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Adecco S.A. (Holding Company) –
Notes to financial statements
in millions, except share and per share information and compensation table data

Note 3 • Treasury shares

The reserve for treasury shares held by Adecco S.A. is transferred to/from retained earnings. As of December 31, 2010 and December 31, 2009, all treasury shares held by the Adecco Group are held by Adecco S.A.

 

Carrying value
(in CHF millions)

Number
of shares

Average
purchase/sale
price per share
(in CHF)

Highest
price
per share
(in CHF)

Lowest
price
per share

(in CHF)

 

 

 

 

 

 

January 1, 2009

546

15,075,104

 

 

 

Acquired, net of disposals

4

108,971

34

40

33

Reversal of prior year’s write-down

304

 

 

 

 

December 31, 2009

854

15,184,075

 

 

 

Disposals/utilisation for option exercises

(38)

(622,595)

60

60

56

Reversal of prior year’s write-down

58

 

 

 

 

December 31, 2010

874

14,561,480

 

 

 

Under the completed share buyback programmes approved by the Board of Directors of Adecco S.A., Adecco S.A. acquired 116,487 treasury shares for a total consideration of CHF 4 (EUR 3) in 2009. Adecco S.A. intends to acquire up to an additional 2% of issued shares of Adecco S.A., if and when opportune.

As of December 31, 2010, the treasury shares are intended to be used for the settlement of the prepaid forward and the outstanding employee stock option plans and long-term incentive plans (for further details refer to Note 9 to the consolidated financial statements), as well as to minimise potential dilution related to issuance of future financial instruments.

In December 2010, 580,624 treasury shares were used upon the exercise of call options on Adecco S.A. shares which were entered into in connection with the employee tradable stock option programme. In 2010 and 2009, Adecco S.A. awarded 5,356 and 7,516 treasury shares, respectively, to the Chairman of the Board of Directors as part of his compensation package (refer to section 3.1.1 “Board of Directors compensation” within the Remuneration Report). In addition in 2010, 33,529 shares were used to settle stock option exercises and 3,086 treasury shares were sold.

In December 2008, the carrying value of treasury shares was written down by CHF 362 to the December 2008 average share price. In December 2010 and December 2009, the write-down was reversed to the acquisition cost of treasury shares and to the December 2009 average share price resulting in gains of CHF 58 and CHF 304, respectively.