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8-K - FORM 8-K - ACCENTURE SCAd319990d8k.htm

Exhibit 99.1

Accenture Reports Strong Second-Quarter Fiscal 2012 Results,

With Double-Digit Growth in Revenues and EPS

— Revenues increase 12% in U.S. dollars and 13% in local currency, to $6.8 billion;

EPS up 29%, to $0.97 —

— Operating income increases 15%, to $889 million, with operating margin of 13.1% —

— New bookings are $7.94 billion, with consulting bookings of $4.05 billion

and outsourcing bookings of $3.89 billion —

— Company declares semi-annual cash dividend of 67.5 cents per share —

— Company raises outlook for full-year revenue growth to range of 10% to 12% in local currency

and for full-year EPS to range of $3.82 to $3.90 —

NEW YORK; March 22, 2012 — Accenture (NYSE: ACN) reported strong financial results for the second quarter of fiscal 2012, ended Feb. 29, 2012, with net revenues of $6.8 billion, an increase of 12 percent in U.S. dollars and 13 percent in local currency over the same period last year and at the top end of the company’s guided range. Diluted earnings per share were $0.97, an increase of $0.22 over the same period last year, driven principally by higher revenue and operating income, as well as a lower effective tax rate in the quarter.

Operating income was $889 million, an increase of 15 percent over the same period last year, and operating margin was 13.1 percent.

New bookings for the quarter were $7.94 billion, with consulting bookings of $4.05 billion and outsourcing bookings of $3.89 billion.

Pierre Nanterme, Accenture’s chief executive officer, said, “We are very pleased with our second-quarter performance, which included strong revenue growth in all five operating groups and all three geographic regions. We’re also pleased with our profitability — both the growth in EPS and the expansion of operating margin — due to the disciplined management of our business. We continued to see solid demand for our services, as demonstrated by outstanding bookings of nearly $8 billion, and our balance sheet remains very strong.

“Given our strong results for the first half of fiscal 2012, we’ve raised our outlook for revenue growth and EPS for the year. We continue to invest to further differentiate our industry and technology capabilities and remain focused on gaining market share and driving profitable growth.”

Financial Review

Revenues before reimbursements (“net revenues”) for the second quarter of fiscal 2012 were $6.8 billion, compared with $6.1 billion for the second quarter of fiscal 2011, an increase of 12 percent in U.S. dollars and 13 percent in local currency.


   

Consulting net revenues for the quarter were $3.8 billion, an increase of approximately 8 percent in both U.S. dollars and local currency over the second quarter of fiscal 2011.

 

   

Outsourcing net revenues were $3.0 billion, an increase of 19 percent in U.S. dollars and 20 percent in local currency over the second quarter of fiscal 2011.

Diluted EPS for the quarter were $0.97, compared with $0.75 for the second quarter last year, an increase of $0.22, or 29 percent. The $0.22 increase in EPS reflects:

 

   

$0.11 from higher revenue and operating results;

   

$0.08 from a lower effective tax rate;

   

$0.02 from a lower share count; and

   

$0.01 from higher non-operating income.

Gross margin (gross profit as a percentage of net revenues) for the quarter was 31.1 percent, compared with 31.7 percent for the second quarter last year. Selling, general and administrative (SG&A) expenses for the second quarter were $1.23 billion, or approximately 18.0 percent of net revenues, compared with $1.15 billion, or 18.9 percent of net revenues, for the second quarter last year.

Operating income for the quarter increased 15 percent, to $889 million, or 13.08 percent of net revenues, from $772 million, or 12.74 percent of net revenues, for the second quarter of fiscal 2011, an expansion of 34 basis points.

The company’s effective tax rate for the quarter was 20.5 percent, compared with 26.9 percent for the second quarter last year. The lower effective tax rate in the second quarter this year was primarily due to higher benefits related to final determinations of tax liabilities for prior years, partially offset by increases in tax reserves.

