Registration Document

01
02
03
04
05
06
07
08
09
10
11
12
13
14
94
06
Consolidated information
Notes to the Consolidated Financial Statements
‡ Notes to the Consolidated
Financial Statements
1. SIGNIFICANT EVENTS 95
2. ACCOUNTING POLICIES 95
2.1 Basis of preparation of the financial
statements 95
2.2 Use of estimates 96
2.3 Principles and methods of consolidation 96
2.4 Business combinations and goodwill 98
2.5 Intangible assets 99
2.6 Property, plant and equipment 100
2.7 Leases 100
2.8 Impairment of assets 101
2.9 Client investments 102
2.10 Inventories 102
2.11 Trade and other receivables 102
2.12 Financial instruments 102
2.13 Cash and cash equivalents 103
2.14 Borrowing costs 104
2.15 Sodexo SA treasury shares 104
2.16 Provisions 104
2.17 Employee benefits 104
2.18 Vouchers payable 105
2.19 Share‑based payment 105
2.20 Deferred taxes 106
2.21 Trade and other payables 106
2.22 Income statement 106
2.23 Earnings per share 107
2.24 Cash flow statement 107
3. OPERATING SEGMENTS 107
3.1 By operating activity 108
3.2 By significant country 110
4. NOTES TO THE FINANCIAL
STATEMENTS
AS OF AUGUST 31, 2011 110
4.1 Operating expenses by nature 110
4.2 Finance income and expense 111
Sodexo Registration Document Fiscal 2011
P ◀ CONTENTS ▶
4.3 Income tax expense 111
4.4 Earnings per share 112
4.5 Property, plant and equipment 113
4.6 Goodwill 114
4.7 Intangible assets 116
4.8 Client investments 117
4.9 Companies consolidated
by the equity method 117
4.10 Impairment of assets 120
4.11 Financial assets 121
4.12 Inventories 123
4.13 Trade and other receivables 124
4.14 Cash and cash equivalents 124
4.15 Statement of changes
in shareholders’ equity 125
4.16 Borrowings 126
4.17 Financial instruments 130
4.18 Long‑term employee benefits 132
4.19 Provisions 137
4.20 Trade and other payables 138
4.21 Deferred taxes 139
4.22 Financial instruments 140
4.23 Share‑based payment 142
4.24 Business combinations 145
4.25 Commitments and contingencies 145
4.26 Related parties 146
4.27 Group employees 147
4.28 Litigation 147
4.29 Subsequent events 148
5. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICY 148
5.1 Exposure to foreign exchange
and interest rate risk 148
5.2 Exposure to liquidity risk 150
5.3 Exposure to counterparty risk 150
6. SCOPE OF CONSOLIDATION 151