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01 02 03 04 05 06 07 08 09 10 11 12 13 14 120 06 Consolidated information Notes to the Consolidated Financial Statements 4.10 Impairment of assets Impairments of 22 million euro and 20 million euro were recognized on tangible and intangible assets as of August 31, 2011 and 2010 respectively. The charge for the year was 2 million euro (11 million euro for Fiscal 2010). economic region Sodexo Registration Document Fiscal 2011 discount rate (1) Assets with indefinite useful lives were tested for impairment as of August 31, 2011 using the methods described in note 2.8.2. The main assumptions used rely on the macroeconomic outlook for the geographic regions in which the CGUs or Groups of CGUs defined by Sodexo operate. They are as follows: 2011 2010 Long-term growth rate (2) discount rate (1) Long-term growth rate (2) Continental Europe 9.3% to 11.3% 2% 8.8% 2.0% North America 9.3% 2.5% 8.8% 2.5% United Kingdom 9.3% 3.6% 8.8% 3.3% Rest of World (1) 11.8% 3.2% to 3.7% 11.8% 3.5% to 5.5% (1) The discount rate defined by the Group has been increased for certain regions to allow for greater risk factors affecting certain countries. (2) The long-term growth rate serves to extrapolate the terminal value based on year-3 data in the management plans. Sensitivity analysis Sodexo has analyzed the sensitivity of impairment test results to different long-term growth rates and discount rates. This analysis demonstrated that a 2% increase in the discount rate could lead to impairment of the P ◀ CONTENTS ▶ assets of the North America CGU. A 2.5% decrease in the growth rate could also lead to impairment of the assets of the United Kingdom CGU. For the other CGUs, analysis of sensitivity to a change in the discount rate did not reveal any probable scenario in which the recoverable value of a CGU would fall below its carrying value.
P ◀ CONTENTS ▶ 4.11 Financial assets 4.11.1 Non-current financial assets Consolidated information 06 Notes to the Consolidated Financial Statements (in millions of euro) August 31, 2011 August 31, 2010 Available-for-sale financial assets Investments in non‑consolidated companies Cost 38 38 Impairment (1) (1) Carrying amount 37 37 Loans and receivables Receivables from investees Cost 46 49 Impairment (1) (1) Carrying amount 45 48 Loans and deposits Cost 33 74 Impairment 0 (17) Carrying amount 33 57 Financial assets at fair value through profit and loss other financial assets at fair value ToTAL NoN-CURReNT FINANCIAL ASSeTS 115 142 Cost 117 161 Impairment (2) (19) Carrying amount 115 142 Principal unconsolidated equity investments The Group holds an 18.50% interest in Bellon SA, the parent company of Sodexo SA, carried at a value of 32.4 million euro. This available-for-sale financial asset is an investment in a company that does not have a quoted market price on an active market, and whose value cannot be reliably measured. In addition, this investment is not a liquid instrument. Consequently, it is carried at cost. Any eventual decrease in the value of the Bellon SA shares would be recognized as an impairment. Sodexo Registration Document Fiscal 2011 121 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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Page 73 and 74: P ◀ CONTENTS ▶ EXAMPLES OF A BE
Page 75 and 76: P ◀ CONTENTS ▶ Titre Consolidat
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Page 79 and 80: P ◀ CONTENTS ▶ 2. FISCAL 2011 F
Page 81 and 82: P ◀ CONTENTS ▶ 2.2.2 Currency e
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Page 85 and 86: P ◀ CONTENTS ▶ 2.2.4 Motivation
Page 87 and 88: P ◀ CONTENTS ▶ Net cash used in
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Page 93 and 94: P ◀ CONTENTS ▶ LIABILITIES AND
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Page 107 and 108: P ◀ CONTENTS ▶ If benefits unde
Page 109 and 110: P ◀ CONTENTS ▶ 2.22.3 Income ta
Page 111 and 112: P ◀ CONTENTS ▶ Fiscal 2010 (in
Page 113 and 114: P ◀ CONTENTS ▶ 4.2 Finance inco
Page 115 and 116: P ◀ CONTENTS ▶ 4.5 Property, pl
Page 117 and 118: P ◀ CONTENTS ▶ (in millions of
Page 119 and 120: P ◀ CONTENTS ▶ 4.8 Client inves
Page 121: P ◀ CONTENTS ▶ The table below
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Page 133 and 134: P ◀ CONTENTS ▶ Currency derivat
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Page 151 and 152: P ◀ CONTENTS ▶ 5.1.1 Analysis o
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Page 155 and 156: P ◀ CONTENTS ▶ France Consolida
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Page 165 and 166: P ◀ CONTENTS ▶ ‡ Supplemental
Page 167 and 168: P ◀ CONTENTS ▶ ISo Code Countri
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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 ▶ Titre Glossary 1
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P ◀ CONTENTS ▶ Intensity risk R
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P ◀ CONTENTS ▶ P ◀ CONTENTS
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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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