Adecco Group –
Consolidated statements of cash flows
in millions, except share and per share information

Net income

• Depreciation and amortisation

• Impairment of goodwill and intangible assets

• Bad debt expense

• Stock-based compensation

• Deferred tax provision/(benefit)

• Tax impact of treasury shares valuation in Adecco S.A.

• Other, net

• Trade accounts receivable

• Accounts payable and accrued expenses

• Other assets and liabilities

Capital expenditures

Proceeds from sale of property and equipment

Acquisition of DBM, net of cash acquired

Acquisition of MPS, net of cash acquired

Acquisition of Spring, net of cash acquired

Cash settlements on derivative instruments

Other acquisition and investing activities

Borrowings of short-term debt under the commercial paper programme

Repayment of short-term debt under the commercial paper programme

Borrowings of short-term debt under the multicurrency revolving credit facility

Repayment of short-term debt under the multicurrency revolving credit facility

Other net increase/(decrease) in short-term debt

Borrowings of long-term debt, net of issuance costs

Repayment of long-term debt

Prepaid forward sale of Adecco S.A. shares

Purchase of call spread option on Adecco S.A. shares

Dividends paid to shareholders

Proceeds from sale/(purchase) of treasury shares

Cash settlements on derivative instruments

Other financing activities

Effect of exchange rate changes on cash

• Beginning of year

• End of year

Cash paid for interest

Cash paid for income taxes