Registration Document

01
02
03
04
05
06
07
08
09
10
11
12
13
14
84
06
Consolidated information
Fiscal 2011 Activity Report
2.3 Net financing costs
Net financing costs decreased from 150 million euro
in Fiscal 2010 to 147 million euro in Fiscal 2011,
notably as a result of favorable effects of movements
in the discounting rate of pension liabilities.
2.4 Income tax expense
Income tax expense totaled 250 million euro, with
an effective tax rate of 35.4%, as compared to the
prior year rate of 33%. The difference compared
to the prior year resulted from the 14 million euro
reduction in the utilization of tax loss carryforwards
in several countries.
2.5 Profit attributable to equity
holders of the parent
Profit attributable to equity holders of the parent
was 451 million euro, compared to 409 million
euro in the prior year, an increase of 10.3% or 9.3%
excluding exchange rate effects. The increase was
3. FINANCIAL POSITION OF THE GROUP
3.1 Cash flows
Sodexo Registration Document Fiscal 2011
slightly less than for operating profit, mainly due to
the rise in the effective tax rate.
2.6 Earnings per share
Earnings per share was 2.95 euro, an increase of
11.7% at current exchange rates and 10.6% excluding
exchange rate effects. This item rose faster than net
income because of the increase in the number of
treasury shares compared to the prior year. Treasury
shares are excluded from the calculation of earnings
per share.
2.7 Dividend
Presented below are the key components of the consolidated cash flow statement.
(in millions of euro)
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
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).
Year ended
August 31, 2011 August 31, 2010
Net cash provided by operating activities 847 1,006
Net cash used in investing activities (232) (272)
Net cash used in financing activities (572) (379)
Change in net cash and cash equivalents 42 355
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
flows from issue volumes in the Motivation Solutions
activity, notably thanks to the startup of the Eco Pass
offering in Belgium.
P ◀ CONTENTS ▶
Net cash provided by operating activities was
used to finance net capital expenditures and client
investments of 242 million euro (1.5% of revenues).