{"id":469340,"date":"2021-04-01T01:03:09","date_gmt":"2021-04-01T05:03:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469340"},"modified":"2021-04-01T01:03:09","modified_gmt":"2021-04-01T05:03:09","slug":"sodexo-first-half-fiscal-2021-results-rebound-in-profitability-and-strong-free-cashflow","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sodexo-first-half-fiscal-2021-results-rebound-in-profitability-and-strong-free-cashflow\/","title":{"rendered":"Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow"},"content":{"rendered":"<div class=\"mw_release\">\n<p>\n        <strong>Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">Improving organic revenue trend quarter by quarter, at -21.7% for H1<\/li>\n<li style=\"margin-bottom:6pt\">Underlying operating profit margin at 3.1%, large beat on assumptions<\/li>\n<li style=\"margin-bottom:6pt\">Exceptional free cashflow generation for a first half<\/li>\n<li style=\"margin-bottom:6pt\">Assumptions:\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">H2 organic revenue growth between +10 and +15%<\/li>\n<li style=\"margin-bottom:6pt\">H2 Underlying operating profit margin at around 3.1% at constant rate<\/li>\n<li style=\"margin-bottom:6pt\">Cash conversion more than 100% for the full year <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n        <strong>Issy-les-Moulineaux, April 1, 2021 &#8211; <\/strong>Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY). At the Board of Directors meeting held on March 31, 2021 and\u00a0chaired by Sophie Bellon, the Board closed the Consolidated accounts for the First half Fiscal 2021 ended February\u00a028, 2021.<\/p>\n<p>\n        <strong>Financial performance for First half Fiscal 2021 <\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:880px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FISCAL 2020<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>DIFFERENCE<\/strong>\n          <\/td>\n<td style=\"max-width:180px;width:180px;min-width:180px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>DIFFERENCE CONSTANT RATES <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Revenue <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,595<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 11,692 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-26.5%<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-21.7%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING OPERATING PROFIT<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>265<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>685<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-61.4%<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-55.2%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING OPERATING PROFIT MARGIN<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong><br \/>\n              <em>3.1%<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong><br \/>\n              <em>5.9%<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-280 bps<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-250 bps<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Other operating expenses <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (128) <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (66) <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>OPERATING PROFIT <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>136<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>619<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-78.0%<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-73.2%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Net financial expense <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (50) <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (67) <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Tax charge <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (53) <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (161) <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>GROUP NET PROFIT<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>33<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>378<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-91.3%<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-86.6%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>EPS<\/strong><br \/>\n            <em> (in euro)<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.23<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2.59<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-91.3%<\/em>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING NET PROFIT<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>128<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>424<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>-69.9%<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>-63.6%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> UNDERLYING EPS <em>(in euro)<\/em><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"> 0.87 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2.91 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>-69.9%<\/em>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> \u00a0 <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Sodexo CEO Denis Machuel said:<\/strong>\n      <\/p>\n<p>\n        <em>\u201cOur actions to renegotiate our client contracts, strictly control our costs, and implement the <\/em><br \/>\n        <em>GET restructuring program are clearly visible in our better than expected Underlying operating profit margin of 3.1%.<\/em>\n      <\/p>\n<p>\n        <em>In the Second half, year on year organic growth rate will be very positive. However, given the new waves of the pandemic, we do not expect a significant improvement in revenue volumes from the first half. We are redoubling our efforts and focus on execution to offset the traditional seasonality gap between First and Second half Underlying operating profit margin. <\/em>\n      <\/p>\n<p>\n        <em>We are confident that pent-up demand will ensure a strong pick-up in all segments and activities <\/em><br \/>\n        <em>once the pandemic is over. I am very proud of how our organization is totally mobilized to fully benefit from these opportunities, and I warmly thank our teams for their impressive engagement in the field with our clients.\u201d<\/em>\n      <\/p>\n<p>\n        <strong>Highlights of the period<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:6pt;margin-bottom:6pt;text-align:left\">First half Fiscal 2021 Group revenue was 8,595 million euro, down -26.5%, still significantly impacted by the Covid-19 crisis. The currency effect and in particular the weakness of the Dollar and the Real, accounted for -4.8%. The net M&amp;A contribution was negligible. As a result, Group organic revenue decline was -21.7%, compared to -27.5% in Second half Fiscal 2020. <\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>On-site Services<\/strong> organic revenue decline was -22.2%, with consistent quarterly improvement, after a First quarter down -23.3%, or -22.1% excluding the Rugby World Cup effect, and Second quarter Fiscal 2021 down -21.0%. The key elements of the half-year were:  <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:left\">In Business &amp; Administrations, organic decline was -26.5%, still significantly impacted by the Covid-19 crisis due to the high level of working from home in Corporate Services and the number of closed sites in Sports &amp; Leisure, and particularly in North America. Energy &amp; Resources and Government &amp; Agencies remained solid, up +4.3%, during the First half.