Fiscal 2021 Universal Registration Document

.REVENUES BY ACTIVITY (in millions of euro)	H1 FY 2021	H1 FY 2020	ORGANIC GROWTH	H2 FY 2021	H2 FY 2020	ORGANIC GROWTH
Business & Administrations	Business & Administrations H1 FY 2021 4,280	Business & Administrations H1 FY 2020 6,186	Business & Administrations ORGANIC GROWTH -26.5%	Business & Administrations H2 FY 2021 4,603	Business & Administrations H2 FY 2020 4,079	Business & Administrations ORGANIC GROWTH +14.6%
Healthcare & Seniors	Healthcare & Seniors H1 FY 2021 2,338	Healthcare & Seniors H1 FY 2020 2,538	Healthcare & Seniors ORGANIC GROWTH -2.1%	Healthcare & Seniors H2 FY 2021 2,424	Healthcare & Seniors H2 FY 2020 2,276	Healthcare & Seniors ORGANIC GROWTH +8.7%
Education	Education H1 FY 2021 1,620	Education H1 FY 2020 2,528	Education ORGANIC GROWTH -31.9%	Education H2 FY 2021 1,421	Education H2 FY 2020 947	Education ORGANIC GROWTH +55.2%
ON-SITE SERVICES	ON-SITE SERVICESH1 FY 20218,238	ON-SITE SERVICESH1 FY 202011,252	ON-SITE SERVICESORGANIC GROWTH-22.2%	ON-SITE SERVICESH2 FY 20218,449	ON-SITE SERVICESH2 FY 20207,302	ON-SITE SERVICESORGANIC GROWTH+18.0%
BENEFITS & REWARDS SERVICES	BENEFITS & REWARDS SERVICESH1 FY 2021359	BENEFITS & REWARDS SERVICESH1 FY 2020443	BENEFITS & REWARDS SERVICESORGANIC GROWTH-8.1%	BENEFITS & REWARDS SERVICESH2 FY 2021386	BENEFITS & REWARDS SERVICESH2 FY 2020330	BENEFITS & REWARDS SERVICESORGANIC GROWTH+18.2%
Elimination	Elimination H1 FY 2021 (2)	Elimination H1 FY 2020 (3)	Elimination ORGANIC GROWTH	Elimination H2 FY 2021 (2)	Elimination H2 FY 2020 (2)	Elimination ORGANIC GROWTH
TOTAL GROUP	TOTAL GROUPH1 FY 20218,595	TOTAL GROUPH1 FY 202011,692	TOTAL GROUPORGANIC GROWTH-21.7%	TOTAL GROUPH2 FY 20218,833	TOTAL GROUPH2 FY 20207,629	TOTAL GROUPORGANIC GROWTH+18.1%

ON-SITE SERVICES

On-site Services revenues declined by -6.0% overall for the year. Following the deepest downturn ever registered by the Group due to the pandemic in the second half Fiscal 2020, activity has picked up progressively quarter by quarter, reaching 87% of pre-Covid Fiscal 2019 revenues at constant rates, by the fourth quarter. Healthcare & Seniors picked back up to 100%, and Schools to 99% (of pre-Covid levels), However, Business & Administrations remained impacted by the slow return to work in Corporate Services, which was at 79% (of pre-Covid levels). However, Business & Administrations remained impacted by the slow return to work in Corporate Services, which was at 79% (of pre-Covid levels), and the recovery in Sports & Leisure at only 43% (of pre-Covid levels), which really only started from July in Sports events, while the Convention center activity is only just starting to see the recovery in reservations.

The performance of the main segments relative to Fiscal 2019 revenues is as follows :

	% OF FISCAL 2019 REVENUES
AT CONSTANT RATES	Q3 FY2020	Q4 FY2020	Q1 FY2021	Q2 FY2021	Q3 FY2021	Q4 FY2021
Business & Administrations	Business & Administrations% OF FISCAL 2019 REVENUES71%	70%	78%	78%	78%	82%
Of which Corporate Services	Of which Corporate Services % OF FISCAL 2019 REVENUES 73%	74%	79%	78%	75%	79%
Of which Sports & Leisure	Of which Sports & Leisure % OF FISCAL 2019 REVENUES 16%	9%	14%	17%	22%	43%
Education	Education% OF FISCAL 2019 REVENUES46%	64%	72%	68%	79%	85%
Of which Schools	Of which Schools % OF FISCAL 2019 REVENUES 52%	78%	87%	84%	88%	99%
Of which Universities	Of which Universities % OF FISCAL 2019 REVENUES 41%	52%	61%	54%	72%	71%
Healthcare & Seniors	Healthcare & Seniors% OF FISCAL 2019 REVENUES88%	92%	97%	100%	96%	100%
On-site Services	On-site Services% OF FISCAL 2019 REVENUES70%	75%	81%	81%	83%	87%
Benefits & Rewards Services	Benefits & Rewards Services% OF FISCAL 2019 REVENUES77%	95%	99%	94%	96%	97%
Group	Group% OF FISCAL 2019 REVENUES70%	75%	81%	82%	83%	87%

During the year, Facilities Management services were up +6.9%, particularly resilient during the crisis, while Food services were down -14.5% despite a +24.5% increase in the second half, as the comparable base was favorable. In the fourth quarter, FM services had reached 110% of Fiscal 2019 revenues, Food services remained at 73%.

Key performance indicators continued to be impacted by the pandemic, even though there are clear signs ofan improvement in quality :

client retention rate at the end of the year was 93.1%, down -40 bps, compared to the previous year. However, this included the impact ofthe British Government's decision to take back the Transforming Rehabilitation contracts which accounted for 40 bps. Excluding this contract, retention would have been flat. While retention was better in most segments and most geographies, and particularly in Healthcare and Universities in North America, the performance was impacted by the loss of a large schools contract in North America in the last month of the year;
new sales development was up +110 bps at 6%, with a solid contribution from all segments. While the level of new signatures remains below our target, the quality is improving with an increase in the average gross margin of+80 bps;
although same site sales were down -6.3%, the performance was better than in the previous year at -11.9% reflecting the recovery in volumes in the second half and more cross-selling of services on existing sites.

Fiscal 2021 Universal Registration Document

3. Fiscal year activity report