High Performance Today and Tomorrow Copyright © 2005 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. Annual Report 2005 About Accenture Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. Compound Annual Growth Rate 1989–2005 16% Revenues Before Reimbursements1 Years Ended August 31 $16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2002 $ 3,182 2,366 1,316 2,696 2,005 9 $ 11,574 2002 $ 4,963 5,836 775 $ 11,574 2005 $ 15,547 13,673 2004 11,818 2003 11,574 2002 11,444 2001 9,752 2000 9,550 1999 8,215 1998 6,275 1997 4,942 1996 4,001 1995 3,220 1994 2,833 1993 2,583 1992 2,256 1991 1,876 1990 1,433 1989 Revenues Before Reimbursements by Operating Group Communications & High Tech Financial Services Government Products Resources Other 2005 Percent Change 2004 Percent Change 2003 Percent Change $ 4,001 3,408 2,172 3,570 2,389 7 $ 15,547 7% 23 9 20 10 n/m 14% $ 3,741 2,771 1,995 2,979 2,178 9 $ 13,673 14% 18 26 14 11 n/m 16% $ 3,290 2,355 1,582 2,613 1,966 12 $ 11,818 3% 0 20 (3) (2) n/m 2% Revenues Before Reimbursements by Geography EMEA 2 Americas Asia Pacific Total Revenues Before Reimbursements 2005 Percent Change 2004 Percent Change 2003 Percent Change $ 7,735 6,730 1,082 $ 15,547 18% 10 12 14% $ 6,572 6,133 968 $ 13,673 23% 8 22 16% $ 5,353 5,671 794 $ 11,818 8% (3) 2 2% 1 This chart reflects revenues before reimbursements (“net revenues”). Reimbursements include travel and out-of-pocket expenses and third-party costs, such as the cost of hardware and software resales. Reimbursements are included in revenues, and an equivalent amount of reimbursable expenses is included in cost of services. Reimbursements and reimbursable expenses are disclosed separately in our Consolidated Income Statements. Data presented for the 12 months ended August 31, 1997, and prior periods are derived from unaudited financial information. 2 EMEA includes Europe, the Middle East and Africa. n/m = not meaningful. US dollar amounts in millions. • Outsourcing—Accenture’s outsourcing services Total Revenues Before Reimbursements Accenture offers expertise in consulting, technology and outsourcing to help clients perform at the high- est levels so they can create sustainable value for their customers, employees and shareholders. We use our industry and business-process knowledge, service offering expertise and insight into emerging technolo- gies to identify new business and technology trends and to formulate and implement solutions for clients. Our industry focus gives us an understanding of industry evolution, business issues and applicable tech- nologies, enabling us to deliver innovative solutions tailored to each client or, as appropriate, standardized capabilities to multiple clients. Our three key service areas—Consulting, Technology and Outsourcing—are the innovation engines through which we develop knowledge capital, build world-class skills and capabilities, and create, acquire and manage assets central to the development of solutions for our clients. • Consulting—Accenture clients draw upon our com- pany’s extensive industry and functional expertise. To complement our industry teams, Accenture offers expertise in strategy, business transformation, and specialty and functional consulting. • Technology—Accenture helps organizations manage the full range of their information technology needs. We develop and deploy custom and application soft- ware to streamline and integrate business processes and systems. We provide solutions to help organiza- tions optimize their IT infrastructures and also turn data into insights. Working with our alliance partners Microsoft, Oracle and SAP, and our Avanade subsidiary, we develop and deliver cost-effective, innovative, technology-enabled business solutions. include business process outsourcing (BPO), appli- cation outsourcing and infrastructure outsourcing. Through our BPO services and units, we manage specific business processes or functions for clients, providing solutions that are more efficient and cost- effective than if the functions were provided in house. Our global delivery model allows us to draw on the benefits of resources from around the world—including specialized technology skills, foreign language fluency, proximity to clients and time zone advantages—to deliver high-quality solutions under demanding time frames. Emphasizing quality, reduced risk, speed to market and predictability, our global delivery model enables us to provide clients with price-competitive services and solutions that drive higher levels of performance. For more information on Accenture’s capabilities, go to www.accenture.com/services High performance is about superior results, as immediate as today’s stock price and as uncertain as the opportunities of tomorrow. Only a few organizations enjoy a clear view of both. The Accenture Annual Report 2005 looks at how we help our clients join this enviable group…and how we apply the same approach to our own business. Contents About Accenture Letter from Our Chief Executive Officer Financial Highlights Building High Performance at Accenture High Performance Today and Tomorrow Vodafone Germany Staples UK Department for Work and Pensions NSW Health Royal & SunAlliance Sinopec Corp. KeySpan Corp. AMREF Financial Statements Financial and Other Notes Board of Directors and Executive Leadership Team Shareholder Information Cover Foldout 4 9 10 17 18 20 22 24 26 28 30 32 34 36 38 Inside Back Cover High Performance Delivered. Today. How does Accenture deliver high performance? We help our clients strike the balance between today’s challenges and tomorrow’s opportunities…and we do the same for ourself. And Tomorrow. NYSE: ACN 3 To Our Stakeholders: Bill Green Chief Executive Officer It has been a pleasure and a privilege for me to lead Accenture this past year. I have been fortunate to work with an exceptional senior management team that is committed to our success and makes decisions every day in the best interests of all our stakeholders—including our shareholders, our clients, the communities in which we live and work, and the 123,000 men and women who make this company special. In fiscal 2005, we continued the momentum around our mission to help our clients become high-performance businesses and governments. We directed our energy toward driving profitable growth in our key service areas: Consulting, Technology and Outsourcing. We outperformed our key competitors on most dimensions, and we met our commitments to shareholders. Throughout our history, we’ve operated with one foot in today and one foot in tomorrow. This year was no different. We delivered strong results yet also positioned Accenture for future growth. We believe this is critical to remaining relevant to our clients and our people—and to staying ahead of the competition. Delivering Results Today Fiscal 2005 was a solid year for Accenture in terms of top- and bottom-line growth, and we performed well against our four key financial objectives: growing revenue ahead of our indus- try; maintaining/expanding operating margins; achieving double-digit growth in earnings per share (EPS); and maintaining a strong balance sheet and cash flow. Our revenues before reimbursements (“net revenues”) were $15.55 billion, an increase of 14 percent in US dollars and 10 percent in local currency—well ahead of the industry average. We achieved our operating margin target of 13 percent for the year and exceeded $2 billion in operating income for the first time. Diluted EPS increased 28 percent to $1.56. In addition, relative to the companies in the S&P 100, Accenture would