SODEXHO ALLIANCE : Fiscal 2005 results in line with objectives
Market Wire, November, 2005
- Organic revenue growth: 4.3 %
- EBITA increase: 5 % at constant exchange rates
- Net Debt reduced by E 344 million to E 575 million
- Proposed dividend increase: 7 % to 0.75 E per share
Paris, November 17, 2005. SODEXHO ALLIANCE (Euronext Paris FR0000121220 - SW / NYSE:SDX)
- On November 15, 2005, the Sodexho Alliance Board of Directors met under the chairmanship of Pierre Bellon to close the accounts for the year ended August 31, 2005 and to propose for shareholder approval a 7 % dividend increase.
Overview of Fiscal 2005 financial performance
French GAAP (1)
------------------------- ----------- ----------- ------------------- | | | | % Change | ------------------------- ----------- ----------- ------------------- |In millions of euro |Fiscal 2005|Fiscal 2004| (current| ------------------------- ----------- ----------- ------------------- | | | |exchange rates) (2)| ------------------------- ----------- ----------- ------------------- |Revenues | 11,672| 11,494| | ------------------------- ----------- ----------- ------------------- |Organic growth | 4.3 %| 4.1 %| 1.5 %| ------------------------- ----------- ----------- ------------------- |EBITA | 530| 515| 2.8 %| ------------------------- ----------- ----------- ------------------- |Net financial expense | (103)| (118)| 12.8 %| ------------------------- ----------- ----------- ------------------- |Net exceptional expense | (95)| (33)| n.m.| ------------------------- ----------- ----------- ------------------- |Income tax | (103)| (109)| n.m.| ------------------------- ----------- ----------- ------------------- |Group net income | 159| 183| -13.5 %| ------------------------- ----------- ----------- ------------------- |Group net income, | | | | ------------------------- ----------- ----------- ------------------- |excluding resolution of | | | | |US | | | | ------------------------- ----------- ----------- ------------------- |litigation | 197| -| 7.6 %| ------------------------- ----------- ----------- ------------------- |Earnings per Share | | | | ------------------------- ----------- ----------- ------------------- |(in euro) (3) | 1.0| 1.15| -13.5 %| ------------------------- ----------- ----------- ------------------- |Earnings per share | | | | ------------------------- ----------- ----------- ------------------- |excluding resolution of | | | | |US | | | | ------------------------- ----------- ----------- ------------------- |litigation (in euro) | 1.24| 1.15| 7.6 %| ------------------------- ----------- ----------- ------------------- --------------- | % Change | --------------- | (constant| --------------- |exchange rates)| --------------- | | --------------- | 3.9 %| --------------- | 5.0 %| --------------- | 10.7 %| --------------- | n.m.| --------------- | n.m.| --------------- | -11.1 %| --------------- | | --------------- | | | | --------------- | 9.9 %| --------------- | | --------------- | -11.1 %| --------------- | | --------------- | | | | --------------- | 9.9 %| ---------------
(1) The transition to International Financial Reporting Standards (IFRS) will begin in Fiscal 2006 (2) The US dollar declined by 5.3 % against the euro during Fiscal 2005 (3) As of August 31, 2005, earnings per share on a fully diluted number of shares is identical
With organic revenue growth1 of 4.3 % and a progression of 5 % in EBITA (at constant exchange rates), the Group's financial results were in line with the objectives set by the Board at the start of the fiscal year.
1 Organic growth : increase in revenues at constant consolidation scope and exchange rates
Group net income for Fiscal 2005 of 159 million euros included an exceptional expense, net of taxes, of 38 million euros related to the settlement in April 2005 of the class action law suit in the United States.
To avoid protracted proceedings and without admitting any liability, Sodexho chose to settle the class action law suit. Excluding the effect of the resolution of this litigation, Group net income would have risen by nearly 8 % or 10 % at constant exchange rates.
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