Registration Document

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01 02 03 04 05 06 07 08 09 10 11 12 13 14 20 03 Our Group Financial performance SITES BY CLIENT SEGMENT (FISCAL 2011) • Corporate 49% • Defense 3% • Justice Services 1% • Remote Sites 5% • Health Care 13% • Seniors 9% • Education 18% • Sports and Leisure 2% 3. RESULTS AND RATIOS OPERATING PROFIT Sodexo Registration Document Fiscal 2011 (euro in millions) (U.S. dollars in millions*) Fiscal 2007 640 846 Fiscal 2008 690 1,036 Fiscal 2009 746 1,008 Fiscal 2010 771 1,051 Fiscal 2011 853 1,185 * Calculated at the average exchange rate for each year; for Fiscal 2011: 1 euro = 1.3896 U.S. dollars. Excluding exchange rate effects, operating profit increased by 10.4%, representing an improvement in operating margin of 0.20 percentage points compared to the prior year. • In on-site Service Solutions, this growth reflects profitability improvements in North America and growth in volumes in the Rest of the World. GROUP NET INCOME • In Motivation Solutions, growth resulted from the increased volumes and a more efficient production process. The operating margin for this activity increased from 32.4% in Fiscal 2010 to 36.5% in Fiscal 2011, already meeting the Group’s mediumterm objective. (euro in millions) (U.S. dollars in millions*) Fiscal 2007 347 459 Fiscal 2008 376 565 Fiscal 2009 393 531 Fiscal 2010 409 557 Fiscal 2011 451 627 *Calculated at the average exchange rate for each year; for Fiscal 2011: 1 euro = 1.3896 U.S dollars. Group net income increased by 10.3% (9.3% excluding exchange rate effects) compared to Fiscal P ◀ CONTENTS ▶ 2010. The increase was slightly less than for operating profit, mainly due to the rise in the effective tax rate.
P ◀ CONTENTS ▶ DIVIDENDS PAID Our Group 03 Financial performance (euro in millions) (U.S. dollars in millions*) Fiscal 2007 179 263 Fiscal 2008 197 281 Fiscal 2009 197 250 Fiscal 2010 208 301 Fiscal 2011** 229 331 * Calculated at the closing exchange rate for each year of payment; for Fiscal 2011: 1 euro = 1.4450 U.S. dollars. ** Subject to approval at the Annual Shareholders’ Meeting of January 23, 2012. At the General Shareholders Meeting on January 23, 2012, Sodexo’s Board of Directors will propose to distribute a dividend of 1.46 euro per share, an increase of 8.1% over the previous year. This NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES represents a payout ratio of around 50% of Group net income and a yield of 2.8% based on a share price of 51.82 euro (as of August 31, 2011). (euro in millions) (U.S. dollars in millions*) Fiscal 2007 753 995 Fiscal 2008 780 1,172 Fiscal 2009 577 780 Fiscal 2010 1,006 1,371 Fiscal 2011 847 1,177 * Calculated at the closing exchange rate for each year of payment; for Fiscal 2011: 1 euro = 1.3896 U.S. dollars. Net cash provided by operating activities was 847 million euro in Fiscal 2011. This compares with 1,006 million euro provided by operating activities in Fiscal 2010, which benefited from exceptional cash NET DEBT AS A PERCENTAGE OF SHAREHOLDERS’ EQUITY* (Including non-controlling interests) flows from issue volumes in the Motivation Solutions activity, notably resulting from the startup of the Eco Pass contract in Belgium. Fiscal 2007 5% Fiscal 2008 21% Fiscal 2009 38% Fiscal 2010 24% Fiscal 2011 15% * Debt net of cash and financial assets related to Motivation Solutions activity, less bank overdrafts. Sodexo Registration Document Fiscal 2011 21 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Page 1 and 2: Fiscal 2011 Registration Document
Page 3 and 4: Registration Document Fiscal 2011 T
Page 5 and 6: P ◀ CONTENTS ▶ Message from Mic
Page 7 and 8: P ◀ CONTENTS ▶ History 01 01 Ou
Page 9 and 10: P ◀ CONTENTS ▶ The Fundamental
Page 11 and 12: P ◀ CONTENTS ▶ OUR MISSION Our
Page 13 and 14: P ◀ CONTENTS ▶ ‡ Our ambition
Page 15 and 16: P ◀ CONTENTS ▶ Titre Our Group
Page 17 and 18: P ◀ CONTENTS ▶ SODEXO HAS THREE
Page 19 and 20: P ◀ CONTENTS ▶ OUR AWARDS Sodex
Page 21: P ◀ CONTENTS ▶ 2. EMPLOYEES AND
Page 25 and 26: P ◀ CONTENTS ▶ Titre Quality 1
Page 27 and 28: P ◀ CONTENTS ▶ Quality of Life
Page 29 and 30: P ◀ CONTENTS ▶ diverse data sou
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Page 33 and 34: P ◀ CONTENTS ▶ The high economi
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Page 37 and 38: P ◀ CONTENTS ▶ 5.3 Achievements
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Page 41 and 42: P ◀ CONTENTS ▶ 8. EDUCATION 21.
Page 43 and 44: P ◀ CONTENTS ▶ Liceo Franco Arg
Page 45 and 46: P ◀ CONTENTS ▶ Quality of Life
Page 47 and 48: P ◀ CONTENTS ▶ themselves, enha
Page 49 and 50: P ◀ CONTENTS ▶ 4. PUBLIC BENEFI
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Page 55 and 56: P ◀ CONTENTS ▶ On the strength
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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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P ◀ CONTENTS ▶ Financial assets
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P ◀ CONTENTS ▶ The expected lif
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P ◀ CONTENTS ▶ 4.26.2 Principal
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P ◀ CONTENTS ▶ 5.1.1 Analysis o
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P ◀ CONTENTS ▶ Counterparty ris
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P ◀ CONTENTS ▶ France Consolida
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P ◀ CONTENTS ▶ Africa Consolida
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P ◀ CONTENTS ▶ europe Consolida
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P ◀ CONTENTS ▶ Asia, Pacific, M
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P ◀ CONTENTS ▶ ‡ Supplemental
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P ◀ CONTENTS ▶ ISo Code Countri
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P ◀ CONTENTS ▶ Growth in the Mo
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P ◀ CONTENTS ▶ At the same time
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P ◀ CONTENTS ▶ Information Titr
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P ◀ CONTENTS ▶ 2. BALANCE SHEET
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P ◀ CONTENTS ▶ 2.1.2 Property,
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P ◀ CONTENTS ▶ 5. EXCEPTIONAL I
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P ◀ CONTENTS ▶ Information on t
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P ◀ CONTENTS ▶ 13.2 Changes in
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P ◀ CONTENTS ▶ extendable on ap
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P ◀ CONTENTS ▶ 18. RELATED PART
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P ◀ CONTENTS ▶ 26. CONSOLIDATIO
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P ◀ CONTENTS ▶ (in thousands of
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P ◀ CONTENTS ▶ III - Specific v
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P ◀ CONTENTS ▶ (in euro) employ
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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 ▶ 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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