\u00a0<br \/>Europe showed more resilience compared to North America. Asia-Pacific, Latam, Middle East and Africa region returned to growth.<\/li>\n<li style=\"text-align:left\">In Healthcare &amp; Seniors, organic decline was -2.1%. Hospitals are still suffering from the pandemic related weakness in retail sales. However, the segment was boosted by the Rapid Testing Centers contract in the UK.<\/li>\n<li style=\"text-align:left\">In Education, organic decline was -31.9%. While there was a return to school from September in Europe and Asia, schools were predominantly closed in North America. Weak activity in Universities due to virtual learning was further impacted by a lower number of days, particularly in the second quarter due to a prolonged winter break. <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>Key Performance Indicators for the First half<\/strong> were also impacted by the pandemic:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:left\">Client retention was down -30 bps to 97.5%, impacted by the British Government\u2019s return to self-operation of the Transforming Rehabilitation contract. Excluding this account loss, retention would have been up by +20 bps.<\/li>\n<li style=\"margin-bottom:6pt\">New sales development was down -10 bps at 2.8%, but with much enhanced signing discipline, particularly regarding margins.<\/li>\n<li style=\"margin-bottom:6pt\">Same site sales decline was at -22.7%, reflecting the substantial loss of food volumes, while Facilities Management Services remains solid. <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"margin-top:12pt;margin-bottom:6pt;text-align:left\">\n          <strong>Benefits &amp; Rewards Services<\/strong> was more resilient with an organic revenue decline of -8.1%. There was a slight deterioration in the second quarter trend, relative to the first quarter, due to the second wave lockdowns from November in most countries in Europe, delaying reimbursement volumes.<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>Underlying operating margin<\/strong> was 3.1%, better than our assumptions and the -1.9% negative margin in Second half Fiscal 2020. This significant improvement in performance is the result of the many contract renegotiations since March 2020, prolonged furlough in some countries, the first results of the restructuring program and very strict cost control.<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>Other operating expenses (net) <\/strong>amounted to 128 million euro, up significantly against the previous year, reflecting the implementation of the ongoing 350 million euro GET restructuring program started in the Second half last year. Restructuring costs amounted to 107 million euro, after 158 million euro in the Second half Fiscal 2020. The remaining 85 million euro is expected to be incurred in the Second half.<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>Reported net profit <\/strong>was positive at 33\u00a0million\u00a0euro and basic EPS was \u20ac0.23, both down -91.3% year on year. Underlying Net profit totaled 128 million euro, against the 424 million\u00a0euro pre-crisis net profit in First half Fiscal 2020. <\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">\n          <strong>Free cash flow <\/strong>at 237 million euro was much better than expected helped by a positive change in working capital of 41 million euro, boosted by strict management of receivables, Benefits &amp; Rewards due to lower reimbursement flows, and continued Government support in terms of payment delays . In addition, net capex was exceptionally low at 86 million euro, due in particular to delays in client investments. <\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">Consequently, <strong>net debt <\/strong>has fallen year on year and since the beginning of the fiscal year to 1.7\u00a0billion euro, with the gearing ratio at 57%, against 50% pre-crisis in February 2020 and 67% in August 2020. The net debt ratio<sup>1<\/sup> at the end of the period was impacted significantly by the reduction in the rolling twelve-month Underlying EBITDA, to reach 3.8x against 1.3x at the end of First half Fiscal 2020 and 2.1x at the end of Fiscal 2020. <\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">During the quarter, Sodexo reinforced its <strong>commitment to reducing its environmental footprint<\/strong>:\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">Sodexo joined the Climate Group&#8217;s RE100 initiative, committing to switch to 100% renewable electricity by 2025. This commitment covers Sodexo\u2019s directly operated sites under the Scope 1 and Scope 2 activities as per the GHG Protocol guidelines.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Since March 1, 2021, Sodexo has been phasing out five key single-use plastic Foodservice items from its on-site operations in Europe, with only paper, cardboard, wood or fiber-based options available in its supply catalog. The move goes beyond upcoming EU legislation by removing takeaway bags in addition to straws, plates, cutlery and stirrers.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"left\">In March 2021, Sodexo entered the new Euronext CAC40 ESG index, created in response to the growing market demand for sustainable investments. Being part of the index recognizes Sodexo commitment and initiatives for a sustainable global economy. <\/p>\n<p>\n        <strong>Outlook <\/strong>\n      <\/p>\n<p>While confidence is high in a rapid recovery once vaccination is fully deployed, in the short-term, the situation remains volatile, particularly in Europe with the new waves of the pandemic.\u00a0As a result, we expect little improvement in the quarter on quarter trends through to the fiscal year end in August. <\/p>\n<p>The Group will continue to renegotiate its contracts to ensure the best possible level of profitability, to deliver its restructuring measures and activate all government support available.<\/p>\n<p>In this context, <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">\n          <strong>Second half Fiscal 2021 organic growth is expected between +10 and +15%. <\/strong>\n        <\/li>\n<li style=\"margin-bottom:6pt\">\n          <strong>After the strong performance in the First half, cost containment and restructuring should offset the traditional seasonality gap between First half and Second half margins, so that the Second half Fiscal 2021 underlying operating margin should be around 3.1%, at constant rates. <\/strong>\n        <\/li>\n<li style=\"margin-bottom:6pt\">\n          <strong>After an exceptional free cashflow performance in the First half, our objective for the year is to achieve a cash conversion of more than 100%.