Annual Report 2011

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

Note 6 – Restructuring

In October 2008 and June 2009, the Company announced it had launched restructuring plans in France to structurally improve the French business and to adapt the cost base to market developments. In addition, the Company incurred restructuring costs in 2009 in Italy, Iberia, Benelux, UK & Ireland, North America, Germany & Austria, and other countries.

Total restructuring costs incurred by the Company in 2009 amounted to EUR 121. No significant costs were incurred in 2011 or 2010 in connection with these plans. Restructuring expenses are recorded as SG&A and represent mainly costs related to headcount reductions and branch optimisation.

The following table shows the total amount of costs incurred by segment in connection with these restructuring programmes:

in EUR

2009

 

 

Restructuring costs

 

France

49

North America

7

UK & Ireland

9

Germany & Austria

6

Benelux

14

Italy

19

Other [1]

17

Total restructuring costs

121

[1]Includes restructuring costs of EUR 15 in Iberia.

The changes in restructuring liabilities for the period ended December 31, 2011, December 31, 2010 and December 31, 2009 are as follows:


in EUR

Restructuring liabilities

 

 

January 1, 2009

34

Restructuring expenses

121

Cash payments

(98)

Write-off of fixed assets

(6)

December 31, 2009

51

Reversals of restructuring expenses

(5)

Cash payments

(34)

Write-off of fixed assets and other

(2)

December 31, 2010

10

Reversals of restructuring expenses

(2)

Cash payments

(4)

December 31, 2011

4

As of December 31, 2011 restructuring liabilities in connection with these plans of EUR 1 and EUR 3 were recorded in accounts payable and accrued expenses and in other liabilities, respectively.