rank first for return on invested capital (ROIC); second for return on assets (ROA); and sixth for return on equity (ROE). (See Financial and Other Notes on page 36.) All five of our operating groups delivered solid revenue growth. We also had double-digit revenue growth in all three of our geographic regions, surpassing $1 billion in net revenues in Asia Pacific for the first time. Our Consulting business showed continued momentum. Consulting net revenues grew 11 per- cent in US dollars and 7 percent in local currency, our highest annual growth in Consulting since we became a public company in 2001. Growth in our Outsourcing business was solid as well. Outsourcing net revenues increased 18 percent in US dollars and 14 percent in local currency. We also delivered on our commitment to return cash to shareholders. We purchased $1.6 billion worth of Accenture shares during fiscal 2005, and we declared and paid Accenture’s first divi- dend in early fiscal 2006. Our performance reflects the hard work and contributions of our people. As evident in our results, we believe our commitment to deliver high performance translates to success for all our stakeholders. Helping our clients achieve high performance Accenture delivers outcomes that help our clients improve their performance. We build long-term relationships with our clients—who include nearly two-thirds of the Fortune Global 500 as well as government agencies in more than 30 countries. In fact, of our top 100 clients, 96 have been clients for at least five years, 83 have been clients for at least 10 years and more than one-third have been clients for at least 15 years. We expanded many of these relationships this past year. For instance, we signed an agreement with The Dow Chemical Company to continue as a strategic services supplier and provide a broad range of business application development, imple- mentation and support services, extending to 2011. The agreement expands on our successful relation- ship over the past 10 years, during which we have helped Dow improve IT development and implement key strategic initiatives. Our people are focused on delivering innovative yet practical services and solutions that make 4 Annual Report 2005 NYSE: ACN 5 Our commitment to deliver high performance translates to success for all our stakeholders. a difference in our clients’ business results. We are proud to have assisted United States Steel Corporation in its dramatic turnaround in the past two years through consulting projects in both its US and European operations. Another example of delivering high performance is the work we did with the Government of Norway to create a Microsoft-based electronic data dialogue system, which has automated and significantly simplified public reporting requirements for the country’s more than 4 million citizens and 400,000 busi- nesses. In this annual report, you will find additional stories that demonstrate our commit- ment to helping our clients drive higher levels of performance. A key component to our success with clients has been the growth of our Global Delivery Network, which comprises Accenture professionals working at client sites and at more than 40 world-class delivery centers in 22 countries. In fiscal 2005 we expanded this network to more than 35,000 employees, with more than 16,000 in India. With a long track record in global delivery, our network provides a wide array of price-competitive tech- nology and business process outsourcing (BPO) services—virtually anywhere in the world. Today, approximately 70 of our top 100 clients are using elements of our global delivery model. Recruiting and developing the best people Our clients continually tell us that they choose Accenture because our people are the best in the industry. Our people are known for their innova- tion, industry expertise and proven experience in consulting, technology and outsourcing. Coming from a broad range of cultural, educational and geographic backgrounds, our people offer differ- ent perspectives in helping our clients bring their ideas to life—and in bringing Accenture’s ideas to life. In fiscal 2005 we recruited aggressively across all our major geographic locations to meet our demand for services. We welcomed more than 42,000 people to Accenture and grew our workforce to more than 123,000 employees. We achieved important milestones in our ongoing effort to educate, energize and inspire our people. We introduced a new career framework that will help us build an even stronger team of profes- sionals with a shared commitment to helping our clients achieve high performance. The new career framework addresses how Accenture people develop and manage their careers and better defines career paths and professional growth opportunities. We created, as part of this effort, a single Senior Executive Career Model, which unifies our approximately 4,500 leaders and reflects the true diversity of our workforce as well as our depth and breadth of capabilities. Also, we invested $546 million in the professional development of our people in fiscal 2005. Inclusion and diversity remain a priority to ensure that we are bringing our clients the best minds, talents, experiences and perspectives. Our recogni- tion in this area includes being ranked one of the top 25 notable companies in diversity by Diversity, Inc., and being named to Working Mother magazine’s list of “100 Best Companies for Working Mothers.” As our workforce expands, we continue to empha- size our long-standing core values: stewardship, best people, client value creation, one global network, respect for the individual and integrity. We are also very serious about our Code of Business Ethics. Our people are grounded in this code, and we conduct extensive training on related topics to guide ethical decision making in all our operations. Positioning Accenture for Tomorrow While we are proud of our ability to deliver on our near-term commitments and run Accenture as a world-class company today, we continue to take steps to position Accenture for future growth. Constant renewal is an important part of high performance, and throughout our history we have reinvented Accenture to remain relevant to our clients and the marketplace. In fiscal 2005, we launched an initiative to explore opportunities to accelerate growth. This effort, which we call Horizon 2012, is about writing the next chapter in our history. As part of this work, we confirmed that our High Performance Business strategy is relevant, power- ful and differentiating, and will continue to be the platform upon which we grow Accenture. 