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Sodexo announces solid first half Fiscal 2009 results
4/23/2009
Sodexo presented today its first half Fiscal 2009 results.
Organic revenue growth: +3.7% Revenue up +7.8% (after consolidation of acquisitions) Operating profit increase of +7.1% (+5.6%, excluding currency impact) Net income remains stable after acquisition financing
Paris, April 23, 2009 - Sodexo (NYSE Euronext Paris FR 0000121220- OTC: SDXAY): At the Board of Directors meeting on April 21, 2009, chaired by Pierre Bellon, Michel Landel, Sodexo Chief Executive Officer, presented the Group's performance for the first half of Fiscal 2009.
Financial performance for the first half Fiscal 2009
millions of euro | Period closed February 28 |
| |||
1st half Fiscal 2009 | 1st half Fiscal 2008 | % change excluding currency impact (1) | Currency impact | Total %change | |
Income statement highlights | |||||
|---|---|---|---|---|---|
Revenue | 7,633 | 7,080 | + 7.1% | +0.7% | +7.8% |
Organic growth | +3.7% | +9.2% | - | - | - |
Operating profit | 421 | 393 | +5.6% | +1.5% | +7.1% |
Operating margin | 5.5% | 5.5% | - | - | - |
Group net income | 219 | 219 | -0.9% | +0.9% | 0% |
Financial structure highlights | |||||
Net cash provided by operating activities | 184 | 378 | - | ||
28/02/09 | 31/08/08 | ||||
Gearing | 50% | 21% | - | ||
(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 2009, the average conversion rate between the US dollar and the euro was 1.33 versus 1.46 for the first half of Fiscal 2008.
Commenting on these results, Sodexo CEO Michel Landel, said:
“Sodexo showed good resistance to the severe global economic crisis during the first half which closed February 28, 2009. We had anticipated that this crisis would affect our clients in 2009, but probably also in 2010. In the current economic context, we need to remain prudent. At this point in the fiscal year, we are confirming the objectives we set at the beginning of the year. Sodexo generates nearly two thirds of its revenue in high potential growth segments that are less exposed to the economic downturn: Health Care and Seniors, Education and Defense, segments in which we are a global leader. In addition, outsourcing of services can be a means for clients to reduce costs which can present new business opportunities for Sodexo. Our solid financial structure enables us to continue to invest in training for our teams, innovation, quality and developing our medium and long-term business, including through selected acquisitions that reinforce our strategic position.”
To read the full text, please download the press release below.
Press Release in PDF
Financial presentation Financial Annexes First-Half Financial Report FY2009
Conference call
Sodexo held a conference call (in English) today at 8:30 a.m. (Paris time), to comment on the first half results for Fiscal 2009. Persons wishing to participate are invited to dial + 33 1 72 00 09 91.
About Sodexo
Sodexo, founded in 1966 by Pierre Bellon, is a world leader in Food and Facilities Management services, with more than 355,000 employees on 30,600 sites in 80 countries. For Fiscal 2008, which closed August 31, 2008, Sodexo had revenues of 13.6 billion euro. Listed on Euronext Paris, the Group has a current market capitalization of 5,5 billion euro.
On-demand Webcast
Sodexo annonced its Nine-Months Revenues for fiscal 2009 on July 1, 2009.
On-demand Webcast
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