Regulatory News:
Sodexo (PARIS:SW) (OTCBB:SDXAY) : At the Board of Directors
meeting on April 15, 2008, chaired by Pierre Bellon, Michel Landel
the Chief Executive Officer of Sodexo, presented the Group´s
performance for the first half of Fiscal 2008.
First-half Fiscal 2008 financial performance
-0-
*T
Periods closed
February 28
and 29
--------------------------------------------
millions of euro
First- First- % change
half
half
excluding Currency Total %
Fiscal Fiscal currency
impact
change
2008
2007
impact
(1)
----------------------------------------------------------------------
Income statement highlights
----------------------------------------------------------------------
Revenue
7,080
6,819
+ 9.6%
-5.8 % + 3.8 %
----------------------------------------------------------------------
Organic growth
+ 9.2 % + 8.2 %
-
-
-
----------------------------------------------------------------------
Operating profit
393
364
+14.9%
-7.0 % + 7.9 %
----------------------------------------------------------------------
Operating margin
5.5 %
5.3 %
-
-
-
----------------------------------------------------------------------
Net income
219
198
+16.9%
- 6.5% + 10.4 %
----------------------------------------------------------------------
Financial structure highlights
----------------------------------------------------------------------
Net cash provided by
operating activities
378
211
------------------------------------------
Gearing
12%
25%
------------------------------------------
*T
(1) The currency impact is determined by applying the average
exchange rate for the first half of the previous year to the figures
for the first half of the current year. For the first half of Fiscal
2008, the average conversion rate between the US dollar and the euro
was 1.4555.
Commenting on these results, Sodexo CEO, Michel Landel, said:
"Our first-half operating performance is very good. In an
uncertain global economic environment, we have demonstrated our
capability to again improve our results. The level of cash generated
in the first half confirms the strength of Sodexo´s financial model.
This performance is in line with our Ambition 2015, to double our
Fiscal 2005 revenue by 2015. I thank our clients for the confidence
they place in us and our teams for their valuable efforts."
1-Important effect of exchange rates in the first half
The euro appreciated in the first half against the US dollar by
11% and against the pound sterling by 6.4%. Sodexo has revenues and
expenses in the same currency in the countries in which it operates
and therefore these exchange differences carry no operating risk.
2-Organic revenue growth increase of 9.2%
Organic revenue growth, at constant scope of consolidation and
excluding currency impact, accelerated to 9.2%, compared to 8.2% for
the same period last year. This growth reflects the contribution of
all activities and geographies and in particular accelerating growth
in Continental Europe and the hospitality contract for the 2007 Rugby
World Cup.
3-An increase of 14.9% in operating profit, excluding currency
impact, and a further improvement in operating margin of 0.2%
The increase in operating profit results particularly from:
-- Sodexo´s performance in Food and Facilities Management
Services in North America
-- volume growth in the Service Vouchers and Cards activity
-- the Rugby World Cup hospitality contract.
The following trends in operating profit by business unit were
identified(1) :
Food and Facilities Management Services
In North America, operating profit was 162 million euro, up nearly
11.7%. The operating margin increased from 5.6% to 5.9%. This
improvement is mainly a result of:
-- productivity gains on sites related to procurement and labor
management;
-- improved performance in Healthcare, Seniors and Education;
-- good control of food cost inflation.
In Continental Europe, operating profit was 124 million euro and
progressed in line with revenue (+7.9 %). The operating margin remains
5.1%. This performance reflects a combination of factors:
-- Sodexo´s ability to control food cost inflation;
-- operating performance in France, essentially linked to further
progress in managing its menus on sites;
-- higher value-added service offerings (for example, in
Facilities Management, particularly in the Netherlands, France
and Poland).
It was however offset by a more moderate increase in operating
profit in Southern Europe.
In the UK and Ireland, operating profit was 50 million euro.
