For the fiscal years ended December 31 (in EUR) | 2010 | 2009 | 2008 |
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Cash flows from operating activities |
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Net income | 424 | 8 | 499 |
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Adjustments to reconcile net income to cash flows from operating activities: |
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• Depreciation and amortisation | 142 | 123 | 128 |
• Impairment of goodwill and intangible assets |
| 192 | 116 |
• Bad debt expense | 12 | 16 | 35 |
• Stock-based compensation | 5 | 1 |
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• Deferred tax provision/(benefit) | 5 | (76) | 33 |
• Tax impact of treasury shares valuation in Adecco S.A. |
| (22) | 22 |
• Other, net | 25 | 19 | 19 |
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Changes in operating assets and liabilities, net of acquisitions: |
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• Trade accounts receivable | (667) | 577 | 692 |
• Accounts payable and accrued expenses | 460 | (393) | (470) |
• Other assets and liabilities | 49 | 32 | (20) |
Cash flows from operating activities | 455 | 477 | 1,054 |
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Cash flows from/(used in) investing activities |
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Capital expenditures | (105) | (92) | (106) |
Proceeds from sale of property and equipment | 1 | 1 | 1 |
Acquisition of MPS, net of cash acquired | (831) |
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Acquisition of Spring, net of cash acquired |
| (94) |
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Acquisition of DNC, net of cash acquired |
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| (56) |
Acquisition of Datavance, net of cash acquired |
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| (41) |
Acquisition of DIS, net of cash acquired |
|
| (16) |
Purchase of available-for-sale securities |
|
| (36) |
Proceeds from sale of available-for-sale securities |
|
| 41 |
Cash settlements on derivative instruments | (51) | (35) | 50 |
Other acquisition and investing activities | (34) | (58) | (47) |
Cash flows from/(used in) investing activities | (1,020) | (278) | (210) |
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Cash flows from/(used in) financing activities |
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Borrowings of short-term debt under the commercial paper programme | 295 |
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Repayment of short-term debt under the commercial paper programme | (145) |
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Borrowings of short-term debt under the multicurrency revolving credit facility | 346 |
| 400 |
Repayment of short-term debt under the multicurrency revolving credit facility | (341) |
| (400) |
Other net increase/(decrease) in short-term debt | 1 | (43) | 18 |
Borrowings of long-term debt, net of issuance costs |
| 612 |
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Repayment of long-term debt | (478) | (223) | (352) |
Repayment of debt assumed in Datavance acquisition |
|
| (19) |
Prepaid forward sale of Adecco S.A. shares |
| 587 |
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Purchase of call spread option on Adecco S.A. shares |
| (108) |
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Dividends paid to shareholders | (91) | (173) | (163) |
Proceeds from sale/(purchase) of treasury shares | 28 | (3) | (279) |
Other financing activities |
| 3 | (5) |
Cash flows from/(used in) financing activities | (385) | 652 | (800) |
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Effect of exchange rate changes on cash | 41 | 33 | (25) |
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Net increase/(decrease) in cash and cash equivalents | (909) | 884 | 19 |
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Cash and cash equivalents: |
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• Beginning of year | 1,458 | 574 | 555 |
• End of year | 549 | 1,458 | 574 |
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Supplemental disclosures of cash paid |
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Cash paid for interest | 95 | 22 | 46 |
Cash paid for income taxes | 98 | 96 | 273 |
The accompanying notes are an integral part of these consolidated financial statements.