6 Annual Report 2005 NYSE: ACN 7 Delivering results today—building momentum for tomorrow. Twelve months ended August 31, 2005 Growth in revenues before reimbursements (“net revenues”) Operating income as a percentage of net revenues 14% 13.6% 28% $1.6B Growth in diluted earnings per share Free cash flow Defined as operating cash flow of $1.9 billion net of property and equipment additions of $0.3 billion We identified significant potential for growth in Consulting, Technology and Outsourcing. We also agreed to bold actions that will drive growth geographically, both in our existing markets and in emerging markets like China and India, and we launched an effort to pursue new businesses in high-growth market segments. To take advantage of these growth opportunities, we are strengthening our position as a technol- ogy leader. We are also enhancing our industry programs and developing reusable assets to create services and solutions that will help us compete more aggressively and move more quickly in the marketplace. We are excited about our progress and believe this focus on growth will help position Accenture, and our stakeholders, for long-term success. courage to change, even when Accenture was at the very top of its game. I have all the confidence that Accenture’s men and women have the ambition and ability to seize our growth opportunities for the benefit of all our stakeholders. In doing so, we will demonstrate our commitment to make Accenture an even stronger company for tomorrow. We have set the tone for Accenture in 2006 and beyond: To continue to do innovative work while remaining responsible guardians of our brand, financial performance and core values. The next chapter in our history starts now. The Next Chapter In fiscal 2005, we followed in the footsteps of the stewards of our business who always had the William D. Green Chief Executive Officer December 15, 2005 Annual Report 2005 NYSE: ACN Building High Performance at Accenture This past year, Accenture focused strategic attention on the three building blocks of high performance: market focus and position, distinctive capabilities and performance anatomy. In the two years since Accenture began its analysis of High Perform- ance Business, we have built an unparalleled foundation of insight and continued to refine our hypotheses. This past year, we extended our effort through research focused upon specific areas of high performance, such as by industry, functional specialty or economic cycle. As the diagram on page 13 illus- trates, our investigation has shown that high-performance businesses all share three characteristics: market focus and position, distinc- tive capabilities and a quality we call performance anatomy. Fewer than one in 10 of all the organizations Accenture has studied can be considered a high-performance business. Nevertheless, the widespread appetite for our High Performance Business research findings has justified the rigorous methodology we apply and confirmed its com- mercial relevance. What follows is a look at some of the ways Accenture has addressed the three building blocks of high performance. Market Focus and Position: High performance entails choosing clear priorities to maximize structural economic advantage. During this past year, Accenture made strategic decisions that radiated through several dimen- sions of our business: geographies, industries, functional capabilities and new offerings. Leading the BPO Evolution Accenture pioneered the BPO market 14 years ago and is intent on continuing to lead the BPO market evolution. We see client demands evolving from single busi- ness processes to “bundled” BPO solutions for multiple processes to industry-specific customization. We provide our clients the full array of business process services underpinned by operational excel- lence and cost-effectiveness. Today, BPO at Accenture is organized along “horizontal” and “vertical” lines. Our horizontal, or cross-industry, BPO units include Accenture Cus- tomer Contact Services, Accenture Finance Solutions, Accenture HR Services, Accenture Learning and Accenture Procurement Solutions. Increasingly clients are seeking bundled BPO services where we provide multiple BPO services on a shared services basis. We also offer BPO solutions through our vertical, or industry- specific, BPO units, which are Navitaire for the airline industry, Accenture Data Management Services for the capital markets industry and Accenture Insurance Services. Further, we provide client-specific BPO services to address performance or capability needs via innovation in process and delivery. Combined with our application outsourcing and infrastructure outsourcing business, Accenture has the broadest outsourcing services offering in the market, unmatched in scope, scale and depth. We provide outsourcing services to more than 600 clients in 45 countries, serving nearly every industry sector, providing services close to clients’ business operations and remotely via our extensive Global Delivery Network. Our Global Delivery Network Accenture created the Global Delivery Network to meet clients’ needs for technology and business solutions anywhere in the world. The network now consists of more than 40 delivery centers around the world and additional pools of Accenture employees working onsite at client facilities. (See illus- tration on page 14.) The network enables us to offer clients compre- hensive sourcing solutions, using flexible combinations of skilled employees based on client business objectives. Through the Accenture Global Delivery Network, clients can take advantage of consistent skill sets, industry-standard tech- nologies and BPO solutions. They can leverage time zone differences and fluency in multiple languages to provide customer services or back-office functions. Most of all, clients get immediate access to Accenture’s vast sourcing experience. In fiscal 2005, Accenture opened five new delivery centers—in Chennai and Hyderabad (both in India), Riga (Latvia), São Paulo (Brazil) and Toronto (Canada). Accenture is committed to keeping the Global Delivery Network at the very edge of developments in technology, business function and strategy. To that end, Accenture has been a leader in structuring client agreements that incorporate incentives for continued innovation and performance improvements. Accenture in China and India To support our global client service commitment, Accenture continues to target emerging markets. This past year, we focused on growth in China and India, two of the most dynamic markets in the 10 Annual Report 2005 NYSE: ACN 11 Because today’s advantage all too often becomes tomorrow’s commodity, Accenture invests substantially in innovation to ensure that we remain ahead of competitors. To achieve high performance, organizations need to get three things right. Maximizing business results by targeting the right place at the right time Market Focus and Position world today. In China, Accenture’s strategy remains one of gaining market share, building skills and expanding capabilities. The number of Accenture employees based in Greater China grew by 53 per- cent during fiscal 2005, to reach nearly 2,000. We continued the implementa- tion of a new generation trading platform for the Shanghai Stock Exchange to enable expanded trading capabilities and product innovation. We started an engage- ment with China Telecom and neared completion on one with the Shenzhen State Tax Bureau. Our work with the tax bureau not only has helped the client improve operational efficiency and provide better services to taxpayers, it has received nationwide acclaim and is considered a national model for how IT integration of state tax should be planned, managed and run. In India, Accenture is a premier destination for both clients and prospective employees. Our business there includes systems building and scale provision of application outsourcing, infra- structure outsourcing and BPO services. Accenture also has continued to build its foundation for serving the domestic India market, which we expect will offer great potential. Accenture inaugurated its Global Careers Program to provide employees in India and elsewhere the opportunity for international assignments throughout the Accenture Global Delivery Network. Distinctive Capabilities: High-performance busi- nesses nurture and invest in distinctive capabilities that competitors cannot easily match. At Accenture, this means using our High Performance Business research framework to drive the development of proprietary offerings, assets and