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01 02 03 04 05 06 07 08 09 10 11 12 13 14 16 03 Our Group Our activities Sodexo partners with private and public and organizations to design, manage and deliver customized Motivation Solutions in three service categories: • employee Benefits to attract, engage and retain employees (such as restaurant and transport vouchers); • Incentives and Recognition to help organizations reach their qualitative and quantitative objectives (gift vouchers, etc.); • Public Benefits to manage and control the distribution of aid and public subsidies. The Pass, designed by Sodexo to serve a variety of purposes from transport and meals to gifts and training, is accepted by a network of more than 1 million retailers and service providers throughout the world. SYNERGIES BETWEEN OUR THREE ACTIVITIES Important synergies exist between Sodexo’s three activities: Organizational and cost synergies The teams of Sodexo’s different activities are able to share the same infrastructure (support functions, facilities, etc.), saving on structural costs. In addition, the multiple career gateways that exist between the Group’s three activities offer important human resource synergies. Brand synergies The presence of the Sodexo brand at the point of sale of numerous Motivation Solutions affiliates contributes to building brand awareness in countries where the Group operates, helping promote medium term development. Sodexo Registration Document Fiscal 2011 Personal and Home Services Sodexo designs and deploys Personal and Home Services that improve the Quality of Life in four main areas: • childcare; • tutoring and adult education; • concierge services ; • senior care. Through these services, Sodexo contributes to the development of children, teenagers, adults and seniors. Commercial synergies P ◀ CONTENTS ▶ Commercial relationships created by one of the three activities generate business development opportunities for the other two, such as: • Sodexo’s On-site Services clients may also need restaurant vouchers for geographically-dispersed employees; conversely, Motivation Solutions clients may seek On-site Services; • Motivation Solutions and On-site Services clients may need Personal and Home Services such as concierge services, a childcare center or assistance to elderly individuals. These examples illustrate how the choice of these three activities helps Sodexo accelerate its organic growth.
P ◀ CONTENTS ▶ OUR AWARDS Sodexo again named one of world’s best outsourcing companies For the third consecutive year, Sodexo has been ranked number three among the world’s leading outsourcing services companies by an industry trade group, the International Association of Outsourcing Professionals ® (IAOP ® ). Sodexo is the only Company to have been ranked in the top five every year since 2006, the year that IAOP ® began publishing the Global Outsourcing 100. ‡ Financial performance 1. CONSOLIDATED REVENUES CONSOLIDATED REVENUES Our Group 03 Financial performance (euro in millions) (U.S. dollars in millions*) Fiscal 2007 13,385 17,694 Fiscal 2008 13,611 20,449 Fiscal 2009 14,681 19,846 Fiscal 2010 15,256 20,794 Fiscal 2011 16,047 22,299 * Calculated at the average exchange rate for each year; for Fiscal 2011: 1 euro = 1.3896 U.S. dollars. The Group’s organic growth was 5.2%, notably driven by good development in comprehensive service solutions as well as dynamic performance in emerging markets. This level of organic growth REVENUES BY REGION (FISCAL 2011) is twice as high as that achieved in Fiscal 2009 and Fiscal 2010; it also exceeds the objectives announced at the beginning of the year. North America 37% Continental Europe 36% United Kingdom and Ireland 8% Rest of the World 19% organic growth in North America (+4.3%) and Continental europe (+2.9%) accelerated compared In addition, in 2011 for the seventh time Sodexo was named as Global Sustainability Industry Leader for its industry sector “Restaurants, Hotels, Bars and Recreational Services” by the Dow Jones Sustainability Index (DJSI). Sodexo has featured in the DJSI World and DJSI STOXX indexes since 2005. to that in the prior year. In the Rest of the World, organic growth was solid. Sodexo Registration Document Fiscal 2011 17 01 02 03 04 05 06 07 08 09 10 11 12 13 14
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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
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Page 27 and 28: P ◀ CONTENTS ▶ Quality of Life
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P ◀ CONTENTS ▶ chemical sourcin
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P ◀ CONTENTS ▶ Titre Consolidat
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P ◀ CONTENTS ▶ 2. FISCAL 2011 F
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P ◀ CONTENTS ▶ 2.2.4 Motivation
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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 ▶ 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 ▶ 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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