Net income for the quarter was $714 million, compared with $566 million for the second quarter last year, an increase of 26 percent.

Operating cash flow for the quarter was $858 million, and property and equipment additions were $85 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $772 million. For the same period last year, operating cash flow was $601 million; property and equipment additions were $79 million; and free cash flow was $523 million.

Days services outstanding, or DSOs, were 29 days, compared with 30 days at Aug. 31, 2011 and 32 days at Feb. 28, 2011.

Accenture’s total cash balance at Feb. 29, 2012 was $5.6 billion, compared with $5.7 billion at Aug. 31, 2011.

Utilization for the quarter was 87 percent. Attrition for the second quarter of fiscal 2012 was 12 percent, compared with 12 percent for the first quarter of fiscal 2012 and 14 percent for the second quarter of fiscal 2011.


New Bookings

New bookings for the second quarter were $7.94 billion and reflect a negative 1 percent foreign-currency impact compared with new bookings in the second quarter last year.

 

   

Consulting new bookings were $4.05 billion, or 51 percent of total new bookings.

 

   

Outsourcing new bookings were $3.89 billion, or 49 percent of total new bookings.

Net Revenues by Operating Group

Net revenues by operating group were as follows:

 

   

Communications, Media & Technology: $1.5 billion, compared with $1.3 billion for the second quarter of fiscal 2011, an increase of 16 percent in U.S. dollars and 17 percent in local currency.

 

   

Financial Services: $1.4 billion, compared with $1.3 billion for the second quarter of fiscal 2011, an increase of 9 percent in U.S. dollars and 10 percent in local currency.

 

   

Health & Public Service: $1.1 billion, compared with $965 million for the second quarter of fiscal 2011, an increase of 9 percent in U.S. dollars and 10 percent in local currency.

 

   

Products: $1.6 billion, compared with $1.4 billion for the second quarter of fiscal 2011, an increase of 15 percent in U.S. dollars and 16 percent in local currency.

 

   

Resources: $1.3 billion, compared with $1.2 billion for the second quarter of fiscal 2011, an increase of 10 percent in U.S. dollars and 12 percent in local currency.

Net Revenues by Geographic Region

Net revenues by geographic region were as follows:

 

   

Americas: $3.0 billion, compared with $2.7 billion for the second quarter of fiscal 2011, an increase of 13 percent in U.S. dollars and 14 percent in local currency.

 

   

Europe, Middle East and Africa (EMEA): $2.8 billion, compared with $2.6 billion for the second quarter of fiscal 2011, an increase of 8 percent in U.S. dollars and 10 percent in local currency.

 

   

Asia Pacific: $971 million, compared with $787 million for the second quarter of fiscal 2011, an increase of 23 percent in U.S. dollars and 20 percent in local currency.


Returning Cash to Shareholders

Accenture continues to return cash to shareholders through cash dividends and share repurchases.

Dividend

Accenture plc has declared a semi-annual cash dividend of 67.5 cents per share on Accenture plc Class A ordinary shares for shareholders of record at the close of business on April 13, 2012, and Accenture SCA will declare a semi-annual cash dividend of 67.5 cents per share on Accenture SCA Class I common shares for shareholders of record at the close of business on April 10, 2012. These dividends are both payable on May 15, 2012.

Combined with the semi-annual cash dividend of 67.5 cents per share paid on Nov. 15, 2011, this brings the total dividend payments for the fiscal year to $1.35 per share, for total projected cash dividend payments of approximately $945 million.

Share Repurchase Activity

During the second quarter of fiscal 2012, Accenture repurchased or redeemed 8.6 million shares for a total of $465 million, including 6.5 million shares repurchased in the open market. This brings Accenture’s total share repurchases and redemptions for the first half of fiscal 2012 to 13.9 million shares, for a total of $750 million, including 9.9 million shares repurchased in the open market.