tools. Our differentiation strategy rests upon a superior ability to offer clients both scale and customization. Creating New Markets Through Innovation Because today’s advantage all too often becomes tomorrow’s commodity, Accenture invests substantially in innovation to ensure that we remain ahead 12 Annual Report 2005 Continuous Balance, Alignment and Renewal Distinctive Capabilities Performance Anatomy Out-executing through consistent, competitive mindsets Being customer- focused to create a unique business Through insight and action, the best companies continuously balance, align and renew three building blocks of high performance—market focus and position, distinctive capabilities and performance anatomy. NYSE: ACN 13 Performance on a Global Scale: Accenture leverages its Global Delivery Network to meet clients’ needs anywhere in the world, providing a full range of technol- ogy and outsourcing services. To support our global client service commitment, Accenture continues to target emerging markets. of competitors. At Accenture, innovation consists of break- through thinking, systematic forecasting on behalf of our clients and investment in a growing portfolio of proprietary solutions. Our focus on innovation informs an aggressive Accenture program of patent development and intel- lectual property protection. As of August 31, 2005, Accenture had 1,241 patent applications pend- ing in the United States and other jurisdictions and had been issued 171 US patents and 76 non-US patents. All of these activities come from a perspective that is oriented to action and implementation. The Accenture Institute for High Performance Business is one of our centers for “thinking and acting,” where formal research efforts nurture ideas from the frontier of business thinking through to com- mercial viability. The institute has been a source of pioneering work in such areas as future-value and intangible-assets analysis. This past year, Harvard Business Review included the institute’s work in its annual “Breakthrough Ideas” survey as well as its feature article “Toward a Theory of High Performance.” Accenture Technology Labs, based in the United States and France, is our formal R&D organization. The labs conduct technology-trend research and develop assets that help clients respond to innovation. This past year the labs began a rigorous survey of 35 emerging technologies that may affect client businesses during the next five years. Insight from the research will be shared with clients to help drive their future high performance. To anticipate client needs, Accenture has built a portfolio of nearly 50 asset-based solutions. In our busi- ness consulting area, for example, we strengthened our mergers and acquisitions teams by expanding our specialty in post-merger integration. The offering includes access to proprietary models such as the Accenture Intelligent Clean Room, through which merger partners can share sensitive data and plan post-merger integration within strict regulatory guidelines. In Outsourcing, we introduced the Accenture Rapid Transition Suite, a proprietary tool that facilitates the movement of knowledge between workers, organizations and locations. In Technology, we announced plans to invest $100 million over the next three years to launch Accenture Information Management Services as a response to client needs for help with data manage- ment issues of quality, governance, compliance and security. Accenture fosters a culture of collaboration among different parts of our company, bringing innovation concepts into practical reality. As just one example, our Communications & High Tech operating group partnered with Accenture Technology Labs to develop a “Next Generation Consumer Experience,” which showcases promising advances in digital sensing, customer interac- tivity and marketing. Performance Anatomy: The organizational qualities intrinsic to high performance comprise what we call “performance anatomy.” This building block, which touches decisions about business models, incentives and values, underlies the obligation that all employees have to personify the company’s mission in their daily work. Enabling High Performance Accenture continued to strengthen its own performance anatomy by motivating our people and helping them develop their skills, by build- ing the Accenture brand and by promoting our core values. Six core values shape the culture and define the character of our company: • Stewardship • Best people • Client value creation • One global network • Respect for the individual • Integrity We see a direct correlation between the embodiment of these values and the ultimate success of our business strategy. Living the Brand The Accenture brand and our High Performance Business strategy are important differentiators. Because our people embody the Accenture brand, we continue to educate them about our brand, positioning and business strategy so they can reinforce these attributes while they help our clients achieve high performance. The Accenture brand is a vital element in recruiting and retaining a global workforce that grew to more than 123,000 in fiscal 2005. Accenture also received important endorsements for our brand and market positioning in 2005. BusinessWeek ranked Accenture No. 51 among its “Top 100 Global Brands.” Fortune named Accenture its top-ranked “Computer & Data Services” company in its annual “America’s Most Admired Compa- nies” survey. In addition, Portugal’s Exame magazine named Accenture “Best Services Company of the Year” in its annual review of businesses. 14 Annual Report 2005 NYSE: ACN 15 For more information on High Performance Business, go to www.accenture.com/High_Performance_Business High Performance Today and Tomorrow The following pages look at how Accenture works with clients to help them achieve high performance. In each example, measurable results define and drive the project at hand, while a long-term perspective frames the relationship. Our Core Values, Beyond the Workplace Many Accenture employees join the company for the opportunity to tackle complex problems and make a tangible difference. Accenture encourages employees to channel this desire and leverage their skills beyond the workplace. Our formal corporate citizenship approach is characterized by several principles. We seek to partner with like-minded not-for- profit organizations and donors to multiply the impact of our own efforts, as illustrated by our work with the African Medical and Research Foundation. (See page 32.) We capitalize on our strengths in consulting, project delivery and technology enablement to the benefit of targeted not-for- profit organizations. We help create self-sustaining solutions, selecting initiatives through which contributions of Accenture time, technology or resources facilitate lasting impact. Further, we strive to create solutions that can be leveraged elsewhere. which Accenture professionals accept reduced salaries to enable delivery of affordable consulting for not-for-profit organizations in international development. In many countries Accenture is pursuing pro-bono programs to provide services to not-for-profit organizations—in Spain alone more than 140,000 hours have been donated over the last three fiscal years. As part of our on- going Global Giving Program, the Accenture Foundations contributed $1 million to help build a Global Relief Network for Aidmatrix, a not-for-profit organization that uses supply chain capabilities to deliver humanitarian aid; 5 million people already have benefited from the pilot phase of this