On-site Services (+1.7%): with growth led by
integrated Quality of Life Services offers. Benefits and
Rewards Services (+14%): an excellent performance, gaining
momentum compared with Fiscal 2013.
Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY), the world
leader in Quality of Life Services, today reported its revenues for
the first nine months of Fiscal 2014, which ended on May 31,
2014.
Revenues by activity and region
|
Revenues (in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth1 |
Acquisitions2 |
Currency effect3 |
Total change |
|
North America |
5,323 |
5,398 |
+ 3.7% |
|
- 5.1% |
- 1.4% |
|
Continental Europe |
4,409 |
4,403 |
+ 0.3% |
+ 0.8% |
- 1.0% |
+ 0.1% |
|
Rest of the World |
2,460 |
2,801 |
- 0.7% |
+ 0.2% |
- 11.7% |
- 12.2% |
|
United Kingdom and Ireland |
1,079 |
1,038 |
+ 4.5% |
- 0.2% |
- 0.3% |
+ 4.0% |
|
Total On-site Services |
13,271 |
13,640 |
+ 1.7% |
+ 0.4% |
- 4.8% |
- 2.7% |
|
Total Benefits and Rewards Services |
556 |
583 |
+ 14.0% |
+ 0.9% |
- 19.5% |
- 4.6% |
|
Elimination of intra-group revenues |
(5) |
(9) |
|
|
|
|
|
TOTAL GROUP |
13,822 |
14,214 |
+ 2.3% |
+ 0.3% |
- 5.4% |
- 2.8% |
Commenting on these figures, Sodexo CEO Michel Landel
said: "We delivered organic growth in the first nine
months thanks notably to strong client demand for our integrated
Quality of Life Services offer in the Corporate segment across the
globe. Our teams are highly mobilized to provide our clients with
the savings that they expect and to improve our competitiveness.
Finally, we confirm our objective to achieve full-year Fiscal 2014
growth in operating profit of 11% at constant exchange rates4." 1
Organic growth: increase in revenues at constant scope of
consolidation and exchange rates. 2 Changes in the scope of
consolidation mainly concern the consolidation of Crèche Attitude
(previously accounted for by the equity method) in France,
following the increase in Sodexo's shareholding to 75% in September
2013, as well as the acquisition of Servi-Bonos in Mexico in
November 2012 in the Benefits and Rewards Services segment. 3
Principal changes in USD, BRL, GBP and VEF exchange rates are
presented in Appendix 3 (page 11). 4 At Fiscal 2013 exchange rates
and before exceptional items related to the operational efficiency
improvement program 1. Analysis of organic
growth
|
(in millions of euro)) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Corporate |
6,834 |
7,100 |
+ 1.9% |
|
Healthcare and Seniors |
3,218 |
3,293 |
+ 1.4% |
|
Education |
3,219 |
3,247 |
+ 1.7% |
|
Total On-site Services |
13,271 |
13,640 |
+ 1.7% |
|
Benefits and Rewards Services |
556 |
583 |
+ 14.0% |
|
Eliminations |
(5) |
(9) |
|
|
TOTAL GROUP |
13,822 |
14,214 |
+ 2.3% |
On-site Services
On-site Services revenues totaled 13.3 billion
euro for the nine-month period, reflecting organic growth of
1.7%. Excluding the calendar effect, the level of
activity in the third quarter was very similar to that observed in
the first half of the fiscal year.
- Organic growth in the Corporate segment
amounted to 1.9%, reflecting very mixed
situations:
- Integrated Quality of Life Services offers continued to prove
successful and relevant in all geographic regions, primarily due to
their technical maintenance services component. Facilities
Management services continued to expand at a much faster rate than
foodservices.
- Foodservices volumes continued to decline, particularly in
Europe, reflecting both employee downsizing and cost savings
measures taken by clients.
- Remote Sites revenues slowed sharply, particularly in the
mining sector in Latin America, Australia and Africa. However,
organic growth in the Corporate segment, excluding Remote Sites,
was around 4%.
