Sodexo: Solid Revenue and Profit growth in Fiscal 2012

  Sodexo: Solid Revenue and Profit growth in Fiscal 2012

  *Solid financial performance

       *Revenues up +13.6%, including +6.5% organic growth
       *Operating profit up +15.4% or +13.6% excluding currency effects
       *Increase in Group net income: +16.4%
       *Proposed dividend of 1.59 euro per share, +8.9%
       *Net cash provided by operating activities: Exceeding one billion euro

  *Relevance of strategic choices

       *Investment in human resources and high potential markets
       *Organic growth in facilities management services, three times that of
         foodservices

  *Medium-term objectives confirmed

Business Wire

ISSY-LES-MOULINEAUX, France -- November 08, 2012

Regulatory News:

Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY) (PARIS:SW)
(OTCBB:SDXAY):

At the November 6, 2012 Board of Directors meeting chaired by Pierre Bellon,
Michel Landel, Chief Executive Officer, presented the performance for Fiscal
2012.

Fiscal 2012 financial performance


                 Year ended August         Change
millions      31                     excluding    Currency    Total
of euro                                    currency        impacts        change
              2012      2011      impacts                 
Main income statement components        
Revenues      18,236    16,047    + 10.9%      + 2.7%      +
                                                                          13.6%
Organic       6.5%      5.2%      
growth
Operating                                                                 +
profit        984       853       + 13.6%      + 1.8%      15.4%
(reported)
Operating
margin        5.4%      5.3%                             
(reported)
Operating
profit
excluding
favorable     958       853       +10.6%       +1.7%       +12.3%
accounting
adjustment
in the UK
Operating
margin
excluding
favorable     5.3%      5,3 %     
accounting
adjustment
in the UK
Group net     525       451       + 14.0%      + 2.4%      +
income                                                                    16.4%
Earnings                                                                  +
per share     3.48      2.95      + 15.3%      + 2.7%      18.0%
(in euro)
Dividend
per share     1.59      1.46                             + 8.9%
(in euro)
Financial structure highlights          
Net cash
provided
by            1,018     847       
operating
activities
Gearing as
of August     21%       15%       
31

Commenting these results, Group CEO Michel Landel said:

"These results confirm Sodexo’s very good financial performance in an ever
more difficult environment. Our positive growth momentum is being driven by
our leadership in emerging markets, that have strong potential for growth and
which now represent 20% of our revenues. Our contract wins demonstrate the
attractiveness of the Sodexo brand, recognized for its Quality of Life
services offer. For more than two years, our facilities management services
have been growing three times faster than foodservices.

Operational efficiency and cost reduction continue to be our priority. We
remain confident in the Group’s strengths and are maintaining our medium-term
objectives."

Revenue growth of 13.6%

Sodexo’s consolidated revenues for Fiscal 2012 increased +13.6% to 18.2
billion euro, including organic growth of +6.5%.

This performance is in line with the objectives set at the beginning of the
fiscal year.

Organic revenue growth accelerated compared to the previous year, in
particular reflecting:

  *the success of Sodexo’s integrated and unique Quality of Life services
    offer
  *its strong growth in emerging markets
  *the contribution from contracts for two prestigious sporting events, the
    London Olympics and Rugby World Cup in New Zealand.

Facilities management services now represent 26% of consolidated revenues,
compared with 18% in Fiscal 2005. Sodexo today provides more than 100 types of
services to companies, universities, hospitals, senior residences,
correctional facilities and individuals. Facilities management services grew
three times the rate of foodservices during Fiscal 2012.

  *On-site Services revenues increased +14% to 17.5 billion euro, including
    organic growth of +6.3%.
  *By client segment, organic growth was as follows:

       *+9.3% in Corporate, a clear acceleration over the +6.7% achieved in
         Fiscal 2011
       *+2.7% in Health Care and Seniors, reflecting modest business
         development
         (new contract wins)
       *+4.2% in Education, a result of satisfactory growth in North
         America.

Organic growth for Benefits and Rewards Services^1 reached +8.5%, driven by
growth in Latin America.

Primary performance indicators

Sodexo’s primary performance measures during the year were as follows:

  *94.1% client retention rate, an increase of 0.1% compared to the previous
    year
  *3.4% existing site growth compared with 4.3% the previous year, reflecting
    a decline in volumes, particularly in the Corporate segment and in Europe
    during the second half of the year
  *7.6% business development rate (new contract wins), a slight increase over
    the previous year, reflecting the Group’s numerous business successes
  *The retention rate for all employees reached 60% and 84.7% for site
    managers.

During Fiscal 2012, a fourth global engagement survey was conducted among
130,000 employees in 60 countries. The overall engagement rate has increased
by 9 points in the last four years. 85% of respondents continue to rate Sodexo
as a better employer than its competitors.

^1 ^Sodexo has chosen to modify the name of the Motivation Solutions activity
to Benefits and Rewards Services

Increase in operating profit

Operating profit was 984 million euro, an increase of +15.4%, compared with
the prior year and +13.6% at constant exchange rates.

It should be noted that this result includes the benefit of a favorable
accounting adjustment of 26 million euro related to the cost of pension plans
in the United Kingdom. As a result of new regulations, the Group elected in
October 2011 to replace the Retail Price Index (RPI) with the Consumer Price
Index (CPI) in the calculation of pension obligations to certain beneficiaries
of its retirement plan.

Excluding this favorable accounting adjustment, the Group's operating profit
was 958 million euro, an increase of +12.3% compared to the previous year, or
+10.6% at constant exchange rates.