Accenture’s total remaining share repurchase authority at Feb. 29, 2012 was approximately $5.5 billion.

At Feb. 29, 2012, Accenture had approximately 705 million total shares outstanding, including 644 million Accenture plc Class A ordinary shares and 60 million Accenture SCA Class I common shares and Accenture Canada Holdings Inc. exchangeable shares.

Business Outlook

Third Quarter Fiscal 2012

Accenture expects net revenues for the third quarter of fiscal 2012 to be in the range of $7.05 billion to $7.25 billion. This range assumes a foreign-exchange impact of negative 3 percent compared with the third quarter of fiscal 2011.

Full Fiscal Year 2012

For fiscal 2012, the company has raised its outlook for revenue growth to the range of 10 percent to 12 percent in local currency, up from its previous range of 7 percent to 10 percent in local currency.


Accenture’s business outlook for the full 2012 fiscal year continues to assume a foreign-exchange impact of negative 1 percent compared with fiscal 2011.

The company has raised its outlook for diluted EPS for fiscal 2012 to the range of $3.82 to $3.90. This revised range is $0.06 higher than the company’s previous outlook of $3.76 to $3.84, based primarily on the company’s increased outlook for revenue.

Accenture continues to expect operating margin for the full fiscal year to be in the range of 13.7 percent to 13.9 percent, an expansion of 10 to 30 basis points.

The company now expects operating cash flow to be $3.65 billion to $3.95 billion; property and equipment additions to be $450 million; and free cash flow to be in the range of $3.2 billion to $3.5 billion. The company continues to expect its annual effective tax rate to be in the range of 27 percent to 28 percent.

Accenture now expects new bookings for the full fiscal year to be in the upper half of its previously guided range of $28 billion to $31 billion.

Conference Call and Webcast Details

Accenture will host a conference call at 4:30 p.m. EDT today to discuss its second-quarter fiscal 2012 financial results. To participate, please dial +1 (800) 230-1096 [+1 (612) 288-0337 outside the United States, Puerto Rico and Canada] approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture Web site at www.accenture.com.

A replay of the conference call will be available online at www.accenture.com beginning at 7:00 p.m. EDT today, Thursday, March 22, and continuing until Wednesday, June 27, 2012. A podcast of the conference call will be available online at www.accenture.com beginning approximately 24 hours after the call and continuing until Wednesday, June 27. The replay will also be available via telephone by dialing +1 (800) 475-6701 [+1 (320) 365-3844 outside the United States, Puerto Rico and Canada] and entering access code 235944 from 7:00 p.m. EDT today, Thursday, March 22, through Wednesday, June 27.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with more than 246,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.