- In Healthcare and Seniors, the Group's organic
growth for the first nine months of Fiscal 2014 was
1.4%. This improvement on prior-year trends was
nevertheless limited by a slower-than-expected ramp-up of certain
new integrated multi-site services contracts in North America.
- At 1.7%, the Group's organic growth in the
Education segment began to recover compared with
Fiscal 2013, reflecting notably a slightly higher number of school
and university consumers in North America, and solid expansion in
emerging markets that are capitalizing on Sodexo's expertise by
client segment.
Benefits and Rewards
Services
Organic growth in
Benefits and Rewards Services revenues of
14.0% for the first nine months of the year was
once again excellent and much brisker than in Fiscal 2013, due
to:
- An excellent sales dynamic in Latin America (with organic
growth of nearly 22%), driven by solutions provided to an
ever-increasing number of beneficiaries and higher face values on
issued vouchers and cards.
- A robust performance in Europe and Asia (with organic growth of
4%).
2. Financial position
On June 24, 2014, Sodexo completed a 1.1 billion euro bond
issuance, comprising a 7.5-year tranche and a 12-year tranche, with
an average interest rate of 2.1%. This issuance followed a
1.1 billion U.S. dollar private placement (USPP) carried out
by the Group in March 2014, with maturities ranging between 5 and
15 years and an average rate of 3.8%.
The two transactions allows Sodexo to refinance the borrowings
maturing in March 2014 and January 2015 on more favorable terms,
significantly extend the maturity of its debt and gradually reduce
its average annual borrowing costs.
Apart from these items, there were no material changes in the
Group's financial position as of May 31, 2014 as compared to
that presented in the Financial Report for First Half Fiscal
2014.
3. Outlook confirmed for Fiscal 2014
Sodexo is expecting a slightly slower fourth quarter than
initially forecast, given the delayed start-up of certain major
contracts.
Sodexo is now forecasting organic revenue growth of
between 2.2% and 2.5% for Fiscal 2014 and confirms
its operating profit growth target of 11%1. As a result,
the Group is targeting an operating margin of
5.6%1 for Fiscal 2014, up 0.4% compared with Fiscal
2013.
1 At Fiscal 2013 exchange rates and before exceptional items
related to the operational efficiency improvement program.
Financial calendar
|
Fiscal 2014 Results |
November 13, 2014 |
|
First-Quarter Fiscal 2015 Revenues |
January 9, 2015 |
|
Annual Shareholders' Meeting |
January 19, 2015 |
|
First-Half Fiscal 2015 Results |
April 16, 2015 |
Conference call
Sodexo will hold a conference call (in English) today at
8:30 a.m. (Paris time), to comment on revenues for the
first nine months of Fiscal 2014. Those who wish to connect may
dial +44 (0) 1452 555 566 (from outside France) or
01 76 74 24 28 (from within France), followed by the pass code 63
43 58 94. The presentation can also be followed via webcast at
www.sodexo.com under the "Finance - Financial Results"
section.
The press release, presentation and webcast will be
available on the Group website
www.sodexo.com under both the "Latest News"
section and the "Finance - Financial Results" section. A recording
of the conference will be available until July 22 by dialing +44
(0)1452 550 000, followed by the pass code 63 43 58 94.
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, 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 428,000 employees throughout the
world.
| Key
figures (as of August 31, 2013) 18.4
billion euro consolidated revenues
428,000 employees 18th largest
employer worldwide 80 countries
33,300 sites 75 million consumers
served daily 12.4 billion euro market
capitalization (as of July 8, 2014) |
Caution about forward-looking statements
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.
Principal risks and uncertainties
The principal risks and uncertainties identified by the Group in
the "Risk Factors" section of the Fiscal 2014 Half Year Report
published on April 17, 2014 have not significantly changed, but
have been supplemented by the press release issued on June 12,
2014.
