Half Year Report 2011
Adecco Group –
Consolidated statements of cash flows (unaudited)
in millions, except share and per share information
For the six months ended June 30 (in EUR) | 2011 | 2010 |
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Cash flows from operating activities |
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Net income | 242 | 154 |
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Adjustments to reconcile net income to cash flows from operating activities: |
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• Depreciation and amortisation | 73 | 68 |
• Other charges | 3 | 23 |
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Changes in operating assets and liabilities, net of acquisitions: |
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• Trade accounts receivable | (400) | (466) |
• Accounts payable and accrued expenses | 85 | 210 |
• Other assets and liabilities | (33) | 41 |
Cash flows from/(used in) operating activities | (30) | 30 |
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Cash flows from investing activities |
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Capital expenditures | (50) | (45) |
Acquisition of MPS, net of cash acquired |
| (831) |
Cash settlements on derivative instruments | (47) | 11 |
Other acquisition and investing activities |
| (9) |
Cash used in investing activities | (97) | (874) |
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Cash flows from financing activities |
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Net increase in short-term debt | 143 | 7 |
Borrowings of long-term debt, net of issuance costs | 330 |
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Repayment of long-term debt | (214) | (139) |
Dividends paid to shareholders | (149) | (91) |
Purchase of treasury shares | (134) |
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Cash settlements on derivative instruments | 2 |
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Other financing activities | 1 | 1 |
Cash used in financing activities | (21) | (222) |
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Effect of exchange rate changes on cash | (18) | 41 |
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Net decrease in cash and cash equivalents | (166) | (1,025) |
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Cash and cash equivalents: |
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• Beginning of year | 549 | 1,458 |
• End of period | 383 | 433 |
The accompanying notes are an integral part of these consolidated financial statements.