FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: SODEXHO ALLIANCE SA
CENTRAL INDEX KEY: 0001169715
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741]
IRS NUMBER: 000000000
FISCAL YEAR END: 0831
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act SEC
FILE NUMBER:
FILM NUMBER:
BUSINESS ADDRESS:
STREET 1: 3 AVENUE NEWTON
STREET 2: 78180 MONTIGNY-LE-BRETONNEUX
CITY: FRANCE
STATE:
ZIP: 00000
BUSINESS PHONE: 0113313085
6-K
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
October 8, 2003
SODEXHO ALLIANCE SA
3, avenue Newton
78180 Montigny-le-Bretonneux
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Contents: Fiscal 2002-2003 Revenues
EXHIBIT LIST
Exhibit Description
99.1 Fiscal 2002-2003 Revenues
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SODEXHO ALLIANCE SA
By: /s/ Sian Herbert-Jones
-------------------------------
Name: Sian Herbert-Jones
Title: Chief Financial Officer
Date: October 8, 2003
EX-99.1
Fiscal 2002-2003 Revenues
Exhibit 99.1
Fiscal 2002-2003 Revenues
Code EURONEXT : EXHO.PA / Code NYSE : SDX
This press release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. These include, but are not limited to, statements
regarding anticipated future events and financial performance with
respect to our operations. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimated" , "project " ,
"plan" "pro forma," and "intend" or future or conditional verbs
such as "will," "would," or "may." Factors that could cause actual
results to differ materially from expected results include, but are
not limited to, those set forth in our Registration Statement on
Form 20-F, as filed with the Securities and Exchange Commission
(SEC), the competitive environment in which we operate, changes in
general economic conditions and changes in the French, American
and/or global financial and/or capital markets. Forward-looking
statements represent management's views as of the date they are
made, and we assume no obligation to update any forward-looking
statements for actual events occurring after that date. You are
cautioned not to place undue reliance on our forward-looking
statements.
Revenues for Fiscal 2002-2003
and
Outlook for Fiscal 2003-2004
Paris, October 8, 2003 - Sodexho Alliance's consolidated revenues reached 11.7
billion euro for fiscal 2002-2003, which ended on August 31, 2003.
As compared to the prior year, revenues declined by 7.3%, comprising
the following:
o organic growth of + 3.1%
a net improvement over fiscal 2001-2002
organic growth of 1.9%
o acquisitions, less divestitures, of - 0.4%
o currency effects of -10.0%
The euro's sharp appreciation against other currencies, in particular the
U.S. dollar, led to a currency effect on our consolidated financial
statements which reduced revenues by 10% (of which 7.3% is due to the U.S.
dollar).
It should be noted that, unlike exporting businesses, our subsidiaries'
operating revenues and expenses are denominated in the same currency; as a
result, exchange rate variations do not result in operating risk.
Breakdown of revenues by region and activity
Activity Revenues Organic
in millions of Growth
euro
Food and Management Services : 11,439 + 2.9%
o North America 5,427 4.3%
o Continental Europe 3,585 3.6%
o United Kingdom and Ireland 1,453 - 3.9%
o Rest of the World, including
remote sites 974 3.9%
Service Vouchers and Cords 248 + 11.4%
-------
TOTAL 11,687 + 3.1%
========
Food and Management Services
In Food and Management Services, organic growth in revenues by segment
amounted to 3.1% in Business & Industry, 2.6% in Healthcare and 2.9%
in Education.
North America
Business & Industry revenues declined by 0.6%. The gradual opening
during the year of contracts such as a national contract with
Hewlett Packard (U.S. $40 million per year), Sony (U.S. $7 million
per year), General Electric Medical Systems (U.S. $3 million per
year), and General Mills (U.S. $4 million per year) offset the
negative impact of delocalisations and reductions in staff in
Industry. This evolution does not reflect the positive impact of
the contract with the U.S. Marine Corps., which we opened on October
1, 2002.