Contacts
|
Analysts and Investors |
Press |
|
Pierre Benaich Tel. & Fax: +33 1 57 75 80 56
E-mail: pierre.benaich@sodexo.com |
Laura Schalk Tel. & Fax: +33 1 57 75 85 69
E-mail: laura.schalk@sodexo.com |
APPENDIX 1
Analysis of organic growth in On-site
Services
2.1 North America
Revenues
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Corporate |
1,242 |
1,214 |
+ 8.4% |
|
Healthcare and Seniors |
1,833 |
1,898 |
+ 1.4% |
|
Education |
2,248 |
2,286 |
+ 3.2% |
|
Total North America |
5,323 |
5,398 |
+ 3.7% |
On-site Services revenues in North America totaled 5.3 billion
euro for the period, with organic growth accelerating to
3.7% compared to 0.6% for Fiscal 2013.
Organic growth in the Corporate segment
remained excellent at 8.4%, led by the ramp-up of
integrated services contracts with clients such as Unilever,
Citibank and Walt Disney World Resorts. The contribution of several
major Remote Sites projects in Canada, such as Suncor Fort Hills
and La Romaine, also helped to maintain this high level of growth.
In the third quarter, this strong sales momentum led to new
contract wins such as Dow Jones & Company and Humana Inc. in
the United States.
At 1.4%, growth in Healthcare and
Seniors revenues was impacted by the slower-than-expected
ramp-up of major contracts won in 2013 with clients like HCR
ManorCare. Sodexo's teams recently won contracts in this segment
with clients such as Wheaton Franciscan Hospital.
In Education, organic revenue growth was
3.2%, reflecting an improved performance at
existing sites due to increased spending and student participation
on university campuses and a greater number of meals served in
schools. Other new contracts signed recently include Chicago Public
Schools, College of William & Mary and Coker College.
2.2 Continental Europe
Revenues
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Corporate |
2,583 |
2,575 |
+ 1.7% |
|
Healthcare and Seniors |
1,048 |
1,061 |
- 0.8% |
|
Education |
778 |
767 |
- 3.1% |
|
Total Continental Europe |
4,409 |
4,403 |
+ 0.3% |
In Continental Europe, revenues totaled
4.4 billion euro, including organic growth of
0.3%. The 1.7% organic growth
achieved in the Corporate segment was shaped
by:
- A further decline in foodservices volumes.
- The continued success of Sodexo's Quality of Life Services
solutions, particularly those comprising extensive multi-technical
services.
The main contracts signed in the third quarter included Johnson
& Johnson in Germany and Procter & Gamble in France. Note
that the positive impact of these new contracts will not be felt
until the beginning of Fiscal 2015.
The 0.8% contraction in Healthcare and
Seniors revenues mainly reflected moderate growth on
existing sites in Europe and a difficult socio-economic climate in
France. Sodexo's teams were nevertheless awarded prestigious new
contracts during the period such as Hôpital Foch in France.
In Education, the 3.1% revenue
decline was mainly attributable to Sodexo's decision not to renew
certain major contracts in several countries, including Italy, as
well as schools and universities looking to reduce costs. Recent
contract wins include the public schools in Asnières-sur-Seine in
France and Taideyliopiston Sibelius Akatemia in Finland.
2.3 Rest of the World (Latin America, Asia, Africa,
Australia, Middle East and Remote Sites)
Revenues
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Corporate |
2,238 |
2,582 |
- 2.1% |
|
Healthcare and Seniors |
124 |
129 |
+ 14.1% |
|
Education |
98 |
90 |
+ 17.9% |
|
Total Rest of the World |
2,460 |
2,801 |
- 0.7% (+7.0% excl. Remote
Sites) |
At constant exchange rates and scope of consolidation, revenues
in the Rest of the World were virtually stable
(-0.7%), reflecting very mixed trends by country,
client segment and client sub-segment.
