Sodexo Announces Both Revenue and Operating Profit Growth for Fiscal 2009
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-- Revenues up 7.9%, including 2.5% organic growth
-- Operating profit of 746 million euro, up 8.1%
-- Growth in net income of 4.5% after acquisition financing, maintaining
proposed dividend at 1.27 euro per share
-- Fiscal 2010 outlook: revenues to be maintained at same level as previous
year; operating profit between 750 and 770 million euro, at constant
exchange rates
-- Medium-term ambitions confirmed
PARIS--(BUSINESS WIRE)--
Regulatory News:
Sodexo's (PARIS: SW) (OTCBB: SDXAY) Board of Directors met on November 6, 2009 under the chairmanship of Pierre Bellon to close the accounts for the year ended August 31, 2009. Michel Landel, Chief Executive Officer, presented the financial results for Fiscal 2009.
Key financial performance indicators for Fiscal 2009
Fiscal year ended August 31
Change at
In millions of constant Currency Total change
euro 2009 2008 exchange impact
rates
Income statement
highlights
Revenues 14,681 13,611 + 6.4% + 1.5% + 7.9%
Organic growth 2.5% 7.7%
Operating profit 746 690 + 6.7% + 1.4% + 8.1%
Operating margin 5.1% 5.1 %
Net income 393 376 + 5.3% - 0.8% + 4.5%
Earnings per 2.54 2.42 + 5.8%
share (in euro)
Dividend per 1.27 1.27 -
share (in euro)
Financial
structure
highlights
Net cash provided
by operating 577 780
activities
As of As of
08/31/09 08/31/08
Gearing ratio 38% 21%
Commenting on these results, Sodexo CEO Michel Landel, said:
"In a particularly difficult environment, Sodexo again increased revenues and profits in Fiscal 2009 to a level in line with its objectives. Sodexo remains a growth company. Firmly focused on the future and the long term, we have continued during Fiscal 2009 to invest in the implementation of our strategy, including in our comprehensive offer, in training our teams, in recruiting new talents, in creating platforms of expertise in Facilities Management, and also in four acquisitions in France, Germany, India and the U.S. As we anticipated last year, the crisis has slowed our new business development and weighed on comparable unit growth on existing sites. These impacts will continue during Fiscal 2010 such that, for the coming year, consolidated revenues are likely to remain at the same level as in Fiscal 2009 (at constant scope and exchange rates). Also, our Fiscal 2010 operating profit objective is to achieve between 750 and 770 million euro (at constant rates). Beyond this horizon, and given the considerable potential of our worldwide markets, our unique strategic positioning and our solid financial structure, we are fully confident of our ability to achieve the medium term objectives we have set: i.e., annual average revenue growth of 7% and an operating margin of 6%."
Revenue growth of 7.9%
The + 7.9% growth in revenues comprises the following:
-- organic growth: + 2.5%;
-- currency impact: + 1.5%;
-- changes in scope of consolidation: + 3.9%.
In On-site Service Solutions1, the year was marked by:
-- continued robust organic growth in Health Care and Seniors1 (+ 5.2%),
reflecting Sodexo's market leadership, especially in North America;
-- solid performance in Education, with + 4.6% organic growth, including
satisfactory growth in North America;
-- reduced activity across all regions of the world in Corporate (- 0.8%).
By geography, organic growth in On-site Service Solutions resulted from:
-- a moderate increase (+ 1.8%) in North America, driven mainly by the
fast-growing Health Care, Seniors and Education segments, which offset
the downturn experienced in Corporate;
-- maintained revenues (+ 0.1%) in Continental Europe, despite revenue
declines in Corporate and Sports and Leisure;
-- solid activity in the UK and Ireland, with + 6.7% growth excluding the
impact of the 2007 Rugby World Cup hospitality contract;
-- continued strong activity in the Rest of the World (+ 11.9%) resulting
particularly from double-digit growth in Remote Sites and in Latin
America.
In total, Facilities Management services also contributed strongly to this organic growth, reaching 23.9% of Group consolidated revenues in Fiscal 2009, compared to 21.6% the previous year.
Finally, organic growth in Motivation Solutions1 remained excellent, up 14%.
