice hockey and a major role
in international skiing, where it manages more than 90% of the media and/or marketing
rights for FIS World Cup events, including the prestigious Vierschanzentournee.
Through its close working relationship with the Fédération Internationale de Ski (FIS),
Infront is also involved in the distribution of media and marketing rights for other FIS
events.
Further, Infront enjoys successful partnerships with the FIBT for bobsleigh and skeleton,
FIL for luge, the IBU for biathlon and the WCF for curling. Through the InfrontRingier
joint venture, it also has an exclusive mandate from Swiss Olympic for the evaluation
and examination of a potential Swiss bid for the Olympic Winter Games 2022.
Infront is also a renowned player in the football sector. No other agency has the same
depth of involvement, supporting the game at every level – international and national
federation, league and club. Working with FIFA, the biggest federation in the world,
Infront handles the Host Broadcast of the 2014 FIFA World Cup and distribution of
the Asian media rights (in a joint venture with Dentsu). For UEFA, it distributes the
UEFA EURO 2012 Corporate Hospitality packages in Italy, Switzerland and
Liechtenstein. Infront also works with many national associations, including the DFB in
Germany (a relationship dating back 30 years), with leagues – such as Lega Serie A and B
in Italy, Ligue 1 and 2 in France and the Swiss Football League – as well as with top clubs
including AC Milan, Werder Bremen and Schalke 04. In total, Infront represents more
than 30 major football properties, including 10 national associations and 11 football
clubs.
Infront’s involvement in summer sports goes far beyond football. It has successful partnerships
with the European Handball Federation (EHF) and the Confédération
Européenne de Volleyball (CEV) for their biannual European Championships. Through
the subsidiary Infront Motor Sports, it is promoter of the FIM Superbike World
Championship. As partner to the World Triathlon Corporation, Infront sells sponsorship
BACK TO TOP
31

32 BACK TO TOP
for Ironman and Ironman 70.3 races, with a focus on Europe and South Africa, and
serves as a media advisor. In cycling, InfrontRingier has an agreement in place to manage
the commercial activities of Swiss Cycling – the national umbrella organization of the
sport in Switzerland. The company is also involved in equestrian sport – as majority
owner of Baden Racing, the operator of Germany’s premier race course, Iffezheim.
Infront holds also a strong position in the Asian market with its China-based subsidiary.
Through the key strategic partnership with the Chinese Basketball Association it repre-
sents the country’s top sport – basketball – at both professional league and national team
level.
Finally, Infront is also one of the world’s leading producers of the highest quality sports
content, covering the entire spectrum of media production and management for major
sports properties.
FINANCIAL PERFORMANCE Infront has been profitable since its inception. This was
also the case in 2010, when an increase in operating performance was achieved despite
the challenging overall economic situation. Further growth is forecasted for 2011, under-
pinning the company’s solid financial performance and confirming its strategy of seeking
the “number one” position in each of its key business segments.
OPERATIONAL PERFORMANCE By the end of 2011 Infront will have contributed to
more than 2’400 event days with its comprehensive menu of specialized services. Known
for its high standards of delivery, the company covers all aspects of a successful sport
event – including distribution of media rights, sponsorship, media production and event
operations. As a key player in winter sport, football and other summer sports, Infront
enjoys long-lasting partnerships with 120 rights-holders and hundreds of sponsors and
media companies. Infront employs approximately 500 staff in more than 20 offices
across ten countries world-wide.

OUTLOOK On September 2, 2011 Jacobs Holding AG and the other shareholders in
Infront sold 100% percent of Infront Sports & Media AG’s shares to the European
private equity firm Bridgepoint. The closing of the transaction is subject to the approval
of the anti-trust authorities.
SENIOR MANAGEMENT
GROUP MANAGEMENT COMMITTEE (GMC): Philippe Blatter PRESIDENT & CEO, Stephan
Herth EXECUTIVE DIRECTOR SUMMER SPORTS, Bruno Marty EXECUTIVE DIRECTOR WINTER SPORTS,
Wolfgang Streit EXECUTIVE DIRECTOR FINANCE, LEGAL & ADMINISTRATION
EXTENDED MANAGEMENT TEAM (XMT): Thomas Lessenich DIRECTOR SPORTS SERVICES,
Thomas Oehninger DIRECTOR LEGAL & TAX AFFAIRS, Uwe Ploch DIRECTOR SUMMER SPORTS,
Francis Tellier CEO HOST BROADCAST SERVICES (RESPONSIBLE FOR PRODUCTION SERVICES), Hans-
Peter Zurbruegg DIRECTOR BUSINESS DEVELOPMENT
BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Nicole Junkermann VICE-CHAIRMAN, Marco Bogarelli,
Günter Netzer, Daniel Pfister, Uli Sigg, Martin Steinmeyer OTHER MEMBERS
JACOBS HOLDING AG’S STAKE IN INFRONT SPORTS & MEDIA AG AT 30.9.2011
OWNERSHIP 59.8%
BACK TO TOP
33

