Adecco Group –
Consolidated balance sheets
in millions, except share and per share information

As of (in EUR)

Note

31.12.2010

31.12.2009

 

 

 

 

Assets

 

 

 

Current assets:

 

 

 

• Cash and cash equivalents

 

549

1,458

• Short-term investments

 

5

2

• Trade accounts receivable, net

3

3,541

2,560

• Other current assets

14

351

331

Total current assets

 

4,446

4,351

 

 

 

 

Property, equipment, and leasehold improvements, net

4

291

245

Other assets

14

291

276

Intangible assets, net

2, 5

578

302

Goodwill

2, 5

3,273

2,657

 

 

 

 

Total assets

 

8,879

7,831

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

Liabilities

 

 

 

Current liabilities:

 

 

 

• Accounts payable and accrued expenses:

 

 

 

  • Accounts payable

 

546

324

  • Accrued salaries and wages

 

888

714

  • Accrued payroll taxes and employee benefits

 

850

687

  • Accrued sales and value added taxes

 

461

354

  • Accrued income taxes

 

48

26

  • Other accrued expenses

14

679

611

• Total accounts payable and accrued expenses

6

3,472

2,716

• Short-term debt and current maturities of long-term debt

7

217

456

Total current liabilities

 

3,689

3,172

 

 

 

 

Long-term debt, less current maturities

7

1,088

1,114

Other liabilities

6, 14

535

431

 

 

 

 

Total liabilities

 

5,312

4,717

 

 

 

 

Shareholders’ equity

 

 

 

Adecco shareholders’ equity:

 

 

 

• Common shares

8

118

118

• Additional paid-in capital

8

2,602

2,597

• Treasury shares, at cost

8

(532)

(561)

• Retained earnings

 

1,561

1,229

• Accumulated other comprehensive income/(loss), net

8

(184)

(271)

Total Adecco shareholders’ equity

 

3,565

3,112

Noncontrolling interests

 

2

2

Total shareholders’ equity

 

3,567

3,114

 

 

 

 

Total liabilities and shareholders’ equity

 

8,879

7,831

The accompanying notes are an integral part of these consolidated financial statements.