Issue volume grew from 10.4 billion euro in Fiscal 2008 to 12.1 billion euro for Fiscal 2009, an increase of 16.7% at current rates.
Underlying this performance, Sodexo's key performance indicators evolved as follows during the year:
-- the client retention rate was 93.5%, comparable to the prior year rate;
-- less than 3% comparable unit growth on existing sites, reflecting a
sharp drop in volumes in the Corporate segment in the United States and
Europe;
-- the business development rate (i.e., new contract wins) was
approximately 6%.
1 To reflect its strategic positioning, Sodexo has decided to modify the names of its activities as follows :
- " Food and Facilities Management Services " is now " On-site Service Solutions "
- " Service Vouchers and Cards " is now " Motivation Solutions ".
Operating profit up 8.1%
Operating profit increased by 8.1% to 746 million euro in Fiscal 2009, an increase of 6.7% at constant currency exchange rates.
This robust growth in operating profit results from:
-- significant issue volume increases in Motivation Solutions;
-- improved profitability in North America, where operating margins rose
from 4.8% to 5.2%;
-- a more significant contribution from the Rest of the World (Latin
America, Middle East, Africa, Asia and Australia).
This solid performance more than offset the negative impacts of the consequences of the economic crisis seen in both the Corporate and Sports and Leisure segments in Continental Europe and in the UK and Ireland.
During the year, the Group also achieved efficiency savings of more than 50 million euro in its administrative and support costs, in line with the objectives set by the Executive Committee at the start of Fiscal 2009.
The resulting consolidated operating margin was 5.1%, comparable to the prior year.
Growth in Net income of 4.5% and earnings per share of 5%
While operating profit grew 8.1 %, Group net income grew by only 4.5 % after taking into account increased interest expense from the financing of acquisitions undertaken during the last twelve months.
Dividend
Despite the economic crisis, the Sodexo Board of Directors will propose to the January 25, 2010 General Shareholders' Meeting a dividend maintained at 1.27 euro per share.
A cash-generating financial model
Net cash provided by operating activities totaled 577 million euro, demonstrating once again the quality of Sodexo's financial model, a major strength in this crisis environment.
Net cash provided by operating activities was used to finance:
-- net operational investments of 223 million euro (1.5% of revenues);
-- acquisitions (net of divestments and of cash held by acquired companies)
of 526 million euro.
Sodexo issued three new debt instruments in Fiscal 2009, thereby securing the reimbursement of the two bond issues due March 2009 and also extending the maturity of its borrowings.
As of August 31, 2009, net debt was 889 million euro, representing only 38% of Group consolidated equity. Gross debt represented less than four years of operating cash flow at the same date.
Four strategic acquisitions
During Fiscal 2009, Sodexo made a number of targeted acquisitions, enabling it to reinforce its global leadership positions in high potential markets:
-- Score Group, the fourth-largest provider of foodservices in France,
consolidating Sodexo's position in the French market, especially in the
Corporate segment in the Paris region;
-- Zehnacker in Germany, a specialist in Facilities Management services in
the Health Care segment. This acquisition enhances the Group's ability
to provide comprehensive services to major international clients in the
high potential German market.
-- Radhakrishna Hospitality Services Group (RKHS), in India, enabling
Sodexo to establish a clear position as the leader in comprehensive
services solutions in one of Asia's largest markets.
-- Comfort Keepers, one of the leading providers in the North American
market of non-medical in-home services for seniors and persons in need
of support. This Seniors market has significant worldwide potential for
Sodexo.
Outlook
Fiscal 2010 objectives
Michel Landel underlined to the Sodexo Board of Directors that despite overall satisfactory performance for Fiscal 2009, the full initial effects of the economic crisis were only first felt in all of the Group's activities and countries beginning from the second quarter of Fiscal 2009.
Hence, considering current uncertainties and the fact that the global economic recovery is likely to be slow, Fiscal 2010 should likely see revenues (at constant scope and exchange rates) remain at the same level as Fiscal 2009. The Group targets as a consequence for Fiscal 2010 an operating profit objective of between 750 and 770 million euro (at constant rates).
