Registration Document

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01 02 03 04 05 06 07 08 09 10 11 12 13 14 150 06 Consolidated information Notes to the Consolidated Financial Statements After currency derivatives (in millions of euro) dollar USd Sodexo Registration Document Fiscal 2011 August 31, 2011 August 31, 2010 Real BRL Sterling GBP Bolivar Fuerte VeF dollar USd Real BRL Sterling GBP Bolivar Fuerte VeF Closing rate as of August 31 Monetary assets Working capital and other 0.692 0.432 1.129 0.074 0.789 0.447 1.212 0.096 receivables 664 332 168 4 684 311 189 4 Deferred tax assets 77 25 11 97 17 22 2 Cash and cash equivalents 267 10 135 16 299 348 85 82 ToTAL MoNeTARY ASSeTS Monetary liabilities 1,008 367 314 20 1,080 676 296 88 Financial liabilities Working capital items and 780 136 32 713 191 46 other liabilities 1,093 625 356 69 1,160 588 320 69 Deferred tax liabilities ToTAL MoNeTARY 25 74 1 45 51 LIABILITIeS 1,898 835 389 69 1,918 830 366 69 Net position (890) (468) (75) (49) 838 154 70 (19) Net income before tax 154 114 58 15 166 73 53 19 Sensitivity to exchange rates Impact of a 10% appreciation of the exchange rate of the following currencies against the euro (in millions of euro) Impact on revenues August 31, 2011 August 31, 2010 Impact on operating profit Impact on income before tax Impact on shareholders’ equity Impact on revenues Impact on operating profit Impact on income before tax Impact on shareholders’ equity Dollar USD 581 30 15 170 564 28 17 188 Real BRL 71 16 11 46 59 12 7 41 Sterling GBP 121 6 6 58 122 6 5 58 ToTAL 773 52 32 274 745 46 29 287 5.2 Exposure to liquidity risk The characteristics of the Group’s borrowings and bond issuances as of August 31, 2011 are described in detail in note 4.16 of the consolidated financial statements. The Group’s financial policies require that all external financing be approved by the Group Chief Financial Officer, the Chief Executive Officer, or the Board of Directors, depending on the nature and amount. Further, under these policies: • substantially all borrowings must be at fixed rates of interest, or converted to fixed-rate using hedging instruments; • foreign exchange risk on Group borrowings and loans to subsidiaries must be hedged. As of August 31, 2011 more than 90% of the Group’s consolidated borrowings was borrowed on capital P ◀ CONTENTS ▶ markets and bank financing was less than 10% of the Group’s financing needs. The reimbursement maturity dates of the main borrowings range between 2013 and 2023. The Group has a confirmed multicurrency line of credit for 600 million euro plus 800 million U.S. dollars, which was unutilized as of August 31, 2011. 5.3 Exposure to counterparty risk Exposure to counterparty risk is limited to the carrying value of financial assets. Group policy is to manage and spread counterparty risk. Each transaction with a bank is required to be based on a master contract modeled on the standard contract issued by the French Bankers’ Association (AFB) or the International Swaps and Derivatives Association (ISDA).
P ◀ CONTENTS ▶ Counterparty risk relating to customer accounts receivable is immaterial. Due to the Group’s geographic and segment spread, there is no concentration of risk on past due individual receivables which have not been impaired. Moreover, the Group has not observed any significant change in impacts relating to customer default during the year. The main counterparty risk is bank-related. The Group has limited its exposure to counterparty risk by diversifying its investments and limiting the concentration of risk held by each of its counterparties. Transactions are conducted with highly creditworthy counterparties taking into consideration country 6. SCOPE OF CONSOLIDATION The table below lists the principal companies included in the consolidation as of August 31, 2011. There was no material change relative to Fiscal 2010. The first column shows the percentage interest held by the Group, and the second column the percentage of voting rights held by the Group. Percentage interests and percentages of voting rights are only shown if less than 97%. France Consolidated information 06 Notes to the Consolidated Financial Statements risk. The Group has instituted a regular reporting of the risk spread between counterparties and of their quality. To reduce this risk further, in Fiscal 2011 the Group implemented an international cash pooling mechanism between its main subsidiaries, reducing the amount of liquidity held by third parties by concentrating it in the Group’s financial holding companies. The maximum counterparty is approximately 18% of the Group’s operating cash (including restricted cash and financial assets of the Motivation Solutions activity) with a banking group whose rating is A1. Companies newly consolidated during the year are indicated by the letter “N”. Associates (companies accounted for by the equity method) are indicated by the letters “EM”. All other companies are fully consolidated. % interest % voting rights Principal activity Country Société Entreprises (consolidated) On-site France Altys Multiservice On-site France Société Française de Services Société Française de Restauration et Services On-site France (consolidated) On-site France Sodexo Formation On-site France EXCEL On-site France SEGSMHI On-site France SIR On-site France CIR On-site France Comrest On-site France Sodexo Justice Services On-site France La Normande SA On-site France RGC Restauration On-site France Sagere On-site France Saveurs et vie Sodexo Bien-être à Domicile 51% 51% On-site France Sodexo Registration Document Fiscal 2011 151 01 02 03 04 05 06 07 08 09 10 11 12 13 14
