Annual Report 2011

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

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For the fiscal years ended December 31 (in EUR)

2011

2010

2009

 

 

 

 

Cash flows from operating activities

 

 

 

Net income

520

424

8

 

 

 

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

• Depreciation and amortisation

144

142

123

• Impairment of goodwill and intangible assets

 

 

192

• Bad debt expense

16

12

16

• Stock-based compensation

12

5

1

• Deferred tax provision/(benefit)

(52)

5

(76)

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

 

 

(22)

• Other, net

19

25

19

 

 

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

• Trade accounts receivable

(151)

(667)

577

• Accounts payable and accrued expenses

17

460

(393)

• Other assets and liabilities

(1)

49

32

Cash flows from operating activities

524

455

477

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures

(109)

(105)

(92)

Proceeds from sale of property and equipment

4

1

1

Acquisition of DBM, net of cash acquired

(148)

 

 

Acquisition of MPS, net of cash acquired

 

(831)

 

Acquisition of Spring, net of cash acquired

 

 

(94)

Cash settlements on derivative instruments

(59)

(51)

(35)

Other acquisition and investing activities

(5)

(34)

(58)

Cash used in investing activities

(317)

(1,020)

(278)

 

 

 

 

Cash flows from financing activities

 

 

 

Borrowings of short-term debt under the commercial paper programme

919

295

 

Repayment of short-term debt under the commercial paper programme

(927)

(145)

 

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

 

346

 

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

 

(341)

 

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

(1)

1

(43)

Borrowings of long-term debt, net of issuance costs

330

 

612

Repayment of long-term debt

(214)

(478)

(223)

Prepaid forward sale of Adecco S.A. shares

 

 

587

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

 

 

(108)

Dividends paid to shareholders

(149)

(91)

(173)

Proceeds from sale/(purchase) of treasury shares

(178)

28

(3)

Cash settlements on derivative instruments

2

 

 

Other financing activities

(6)

 

3

Cash flows from/(used in) financing activities

(224)

(385)

652

 

 

 

 

Effect of exchange rate changes on cash

 

41

33

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

(17)

(909)

884

 

 

 

 

Cash and cash equivalents:

 

 

 

• Beginning of year

549

1,458

574

• End of year

532

549

1,458

 

 

 

 

Supplemental disclosures of cash paid

 

 

 

Cash paid for interest

56

95

22

Cash paid for income taxes

180

98

96

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