Exchange rate fluctuations do not generate operationalrisks, because each subsidiary bills its revenues and incurs its expenses in the same currency. However, given the weight of the Benefit & Rewards activity in Brazil, and the high level of its margins relative to the Group, when the Brazilian realdeclines against the euro, it has a negative effect on the underlying operating margin due to a change in the mix of margins. Conversely, when the Brazilian real strenghtens Group margins increase.
| 1€= | AVERAGE RATE FY 2021 | AVERAGE RATE FY 2020 | AVERAGE RATE FY 2021 VS. FY 2020 | CLOSING RATE FY 2021 AT 08/31/2021 | CLOSING RATE FY 2020 AT 08/31/20 | CLOSING RATE 08/31/2021 VS. 08/31/2020 |
|---|---|---|---|---|---|---|
| U.S. dollar | U.S. dollar AVERAGE RATE FY 20211.197 |
U.S. dollar AVERAGE RATE FY 20201.115 |
U.S. dollar AVERAGE RATE FY 2021 VS. FY 2020-6.9 % |
U.S. dollar CLOSING RATE FY 2021 AT 08/31/20211.183 |
U.S. dollar CLOSING RATE FY 2020 AT 08/31/201.194 |
U.S. dollar CLOSING RATE 08/31/2021 VS. 08/31/2020+0.9% |
| Pound Sterling | Pound Sterling AVERAGE RATE FY 20210.878 |
Pound Sterling AVERAGE RATE FY 20200.876 |
Pound Sterling AVERAGE RATE FY 2021 VS. FY 2020-0.2 % |
Pound Sterling CLOSING RATE FY 2021 AT 08/31/20210.859 |
Pound Sterling CLOSING RATE FY 2020 AT 08/31/200.896 |
Pound Sterling CLOSING RATE 08/31/2021 VS. 08/31/2020+4.3% |
| Brazilian real | Brazilian real AVERAGE RATE FY 20216.441 |
Brazilian real AVERAGE RATE FY 20205.255 |
Brazilian real AVERAGE RATE FY 2021 VS. FY 2020-18.4 % |
Brazilian real CLOSING RATE FY 2021 AT 08/31/20216.139 |
Brazilian real CLOSING RATE FY 2020 AT 08/31/206.474 |
Brazilian real CLOSING RATE 08/31/2021 VS. 08/31/2020+5.5% |
The impact of currencies this year is linked to the decline in the U.S. dollar of -6.9% and the Brazilian real of -18.4% cumulating in a -4% negative impact on revenues and 20 bps on the Underlying operating margin.
Sodexo operates in 56 countries. The percentage oftotalrevenues and underlying operating profit denominated in the main currencies are as follows :
| FISCAl 2021 | % Of REVENUES | % Of UNDERLYING OPERATING PROFIT |
|---|---|---|
| U.S. dollar | U.S. dollar % Of REVENUES36% |
U.S. dollar % Of UNDERLYING OPERATING PROFIT42% |
| Euro | Euro % Of REVENUES25% |
Euro % Of UNDERLYING OPERATING PROFIT-24% |
| UK pound Sterling | UK pound Sterling % Of REVENUES11% |
UK pound Sterling % Of UNDERLYING OPERATING PROFIT17% |
| Brazilian real | Brazilian real % Of REVENUES5% |
Brazilian real % Of UNDERLYING OPERATING PROFIT23% |
REVENUES BY ACTIVITY
| REVENUES (in millions of euro) |
FY 2021 | FY 2020 | ORGANIC GROWTH | EXTERNAL GROWTH | CURRENCY EFFECT | TOTAL GROWTH | |
|---|---|---|---|---|---|---|---|
| Business & Administrations | Business & Administrations FY 20218,884 |
Business & Administrations FY 202010,265 |
Business & Administrations
|
Business & Administrations ORGANIC GROWTH-9.7% |
Business & Administrations EXTERNAL GROWTH-0.4% |
Business & Administrations CURRENCY EFFECT-3.4% |
Business & Administrations TOTAL GROWTH-13.5% |
| Healthcare & Seniors | Healthcare & Seniors FY 20214,762 |
Healthcare & Seniors FY 20204,815 |
Healthcare & Seniors
|
Healthcare & Seniors ORGANIC GROWTH+3.1% |
Healthcare & Seniors EXTERNAL GROWTH+0.3% |
Healthcare & Seniors CURRENCY EFFECT-4.5% |
Healthcare & Seniors TOTAL GROWTH-1.1% |
| Education | Education FY 20213, 041 |
Education FY 20203, 475 |
Education
|
Education ORGANIC GROWTH-7.6% |
Education EXTERNAL GROWTH-0.6% |
Education CURRENCY EFFECT-4.3% |
Education TOTAL GROWTH-12.5% |
| ON-SITE SERVICES | ON-SITE SERVICESFY 202116,687 | ON-SITE SERVICESFY 202018,554 | ON-SITE SERVICES
|
ON-SITE SERVICESORGANIC GROWTH-6.0% | ON-SITE SERVICESEXTERNAL GROWTH-0.3% | ON-SITE SERVICESCURRENCY EFFECT-3.8% | ON-SITE SERVICESTOTAL GROWTH-10,1% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESFY 2021745 | BENEFITS & REWARDS SERVICESFY 2020773 | BENEFITS & REWARDS SERVICES
|
BENEFITS & REWARDS SERVICESORGANIC GROWTH+3.9% | BENEFITS & REWARDS SERVICESEXTERNAL GROWTH+0.1% | BENEFITS & REWARDS SERVICESCURRENCY EFFECT-7.6% | BENEFITS & REWARDS SERVICESTOTAL GROWTH-3.6% |
| Elimination | Elimination FY 2021(3) |
Elimination FY 2020(5) |
Elimination
|
Elimination ORGANIC GROWTH
|
Elimination EXTERNAL GROWTH
|
Elimination CURRENCY EFFECT
|
Elimination TOTAL GROWTH
|
| TOTAL GROUP | TOTAL GROUPFY 202117,428 | TOTAL GROUPFY 202019,321 | TOTAL GROUP
|
TOTAL GROUPORGANIC GROWTH-5.6% | TOTAL GROUPEXTERNAL GROWTH-0.2% | TOTAL GROUPCURRENCY EFFECT-4.0% | TOTAL GROUPTOTAL GROWTH-9.8% |
Fiscal 2021 consolidated revenues were 17.4 billion euro, down -9.8% year-on-year including a negative net contribution from acquisitions and disposals of -0.2% and a negative currency impact of -4%. As a result, the organic decline was -5.6%, with the combination of a first halfdown -21.7% , followed by a second halfup +18.1% as the comparable base was already impacted by the pandemic.
