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Sodexo: Good Resilience for First Half Fiscal 2013; Confirmation of Medium-Term Objectives

  Sodexo: Good Resilience for First Half Fiscal 2013; Confirmation of
  Medium-Term Objectives

  *In a Particularly Difficult Economic Environment:

       *Increased Revenues of + 4.3%
       *Organic Growth of + 2.7%^1, Driven by Development of Facilities
         Management Services
       *Operating Profit^2 Stable at 528 Million Euro
       *Operational Efficiency Improvement and Cost Reduction Program Well
         Underway and Enlarged

  *Fiscal 2013 Objectives Detailed
  *Outlook for Fiscal 2015 Confirmed

Business Wire

ISSY-LES-MOULINEAUX, France -- April 18, 2013

Regulatory News:

Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY)(Paris:SW)(OTCBB:SDXAY):
at the Board of Directors meeting on April 16, 2013, chaired by Pierre Bellon,
Chief Executive Officer Michel Landel presented the Group’s performance for
the first half of Fiscal 2013.

Financial performance for first half Fiscal 2013:

                      First Half       First
                      Fiscal           Half            Change         Change
millions of           2013             Fiscal          at             at
euros              (ended        2012         current     constant
                      February         (ended          exchange       exchange
                      28, 2013)        February        rates          rates ^3
                                       29, 2012)
Revenues           9 463         9 069        + 4.3%      + 2.8%
Organic growth     + 2.1%        + 6.4%       
Operating
profit
before             528           533          - 0.9%      - 1.1%
exceptional
items^2
Exceptional        (50)          26                      
items^4
Operating
profit -           478           559          - 14.5%     - 14.7%
reported
Tax rate           39%           35.6%                   
Group net          236           297          - 20.5%     - 20.9%
income^5
                                                      
Gearing            33%           38%
                   Feb. 28,      Feb. 29,
                      2013             2012

^1 Excluding positive impact of Rugby World Cup in Fiscal 2012.
^2 Before expenses in first half Fiscal 2013 related to operational efficiency
improvement program announced in November 2012 and favorable impact from UK
pensions in first half Fiscal 2012.
^3 The currency impact is determined by applying the average exchange rate for
the first half of the previous year to the figures for the first half of the
current year.
^4 Expenses related to operational efficiency improvement program in first
half Fiscal 2013 and favorable impact from UK pensions in first half Fiscal
2012.
^5 After exceptional items and effects of new tax measures, particularly in
France (tax on dividends and non-deductibility of interest expenses).

Commenting on these figures, Sodexo CEO Michel Landel said:

"In a more difficult economic environment, Sodexo is showing good resilience.
Our Quality of Life services offer continues to be successful. Our clients are
increasingly interested in our wide range of integrated services. Our leading
position in emerging markets is also a driver of future growth. The
operational efficiency improvement and cost reduction program, already
underway, will be further enlarged. We are confident in the future and are
maintaining our objectives for Fiscal 2015."

Revenue growth of + 4.3%

Consolidated revenues for the first half of Fiscal 2013 were 9.5 billion euro,
an increase of + 4.3%, including + 0.7% from acquisitions and changes in scope
and + 1.5% from currency impacts.

Organic growth

Organic revenue growth in the first half of Fiscal 2013 was + 2.1%, or + 2.7%
excluding the positive impact from the Rugby World Cup on the first quarter of
Fiscal 2012.

Organic growth for On-site Services was + 2% and + 2.7%, excluding Rugby World
Cup. The first half of Fiscal 2012 had benefited from the 53 million euro in
revenue generated by the 2011 Rugby World Cup.

Facilities management services accounted for over one quarter of consolidated
revenue. As was the case in the last two fiscal years, revenues from these
services are continuing to grow three times faster than foodservices revenues,
providing renewed confirmation of the relevance of the Group’s strategic
positioning.

Organic growth in Benefits and Rewards Services^6 was +4.3%, reflecting:

  *continued dynamism in Latin America, and
  *slightly higher performance than in the second half of Fiscal 2012
    (adjusted for the decrease in activity in Hungary resulting from
    unfavorable legislation introduced in that country on January 1, 2012) .

^1 Formerly Motivation Solutions

Changes in scope

Acquisitions contributed + 0.7% to the Group's growth in the first half and
include the following acquisitions completed since the beginning of the fiscal
year:

  *Servi-Bonos (Benefits and Rewards Services in Mexico) in November 2012, a
    leader in Mexico’s checks and vouchers market.
  *MacLellan (Technical Services, in India) in December 2012; a major Indian
    facilities management services company with specific expertise in air
    conditioning, heating, maintenance and energy management services.

Acquisitions made during the prior year, including Roth Bros (facilities
management, U.S., November 2011) and Lenôtre (France in September 2011) also
contributed to a lesser extent.

Operating profit

Reported operating profit was 478 million euro, a decline of - 14.5% at
current exchange rates and - 14.7% at constant rates.

Responding to the current macro-economic environment, the Group Chief
Executive Officer launched an operational efficiency improvement and cost
reduction program at the start of the fiscal year. This program should allow
Sodexo to reduce site operating costs by the equivalent of 0.6% of revenue and
overheads by the equivalent of 0.4% of revenue, using Fiscal 2012 as the
baseline, over the period to Fiscal 2015. Exceptional costs of 50 million euro
have been recorded in the first half of Fiscal 2013 in relation to this
program.