Sodexo has won several recent prestigious contracts but the crisis has seen delay in certain decisions by clients and new prospects. Growth in sales on existing sites has also slowed. As a consequence, the rate of new business development at the start of the year has been inferior to that of past years and a modest decrease in revenues for the first half of Fiscal 2010 is anticipated.
In Fiscal 2009, Sodexo achieved 50 million euro in savings and productivity gains in its administrative and support costs; For Fiscal 2010, Sodexo targets improving organizational efficiency by a further 60 million euro in Fiscal 2010, (thereby achieving nearly 10% in these costs over two years). These gains will permit reinvestment for continued investment for the long term.
Medium term
Sodexo confirms its medium term objectives: i.e., to achieve annual average revenue growth of 7% and an operating margin of 6%.
With a significant potential market estimated at 780 billion euro, particularly in segments in which the Group is a world leader - Health Care, Seniors, Education and Defense - Sodexo benefits from major competitive advantages:
-- strong values, ethical principles and a motivated workforce;
-- a unique strategic positioning: Sodexo's worldwide teams are the only
ones with an offer as comprehensive and integrated that combines On-site
Service Solutions and Motivation Solutions;
-- a unique global network, operating in 80 countries, which cover over 80%
of the world's population and more than 92% of global GDP;
-- a financial model that has proved its strength and effectiveness,
allowing Sodexo to finance its future development;
-- Sodexo's independence, which enables the Group to pursue a long-term
strategy.
Analysts meeting
SODEXO will hold a briefing on its Fiscal 2009 results today at 9:00 a.m. at the Centre de Conferences, Capital 8 (32, rue Monceau, Paris 8eme). It will also be available via webcast, at www.sodexo.com.
Future financial communications dates:
-- First quarter Fiscal 2010 revenues: January 6, 2010
-- General Shareholders' Meeting: January 25, 2010
-- First half 2010 results: April 22, 2010
About Sodexo
Quality of Life services play an important role in the progress of individuals and the performance of organizations. Based on this conviction, Sodexo serves as the strategic partner for companies and institutions that place a premium on performance, as it has since Pierre Bellon founded the company in 1966. Sharing the same passion for service, Sodexo's 380,000 employees, in 80 countries around the world, design, manage and deliver an unrivaled array of comprehensive On-site Service Solutions and Motivation Solutions. In this, Sodexo has invented a new form of service business that promotes the fulfillment of our employees and contributes to the economic, social and environmental development of the communities, regions and countries in which it operates.
Sodexo key figures(as of August 31, 2009) 14.7 billion euro consolidated revenue 380,000 employees 33,900 sites 50 million consumers served daily 80 countries 6.5 billion euro market capitalization (as of November 9, 2009)
This press release contains statements that may be considered as forward-looking statements and as such may not relate strictly to historical or current facts. These statements represent management's views as of the date they are made and we assume no obligation to update them. You are cautioned not to place undue reliance on our forward looking statements.
Appendix 1
Comments by offer and geography
On-site Service Solutions
Revenues in North America were 5.7 billion euro, with organic growth of 1.8%. The favorable trend in the exchange rate of the U.S. dollar against the euro boosted total growth for the year by 10.3%.
With a decrease of 5.9%, the Corporate segment suffered from reductions in all corporate discretionary spending (including on event catering services), staff cuts and shorter working hours at many clients, and from the slowdown in the Sports and Leisure sector. Sales growth in comprehensive service solutions partly offset this decline in consumer numbers in Foodservices.
Organic growth of 4% in the Health Care and Seniors segments was mainly driven by increased revenue at existing sites, thanks to the success of Sodexo's comprehensive service solutions offerings and new On-site services. However, sales development was hampered by clients' "wait-and-see" attitude, leading to delayed decision-making.
Education reported organic growth of 4.5%. This satisfactory performance was attributable to a combination of:
-- Rising student enrollments in universities and higher participation in
school meal programs; and
-- strong client retention for several years.
Operating profit was 297 million euro, up 8.5% at constant currency exchange rates and +20% at current exchange rates. The operating margin increased from 4.8% to 5.2% for Fiscal 2009.
This growth was attributable mainly to:
-- new labor productivity gains on sites in Education, Health Care and
Seniors, and
-- rigorous management of overhead costs.
Revenues in Continental Europe totaled 5.1 billion euro, with organic growth of + 0.1%, reflecting a variety of situations depending on the country and market segment.