This increase is a result of:

  *a more significant contribution to operating profit from On-site Services
    activities in the emerging markets, mainly resulting from the acquisition
    of Puras do Brasil in Brazil
  *a very good performance by Benefits and Rewards Services, reflecting
    higher volumes
    and productivity improvements
  *the favorable impact in the UK of two major sporting events during the
    year
    (the 2011 Rugby World Cup and the 2012 Olympics)
  *on site productivity gains in North America.

These good performances more than offset the decline in operating profit in
Continental Europe resulting from the current economic environment.

Excluding the favorable accounting adjustment for UK pensions, the Group’s
consolidated operating margin was 5.3%, a level similar to that of the
previous year.

Increase in net income and earnings per share

  *Group net income was 525 million euro compared with 451 million euro for
    the previous year. The +16.4% increase, or +14% excluding currency
    effects, was slightly higher than the increase in operating profit,
    primarily as a result of the lower effective tax rate. This decrease in
    the tax rate is explained by the greater weight in the results from
    activities in countries with lower tax rates.
  *Earnings per share was 3.48 euro, an increase of +18%, or +15.3% at
    constant rates. The increase is slightly higher than net income as a
    result of an increase in the number of treasury shares, which are excluded
    from the calculation of earnings per share.

Dividend

The Sodexo Board of Directors will propose a dividend of €1.59 per share, an
increase of +8.9% over the previous year, at the January 21, 2013
Shareholders’ Meeting. This represents a payout ratio of approximately 50%.

A major strength: a solid, cash-generating financial model

Net cash provided by operating activities amounted to more than 1 billion
euro, compared to 847 million euro generated in Fiscal 2011. This significant
improvement is mainly a result of the increase in operating profit.

This net cash provided by operating activities was utilized to finance:

  *net operating investments and client investments of 319 million euro, or
    1.7% of revenues
  *acquisitions totaling 586 million euro, primarily involving the companies
    Puras do Brasil in Brazil, Lenôtre in France and Roth Bros in the United
    States.

As of August 31, 2012, net debt was 639 million euro and represented 21% of
Group equity compared with 15% as of August 31, 2011. Gross debt represented
only about 2.8 years of operating cash flow (compared to 3.2 years at the end
of the previous year).

Subsequent events

Sodexo completed its acquisition of Servi-Bonos, S.A. de C.V. in Mexico on
November 2, 2012. Servi-Bonos will be consolidated in the Group’s financial
statements for ten months in Fiscal 2013.

Servi-Bonos is a leading provider of food and meal vouchers and cards, serving
close to 5,000 clients in Mexico through its nationwide network. In 2011,
Servi-Bonos generated issue volume (the face value of vouchers and cards
multiplied by the number of vouchers and cards issued) of close to 300 million
euros.

This acquisition reinforces Sodexo’s international leadership in Quality of
Life services in the buoyant Mexican growth economy.

Outlook

At the November 6, 2012 Board of Directors meeting, Chief Executive Officer
Michel Landel underlined the effectiveness of the Group’s long-term strategy,
based on a unique range of Quality of Life services, and an unparalleled
global network and undisputed leadership in emerging countries.

Michel Landel said that Fiscal 2013 begins with sharply contrasting trends:

On the one hand, the Group benefits from:

  *sustained development and growth in Sodexo's activities (in On-site
    Services and Benefits and Rewards Services) in emerging economies, where
    the Group continues to strengthen its positions
  *important new contract awards, such as with HCR ManorCare, one of the
    largest chains of nursing homes in the U.S. and a stronger pipeline of
    prospective clients in North America, notably in Health Care and Seniors
  *a differentiated integrated service offering that responds to the
    increasing demand for mutualized services by major international
    companies.

At the same time, the current economic environment is weighing on
profitability, particularly in Europe.

As a result, for Fiscal 2013 Sodexo projects modest growth^1 in revenues and
operating profit compared to the previous year, which benefited from specific
events (Rugby World Cup, the Olympics and a 53^rd week in North America).

In this context, Sodexo’s management and teams are fully mobilized around
specific actions to:

  *accelerate profitable growth by capitalizing particularly on Sodexo's
    offers and expertise, by client segment and sub-segment
  *strengthen competitiveness with a program of operational efficiency and
    cost reduction. During the past three years, the Group has achieved 150
    million euros in economies in overheads. The program launched today should
    allow Sodexo, within three years, to reduce on site operating costs by
    0.6% of revenues and lower overhead costs by 0.4% of revenues, improving
    productivity at all levels. The program’s implementation will result in
    exceptional costs between 130 and 150million euro over the next 18 months
    with a positive impact of the same amount in Fiscal 2015 and the following
    fiscal years.

As a result of the initiatives undertaken and the effectiveness of the Group's
strategy, CEO Michel Landel confirms Sodexo’s medium term objectives to:

  *achieve an average of 7% annual consolidated revenue growth
  *reach a consolidated operating margin of 6.3% by the end of Fiscal 2015.

Michel Landel underlined Sodexo’s major strengths:

  *a potential market estimated at over 800 billion euro
  *a unique Quality of Life services offer particularly adapted to respond to
    changing client needs
  *an unparalleled global network covering 80 countries
  *undisputed leadership in the emerging markets
  *a strong culture and engaged teams
  *excellent financial strength
  *its independence.

These strengths enable Sodexo to look to the future with confidence and to
maintain its investments, particularly in the development of its human
resources and the reinforcement of its expertise.

In conclusion, Michel Landel thanked the clients for their loyalty, the
shareholders for their confidence and the 420,000 employees for their efforts
during Fiscal 2012 year and their daily commitment to improve Quality of Life
of our clients and consumers.

The Board of Directors, in turn, has thanked Michel Landel and his team for
their continued engagement in fostering Quality of Life.

