ManpowerGroup 2007 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2007 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 71

  • 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

36 Manpower 2007 Annual Report
Consolidated Statements of Cash Flows
in millions
Consolidated Statements of Cash Flows
Year Ended December 31 2007 2006 2005
Cash Flows from Operating Activities
Net earnings $ 484.7 $ 398.0 $ 260.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of businesses —(121.8) (2.6)
Depreciation and amortization 99.0 88.8 92.9
Amortization of discount on convertible debentures —— 1.9
Deferred income taxes 25.4 (19.6) 49.1
Provision for doubtful accounts 21.8 27.4 22.9
Share-based compensation 26.0 22.5 1.7
Excess tax benefi t on exercise of stock options (4.6) (8.2) —
Change in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable (316.0) (381.0) (350.4)
Other assets (3.5) 17.4 (46.1)
Other liabilities 99.4 335.6 239.3
Cash provided by operating activities 432.2 359.1 268.8
Cash Flows from Investing Activities
Capital expenditures (91.6) (80.0) (77.6)
Acquisitions of businesses, net of cash acquired (122.8) (13.0) (12.9)
Proceeds from the sale of businesses —123.9 —
Proceeds from the sale of an equity interest —8.8 —
Proceeds from the sale of property and equipment 12.9 5.3 4.8
Cash (used) provided by investing activities (201.5 ) 45.0 (85.7)
Cash Flows from Financing Activities
Net change in short-term borrowings 6.1 9.7 (4.3)
Proceeds from long-term debt 1.0 296.3 785.4
Cash paid to settle convertible debt —— (206.6)
Repayments of long-term debt (2.2) (303.8) (606.3)
Proceeds from settlement of swap agreements —— 50.7
Proceeds from stock option and purchase plans 35.0 54.0 28.0
Excess tax benefi t on exercise of stock options 4.6 8.2 —
Repurchases of common stock (419.2) (235.9) (217.6)
Dividends paid (57.1) (50.9) (41.2)
Cash used by fi nancing activities (431.8 ) (222.4) (211.9)
Effect of exchange rate changes on cash 50.7 51.3 (48.1)
Net (decrease) increase in cash and cash equivalents (150.4) 233.0 (76.9)
Cash and cash equivalents, beginning of year 687.9 454.9 531.8
Cash and cash equivalents, end of year $ 537.5 $ 687.9 $ 454.9
Supplemental Cash Flow Information
Interest paid $ 50.5 $ 47.9 $ 45.7
Income taxes paid $ 248.5 $ 143.4 $ 97.6
The accompanying notes to consolidated fi nancial statements are an integral part of these statements.