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Fiscal 2011 Registration Document
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Registration Document Fiscal 2011 T
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P ◀ CONTENTS ▶ Message from Mic
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P ◀ CONTENTS ▶ History 01 01 Ou
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P ◀ CONTENTS ▶ The Fundamental
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P ◀ CONTENTS ▶ OUR MISSION Our
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P ◀ CONTENTS ▶ ‡ Our ambition
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P ◀ CONTENTS ▶ Titre Our Group
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P ◀ CONTENTS ▶ SODEXO HAS THREE
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P ◀ CONTENTS ▶ OUR AWARDS Sodex
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P ◀ CONTENTS ▶ 2. EMPLOYEES AND
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P ◀ CONTENTS ▶ DIVIDENDS PAID O
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P ◀ CONTENTS ▶ Titre Quality 1
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P ◀ CONTENTS ▶ Quality of Life
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P ◀ CONTENTS ▶ diverse data sou
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P ◀ CONTENTS ▶ commitments unde
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P ◀ CONTENTS ▶ The high economi
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P ◀ CONTENTS ▶ Democratic Repub
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P ◀ CONTENTS ▶ 5.3 Achievements
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P ◀ CONTENTS ▶ 6.2 Market trend
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P ◀ CONTENTS ▶ 8. EDUCATION 21.
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P ◀ CONTENTS ▶ Liceo Franco Arg
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P ◀ CONTENTS ▶ Quality of Life
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P ◀ CONTENTS ▶ themselves, enha
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P ◀ CONTENTS ▶ 4. PUBLIC BENEFI
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P ◀ CONTENTS ▶ Development of n
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P ◀ CONTENTS ▶ Economic and Soc
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P ◀ CONTENTS ▶ On the strength
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P ◀ CONTENTS ▶ The proportion o
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P ◀ CONTENTS ▶ Non-site manager
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P ◀ CONTENTS ▶ 2.2.8 Social and
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P ◀ CONTENTS ▶ 3. EMPLOYMENT IN
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P ◀ CONTENTS ▶ The Better Tomor
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P ◀ CONTENTS ▶ 2. WE DO The Bet
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P ◀ CONTENTS ▶ 2.2 Supporting L
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P ◀ CONTENTS ▶ chemical sourcin
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P ◀ CONTENTS ▶ EXAMPLES OF A BE
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P ◀ CONTENTS ▶ Titre Consolidat
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P ◀ CONTENTS ▶ 1.2 Operating pr
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P ◀ CONTENTS ▶ 2. FISCAL 2011 F
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P ◀ CONTENTS ▶ 2.2.2 Currency e
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P ◀ CONTENTS ▶ Partnership to b
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P ◀ CONTENTS ▶ 2.2.4 Motivation
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P ◀ CONTENTS ▶ Net cash used in
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P ◀ CONTENTS ▶ In the medium te
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P ◀ CONTENTS ▶ Consolidated inf
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P ◀ CONTENTS ▶ LIABILITIES AND
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P ◀ CONTENTS ▶ Companies in whi
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Page 109 and 110: P ◀ CONTENTS ▶ 2.22.3 Income ta
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Page 113 and 114: P ◀ CONTENTS ▶ 4.2 Finance inco
Page 115 and 116: P ◀ CONTENTS ▶ 4.5 Property, pl
Page 117 and 118: P ◀ CONTENTS ▶ (in millions of
Page 119 and 120: P ◀ CONTENTS ▶ 4.8 Client inves
Page 121 and 122: P ◀ CONTENTS ▶ The table below
Page 123 and 124: P ◀ CONTENTS ▶ 4.11 Financial a
Page 125 and 126: P ◀ CONTENTS ▶ 4.11.4 details o
Page 127 and 128: P ◀ CONTENTS ▶ Consolidated inf
Page 129 and 130: P ◀ CONTENTS ▶ For borrowings o
Page 131 and 132: P ◀ CONTENTS ▶ 2011. These two