34 BACK TO TOP
AGRI BUSINESS
NEWSELLS PARK
THE COMPANY Newsells Park owns around 550 hectares of land near Newmarket, UK,
one of the world’s foremost horse-breeding centres. The stud accommodates 100 high-
quality brood mares, producing approximately 80 foals each year. The majority of these
foals are sold as yearlings the following year, at all the key auctions in the UK, Ireland,
France and Germany. A small number are retained to race to provide further commercial
sales opportunities or future breeding stock for the stud.
Newsells Park’s initial crops of yearlings have already demonstrated their class on the
racecourse, winning Group races in England, France and Germany, while sales prices
obtained for the more recent crop of yearlings sold have been extremely encouraging,
indicating success and strength for the future. Newsells Park has recently invested in the
infrastructure required to stand stallions, in the belief that the addition of a commercial
stallion operation will assist Newsells in achieving its long-term plans.
INVERSORA ROLAND
THE COMPANY Inversora Roland owns two estancias in Argentina: San Ramón and
La Garaia. Both farms breed cattle for meat and sheep for wool. A special herd of
Herefords has made a successful contribution to the business of both farms, while the
sheep flock produces high-quality wool of an average of 19 microns. Both products –
meat and wool – have been a success for Inversora Roland.
The eruption of the Puyehue volcano near Osorno in southern Chile, had a heavy impact
on both farms. The volcano covered both farms with sand and ashes, forcing the sale and
evacuation of cattle and sheep. The eruption will affect the operation of Inversora
Roland for several years. At present, it is not known when the situation will be normalized
again.

FINANCIAL STATEMENTS 2011
37

38 BACK TO TOP
BALANCE SHEET JACOBS HOLDING AG
FOR THE YEAR ENDED 30 SEPTEMBER 2011
CHF 2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents 94’662’460
Other receivables third parties 514’697
Other receivables group companies 1’881’362
Other receivables related parties 12’658
Marketable securities 9’618’485
Accrued income third parties 22’465
TOTAL CURRENT ASSETS 106’712’127
NON-CURRENT ASSETS
Investments 974’950’644
Long-term receivables group companies 297’754’284
Tangible fixed assets 114’787
TOTAL NON-CURRENT ASSETS 1’272’819’715
TOTAL ASSETS 1’379’531’842
2010
63’589’631
549’684
311’793
20’913’197
13’427’675
34’745
98’826’725
975’660’255
90’445’500
93’115
1’066’198’870
1’165’025’595

CHF 2011
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable third parties 469’537
Short-term loan group companies 2’615’718
Provisions 51’469’728
Tax provisions 10’076
Accrued expenses third parties 1’119’702
Accrued expenses group companies 8’719
TOTAL CURRENT LIABILITIES 55’693’480
NON-CURRENT LIABILITIES
Long-term loan group company 32’202’733
Long-term loan third parties 220’000’000
TOTAL NON-CURRENT LIABILITIES 252’202’733
TOTAL LIABILITIES 307’896’213
SHAREHOLDERS’ EQUITY
Share capital 170’000’000
80’000 registered shares cat. A, CHF 1’000 nominal
9’000 registered shares cat. B, CHF 10’000 nominal
Participation certificate capital 330’000’000
(330’000 participation certificates, CHF 1’000 nominal)
Legal reserves 271’993’263
Retained earnings
Profit brought forward from the previous year 270’005’467
Profit/loss for the year 29’636’899
TOTAL SHAREHOLDERS’ EQUITY 1’071’635’629
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1’379’531’842
BACK TO TOP
2010
255’055
2’906’839
84’612’107
209’260
33’915
9’689
88’026’865
0
0
0
88’026’865
170’000’000
330’000’000
271’993’263
347’942’955
-42’937’488
1’076’998’730
1’165’025’595
39

40 BACK TO TOP
STATEMENT OF INCOME JACOBS HOLDING AG
FOR THE YEAR ENDED 30 SEPTEMBER 2011
CHF 2011
ORDINARY INCOME HOLDINGS
Dividend income / Income from capital reductions 55’978’039
Financial income on assets 3’811’063
Management fee income 2’322’018
GROSS ORDINARY INCOME HOLDINGS 62’111’120
ORDINARY EXPENSES HOLDINGS
Interest expenses 2’803’724
Financial losses on assets 5’326’940
Provision for Portfolio Companies 8’633’158
Other financial expenses 356’145
GROSS ORDINARY EXPENSES HOLDINGS 17’119’967
NET ORDINARY RESULT HOLDINGS 44’991’153
Profits on Portfolio Companies 0
Losses on Portfolio Companies -3’211’250
NET RESULT PORTFOLIO COMPANIES -3’211’250
NET RESULT HOLDINGS 41’779’903
Personnel expenses 6’179’978
Operating and administrative expenses 5’726’541
Depreciation on tangible fixed assets 82’663
TOTAL OPERATING EXPENSES 11’989’182
OPERATING INCOME 29’790’721
Non-operating income items 2’997
LOSS / PROFIT BEFORE TAX (PBT) 29’793’718
Taxes -156’819
LOSS / PROFIT AFTER TAX (PAT) 29’636’899
2010
34’438’479
4’170’683
2’322’405
40’931’567
138’401
2’377’474
11’700’000
29’511
14’245’386
26’686’181
0
-59’514’711
-59’514’711
-32’828’530
5’890’709
3’791’724
82’962
9’765’395
-42’593’925
12’638
-42’581’287
-356’201
-42’937’488

© 2011 JACOBS HOLDING AG
ALL RIGHTS RESERVED
JACOBS HOLDING AG
SEEFELDQUAI 17
P.O. BOX
CH-8034 ZURICH
TELEPHONE +41 44 388 61 61
FAX +41 44 388 61 55
E-MAIL info@jacobsag.ch
WEB www.jacobsag.ch
DESIGN MIFFLIN-SCHMID DESIGN, ZURICH
PORTRAITS PAGES 19 & 21: CHRISTIAN KURZ
PHOTOS ADECCO SA, BARRY CALLEBAUT AG,
INFRONT SPORTS & MEDIA AG,
ACTION IMAGES, VANESSA VON ZITZEWITZ,
ANDREA BADRUTT
BACK TO TOP

BACK TO TOP