work. Another commitment we made was to extend our highly success- ful Accenture Development Partnerships program, through The Journey to High Performance The high-performance business operates in an uncertain world, based on imperfect informa- tion, with no error-proof theories to guide the way. Accenture’s goal is to serve as a partner on the journey to becoming a high- performance business, helping interested organizations with perspective, expertise and execu- tion. In our experience, enterprises achieve high performance through continuous effort, accepting change as a given—and as an opportunity. Vodafone Germany Staples UK Department for Work and Pensions NSW Health Royal & SunAlliance Sinopec Corp. KeySpan Corp. AMREF 18 20 22 24 26 28 30 32 16 Annual Report 2005 16 Annual Report 2005 NYSE: ACN 17 Vodafone Germany recharges for the future of mobile communications Vodafone is the world’s largest telecom- munications company in terms of market capitalization. It operates in Europe, the Americas, Africa and Asia. Vodafone Germany is the company’s largest subsidiary, operating in Germany and serving 28 million customers. Vodafone Germany already was a market-leading, profitable business when Accenture was invited to help transform the company’s technology organization. With more than 3,500 employees, the network and IT unit had been the central engine in keeping Vodafone Germany at the forefront of revolutions in mobility, “infotainment” and business productivity tools. The company wanted even more: Vodafone Germany executives call it “future proofing” their high-performance technology organization. In less than 10 months, Vodafone Germany and Accenture defined and executed a major transformation program that significantly improved key functions such as IT customer service, network development, rollout and operations, and overall technology governance. Now, every Vodafone Germany business unit has a single, simplified interface with the technology organization, a critical foundation for the company’s ability to quickly launch and support multiple, new mobile services at competitive cost. The Vodafone Germany technology engagement is just one important element of a global partnership between Accenture and the Vodafone Group. The two companies continue to partner on dozens of initiatives in the global One Vodafone transforma- tion program. This includes development of the global service delivery for the Vodafone live! multimedia distribution channel, major customer relationship management initiatives and operational integration for Vodafone’s various subsidiaries. NYSE: ACN 19 In Berlin, Karoline Willems uses her mobile phone to tap into a fast- growing menu of Vodafone Germany voice, data and multimedia offerings. Accenture helped transform the company’s IT organization, which forms the hub of its new-product development process. 18 Annual Report 2005 Staples transforms supply chain for high performance Staples is the world’s largest office products company, serving customers in 21 countries. The company pioneered the category of the “office supply superstore” and today operates through more than 1,700 stores, as well as catalogs, e-commerce and contract businesses. Since its founding in 1986, Staples has demonstrated high performance, leading the office supply sector during two decades of explosive growth. As its market- place matures, Staples turned to Accenture to help refine its signature “big box” retail model, drive a focus on operational excellence and deliver on its brand promise of making it easy to buy office products. During a 30-month engagement, Accenture helped Staples’ US retail division implement a broad strategy to address supply chain, inventory management, retail operations, merchandising and marketing. The results were multiple and tangible: Even though more than $300 million in inventory was eliminated, Staples was able to make it easier for customers to shop the stores by improving product in-stock by about 3 percent. Over two years, this dramatic in-stock improvement, together with the merchandising and marketing improvements, contributed in excess of $100 million in incremental sales and more than $100 million in operating profit improvement. Staples originally turned to Accenture to access the company’s expertise in supply chain management. The result was not only a stream of supply chain improvements, but also better use of in-store space, increased selling effectiveness and a new category- management strategy. By teaming with Accenture, Staples now has a sustainable supply chain process that allows the office supply superstore to continually identify opportunities for even greater performance. 20 Annual Report 2005 Digene Farrar at a Staples store in Redmond, Washington. Accenture helped implement tighter coordination between Staples’ distribution ware- houses and its North American stores, driving in-store product availability and improved sales. NYSE: ACN 21 UK Department for Work and Pensions sets “minutes” as its standard for pensions transformation The Department for Work and Pensions is the United Kingdom’s government department for employment, workplace and retirement issues. Through its Pension Service, the department provides state financial support and retirement planning to more than 11 million pensioners. telephone call. To help achieve this goal, a new Customer Information System provides customer service representatives with details for all UK citizens. For the other program, Accenture delivered an online service called Real Time Pensions Forecasting to give citizens of all ages access to account information in minutes, replacing a 15-day, paper-based process. The forward-looking nature of the Department for Work and Pensions/Accenture relationship is demon- strated by the agreement structure itself, which is designed to accommodate new client priorities and changing technology. As one example, Accenture is helping the department explore home-outreach measures that would help pensioners remain more independent in their own homes. The United Kingdom’s Department for Work and Pensions is engaged in a multistage modernization program, which will help it continue as a high- performance public-sector enterprise through faster and more easily accessed services. The Pension Service expects to process its 600,000 pension claims per year more efficiently than ever before, moving from a product-centric to customer-centric approach to delivery. Accenture was asked to partner with the department in two programs. In the Pensions Transformation Programme, Accenture helped implement a one-stop call center service so that UK citizens can resolve questions about retirement and eligibility in a single 22 Annual Report 2005 Rodney and Judy Hill on the Thames embankment in greater London. Online and telephone-access solutions developed by Accenture with the Department for Work and Pensions mean UK citizens like the Hills spend less time obtaining information about their pension accounts and more time enjoying their retirement. NYSE: ACN 23 NSW Health makes the “patient journey” its new face of public health NSW Health (New South Wales) is one of the world’s largest public health organizations, serving the 6.6 million residents of Australia’s largest state through its staff of more than 100,000 professionals and its annual budget of more than A$10 billion (US$7.5 billion). ward, thereby delaying others from receiving timely treatment. Under the Access Block Improvement Program, Accenture helped map, redesign and stan- dardize emergency room admission