Remote Sites revenues (representing 45% of Rest of the World
revenues in Fiscal 2013) contracted by 9.2%, as clients postponed
investments in new mining projects and several construction phase
projects reached completion. However, Sodexo's teams' recent
commercial successes in the energy and infrastructure sector should
permit a return to growth in the Remote Sites segment in the next
fiscal year.
Excluding the Remote Sites activity, organic growth in the Rest
of the World remained solid at 7%, reflecting Sodexo's leadership
in high-potential emerging markets, as well as strong, steady
growth in all client segments, including Healthcare and Education
in particular.
In the Corporate segment, revenues
declined by 2.1% at constant exchange rates and
scope of consolidation because of the decrease in Remote Sites
revenues described above. Corporate services delivered a good
performance, notably in Chile, Colombia and the Asia-Pacific
region. Sodexo's sales dynamic led to new contract wins during the
period, including Heineken in Brazil, Cerro Matoso in Colombia,
Groote Eylandt in Australia with the BHP Billiton Group's Gemco,
Halliburton in Saudi Arabia, and Shelf Drilling in Indonesia.
In Healthcare and Seniors,
14.1% organic growth was driven by successes
reported in every region, particularly in India and Brazil, which
saw growth rates of 20% and 18% respectively. This sustained,
steady improvement is the product of Sodexo's recognized global
expertise in the Healthcare and Seniors segment. Our teams' recent
contract wins include Hospital Monte Klinikum in Brazil, and
American Sino Medical Shanghai and Beijing Jishuitan Hospital in
China. In addition, a major contract was signed with The Medical
City in the Philippines, for which Sodexo is providing extensive
technical maintenance services.
In Education, Sodexo's teams won major new
contracts with clients such as the Lycée Franco-Qatarian Voltaire
in Qatar and the Universidad Santo Tomas in Chile, helping to drive
organic growth into the double digits (17.9%).
2.4 United Kingdom and
Ireland
Revenues
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Corporate |
770 |
730 |
+ 6.1% |
|
Healthcare and Seniors |
214 |
205 |
+ 4.9% |
|
Education |
95 |
103 |
- 7.6% |
|
Total United Kingdom and Ireland |
1,079 |
1,038 |
+ 4.5% |
In United Kingdom and Ireland, revenues totaled
1.1 billion euro, including organic growth of
4.5%.
In the Corporate segment, nine-month Fiscal
2014 revenues grew by a robust 6.1%. This
performance was attributable to increased demand for integrated
services and to additional services provided to such clients as
GSK, Unilever, Agusta Westland and AstraZeneca. It also reflected
the opening of a major services contract in Justice, with the
prison in Northumberland County.
In Healthcare and Seniors,
organic growth was sustained at 4.9% thanks to the
ramp-up of several contracts and the extension of services provided
to several hospitals such as North Staffordshire University
Hospital and Romford Hospital.
In Education, Sodexo won a prestigious contract
during the second half of the fiscal year with University College
London. Recent contracts won also include the Lady Eleanor Holles
School.
3. Benefits and Rewards
Services
3.1 Issue volume
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Latin America |
5,347 |
5,999 |
+ 17.8% |
|
Europe and Asia |
6,271 |
6,089 |
+ 3.9% |
|
Total Issue Volume |
11,618 |
12,088 |
+ 10.8% |
3.2 Revenues
|
(in millions of euro) |
9 months Fiscal 2014 |
9 months Fiscal 2013 |
Organic growth |
|
Latin America |
297 |
330 |
+ 21.7% |
|
Europe and Asia |
259 |
253 |
+ 4.0% |
|
Total Revenues |
556 |
583 |
+ 14.0% |
Organic revenue growth in the Benefits and Rewards Services
activity gained significant momentum compared with Fiscal 2013,
rising to 14.0% over the first nine months of the
fiscal year.
