UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 2009
ACCENTURE LTD
(Exact name of Registrant as specified in its charter)
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| Bermuda
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001-16565
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98-0341111 |
(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.) |
Canon’s Court
22 Victoria Street
Hamilton HM12, Bermuda
(Address of principal executive offices)
Registrant’s telephone number, including area code: (441) 296-8262
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 2.05. |
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Costs Associated with Exit or Disposal Activities. |
On August 20, 2009, Accenture Ltd (“Accenture” or the “Company”) announced that, as part of its
strategy to drive future growth and profitability, it is taking steps to reduce excess real estate
capacity and to realign its workforce. These actions will result in a pre-tax restructuring charge of
approximately $247 million in the
fourth quarter of fiscal 2009, ending August 31.
Approximately
$119 million of the charge is related primarily to the reduction of excess office
space globally, which will increase the productivity of the Company’s fixed cost base and generate
ongoing savings.
Approximately $128 million of the charge is for severance and related costs of workforce actions,
primarily at the senior-executive level, which are designed to ensure that the Company’s global
workforce is properly aligned to best serve the evolving needs of its clients and its business.
These actions will reduce Accenture’s senior-executive ranks by approximately 7 percent.
The Company expects the space reductions to be completed by the end of the current fiscal year and
the workforce actions to be substantially completed during the first quarter of fiscal year 2010.
The
pre-tax restructuring charge includes approximately $22 million of non-cash asset impairments
principally related to the global consolidation of excess office
space. The remaining $225 million
comprises cash-related expenditures primarily for workforce- and office-lease-related costs, the
majority of which will affect the company’s cash flows in the first quarter of fiscal 2010.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements contained herein
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: our results of operations could be adversely affected by
economic and political conditions and the effects of these conditions on our clients’ businesses
and levels of business activity; our results of operations could be negatively affected if we
cannot expand and develop our services and solutions in response to changes in technology and
client demand; the consulting, systems integration and technology and outsourcing markets are
highly competitive and we might not be able to compete effectively; our work with government
clients exposes us to additional risks in the government contracting environment; clients may not
be satisfied with our services; our results of operations could be adversely affected if our
clients terminate their contracts with us on short notice; our outsourcing services subject us to
operational and financial risk; our results of operations may be adversely affected by the type and
level of technology spending by our clients; our profitability may suffer if we are not able to
maintain favorable pricing rates and utilization rates, if we cannot control our costs, or if we
cannot anticipate the cost and complexity of performing our work; our business could be negatively
affected by legal liability that results from our providing solutions or services; the anticipated
benefits of the new Health & Public Service operating group, Technology growth platform and
Business Process Outsourcing growth platform may not be achieved; the introduction of
organizational changes and appointment of new executive leadership team members may not help us
achieve desired results; we may not be able to effectively drive
future growth and profitability including if our efforts to reduce excess real
estate capacity and realign our workforce do not go as anticipated; our global operations are
subject to complex risks, some of which might be beyond our control; our growth and our ability to
compete may be adversely affected if we cannot attract, retain and motivate our employees or
efficiently utilize their skills; our ability to attract and retain business may depend on our
reputation in the marketplace; as well as the risks, uncertainties and other factors discussed
under the “Risk Factors” heading in our most recent annual report on Form 10-K, our quarterly report on Form 10-Q
for the period ended May 31, 2009, and other documents filed with or furnished to the Securities
and Exchange Commission. Statements contained herein speak only as of the date they were made, and
Accenture undertakes no duty to update any forward-looking statements made herein or to conform
such statements to actual results or changes in Accenture’s expectations.