^1 Excluding currency effects and the favorable accounting adjustment for UK
pensions

Analysts briefing

Sodexo will hold a briefing today at 9:00 a.m. at the Capital 8 Conference
Center (32, rue Monceau, Paris 8^ème) to comment on the Fiscal 2012 results.
The briefing also can be accessed via webcast on www.sodexo.com

Future financial communications dates


First Quarter Fiscal 2013 revenues    January 9, 2013
General Shareholders’ Meeting         January 21, 2013
Fiscal 2012 dividend distribution     February 4, 2013

About Sodexo

Sodexo is the global leader in services that improve Quality of Life, an
essential factor in individual and organizational performance. Operating in 80
countries, Sodexo serves 75 million consumers each day through its unique
combination of On-site Services, Benefits and Rewards Services and Personal
and Home Services. Through its more than 100 services, Sodexo provides clients
an integrated offering developed over more than 45 years of experience: from
reception, safety, maintenance and cleaning, to foodservices and facilities
and equipment management; from Meal Pass, Gift Pass and Mobility Pass benefits
for employees to in-home assistance and concierge services. Sodexo’s success
and performance are founded on its independence, its sustainable business
model and its ability to continuously develop and engage its 420,000 employees
throughout the world.

Key figures (as of August 31, 2012)

18.2 billion euro consolidated revenue
420,000 employees
20^th largest employer worldwide
80 countries
34,300 sites
75 million consumers served daily
9.48 billion euro market capitalization (as of November 7, 2012)

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 Sodexo assumes no obligation to update them. The reader is
cautioned not to place undue reliance on these forward-looking statements.

APPENDIX 1
Comments by activity and geographic zone

1. On-site Services

1.1 North America

Revenues

                                                                   
(in             Fiscal       Fiscal       Organic                          Exchange       Total
millions     2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                   effect
Corporate       1,537     1,312     + 6.4%                                
Health
Care and        2,559        2,356        + 2.7%                                        
Seniors
Education    2,634     2,337     + 6.3%                                
TOTAL        6,730     6,005     + 4.9%     + 1.1%          + 6.1%      +
                                                                                          12.1%

Revenues in North America were 6.7 billion euro. This amount includes an
additional week of activity compared with Fiscal 2011 as Sodexo operates on a
52/53-week calendar as is industry practice in North America. The impact of
this 53^rd week is estimated at 120 million euro for Fiscal 2012, or
approximately + 1.9% of the total + 4.9% organic revenue growth.

The acquisition in the United States of Roth Bros, a technical maintenance and
energy management company, contributed + 1.1% to overall growth. Integration
of this company and implementation of commercial synergies is proceeding
according to plan.

Organic growth in Corporate increased to + 6.4%, despite the lack of a
turnaround in employment at large companies; in addition, foodservices
patronage on sites was unchanged. Revenue growth was led by the success of
integrated service offers for clients such as Campbell’s Soup, General
Dynamics, Circuit of the Americas (Texas), the Federal Aviation Administration
(Washington, D.C.), General Electric Company and MIT Lincoln Library
(Massachusetts).

In Canada, Sodexo won major new Remote Sites contracts with Suncor and Thomson
Iron Mines/Bloom Lake.

In Health Care and Seniors, organic growth was + 2.7%, reflecting lower client
retention, mainly a result of the loss of Ascension Health System and still
modest business development. The size and complexity of certain contracts in
this client segment tend to result in lengthy tender processes.

Clients that have recently chosen Sodexo include Wesley Willows retirement
homes (Illinois), Holy Cross Hospital, Chilton Hospital (New Jersey) and
Huntington Medical Hospital (Indiana).

Organic growth in Education was + 6.3%, reflecting the contribution of
facilities management services contracts won in Fiscal 2011 (particularly
Detroit and Lewisville) and increased university restaurant patronage.

Contracts won in Fiscal 2012 included Vermont State College (Vermont), Mount
Ida College (Massachusetts), University of Wisconsin-La Crosse (Wisconsin) and
California State University-San Marcos (California).

Operating profit

Operating profit was 346 million euro, up + 7.6% compared to the prior year,
at constant rates.

On-site productivity gains and tight control of health and benefit plan costs
helped to offset pressure from higher food prices and permitted further
investments to enhance technical skills and expertise.

Operating margin was stable compared with the previous year, at 5.1%.

1.2 Continental Europe

Revenues

             
(in             Fiscal       Fiscal       Organic                          Exchange       Total
millions     2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                   effect
Corporate       3,346     3,183     + 2.2%                                
Health
Care and        1,396        1,382        + 1.4%                                        
Seniors
Education    904       908       + 0.1%                                
TOTAL        5,646     5,473     + 1.6%     + 1.6%          0%          +3.2%

Revenues in Continental Europe were 5.6 billion euro, with modest organic
growth of + 1.6%.

French company Lenôtre, acquired at the end of September 2011, contributed
1.6% to overall revenue growth. The process of integrating the Lenôtre teams’
prestigious savoir-faire into Sodexo’s range of foodservices is going well,
although the current economic environment is weighing on the catering
business, which experienced slower growth than in Fiscal 2011.

In Corporate, organic growth was + 2.2% compared to + 4.4% the previous year.

This performance was marked by contrasting situations:

  *On the one hand, the effectiveness of the Group’s strategic positioning
    and integrated services offers helped to drive business development,
    contributing to its success with major international groups such as
    Unilever, Eli Lilly, Alcatel-Lucent and AstraZeneca in several countries,
    as well as winning contracts such as Deutsche Telekom in Germany, and
    Gazprom in Russia.
  *At the same time, there was a pronounced decline in on-site activity
    during the latter part of the fiscal year. Efforts by clients to find
    additional cost savings and reduce headcount, along with lower consumer
    spending, weighed increasingly on revenue growth in several countries,
    particularly France and the Netherlands.

