Registration Document

P ◀ CONTENTS ▶
Consolidated information 06
Notes to the Consolidated Financial Statements
2011 2010 2009 2008 2007
Fair value of assets as of September 1, 588 485 520 509 434
Expected return on assets 39 34 33 34 29
Employer’s contributions 22 19 16 64 40
Actuarial (gains)/losses 6 22 (37) (6) 18
Effect of curtailments and settlements (4) (1) 0 0 (2)
Contributions made by plan members 5 6 5 6 6
Benefits paid from plan assets (17) (14) (14) (14) (15)
Business combinations 0 1 0 0 0
Translation differences (33) 29 (38) (73) (3)
Other 0 7 0 0 2
FAIR VALUe oF ASSeTS AS oF AUGUST 31, 606 588 485 520 509
2011 2010 2009 2008 2007
Net present value of bonds 765 802 633 568 642
Fair value of plan assets 606 588 485 520 509
deFICIT (SURPLUS) 159 214 148 48 133
Experience adjustments on liabilities 1 (13) (18) 5 (7)
Experience adjustments on assets 6 22 (37) (6) 18
The following assumptions were used for actuarial valuations for the principal countries as of August 31, 2011
and 2010:
As of August 31, 2011 France The Netherlands United Kingdom Italy
Discount rate* 3.75% - 4.5% 4.5% 5.4% 2.5% - 3.5%
Salary inflation rate** 3% 2.5% 3.5% N/A
General inflation rate 2% 2% 3.5% 2%
Rate of return on plan assets
Amount of obligation in balance sheet
4.5% 5% 7% N/A
(in millions of euro) 37 9 17 32
* Discount rates in each country have been adapted to reflect the term of the plans.
** The salary inflation rate disclosed includes general inflation.
As of August 31, 2010 France The Netherlands United Kingdom Italy
Discount rate* 3.15% - 4.35% 4.3% - 4.5% 4.8% 3.15%
Salary inflation rate** 2% - 3% 2.5% 3.3% N/A
General inflation rate 2% 2% 3.3% 2%
Rate of return on plan assets
Amount of obligation in balance sheet
4.5% 5.4% 7% N/A
(in millions of euro) 41 9 66 33
* Discount rates in each country have been adapted to reflect the term of the plans.
** The salary inflation rate disclosed includes general inflation.
Sodexo Registration Document Fiscal 2011
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