Fiscal 2020 Universal Registration Document

2.1.1.5 Changes to the Board of Directors

Soumitra Dutta, whose term of office expires at the close of the January 12, 2021 Annual Shareholders Meeting, has stated that he does not wish to stand for reappointment. Independent director of Sodexo’s Board of Directors since January 19, 2015, Soumitra Dutta has made a signifi cant contribution to the discussions of the Board and the Audit Committee, notably in the fi elds of technology, digital and strategy.
Consequently, the Board proposes to the Shareholders Meeting the nomination of Federico González Tejera as independent Board member for a three-year term. Federico J. González Tejera, of Spanish nationality, is President and Chief Executive Offi cer of Radisson Hospitality AB. He will bring to the Board his strategic vision as well as his solid expertise in consumer culture gained notably in the hotel sector, where he held executive positions in several multinational corporations
During the January 12, 2021 Shareholders Meeting, shareholders will also be asked to renew the mandates of Sophie Bellon, Nathalie Bellon-Szabo and Françoise Brougher:
- Sophie Bellon has been a non-independent director of Sodexo’s Board of Directors since July 26, 1989 and Chairwoman of the Board of Directors since January 26, 2016. She brings to the Board and the Group her in depth knowledge of Sodexo. As Sodexo’s most prominent ambassador, she promotes the Company, its Quality of Life services and its mission. Sophie Bellon is committed to ensuring good governance for the Group, and is fully dedicated to the work of the Board of Directors, with an attendance rate at Board meetings of 100% for over ten years;
- Nathalie Bellon-Szabo has been a non-independent director of Sodexo’s Board of Directors since July 26, 1989, a member of the Group Executive Committee and Chief Executive Offi cer Sports & Leisure Worldwide since June 19, 2018. She brings to the Board her in-depth knowledge of Sodexo and its operations as well as her experience in and contribution to Quality of Life services. During her current term of office her attendance rate at Board meetings has been 97% on average;
- Françoise Brougher has been an independent director of Sodexo’s Board of Directors since January 23, 2012. She brings to the Board her international experience – particularly in the United States – as well as her strategic vision and expertise as an executive of publicly traded U.S.-headquartered companies in the digital space. Her expertise is important to help Sodexo adapt to the new behaviors of consumers, customers, employees and suppliers. During her current term of office her attendance rate has been 94% on average.
Véronique Laury will be appointed to the Audit Committee to replace Soumitra Dutta.
Cathy Martin was renewed for a three-year term as director representing employees starting on January 12, 2021.
Should all the resolutions be approved at the Shareholders Meeting, the diversity of the Board remains intact with 70% of its members being independent and 60% being women.

2.1.2 Fiscal 2020 performance

2.1.2.1 Consolidated income statement

(in millions of euro)	AUGUST 31, 2020	AUGUST 31, 2019	DIFFERENCE	DIFFERENCE CONSTANT RATES
Revenue	Revenue AUGUST 31, 2020 19,321	Revenue AUGUST 31, 2019 21 954	Revenue DIFFERENCE - 12.0%	Revenue DIFFERENCE CONSTANT RATES - 11.2%
UNDERLYING OPERATING PROFIT	UNDERLYING OPERATING PROFIT AUGUST 31, 2020 569	UNDERLYING OPERATING PROFIT AUGUST 31, 2019 1 200	UNDERLYING OPERATING PROFIT DIFFERENCE - 52.6%	UNDERLYING OPERATING PROFIT DIFFERENCE CONSTANT RATES - 49.6%
UNDERLYING OPERATING PROFIT MARGIN	UNDERLYING OPERATING PROFIT MARGIN AUGUST 31, 2020 2.9%	UNDERLYING OPERATING PROFIT MARGIN AUGUST 31, 2019 5.5%	UNDERLYING OPERATING PROFIT MARGIN DIFFERENCE - 260 pbs	UNDERLYING OPERATING PROFIT MARGIN DIFFERENCE CONSTANT RATES - 240 pbs
Other operating expenses	Other operating expenses AUGUST 31, 2020 (503)	Other operating expenses AUGUST 31, 2019 (141)	Other operating expenses DIFFERENCE	Other operating expenses DIFFERENCE CONSTANT RATES
OPERATING PROFIT	OPERATING PROFIT AUGUST 31, 2020 65	OPERATING PROFIT AUGUST 31, 2019 1 059	OPERATING PROFIT DIFFERENCE - 93.8%	OPERATING PROFIT DIFFERENCE CONSTANT RATES - 91.1%
Net financial expense	Net financial expense AUGUST 31, 2020 (291)	Net financial expense AUGUST 31, 2019 (100)	Net financial expense DIFFERENCE	Net financial expense DIFFERENCE CONSTANT RATES
Tax charge*	Tax charge* AUGUST 31, 2020 (98)	Tax charge* AUGUST 31, 2019 (277)	Tax charge* DIFFERENCE	Tax charge* DIFFERENCE CONSTANT RATES
GROUP NET PROFIT	GROUP NET PROFIT AUGUST 31, 2020 (315)	GROUP NET PROFIT AUGUST 31, 2019 665	GROUP NET PROFIT DIFFERENCE	GROUP NET PROFIT DIFFERENCE CONSTANT RATES
EPS (in euro)	EPS (in euro) AUGUST 31, 2020 (2.16)	EPS (in euro) AUGUST 31, 2019 4.56	EPS (in euro) DIFFERENCE	EPS (in euro) DIFFERENCE CONSTANT RATES
UNDERLYING NET PROFIT	UNDERLYING NET PROFIT AUGUST 31, 2020 306	UNDERLYING NET PROFIT AUGUST 31, 2019 765	UNDERLYING NET PROFIT DIFFERENCE - 60.1%	UNDERLYING NET PROFIT DIFFERENCE CONSTANT RATES - 57.1%
Underlying EPS (in euro)	Underlying EPS (in euro) AUGUST 31, 2020 2.10	Underlying EPS (in euro) AUGUST 31, 2019 5.25	Underlying EPS (in euro) DIFFERENCE - 60.%	Underlying EPS (in euro) DIFFERENCE CONSTANT RATES

* Fiscal2020 Underlying effective tax rate is at 30.8% which compares to the 29% effective tax rate in FY 2019.

Fiscal 2020 Universal Registration Document

2. Management report

2.1.1.5 Changes to the Board of Directors

2.1.2 Fiscal 2020 performance

2.1.2.1 Consolidated income statement