Sodexo S.A. Reports Consolidated Earnings Results for the Full Year of 2012; to Propose Dividend
January 18, 2013 at 08:43 pm EST
Sodexo S.A. reported consolidated earnings results for the full year of 2012. For the year, the company reported revenues were 18,236 million against 16,047 million a year ago. Operating profit was 984 million against 853 million a year ago. Profit for the period before tax was 836 million against 721 million a year ago. Profit attributable to equity holders of the parent was 525 million or 3.48 per share against 451 million or 2.95 per share a year ago. Sodexo's consolidated revenues for fiscal 2012 increased by 13.6% including organic growth of 6.5%. This performance is in line with the objectives announced at the beginning of the fiscal year. Group operating profit was an increase of 15.4% compared with fiscal 2011, or 13.6% excluding currency effects. An increase in Group net income was 16.4% or 14% excluding currency effects. The increase was slightly higher than the increase in operating profit, primarily as a result of the lower effective tax rate. An increase in earnings per share of 18% or 15.3% excluding currency effects, a slightly higher increase than net income as a result of the increase in the number of treasury shares, which are excluded from the calculation of earnings per share. Net cash provided by operating activities was 1,018 million against 847 million a year ago. This significant improvement is mainly attributable to the rise in operating profit. The net cash provided by operating activities allowed for net capital expenditures and client investments of 319 million (1.7% of revenues).
Sodexo's Board of Directors will propose to distribute a dividend of 1.59 per share, an increase of 8.9% over the previous year at the January 21, 2013 Shareholders' Meeting. This represents a payout ratio of approximately 50% of Group net income.