In Latin America, organic revenue growth
continued at a remarkable rate of 21.7%, led
mainly by solid increases in Brazil, Chile and Venezuela. This
performance was again supported by an innovative offer adapted to
client needs that helped to increase the number of beneficiaries,
as well as higher face values on issued vouchers and cards,
particularly in Brazil and Venezuela.
In Europe and Asia, organic revenue growth of
4% reflected new contract wins in Quality of Life
Services, particularly in Turkey and Central Europe. Organic growth
was also lifted by performances in India and China. Recent contract
wins include Santander in Brazil, with the addition of 22,000
Culture Pass beneficiaries, as well as Johnson Controls in
Romania.
APPENDIX 2
Selection of New Clients - Third-Quarter
Fiscal 2014
On-site Services
Corporate
Autoliv, Shanghai, China Dow Jones &
Company, Inc, New Jersey, United States
Heineken, multi-site, Brazil Humana,
Inc, 5 States, United States Immeuble Cap de
Seine, Ivry, France J&J Medical
Norderstedt, Germany Kirloskar Toyota Textile
Machinery PVT LTD, Bangalore, India Procter &
Gamble, Blois, France Vesuvius Zyarock
Ceramics, Suzhou, China Welspun India
Limited, Anjar, India Zublin,
Rancagua, Chile
Healthcare and Seniors
American Sino Medical Shanghai, China
Hôpital Foch, Suresnes, France Hospital
Monte Klinikum, Fortaleza, Brazil QRG
Medicare, Faridabad, India The Medical
City, Manille, Philippines
Education Chicago
Public Schools, Illinois, United States Coker
College, South Carolina, United States College of
William & Mary, Virginia, United States
Community Consolidated School, Illinois, United
States Lycée Franco-Qatarien Voltaire, Doha, Qatar
Northeast School District, Indiana, United States
The Lady Eleanor Holles School, Hampton, United
Kingdom
Sports and Leisure
Brighton & Hove Albion Football Club's training
complex, Brighton, United Kingdom
Remote Sites
GemCo, Groote Eylandt, Australia
Halliburton, Saudi Arabia Shelf
Drilling, 2 sites, Indonesia Weatherford,
Rajasthan, India
Benefits and Rewards
Services
Europe Colruyt
France, France Conseil Général du 72,
France Johnson Controls, Romania
Latin America Alcadia
Bolivariana del Municipio La Canada de Urdaneta, Venezuela
Documentos Mercantiles S.A. Domesa, Venezuela
Proactiva Medio Ambiente Setasa SA de CV,
Mexico
APPENDIX 3
Exchange rates and currency
effect
The principal average exchange rate changes for the
first nine months of Fiscal 2014 were as follows:
|
|
Average rate 9 months Fiscal
2014 |
Average rate 9 months Fiscal
2013 |
Change compared to the euro (%) |
Currency effect (in millions of
euro) |
|
Euro/USD |
1.3658 |
1.3048 |
- 4.5% |
(240) |
|
Euro/GBP |
0.8315 |
0.8288 |
- 0.3% |
(4) |
|
Euro/BRL |
3.1386 |
2.6484 |
- 15.6% |
(145) |
|
Euro/VEF 1 |
70.8925 |
13.2661 |
- 81.3% |
(56) |
Exchange rate fluctuations do not generate operational risks,
because each subsidiary bills its revenues and incurs its expenses
in the same currency.
1 As of Fiscal 2010, the Group decided to stop referring to the
official exchange rate set by the Venezuelan government, and
instead use exclusively the actual exchange rate observed in the
Group's most recent currency transactions. Therefore, following a
transaction completed in June 2014 through the SICAD II currency
exchange system, the rate used for the first nine months of Fiscal
2014 was USD 1 = VEF 52.10 (EUR 1 = VEF 70.89), versus USD 1 = VEF
10.20 (EUR 1 = VEF 13.27) for the first nine months of Fiscal
2013.
PR Sodexo First Nine Months Fiscal 2014 Revenues - EN
http://hugin.info/157633/R/1818694/629622.pdf
HUG#1818694
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