Operating margin increased to 6.1% versus 4.2% during the same period
last year. This improvement compared to the first half of the previous
year was exceptional in nature and mainly resulted from the
significant contribution of the 2007 Rugby World Cup hospitality
contract recorded in the United Kingdom, as well as continued actions
to improve productivity on sites.
In the Rest of the World, organic revenue growth was 11.2%.
Operating profit was 9 million euro.
Two temporary factors weighed on first half operating profit:
-- The high costs associated with the start-up of certain
Australian mining projects and some contracts in Chile and
Brazil
-- Continued investment by Sodexo in human resources in India, in
China and in Latin America.
These elements will weigh on performance in the Rest of the World
for the full-year Fiscal 2008.
Service Vouchers and Cards
Operating profit was 82 million euro, an increase of 26.8%. The
operating margin was 30.9% (about 1.7% of issue volume) compared to
31.3% in the first half of Fiscal 2007. This slight and expected
decline mainly resulted from the impact of the Tir Groupe acquisition
before the full effect of synergies is felt in the medium-term.
4-Significant increase of 16.9% in net income, excluding currency
impact
Net income increased 10.4%, or 16.9%, excluding currency impact.
This evolution, exceeding the increase in operating profit, is mainly
explained by an improvement in financing costs related to the
repayment of debt as well as a slight reduction in the tax rate.
5-Further improvement in net cash provided by operating activities
Net cash provided by operating activities amounted to 378 million
euro, an increase of 167 million euro compared to the first half of
Fiscal 2007.
This increase resulted mainly from:
-- growth in operating profit of 29 million euro, and
-- the change in working capital. Although this change
traditionally weighs on cash provided by operating activities
in the first half, it is a significant improvement compared to
the previous year, a result particularly from major
developments in the Service Vouchers and Cards activity.
6-Recent acquisitions
The Group has made three major acquisitions since September 1
2007:
-- The October 2, 2007 acquisition of 100% of the Gift Vouchers
business of Tir Groupe, France´s leader in the market for
businesses and public authorities.
-- The October 31, 2007 acquisition of 100% of Circles, leader in
concierge services in the United States.
-- The March 3, 2008 acquisition of 100% of Grupo VR´s Service
Vouchers and Cards in Brazil, the third largest issuer in
Brazil, making Sodexo the leader in Brazil, the world´s
largest market for this activity.
As of February 29, 2008, net debt was 247 million euro and
represented only 12% of Group shareholders´ equity. If the Grupo VR
acquisition made on March 3, 2008 were to be included, the Group´s net
debt would be 617 million euro, or 30% of Group equity.
The Group has been honored with a triple distinction, in
Sustainable Asset Management´s (SAM) 2008 "Sustainability Yearbook,"
which identifies companies that combine economic performance with
sustainability, among the world´s 2,500 largest corporations. Sodexo
was named SAM Worldwide Supersector Leader 2008, SAM Gold Class 2008
and SAM Sector Mover 2008. Sodexo is the only France-based company
among the 10 global leaders.
7-Proposed public tender offer to repurchase shares representing
7.8% of Sodexo´s capital
On April 15, 2008, the Board of Directors of Sodexo decided to
proceed with the share repurchase program as approved by and within
the limits fixed by the January 22, 2008 Annual Shareholders´ Meeting.
Through a simplified public tender offer (OPAS), Sodexo is considering
buying up to 12.5 million of its own shares, representing 7.8% of its
share capital, at a bid price of 42.5 euros, with coupon.
The bid price represents a premium of over 14% on the 1 month
average share price and of nearly 15% over the closing share price as
of April 16, 2008. The tender offer filing should be submitted to the
French market authority, L´Autorite des Marches Financiers (AMF)
before the end of April.
The shares would be purchased in order to be subsequently
cancelled.
The Board of Directors appointed a committee comprising the six
independent directors in order to supervise the study of such a share
repurchase program and to approve its implementation. The committee
has been provided with a report from an Independent Expert confirming
the fairness of the offer price.
The impact of the transaction on Sodexo´s earnings per share would
be positive.
