Making people successful in a changing world - Annual Report 2012

Financial reviewIn millions, except share and per share amountsdebt presented was CHF 995. As of December 30, 2001 there areapproximately CHF 1,500 unused short-term credit lines fromvarious financial institutions available. There are approximately CHF1,500 unused short-term credit lines available for 2002.Adecco’s long-term financing comprises long-term notes,convertible notes and bonds. The borrowings are unsubordinated,unsecured and denominated in Swiss Francs, US Dollar or Euro.As of December 30, 2001, the carrying amount of long-term debtwas CHF 2,047, excluding off balance sheet debt from securitisationof CHF 110 (net of long-term proceeds not yet received).In March 2001, Adecco Financial Services Ltd, a wholly-ownedsubsidiary of Adecco concluded an offering of EUR 400 (CHF 608) intotal principal amount of its 6.0% guaranteed notes due 2006, whichwas used to refinance existing indebtedness and for generalcorporate purposes. The notes are guaranteed on an unsecured andunsubordinated basis.Adecco’s management believes that the ability to generate cashfrom operations and additional resources of liquidity available aresufficient to support business expansion and to fulfil financialcommitments.Outlook for the futureWhile the outlook for the business in the first half of 2002 isdifficult, Adecco’s management remains convinced that themedium- and long-term outlook is positive. Thousands oforganisations and the nearly four million individuals placed byAdecco in jobs each year have grown to see the importance offlexible work with Adecco.Forward looking statements:This Annual Report contains certain forward-looking statements andinformation relating to Adecco that are based on the currentexpectations, estimates and projections of its management andinformation currently available to Adecco. These statements include,but are not limited to, the statements under Financial Review, andother statements contained in this Annual Report that are nothistorical facts. These forward-looking statements involve known andunknown risks, uncertainties, and other factors that may cause theactual results, performance or achievements of Adecco to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Terms andphrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,”“predict,” “estimate,” “project,” “may” and “could,” and variations ofthese words and similar expressions, are intended to identify forwardlookingstatements.These statements reflect current views of Adecco with respect to futureevents and are not a guarantee of future performance. Various factorscould cause actual results or performance to differ materially from theexpectations reflected in these forward-looking statements. Thesefactors include, among others:• our ability to successfully implement our growth and operatingstrategies;• fluctuations in interest rates or foreign currency exchange rates;• changes in economic conditions;• changes in the law or government regulations in the countries inwhich Adecco operates;• instability in domestic and foreign financial markets;• our ability to obtain commercial credit; and• changes in general political, economic and business conditions inthe countries or regions in which Adecco operates.Should one or more of these risks or uncertainties occur, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described herein. Therefore, you should notplace any undue reliance on forward-looking statements. Adeccoundertakes no obligation to update any forward-looking statement,even if new information, future events or other circumstances havemade them incorrect or misleading. All subsequent written and oralforward-looking statements attributable to Adecco are qualified intheir entirety by the foregoing factors.6