<\/strong>\n        <\/li>\n<\/ul>\n<p>Looking further out, on the basis that the pandemic will be over by 2021 calendar year end, the Group aims to return to sustained growth and to rapidly increase the Underlying operating margin back over the pre-Covid level. <\/p>\n<p>The Board and the Executive Committee extend their sincere thanks to all employees who have collectively contributed to the improved financial performance in First half Fiscal 2021.<\/p>\n<p>\n        <strong>Conference call<\/strong>\n      <\/p>\n<p>\n        <strong>Sodexo will hold a conference call (in English) today at 9:00\u00a0a.m. (Paris time), 8:00\u00a0a.m. (London time)<\/strong> to comment on its H1 Fiscal 2021 results. Those who wish to connect: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">from the UK may dial +44 (0) 2071 928 338, or <\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">from France +33 (0) 1 70 70 07 81, or <\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">from the USA +1\u00a0646\u00a0741 3167, <\/li>\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">followed by the access code <strong>52 65 589<\/strong>.<\/li>\n<\/ul>\n<p>The <strong>press release and presentation will be available on the Group website <\/strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZeCeJ1BHmIvEkuv55OvzPhcGOTplZyeFz_Pm__My_MN-ob0EmlncezweSA0UhakzG2eCg3y-Ze1dx8heem-J7Q==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong>www.sodexo.com<\/strong><\/a> in both the &#8220;Latest News&#8221; section and the &#8220;Finance &#8211; Financial Results&#8221; section. <\/p>\n<p>\n        <strong>Fiscal 2021 financial calendar<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:70%;border-collapse:collapse\">\n<tr>\n<td style=\"width:39.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Fiscal 2021 Nine Months Revenues  <\/td>\n<td style=\"width:10.2%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> July 1, 2021 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Fiscal 2021 Annual Results  <\/td>\n<td style=\"width:10.2%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> October 28, 2021 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Fiscal 2021 Annual Shareholders Meeting <\/td>\n<td style=\"width:10.2%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> December 14, 2021 <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>These dates are purely indicative and are subject to change without notice. Regular updates are available in the calendar on our website <\/em><br \/>\n        <em><br \/>\n          <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZeCeJ1BHmIvEkuv55OvzPiM7h3zVhoDuy8TIeGjLL7jrVaDuclxPpsbbxJZKkYKmQQXmy6FHXeQxi15RMvUWnA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sodexo.com<\/a>\u00a0<\/em>\n      <\/p>\n<p>\n        <strong>About Sodexo<\/strong>\n      <\/p>\n<p>Founded in Marseille in 1966 by Pierre\u00a0Bellon, Sodexo is the global leader in services that improve Quality of Life, an essential factor in individual and organizational performance. Operating in 64 countries, Sodexo serves 100\u00a0million consumers each day through its unique combination of On-site Services, Benefits &amp; Rewards Services and Personal &amp; Home Services. Sodexo provides clients an integrated offering developed over more than 50 years of experience: from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from services and programs fostering employees\u2019 engagement to solutions that simplify and optimize their mobility and expenses management, to in-home assistance, child care centers and concierge services. Sodexo\u2019s success and performance are founded on its independence, its sustainable business model and its ability to continuously develop and engage its 420,000\u00a0employees throughout the world. <\/p>\n<p>Sodexo is included in the CAC Next 20, CAC 40 ESG, FTSE 4 Good and DJSI indices.<\/p>\n<p>\n        <strong>Key figures<\/strong>\n      <\/p>\n<p>\n        <strong>19.3 billion<\/strong> euro in Fiscal 2020 consolidated revenues <\/p>\n<p>\n        <strong>420,000<\/strong> employees as at August 31, 2020<\/p>\n<p>\n        <strong>#1 <\/strong>France-based private employer worldwide <\/p>\n<p>\n        <strong>64<\/strong> countries<\/p>\n<p>\n        <strong>100 million<\/strong> consumers served daily<\/p>\n<p>\n        <strong>12.1 billion<\/strong> euro in market capitalization (as at March 31, 2021)<\/p>\n<p>\n        <strong>Contacts<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;margin-left:0px;width:664px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:313px;width:313px;min-width:313px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Analysts and Investors<\/strong>\n          <\/td>\n<td style=\"max-width:351px;width:351px;min-width:351px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Media<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Virginia JEANSON<\/strong><br \/>\n            <br \/>Tel: +33 1 57 75 80 56<br \/><a href=\"mailto:virginia.jeanson@sodexo.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">virginia.jeanson@sodexo.com<\/a><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Mathieu SCARAVETTI<\/strong><br \/>\n            <br \/>Tel: +33 6 28 62 21 91<br \/><a href=\"mailto:mathieu.scaravetti@sodexo.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">mathieu.scaravetti@sodexo.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p align=\"right\">\n<p>1<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:594.6px;border-top: solid black 1pt;vertical-align: middle\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:594.6px;border-bottom: solid black 1pt;vertical-align: middle\"> ACTIVITY REPORT <br \/>FOR FIRST HALF FISCAL 2021  <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>First half Fiscal 2021 Activity Report <\/strong>\n      <\/p>\n<p>(September 1, 2020 to February 28, 2021)<\/p>\n<p>Revenues<\/p>\n<table style=\"border-collapse: collapse;width:771px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:200px;width:200px;min-width:200px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY SEGMENT<\/strong><br \/>\n            <br \/>\n            <strong>(In millions of euro)<\/strong>\n          <\/td>\n<td style=\"max-width:80px;width:80px;min-width:80px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:80px;width:80px;min-width:80px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:11px;width:11px;min-width:11px;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC<\/strong><br \/>\n            <br \/>\n            <strong>GROWTH<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>EXTERNAL<\/strong><br \/>\n            <br \/>\n            <strong>GROWTH<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>CURRENCY<\/strong><br \/>\n            <br \/>\n            <strong>EFFECT<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL<\/strong><br \/>\n            <br \/>\n            <strong>GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Business &amp; Administrations <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,280<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 6,186 <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -26.5% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +0.1% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -4.4% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -30.8% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Healthcare &amp; Seniors <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,338<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,538 <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -2.1% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 0.0% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -5.8% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -7.