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Sodexo announces an increase in results for the first half of Fiscal 2008
4/17/2008
Sodexo performance for the first half of Fiscal 2008
- Organic revenue growth increases: 9.2%
- Operating profit up 14,9%, excluding currency impact
- Rise in net income of 16.9%, excluding currency impact
- Improvement in net cash provided by operating activities
- Proposed public tender offer to repurchase shares up to 7.8% of Sodexo's capital
- Confirmation of full-year Fiscal 2008 objectives
Paris, April 17, 2008 - Sodexo (NYSE Euronext Paris FR 0000121220- OTC: SDXAY): At the Board of Directors meeting on April 15, 2008, chaired by Pierre Bellon, Michel Landel, the Chief Executive Officer of Sodexo, presented the Group's performance for the first half of Fiscal 2008.
First-half Fiscal 2008 financial performance
millions of euro | Periods closed February 28 and 29 |
| |||
Fisrt Half Fiscal 2008 | Fisrt Half Fiscal 2007 | % change excluding currency impact (1) | Currency impact | Total %change | |
Income statement highlights | |||||
|---|---|---|---|---|---|
Revenue | 7,080 | 6,819 | + 9.6% | -5.8% | +3.8% |
Organic growth | + 9.2% | + 8.2% | - | - | - |
Operating profit | 393 | 364 | +14.9% | -7.0% | +7.9% |
Operating margin | 5.5% | 5.3% | - | - | - |
Net income | 219 | 198 | +16.9% | -6.5% | +10.4% |
Financial structure highlights | |||||
Net cash provided by operating activities | 378 | 211 | - | ||
Gearing | 12% | 25% | - | ||
(1) 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. For the first half of Fiscal 2008, the average conversion rate between the US dollar and the euro was 1.4555.
Commenting on these results, Sodexo CEO, Michel Landel, said:
"Our first-half operating performance is very good. In an uncertain global economic environment, we have demonstrated our capability to again improve our results. The level of cash generated in the first half confirms the strength of Sodexo's financial model. This performance is in line with our Ambition 2015, to double our Fiscal 2005 revenue by 2015. I thank our clients for the confidence they place in us and our teams for their valuable efforts."
To read the full text, please download the press release in pdf below.
Press release with annexes Presentation of the results
To listen to the audio transmission of the confcall held on 17 April 2007, please click below. 
Audio transmission
About Sodexo
SODEXO, founded in 1966 by Pierre Bellon, a world leader in Food and Facilities Management services, with more than 342,380 employees on 29,000 sites in 80 countries. For Fiscal 2007, which closed August 31, 2007, SODEXO had revenues of 13.4 billion euro. Listed on Euronext Paris, the Group's current market capitalization is 5.9 billion euro.