In Health Care and Seniors, organic revenue growth was + 1.4%, reflecting
modest business development and an increasingly selective approach to new
business in Southern Europe.

Business wins included Ziekenhuis Gelderse Vallei in the Netherlands,
SARquavitae in Spain and Assistance Publique-Hôpitaux de Paris (CHU Louis
Mourier and Hôpital Antoine Béclère) and Institut National Marcel Rivière in
France.

Education revenues remained flat compared with the previous year, following
the Nice city authorities’ decision to return the city’s schools to
self-operation.

During the fiscal year, Sodexo signed a number of new contracts, for example
with Utrecht University in the Netherlands, Universidad Politècnica de
Catalunya in Spain and several public schools in France such as those in
Saint-Cloud, Garges-lès-Gonesse and Livry-Gargan in the Paris suburbs.

Operating profit

Operating profit was 215 million euro, representing a decline of - 12.6%
compared to the previous year, at constant rates. Operating margin narrowed to
3.8% in Fiscal 2012 from 4.5% in Fiscal 2011. The decrease resulted mainly
from pressure from clients seeking to cut costs in an uncertain economic
environment.

1.3 United Kingdom and Ireland

Revenues

             
(in             Fiscal       Fiscal       Organic                          Exchange       Total
millions     2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                   effect
Corporate       1,155     895       + 21.3%                               
Health
Care and        254          228          + 3.5%                                        
Seniors
Education    134       122       + 0.4%                                
TOTAL        1,543     1,245     + 16%      + 3.0%          + 5.0%      + 24%

Revenues of 1.5 billion euro included 207 million euro from the two major
sporting events that took place during the year, the Rugby World Cup in
October 2011 and the London Olympics in 2012. Sodexo was a major service
provider at these events, in partnership with Mike Burton Group.

These two events accounted for most of the strong + 21.3% growth in Corporate
revenues. Excluding their impact, revenues would have been up by around +0.9%.
The ramp up of facilities management offers and an extension of the range of
services offered in Justice Services more than offset a decrease in
foodservices volume.

For the first time in two years, Sodexo reported positive organic growth in
Health Care and Seniors, which increased + 3.5%, a result in particular of the
expansion of services provided to North Staffordshire University Hospital.

Education accounts for less than 10% of Sodexo’s revenues in the United
Kingdom and Ireland. The rate of organic revenue growth reflects the ongoing
highly selective approach to new business. Recently signed new contracts
include Brunel University and Oasis Community Learning.

The facilities management business of WS Atkins in the United Kingdom was
acquired in December 2011.

Operating profit

Operating profit^1 was 80 million euro, up + 28.2%, at constant rates. This
sharp rise reflects the positive impact of the business volume generated by
the major sporting event contracts during the year and on-site productivity
gains achieved across all segments.

Operating margin ^1 was 5.2% compared to 4.7% the previous year.

^1  ^Excluding the favorable accounting adjustment of 26 million euro for UK
pension costs

1.4 Rest of the World (Latin America, Middle East, Asia, Africa, Australia and
Remote Sites)

Revenues

             
(in             Fiscal       Fiscal       Organic                          Exchange       Total
millions     2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                   effect
Corporate       3,302     2,369     + 15.9%                               
Health
Care and        162          141          + 13.5%                                       
Seniors
Education    113       113       - 2.1%                                
TOTAL        3,577     2,623     + 15.0%    + 20%           + 1.3%      +
                                                                                          36.3%

With revenues of 3.6 billion euro, the Rest of the World region (Latin
America, Middle East, Asia, Africa, Australia and Remote Sites) accounted for
20% of On-site Services revenues in Fiscal 2012 compared to less than 10% in
Fiscal 2005.

Puras do Brasil, acquired in September 2011, contributed approximately 20% to
total revenue growth. The acquisition doubled On-site Services revenue in
Brazil, to approximately 1 billion euro, and made Sodexo the leader in this
high potential market. During the year, the Group devoted considerable time
and energy to the integration of the Brazilian company’s teams.

Organic revenue growth in the Rest of the World continued at a high level of +
15%, similar to the previous year, despite some signs in the second half of
the fiscal year of a reduction in activity among industrial clients, notably
in Brazil.

Organic revenue growth in Corporate was + 15.9%, primarily a result of the
fast pace of business development in Fiscal 2011, improved client retention
rates in some countries and sustained mining industry momentum in Latin
America, Australia and Africa.

During the year:

  *Sodexo won a number of major contracts in Latin America with prestigious
    companies such as BHP Billiton Minera Escondida in Chile, Schlumberger in
    Colombia and Dixie Tioga-Bemis and Vale Fertilizantes in Brazil;
  *in China and India, where Sodexo is the undisputed leader, the Group added
    Alstom-Hydro in China, Cipla Vikhroli Lakshmi Machine Works and Igate
    Global Solutions Ltd in India to its client portfolio;
  *in Remote Sites, companies such as Rio Tinto in Guinea Conakry and Hail
    Creek in Australia also selected Sodexo.

Sodexo’s global expertise in Health Care and Seniors continued to pay off,
illustrated by + 13.5% organic growth.  Among the year’s new clients are
Fortis Health Management in India, Singapore Hospital and Clinica Shaio in
Colombia.

Operating profit

Operating profit rose sharply compared to the previous year, to 126 million
euro. The + 46% increase (excluding currency effects) was mainly attributable
to the contribution from Puras do Brasil. Since Fiscal 2005, Rest of the World
operating profit has nearly quadrupled.

