Registration Document

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01 02 03 04 05 06 07 08 09 10 11 12 13 14 192 07 Information on the Issuer Notes to the Individual Company Financial Statements STATUTORY AUDITORS’ REPORT ON THE STATUTORY FINANCIAL STATEMENTS For the year ended August 31, 2011 Sodexo SA 255 quai de la Bataille de Stalingrad 92866 Issy-les-Moulineaux Cedex 9 To the Shareholders, In compliance with the assignment entrusted to us by your General Meeting, we hereby report to you, for the year ended August 31, 2011, on: • the audit of the accompanying financial statements of Sodexo SA; • the justification of our assessments; • the specific verifications and information required by law. These financial statements have been approved by the Board. Our role is to express an opinion on these financial statements based on our audit. I - Opinion on the financial statements We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures, using sample techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the financial statements give a true and fair view of the of the assets and liabilities and of the financial position of the Company as at August 31, 2011, and of the results of its operations for the year then ended in accordance with French accounting principles. II - Justification of our assessments In accordance with the requirements of article L.823-9 of the Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention the following matter: • Your Company has valued financial investments held in accordance with the accounting principles set out in note 2.1 of the summary of significant accounting policies in the notes to the financial statements. We performed procedures, on a test basis, in order to review the data and assumptions on which the valuations were based and the calculations made by your Company. The assessments were made as part of our audit of the financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report. Sodexo Registration Document Fiscal 2011 P ◀ CONTENTS ▶
P ◀ CONTENTS ▶ III - Specific verifications and information Information on the Issuer 07 Notes to the Individual Company Financial Statements We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French law. We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Management Report of the Board of Directors, and in the documents addressed to the shareholders with respect to the financial position and the financial statements. Concerning the information given in accordance with the requirements of article L.225-102-1 of the French Commercial Code (Code de commerce) relating to remunerations and benefits received by the directors and any other commitments made in their favour, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from companies controlling your Company or controlled by it. Based on this work, we attest the accuracy and fair presentation of this information. In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of shareholders and holders of the voting rights has been properly disclosed in the Management Report. Neuilly-sur-Seine and Paris La Défense, November 8, 2011 The Statutory Auditors PricewaterhouseCoopers Audit KPMG Audit Department of KPMG S.A. Louis-Pierre Schneider Isabelle Allen This is a free translation into English of the Statutory Auditors’ Report issued in the French language and is provided solely for the convenience of English speaking readers. The Statutory Auditors’ Report includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented below the opinion on the financial statements. This information includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the financial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. Sodexo Registration Document Fiscal 2011 193 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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P ◀ CONTENTS ▶ of the date of a
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P ◀ CONTENTS ▶ ownership by the
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P ◀ CONTENTS ▶ tested for impai
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P ◀ CONTENTS ▶ If benefits unde
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P ◀ CONTENTS ▶ 2.22.3 Income ta
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P ◀ CONTENTS ▶ Fiscal 2010 (in
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P ◀ CONTENTS ▶ 4.2 Finance inco
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P ◀ CONTENTS ▶ 4.5 Property, pl
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P ◀ CONTENTS ▶ (in millions of
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P ◀ CONTENTS ▶ 4.8 Client inves
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P ◀ CONTENTS ▶ The table below
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P ◀ CONTENTS ▶ 4.11 Financial a
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P ◀ CONTENTS ▶ 4.11.4 details o
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P ◀ CONTENTS ▶ For borrowings o
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P ◀ CONTENTS ▶ 2011. These two
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P ◀ CONTENTS ▶ Currency derivat
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P ◀ CONTENTS ▶ Amounts shown in
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P ◀ CONTENTS ▶ 4.19 Provisions
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P ◀ CONTENTS ▶ 4.21 Deferred ta
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Page 147 and 148: P ◀ CONTENTS ▶ Consolidated inf
Page 149 and 150: P ◀ CONTENTS ▶ 4.26.2 Principal
Page 151 and 152: P ◀ CONTENTS ▶ 5.1.1 Analysis o
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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 163 and 164: P ◀ CONTENTS ▶ Consolidated inf
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
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Page 187 and 188: P ◀ CONTENTS ▶ 18. RELATED PART
Page 191 and 192: P ◀ CONTENTS ▶ 26. CONSOLIDATIO
Page 193: P ◀ CONTENTS ▶ (in thousands of
Page 199 and 200: P ◀ CONTENTS ▶ (in euro) employ
Page 201 and 202: P ◀ CONTENTS ▶ Titre Legal 1Inf
Page 203 and 204: P ◀ CONTENTS ▶ 1.6 Registration
Page 205 and 206: P ◀ CONTENTS ▶ Legal Informatio
Page 207 and 208: P ◀ CONTENTS ▶ 2.4.2 Share owne
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Page 213 and 214: P ◀ CONTENTS ▶ 2.3 Publication
Page 215 and 216: P ◀ CONTENTS ▶ 8. BENEFITS OF B
Page 217 and 218: P ◀ CONTENTS ▶ ADJUSTED SODEXO
Page 219 and 220: P ◀ CONTENTS ▶ ‡ Capital 1. S
Page 221 and 222: P ◀ CONTENTS ▶ 3. STOCK MARKET
Page 223 and 224: P ◀ CONTENTS ▶ Titre Corporate
Page 225 and 226: P ◀ CONTENTS ▶ 1.1 Composition
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Page 233 and 234: P ◀ CONTENTS ▶ 2.3 Mission of t
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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 ▶ 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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