This transaction of a maximum of EUR 530 million will be funded by
Sodexo through its existing bank facilities as well as its available
cash. The financial situation of the Group would be improved by this
transaction. Sodexo will pursue its organic growth strategy, completed
by targeted acquisitions.
Sodexo intends to maintain its dividend strategy, subject to the
availability of distributable reserves. Sodexo´s philosophy is to meet
the needs of its clients, employees and shareholders. As a result of
strong cash flow generation, Sodexo´s objective is to allow its
shareholders to continue to benefit from the growth in earnings.
Sodexo´s controlling shareholder, Bellon S.A., has indicated it
would not participate in the offer. Consequently, Bellon S.A.´s stake
in Sodexo will increase following the offer. The AMF has announced
today that it has waived Bellon S.A.´s obligation to launch a
mandatory tender offer.
"This financial transaction allows Sodexo´s shareholders to
benefit from the strong cash flow generation and enhances the
financial structure of the Group by improving the balance between
equity and debt. This transaction meets the expectations of the
financial community and demonstrates our full confidence in the
Group´s ability to achieve Ambition 2015 and in the Group´s future "
said Michel Landel, CEO of the Sodexo Group.
8-Confirmation of Fiscal 2008 objectives
With a strong performance in the first half, and despite the
uncertainties about the current economic environment, Sodexo confirms
the objectives for the current fiscal year:
-- an increase in organic revenue exceeding 7%
-- an increase in operating profit of around 12%, excluding
currency impact
The significant currency impact in the first half is related to
the appreciation of the euro versus several currencies, particularly
the US dollar. If this situation should worsen during the second half
of the year, it could continue to weigh as a conversion effect on the
Group´s consolidated financial statements.
About SODEXO
SODEXO, founded in 1966 by Pierre Bellon, a world leader in Food
and Facilities Management services, with more than 342,380 employees
on 29,000 sites in 80 countries. For Fiscal 2007, which closed August
31, 2007, SODEXO had revenues of 13.4 billion euro. Listed on Euronext
Paris, the Group´s current market capitalization is 5.9 billion euro.
Conference call
SODEXO will hold a conference call today at 8:30 a.m. (French
time), on the results for the first half of Fiscal 2008. The call can
be accessed by dialing + 33 1 72 26 01 28. The press release and
presentation will be available on Sodexo´s website beginning at 7:00
a.m., by clicking on the link: www.sodexo.com, under the heading "last
News". The recording of the conference call will be available at + 33
1 72 28 01 49 followed by the code 219278#.
First Half financial report
The first half financial report will be available online by April
30,2008 on Sodexo website www.sodexo.com, in "Regulated information"
section. It includes the summarized consolidated financial statements
for the first half fiscal 2008 the activity report for the first half
the Declaration of responsibility for the Financial report for the
first half as well as the auditors´ report on their limited review of
the above-mentioned accounts.
Disclaimer
-- 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
we assume no obligation to update them. You are cautioned not
to place undue reliance on our forward looking statements
-- The offer for the shares of the Company presented within the
framework of the share buyback program will be made
exclusively in France. The offer, as well as the acceptance of
the offer may be subject to specific regulations or to
restrictions in certain countries. The Offer is not addressed
to persons subject to these restrictions, either directly or
indirectly, and is not available to be accepted by a person
from a country where the offer would be subject to such
restrictions.