                                         
                        First     First     Change
                           Half         Half         At current       At
millions of euro        Fiscal    Fiscal    exchange      constant
                           2013         2012         rates            exchange
                                                                      rates
Operating profit
before exceptional      528       533       - 0.9%        - 1.1%
items
Exceptional items                                      
Included in gross       (30)      -                      
profit
Included in             (20)      -                      
overheads
Accounting
adjustment to           -         26                     
pension liabilities
TOTAL exceptional       (50)      26                     
items
Reported operating      478       559       -14.5%        -14.7%
profit
                                                                  

Operating profit before exceptional expenses was 528 million euro in the first
half of Fiscal 2013 compared with 533 million euro in the prior year period
(excluding exceptional income), a decline of - 0.9% at current exchange rates
and - 1.1% at constant rates.

The On-site Services activities in North America, the UK and Ireland and the
Rest of the World (Latin America, Africa, Middle East, Asia, Australia and
Remote Sites) all increased their contribution to operating profit (excluding
currency effects). Operating profit from the Benefits and Rewards Services
activity was also higher. However, the contribution from On-site Services in
Europe deteriorated as compared to the prior year period.

Consolidated operating margin^1 stood at 5.6% versus 5.9% in the first half of
Fiscal 2012.

^1 Operating margin before exceptional expenses related to the operational
efficiency improvement program in first half Fiscal 2013 and favorable impact
from UK pensions in first half Fiscal 2012.

Group net income

Group net income was 236 million euro compared with 297 million euro in the
prior year period. This result includes the impact of exceptional expenses
generated by the operational efficiency improvement program as well as the
effects of new fiscal measures, particularly in France (tax on dividends and
non-deductibility of interest expense borrowing).

Debt levels and cash flows

  *As of February 28, 2013, net debt was 961 million euro and gearing was 33%
    (compared to 38% as of February 29, 2012). The Group's financial ratios
    are very strong.
  *Net cash provided by operating activities was 37 million euro, a decline
    of 278 million euro compared to the same period last year. Three main
    factors explain this variation:

       *Benefits and Rewards Services investments for the period in
         higher-return financial instruments with longer maturities (100
         million euro impact).
       *Changes in exceptional items included in operating profit for the two
         periods (76 million euro impact).
       *A slight deterioration in the days sales outstanding ratio.

  *By contrast, net cash used in investing activities reduced in the first
    half of Fiscal 2013. The first half of Fiscal 2012 included 576 million
    euro related to acquisitions (mainly Puras do Brasil, Roth Bros in the
    United States and Lenôtre in France).
  *Investments for the first half of Fiscal 2013 included:

       *Net capital expenditure and client investments for 113 million euro,
         representing approximately 1.2% of revenues.
       *Acquisitions for 81 million euro, mainly Servi-Bonos in Mexico.

Awards

  *In March 2013, Sodexo was again listed among the "Most Admired Companies"
    in FORTUNE magazine, which evaluates the reputation of the largest
    companies in the world. Sodexo was ranked number one in its industry
    category, "Diversified outsourced services."
  *For the sixth consecutive year, Sodexo was recognized in January 2013 by
    Sustainable Asset Management (SAM) in its prestigious "2013 Sustainability
    Yearbook" report for its commitment in terms of economic, social and
    environmental responsibility and was awarded three prizes: Sector Leader,
    Gold Class and Sector Mover.

Outlook

At the April 16, 2013 Board of Directors’ meeting, Michel Landel reminded the
Board of the relevance of the Group’s long-term strategy, founded on a unique
Quality of Life services offer, an unsurpassed global network for its
activities and uncontested leadership in emerging economies.

During this meeting he confirmed his confidence in the Group’s medium-term
objectives. He noted that between Fiscal 2005 and Fiscal 2012, revenues grew
by an average 6.7% per year. The initiatives undertaken by Sodexo over several
years will allow the Group to continue its growth, improve its competitiveness
and continue to invest in its transformation.

Michel Landel noted that the operational efficiency improvement and cost
reduction program announced in November 2012 is well underway. In this regard,
he confirmed that all teams are fully mobilized around specific actions to
reinforce the Group’s competitiveness. This program will be reinforced, given
the economic context. At present, the Group considers that the implementation
of this program will result in exceptional charges of between 180 and 200
million euro over a period of 18 months, beginning September 2012, and will
have a favorable effect for the same amount in Fiscal 2015 and subsequent
years.

Given the first half performance and current trends in the economic
environment, Michel Landel provided the following objectives for Fiscal 2013:

  *Organic revenue growth between 1% and 2%
  *Stable operating profit^1 compared with Fiscal 2012

Sodexo confirms its confidence in achieving its objective of a consolidated
operating margin of 6.3% by the end of Fiscal 2015.

In addition, the Group maintains its medium-term objective of + 7% average
annual consolidated revenue growth.

Michel Landel noted Sodexo’s numerous strengths:

  *Its integrated services offer;
  *Its choices for development which capitalize on the experience and
    competence of its teams in each client segment and sub-segment;
  *Its solid growth dynamic in emerging economies, where the Group continues
    to reinforce its positions;
  *The engagement and motivation of its teams.