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Education <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,620<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,528 <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -31.9% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -0.3% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -3.7% <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -35.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>On-site Services<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11,252<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-22.2%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.0%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-4.6%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-26.8%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Benefits &amp; Rewards Services<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>359<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>443<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-8.1%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>+0.5%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-11.4%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-19.0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Elimination <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-2<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-3<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>TOTAL GROUP<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,595<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11,692<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-21.7%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.0%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-4.8%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-26.5%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"left\">First half Fiscal 2021 Group revenue was 8,595 million euro, down -26.5%, still significantly impacted by the Covid-19 crisis. The currency effect and in particular the weakness of the dollar and the Real, accounted for -4.8%<sup>2<\/sup>. The net M&amp;A contribution was negligible. As a result, Group organic revenue decline was -21.7%. This compared with an organic decline of -27.5% in the Second half Fiscal 2020. Importantly, there has been consistent quarter on quarter improvement in trends, since the start of the Covid crisis, even though the second quarter was impacted a bit more by the second wave, in Education, Corporate Services and Benefits &amp; Rewards Services.<\/p>\n<table style=\"border-collapse: collapse;width:700px;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>ACTUALS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"max-width:300px;width:300px;min-width:300px;border-bottom: solid black 1pt;vertical-align: middle\">Revenue organic growth<\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q3 trend*\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q4\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q1 trend*<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q2\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FY2020<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FY2020<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FY2021\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FY2021<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Business &amp; Administrations<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-34%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-29.8%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-25.6%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-25.3%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Of which Corporate Services<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-32%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-25%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-24%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-25%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Of which Sports &amp; Leisure<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-100%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-91%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-85%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-82%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Education<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-65%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-35.7%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-31.2%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-32.7%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Of which Schools<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-58%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-23%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-21%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-18%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Of which Universities<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-71%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-48%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-39%<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">-46%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Healthcare &amp; Seniors<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-15%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-9.1%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-3.5%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-0.6%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>On-site Services<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-36%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-25.4%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-22.1%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-21.0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Benefits &amp; Rewards Services<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-27%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-15.1%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-5.6%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-10.2%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Group<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-36%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-24.9%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-21.5%<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-20.6%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>* restated in Q3 FY20 for 2 weeks which were pre-lockdown in March and in Q1 FY21 to exclude the impact of the Rugby World Cup (RWC) <br \/>in the previous year.