and clinical procedures at 10 NSW Health facilities. As a result, access block cases were reduced between 10 and 40 percent. As part of its commitment to high performance, NSW Health has focused on improving what it calls the “patient journey.” The initiative involves focusing attention on the intricate patient handoffs across the entire continuum of care. In 2004, Accenture was invited to help NSW Health improve performance at a highly visible entrance point to its network: emergency rooms at its public hospitals. NSW Health wanted to measurably reduce “access block”—situations where emergency room patients wait longer than eight hours for admission to the NSW Health’s long-range objective is to deliver care defined by patient needs, rather than by organizational structure. To that end, NSW Health also is working with Accenture to design and launch the Clinical Service Redesign Program. The statewide program supports a “patient-centric” approach through the implementation of new care models, organization structures, care delivery processes and clinical information systems. NYSE: ACN 25 Dr. Marlene Soma in one of the neurosurgery operating theaters at Royal Prince Alfred Hospital in Sydney. Accenture helped standardize emergency room procedures at 10 regional NSW Health facilities so that patients receive uniform and more timely care. 24 Annual Report 2005 Royal & SunAlliance engineers a rapid response to adversity Royal & SunAlliance (R&SA) is a leading multi- national insurance group, providing property and casualty insurance to customers in the United Kingdom, Scandinavia, Canada, Ireland, Italy, Latin America, Asia and the Middle East. In early 2003, following a series of missed financial targets, R&SA’s board brought in new management and charged it with restoring the company to health. R&SA wanted to create a culture and operating model able to deliver high performance. Additionally, it wanted to provide improved products and services to customers, enabling it to deliver sustainable profitabil- ity to shareholders. To help R&SA achieve these goals, Accenture is working with the company on a number of global initiatives tied to very specific R&SA financial objectives. R&SA teamed with Accenture for a number of outsourcing and business transformation solutions, drawing upon Accenture’s worldwide network of delivery centers. R&SA outsourced its UK and Ireland IT application and maintenance functions to Accenture as well as selected UK business processes, such as sales and service calls for personal insurance customers. A complementary business transformation program in the United Kingdom is improving profitability by reducing R&SA’s main product variants from more than 420 to 80 and the number of core information systems from 20 to five. By the end of 2004, these and similar initiatives had helped R&SA generate nearly UK£190 million (US$330 million) in expense savings. From the outset, Accenture and R&SA agreed that “success” would be defined by R&SA’s profitability objectives. To that end, Accenture linked its own financial returns from the engagement to specified improvements in performance metrics, which drive R&SA’s combined operating ratio, a standard insurance industry measure of profitability. NYSE: ACN 27 Property Specialist William Edwards uses Accenture-designed mobile tech- nology at a Royal & SunAlliance claim site in Magna Park, north of London. Accenture outsourcing professionals support Royal & SunAlliance’s claims adjustment process in the United Kingdom, Ireland and Canada. 26 Annual Report 2005 Sinopec Corp. streamlines the back office to strengthen its competitive position Sinopec Corp. (China Petroleum & Chemical Corporation) is a fully integrated energy and chemical company, with operations ranging from oil and gas exploration and production, oil refining and marketing, to petrochemical production and distribution. The company’s common shares are traded on the Shanghai, Hong Kong, London and New York stock exchanges. Since Sinopec Corp.’s initial public offering in 2000, it has committed itself to a mission of high perfor- mance by meeting financial transparency requirements, diversifying the ownership structure, abiding by the rules of the market economy and establishing a mod- ern enterprise. Sinopec Corp. asked Accenture to help implement a world-class enterprise resource planning (ERP) system to link the back-office systems of what had been 80-plus separate branches and subsidiaries. In the past four years, with Accenture’s help Sinopec Corp. has implemented the ERP solution at nearly 40 facili- ties and has reengineered many of its processes and operations to embrace ERP global best practices. Sinopec Corp.’s day-to-day operations have improved, which in turn is driving down costs and delivering benefits to the company’s bottom line. Management also has benefited through improved communication and real-time access to a wider scope of information, providing an integrated view of operations for the first time, enabling more informed and rapid decision making. Sinopec Corp. is now well on the way to completing its organization-wide ERP implementation, the largest ever undertaken in North Asia. Retail gas stations such as this one in central Beijing are the most visible “downstream” destination for Sinopec products sourced from “upstream” in the company’s petroleum exploration and production network. Sinopec’s world-class enterprise resource planning system, designed and imple- mented with the help of Accenture, links together what had been more than 80 subsidiary operations. 28 Annual Report 2005 NYSE: ACN 29 KeySpan powers up for growth KeySpan Corp. is the largest distributor of natural gas in the Northeast United States and a major generator of electricity in New York. The company provides 25 percent of the electricity to New York City and serves a combined 3.7 million gas and electric retail customers. KeySpan had expanded through acquisitions to become a top utility in the Fortune 500 and continued to achieve solid earnings growth for its shareholders during a period of adversity for the utilities sector. But that was not enough for KeySpan’s senior executives, who had set their sights on transforming the company into an industry performance leader. To support KeySpan’s expansion and earnings-per- share growth, the company asked Accenture to partner on a far-reaching Business Transformation Project. The specific goals were to deliver a scalable operating model, build leading capabilities, establish the optimal cost structure and plant the seeds for a performance- based culture for all the employees. The project entailed new business models for KeySpan’s Gas business unit, as well as improved processes and performance for the entire company’s Finance & Accounting, Purchasing & Supply Chain, Generating Fleet and Customer Service functions. The project also enabled KeySpan to hold Operations & Maintenance expenses steady over the last two years. KeySpan’s and Accenture’s efforts to identify revenue increases and cost reductions made a significant contribution to the $50 million to $100 million in annual expense cuts necessary to cover increasing costs. Importantly, while KeySpan had implemented selected reengineering and cost-cutting initiatives in the past, Accenture’s business transformation work with KeySpan was conceived and carried out as a step-change effort that would affect every part of the company. The two-and-one-half year project developed a continuous improvement culture so that KeySpan gains a permanent capacity for continued change on its journey to high performance. NYSE: ACN 31 KeySpan Energy employees (top to bottom) Craig Alleyne, Warren Rollins and Nunzio Lagana hone their pipeline- repair skills at the company’s training facility in New York City. The standard- ization of job descriptions, tasks and performance criteria has been a major component of KeySpan’s business transformation process. 