Registration Document

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Consolidated information
Notes to the Consolidated Financial Statements
The expected rates of return on plan assets were
determined by reference to market expectations of
returns for each asset class over the life of the related
obligation. For each fund, the expected rate of return
is weighted to reflect the proportion of each asset
class held by the relevant fund.
With respect to the assumptions provided in the
above table, a reduction of 1% in the discount
rate, combined with an increase of 0.5% in the
inflation rate, would bring the gross obligation to
946 million euro (compared to 765 million euro with
the assumptions used as of August 31, 2011). The
Group has elected to recognize actuarial gains and
losses directly in other comprehensive income, as
permitted by the amendment to IAS 19.
The actual return on plan assets in Fiscal 2011 was
45 million euro, compared with an expected return
of 39 million euro.
4.18.2 other employee benefits
Sodexo Registration Document Fiscal 2011
Based on estimates derived from reasonable
assumptions, Sodexo will pay 16 million euro into
defined-benefit plans in Fiscal 2012.
The United Kingdom plan is formally reviewed by
the plan’s actuary in compliance with UK law. A
formal actuarial evaluation by the plan’s actuary is
required to be conducted every three years, and any
shortfall identified at that time must be addressed
through mutual agreement between the plan’s
trustees and Sodexo UK. The most recent review
was conducted on April 5, 2009 and an agreement
was reached in August 2010 pursuant to which
Sodexo UK made an exceptional contribution of
GBP 2.25 million (2.6 million euro) into the plan in
September 2010. The next review is scheduled to
take place on April 5, 2012, unless the trustees and
the Company agree to an earlier timing.
Other employee benefits mainly comprise a liability related to a deferred compensation program in the United
States and obligations relating to long-service awards.
Amounts reported in the balance sheet for other long‑term employee benefits
(in millions of euro) August 31, 2011 August 31, 2010
Other long-term employee benefits 127 136
The total expense recognized with respect to these
benefits in Fiscal 2011 was 20 million euro, of which
2.2 million euro relates to a deferred compensation
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program in the United States, reported in financial
expense.