<\/p>\n<p>\n        <strong>Brexit:<\/strong><br \/>\n        <br \/>The United Kingdom has now left the European Union. Sodexo has been present in the United Kingdom since 1988 and has around 31,000\u00a0employees there today. The Group\u2019s business is not materially impacted by the United Kingdom leaving the European Union. Sodexo is a local player, working with local suppliers and employees, and very often for Government authorities and Government services. In the UK, traditionally, a large part of the services is FM Services, which have demonstrated their resilience in the current Covid-19 crisis. <br \/>Our supply chain teams have planned extensively for EU exit\u00a0and since 1 January. As a result, we have not suffered any significant disruption to our supply chains. Volumes have been low, however, as a result of Covid restrictions and we continue to monitor the situation closely (particularly in relation to fresh produce)\u00a0as restrictions are eased and volumes increase. We are confident that the planning we have carried out and the close relationships we have with our supply chain partners will stand us in good stead. As usual, growth in activity will remain dependent upon outsourcing trends, growth in GDP and employment in the country.<\/p>\n<p>On-site Services<\/p>\n<p align=\"left\">\n        <strong>On-site Services<\/strong> organic revenue decline was -22.2%, impacted by the Covid crisis but demonstrating a consistent improvement in the trend quarter by quarter, even though the second quarter was impacted by the second wave in Europe, in particular in Corporate Services and UK Schools and a longer winter break in American Universities. While Foodservices were down -35.1%, Facilities Management Services remained very resilient with revenues up +2.9%. As a result, Facilities Management Services accounted for 45% of total On-site sales during the First half.<\/p>\n<p align=\"left\">\n        <strong>Key Performance Indicators for the First half <\/strong>were also impacted by the pandemic:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">Client retention was down -30 bps to 97.5%, impacted by the British Government\u2019s return to self-operation of the Transforming Rehabilitation contract. Excluding this account loss, retention would have been up +20 bps. <\/li>\n<li style=\"margin-bottom:6pt\">New sales development was down -10 bps at 2.8%, but with much enhanced signing discipline, particularly regarding margins.<\/li>\n<li style=\"margin-bottom:6pt\">Same site sales decline at &#8211; 22.7 %, reflected by the Covid impact particularly on Food volumes, while Facilities Management Services remains solid. <\/li>\n<li style=\"margin-bottom:6pt\">Healthcare North America has had a good start to the year with an improvement of +80 bps in retention and +60 bps in development.<\/li>\n<li style=\"margin-bottom:6pt\">Focus and discipline has increased during the period, with gross margins of lost accounts\u00a0down -150 bps, new signatures up +40 bps, and mobilizations up +140 bps.\n<\/li>\n<\/ul>\n<p>On-site Services Revenues by region<\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3,174<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 5,100 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -32.6% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3,528<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,388 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -18.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,535<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,763 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -0.5% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>ON-SITE SERVICES TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11,252<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-22.2%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,486<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,402 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -32.1% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,721<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,110 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -16.8% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>767<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 868 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +0.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>ON-SITE SERVICES TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3,974<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>5,380<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-21.0%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>In Asia-Pacific, Latam, Middle East and Africa, activity is trending down only -0.5% in the First half, reflecting a return to growth in the second quarter. Strong growth in China and Latin America is compensating the ongoing weakness in India and the flattening out of growth in Australia, as demand for extra Covid-related services subsided. In Europe, after a strong start in the first quarter with the reopening of schools and offices, the second wave impacted the second quarter performance particularly in Schools in the UK and Corporate Services more generally. The performance in North America remained very weak, down -32.6%, still very impacted by the situation in Sports &amp; Leisure and the very slow return to sites in Education and Corporate Services.<\/p>\n<p>Business &amp; Administrations<\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>828<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,658 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -46.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,084<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,984 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -28.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,369<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,544 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +0.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>BUSINESS &amp; ADMINISTRATIONS TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,280<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>6,186<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-26.5%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>RESTATED ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>405<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 804 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -45.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,004<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,425 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -27.6% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>687<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 761 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +1.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BUSINESS &amp; ADMINISTRATIONS TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,095<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,991<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-25.3%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>First half Fiscal 2021 <strong>Business &amp; Administrations<\/strong> revenues totaled <strong>4.3 billion euro<\/strong>, down organically by -26.5%. <\/p>\n<p>In <strong>North America<\/strong>, the organic decline remained significant at <strong>-46.0%. <\/strong>While the trend in Energy &amp; Resources and Government &amp; Agencies segments is improving, Sports &amp; Leisure sites are still largely closed and Corporate Services is still impacted in Foodservices by office closures and has shown no improvement in trend relative to the previous quarter. <\/p>\n<p>In<strong> Europe, <\/strong>sales were down<strong> -28.9% <\/strong>organically, with the second quarter slightly better than the first which had been impacted by the negative comparison of the RWC. The trend improved in all sub-segments, except in Corporate Services impacted by the second wave lockdowns from November. Facilities Management services and Global accounts continue to be more resilient in this environment.