Making people successful in a changing world - Annual Report 2012

More documents

Recommendations

Info

Notes to Consolidated Financial Statements - as of December 30, 2001In millions, except share and per share amounts2001 2000 1999Net loss:- As reported CHF (427) CHF (428) CHF (174)- Pro forma (479) (454) (188)Basic and diluted loss per share:- As reported (2.30) (2.33) (1.01)- Pro forma (2.58) (2.47) (1.09)Options outstanding are:Options exercisable are:ExercisePrice per Share NumberWeighted AverageRemaining LifeWeighted Average ExercisePrice per ShareNumberWeighted Average ExercisePrice per ShareCHF 8 - 53 2,323,260 4.3 CHF 48 1,664,540 CHF 4554 - 99 4,710,480 7.8 85 293,210 85100 - 145 4,252,448 5.4 105 2,322,204 104146 - 191 51,288 5.7 174 51,288 174192 - 237 41,535 5.6 236 41,534 236238 - 298 16,822 3.5 277 16,822 277CHF 8 - 298 11,395,833 6.1 CHF 86 4,389,598 CHF 83The fair value of each option grant is estimated on the date of grantusing the Black-Scholes option-pricing model and the followingweighted average assumptions:2001 2000 1999Expected lives 3.9 3.9 3.7Risk-free interest rate 3.40% 3.50% 3.40%Expected volatility 39% 39% 27%Expected dividend CHF 1.00 CHF 1.00 CHF 0.84A summary of the status of Adecco’s stock option plans as of thefiscal years ended December 30, 2001, December 31, 2000 andJanuary 2, 2000, and changes during those years are presented below.Weighted AverageExerciseExerciseNumber of Shares Price per SharePrice per ShareBalance, January 3, 1999 5,526,170 CHF 1 - 67 CHF 45Granted 2,971,410 53 - 102 102Exercised (1,331,890) 1 - 75 32Forefeited (194,960) 17 - 53 38Balance, January 2, 2000 6,970,730 6 - 102 69Granted 1,890,092 60 - 315 119Exercised (893,900) 6 - 122 53Forefeited (291,230) 17 - 298 137Balance, December 31, 2000 7,675,692 6 - 315 84Granted 4,693,000 80 - 112 86Exercised (786,641) 6 - 315 41Forefeited (186,218) 6 - 315 139Balance, December 30, 2001 11,395,833 CHF 8 - 298 CHF 86Exercisable, December 30, 2001 4,389,598 CHF 8 - 298 CHF 83The weighted average fair value per option granted in 2001, 2000and 1999 was CHF 29 CHF 35 and CHF 24 per share.18
Notes to Consolidated Financial Statements - as of December 30, 2001In millions, except share and per share amountsIn connection with the acquisition of Olsten in 2000, Adeccoconverted 3,726,264 shares of outstanding Olsten stock options to anexisting Adecco stock option plan. The converted options wereadjusted by the exchange ratio of 0.14, which reflected the averageclosing prices of the Adecco common stock, on the Swiss StockExchange for the five days immediately preceding the date ofacquisition and the average closing prices of the Olsten commonstock, on the New York Stock Exchange for the five days immediatelypreceding the date of acquisition. Pursuant to the acquisitionAgreement and Plan of Merger, the converted Olsten optionsbecame 100% vested and exercisable on the acquisition date.The fair value of these vested options has been accounted for asadditional purchase price, with the corresponding credit to equity.Note 9 – Pension PlansAccording to local regulations and practices, Adecco has variousdefined benefit and defined contributions plans to which Adeccoand its employees contribute. Certain plans require contributionsfrom employees only and some require contributions from bothAdecco and the employees. As of December 30, 2001 and December31, 2000, there were no significant defined benefit plans. Adeccorecorded an expense of CHF 27, CHF 25 and CHF 17 in connectionwith defined contribution plans in 2001, 2000 and 1999 respectively.Note 10 – Income TaxesAdecco SA is incorporated in Switzerland, operates in countries thathave differing tax laws and rates and generates income fromcontinuing operations primarily outside of Switzerland.Consequently, the weighted average expected effective tax rate willvary from year to year according to the source of earnings bycountry. The provision for income taxes on continuing operationsconsists of the following for the fiscal years:2001 2000 1999Current provision CHF 338 CHF 466 CHF 189Deferred provision (benefit) (84) (201) 15Total CHF 254 CHF 265 CHF 204Temporary differences that give rise to deferred income tax assetsand liabilities are summarised as follows:December 30, 2001 December 31, 2000Net operating loss carryforward CHF 134 CHF 41Tax credits 136 39Depreciation 62 62Deferred compensation and accrued employee benefits 83 110Accrued expenses 108 111Financial amortisation in excess of tax amortisation 182 129Other 53 98Gross deferred tax asset 758 590Valuation allowance (159) (58)Net deferred tax asset 599 532Deferred tax liability 3 20Deferred tax asset net of deferred tax liability CHF 596 CHF 51219
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 and 46: Consolidated Statements of Operatio
Page 47 and 48: Consolidated Statements of Changes
Page 49 and 50: Notes to Consolidated Financial Sta
Page 53: 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
show all

Making people successful in a changing world - Annual Report 2012

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?