Non-GAAP Financial Information

This press release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to Accenture’s financial statements as prepared under generally accepted accounting principles (GAAP) are included in this press release. Financial results “in local currency” are calculated by restating current-period activity into U.S. dollars using the comparable prior-year period’s foreign-currency exchange rates. Accenture’s management believes providing investors with this information gives additional insights into Accenture’s results of operations. While Accenture’s management believes that the non-GAAP financial measures herein are useful in evaluating Accenture’s operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: the company’s results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; the company’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions, and a significant reduction in such demand could materially affect the company’s results of operations; if the company is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; the consulting and outsourcing markets are highly competitive, and the company might not be able to compete effectively; the company’s results of operations (including its net revenues and operating income) and the value of balance-sheet items originally denominated in other currencies could be materially adversely affected by unfavorable fluctuations in foreign currency exchange rates or changes to existing currencies; the company could have liability or the company’s reputation could be damaged if the company fails to protect client and company data or information systems as obligated by law or contract or if the company’s information systems are breached; the company’s Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; as a result of the company’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; the company’s results of operations could materially suffer if the company is not able to obtain sufficient pricing to enable it to meet its profitability expectations; if the company’s pricing estimates do not accurately anticipate the cost, risk and complexity of the company performing its work or third parties upon which it relies do not meet their commitments, then the company’s contracts could have delivery inefficiencies and be unprofitable; the company’s work with government clients exposes the company to additional risks inherent in the government contracting environment, including risks related to governmental budget and debt constraints; the company’s business could be materially adversely affected if it incurs legal liability in connection with providing its services and solutions; the company’s results of operations and ability to grow could be materially negatively affected if the company cannot adapt and expand its services and solutions in response to ongoing changes in technology and offerings by new entrants; outsourcing services subject the company to different operational risks than its consulting and systems integration services; the company’s services or solutions could infringe upon the intellectual property rights of others or the company might lose its ability to utilize the intellectual property of others; the company has only a limited ability to protect its intellectual property rights, which are important to the company’s success; the company’s ability to attract and retain business and employees may depend on its reputation in the marketplace; the company’s alliance relationships may not be successful or may change, which could adversely affect the company’s results of operations; the company may not be successful at identifying, acquiring or integrating other businesses; the company’s profitability could suffer if its cost-management strategies are unsuccessful, and the company may not be able to improve its profitability through improvements to cost-management to the degree it has done in the past; many of the company’s contracts include performance payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; changes in the company’s level of taxes, and audits, investigations and tax proceedings, or changes in the company’s treatment as an Irish company, could have a


material adverse effect on the company’s results of operations and financial condition; if the company is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if the company is unable to collect its receivables or unbilled services, the company’s results of operations, financial condition and cash flows could be adversely affected; the company’s share price and results of operations could fluctuate and be difficult to predict; the company’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; the company may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

###

Contact:

Roxanne Taylor

Accenture

+1 (917) 452-5106

roxanne.taylor@accenture.com


ACCENTURE PLC

CONSOLIDATED INCOME STATEMENTS

(In thousands of U.S. dollars, except share and per share amounts)

(Unaudited)

 

    Three Months Ended     Six Months Ended  
    February 29,
2012
    % of Net
Revenues
    February 28,
2011
    % of Net
Revenues
    February 29,
2012
    % of Net
Revenues
    February 28,
2011
    % of Net
Revenues
 

REVENUES:

               

Revenues before reimbursements (“Net revenues”)

  $ 6,797,250        100   $ 6,053,621        100   $ 13,871,747        100   $ 12,099,271        100

Reimbursements

    462,578          442,672          977,189          875,215     
 

 

 

     

 

 

     

 

 

     

 

 

   

Revenues

    7,259,828          6,496,293          14,848,936          12,974,486     

OPERATING EXPENSES:

               

Cost of services:

               

Cost of services before reimbursable expenses

    4,680,884        68.9     4,136,397        68.3     9,503,841        68.5     8,237,567        68.1

Reimbursable expenses

    462,578          442,672          977,189          875,215     
 

 

 

     

 

 

     

 

 

     

 

 

   

Cost of services

    5,143,462          4,579,069          10,481,030          9,112,782     

Sales and marketing

    772,338        11.4     709,779        11.7     1,609,815        11.6     1,441,250        11.9

General and administrative costs

    454,314        6.7     435,499        7.2     886,831        6.4     821,225        6.8

Reorganization costs, net

    415          369          823          717     
 

 

 

     

 

 

     

 

 

     

 

 

   

Total operating expenses

    6,370,529          5,724,716          12,978,499          11,375,974     
 

 

 

     

 

 

     

 

 

     

 

 

   

OPERATING INCOME

    889,299        13.08     771,577        12.74     1,870,437        13.48     1,598,512        13.21

Gain (loss) on investments, net

    47          (868       (8       (919  

Interest income

    9,246          9,893          19,758          19,286     

Interest expense

    (4,220       (3,507       (8,378       (8,243  

Other income (expense), net

    4,168          (2,948       9,758          10,139     
 

 

 

     

 

 

     

 

 

     

 

 

   

INCOME BEFORE INCOME TAXES

    898,540        13.2     774,147        12.8     1,891,567        13.6     1,618,775        13.4

Provision for income taxes

    184,350          208,397          465,620          447,469     
 

 

 

     

 

 

     

 

 

     

 

 

   

NET INCOME

    714,190        10.5     565,750        9.3     1,425,947        10.3     1,171,306        9.7

Net income attributable to noncontrolling interests in Accenture SCA and Accenture Canada Holdings Inc.

