Registration Document

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Information on the Issuer
Notes to the Individual Company Financial Statements
2.6 Retirement benefits
Retirement benefit obligations due to active
employees by law or under collective agreements
are included in off balance sheet commitments.
Commitments under complementary retirement
plans are estimated using the projected unit credit
method based on final salary and are also included
in off balance sheet commitments, net of any plan
assets.
2.7 French tax consolidation
Sodexo SA is the lead company in the French tax
consolidation, and has sole liability for income
taxes for the whole of this tax group. Each company
included in the group tax election recognizes the
income tax for which it would have been liable had
there been no group tax election. Any income tax
3. ANALYSIS OF NET REVENUES
Sodexo Registration Document Fiscal 2011
gains or losses arising from the group tax election are
recognized in the Sodexo SA financial statements.
In connection with position statement no. 2005-G
issued on October 12, 2005 by the Urgent Issues
Committee of the Conseil National de la Comptabilité
on the conditions under which a provision may be
recognized in the books of a parent company covered
by a group tax election, Sodexo SA has elected the
accounting treatment described below.
A provision for taxes is recognized in the financial
statements of Sodexo SA to cover tax losses of
subsidiaries which are used to offset income in
the group tax election and which will probably be
reclaimed by the subsidiary. All tax losses incurred
by operating subsidiaries are regarded as probable
of being reclaimed by the subsidiary, given that the
subsidiary will be able to offset such losses against
income once it returns to profitability.
(in thousands of euro) Fiscal 2011 Fiscal 2010
Revenues by business activity
On-site Service Solutions 24,333 22,033
Holding company services 56,137 48,882
ToTAL
Revenues by geographic region
80,470 70,915
France 68,854 59,861
French overseas departments and territories 11,616 11,054
ToTAL 80,470 70,915
4. FINANCIAL INCOME AND EXPENSE, NET
P ◀ CONTENTS ▶
(in thousands of euro) Fiscal 2011 Fiscal 2010
Dividends received from subsidiaries and equity investments 299,435 270,279
Interest income 31,589 41,301
Interest expense (130,905) (126,006)
Group debt waivers (1,436) (3,591)
Net foreign exchange gain/(loss) (5,749) (572)
Net change in provisions for financial items (2,248) (34,392)
ToTAL 190,686 147,019