^1 Excluding currency impacts and before exception items in Fiscal 2012 and
Fiscal 2013.

Analyst briefing

Sodexo will hold a conference call (in English) today at 8:30 a.m. (Paris
time), to comment on the first half results for Fiscal 2013. The presentation
can be followed via webcast at www.sodexo.com. The press release and the
presentation will be available on the Group website: www.sodexo.com under the
"latest news" section beginning at 7:00 a.m. A recording of the conference
will be available until May 1 by dialing +44 (0) 1452 550 000, followed by the
pass code 25 63 74 95.

Financial communications schedule

Nine months revenues    July 10, 2013
Annual results          November 14, 2013
                       

Key figures (as of August 31, 2012)
18.2 billion euro consolidated revenue
420,000 employees
20th largest employer worldwide
80 countries
34,300 sites
75 million consumers served daily
11.1 billion euros market capitalization (as of April 17, 2013)

About Sodexo

Founded in 1966 by Pierre Bellon, 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.

Principal risks and uncertainties

There were no significant changes to the principal risks and uncertainties
identified by the Group in the "Risk Factors" section of the Fiscal 2012
Registration Document filed with the AMF November 12, 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 geographical area

All of the following data in this document relating to operating profit do not
include exceptional items^1

1. On-site Services

Revenues

                  First        First                                                        Change
(millions         Half         Half         Organic       Currency                          at
of euro)       Fiscal    Fiscal    growth     effect      Acquisitions    current
                  2013         2012                                                         exchange
                                                                                            rates
On-site Services
North          3,602     3,420     + 1.3%     + 3.2%      + 0.8%          + 5.3%
America
Continental    2,949     2,892     + 0.9%     + 0.6%      + 0.5%          + 2.0%
Europe
Rest of the    1,838     1,708     + 7.2%     + 0.2%      + 0.2%          + 7.6%
World
United
Kingdom        700       680       - 2.6%     + 3.9%      + 1.6%          + 2.9%
and Ireland
Total          9,089     8,700     + 2%       + 1.8%      + 0.7%          + 4.5%
                                                                         

On-site Services revenue was 9.1 billion euro, up + 4.5% compared with the
first half of Fiscal 2012. Organic revenue growth was + 2%, or + 2.7%
excluding the positive impact on revenue for the prior year period from the
2011 Rugby World Cup.

                 First        First
(millions     Half      Half      Organic    Acquisitions    Currency    Total
of euro)         Fiscal       Fiscal       growth                           effects        growth
                 2013         2012
Corporate     4,719     4,444     + 3.9%                               
Healthcare
and           2,177     2,134     - 0.4%                               
Seniors
Education     2,193     2,122     + 0.6%                               
Total         9,089     8,700     + 2.0%     + 0.7%          + 1.8%      + 4.5%

  *Organic growth in the Corporate segment was + 3.9% for the first half of
    Fiscal 2013, or + 5.1% excluding the impact of the 2011 Rugby World Cup.
    Growth was mainly driven by:

       *Increased demand from companies in North America and Europe for
         integrated service contracts.
       *A healthy rate of growth for Sodexo in Asia, Africa, Middle East,
         Remote Sites and, in particular, Latin America, despite the economic
         slowdown observed since last summer.

Concerning foodservices, notably in Europe, the slowdown has intensified since
the start of the fiscal year. Efforts by clients to find additional cost
savings and to reduce employee numbers, along with lower consumer spending,
weighed on revenue growth in several countries.

  *The - 0.4% decline in Healthcare and Seniors was due to the lower client
    retention rate in North America in Fiscal 2012. Since the start of Fiscal
    2013, Sodexo’s teams in the United States have won a number of contracts
    that should lead to a gradual return to growth in this client segment in
    the coming months.
  *In Education organic revenue growth was + 0.6%, reflecting a more
    selective approach to new contracts in the public school sector.

^1 Expenses related to operational efficiency improvement program in first
half Fiscal 2013 and favorable impact from UK pensions in first half Fiscal
2012.

Operating profit

Operating profit of 427 million euro reflected a slight decrease (- 0.7%)
compared to the prior year period. The On-Site Services activities in North
America, the United Kingdom, Ireland and the Rest of the World region (Latin
America, Africa, Middle East, Asia, Australia and Remote Sites) all increased
their contribution to operating profit (excluding currency effects). However,
the contribution from Continental Europe deteriorated compared to the prior
year period due to the region’s unfavorable economic environment.

Analysis by geographic region, On-site Services

1.1 North America

Revenues

                 First        First
(millions     Half      Half      Organic    Acquisitions    Currency    Total
of euro)         Fiscal       Fiscal       growth                           effects        growth
                 2013         2012
Corporate     792       700       + 6.3%                               
Healthcare
and           1,253     1,234     - 1.6%                               
Seniors
Education     1,557     1,486     + 1.4%                               
Total         3,602     3,420     + 1.3%     + 0.8%          + 3.2%      + 5.3%
                                                                        

Revenues in North America were 3.6 billion euro, up + 5.3% compared with the
first half of Fiscal 2012, and included organic growth of + 1.3%.

