Annual Report 2011

Adecco Group –
Notes to consolidated financial statements
in millions, except share and per share information

Note 19 – Subsequent events

In January 2012, the Company acquired all outstanding common shares of VSN Inc (“VSN”), a leading provider of professional staffing services in Japan, for an enterprise value of EUR 90 [1]. The purchase price was funded with internal resources. VSN was consolidated by the Company as of January 6, 2012, and the results of VSN’s operations have been included in the consolidated financial statements since January 2012.

On February 8, 2012, Adecco S.A. issued CHF 350 unsubordinated fixed rate notes due February 8, 2016. The 4-year notes were issued within the framework of the Euro Medium-Term Note Programme and trade on the SIX Swiss Stock Exchange. The proceeds will be used for general corporate purposes. Interest is paid on the fixed rate notes annually in arrears at a fixed annual rate of 2.125%.

On March 1, 2012, the Company announced that in order to further strengthen the Group’s position in France and to ensure sustainable profitability, the Company is informing and consulting the French Works Councils on its plans to unite the networks of Adecco and Adia under the Adecco brand. Combining the expertise of both general staffing businesses under a single roof would facilitate an even better offering for clients, candidates, and colleagues. At the same time, the cost base would be further optimised through the planned reduction of over 500 full-time equivalent (“FTE“) employees and further branch network and shared service centre consolidation. The Company expects to invest approximately EUR 45, the majority of which would be incurred during the second half of 2012.

The Company has evaluated subsequent events through March 13, 2012, the date the financial statements were available to be issued. No other significant events occurred subsequent to the balance sheet date but prior to March 13, 2012 that would have a material impact on the consolidated financial statements.

[1]Based on an exchange rate of 101.36 JPY/EUR.