(1) Operating profit changes are stated excluding current impact
Annex 1: Financial statements first-half
Statement of income
-0-
*T
Half Year
Half Year
%
2007-2008 Revenues change 2006-2007 %revenues
-------------------------- -------------------
-------------------
-------------------
Revenue
7 080
100%
3,8%
6 819
100%
-------------------
-------------------
Cost of sales
(5 994)
-84,7%
(5 812)
-85,2%
Gross profit
1 086
15,3%
7,8%
1 007
14,8%
Sales department
costs
(91)
-1,3%
(85)
-1,2%
General and
administrative costs
(611)
-8,6%
(567)
-8,3%
Other operating
income
16
12
Other operating
expenses
(7)
-0,1%
(3)
0,0%
-------------------
-------------------
Operating profit
before financing
costs
393
5,5%
7,9%
364
5,3%
-------------------
-------------------
Financial income
42
0,6%
34
0,5%
Financial expenses
(86)
-1,2%
(84)
-1,2%
Share of profit of
associates
4
0,1%
2
0,0%
-------------------
-------------------
Profit before tax
353
5,0% 12,0%
316
4,6%
-------------------
-------------------
Income tax expense
(122)
-1,7%
(112)
-1,6%
Net result from
discontinued
operations
-
-
Profit for the period
231
3,3% 13,2%
204
3,0%
Minority interests
12
0,2%
6
0,1%
-------------------
-------------------
Group profit for the
period
219
3,1% 10,4%
198
2,9%
-------------------
-------------------
Earnings per share (in
euro)
1,41
11,0%
1,27
*T
Consolidated balance sheet
-0-
*T
February
August
February
29
31
28
2 008
2 007
2 007
--------- --------- ----------
Non-current assets
Property, plant and equipment
421
440
434
Goodwill
3 416
3 515
3 574
Other intangible assets
163
122
127
Client investments
140
149
142
Associates
35
37
34
Financial assets
89
88
83
Other non-current assets
13
13
14
Deferred tax assets
146
136
242
Total non-current assets
4 423
4 500
4 650
Current assets
Financial assets
16
11
15
Derivative financial instruments
6
0
45
Inventories
193
185
189
Income tax
33
48
32
Trade receivable
2 522
2 089
2 282
Restricted cash and financial assets
related to
469
454
468
the Service Vouchers and Cards activity
Cash and cash equivalents
1 539
1 410
935
Total current assets
4 778
4 197
3 966
------------------------------------------------- --------- ----------
Total assets
9 201
8 697
8 616
------------------------------------------------- --------- ----------
February
August
February
29
31
28
2 008
2 007
2 007
--------- --------- ----------
Shareholders´ equity
Capital
636
636
636
Share premium
1 186
1 186
1 186
Undistributed net income
652
633
632
Consolidated reserves
-442
-178
-313
Total group shareholders´ equity
2 032
2 277
2 141
Minority interests
23
23
16
Total shareholders´ equity
2 055
2 300
2 157
Non-current liabilities
Borrowings
2 025
1 839
1 794
Employee benefits
187
232
346
Other liabilities
93
79
78
Provisions
56
53
68
Deferred tax liabilities
124
35
53
Total non-current liabilities
2 485
2 238
2 339
Current liabilities
Bank overdraft
83
33
84
Borrowings
153
111
104
Derivative financial instruments
1
1
1
Income tax
55
57
102
Provisions
36
49
40
Trade and other payable
2 508
2 618
2 518
Vouchers payable
1 825
1 290
1 271
Total current liabilities
4 661
4 159
4 120
------------------------------------------------- --------- ----------
Total equity and liabilities
9 201
8 697
8 616
------------------------------------------------- --------- ----------
*T
Consolidated statement of cash flow
-0-
*T
(in millions of Euro)
Half Year Half Year
Year
2007-2008 2006-2007 2006 - 2007
--------- --------- -----------
Operating activities
Operating profit before financing
costs
393
364
640
Non cash items
Depreciations
117
85
186
Provisions
(7)
4
(1)
Losses (gains) on disposals and
other, net of tax
(8)
(3)
3
Dividends received from associates
0
1
4
Change in working capital from
