Half Year Report 2012

Adecco Group –
Notes to consolidated financial statements (unaudited)
in millions, except share and per share information

Note 2 – Acquisitions

The Company has made several acquisitions in the first six months of 2012. None of the acquisitions are considered material, individually or in the aggregate, to its consolidated balance sheets or results of operations.

The following table illustrates the aggregate impact of the acquisitions made in the first six months of 2012:

in EUR












Impact of acquisitions






Net tangible assets acquired






Identified intangible assets












Deferred tax liabilities






Total consideration






In 2012, the Company acquired all outstanding common shares of VSN Inc (“VSN”), a leading provider of professional staffing services in Japan, for EUR 87, net of EUR 34 cash acquired. As a result of this acquisition, EUR 66 and EUR 27 of goodwill and intangible assets, respectively, were recorded. The purchase price was funded with internal resources. VSN was consolidated by the Company as of January 6, 2012, and the results of VSN’s operations have been included in the consolidated financial statements since January 2012.