Organic growth in Corporate was a high + 6.3%. This performance was mainly
attributable to the increase in facilities management services for clients
such as General Electric, the contribution of new contracts such as the
prestigious Circuit of the Americas, home to the United States Formula 1 Grand
Prix, and growth in the Remote Sites business in Canada.

Sodexo won several new contracts during the first half, including with Siemens
in Canada (44 sites, integrated services), Harley Davidson, Inc. (Wisconsin)
and General Electric Aero & Healthcare Systems (South Carolina and New
Jersey).

Healthcare and Seniors revenues decreased by - 1.6%, due to weak growth in
Fiscal 2012 and a decline in the client retention rate, with first half of
Fiscal 2013 revenue bearing the full brunt of the lost Ascension Health System
contract. Since the start of Fiscal 2013, Sodexo’s teams have achieved several
major contract wins that should help drive a return to growth in the coming
months, notably with the gradual ramp-up of the major contract with HCR
ManorCare, one of the United States’ largest retirement home operators with
290 homes in 32 states and some 40,000 residents. When services under the
contract are fully deployed, annual revenues are expected to reach 220 million
US dollars.

Other contracts won during the period included the signature of contracts with
Health Corporation of America (HCA) East Florida (9 hospitals), LA County (two
UCLA Medical Center sites in California), Ochsner Medical Center (Louisiana),
Saint Joseph’s John Knox Village (Florida) and University of Arizona Medical
Center.

In Education, organic revenue growth came to + 1.4%. Growth in site revenue
was tempered, as a result of:

  *A decline in the number of meals served following implementation of the
    Healthy and Hunger-Free Kids Act, which has changed schoolchildren’s
    eating habits.
  *Lower spending by students and fewer events at the sports stadiums on
    university campuses.

New contracts signed during the period included Bethune Cookman University
(Florida), St John’s College (Maryland) and Confederation College (Ontario,
Canada).

Operating profit

Operating profit amounted to 244 million euro, up + 8.0% or + 4.9% excluding
the currency effect. Operating margin stood at 6.8% versus 6.6% in the first
half of Fiscal 2012, reflecting tight control over all operating costs and
productivity gains, particularly in the Corporate segment.

1.2 Continental Europe

Revenues

                 First        First
(millions     Half      Half      Organic    Acquisitions    Currency    Total
of euro)         Fiscal       Fiscal       growth                           effects        growth
                 2013         2012
Corporate     1,730     1,678     + 1.6%                               
Healthcare
and           706       705       - 0.4%                               
Seniors
Education     513       509       + 0.4%                               
Total         2,949     2,892     + 0.9%     + 0.5%          + 0.6%      + 2,0
                                                                                           %
                                                                        

In Continental Europe, revenues totaled 2.9billioneuro, with organic growth
of + 0.9%.

Performances were mixed, with more significant slowdowns in activity on sites
in several countries, particularly France, the Netherlands, Germany and Italy,
contrasting with a continued strong dynamic in Russia and Sweden.

The + 1.6% organic growth in the Corporate segment was led by the ramp up of
contracts with a significant facilities management services component
throughout Europe. In France, revenue was also boosted by the opening of a new
site in Nantes and the launch of additional services for the Justice Ministry.
Recent marketing successes included the signature of a new contract with DNB
(Norway) and renewal of the KLM contract in the Netherlands as well as the
Safran and Amundi contracts in France.

In Healthcare and Seniors, revenues were down - 0.4%. This was partly the
result of applying a more selective approach to new business in Southern
Europe and it also reflected soft growth in site revenues, due to clients’
strict controls over spending. Sodexo's teams nonetheless won several major
contracts, particularly in France with Nouvelles Cliniques Nantaises.

Education organic revenue growth came to + 0.4%, representing an improvement
on Fiscal 2012.  The first half saw continued application of a selective
development policy. Growth in site revenue was modest, particularly in Spain
and Italy due to pressure on school budgets leading to a reduction in the
number of services purchased. Contract wins included the Fonte Nuova city’s
schools in Italy, Darussafaka Okul in Istanbul, Turkey, and the Recollets
private school group in Longwy, France.

Operating profit

At 103 million euro, operating profit was down by 28 million euro excluding
the currency effect. The decline was mainly due to lower foodservices volumes
and also to pricing pressure from clients seeking to cut costs, which meant
that the Group was only able to pass on to clients a portion of the increase
in wages, payroll taxes and food prices. The Sports and Leisure activities in
France, which have high fixed costs, were also affected by the decline in the
number of tourists and unfavorable weather conditions. As a result of these
developments, operating margin weakened to 3.5% from 4.5% in the first half of
Fiscal 2012.

1.3 Rest of the World

(Latin America, Middle East, Asia, Africa, Australia and Remote Sites)

Revenues

                 First        First
(millions     Half      Half      Organic    Acquisitions    Currency    Total
of euro)         Fiscal       Fiscal       growth                           effects        growth
                 2013         2012
Corporate     1,701     1,573     + 7.9%                               
Healthcare
and           84        75        + 9.3%                               
Seniors
Education     53        60        - 13.4%                              
Total         1,838     1,708     + 7.2%     + 0.2%          + 0.2%      + 7.6%
                                                                        

In the Rest of the World (Latin America, Middle East, Asia, Africa, Australia
and Remote Sites), Sodexo reaffirmed its leadership in emerging and high
potential markets. Revenues for the first half of 2013 came to 1.8 billion
euro, reflecting organic growth of + 7.2%.