Operating margin was 3.5% in Fiscal 2012 compared to 3.2% the previous year.

2. Benefits and Rewards Services

Issue volume

            
(in            Fiscal       Fiscal       Organic                          Exchange       Total
millions    2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                  effect
Latin          7,016     6,226     + 17.4%                               
America                                                                                
Europe      7,730     7,515     + 4.0%                                
and Asia
TOTAL       14,746    13,741    + 10.1%    0%              - 2.8%      + 7.3%

In Latin America, the high + 17.4% level of organic growth in issue volume
resulted mainly from the continued increase in the number of beneficiaries and
in voucher face values in high potential markets such as Brazil where
penetration rates still remain low.

In Europe and Asia, organic issue volume growth was driven by the increase in
issue volume in Belgium (ONEM and Eco Pass), in France and in Turkey, which
more than offset the impact of regulatory changes in Hungary, which took
effect January 1, 2012 and where a higher tax advantage is provided to
beneficiaries of service vouchers issued by a Hungarian company.

Revenues

            
(in            Fiscal       Fiscal       Organic                          Exchange       Total
millions    2012      2011      growth     Acquisitions    rate        growth
of euro)                                                                  effect
Latin          418       377       + 15.2%                               
America                                                                                
Europe      337       340       + 0.9%                                
and Asia
TOTAL       756       717       + 8.5%     0%              - 3.1%      + 5.4%

Organic revenue growth was + 8.5%, up from + 6.9% in Fiscal 2011.

In Latin America, business remained brisk with organic revenue growth reaching
+15.2% despite the steady decline in Brazilian interest rates during the year
and some pressure on commissions.

Among the year’s new clients are BASF and the Rio de Janeiro city prefecture
in Brazil, TIMSA in Mexico and G2 Seismic and Kenvitur in Colombia.

In Europe and Asia, the + 0.9% net growth in revenues reflected higher Eco
Pass issue volumes in Belgium, offset by the negative impact of the regulatory
change in Hungary.

The difference between issue volume and revenue growth rates in Europe
reflects the increase in personal services voucher issue volume under the
contract with the Belgian Bureau of Labor (ONEM), which does not impact
revenues in the same proportions due to the contract’s size and model.

Recent contract wins include Belgacom in Belgium and PSA Peugeot Citroën in
Slovakia.

Operating profit

Benefits and Rewards Services operating profit totaled 290 million euro, an
increase of nearly +15% compared to the previous year, excluding currency
effects. This very good performance reflects the operating leverage from
increased issue volume and tight control over operating costs.

Operating margin was 38.4% compared to 36.5% the previous year.

APPENDIX 2
Financial statements for Fiscal 2012
(audited)

Income statement

(in euro          Fiscal 2012                             Fiscal 2011
million)          €M          %              Variation       €M          %
                                    Revenues                                      Revenues
Revenue           18,236      100%           13.6%           16,047      100%
Cost of sales     (15,396)    - 84.4%                       (13,529)    - 84.3%
                                                                    
Gross profit      2,840       15.6%          12.8%           2,518       15.7%
Sales
department        (260)       - 1.4%                        (242)       - 1.5%
costs
General and
administrative    (1,558)     - 8.6%                        (1,408)     - 8.8%
costs
Other
operating         15                                       10          
income
Other
operating         (53)        - 0.3%                        (25)        - 0.2%
expenses
                                                                    
Operating
profit before     984         5.4%           15.4%           853         5.3%
financing
costs
Financial         65          0.4%                          57          0.4%
income
Financial         (231)       - 1.3%                        (204)       - 1.3%
expenses
Share of
profit of         18          0.1%                          15          0.1%
associates
                                                                    
Profit before     836         4.6%           15.9%           721         4.5%
tax
Income tax        (286)       - 1.6%                        (250)       - 1.6%
expense
                                                                    
Profit for the    550         3.0%           16.7%           471         2.9%
period
Minority          25          0.1%                          20          0.1%
interests
                                                                    
Group profit      525         2.9%           16.4%           451         2.8%
for the period
Earnings per      3.48                                     2.95        
share (€)


Consolidated Balance Sheet

                                        
ASSETS                                      EQUITY AND LIABILITIES
(in euro          August       August       (in euro              August       August
million)       31,       31,          million)           31,       31,
                  2012         2011                               2012         2011
                                            
                                            Shareholders' equity
                                            Capital            628       628
                                            Share premium      1,109     1,109
                                            Consolidated
                                            reserves and       1,297     798
                                            undistributed
                                            income
                                            Total Group
                                            shareholders'      3,034     2,535
                                            equity
                                           Non-controlling    35        30
                                            interests
                                            Total
Non-current assets                          shareholders'      3,069     2,565
                                            equity
Property,
plant and      574       513                                     
equipment
Goodwill       5,031     4,283        Non-current liabilities
Other
intangible     563       492          Borrowings         2,550     2,262
assets
Client         296       222          Employee           381       281
investments                                 benefits
                                            Derivative
Associates     81        70           financial          2         1
                                            instruments
Financial      133       115          Other              222       190
assets                                      liabilities
Derivative
financial      26        0                                       
instruments
Other
non-current    15        14           Provisions         105       62
assets
Deferred       169       153          Deferred tax       161       150
tax assets                                  liabilities
Total                                       Total
non-current    6,888     5,862        non-current        3,421     2,946
assets                                      liabilities
                                                              