    (60,588       (54,590       (122,544       (119,264  

Net income attributable to noncontrolling interests – other (1)

    (9,679       (8,143       (17,394       (14,311  
 

 

 

     

 

 

     

 

 

     

 

 

   

NET INCOME ATTRIBUTABLE TO ACCENTURE PLC

  $ 643,923        9.5   $ 503,017        8.3   $ 1,286,009        9.3   $ 1,037,731        8.6
 

 

 

     

 

 

     

 

 

     

 

 

   

CALCULATION OF EARNINGS PER SHARE:

               

Net income attributable to Accenture plc

  $ 643,923        $ 503,017        $ 1,286,009        $ 1,037,731     

Net income attributable to noncontrolling interests in Accenture SCA and Accenture Canada Holdings Inc. (2)

    60,588          54,590          122,544          119,264     
 

 

 

     

 

 

     

 

 

     

 

 

   

Net income for diluted earnings per share

    calculation

  $ 704,511        $ 557,607        $ 1,408,553        $ 1,156,995     
 

 

 

     

 

 

     

 

 

     

 

 

   

EARNINGS PER SHARE:

               

- Basic

  $ 1.00        $ 0.78        $ 1.99        $ 1.62     

- Diluted (3)

  $ 0.97        $ 0.75        $ 1.93        $ 1.56     

WEIGHTED AVERAGE SHARES:

               

- Basic

    646,452,990          646,292,241          645,390,718          641,779,811     

- Diluted (3)

    729,036,633          743,505,338          729,608,665          743,505,732     

Cash dividends per share

  $ —          $ —          $ 0.675        $ 0.45     

 

(1) Comprised primarily of noncontrolling interest attributable to the noncontrolling shareholders of Avanade, Inc.
(2) Diluted earnings per share assumes the redemption of all Accenture SCA Class I common shares owned by holders of noncontrolling interests and the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class A ordinary shares on a one-for-one basis.
(3) Diluted weighted average Accenture plc Class A ordinary shares and earnings per share amounts in fiscal 2011 have been restated to reflect additional restricted share units issued to holders of restricted share units in connection with the payment of cash dividends.


ACCENTURE PLC

SUMMARY OF REVENUES

(In thousands of U.S. dollars)

(Unaudited)

 

     Three Months Ended      Percent     Percent
Increase
 
     February 29,
2012
     February 28,
2011
     Increase
U.S. Dollars
    Local
Currency
 

OPERATING GROUPS

          

Communications, Media & Technology (1)

   $ 1,481,378       $ 1,274,449         16     17

Financial Services

     1,376,619         1,265,620         9        10   

Health & Public Service

     1,055,879         964,612         9        10   

Products

     1,584,596         1,373,646         15        16   

Resources

     1,293,201         1,171,016         10        12   

Other

     5,577         4,278         n/m        n/m   
  

 

 

    

 

 

      

TOTAL Net Revenues

     6,797,250         6,053,621         12     13

Reimbursements

     462,578         442,672         4     
  

 

 

    

 

 

      

TOTAL REVENUES

   $ 7,259,828       $ 6,496,293         12  
  

 

 

    

 

 

      

GEOGRAPHY

          

Americas

   $ 3,028,141       $ 2,675,490         13     14

EMEA

     2,798,135         2,591,571         8        10   

Asia Pacific

     970,974         786,560         23        20   
  

 

 

    

 

 

      

