Making people successful in a changing world - Annual Report 2012

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Consolidated Statements of Cash FlowsIn millions, except share and per share amountsfor the fiscal years endedDecember 30, 2001 December 31, 2000 January 2, 2000(52 weeks) (52 weeks) (52 weeks)Cash flows from operating activitiesNet loss CHF (427) CHF (428) CHF (174)Adjustments to reconcile net loss to net cash andcash equivalents from operating activities:- Depreciation and amortisation 1,300 1,285 801- Restructuring provision - 65 3- Utilisation of restructuring reserve (73) (65) (32)- Cumulative effect of change in accounting principle 8 - -- Investment write-downs 15 - -- Deferred income tax (84) (201) 15- Income applicable to minority interests 1 6 -- Other non-cash operating charges 89 36 26Changes in operating assets and liabilities, netof acquisitions:- Amounts advanced (paid) under securitisation facilities 38 (240) 2- Trade accounts receivable, including sold receivables 454 (891) (453)- Accounts payable and accrued expenses 39 542 217- Other current assets 37 16 (127)- Non-current assets and liabilities (7) (102) 10Cash flows from operating activities 1,390 23 288Cash flows from investing activitiesCapital expenditures (297) (351) (156)Proceeds from sales of fixed assets 7 4 1Cash purchase price for acquisitions:- Olsten (net of cash acquired of CHF 101 in 2000) (184) (800) -- Delphi, net of cash acquired of CHF 99 - - (296)- Career Staff, net of cash acquired of CHF 75 - - (37)Other acquisitions and investing activities (54) (159) (142)Cash flows used in investing activities (528) (1,306) (630)Cash flows from financing activitiesNet increase (decrease) in short-term debt (227) 773 7Increase in long-term debt 1,052 1,051 1,134Repayment of long-term debt (1,478) (1,495) (30)Dividends paid to shareholders (185) (155) (120)Issuance of common stock, net - - 516Common stock options exercised 31 47 42Other financing activities 27 40 (30)Cash flows from / (used in) financing activities (780) 261 1,519Effect of exchange rate changes on cash (17) (46) (162)Net increase (decrease) in cash and cash equivalents 65 (1,068) 1,015Cash and cash equivalents:- Beginning of year 487 1,555 540- End of year CHF 552 CHF 487 CHF 1,555Cash paid for interest CHF 184 CHF 215 CHF 44Cash paid for taxes CHF 260 CHF 272 CHF 183Non-cash investing and financing activities:- Issued 6,343,710 shares for the acquisition of Olsten CHF - CHF 591 CHF -- Converted Olsten stock option plan to Adecco plan CHF - CHF 17 CHF -The accompanying notes are an integral part of these consolidated financial statements.10
Consolidated Statements of Changes in Shareholders’ EquityIn millions, except share and per share amountsCommon StockShares AmountAdditionalPaid-inCapitalTreasury StockShares AmountRetainedEarnings(Deficit)for the fiscal years endedAccumulatedOtherComprehensiveIncome(Loss)TotalShareholders’EquityJanuary 3, 1999 171,031,840 CHF 171 CHF 1,904 (663,340) CHF (30) CHF 20 CHF 3 CHF 2,068Comprehensive loss:- Net loss (174) (174)- Currency translation adjustment 52 52Issuance of common stock 6,000,000 6 510 516Common stock options exercised 1,326,440 1 41 5,450 42Participation certificates purchased (33,354) (2) (2)Common stock issued forparticipation certificates 139,370 - (139,370) (5) (5)Participation certificates exchangedfor common stock (139,370) - 1 139,370 6 7Common stock sold (7) 444,600 22 15Treasury participation certificates exchangedfor treasury common stock 28,820 1 1Cash dividends, CHF 0.70 per share (120) (120)January 2, 2000 178,358,280 178 2,449 (217,824) (8) (274) 55 2,400(122)Comprehensive loss:- Net loss (428) (428)- Currency translation adjustment (101) (101)- Unrealised gain on marketable securities 3 3(526)Issuance of common stock 6,343,710 6 585 591Common stock options exercised 860,440 2 45 42,400 47Participation certificates purchased (13,166) (1) (1)Tax benefit from stock transactions 16 16Treasury participation certificates exchangedfor treasury common stock 1 13,160 - 1Converted Olsten stock options 17 17Cash dividends, CHF 0.84 per share (155) (155)December 31, 2000 185,562,430 CHF 186 CHF 3,113 (175,430) CHF (9) CHF (857) CHF (43) CHF 2,390Comprehensive loss:- Net loss (427) (427)- Currency translation adjustment (29) (29)- Change in fair value of cash flow hedges 11 11- Unrealised loss on marketable securities (4) (4)(449)Common stock options exercised 785,268 - 31 2,612 31Cash dividends, CHF 1.00 per share (185) (185)December 30, 2001 186,347,698 CHF 186 CHF 3,144 (172,818) CHF (9) CHF (1,469) CHF (65) CHF 1,787The accompanying notes are an integral part of these consolidated financial statements.11
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 and 42: Financial reviewIn millions, except
Page 43 and 44: Selected Financial Information - Un
Page 45: Consolidated Statements of Operatio
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

Making people successful in a changing world - Annual Report 2012

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