ManpowerGroup 2006 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 2006 ManpowerGroup annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

36 Manpower฀2006฀Annual฀Report
Year฀Ended฀December฀31 2006 2005 2004
Cash฀Flows฀from฀Operating฀Activities
Net฀earnings $฀ 398.0 $฀ 260.1 $฀ 245.7
Adjustments฀to฀reconcile฀net฀earnings฀to฀net฀cash฀provided฀by฀operating฀activities:
฀ Gain฀on฀sale฀of฀businesses (121.8) (2.6) (14.2)
฀ Depreciation฀and฀amortization 88.8 92.9 86.5
฀ Amortization฀of฀discount฀on฀convertible฀debentures —1.9 7.8
฀ Deferred฀income฀taxes (19.6) 49.1 (8.8)
฀ Provision฀for฀doubtful฀accounts 27.4 22.9 27.3
฀ Share-based฀compensation 22.5 1.7 0.9
฀ Excess฀tax฀benefit฀on฀exercise฀of฀stock฀options (8.2) — —
Change฀in฀operating฀assets฀and฀liabilities,฀excluding฀the฀impact฀of฀acquisitions:
฀ Accounts฀receivable (381.0) (350.4) (363.9)
฀ Other฀assets 17.4 (46.1) 41.5
฀ Other฀liabilities 335.6 239.3 165.5
฀ Cash฀provided฀by฀operating฀activities 359.1 268.8 188.3
Cash฀Flows฀from฀Investing฀Activities
Capital฀expenditures (80.0) (77.6) (67.9)
Acquisitions฀of฀businesses,฀net฀of฀cash฀acquired (13.0) (12.9) (117.3)
Proceeds฀from฀the฀sale฀of฀businesses 123.9 — —
Proceeds฀from฀the฀sale฀of฀an฀equity฀interest 8.8 — 29.8
Proceeds฀from฀the฀sale฀of฀property฀and฀equipment 5.3 4.8 5.6
฀ Cash฀provided฀(used)฀by฀investing฀activities 45.0฀฀฀ (85.7) (149.8)
Cash฀Flows฀from฀Financing฀Activities
Net฀change฀in฀short-term฀borrowings 9.7 (4.3) 4.7
Proceeds฀from฀long-term฀debt 296.3 785.4 94.9
Cash฀paid฀to฀settle฀convertible฀debt —(206.6) —
Repayments฀of฀long-term฀debt (303.8) (606.3) (93.9)
Proceeds฀from฀settlement฀of฀swap฀agreements —50.7 —
Proceeds฀from฀stock฀option฀and฀purchase฀plans 54.0 28.0 59.1
Excess฀tax฀benefit฀on฀exercise฀of฀stock฀options 8.2 — —
Repurchases฀of฀common฀stock (235.9) (217.6) —
Dividends฀paid (50.9) (41.2) (27.1)
฀ Cash฀(used)฀provided฀by฀financing฀activities (222.4) (211.9) 37.7
Effect฀of฀exchange฀rate฀changes฀on฀cash 51.3 (48.1) 29.4
฀ Net฀increase฀(decrease)฀in฀cash฀and฀cash฀equivalents 233.0 (76.9) 105.6
Cash฀and฀cash฀equivalents,฀beginning฀of฀year 454.9 531.8 426.2
Cash฀and฀cash฀equivalents,฀end฀of฀year $฀ 687.9 $฀ 454.9 $฀ 531.8
Supplemental฀Cash฀Flow฀Information
Interest฀paid $฀ 52.0 $฀ 46.6 $฀ 37.0
Income฀taxes฀paid $฀ 143.4 $฀ 97.6 $฀ 87.8
The฀accompanying฀notes฀to฀consolidated฀financial฀statements฀are฀an฀integral฀part฀of฀these฀statements.
CON SOLID ATED฀STATEME NTS฀OF฀CASH฀FLOWS
in฀million s
Consolidated฀Statements฀of฀Cash฀Flows฀