Corporate revenues declined markedly by - 2.8% (at constant currency exchange rates and scope of consolidation), chiefly as a result of:
-- a more pronounced slowdown in activity in most countries in the second
half of the year, as clients curbed discretionary spending, reduced
staffing levels or introduced lengthy temporary shut downs, and
-- a decrease in tourist activity in the Paris region.
Organic growth in Health Care and Seniors was 3.3%, helped in particular by satisfactory growth at existing sites, especially in France and Italy, as well as by business wins in Belgium and Hungary.
The 5.6% organic growth in the Education segment stems largely from prior year contract wins in France, the Netherlands, Italy and Scandinavia. These included UT Twente in the Netherlands, and public schools in Milan and Monza in Italy.
Operating profit was 183 million euro, down 48 million euro compared to the previous year. The operating margin was 3.6%. Two main factors explain the decline:
-- lower tourist numbers, and difficulties in rapidly adjusting the cost
structure in response to the economic crisis, which weighed on
performance in France,
-- withdrawal from certain contracts in Sweden that were no longer
profitable, and the resulting reorganization of Sodexo's activities in
that country during the first half of the year.
Revenues in the United Kingdom and Ireland were 1.3 billion euro.
It is important to note that the first quarter of Fiscal 2008 had benefited from the sizable contribution of the hospitality contract for the Rugby World Cup (revenues of 148 million euro). Excluding the Rugby World Cup, organic growth for the year was + 6.7%. Including this contract, revenue registered an organic decline of - 3%.
The Corporate segment registered an apparent decline of - 8.1%. However, excluding the impact of the Rugby World Cup, this segment reported robust growth of + 4.4% resulting from the start up of comprehensive service solutions contracts in Corporate and in Justice (with the opening of Addiewell, in Scotland), together with the ramping up of major Defense contracts (in Cyprus).
The Health Care and Seniors segments registered strong growth (+ 18.2%) thanks to the ramp-up of Public Private Partnership contracts such as Manchester Royal Infirmary and North Staffordshire Hospital.
In Education, Sodexo registered + 4.3% organic growth.
Operating profit was 52 million euro, down 24% from the previous year, which had benefited from the Rugby World Cup hospitality contract.
In addition, the steep drop in demand in the Sports and Leisure segments, and the mobilization of new contracts in the Health Care and Justice segments, all weighed on performance.
At the same time, initiatives in overhead efficiency also had a favorable impact. The operating margin was 4.1%, compared to 5.2% for the previous year.
Revenues in the Rest of the World (Latin America, Middle East, Asia, and Australia) were 1.9 billion euro. The + 11.9% organic growth mainly reflects double-digit growth in Latin America, the Middle East, Asia and Australia, especially in Remote Sites. Continued increasing demand for energy and other natural resources as well as large infrastructure projects, contributed to this momentum.
Despite a slowdown in the second part of the year, growth was strong, benefiting from:
-- the startup of several large mining contracts such as Los Pelambres,
Esperanza and Escondida in Chile, and Rio Tinto Pilbara, Woodside and
Olympic Dam in Australia;
-- the implementation of contractual indexation clauses following the sharp
rise in the cost of food supplies in the previous year, particularly in
Latin America and the Middle East.
Operating profit increased 73% to 57 million euro.
This increase stemmed primarily from continuing productivity gains in Remote Sites and rigorous contract management. The operating margin was 3%, compared to 1.9% for the prior year.
Motivation Solutions
Revenues for Fiscal 2009 totaled 711 million euro, while organic revenue growth was 14%.
Growth in Sodexo's issue volume (face value multiplied by the number of vouchers and cards issued) was excellent, at 16.7% (21% at constant currency exchange rates). Issue volume was 12.1 billion euro.
Organic revenue growth reflects robust business development in Latin America where there was continued vigorous demand for traditional services (Restaurant Pass and Food Pass).
However, headcount reductions at large companies in central Europe resulted in weaker activity from the middle of the year onward.
Operating profit rose + 35.1% to 247 million euro, excluding currency exchange rates.