operating activities
(61)
(139)
188
change in inventories
(17)
(13)
(21)
change in client and other accounts
receivable
(511)
(393)
(210)
change in suppliers and other
liabilities
(67)
163
284
change in Service Vouchers and Cards
to be reimbursed
552
147
161
change in financial assets related to
the Service Vouchers and Cards
activity
(18)
(43)
(26)
Interest paid
(21)
(23)
(113)
Interest received
17
13
30
Income tax paid
(52)
(91)
(184)
--------- --------- -----------
Net cash provided by operating
activities
378
211
753
--------- --------- -----------
Investing activities
Tangible and intangible fixed
assets investments
(117)
(119)
(229)
Fixed assets disposals
25
12
32
Change in Client investments
(6)
(1)
(11)
Change in financial investments
(11)
3
2
Acquisitions of consolidated
subsidiaries
(187)
(8)
(18)
Disposals of consolidated
subsidiaries
4
0
3
--------- --------- -----------
Net cash used in investing
activities
(292)
(113)
(221)
--------- --------- -----------
Financing activities
Dividends paid to parent company
shareholders
(179)
(149)
(149)
Dividends paid to minority
shareholders of consolidated
companies
(10)
(7)
(10)
Change in shareholders´ equity
(17)
(33)
(61)
Proceeds from borrowings
256
11
524
Repayment of borrowings
(24)
(64)
(448)
--------- --------- -----------
Net cash provided by (used in)
financing activities
26
(242)
(144)
--------- --------- -----------
--------- --------- -----------
Increase in net cash and cash
equivalents
112
(144)
388
------------------------------------- --------- --------- -----------
Net effect of exchange rates on cash
(33)
(11)
(17)
Cash and cash equivalents, as of
beginning of period
1 377
1 006
1 006
--------- --------- -----------
Cash and cash equivalents, as of end
of period
1 456
851
1 377
------------------------------------- --------- --------- -----------
*T
-0-
*T
Segment analysis
--------------------------
Revenues
1st half Change 1st half
2008
2007
--------------------------
Food and Facilities Management Services
North America
2,759
-4.5%
2,890
Continental Europe
2,416
8.0%
2,236
United Kingdom and Ireland
827
14.9%
720
Rest of the World
816
6.6%
766
Service Vouchers and Cards
267
26.2%
211
Elimination of intragroups revenues
-5
-4
--------------------------
total
7,080
3,8%
6,819
--------------------------
--------------------------
Operating profit
1st half Change 1st half
(before corporate expenses)
2008
2007
--------------------------
Food and Facilities Management Services
North America
162
-0.3%
163
Continental Europe
124
7.9%
115
United Kingdom and Ireland
50
67.2%
30
Rest of the World
9 -56.6%
20
Service Vouchers and Cards
82
24.6%
66
Headquarters
-34
16.6%
-30
--------------------------
total
393
7,9%
364
--------------------------
*T
Annex 2: Selection of new clients
Food & Facilities Management services
North America
Business and Industry
California Public Employees Retirement System-CalPERS, Sacramento
California - 1,500 employees, Foodservices); EMC Corporation
Hopkinton, Massachusetts (1,790 employees, Foodservices); Novartis
Pharmaceuticals Corporation, East Hanover, New Jersey (4,800
employees, Foodservices); Novartis Vaccines & Diagnostics, Emeryville
California (2,200 employees, Company Store); Pioneer Hi-Bred
International Inc., Johnson, Iowa (1,400 employees, Foodservices and
Facilities Management); TCG Management Corp., Baltimore, Maryland
(4,000 employees, Foodservices); Fort Worth Museum of Science &
History, Fort Worth, Texas (2,750 visitors, Foodservices); Starbucks
LeMoore (Foodservices); Starbucks, 32nd street (Foodservices); Lowe´s
Companies, Inc., North Wilkesboro, North Carolina (Vending); Principal
Financial Group, Inc., four sites (7,230 people, Foodservices); U.S.
