Half Year Report 2012

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

Note 3 – Financing arrangements

The Company’s long-term and short-term debt as of June 30, 2012, amounted to EUR 1,693 compared to EUR 1,426 as of December 31, 2011. Short-term debt as of June 30, 2012 amounted to EUR 183 and consisted of borrowings under the French commercial paper programme and under other lines of credit. Short-term debt as of December 31, 2011 amounted to EUR 160.

Long-term debt

The Company’s long-term debt as of June 30, 2012 and December 31, 2011 consists of the following:

in EUR

Principal at maturity

Maturity

Fixed
interest rate

30.06.2012

31.12.2011

 

 

 

 

 

 

7-year guaranteed Euro medium-term notes

EUR 500

2018

4.75%

491

489

4-year unsubordinated fixed rate notes

CHF 350

2016

2.125%

291

 

5-year guaranteed Euro medium-term notes

EUR 356

2014

7.625%

358

358

7-year fixed rate guaranteed notes

EUR 333

2013

4.5%

339

341

Medium-term loan, payable in instalments by November 2012

 

 

 

28

76

Other

 

 

 

3

2

 

 

 

 

1,510

1,266

Less current maturities

 

 

 

(368)

(76)

Long-term debt, less current maturities

 

 

 

1,142

1,190

4-year unsubordinated fixed rate notes

On February 8, 2012, Adecco S.A. issued CHF 350 unsubordinated fixed rate notes due on February 8, 2016 (“2016 notes”). The 2016 notes were issued within the framework of the Euro Medium-Term Note Programme and trade on the SIX Swiss Stock Exchange. The proceeds are used for general corporate purposes. Interest is paid on the 2016 notes annually in arrears at a fixed annual rate of 2.125%.