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Strong Fiscal 2008 performance; continued strong cash flow generation
11/7/2008
Sodexo presents today its Fiscal 2008 Annual Results
Robust organic revenue growth: +7.7%
Operating profit up: +15.3% at constant currency exchange rates
Growth in net income: +16.4% at constant currency exchange rates
Proposed 10% increase in the dividend per share
Further confirmation of Sodexo's financial model:
- Net cash provided by operating activities of €780 million
- Gearing ratio as of August 31, 2008 of only 21%
Paris, November 7, 2008 - Sodexo's (Euronext Paris FR 0000121220-SDXAY-OTC) Board of Directors met on November 6, 2008 under the chairmanship of Pierre Bellon to close the accounts for the year ended August 31, 2008. Michel Landel, Chief Executive Officer, presented the financial results for Fiscal 2008.
Key financial performance indicators
In million of euro | Fiscal year ended August 31, | - | |||
2008 | 2007 | Change at constant exchange rates (1) | Curreny exhange effet | Change at current exchange rates | |
Income statement highlights | |||||
Revenue | 13,611 | 13,385 | 8.4% | (6.7%) | 1.7% |
Organic growth | 7.7% | 8.4% | - | - | - |
Operating profit | 690 | 640 | 15.3% | (7.5%) | 7.8% |
Operating margin | 5.1% | 4.8% | - | - | - |
Net income | 376 | 347 | 16.4% | (8.0%) | 8.4% |
Earnings per share (in euro) | 2.42 | 2.22 | 17.1% | (8.1%) | 9.0% |
Dividend per share (in euro) | 1.27 | 1.15 | - | - | 10.4% |
Financial structure highlights as of August 31, 2008 | |||||
Net cash provided by operating activities | 780 | 753 | - | - | - |
Gearing | 21% | 5% | - | - | - |
(1) The currency impact is calculated by applying the average exchange rates for the previous fiscal year to the current fiscal year figures. During Fiscal 2008, the average U.S. Dollar exchange rate was 1.50 vs. 1.32 euro in Fiscal 2007, a decline of 12.0%. 37% of Group revenue and 36% of operating profit are derived from North America.
Commenting on these results, Sodexo CEO, Michel Landel, said:
“Sodexo achieved an excellent performance in Fiscal 2008, reflecting the remarkable efforts of our 355,000 employees around the world. This solid performance illustrates the relevance of our strategic choices and efficiency in their implementation. Our Service Vouchers and Cards activity as well as Facilities Management services continued to grow rapidly. During Fiscal 2008, Sodexo made several strategic acquisitions, reinforcing our offering and leadership in Quality of Life services and positioning us well for the future. Finally, the quality of Sodexo's financial model was demonstrated once again, with regular free cash flow generation and a solid balance sheet that enable us to approach the future with confidence.”
For more, please download the press release below.
Fiscal 2008 Annual Results
Proposed dividend increase: +10%
Watch the on-demand Webcast of the meeting held on November 7, 2008
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Pierre Bénaich
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