Despite a sharp decline in manufacturing activity in emerging markets, the
Corporate segment continued to enjoy robust organic growth. This performance
attested to Sodexo's expertise in serving mining companies in Australia and
Latin America. However, completion of several construction projects in Remote
Sites had a 2% negative impact on revenues.

Lastly, even though growth in revenues from existing clients softened,
particularly in India, Brazil and China, Sodexo delivered another excellent
sales performance in these markets with business development rates topping
10%. Many contracts were signed during the period, for example with
AstraZeneca (China), Australian Submarine Corporation (Australia), Visteon
Automotive Systems and Nestlé (India), Electrolux (Brazil), Pacific Rubiales
Energy (one of Colombia’s leading oil and gas companies) and Hyundai
Engineering and Construction Co. Ltd (Oman).

Sodexo also partnered with the French Post Office to win a contract to provide
postal support services (collection, delivery and distribution of letters and
parcels) for the 19,000 people living on French army bases around the world.
This innovative project will leverage Sodexo’s expertise in supplying on-site
services in harsh environments.

The Healthcare and Seniors segment continued to grow in Asia and Latin
America, with contract wins including the Renmin University Hospital Wuhan
(China). The decline in Education revenue was due to the non-renewal of a
public schools contract in Chile.

Operating profit

Operating profit amounted to 47 million euro, an increase of + 4.7% excluding
the currency effect. During the first half, Puras do Brasil, a Brazilian
company acquired at the beginning of Fiscal 2012 continued to be integrated in
the Group. This acquisition doubled the On-site Services revenue base in
Brazil, lifting the Group to the no.1 position in this market, which offers
considerable medium-term growth potential. The first half also saw significant
food price inflation in several countries, particularly Brazil. Operating
margin stood at 2.6% versus 2.5% in the first half of Fiscal 2012.

1.4 United Kingdom and Ireland

Revenues

                 First        First
(millions     Half      Half      Organic    Acquisitions    Currency    Total
of euro)         Fiscal       Fiscal       growth                           effects        growth
                 2013         2012
Corporate     495       493       -  4.7%                              
Healthcare
and           135       119       +  5.8%                              
Seniors
Education     70        68        -  2.6%                              
Total         700       680       - 2.6%     + 1.6%          + 3.9%      + 2.9%
                                                                        

On-site Services revenues in the United Kingdom and Ireland totaled 700
million euro. Excluding the favorable effect of the 2011 Rugby World Cup
hospitality contract in the first half of the prior year, organic revenue
growth in the first half of Fiscal 2013 was + 5.6%.

Corporate revenues for the period were up by a robust + 6.8% (excluding Rugby
World Cup revenues). This performance was attributable to the roughly 13
million euro in revenues earned during the London Paralympic Games in early
September 2012 and to the ramp-up of several integrated service contracts
including with Unilever, AstraZeneca and Eli Lilly.

In Healthcare and Seniors, organic revenue growth accelerated to + 5.8%, led
by expanded services provided in connection with the contract with North
Staffordshire University Hospital and the start-up of an integrated services
contract at Brighton and Sussex University Hospital.

Education revenues contracted by - 2.6% on an organic basis, reflecting the
continuing selective approach to new business in the public schools sector.
Recent contract wins included St. Flannans College in Ennis (Ireland).

Operating profit

Operating profit amounted to 33 million euro, up 6.7% excluding the currency
effect.

On-site productivity gains, particularly in the Justice segment, the ramp-up
of integrated service contracts in the Corporate segment, and the gain
recognized following pension plan changes in the United Kingdom and Ireland
more than compensated for the high prior period basis of comparison resulting
from the 2011 Rugby World Cup. Operating margin rose to 4.7% from 4.4% in the
first half of Fiscal 2012.

2. Benefits and Rewards Services

Issue volume

                First        First
(millions    Half      Half      Organic    Acquisitions    Currency    Total
of euro)        Fiscal       Fiscal       growth                           effects        growth
                2013         2012
Latin        3,840     3,432     + 18%                                
America
Europe       4,134     4,083     +  0%                                
and Asia
Total        7,974     7,515     + 8.2%     + 1.8%          - 3.9%      + 6.1%
                                                                       

Benefits and Rewards Services issue volume for the first half of Fiscal 2013
totaled 8 billion euro and organic issue volume growth was + 8.2%. Overall
growth in issue volume was + 6.1%, after taking into account the - 3.9%
negative currency effect, mainly due to the Brazilian real’s decline against
the euro, and the contribution of Servi-Bonos in Mexico, which was acquired in
November 2012 and added + 1.8% to the growth rate.

Issue volume in Latin America amounted to 3.8 billion euro. Organic growth was
a strong + 18%, reflecting a steady increase in the number of beneficiaries as
well as in voucher and card face values.

At 4.1 billion euro, issue volume in Europe and Asia was in line with the
first half of Fiscal 2012. Unfavorable new regulations introduced in Hungary
in January 2012 reduced organic issue volume growth by 2.4%. In Belgium, issue
volume for the Titres Emploi Service personal service vouchers remained high
during the period.