TOTAL Net Revenues

   $ 6,797,250       $ 6,053,621         12     13
  

 

 

    

 

 

      

TYPE OF WORK

          

Consulting

   $ 3,775,186       $ 3,509,482         8     8

Outsourcing

     3,022,064         2,544,139         19        20   
  

 

 

    

 

 

      

TOTAL Net Revenues

   $ 6,797,250       $ 6,053,621         12     13
  

 

 

    

 

 

      
     Six Months Ended      Percent     Percent
Increase
 
     February 29,
2012
     February 28,
2011
     Increase
U.S. Dollars
    Local
Currency
 

OPERATING GROUPS

          

Communications, Media & Technology (1)

   $ 3,016,564       $ 2,558,925         18     17

Financial Services

     2,860,458         2,566,738         11        10   

Health & Public Service

     2,110,181         1,896,212         11        10   

Products

     3,254,149         2,769,687         17        16   

Resources

     2,620,076         2,299,333         14        13   

Other

     10,319         8,376         n/m        n/m   
  

 

 

    

 

 

      

TOTAL Net Revenues

     13,871,747         12,099,271         15     14

Reimbursements

     977,189         875,215         12     
  

 

 

    

 

 

      

TOTAL REVENUES

   $ 14,848,936       $ 12,974,486         14  
  

 

 

    

 

 

      

GEOGRAPHY

          

Americas

   $ 6,102,858       $ 5,308,830         15     15

EMEA

     5,806,663         5,229,298         11        10   

Asia Pacific

     1,962,226         1,561,143         26        20   
  

 

 

    

 

 

      

TOTAL Net Revenues

   $ 13,871,747       $ 12,099,271         15     14
  

 

 

    

 

 

      

TYPE OF WORK

          

Consulting

   $ 7,858,610       $ 7,077,430         11     10

Outsourcing

     6,013,137         5,021,841         20        19   
  

 

 

    

 

 

      

TOTAL Net Revenues

   $ 13,871,747       $ 12,099,271         15     14
  

 

 

    

 

 

      

 

n/m = not meaningful

 

(1) On September 1, 2011, the Company renamed the Communications & High Tech operating group to Communications, Media & Technology. No amounts have been reclassified in any period in connection with this name change.


ACCENTURE PLC

OPERATING INCOME BY OPERATING GROUP (OG)

(In thousands of U.S. dollars)

(Unaudited)

 

     Three Months Ended        
     February 29, 2012     February 28, 2011        
OPERATING GROUPS    Operating
Income
     Operating
Margin
    Operating
Income
     Operating
Margin
    Increase
(Decrease)
 

Communications, Media & Technology (1)

   $ 203,406         14   $ 150,445         12   $ 52,961   

Financial Services

     142,714         10        204,214         16        (61,500

Health & Public Service

     99,593         9        89,569         9        10,024   

Products

     184,257         12        125,785         9        58,472   

Resources

     259,329         20        201,564         17        57,765   
  

 

 

      

 

 

      

 

 

 

Total

   $ 889,299         13.1   $ 771,577         12.7   $ 117,722   
  

 

 

      

 

 

      

 

 

 
     Six Months Ended        
     February 29, 2012     February 28, 2011        
OPERATING GROUPS    Operating
Income
     Operating
Margin
    Operating
Income
     Operating
Margin
    Increase
(Decrease)
 

Communications, Media & Technology (1)

   $ 431,933         14   $ 343,686         13   $ 88,247   

Financial Services

     357,569         13        448,795         17        (91,226

Health & Public Service

     212,427         10        147,352         8        65,075   

Products

     403,032         12        283,046         10        119,986   

Resources

     465,476         18        375,633         16        89,843   
  

 

 

      

 

 

      

 

 

 

Total

   $ 1,870,437         13.5   $ 1,598,512         13.2   $ 271,925   
  

 

 

      

 

 

      

 

 

 

 

(1) On September 1, 2011, the Company renamed the Communications & High Tech operating group to Communications, Media & Technology. No amounts have been reclassified in any period in connection with this name change.