Army Medcom, 10 hospitals (201,000 people, Foodservices); Dallas
Museum of Art, Dallas, Texas (2,040 customers/day, Foodservices);
Place du Centre, Canada (5,000 employees, Foodservices); Thunder Bay
Homes, Canada (Facilities Management)
Defense
Anniston Army Depot (Foodservices)
Healthcare and Seniors
Brandywine Hospital, Coatsville, Pennsylvania (200 beds
Foodservices and Nutrition); Crittenton Hospital Medical Center
Rochester, Michigan (250 beds, Facilities Management); Acute Care
Hospitals, Minneapolis/St Paul, Minnesota (436 beds, Foodservices);
Marin General Hospital, Greenbrae, California (235 beds, Foodservices
and Facilities Management); Asbury Methodist Village, Gaithersburg
Maryland (1,571 people, Foodservices and Facilities Management); New
Hanover Regional Medical Center, Wilmington, North Carolina (628 beds
Foodservices); Georgetown University Hospital, Washington, DC (386
beds, Facilities Management); H & H Total Care services, Canada (170
beds, Foodservices and Facilities Management); Abbostford, Canada (410
beds, Foodservices and Facilities Management)
Education
North East ISD, (Facilities Management); Anna Maria College
(Facilities Management); Philadelphia School Administration
Pennsylvania (Foodservices); Newman-Crows Landing, Newman, California;
Cafe 440/Philadelphia School Administration, Philadelphia
Pennsylvania
Continental Europe
Business & Industry
Adidas Salomon AG World of Sport, Germany (4,000 people
Foodservices); Gillette Deutschland GMBH &CO. OHG, Germany (1,200
employees, Foodservices); 3M, Belgium (450 people, Foodservices);
Finnair, Finland (Facilities Management); CNES, Kourou, France
(Foodservices and Facilities Management); Immeuble Centre d´affaires
Paris Nord, France, (320 meals/day, Foodservices); Siemens VDO
Automotive SA, France (650 meals/day, Foodservices); Continental
France (1,200 employees, Foodservices); Somacca Renault, Morocco
(Foodservices); Telenor, Norway (5,800 employees, Foodservices);
Ministerie van Buitenlandse Zaken, The Netherlands (1,180 people
Foodservices); Solvay, The Netherlands (500 employees, Foodservices
and Facilities Management); Gemeente Rotterdam - Europoint, The
Netherlands (1,070 people, Foodservices); Siemens Elektromotory
S.R.O., Czech Republic(1,800 employees, Foodservices); Moscow City
Block C, Russia (8,700 employees, Foodservices); GE Healthcare, Sweden
(1,000 meals/day, Foodservices); Mercedes, Turkey (3,000 people
Foodservices)
Correctional Services
Justizvollzugsanstalt, Germany (600 people, Foodservices); Nantes
correctional facility, France (4,340 meals/day, Foodservices); Reau
correctional facility, France (1,600 meals/day, Foodservices);
Annoeulin correctional facility, France (1,400 meals/day
Foodservices)
Defense
Landivisiau Naval air station, France (510 meals/day
Foodservices); Forsvaret Gtbg, Sweden (1,500 meals/day, Foodservices)
Healthcare and Seniors
AZ ST Maarten, Belgium (Foodservices); Hospital San Juan de Dios
Spain (150 beds, Foodservices); Hospital Parque San Antonio, Spain (55
beds, Foodservices); Montplaisir Clinic, France (160 meals/day
Foodservices and Facilities Management); Polyclinique Pasteur, France
(120 meals/day, Foodservices and Facilities Management); Polyclinique
du Val de Loire, France (230 meals/day, Foodservices); Centre medical
departemental Francois and Marie Mercier, France (410 meals/day
Foodservices); Leopold Bellan Clinic, France (230 meals/day