Current assets                              Current liabilities
Financial      4         9            Bank overdraft     15        23
assets
Derivative
financial      1         2            Borrowings         136       152
instruments
                                            Derivative
Inventories    296       252          financial          23        10
                                            instruments
Income tax     96        72           Income tax         130       120
receivable
Trade          3,445     3,142        Provisions         41        47
receivable
Restricted
cash and
financial
assets                                      Trade and other
related to     609       622          payables           3,422     3,125
the
Benefits
and Rewards
activity
Cash and                                    Vouchers
cash           1,451     1,448        payable            2,533     2,421
equivalents
Total                                       Total current
current        5,902     5,547        liabilities        6,300     5,898
assets
                                                     12,793    
Total                                       Total
assets         12,790    11,409       liabilities        12,790    11,409
                                            and equity
                                                                               

Consolidated statement of cash flow

(in euro million)                             Fiscal 2012    Fiscal 2011
Operating activities                                        
Operating profit before financing costs       984            853
Non cash items
Depreciations                                 353            244
Provisions                                    (9)            (9)
Losses (gains) on disposals and other, net    16             15
of tax
Dividends received from associates            16             13
Change in working capital from operating      56             100
activities
Change in inventories                         (7)            (32)
Change in client and other accounts           (87)           (235)
receivable
Change in suppliers and other liabilities     (10)           261
Change in Service Vouchers and Cards to be    157            170
reimbursed
Change in financial assets related to the
Benefits and Rewards                          3              (64)
activity
Interest paid                                 (160)          (144)
Interest received                             20             14
Income tax paid                               (258)          (239)
Net cash provided by operating activities     1,018          847
                                                           
Investing activities                                        
Tangible and intangible fixed assets          (308)          (242)
investments
Fixed assets disposals                        28             22
Change in Client investments                  (39)           (22)
Change in financial investments               20             12
Acquisitions of consolidated subsidiaries     (586)          (2)
Disposals of consolidated subsidiaries        3              0
Net cash used in investing activities         (882)          (232)
                                                           
Financing activities                                        
Dividends paid to parent company              (221)          (208)
shareholders
Dividends paid to minority shareholders of
consolidated                                  (26)           (21)
companies
Treasury shares                               (25)           (161)
Increase/Decrease in capital                  1              2
Acquisition of non-controlling interests      (15)           (3)
Proceeds from borrowings                      238            429
Repayment of borrowings                       (131)          (610)
                                                           
Net cash provided by (used in) financing      (179)          (572)
activities
                                                           
INCREASE IN NET CASH AND CASH EQUIVALENTS     (43)           42
Net effect of exchange rates on cash          55             (86)
Cash and cash equivalents, as of beginning    1,424          1,468
of period
CASH AND CASH EQUIVALENTS, AS OF END OF       1,436          1,424
PERIOD
                                                            

Segment information: revenue

Revenue                                     Organic       Exchange                           Variation
(in euro       Fiscal    Fiscal    growth     rate             External    at
million)          2012         2011         ^(1)          variation^(2)       Growth         current
                                                                                             rate
On-site Services
North          6,730     6,005     + 4.9%     + 6.1%           + 1.1%      12.1%
America
Continental    5,646     5,473     + 1.6%                     + 1.6%      3.2%
Europe
UK and         1,543     1,245     + 16.0%    + 5.0%           + 3.0%      24.0%
Ireland
Rest of the    3,577     2,624     + 15.0%    + 1.3%           + 20.0%     36.3%
World
Total          17,496    15,347    + 6.3%     + 3.0%           + 4.7%      14.0%

Benefits and Rewards Services
              756       717       + 8.5%     - 3.1%           + 0.1%      5.4%
Elimination    - 16      - 17                                           
Total          18,236    16,047    + 6.5%     + 2.7%           + 4.4%      13.6%

^1 Organic growth: revenue growth, at constant scope of consolidation and
excluding exchange rate effects.
^2 It should be noted that, unlike 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 2012 was 1.3131.

Segment information: operating profit

                                                                          
Operating profit                                                 
(in euro million)            Fiscal 2012       Fiscal 2011       Change
Before corporate                                               
expenses
On-site Services                                                           
North America             346            304            + 13.8%   
Continental Europe        215            247            - 13.0%   
UK and Ireland            106            59             + 79.7%   
Rest of the World         126            84             + 50.0%   
Benefits and Rewards      290            262            + 10.7%   
Services
Headquarters              - 83           - 86 ^(1)      - 3.5%    
Elimination               - 16           - 17           - 5.9%    
TOTAL                     984            853            + 15.4%   
                                                                             

Revenue
On-site Services by segment


Consolidated Group
(in euro million)          Fiscal 2012    Fiscal 2011    Organic
                                                                  growth
Corporate                  9,340          7,759          + 9.3%
Health Care and Seniors    4,371          4,107          + 2.7%
Education                  3,785          3,481          + 4.2%
TOTAL                      17,496         15,347         + 6.3%
North America
(in euro million)          Fiscal 2012    Fiscal 2011    Organic
                                                                  growth
Corporate                  1,537          1,312          + 6.4%
Health Care and Seniors    2,559          2,356          + 2.7%
Education                  2,634          2,337          + 6.3%
TOTAL                      6,730          6,005          + 4.9%
Continental Europe
(in euro million)          Fiscal 2012    Fiscal 2011    Organic
                                                                  growth
Corporate                  3,346          3,183          + 2.2%
Health Care and Seniors    1,396          1,382          + 1.4%
Education                  904            908            + 0.1%
TOTAL                      5,646          5,473          + 1.6%
United Kingdom and Ireland
(in euro million)          Fiscal 2012    Fiscal 2011    Organic
                                                                  growth
Corporate                  1,155          895            + 21.3%
Health Care and Seniors    254            228            + 3.5%
Education                  134            122            + 0.4%
TOTAL                      1,543          1,245          + 16.0%
Rest of the World
(in euro million)          Fiscal 2012    Fiscal 2011    Organic
                                                                  growth
Corporate                  3,302          2,369          + 15.9%
Health Care and Seniors    162            141            + 13.5%
Education                  113            113            - 2.1%
TOTAL                      3,577          2,623          + 15.0%