Revenues

                First        First
(millions    Half      Half      Organic    Acquisitions    Currency    Total
of euro)        Fiscal       Fiscal       growth                           effects        growth
                2013         2012
Latin        206       203       + 8.7%                               
America
Europe       174       174       - 0.8%                               
and Asia
Total        380       377       + 4.3%     + 1.1%          - 4.6%      + 0.8%
                                                                       

Benefits and Rewards Services revenues for the first half of Fiscal 2013
totaled 380 million euro. Organic growth stood at + 4.3%, while reported
growth was close to + 1% reflecting:

  *The - 4.6% negative currency effect, and
  *The + 1.1% contribution from Servi-Bonos, one of Mexico’s leading meal
    voucher and card issuers that was acquired in November 2012. The first
    months of Servi-Bonos’s integration into the Group have been satisfactory.

Organic revenue growth in Latin America slowed to + 8.7%. This was mainly due
to pressures on commission rates with large Corporate and other clients in
Brazil and it also reflected the impact of lower interest rates.

Revenue in Europe and Asia amounted to 174 million euro. Organic growth was a
negative - 0.8% compared with the first half of Fiscal 2012, but a positive +
3.3% excluding the impact of Hungary.

Recent marketing successes included contracts with the Lyon Chamber of
Commerce and Industry and the Saône et Loire Conseil Général (France),
Electropaulo (São Paulo, Brazil), the Zulia State Government (Venezuela),
Sharp Electronica Mexico (Mexico) and the Bursa City Authorities (Turkey).
Other highlights of the period included the successful launch of the Spirit of
Cadeau gift card in France, in time for the festive season. The card can be
used to purchase products and services for the home and for sporting
activities.

Operating profit

Operating profit from Benefits and Rewards Services amounted to 147 million
euro, up + 6.8% excluding the currency effect compared with the first half of
Fiscal 2012. The increase reflected higher issue volumes and the productivity
gains achieved through disciplined management, enabling continued investing in
new technologies and marketing.

Operating margin stood at 38.7% versus 39% in the year-earlier period when
operating profit benefitted from several non-recurring items such as a
litigation settlement.

APPENDIX 2

Financial statements for First Half Fiscal 2013

2.1 Consolidated income statement

                   First Half                             First Half
(millions of          Fiscal 2013                  Variation       Fiscal 2012
euro)                 %           M€                            %           M€
                      Revenues                                     Revenues
Revenues           100%        9,463      4.3%         100%        9,069
Cost of sales         - 85.1%        (8,049)                       - 84.2%        (7,634)
Gross profit       14.9%       1,414      - 1.5%       15.8%       1,435
Sales
department            - 1.4%         (133)                         - 1.4%         (129)
costs
General and
administrative        - 8.4%         (798)                         - 8.2%         (740)
costs
Other operating                      11                                           10
income
Other operating       - 0.2%         (16)                          - 0.2%         (17)
costs
Operating          5.1%        478        - 14.4%      6.2%        559
profit ^(1)
Interest income       0.2%           23                            0.4%           33
Financing costs       - 1.1%         (108)                         - 1.4%         (124)
Share of profit
of companies
consolidated          0.1%           8                             0.1%           7
by the equity
method
Profit for the
period before      4.2%        401        - 15.6%      5.2%        475
tax
Income tax            - 1.6%         (153)                         - 1.8%         (166)
expense
Profit for the     2.6%        248        - 19.7%      3.4%        309
period
Of which :
Non-controlling       0.1%           12                            0.1%           12
interests
Profit
attributable to
equity holders     2.5%        236        - 20.5%      3.3%        297
of
the parent

^(1) Including 50 million euro in costs recognized in the first half of Fiscal
2013 for the operational efficiency improvement and cost reduction program.

2.2 Consolidated statement of financial position

Assets

(in millions of euro)                        February 28,    August 31,
                                                2013               2012
NON-CURRENT ASSETS                                          
Property, plant and equipment                547             574
Goodwill                                        4,955              5,031
Other intangible assets                         568                563
Client investments                              285                296
Companies consolidated by the equity            78                 81
method
Other non-current financial assets              120                133
Derivative financial instruments                28                 26
Other non-current assets                        12                 15
Deferred tax assets                             222                169
Total non-current assets                     6,815           6,888
CURRENT ASSETS                                              
Current financial assets                        5                  4
Derivative financial instruments                4                  1
Inventories                                     288                296
Income tax receivable                           163                96
Trade and other receivables                     3,969              3,445
Restricted cash and financial assets
related to the Benefits and                     660                609
Rewards Services activity
Cash and cash equivalents                       1,266              1,451
Total current assets                         6,355           5,902
TOTAL ASSETS                                 13,170          12,790
                                                                   