<\/p>\n<p>In <strong>Asia-Pacific, Latam, Middle East and Africa,<\/strong> organic growth was <strong>+0.4%, <\/strong>thanks to a return to growth in the second quarter. Energy &amp; Resources continued to generate solid growth but lower than in\u00a0the previous quarters as demand for extra Covid-related services subsided, particularly in Australia. China and Latam remain very strong across the board, somewhat offset by India which is still severely impacted by the pandemic.<\/p>\n<p>Healthcare &amp; Seniors <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,297<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,555 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -9.8% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>910<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 819 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +12.7% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>131<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 164 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -3.6% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>HEALTHCARE &amp; SENIORS TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,338<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,538<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-2.1%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>RESTATED ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>643<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 774 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -8.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>467<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 408 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +15.5% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>66<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 82 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -2.8% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>HEALTHCARE &amp; SENIORS TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,177<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,264<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-0.6%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Healthcare &amp; Seniors <\/strong>First half revenues were <strong>2.3 billion euro<\/strong>, down -2.1% organically, with a significant improvement in the Second quarter versus the First quarter.<\/p>\n<p>Organic decline in <strong>North America<\/strong> was <strong>-9.8%, <\/strong>improving very progressively quarter on quarter. Seniors performance and cross-selling of extra services remain solid. However, there is still no sign of any improvement in retail sales which have significantly reduced since the start of the pandemic. Development is picking up with some encouraging new wins. <\/p>\n<p>In <strong>Europe,<\/strong> organic growth of <strong>+12.7<\/strong>%, and +15.5% in the Second quarter, reflects the ramping up of the Covid-19 rapid testing centers contract in the UK. Seniors activity is more or less back to previous year levels. However, with the second and third waves, activity is suffering from the lower levels of elective surgery and slower than expected mobilization of new contracts. <\/p>\n<p>In <strong>Asia-Pacific, Latam, Middle East and Africa,<\/strong> the organic decline was better in the second quarter at -2.8%, with a return to growth in China, against a significantly Covid-impacted comparable base.<\/p>\n<p>Education<\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,050<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,887 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -39.7% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>535<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 585 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -8.3% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 55 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -15.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>EDUCATION TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,620<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,528<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-31.9%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro) <\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>RESTATED ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> North America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>438<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 824 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -41.3% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>250<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 277 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -9.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Asia-Pacific, Latam, Middle East and Africa <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>14<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 24 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -6.7% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>EDUCATION TOTAL<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>703<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,125<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-32.7%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>First half Fiscal 2021 Revenues in <strong>Education<\/strong> were <strong>1.6 billion euro<\/strong>, down -31.9% organically.<\/p>\n<p>In <strong>North America, <\/strong>the segment remains severely impacted by the pandemic with an organic decline of <strong>-39.7%<\/strong>. The second quarter trend was slightly worse than the first quarter due to longer than usual winter break at the University representing 14 days less days in the quarter. Schools are progressively reopening but the majority remained closed for most of the period. <\/p>\n<p>In <strong>Europe<\/strong>, the organic decline was limited to <strong>-8.3%<\/strong>. While in France fully reopened from September, schools in other countries reopened progressively during the first quarter, even if Covid-19 contaminations are forcing some classes to close without warning. The second quarter trend deteriorated slightly due to the second wave closures of UK schools.<\/p>\n<p>In <strong>Asia-Pacific, Latam, Middle East and Africa<\/strong>, the organic decline remained high at <strong>-15.0%,<\/strong> despite a significant improvement in the trend in Q2, down only -6.7%. The collapse of the activity in India is not yet compensated by the progressive reopening in China, hampered by low activity in the international schools. <\/p>\n<p>Benefits &amp; Rewards Services<\/p>\n<p>\n        <strong>Benefits &amp; Rewards Services<\/strong> revenue amounted to 359 million euro, down -8.1% organically and -19% including the negative currency impact of -11.4%, principally due to the Brazilian real and the Turkish lira.