APPENDIX 3:
Selection of new clients - Fiscal 2012

On-site Services

Corporate

Agilent Technologies International Pvt. Ltd, Gurgaon, Haryana, India (1,100
people)
Alcatel, France (10 sites), India, Eastern Europe
Alstom Hydro Co. Ltd., Tianjin, China (2,000 people)
AstraZeneca China, Shanghai, China (700 people)
AstraZeneca, multi-sites in the UK and Sweden
Bayer Materialscience, Shanghai, China (2,000 people)
Carré Champerret, Levallois-Perret, France (1,000 people)
Cipla, Mumbai, India (2,000 people)
iGATE Global Solutions Ltd., Bangalore, India (3,500 people)
Itap/Bemis, Sao Paulo, Brazil (4,000 people)
Lakshmi Machine Works, Coimbatore, India (5,200 people)
Mattel Toys Technical Consultancy, Shenzhen, China (1,000 people)
MEAG Munich Ergo, Brussels, Belgium (400 people)
Natixis, Paris / Charenton le Pont, France (2,420 people)
Siemens, 2 sites in Bogota, Colombia (1,700 people)
State Street Corporation, 11 sites in Massachusetts, U.S. (13,000 people)
Tasco Inland Australia Pty Ltd., Longwarry, Australia (1,000 people)
Tour Cristal, Paris, France (830 people)
Tour Prisma, Paris La Défense, France (750 people)
Unilever, 70 sites (15 European countries)
Vale Fertilizantes, Cajati, Cubatao and Araxa, Brazil (4,600 people)
ZAC des Gaulnes, Jonage, France (550 people)

Defense

Armée Française, Zayed military center, Abu Dhabi, United Arab Emirates (350
people)
Federal Aviation Administration, Washington, D.C., U.S. (5,000 people)

Health Care and Seniors

Association de Parents d’Enfants Inadaptés, Douai, France (1,500 people)
Bassett Medical Center, New York, U.S. (180 beds)
Beijing Anding Hospital, Beijing, China (900 people)
Central Maine Medical Center, Maine, U.S. (130 beds)
Centre Médical MGEN, Evian, France (180 beds)
CHU Louis Mourier, Colombes, France (600 beds)
Commune de Niederanven, Luxembourg (150 people)
Fortis Health Management Ltd., Gurgaon, India (150 people)
Fundación Clinica Shaio, Bogota, Colombia, (200 beds)
Fuxing Hospital, Beijing, China (900 people)
Grand Traverse Pavilions, Michigan, U.S. (250 beds)
Holy Cross Hospital, Florida, U.S. (575 beds)
Hôpital Antoine Béclère, Clamart, France (500 beds)
Institut National Marcel Rivière, La Verrière, France (250 beds)
KK Women’s & Children’s Hospital, Singapore (1,000 people)
Laredo Medical Center, Texas, U.S. (300 beds)
Regions Hospital, Minnesota, U.S. (425 beds)
Runnells Specialized Hospital, New Jersey, U.S. (375 beds)
West Boca Medical Center, Florida, U.S. (185 beds)

Education

California State University, California, U.S. (10,000 students)
Centennial College, 4 campuses in Toronto, Canada (40,000 students)
Clifton Hall School, Edinburgh, UK (220 students)
Concordia University, Michigan, U.S. (700 students)
Greater Amsterdam School District, New York, U.S. (3,800 students)
International School of Macau, Hong Kong, China (1,000 students)
Jakarta International School, Indonesia (2,500 students)
Lake Zurich Community School District, Illinois, U.S. (6,000 students)
Mairie de Corbeil-Essonnes, France (3,200 students)
Mairie de Livry-Gargan, France (3,800 students)
Mairie de Saint-Cloud, France (2,000 students)
Mount Ida College Newton Centre, Massachusetts, U.S. (1,500 students)
Peoria School District 150, Illinois, U.S. (13,500 students)
Saginaw Public Schools, Saginaw, Michigan, U.S. (9,500 students)
Shanghai American School - PuXi Campus, Shanghai, China (360 students)
Thornton Township High Schools District 205, South Holland, U.S. (5,700
students)
Traiteur Romain Sergeant, Beernem, Belgium (5,000 students)
Troy City School District, Michigan, U.S. (12,340 students)
University of Utrecht, Utrecht, Netherlands (30,000 students)
University of Tennessee Health Science Center, Tennessee, U.S. (3,000
students)
University of Wisconsin-La Crosse, Wisconsin, U.S. (10,000 students)
Ville de Garges-lès-Gonesse, France (2,300 students)
Ville de Châlons-en-Champagne, France (1,800 students)
Yakima School District 7, Washington, U.S. (15,000 students)

