| REVENUES BY SEGMENT (in million euros) | FISCAL 2024 | FISCAL 2023 | RESTATED ORGANIC GROWTH(2) |
|---|---|---|---|
| Business & Administrations(1) | Business & Administrations (1)FISCAL 20243,694 |
Business & Administrations (1)FISCAL 20233,659 |
Business & Administrations (1)RESTATED ORGANIC GROWTH(2)+6,9% |
| Sodexo Live! | Sodexo Live! FISCAL 202446 |
Sodexo Live! FISCAL 2023— |
Sodexo Live! RESTATED ORGANIC GROWTH(2)+102,8% |
| Healthcare & Seniors | Healthcare & Seniors FISCAL 2024337 |
Healthcare & Seniors FISCAL 2023337 |
Healthcare & Seniors RESTATED ORGANIC GROWTH(2)+3.6% |
| Education | Education FISCAL 2024162 |
Education FISCAL 202391 |
Education RESTATED ORGANIC GROWTH(2)+11.2% |
| REST OF THE WORLD TOTAL | REST OF THE WORLD TOTALFISCAL 20244239 | REST OF THE WORLD TOTALFISCAL 20234,087 | REST OF THE WORLD TOTALRESTATED ORGANIC GROWTH(2) +7.3% |
(1) Since the first half of 2024, the Group has been reporting Sodexo Live! revenue separately; it was previously included in the Business & Administrations segment.
(2) As part of the streamlining of the organization during Fiscal 2023, some contracts or operations have been reallocated between segments.
Fiscal 2024 Rest of the World revenues were 4.2 billion euros. Organic growth was +7.3% with double digit growth in APAC driven by Australia and India. The fourth quarter was boosted by 8 points due to the base effect from the prior year's retroactive impact of an accounting change on a large Energy & Resources contract. Barring that, there was a slowdown in the second half due to decelerating price increases and flat activity in China.
Business & Administrations (excl. Sodexo Live!) restated organic growth was +6.9%. Growth in food in India has continued to be very strong, driven by both new and existing business, and in Australia notably from price renegotiation. Brazil and Latin America are still growing in high single digit, although with a slight deceleration in the second half due to a lower pricing impact and a slowing market growth. Chile was impacted by the end of several fixed-term Energy & Resources contracts and lower price increases, while China continued to be impacted especially by downsizing in the tech sector.
Sodexo Live! revenues (principally airport lounges) doubled due to strong activity as Covid restrictions in airlines were lifted only from January 2023 combined with the opening of new lounges in Hong Kong.
Healthcare & Seniors restated organic growth was +3.6%, with a ramp up of a few contracts in India, offset by slowdown in China and the impact of the exit of low-performing contracts in Brazil during the second quarter last year.
Education restated organic growth was +11.2%, fueled by sustained growth in Brazil and India boosted by both new business and volume growth in existing sites, along with acceleration of growth in China in the fourth quarter of Fiscal 2024.
Fiscal 2024 Underlying operating profit was 1,1 billion euros, up +13.7%, or +16.0% excluding the currency effect. The Underlying operating profit margin, including corporate expenses, was 4.7%, up +40 bps. The currency mix effect was negligible.
| (in million euros) | UNDERLYING OPERATING PROFIT FISCAL 2024 | DIFFERENCE | DIFFERENCE (EXCLUDING CURRENCY EFFECT) | UNDERLYING OPERATING PROFIT MARGIN FISCAL 2024 | DIFFERENCE IN MARGIN | DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT) |
|---|---|---|---|---|---|---|
| North America | North America UNDERLYING OPERATING PROFIT FISCAL 2024650 |
North America DIFFERENCE+11.7% |
North America DIFFERENCE (EXCLUDING CURRENCY EFFECT)+14.4% |
North America UNDERLYING OPERATING PROFIT MARGIN FISCAL 20245.9% |
North America DIFFERENCE IN MARGIN+30 bps |
North America DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+30 bps |
| Europe | Europe UNDERLYING OPERATING PROFIT FISCAL 2024339 |
Europe DIFFERENCE+13.5% |
Europe DIFFERENCE (EXCLUDING CURRENCY EFFECT)+14.2% |
Europe UNDERLYING OPERATING PROFIT MARGIN FISCAL 20244.0% |
Europe DIFFERENCE IN MARGIN+30 bps |
Europe DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+30 bps |
| Rest of the World | Rest of the World UNDERLYING OPERATING PROFIT FISCAL 2024206 |
Rest of the World DIFFERENCE+7.3% |
Rest of the World DIFFERENCE (EXCLUDING CURRENCY EFFECT)+9.9% |
Rest of the World UNDERLYING OPERATING PROFIT MARGIN FISCAL 20244.9% |
Rest of the World DIFFERENCE IN MARGIN+20 bps |
Rest of the World DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+10 bps |
| UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTS | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSUNDERLYING OPERATING PROFIT FISCAL 20241,195 | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSDIFFERENCE +11.4% | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSDIFFERENCE (EXCLUDING CURRENCY EFFECT) +13.6% | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSUNDERLYING OPERATING PROFIT MARGIN FISCAL 2024 5.0% | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSDIFFERENCE IN MARGIN+30 bps | UNDERLYING OPERATING PROFIT BEFORE CORPORATE COSTSDIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT) +30 bps |
| Corporate expenses | Corporate expenses UNDERLYING OPERATING PROFIT FISCAL 2024(86) |
Corporate expenses DIFFERENCE-11.3% |
Corporate expenses DIFFERENCE (EXCLUDING CURRENCY EFFECT)-11.3% |
Corporate expenses UNDERLYING OPERATING PROFIT MARGIN FISCAL 2024 not included |
Corporate expenses DIFFERENCE IN MARGINnot included |
Corporate expenses DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT) not included |
| UNDERLYING OPERATING PROFIT (continuing activities) | UNDERLYING OPERATING PROFIT (continuing activities)UNDERLYING OPERATING PROFIT FISCAL 20241,109 | UNDERLYING OPERATING PROFIT (continuing activities)DIFFERENCE +13.7% | UNDERLYING OPERATING PROFIT (continuing activities)DIFFERENCE (EXCLUDING CURRENCY EFFECT) +16.0% | UNDERLYING OPERATING PROFIT (continuing activities)UNDERLYING OPERATING PROFIT MARGIN FISCAL 2024 4.7% | UNDERLYING OPERATING PROFIT (continuing activities)DIFFERENCE IN MARGIN+40 bps | UNDERLYING OPERATING PROFIT (continuing activities)DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT) +40 bps |
The increase in profitability in Fiscal 2024 was driven by operating leverage from higher revenue, enhanced on site productivity, supply efficiencies, and rigorous cost control in central costs, in a normalizing food cost inflation environment.