<\/p>\n<p>\n        <em>Revenues<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY ACTIVITY<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Employee Benefits <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>275<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 348 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -8.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Services Diversification <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>84<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 96 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -7.2% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>359<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>443<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-8.1%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY ACTIVITY<\/strong><br \/>\n            <br \/>\n            <strong>(In millions of euro)<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Employee Benefits <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>145<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 188 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -11.8% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Services Diversification <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>45<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 49 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -3.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>190<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-10.2%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>In the first half,<strong> Employee Benefits<\/strong> revenues were down <strong>-8.4% <\/strong>organically<strong>,<\/strong> compared to +0.2% in issue volume (5.9 billion euro). This is a significant improvement relative to the Second half Fiscal 2020 trend but represents a slowdown in the second quarter relative to the first quarter. Merchant reimbursements slowed down significantly from November due to lockdowns in Europe. <\/p>\n<p>\n        <strong>Services Diversification<\/strong> was down <strong>-7.2 % <\/strong>due to the continued difficulties in the Health &amp; Wellness and Mobility markets in most countries, due to the closure of most sporting facilities and the lack of business travel. Fuel &amp; Fleet provided more resilience. Public benefits are up strongly in all regions. The trend was significantly better in the second quarter, down only -3.9% due to a return to growth in Incentive &amp; Recognition.<\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe, USA and Asia <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>242<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 270 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -7.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Latin America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>116<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 173 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -10.1% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>359<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>443<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-8.1%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY REGION<\/strong><br \/>\n            <br \/>\n            <strong>(in millions of euro)<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Europe, USA and Asia <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>130<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 150 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -10.0% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Latin America <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>60<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 88 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -10.7% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>190<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-10.2%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>In <strong>Europe, Asia and USA, <\/strong>First half Fiscal 2021 revenues declined by <strong>-7.0%<\/strong> organically, reflecting a deterioration in the trend in the second quarter, down -10%, after a better first quarter down only -3.2%. After a solid recovery in September and October in Europe, the trend reversed in November due to the second round of lockdowns and restaurant closures. In China and Turkey, issue and reimbursement volumes were also more modest in the second quarter after the catch-up in the first quarter. Growth in India remained strong for meal benefits.<\/p>\n<p>In<strong> Latin America, <\/strong>sales declined <strong>-10.1%. <\/strong>Overall, issue volumes and reimbursement volumes were stable in the region. Revenues in Brazil were impacted by the highly competitive environment, while interest rates are stabilizing from quarter to quarter. The momentum in the rest of the region remained solid, except in Chile still significantly impacted by the pandemic.<\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY NATURE<\/strong><br \/>\n            <br \/>\n            <em>(In millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Operating Revenues <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>339<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 412 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -7.4% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Financial Revenues <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>20<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 31 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -17.9% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>359<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>443<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-8.1%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:710px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:300px;width:300px;min-width:300px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES BY NATURE<\/strong><br \/>\n            <br \/>\n            <strong>(In millions of euro)<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY21<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Q2 FY20<\/strong>\n          <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ORGANIC GROWTH<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Operating Revenues <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>180<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 223 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -10.1% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\"> Financial Revenues <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 15 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -13.1% <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>190<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-10.2%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>The decline in<strong> Operating revenues<\/strong> was <strong>-7.4%. Financial revenues<\/strong> were down more significantly by <strong>-17.9%<\/strong>, impacted by the decline in interest rates, particularly in Brazil. However, as rates have stabilized since July 2020, the year on year comparison is easing each quarter.