Foodservices); Les Gabres nursing home, France (460 meals/day
Foodservices); Residence Arc en Ciel, France (190 meals/day
Foodservices; FAM les Iris, France (130 meals/day, Foodservices);
Residence les Castalies, France (110 meals/day, Foodservices); EHPAD
La cle des ans, France (210 meals/day, Foodservices); Foyer George
Sand, France (160 meals/day, Foodservices); Sud Francilien Hospital
Center - Site Gilles de Corbeil, France (382 beds, Foodservices);
L´Estree clinic, France (541 meals/day, Foodservices); Sainte-Marie
Clinic, France (125 beds, Foodservices); Soyaux clinical center
France (87 beds, Foodservices); Adapei 22 - ESAT Les Ateliers
Briochins, France (108 people, Foodservices); Polyclinique Vauban
France (420 meals/day, Foodservices); Albert Schweitzer Ziekenhuis
Netherlands (1,500 beds, Foodservices)
Education
Noisiel, France (1,510 meals/day, Foodservices); City Hall of
Sete, France (2,000 meals/day, Foodservices); UT Twente, Netherlands
(10,000 students, Foodservices)
Remote Sites
West Phoenix, Norway (100 people, Foodservices); Seadrill, Norway
(14 platforms, 375 people, Foodservices and Facilities Management)
UK and Ireland
Business & Industry
NFU Mutual Social Club, Stratford-upon-Avon, UK (450 people
Foodservices); Carpetright PLC, Essex, UK (350 people, Foodservices
and Facilities Management); Birches Conference Center, Kings Lynn, UK
(1,000 people, Foodservices); Heiton Buckley Limited, Dublin, Ireland
(180 people, Foodservices); APC-MGE, Galway, Ireland (320 people
Foodservices); Newcastle Building Society, Newcastle, UK (500 people
Foodservices and Facilities Management); Scottish Courts, Scotland
(three sites, 500 people, Foodservices)
Healthcare and Seniors
Walsall Metropolitan Borough Council, Walsall, UK (100,000
meals/year, Foodservices); Fournier Laboratories Limited, Cork
Ireland (170 people, Foodservices); Dairygold Food Ingredients, Cork
Ireland (300 people, Foodservices)
Education
Prior Pursglove College, Guisborough, UK (1,000 students
Foodservices); London School of Pharmacy, London, UK (150 students
Foodservices)
Rest of the World
Business & Industry
Mobil Coomera (Shop & Fuel) (EXXON Mobil), Australia (10 sites
Foodservices and Facilities Management); AXA, Melbourne, Australia
(1,800 people, Foodservices and Facilities Management); AOC, Brazil
(Foodservices); Marfrig, Brazil (Foodservices); Novartis, Brazil
(Foodservices); AGV Logistica, Brazil (Foodservices); Sofape, Brazil
(Foodservices); Plantas Ariztia, Chile (Foodservices); Emerson Process
Management Flow Technologies Co., Ltd., China (100 people
Foodservices and Facilities Management); Saint-Gobain Performance
Plastics Co., Ltd., China (200 people, Foodservices); SVA-Fujifilm
Opto-Electronic Materials Co., Ltd., China (350 people, Foodservices);
HSBC-Tseung Kwan O, China (800 people, Foodservices); Nokia, India
(30,000 people, Foodservices); Tata Consultancy Services, India
(24,000 people, Foodservices and Facilities Management); Unilever
India (300 people, Facilities Management); Total Access Communication
Thailand (1,000 employees, Foodservices)
Healthcare
Bumrungrad Hospital, Bangkok, Thailand (500 beds, Foodservices)
Remote Sites
Global Geophysical Services, Algeria (540 people, Foodservices and
Facilities Management); Global Santa Fe, Saudi Arabia (250 people
Foodservices); Woodside Petroleum, Australia (1,350 people
Foodservices and Facilities Management); Compania Minera Los
Pelambres, Chile (3,000 people, Foodservices and Facilities
