true value for employees
true value for employees
As Randstad believes that the true value of a company is derived from its people, we naturally take great care in the engagement and development of our own workforce.

37. Notes to the consolidated cash flow statement

(amounts in millions of €, unless otherwise indicated)

The majority of the items in the consolidated cash flow statement are cross-referenced to the relevant notes to the consolidated income statement and balance sheet on an individual basis. For the remainder of the material items, the reconciliation between amounts as included in the consolidated cash flow statement and related amounts in the income statement and balance sheet is shown below.

37.1 Cash

Cash includes cash, cash equivalents and current borrowings, for the purposes of the cash flow statement:

  2008  2007
       
Cash and cash equivalents 831.0   384.1
Current borrowings -70.1   -68.3
       
  760.9   315.8

37.2 Trade and other receivables (excluding short-term part held-to-maturity investments)

  2008  2007
       
Balance as at January 1 1,570.1   1,442.6
Acquisition of subsidiaries 1,807.2   24.2
Disposal of subsidiaries -18.4   -
Translation losses and other -59.3   -16.7
Cash flow statement -480.9   120.0
       
Balance as at December 31 2,818.7   1,570.1 

37.3 Trade and other payables (excluding dividend preferred shares (2007) and short-term part other non-current liabilities (2008))

   2008   2007
       
Balance as at January 1 1,160.9   1,088.5
Acquisition of subsidiaries 1,268.2   17.8
Effects from adjustments to acquisitions in prior years -   -1.3
Disposal of subsidiaries -9.6   -
Translation gains and other -26.6   -7.1
Cash flow statement -285.7   63.0
       
Balance as at December 31 2,107.2   1,160.9

37.4 Provisions


  2008  2007
       
Balance as at January 1 87.8   82.5
Acquisition of subsidiaries 75.8   4.5
Effects from adjustments to acquisitions in prior years and reclassifications  -5.6    6.3
Disposal of subsidiaries -0.2   -
Interest due to passage of time 4.4   3.4
Translation losses/(gains) and other 1.1   -3.5
Cash flow statement 10.6   -5.4
       
Balance as at December 31 173.9   87.8

37.5 Free cash flow

Free cash flow comprises net cash from operating and investing activities, excluding the acquisition and disposal of subsidiaries and associates:

  2008  2007
       
Net cash flow from operating activities 754.1   401.4
Net cash flow from investing activities -1,996.3   -660.5
       
  -1,242.2   -259.1
       
Acquisition of subsidiaries and associates 1,931,4   587.5
Disposal of subsidiaries and associates -16.5   -
       
Free cash flow 672.7   328.4