Liabilities and Shareholders’ Equity
                                                                   
(in millions of euro)                        February 28,    August 31,
                                                2013               2012
SHAREHOLDERS’EQUITY                                         
Common stock                                    628                628
Additional paid-in capital                      1,109              1,109
Reserves and retained earnings                  1,161              1,297
Equity attributable to equity holders of     2,898           3,034
the parent
Non-controlling interests                    39              35
Total shareholders’ equity                   2,937           3,069
NON-CURRENT LIABILITIES                                         
Borrowings                                      2,587              2,550
Derivative financial instruments                4                  2
Employee benefits                               362                381
Other liabilities                               210                222
Provisions                                      110                105
Deferred tax liabilities                        302                161
Total non-current liabilities                3,575           3,421
CURRENT LIABILITIES                                         
Bank overdrafts                                 84                 15
Borrowings                                      232                136
Derivative financial instruments                12                 23
Income tax payable                              121                130
Provisions                                      47                 41
Trade and other payables                        3,404              3,422
Vouchers payable                                2,758              2,533
Total current liabilities                    6,658           6,300
TOTAL LIABILITIES AND EQUITY                 13,170          12,790
                                                                   
2.3 Consolidated Cash Flow statement
                                                                   
(in millions of euro)                        First Half      First Half
                                                Fiscal 2013        Fiscal 2012
Operating activities                                        
Operating profit                             478             559
Elimination of non-cash and non-operating items
Depreciation and amortization of tangible       140                139
and intangible assets
Provisions                                      17                 (2)
Gains and losses on disposals and other         1                  8
Dividends received from companies               8                  6
consolidated by the equity method
Change in working capital from operating     (353)           (178)
activities
Change in inventories                           (1)                1
Change in trade and other receivables           (576)              (501)
Change in trade and other payables              56                 76
Change in vouchers payable                      215                197
Change in financial assets related to the
Benefits and Rewards Services                   (47)               49
activity
Interest paid                                   (114)              (101)
Interest received                               7                  11
Income tax paid                                 (147)              (127)
Net cash provided by operating activities    37              315
Investing activities                                        
Acquisitions of property, plant and             (110)              (145)
equipment and intangible assets
Disposals of property, plant and                5                  15
equipment and intangible assets
Change in client investments                    (3)                (13)
Change in financial assets                      4                  14
Acquisitions of subsidiaries                    (81)               (576)
Dispositions of subsidiaries                                       1
Net cash used in investing activities        (185)           (704)
Financing activities                                        
Dividends paid to parent company                (240)              (221)
shareholders
Dividends paid to non-controlling               (12)               (15)
shareholders of consolidated companies
Purchases of treasury shares                    (46)               (5)
Dispositions of treasury shares                 54                 40
Increase in capital
Decrease in capital
Acquisitions of non-controlling interests       (11)
Dispositions of equity investments without loss of control
Proceeds from borrowings                        237                339
Repayment of borrowings                         (41)               (100)
Net cash (used in) provided by financing     (59)            38
activities
CHANGE IN NET CASH AND CASH EQUIVALENTS      (207)           (351)
Net effect of exchange rates and other          (48)               46
effects on cash
Net cash and cash equivalents, beginning        1,436              1,424
of period
NET CASH AND CASH EQUIVALENTS, END OF        1,181           1,119
PERIOD
                                                                   

2.4 Segment information

Revenues by activity

                   First        First                                                        Change
(in millions       half         half         Organic       Currency                          at
of euro)        Fiscal    Fiscal    growth     effect      Acquisitions    current
                   2013         2012         ^(1)                                            exchange
                                                                                             rates
On-site                                                                   
Services
North              3,602        3,420        + 1.3%        + 3.2%         + 0.8%             + 5.3%
America
Continental        2,949        2,892        + 0.9%        + 0.6%         + 0.5%             + 2.0%
Europe
Rest of the        1,838        1,708        + 7.2%        + 0.2%         + 0.2%             + 7.6%
World
United
Kingdom and        700          680          - 2.6%        + 3.9%         + 1.6%             + 2.9%
Ireland
Total
On-site         9,089     8,700     + 2.0%     + 1.8%      + 0.7%          + 4.5%
Services
Benefits and
Rewards            380          377          +4.3%         - 4.6%         +1.1%              +0.8%
Services
Elimination
of                 (6)          (8)
intra-group
revenues
Consolidated    9,463     9,069     + 2.1%     + 1.5 %     + 0.7%          + 4.3%
Total

^(1) Organic growth: revenue growth, at constant scope of consolidation and
excluding exchange rate effects

Operating profit by activity

                         First        First          Change at       Change at
(in millions of          half         half           current         constant
euro)                 Fiscal    Fiscal      exchange     exchange
                         2013         2012^(3)       rates           rates
                         ^(2)
On-site Services                                        
North America            244          226            + 8.0%          + 4.9%
Continental Europe       103          131            - 21.4%         - 22.1%
Rest of the World        47           43             + 9.3%          + 4.7%
United Kingdom and       33           30             + 10%           + 6.7%
Ireland
Total On-site         427       430         -0.7%        - 3.3%
Services
Benefits and             147          147            + 0.0%          + 6.8%
Rewards Services
Corporate expenses       (40)         (36)
Elimination of
intra-group              (6)          (8)
revenues
Consolidated Total    528       533         - 0.9%       - 1.1%

^(2) Excluding exceptional costs related to the operational efficiency
improvement program and described on page 3.
^(3) Excluding the exceptional impact of an accounting pension adjustment to
pension plans in the United Kingdom.