Page 133 and 134: P ◀ CONTENTS ▶ Currency derivat
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Page 139 and 140: P ◀ CONTENTS ▶ 4.19 Provisions
Page 141 and 142: P ◀ CONTENTS ▶ 4.21 Deferred ta
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Page 145 and 146: P ◀ CONTENTS ▶ The expected lif
Page 149 and 150: P ◀ CONTENTS ▶ 4.26.2 Principal
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Page 155 and 156: P ◀ CONTENTS ▶ France Consolida
Page 157 and 158: P ◀ CONTENTS ▶ Africa Consolida
Page 159 and 160: P ◀ CONTENTS ▶ europe Consolida
Page 161 and 162: P ◀ CONTENTS ▶ Asia, Pacific, M
Page 165 and 166: P ◀ CONTENTS ▶ ‡ Supplemental
Page 167 and 168: P ◀ CONTENTS ▶ ISo Code Countri
Page 169 and 170: P ◀ CONTENTS ▶ Growth in the Mo
Page 171 and 172: P ◀ CONTENTS ▶ At the same time
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Page 175 and 176: P ◀ CONTENTS ▶ 2. BALANCE SHEET
Page 177 and 178: P ◀ CONTENTS ▶ 2.1.2 Property,
Page 179 and 180: P ◀ CONTENTS ▶ 5. EXCEPTIONAL I
Page 181 and 182: P ◀ CONTENTS ▶ Information on t
Page 183 and 184: P ◀ CONTENTS ▶ 13.2 Changes in
Page 185 and 186: P ◀ CONTENTS ▶ extendable on ap
Page 187 and 188: P ◀ CONTENTS ▶ 18. RELATED PART
Page 191 and 192: P ◀ CONTENTS ▶ 26. CONSOLIDATIO
Page 193 and 194: P ◀ CONTENTS ▶ (in thousands of
Page 195 and 196: P ◀ CONTENTS ▶ III - Specific v
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Page 201 and 202: P ◀ CONTENTS ▶ Titre Legal 1Inf
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P ◀ CONTENTS ▶ 1.6 Registration
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P ◀ CONTENTS ▶ Legal Informatio
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P ◀ CONTENTS ▶ 2.4.2 Share owne
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P ◀ CONTENTS ▶ 2.5.2 Internatio
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P ◀ CONTENTS ▶ Shareholders - T
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P ◀ CONTENTS ▶ 2.3 Publication
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P ◀ CONTENTS ▶ 8. BENEFITS OF B
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P ◀ CONTENTS ▶ ADJUSTED SODEXO
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P ◀ CONTENTS ▶ ‡ Capital 1. S
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P ◀ CONTENTS ▶ 3. STOCK MARKET
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P ◀ CONTENTS ▶ Titre Corporate
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P ◀ CONTENTS ▶ 1.1 Composition
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P ◀ CONTENTS ▶ • Board Member
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P ◀ CONTENTS ▶ Other positions
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P ◀ CONTENTS ▶ Peter Thompson B
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P ◀ CONTENTS ▶ 2.3 Mission of t
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P ◀ CONTENTS ▶ The Audit Commit
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P ◀ CONTENTS ▶ Board has begun
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P ◀ CONTENTS ▶ 3.2 Group Polici
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P ◀ CONTENTS ▶ 3.2.5 Informatio
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P ◀ CONTENTS ▶ Executive Commit
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P ◀ CONTENTS ▶ 3.8.1 The risk i
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P ◀ CONTENTS ▶ Corporate Govern
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P ◀ CONTENTS ▶ Corporate Govern
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P ◀ CONTENTS ▶ ‡ Compensation
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P ◀ CONTENTS ▶ SUMMARY OF COMPE
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P ◀ CONTENTS ▶ 2. COMPENSATION
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P ◀ CONTENTS ▶ Total compensati
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P ◀ CONTENTS ▶ expiration date
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P ◀ CONTENTS ▶ exercise price (
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P ◀ CONTENTS ▶ Name date of Boa
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P ◀ CONTENTS ▶ ‡ Audit fees (
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P ◀ CONTENTS ▶ Combined Annual
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P ◀ CONTENTS ▶ It is therefore
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P ◀ CONTENTS ▶ trading sessions
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P ◀ CONTENTS ▶ Combined annual
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P ◀ CONTENTS ▶ Titre Glossary 1
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P ◀ CONTENTS ▶ Intensity risk R
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P ◀ CONTENTS ▶ P ◀ CONTENTS
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P ◀ CONTENTS ▶ Responsibility f
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P ◀ CONTENTS ▶ Titre Reconcilia
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P ◀ CONTENTS ▶ Reconciliation t
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PEFC/10-31-1190 FCBA/08-00860A Publ
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Registration Document

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