This substantial increase resulted in particular from growth in volumes in Latin America (including the impact resulting from integration of Grupo VR in Brazil), and productivity gains across all geographic regions (production costs, processing, and marketing expenses, etc.).
The operating margin was 34.7% (representing around 2% of issue volumes), compared to 32% for the previous year. The Group has set a new medium term profitability target for this activity at 38%.
Appendix 2
Full Year financial statements
Statement of income
(in euro million) Fiscal 2009 % Revenues Variation Fiscal 2008 % Revenues Revenue 14,681 100% 7.9% 13,611 100% Cost of sales (12,366) - 84.2% (11,486) - 84.4% Gross profit 2,315 15.8% 8.9% 2,125 15.6% Sales department - 221 - 1.5% - 194 - 1.4% costs General and administrative - 1,322 - 9.0% - 1,245 - 9.1% costs Other operating 5 17 income Other operating - 31 - 0.2% -13 - 0.1% expenses Operating profit before financing 746 5.1% 8.1% 690 5.1% costs Financial income 74 0.5% 71 0.5% Financial expenses - 194 - 1.3% - 173 - 1.3% Share of profit of 12 0.1% 11 0.1% associates Profit before tax 638 4.3% 6.5% 599 4.4% Income tax expense - 216 - 1.5% - 202 - 1.5% Net result from discontinued operations Profit for the 422 2.9% 6.3% 397 2.9% period Minority interests 29 0.2% 21 0.2% Group profit for 393 2.7% 4.5% 376 2.8% the period Earnings per share 2.54 5.0% 2.42 (EUR)
Consolidated balance sheet
ASSETS EQUITY AND LIABILITIES
(in euro August August (in euro August August
million) 31, 2009 31, 2008 million) 31, 2009 31, 2008
Shareholders' equity
Capital 628 629
Share premium 1,109 1,122
Consolidated 542 394
reserves
Total Group
shareholders' 2,279 2,145
equity
Non-current assets Minority 37 26
interests
Property, plant and Total
equipment 520 465 shareholders' 2,316 2,171
equity
Goodwill 4,226 3,793
Other intangible assets 392 288 Non-current liabilities
Client investments 186 162 Borrowings 2,547 1,163
Associates 48 40 Employee 257 192
benefits
Financial assets 124 100 Other 106 85
liabilities
Other non-current assets 11 13 Provisions 46 53
Deferred tax assets 93 86 Deferred tax 99 45
liabilities
Total
Total non-current assets 5,600 4,947 non-current 3,055 1,538
liabilities
Current assets Current liabilities
Financial assets 7 8 Bank overdraft 42 31
Derivative financial 4 7 Borrowings 94 1,353
instruments
Derivative
Inventories 204 202 financial 11 2
instruments
Income tax 64 54 Income tax 71 61
Trade receivable 2,728 2,615 Provisions 53 36
Restricted cash and
financial assets related 597 483 Trade and other 2,689 2,631
to the Service Vouchers payable
and Cards activity
Cash and cash equivalents 1,204 1,594 Vouchers payable 2,077 2,087
Total current assets 4,808 4,963 Total current 5,037 6,201
liabilities
Total equity
Total assets 10,408 9,910 10,408 9,910
and liabilities
Consolidated statement of cash flow
(in euro million) Fiscal 2009 Fiscal 2008
Operating activities
Operating profit before financing costs 746 690
Non cash items
-- Depreciations 217 204
-- Provisions (2) (17)
-- Losses (gains) on disposals and 10 (1)
other, net of tax
Dividends received from 6 4
associates
Change in working capital from operating (96) 157
activities
-- change in 1 (22)
inventories
-- change in client and other accounts 9 (468)
receivable
-- change in suppliers and other (73) 45
liabilities
-- change in Service Vouchers and Cards 95 630
to be reimbursed
-- change in financial assets related to the (128) (28)
Service Vouchers and Cards activity
Interest paid (147) (124)
Interest received 37 37
Income tax paid (194) (170)