2.5 Exchange rates

The main currency exchange effects for first half fiscal 2013 are:

1 EUR =           Average rate H1        Average rate H1    Variation
                     2013                      2012
U.S Dollar        1.3082                 1.3484             + 3.1%
Pound Sterling    0.8189                 0.8548             + 4.4%
Brazilian Real    2.6619                 2.3827             - 10.5%
                                                           

APPENDIX 3

SELECTION OF NEW CLIENTS - FIRST HALF FISCAL 2013

On-site Services

Corporate

Siemens, 44 sites in Canada (2,800 people)
Amundi,Paris, France (1,700 people)
AstraZeneca, Shanghai, China (1,550 people)
Australian Submarine Corporation, Australia (2,700 people)
Banco Bradesco S.A., Osasco, Brazil (16,000 people)
DNB, Oslo, Norway (3,200 people)
Electrolux, São Carlos, Brazil (12,700 people)
General Electric - Aero & Healthcare Systems, 2 sites in the U.S. (1,500
people)
GlaxoSmithKline, Wavre,Belgium (1,600 people)
Harley Davidson Inc., Milwaukee, Wisconsin, USA (1,300 people)
Nestlé India Ltd., Bangalore, India (1,150 people)
Safran, Issy-les-Moulineaux, France (1,000 people)
The Co-operative Group Ltd., 7 sites in northwest UK (10,000 people)
Visteon Automotive Systems, Chennai, India, (1,550 people)

Defense

US Air Force, 5 bases in the U.S.
US Forces, Zayed military city, United Arab Emirates (300 people)
Defense Commissary Agency, 12 sites in the U.S.
Ministère de la Défense for the Sodexo-La Poste consortium, France (19,000
people)
Healthcare and Seniors
HCR ManorCare, 290 retirement homes in 32 U.S. states
Nouvelles Cliniques Nantaises, Nantes, France (500 people)
Brighton & Sussex University Hospital, Brighton, UK (650 people)
Clínica Universidad de los Andes, Santiago, Chile (550 people)
HCA East Florida, 9 hospitals, Florida, U.S. (2,200 people)
LA County, California, U.S. (2 sites of the UCLA Medical Center, 750 people)
Göteborg Municipality, Sweden (800 people)
Ochsner Medical Center, Louisiana, U.S. (400 people)
Renmin Hospital of Wuhan University, Wuhan, China (4,000 people)
Shands Jacksonville Medical Center, Florida, U.S. (700 people)
St. Joseph's John Knox Village, Florida, U.S. (650 people)
The University of Arizona Medical Center, Arizona, U.S. (500 people)

Education

Al Mareefa College, Riyadh, Saudi Arabia (400 students)
Bethune-Cookman University, Florida, U.S. (3,700 students)
Confederation College, 4 sites, Ontario, Canada (1,700 students)
Darussafaka Okul, Istanbul, Turkey
Ensemble Scolaire des Recollets, Longwy, France (800 students)
St. Andrews College, Dublin, Ireland (1,200 students)
St. Flannans College, Ennis, Ireland (1,250 students)
St. John's College, Maryland, U.S. (600 students)
City of Fonte Nuova, Italy (1,600 students)

Remote Sites

Pacific Rubiales Energy, Puerto Gaitan, Colombia (2,500 people)
Campamento Pionero, Antofagasta, Chile (1,000 people)
Compañia de Mínas Buenaventura / Tantahuatay Project, Cajamarca, Peru (820
people)
Highland Gold, Chukotka, Russia (300 people)
Hydro Quebec Mista, Quebec, Canada (1,200 people)
Hyundai Engineering & Construction Co. Ltd., Kasha, Oman (1,000 people)
Millenium Offshore Services, Offshore, Qatar (450 people)
Trepang Services – Blaydin Village, Darwin, Australia (500 people)

Sports and Leisure

Château de Fillerval, Thury-sous-Clermont, France
Benefits and Rewards Services

Europe

Aldi, Belgium (3,500 beneficiaries)
Bursa Buyuksehir Municipality, Turkey (1,600 beneficiaries)
Chambre de Commerce et d'Industrie, Lyon, France (1,250 beneficiaries)
Conseil Général de Saône-et-Loire, France
Euronics, Italy (1,000 beneficiaries)
Roche Farma, Spain (500 beneficiaries)

Latin America

Eletropaulo, Brazil (6,000 beneficiaries)
Government of the State of Zulia, Venezuela (23,000 beneficiaries)
PepsiCo, Brazil (8,250 beneficiaries)
Serviço Federal de Processamento de Dados (SERPRO), Brazil (10,000
beneficiaries)
Sharp Electronica Mexico, Mexico (2,900 beneficiaries)
Public University of Campinas, Brazil (10,000 beneficiaries)

Asia

Delhi Metro Rail Corporation Ltd., India (10,000 beneficiaries)
Jia Ding Telecom Bureau, China (300 beneficiaries)

Contact:

Press
Laura SCHALK
Tel. & Fax : +33 1 57 75 85 69
E-mail: laura.schalk@sodexo.com
or
Analysts and Investors
Pierre BENAICH
Tel. & Fax : +33 1 57 75 80 56
E-mail: pierre.benaich@sodexo.com