Making people successful in a changing world - Annual Report 2012

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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
Selected Financial Information - UnauditedIn millions, except share and per share amountsfor the fiscal years endedSelected Financial HighlightsResults of Operations DataNet service revenues 33.7% CHF 27,247 CHF 26,628 CHF 18,471 CHF 15,308 CHF 11,432Operating income before amortisation of goodwill,restructuring costs, and one-time items 34.2% 1,179 1,237 832 644 486Income before amortisation of goodwill, restructuring5-yearCompoundGrowth Rate 2001 2000 1999 1998 1997costs, and one-time items 1 28.3% 702 746 528 403 307Amortisation 1,106 1,109 699 601 507Other Key Indicators 3Working capital 383 847 2,085 791 222Capital expenditures, net 290 347 155 122 76Additional StatisticsNumber of employees 30,000 30,000 21,000 16,000 15,000December 30, 2001 December 31, 2000 January 2, 2000CHF USD EUR CHF USD EUR CHF USD EURStatements of Operations Data 2 :Net service revenues 27,247 16,218 18,410 26,628 15,850 17,992 18,471 10,995 12,480Operating income 1,179 702 797 1,237 736 836 832 495 562Income before restructuring costs,amortisation of goodwill and one-time items 1 702 418 474 746 444 504 528 314 357December 30, 2001 December 31, 2000 January 2, 2000CHF USD EUR CHF USD EUR CHF USD EURBalance Sheet Data 2 :Cash and cash equivalents 552 329 373 487 290 329 1,555 926 1,051Goodwill, net 2,292 1,364 1,549 3,091 1,840 2,089 1,756 1,045 1,186Trade accounts receivable, net 4,636 2,760 3,132 5,297 3,153 3,579 3,496 2,081 2,362Total assets 9,323 5,549 6,299 10,653 6,341 7,198 7,938 4,725 5,364Short-term debt and current maturities oflong-term debt 995 592 672 1,188 707 803 435 259 294Accounts payable and accrued expenses 4,309 2,565 2,911 4,353 2,591 2,941 3,037 1,808 2,052Long-term debt 2,047 1,218 1,383 2,548 1,517 1,722 1,885 1,122 1,274Total liabilities 7,534 4,485 5,091 8,252 4,912 5,576 5,536 3,295 3,741Shareholders’ equity 1,787 1,064 1,207 2,390 1,423 1,615 2,400 1,429 1,622December 30, 2001 December 31, 2000 January 2, 2000CHF USD EUR CHF USD EUR CHF USD EURCash Flow Data 2 :Cash flows from operating activities 1,390 827 939 23 14 16 288 171 195Cash flows used in investing activities (528) (314) (357) (1,306) (777) (882) (630) (375) (426)Cash flows from / (used in) financing activities (780) (464) (527) 261 155 176 1,519 904 1,0261Income before amortisation of goodwill, restructuring costs and one-time items is not meant toportray net income or cash flow in accordance with U.S. GAAP or to represent cash available toshareholders. One-time items mainly include investment write-downs and cumulative effect ofaccounting changes.2Adecco is a Swiss corporation and as such presents its financial statements in Swiss Francs (CHF).For convenience, the fiscal years 2001, 2000 and 1999 Statements of Operations Data, BalanceSheet Data and Cash Flow were translated from Swiss Francs into US Dollars (USD) at theDecember 30, 2001 rate of CHF 1.68 to USD 1 and from Swiss Francs into Euros (EUR) at theDecember 30, 2001 rate of CHF 1.48 to EUR 1.3All per share data are included in the investor information on page 33.7
Page 1 and 2: ANNUAL REPORT 2001Operational Revie
Page 3 and 4: Table of ContentsAdecco at a Glance
Page 5 and 6: RevenuesProfitsGeographical Distrib
Page 7 and 8: Klaus J. JacobsChairmanPhilippe For
Page 9: For all those people seeking to fin
Page 12 and 13: Strong management delivers resultsR
Page 15 and 16: Adecco: 30,000 entrepreneursseizing
Page 17 and 18: Patrick DeMaeseneire, AjilonStaffin
Page 19 and 20: Social change and the fitness of th
Page 21 and 22: The Agenda for ChangeLength of Assi
Page 23 and 24: Drivers inTechnologyPeople, Bricks
Page 25 and 26: And to ensure that all Adecco and s
Page 27 and 28: Hewlett Packard in South Korea -Mob
Page 29 and 30: Adecco Learning CentresAdecco UK op
Page 31 and 32: Drivers inEmerging MarketsThe appet
Page 33 and 34: Ajilon Staffing &Adecco Staffing Di
Page 35 and 36: Directors, Management and AuditorsB
Page 37 and 38: ANNUAL REPORT 2001Financial ReviewM
Page 39 and 40: Table of ContentsFinancial Review 4
Page 41: Financial reviewIn millions, except
Page 45 and 46: Consolidated Statements of Operatio
Page 47 and 48: Consolidated Statements of Changes
Page 49 and 50: Notes to Consolidated Financial Sta
Page 61 and 62: Report of the Group Auditors to the
Page 63 and 64: Statements of Operations (Holding C
Page 65 and 66: Notes to Financial Statements (Hold
Page 67 and 68: Major Consolidated SubsidiariesGrou
Page 69 and 70: Investor InformationStock Price Per
Page 71 and 72: Directors, Management and AuditorsB

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