Healthcare and Seniors revenues grew by 3.5% for the year. This
progression reflects good performances on existing sites as well as
the opening of some new multiservice contracts toward the end of the
year. Other recent wins such as Spring Valley Hospital Center (U.S.
$3 million per year), North Colorado Medical Center (U.S. $2 million
per year) and Medical Center of Louisiana (U.S. $7 million per year)
will begin to have a favorable impact in fiscal 2003-2004.
The Education segment's revenues increased by 3.7% in fiscal
2002-2003. Contract wins included the Atlanta Public School
District (U.S. $11 million per year), Rowan University in New Jersey
(U.S. $8 million per year), the University of Connecticut (U.S. $4
million per year) and Morehouse College in Georgia (U.S. $4 million
per year).
Continental Europe
Organic revenue growth was 4% in Business & Industry, 3.7% in
Healthcare, and 2.1% in Education.
The commencement of contracts with the Swedish army (13 million euro
per year) and the City of Stockholm (20 million euro per year) in
Healthcare as well as contract wins in Business & Industry fueled
good organic growth in Northern Europe.
The labor strikes in France during May and June principally impacted
the Education segment and weighed on annual growth in this segment.
United Kingdom and Ireland
On a constant consolidation and exchange rate basis, revenues
declined by 3.9%, mainly due to:
- the economic slowdown in the Business & Industry segment; and
- the continued termination of non-profitable contracts.
Rest of the World
As announced in May 2003, effective for fiscal 2002-2003, the Food
and Management Services activity in the Rest of the World now
includes Latin America, Asia, Africa, the Middle East, and the
remote sites activity. Organic growth for this region reached 3.9%,
as a result of good performances in the remote sites activity in
Australia and Latin America. The recently signed contract with
Chiyoda (U.S. $40 million over three years) in the Sakhalin Islands
(Russia) illustrates our commercial strength in this region, in
particular, in mainland China.
Service Vouchers and Cards
The Service Vouchers and Cards business reported organic growth in
revenues of 11.4% for the year. This increase was mainly attributable
to strong performances in our traditional services (meal and food) and
in new services offered to existing clients such as, for example, a
culture card provided to 199,000 students in the Centre and Burgundy
regions of France, and the creation of the Education voucher for 15,000
beneficiaries of the Postal Service in Hungary.
FISCAL 2003-2004 OUTLOOK
Based on current available information, the Board of Directors have
determined the following objectives, at a minimum:
- organic growth in revenues equivalent to that of fiscal 2002-2003
- EBITA of 550 million euro, which corresponds to an EBITA margin of 4.6%, and
is based on the average exchange rates used for the fiscal 2002-2003 financial
statements.
These objectives rely on accelerated organic growth in North America
and Continental Europe and reflect our action plans in the United
Kingdom for improving profitability.
The Board of Directors will finalize the fiscal 2002-2003 financial
statements in mid-November, when it will also provide its Group Net
Income guidance for fiscal 2003-2004.
About Sodexho Alliance
Founded in Marseille in 1966 by Chairman and Chief Executive Officer
Pierre Bellon, Sodexho Alliance is the world's leading provider of
food and management services. With more than 315,000 employees on
24,700 sites in 74 countries, Sodexho Alliance reported consolidated
sales of 12.6 billion euros for the fiscal year that ended on August
31, 2002. The Sodexho Alliance share has been listed since 1983 on
the Euronext Paris Bourse, where its market value totals 3.9 billion
euros. The Sodexho Alliance share has been listed since April 3,
2002, on the New York Stock Exchange.
Investor Relations : Jean-Jacques Vironda
Tel : + 33 (1) 30 85 72 03
Fax : + 33 (1) 30 85 51 81
E-mail : jeanjacques.vironda@sodexhoalliance.com
Press Relations : Jerome Chambin
Tel : + 33 (1) 30 85 74 18
Fax : + 33 (1) 30 85 52 32
E-mail : jerome.chambin @sodexhoalliance.com