Remote Sites

Aceriaz Paz del Rio Belencito – Bog, Belencito (3 sites), Colombia (1,450
people)
Ameri-Tech Industries, North Dakota, U.S. (200 people)
BMA Coal Pty Ltd., Queensland, Australia (470 people)
Bob-Son, Monts Otish, Canada (150 people)
Central Hidroeléctrica El Paso – Copiapo, San Fernando, Chile (1,200 people)
Chesapeake Oilfield Services, Oklahoma, U.S. (300 people)
Descon Engineering, Ruwais, Abu Dhabi, United Arab Emirates (1,000 people)
Eskan, Mistissini, Canada (150 people)
Gazprom, Novy Urengoï, Russia (2,000 people)
Halul Offshore Services Company W.L.L., Offshore, Qatar (760 people)
Hochschild Mining, 3 sites in Peru (3,130 people)
Hydro Quebec, Rivière au Tonnerre, Canada (200 people)
Imperial Metals, British Columbia, Canada (400 people)
Interconexión Eléctrica S.A., 3 sites in Colombia (700 people)
Larsen & Toubro Electromech, Lekwhair, Oman (1,500 people)
Noble Corporation, 3 sites in the Gulf of Mexico and India (380 people)
Petrofac, Offshore, 2 sites in the North Sea, Scotland (310 people)
Rio Tinto Coal Australia, Queensland, Australia (700 people)
Rio Tinto, Simandou Mountains, Prefecture de Beyla, Guinea (600 people)
Samsung, Abu Dhabi, United Arab Emirates (4,500 people)
Schlumberger, 8 sites in Colombia (140 people)
Seadrill, Gulf of Mexico, U.S. (180 people)
Tata steel, Schefferville, Canada (150 people)
Teniz Burgylau, Offshore, Caspian Sea, Kazakhstan (100 people)
Transocean Ltd., Offshore, Kakinada, India (100 people)
Vantage Drilling, Gulf of Mexico, U.S. (180 people)

Sports and Leisure

Chase Center, North Carolina, U.S.
Circuit of the Americas, Texas, U.S. (capacity: 120,000 people)
Nordens Ark, Lysdekil, Sweden (100,000 visitors per year)
Parc de Sainte Croix, Rhodes, France (180,000 visitors per year)

Benefits and Rewards Services

Europe

Administration of Timisoara, Romania (165 beneficiaries)
Belgacom, Belgium (16,000 beneficiaries)
BNP-Paribas, Spain (650 beneficiaries)
Bulgarian Posts EAD, Sofia, Bulgaria (13,000 beneficiaries)
Canon, Spain (360 beneficiaries)
Catalunya Banc S.A., Spain (850 beneficiaries)
Christine Confection, Tunisia (1,500 beneficiaries)
Continental, Tunisia (350 beneficiaries)
Crédit du Nord, France (1,600 beneficiaries)
National Railway Infrastructure Company, Sofia, Bulgaria (14,000
beneficiaries)
Office National de l’Aviation Civile et des Aéroports, Tunisia (4,400
beneficiaries)
Philip Morris, Russia (450 beneficiaries)
Planeta Corporación, Spain (170 beneficiaries)
PSA Peugeot Citroën, Slovakia (3,500 beneficiaries)
Sacyr, Spain (1,000 beneficiaries)
Volkswagen (Dogus Holding), Turkey (200 beneficiaries)

Latin America

BASF, Sao Paulo, Brazil (4,500 beneficiaries)
Bice Vida, Chile (375 beneficiaries)
CCSI CompuCom, Mexico (950 beneficiaries)
Clariant, Mexico (1,620 beneficiaries)
Engineering Hydrosystem Ltd., Brazil (1,150 beneficiaries)
Foundation for Public Health, Brazil (1,200 beneficiaries)
Kenvitur, Colombia (1,000 beneficiaries)
Municipality of Pedernales, Venezuela (500 beneficiaries)
Prefecture of the city of Rio de Janeiro, Brazil (6,000 beneficiaries)
Terpel, Colombia (200 beneficiaries)
TIMSA, Mexico (1,800 beneficiaries)

Asia

Bharti AXA Life Insurance, India (150 beneficiaries)
China Construction Bank, Shanghai Pudong Branch, China (1,400 beneficiaries)
Commercial Aircraft Corporation of China, China (2,000 beneficiaries)
HDFC Life Insurance, India (300 beneficiaries)
Motortrade Nationwide Corp., Philippines (4,800 beneficiaries)
Shanghai Pudong Development Bank, China (115 beneficiaries)

APPENDIX 4

Major recognitions

  *In North America, Sodexo received the prestigious 2012 Catalyst Award that
    recognizes initiatives to promote the recruitment, development, and
    professional advancement of women. The criteria examined include
    management involvement, employee engagement, innovation, communication and
    measurable results.
  *Sodexo was once again included in FORTUNE magazine’s "Most Admired
    Companies" list, ranking fourth in the “Diversified Outsourcing Services”
    category.
  *Sodexo was named "Global Sustainability Industry Leader" for the eighth
    year in a row in the Dow Jones Sustainability Index (DJSI), for its
    industry sector, "Restaurants, Hotels, Bars and Recreational Services."
    Sodexo is a member of DJSI World and DJSI STOXX since 2005.
  *For the fifth year in a row, Sodexo was selected for inclusion in the
    prestigious Sustainable Asset Management (SAM) “2012 Sustainability
    Yearbook” for its commitment to economic, social and environmental
    responsibility, and was recognized as “SAM 2012 Sector Leader” and "SAM
    2012 Gold Class,” thus receiving the highest distinction in its sector.
  *Sodexo was reintegrated into the Aspi Eurozone index of the 120 best
    companies based on sustainable development, human rights, human resources,
    community involvement, business behavior and corporate governance
    criteria. Vigeo also published its list of the top 15 companies in
    Sodexo’s industry category at the beginning of the fiscal year. Sodexo was
    ranked first, obtaining the highest scores for the human resources, human
    rights, community involvement and business behavior criteria. These awards
    confirm Sodexo's commitment to corporate social and environmental
    responsibility, underpinned by the "Better Tomorrow Plan" strategic
    roadmap.

Contact:

Sodexo
Press
Laura SCHALK
Tel. & Fax: +33 1 57 75 85 69
laura.schalk@sodexo.com
or
Investor relations
Pierre BENAICH
Tel. & Fax: +33 1 57 75 80 56
pierre.benaich@sodexo.com