ACCENTURE PLC

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

 

     February 29, 2012      August 31, 2011  
     (Unaudited)         

ASSETS

     

CURRENT ASSETS:

     

Cash and cash equivalents

   $ 5,568,746       $ 5,701,078   

Short-term investments

     3,107         4,929   

Receivables from clients, net

     3,355,991         3,236,059   

Unbilled services, net

     1,418,767         1,385,733   

Other current assets

     1,208,069         1,143,384   
  

 

 

    

 

 

 

Total current assets

     11,554,680         11,471,183   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

     

Unbilled services, net

     12,111         49,192   

Investments

     39,376         40,365   

Property and equipment, net

     775,871         785,231   

Other non-current assets

     3,426,058         3,385,539   
  

 

 

    

 

 

 

Total non-current assets

     4,253,416         4,260,327   
  

 

 

    

 

 

 

TOTAL ASSETS

   $ 15,808,096       $ 15,731,510   
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

CURRENT LIABILITIES:

     

Current portion of long-term debt and bank borrowings

   $ 4,653       $ 4,419   

Accounts payable

     892,436         949,250   

Deferred revenues

     2,370,869         2,219,270   

Accrued payroll and related benefits

     2,888,991         3,259,252   

Other accrued liabilities

     1,380,902         1,474,398   
  

 

 

    

 

 

 

Total current liabilities

     7,537,851         7,906,589   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

     

Long-term debt

     1,201         —     

Other non-current liabilities

     3,275,899         3,474,049   
  

 

 

    

 

 

 

Total non-current liabilities

     3,277,100         3,474,049   
  

 

 

    

 

 

 

TOTAL ACCENTURE PLC SHAREHOLDERS’ EQUITY

     4,468,553         3,878,951   

NONCONTROLLING INTERESTS

     524,592         471,921   
  

 

 

    

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

     4,993,145         4,350,872   
  

 

 

    

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

   $ 15,808,096       $ 15,731,510   
  

 

 

    

 

 

 


ACCENTURE PLC

CONSOLIDATED CASH FLOWS STATEMENTS

(In thousands of U.S. dollars)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     February 29, 2012     February 28, 2011     February 29, 2012     February 28, 2011  

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

   $ 714,190      $ 565,750      $ 1,425,947      $ 1,171,306   

Depreciation, amortization and asset impairments

     147,010        121,084        279,635        241,143   

Share-based compensation expense

     160,959        133,092        261,517        218,188   

Change in assets and liabilities/other, net

     (164,346     (218,822     (634,028     (923,134
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     857,813        601,104        1,333,071        707,503   
  

 

 

   

 

 

   

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Purchases of property and equipment

     (85,379     (78,575     (166,254     (154,058

Purchases of businesses and investments, net of cash acquired

     (2,821     (58,219     (162,876     (118,262

Other investing, net

     909        1,209        1,928        1,895   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (87,291     (135,585     (327,202     (270,425
  

 

 

   

 

 

   

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

        

Proceeds from issuance of ordinary shares

     88,932        111,764        228,879        282,035   

Purchases of shares

     (464,974     (177,492     (750,079     (797,212

Cash dividends paid

     —          —          (474,896     (320,650

Other financing, net

     (2,240     18,836        30,197        85,328   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

     (378,282     (46,892     (965,899     (750,499

Effect of exchange rate changes on cash and cash equivalents

     84,600        98,465        (172,302     152,673   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

     476,840        517,092        (132,332     (160,748
        

CASH AND CASH EQUIVALENTS, beginning of period

     5,091,906        4,160,452        5,701,078        4,838,292   
  

 

 

   

 

 

   

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS, end of period

   $ 5,568,746      $ 4,677,544      $ 5,568,746      $ 4,677,544