Management); Minera Escondeda, Campamento 2000, Chile (2,300 people
Foodservices and Facilities Management); Proyecto Esperanza, Chile
(3,000 people, Foodservices); ROM, Chile (Foodservices); Minera
Huayanca, Peru (Foodservices); SNC Lavalin, Qatar (300 people
Services de Facilities Management)
Service Vouchers and Cards
CENTRAL EUROPE:
Bulgaria: DHL (Restaurant Pass and Food Pass, 230 beneficiaries);
British American Tobacco (Restaurant Pass, 260 beneficiaries)
Pologne : BPH Bank (Gift Pass, 8,900 beneficiaries); Poludniowy
Koncern Weglowy (Gift Pass, 5,200 beneficiaries); General Electric
(Gift Pass, 4,200 beneficiaries); KGHM Polska Miedz (Gift Pass, 4,300
beneficiaries); Telekomunikacja Polska (Gift Pass, 11,400
beneficiaries)
Czech Republic: Unipetrol (Leisure Pass)
Romania: APT resources & services (Food Pass, 900 beneficiaries);
Authority of Social Assistance and Children Protection (Gift Pass, 620
beneficiaries)
Slovakia: Yamani (Gift Pass, 1,700 beneficiaries)
WESTERN EUROPE:
Germany: Fiat (Restaurant Pass, 190 beneficiaries)
Belgium : City of Gent (Restaurant Pass, 6,000 beneficiaries);
Estee Lauder (Gift Pass, 900 beneficiaries); Allianz (Restaurant Pass
1,000 beneficiaries); Colruyt (Restaurant Pass, 1,300 beneficiaries)
Spain: Unidad Editorial (Restaurant Pass, 280 beneficiaries); Axa
(Restaurant Pass, 300 beneficiaries); Philips (Restaurant Pass, 100
beneficiaries)
France : Laboratoires Roche (CESU); City of Pau (CESU, 2,100
beneficiaries); Plastic Omnium (Restaurant Pass, 100 beneficiaries);
AGIRC-ARRCO (CESU, 20,000 beneficiaries); LCL (Restaurant Pass, 1,000
beneficiaries); PSA (CESU, 150 beneficiaries)
Luxembourg: Citibank (Restaurant Pass, 330 beneficiaries)
Tunisia: Tunisair (Restaurant Pass, 3,000 beneficiaries); Henkel
(Restaurant Pass, 140 beneficiaries)
UK: Defense Ministry (Childcare Pass, 9,000 beneficiaries)
Turkey: Sandoz - Groupe Novartis (Restaurant Pass, 200
beneficiaries)
LATIN AMERICA:
Brazil : Consorcio Propeno (Restaurant Pass, 1,100 beneficiaries);
Secretary of State for Education (Food Pass, 1,000 beneficiaries);
Contax (Food Pass, 14,000 beneficiaries); Defensoria Publica de Rio de
Janeiro (Restaurant Pass, 710 beneficiaries); Paro State University
(Food Pass, 1,485 beneficiaries)
Chile: Compania Nacional de Seguros Consorcio (Restaurant Pass
2,500 beneficiaries); Junaeb (Solidarite, 40,000 beneficiaries)
Colombia: Colombia Movil (Food Pass, 190 beneficiaries); Ford
(Mobility Pass, 220 beneficiaries)
Mexico: Ferrocarril y Terminal del Valle de Mexico (Food Pass, 900
beneficiaries); Gobierno del Estado de Sonora (Mobility Pass);
Comision Nacional Bancaria y de Valores (Food Pass)
Peru: Samsung (Food Pass, 150 beneficiaries)
Uruguay: UCAA (Food Pass, 51,000 beneficiaries)
Venezuela: Cativen - Casino Group (Food Pass, 3,500
beneficiaries); Government of Merida (Food Pass, 14,000 beneficiaries)
ASIA:
China: Industrial and Commercial Bank of China ZhaBei (Gift Pass);
Shanghai Huizhong Automotive (Gift Pass, 5,600 beneficiaries)
India: Electronics Corporation of India Limited (Gift Pass, 4,700
beneficiaries); Hindustan Aeronautics (Restaurant Pass, 14,000
beneficiaries); Philips (Restaurant Pass, 1,500 beneficiaries); United
Beweries (Restaurant Pass, 250 beneficiaries); Xansa (Restaurant Pass
2,000,beneficiaries)
Indonesia: Microsoft (Gift Pass, 200 beneficiaries)
Philippines: Pag-IBIG Fund (Gift Pass, 2,200 beneficiaries);
Pfizer (Gift Pass, 290 beneficiaries)