Net cash provided by operating activities 577 780
Investing activities
-- Tangible and intangible fixed (221) (228)
assets investments
-- Fixed assets 19 31
disposals
-- Change in Client investments (21) (22)
-- Change in financial investments (17) (16)
-- Acquisitions of consolidated (528) (615)
subsidiaries
-- Disposals of consolidated 2 3
subsidiaries
Net cash used in investing activities (766) (847)
Financing activities
-- Dividends paid to parent company (197) (179)
shareholders
-- Dividends paid to minority shareholders of (21) (17)
consolidated companies
-- Change in 18 (32)
treasury shares
-- Change in 41 (73)
capital
-- Proceeds from borrowings 1,614 588
-- Repayment of borrowings (1,623) (22)
Net cash provided by (used in) financing activities (168) 265
INCREASE IN NET CASH AND CASH EQUIVALENTS (357) 198
-- Net effect of exchange rates on (44) (12)
cash
-- Cash and cash equivalents, as of 1,563 1,377
beginning of period
CASH AND CASH EQUIVALENTS, AS OF END OF PERIOD 1,162 1,563
Sector analysis: revenue
Revenue Exchange Variation
Fiscal Fiscal Organic rate External
(in euro million) 2009 2008 growth(1) variation Growth at current
(2) rate
On-site Service Solutions
-- North 5,730 5,107 + 1.8% + 10.3% + 0.1% + 12.2%
America
-- Continental 5,074 4,701 + 0.1% - 1.5% + 9.3% + 7.9%
Europe
-- UK and 1,285 1,504 - 3.0% - 11.6% - - 14.6%
Ireland
-- Rest of the 1,900 1,715 + 11.9% - 3% + 1.9% + 10.8%
World
Total 13,989 13,027 + 2.0% + 1.7% + 3.7% + 7.4%
Motivation Solutions
711 596 + 14% - 4.9% + 10.2% + 19.3%
Elimination - 19 - 12
Total 14,681 13,611 + 2.5% + 1.5% + 3.9% + 7.9%
1 Organic growth: revenue growth, at constant scope of consolidation and exchange rates. The currency impact was globally positive (+ 1.5%) for fiscal year: (+ 11.1%) for US dollar, (- 12.9%) for the Pound and (- 9.6%) for BRL. It should be 2 noted that, contrary to exporting companies, the revenues and expenses of Sodexo subsidiaries are denominated in the same currency. Consequently, foreign exchange variations do not have an operational risk. The average exchange rate for the USD/euro for Fiscal 2009 was 1.352.
Sector analysis: operating profit
Operating profit
Fiscal 2009 Fiscal 2008 Change
(in euro million)
Before corporate expenses
On-site Service Solutions
-- North America 297 247 + 20%
-- Continental Europe 183 231 - 20.8%
-- UK and Ireland 52 78 - 33.3%
-- Rest of the World 57 33 + 72.7%
Motivation Solutions 247 191 + 29.3%
Headquarters - 71 - 78
Elimination - 19 - 12
TOTAL 746 690 + 8.1%
Revenue
On-site Service Solutions by segment
Consolidated Group
(in euro million) Fiscal 2009 Fiscal 2008 Organic
growth
Corporate 6,833 6,696 - 0.8%
Health Care & Seniors 3,847 3,369 5.2%
Education 3,309 2,962 4.6%
TOTAL 13,989 13,027 2.0%
North America
Organic
(in euro million) Fiscal 2009 Fiscal 2008
growth
Corporate 1,286 1,243 - 5.9%
Health Care & Seniors 2,211 1,930 4.0%
Education 2,233 1,934 4.5%
TOTAL 5,730 5,107 1.8%
Continental Europe
Organic
(in euro million) Fiscal 2009 Fiscal 2008
growth
Corporate 2,893 2,756 - 2.8%
Health Care & Seniors 1,313 1,139 3.3%
Education 868 809 5.6%
TOTAL 5,074 4,701 0.1%
United Kingdom and Ireland
Organic
(in euro million) Fiscal 2009 Fiscal 2008
growth
Corporate 921 1,136 - 8,1%
Health Care & Seniors 236 229 18.2%
Education 128 139 4.3%
TOTAL 1,285 1,504 - 3.0%
Rest of the World
Organic
(in euro million) Fiscal 2009 Fiscal 2008
growth
Corporate 1,733 1,562 12.1%
Health Care & Seniors 87 70 24.4%
Education 80 83 - 1.4%
TOTAL 1,900 1,715 11.9%
Source: Sodexo
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