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
April 7, 2004
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 Half-Year Revenues
EXHIBIT LIST
Exhibit Description
99.1 Fiscal 2002-2003 Half-Year 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: April 7, 2004
EX-99.1
Fiscal 2002-2003 Half-Year Revenues
Exhibit 99.1
Fiscal 2002-2003 Half-Year 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 the First Half of Fiscal 2003-2004
(Paris, April 7, 2004) - Sodexho Alliance's consolidated revenues for the first
half of fiscal 2003-2004, which ended February 29, 2004, totaled EUR 5.9
billion.
For the first half of 2003-2004:
- Organic growth in revenues, at a constant consolidation scope and excluding
exchange rate impacts, was 3.9%.
- The euro's sharp appreciation against other currencies, in particular the U.S.
dollar, led to a negative currency effect of 8.4%. As a result, revenues
declined by 4.5% as compared to the same period in the prior year. However, 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
Business First half First half Organic Change in External Total change
In millions of euro 2002-2003 2003-2004 growth* exchange rates growth
Food and Management
services: 6,041 5,762 3.8% (8.4%) - (4.6%)
o North America 2,963 2,661 4.1% (14.3%) - (10.2%)
o Continental Europe 1,837 1,898 3.3% (0.2%) 0.2% 3.3%
o United Kingdom and
Ireland 760 654 (7.2%) (6.7%) - (13.9%)
o Rest of the World
(including
Remote Sites) 481 549 21.5 % (6.9%) (0.5%) 14.1%
Service Vouchers
and Cards 127 128 4.1% (3.4%) - 0.7%
-------- -------- -------- -------- -------- --------
TOTAL 6,168 5,890 3.9% (8.4%) - (4.5%)
======== ======== ======== ======== ======== ========
*At a constant consolidation scope and excluding exchange rate effects.
- Food and Management Services
In Food and Management Services, organic growth in revenues by segment
amounted to 3.2% in Business and Industry, 5.5% in Education and 3.2% in
Healthcare.
North America
Business and Industry revenues declined by 0.7%. This segment
continues to be negatively affected by delocalizations and site
closings. In addition, our clients continue to be very cost-conscious.
The negative impact of the economic environment was largely offset by
selling efforts on existing sites and commercial successes such as
Novartis Research Center, Harley Davidson and the World Bank
Conference Center. Growth in the defense segment reached 33%, mainly
as a result of the impact of six months of the contract with the US
Marine Corps, as compared to five months in the prior period.
The Education segment's revenues increased by 5.8% due to increases in
revenues on existing sites as well as strong new sales such as the St.
Louis public schools, the University of Concordia in Wisconsin and the
University of Tulsa (Oklahoma).
Revenues in Healthcare and Seniors grew by 4.0%. In Canada, Sodexho
signed the most significant contract in the country in the public
Healthcare sector, with the Vancouver Coastal Health and Providence
Authority. This contract, valued at CAD 405 million over ten years,
covers 22 hospital sites and senior residences.
Continental Europe
Despite a continued difficult economic environment, notably in France
and Northern Europe, organic revenue growth in the Business segment
was 2.6%, mainly as a result of the opening of contracts signed since
the start of the year, such as Alcatel Space and Generali in France,
Achmea in the Netherlands, Electrolux in Italie and the Finance
Ministry in Turkey.
Growth in the Education segment was 3.6%. We achieved significant
commercial successes such as food service to the public schools of the
cities of Rome, Milan and Sienna, Cannes and Cergy-Pontoise, and the
University of Utrecht.
Healthcare revenues increased by 4.9%. We achieved strong development
in France, Hungary, the Netherlands and in Spain with the expansion of
our global hospitality offering as well as the signing of new
contracts such as the Alphonse Guerin de Ploermel Hospital, the Fremap
clinic in Seville and the Stichting senior residence in Apeldoorn.
Finally, following our successes in Budapest and Debrecen, we
solidified our position in Hungary with 20 centers for the handicapped
in the county of Fejer.
United Kingdom and Ireland
On a constant exchange rate basis, revenues declined by 7.2%, since in
order to improve the profitability of the subsidiary, non-profitable
contracts were terminated during the prior year in Business and
Industry and in Healthcare. However, during the last three months, we
signed two significant long-term contracts: the Colchester Garrison
(annual revenues of 19 million euro) and Havering Hospital (annual
revenues of 19 million euro). The full effect of these contracts will
be felt once the related construction is completed about two years
from now.
Rest of the World
Across this zone, organic growth was 21.5%, mainly due to strong sales
dynamics in the Remote Sites segment with the signature of new
contracts such as the expansion of Shell Rabi in Gabon and the
Community Clubs of Al Khor for Qatargas. Revenue growth includes, for
the Rugby World Cup in Australia, an hospitality package contract and
food service for the Telstra Stadium in Sydney; furthermore, in China,
food and management services continued to develop with the signing of
contracts such as Shanghai Matsushita Microwave Oven Co, Saint Gobain
Abrasives and Jiangsu Fujitsu Telecommunications Technology Co. In
Latin America, growth accelerated with numerous commercial successes
such as Sadia, Siemens and Anglo-American in Brazil and Leonisa in
Columbia.
Service Vouchers and Cards
The Service Vouchers and Cards business reported organic growth of
4.1% for the half year. Revenues include commissions from clients and
affiliates and income from investment of operating cash flow.
New clients include the saving Banks in Romania, Philip Morris and
Unilever in Hungary, Adecco in France, Usinor Industreel in Belgium
and Ipostel in Venezuela. However, the general decrease in interest
rates, notably in Latin America and staff reductions in our clients'
businesses, principally in Germany, have weighed on this growth. In
addition, during the first half of the prior year, we billed the Home
Office in Great Britain additional charges in connection with the
change from paper vouchers to magnetic cards. This new system
increases the reliability and security of the service while at the
same time reducing the client's distribution costs.
Our Objective is to accelerate organic growth in revenues. With this in mind, we
are focusing our energies on the following areas:
o Enhancing client retention
o Increasing our revenues on existing sites, and
o Obtaining new clients.
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 308,000 employees on 23,900 sites in 76 countries,
Sodexho Alliance reported consolidated sales of 11.7 billion euros for the
fiscal year that ended on August 31, 2003. 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