30 Annual Report 2005 AMREF leverages e-Learning to leap over Kenya’s nursing shortage One of Accenture’s corporate citizenship endeavors is with the African Medical and Research Foundation (AMREF), an independent, non-governmental organization whose mission is to improve the health of disadvantaged people in Africa. Working with AMREF, the Kenyan Ministry of Health and the Nursing Council of Kenya (the country’s pro- fessional organization for nurses), Accenture provides the resources for an innovative electronic training program to address Kenya’s critical nursing shortage. The ambitious goal is to bring 26,000 nurses to diploma-level certification in five years, a number that would take 100 years under traditional methods. Accenture has combined a cash gift of $1.7 million over five years from the Accenture Foundations with $1.2 million of in-kind consulting and related services, which leverage Accenture’s unique electronic learning capabilities and will be delivered between April 2005 and September 2006. The Accenture contribution will enable AMREF to establish an 80-hour electronic- learning curriculum and support its deployment in 32 regional training centers, to train exam proctors and curriculum administrators, and to establish helpdesk services. The AMREF initiative illustrates a number of Accenture’s corporate citizenship principles: collaboration with other like-minded organizations; use of our technical or consulting expertise; a focus on enabling self- sustaining results; and the creation of solutions that can be leveraged elsewhere. The AMREF initiative will equip Kenya’s nurses with new skills to help them deal with diseases such as malaria and HIV/AIDS, as well as to educate individuals about the prevention and control of such diseases. For more information, visit www.amref.org In the maternity ward of Rift Valley provincial general hospital in Nakuru, Kenya, mother Esther Wanja and her newborn infant are consulted by Nurse Lucy Karuiki and Nursing Officer Francis Gitahi Njenga. Alice Wanjiru (at left) holds her infant. Accenture-designed computer-based curricula have enabled AMREF to greatly accelerate the training of Kenyan nurses in disease management. 32 Annual Report 2005 32 Annual Report 2005 NYSE: ACN 33 NYSE: ACN 33 Consolidated Income Statements Consolidated Balance Sheets Twelve Months Ended August 31, 2005 Percent of Revenues Before Reimbursements Twelve Months Ended August 31, 2004 Percent of Revenues Before Reimbursements $ 15,547 1,547 17,094 100% 10 110 $ 13,673 1,440 15,113 100% 11 111 10,455 1,547 12,002 1,558 1,512 15,072 2,022 (89) 2,111 21 84 (11) — 2,206 697 1,509 (568) $ 940 $ 1.60 $ 1.56 67 10 77 10 10 97 13.0 13.6 14 4 10 (4) 6% 9,057 1,440 10,497 1,488 1,340 13,326 1,788 29 1,759 3 38 — (2) 1,799 576 1,223 (532) $ 691 $ 1.25 $ 1.22 66 11 77 11 10 98 13.1 12.9 13 4 9 (4) 5% Assets Current Assets Cash and cash equivalents Short-term investments Receivables from clients, net Unbilled services Other current assets Total current assets Non-Current Assets Investments Property and equipment, net Other non-current assets Total non-current assets Total Assets Liabilities and Shareholders’ Equity Current Liabilities Short-term debt Accounts payable Deferred revenues Accrued payroll and related benefits Other accrued liabilities Total current liabilities Non-Current Liabilities Long-term debt Other non-current liabilities Total non-current liabilities Minority Interest Shareholders’ Equity Total Liabilities and Shareholders’ Equity August 31, 2005 August 31, 2004 $ 2,484 463 1,753 1,354 631 6,685 263 694 1,315 2,272 $ 8,957 $ 31 807 1,284 1,431 1,309 4,862 44 1,373 1,417 $ 2,553 285 1,662 1,050 589 6,139 340 644 890 1,874 $ 8,013 $ 37 524 980 1,463 1,389 4,393 32 1,175 1,207 981 941 1,697 $ 8,957 1,472 $ 8,013 Revenues Revenues before reimbursements Reimbursements Revenues Operating Expenses Cost of services Cost of services before reimbursable expenses Reimbursable expenses Cost of services Sales and marketing General and administrative costs Total operating expenses before reorganization and restructuring (benefits) costs Operating Income Before Reorganization and Restructuring (Benefits) Costs Reorganization and restructuring (benefits) costs Operating Income Gain on investments, net Interest, net Other expense Equity in losses of affiliates Income Before Income Taxes Provision for income taxes Income Before Minority Interest Minority interest Net Income Earnings Per Share Basic Diluted Weighted Average Shares Basic Diluted 588,505,335 960,514,976 553,298,104 1,002,813,443 34 Annual Report 2005 NYSE: ACN 35 US dollar amounts in millions, except share and per share data. Certain balance sheet amounts reported in fiscal 2004 have been reclassified to conform to the fiscal 2005 presentation. The complete text of Accenture’s Annual Report on Form 10-K for the year ended August 31, 2005, including financial statements, footnotes and auditor’s reports, can be viewed via the Internet through the Investor Relations section of our website at www.accenture.com/investor Financial and Other Notes Management’s Report on Internal Control over Financial Reporting All amounts throughout this annual report are stated in US dollars except where noted. All references to years in this annual report, unless otherwise noted, refer to our fiscal years, which end on August 31. Reconciliation of non-GAAP measures The Accenture Annual Report 2005 contains certain non-GAAP (Generally Accepted Accounting Principles) measures that our management believes provide our shareholders with additional useful information. The non-GAAP measures in this annual report should not be considered in isolation or as alternatives to net income as indicators of company performance or as alternatives to cash flows from operating activities as measures of liquidity. Notes concerning page 4 Return on Invested Capital (ROIC)—Accenture’s Return on Invested Capital is equal to the tax-adjusted operat- ing income divided by total average capital. Accenture believes that reporting ROIC provides investors with greater visibility of how effectively Accenture uses the capital invested in its operations. Note that ROIC is not a measure of financial performance under GAAP. Accenture’s ROIC for the fiscal year ended August 31, 2005, is defined as Operating Income of $2.111 billion, adjusted by the annual effective tax rate of 31.6 per- cent, which equals $1.444 billion, of which the product is then divided by the average capital of $2.617 billion, yielding a 55 percent ROIC metric. Average capital is defined as the sum of Shareholders’ Equity, Minority Interest, Short-term and Long-term Debt from the Balance Sheets at August 31, 2004, and August 31, 2005, and that entire sum divided by 2 to obtain the average of $2.617 billion. Return on Assets (ROA)—Accenture’s Return on Assets for the fiscal year ended August 31, 2005, is defined as Income Before Minority Interest of $1.509 billion, divided by average assets of $8.485 billion, yielding an 18 percent ROA metric. Average assets are defined as the sum of assets at August 31, 2004, and August 31, 2005, divided by 2 to obtain the average of $8.485 billion. Return on Equity (ROE)—Accenture’s Return on Equity for the fiscal year ended August 31, 2005, is defined as Income Before Minority Interest of $1.509 billion, divided by average Shareholders’ Equity plus Minority Interest of $2.545 billion, yielding a 59 percent ROE metric. Average Shareholders’ Equity plus Minority Interest is defined as the sum of Shareholders’ Equity plus Minority Interest at August 31, 2004, and August 31, 2005, and that entire sum divided by 2 to obtain the average of $2.545 billion. Forward-looking statements and certain factors that may affect our business We have included in this report “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to our operations and results of operations that are based on our current expectations, estimates and projections. Words such as ‘‘expects,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘projects,’’ ‘‘believes,’’ ‘‘estimates’’ and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Our actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. The reasons for these differences include changes in general economic and political conditions, including fluctuations in exchange rates, and additional factors that are discussed in our Annual Report on Form 10-K (available through the Investor Relations section of our website at www.accenture.com/investor) in a section titled ‘‘Business—Risk Factors.’’ Trademark references This document makes descriptive reference to trade- marks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks. Accenture’s management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of financial statements for external purposes in accordance with Generally Accepted Accounting Principles. Internal control over financial reporting includes those policies and procedures that: • Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets; • Provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with Generally Accepted Accounting Principles, and that the Company’s receipts and expenditures are being made only in accordance with the authorization of management and/or Board of Directors; and • Provide reasonable assurance regarding the pre- vention or timely detection of any unauthorized acquisition, use or disposition of company assets that could have a material effect on the Company’s financial statements. Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in Internal Control— Integrated Framework. Based on its evaluation, the Company’s management concluded that its internal control over financial reporting was effective as of the end of the period covered by the Company’s Annual Report on Form 10-K and this annual report. KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial State- ments included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2005, and, as part of its audit, has issued its reports, included in our Annual Report on Form 10-K, (1) on our management’s assess- ment of the effectiveness of our internal control over financial reporting and (2) on the effectiveness of our internal control over financial reporting. William D. Green Chief Executive Officer Michael G. McGrath Chief Financial Officer 36 Annual Report 2005 NYSE: ACN 37 Board of Directors Executive Leadership Team Shareholder Information R. Timothy Breene Strategy and Corporate Development Officer and Group Chief Executive– Business Consulting Boston Kevin M. Campbell Senior Managing Director– Business Process Outsourcing Atlanta Martin I. Cole Group Chief Executive–Government Hartford Joellin Comerford Group Chief Executive– Outsourcing & BPO Organization New York Pamela J. Craig Senior Vice President–Finance New York Karl-Heinz Floether Group Chief Executive– Technology & Delivery Frankfurt Mark Foster Group Chief Executive–Products London Robert N. Frerichs Chief Quality & Risk Officer Los Angeles William D. Green Chief Executive Officer Boston Jane S. Hemstritch Managing Director–Asia Pacific and Managing Director–Resources, Asia Pacific Melbourne Adrian Lajtha Group Chief Executive– Financial Services London Lori L. Lovelace Executive Director– Office of the CEO Dallas Michael G. McGrath Chief Financial Officer Palo Alto James E. Murphy Chief Marketing & Communications Officer New York Gill Rider Chief Leadership Officer London Stephen J. Rohleder Chief Operating Officer Washington, D.C. David P. Rowland Managing Director– Finance Operations Atlanta Basilio Rueda Senior Managing Director– Global Delivery Network Madrid Douglas G. Scrivner General Counsel and Secretary Palo Alto Jill B. Smart Managing Director– Human Resources Chicago David C. Thomlinson Group Chief Executive–Resources London Carlos Vidal Senior Managing Director– Geographic Strategy & Operations Madrid Diego Visconti Group Chief Executive– Communications & High Tech Milan Joe W. Forehand Chairman Accenture William D. Green Chief Executive Officer Accenture Steven A. Ballmer Chief Executive Officer Microsoft Corp. Dina Dublon 2, 4 Former Chief Financial Officer JPMorgan Chase & Co. Dennis F. Hightower 2, 3 Former Chief Executive Officer Europe Online Networks S.A. William L. Kimsey 1 Former Chief Executive Officer Ernst & Young Global, Ltd. Robert I. Lipp 3, 4 Senior Advisor JPMorgan Chase & Co. Blythe J. McGarvie 1 President Leadership for International Finance & Enterprise LLC Sir Mark Moody-Stuart 2, 4, 5 Chairman Anglo American plc Carlos Vidal 4 Senior Managing Director– Geographic Strategy & Operations Accenture Wulf von Schimmelmann 1, 3 Chief Executive Officer Deutsche Postbank AG 1 Audit Committee 2 Compensation Committee 3 Nominating & Governance Committee 4 Finance Committee 5 Lead Outside Director 38 Annual Report 2005 Stock Listing Investor Relations Accenture Ltd Class A common shares are traded on the New York Stock Exchange under the symbol ACN. Accenture has submitted an unqualified 2005 certifi- cation to the New York Stock Exchange regarding the Exchange’s governance rules and has filed with the U.S. Securities and Exchange Commission, as an exhibit to its Form 10-K all certifications required to be filed with the Securities and Exchange Commission regarding the quality of Accenture Ltd’s public disclosure. 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Investors and securities analysts may contact: Carol Meyer Managing Director–Investor Relations Accenture 1345 Avenue of the Americas New York, NY 10105 Telephone: +1 917 452 4578 Fax: +1 917 527 6126 E-mail: investor.relations@accenture.com Investor Relations Hotline: +1 877 ACN 5659 in the United States and Puerto Rico; +1 703 797 1711 outside the United States and Puerto Rico Corporate Communications News media and industry analysts may contact: Roxanne Taylor Managing Director–Global Corporate Communications Accenture 1345 Avenue of the Americas New York, NY 10105 Telephone: +1 917 452 5106 Fax: +1 917 527 5387 E-mail: roxanne.taylor@accenture.com Available Information Our website address is www.accenture.com. We make available free of charge on the Investor Relations section of our website (www.accenture.com/investor) our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(a) or 15(d) of the Exchange Act. We also make available through our website other reports filed with or fur- nished to the SEC under the Exchange Act, including our proxy statements and reports filed by officers and directors under Section 16(a) of that Act, as well as our Code of Business Ethics. We do not intend for information contained in this annual report or on our website to be part of the Annual Report on Form 10-K. The Accenture Annual Report 2005 is printed on recycled paper and can be recycled.