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02
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08
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150
06
Consolidated information
Notes to the Consolidated Financial Statements
After currency derivatives
(in millions of euro)
dollar
USd
Sodexo Registration Document Fiscal 2011
August 31, 2011 August 31, 2010
Real
BRL
Sterling
GBP
Bolivar
Fuerte VeF
dollar
USd
Real
BRL
Sterling
GBP
Bolivar
Fuerte VeF
Closing rate as of August 31
Monetary assets
Working capital and other
0.692 0.432 1.129 0.074 0.789 0.447 1.212 0.096
receivables 664 332 168 4 684 311 189 4
Deferred tax assets 77 25 11 97 17 22 2
Cash and cash equivalents 267 10 135 16 299 348 85 82
ToTAL MoNeTARY ASSeTS
Monetary liabilities
1,008 367 314 20 1,080 676 296 88
Financial liabilities
Working capital items and
780 136 32 713 191 46
other liabilities 1,093 625 356 69 1,160 588 320 69
Deferred tax liabilities
ToTAL MoNeTARY
25 74 1 45 51
LIABILITIeS 1,898 835 389 69 1,918 830 366 69
Net position (890) (468) (75) (49) 838 154 70 (19)
Net income before tax 154 114 58 15 166 73 53 19
Sensitivity to exchange rates
Impact of a 10% appreciation
of the exchange rate of the
following currencies against
the euro
(in millions of euro)
Impact
on
revenues
August 31, 2011 August 31, 2010
Impact on
operating
profit
Impact
on
income
before
tax
Impact on
shareholders’
equity
Impact
on
revenues
Impact on
operating
profit
Impact
on
income
before
tax
Impact on
shareholders’
equity
Dollar USD 581 30 15 170 564 28 17 188
Real BRL 71 16 11 46 59 12 7 41
Sterling GBP 121 6 6 58 122 6 5 58
ToTAL 773 52 32 274 745 46 29 287
5.2 Exposure to liquidity risk
The characteristics of the Group’s borrowings and
bond issuances as of August 31, 2011 are described
in detail in note 4.16 of the consolidated financial
statements.
The Group’s financial policies require that all external
financing be approved by the Group Chief Financial
Officer, the Chief Executive Officer, or the Board of
Directors, depending on the nature and amount.
Further, under these policies:
• substantially all borrowings must be at fixed rates
of interest, or converted to fixed-rate using hedging
instruments;
• foreign exchange risk on Group borrowings and
loans to subsidiaries must be hedged.
As of August 31, 2011 more than 90% of the Group’s
consolidated borrowings was borrowed on capital
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markets and bank financing was less than 10% of
the Group’s financing needs. The reimbursement
maturity dates of the main borrowings range between
2013 and 2023. The Group has a confirmed multicurrency
line of credit for 600 million euro plus
800 million U.S. dollars, which was unutilized as of
August 31, 2011.
5.3 Exposure to counterparty risk
Exposure to counterparty risk is limited to the
carrying value of financial assets.
Group policy is to manage and spread counterparty
risk. Each transaction with a bank is required to be
based on a master contract modeled on the standard
contract issued by the French Bankers’ Association
(AFB) or the International Swaps and Derivatives
Association (ISDA).