<\/p>\n<p>\n        <strong>Underlying operating profit <\/strong>\n      <\/p>\n<p>First half Fiscal 2021 Underlying operating profit amounted to 265 million euro, down -61.4% compared to the revenue decline of -26.5%. As a result, the Underlying operating margin was 3.1%, down -280\u00a0bps, exacerbated by currency mix effects for -30 bps. This performance represents a major improvement compared to the loss in second half Fiscal 2020 and is the result of the many contract renegotiations since March 2020, government furlough in some countries, the first results of the restructuring program and very strict cost control.<\/p>\n<p align=\"justify\">\n        <em>Underlying Operating profit by activity<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:800pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:137.27px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING <\/strong><br \/>\n            <br \/>\n            <strong>OPERATING PROFIT <\/strong><br \/>\n            <br \/>\n            <strong>H1 FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> DIFFERENCE <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> DIFFERENCE <br \/>(EXCLUDING <br \/>CURRENCY EFFECT) <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING <\/strong><br \/>\n            <br \/>\n            <strong>OPERATING PROFIT MARGIN<\/strong><br \/>\n            <br \/>\n            <strong>H1 FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> DIFFERENCE <br \/>IN MARGIN <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> DIFFERENCE IN MARGIN <br \/>(EXCLUDING CURRENCY <br \/>MIX EFFECT) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Business &amp; Administrations <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 16 <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> -93.4% <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> -90.1% <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 0.4% <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; 360 bps <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; 340 bps <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\"> Healthcare &amp; Seniors <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 149 <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -6.6% <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -0.9% <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 6.4% <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +10 bps <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +10 bps <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\"> Education <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 69 <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -67.2% <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -64.9% <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.3% <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; 410 bps <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; 400 bps <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>ON-SITE SERVICES<\/strong>\n          <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>235<\/strong>\n          <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-61.9%<\/strong>\n          <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-58.1%<\/strong>\n          <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2.9%<\/strong>\n          <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 260 bps<\/strong>\n          <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 260 bps<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>BENEFITS &amp; REWARDS SERVICES<\/strong>\n          <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>85<\/strong>\n          <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-36.5%<\/strong>\n          <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-19.1%<\/strong>\n          <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>23.6%<\/strong>\n          <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 650 bps<\/strong>\n          <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 360 bps<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\"> Corporate expenses<br \/>&amp; Intragroup eliminations  <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> -55 <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +13.4% <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> +12.9% <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  &#8211;  <\/td>\n<td style=\"width:66.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:122.87px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:137.27px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING OPERATING PROFIT<\/strong>\n          <\/td>\n<td style=\"width:80.07px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>265<\/strong>\n          <\/td>\n<td style=\"width:67.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-61.4%<\/strong>\n          <\/td>\n<td style=\"width:102.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-55.2%<\/strong>\n          <\/td>\n<td style=\"width:94.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3.1%<\/strong>\n          <\/td>\n<td style=\"width:66.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 280 bps<\/strong>\n          <\/td>\n<td style=\"width:122.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 250 bps<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>The First half Underlying operating profit margin in On-site Services, <strong><u>excluding the currency effect<\/u><\/strong><strong>,<\/strong> was down -260 bps, impacted by the significant decline in revenues due to the Covid crisis. <br \/>Segment performance is as follows:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">\n          <strong>Business &amp; Administrations:<\/strong> Underlying operating profit margin was slightly positive, at 0.4% down -340\u00a0bps relative to the First half Fiscal 2020. While Sports &amp; Leisure generated a loss due to the very significant decline in activity and its incompressible residual costs, the other sub-segments were all positive, with Government &amp; Agencies and Energy &amp; Resources actually increasing their margins.<\/li>\n<li style=\"margin-bottom:6pt\">\n          <strong>Healthcare &amp; Seniors:<\/strong> the Underlying operating profit margin was 6.4%, up +10 basis points against the previous year, with improvement in each region. This solid performance is the result of strong execution on staffing and food costs in a particularly difficult environment and a positive contribution from net new business and cross-selling.<\/li>\n<li style=\"margin-bottom:6pt\">\n          <strong>Education:<\/strong> the Underlying operating profit margin was 4.3%, down -400 bps relative to the previous period. The return to positive margins reflects the results of the contract negotiations and the better volumes in Europe.<\/li>\n<li style=\"margin-bottom:6pt\">In <strong>Benefits &amp;\u00a0Rewards Services<\/strong>, the Underlying operating profit margin came out at 23.6% down -360 bps excluding a very significant currency mix effect but up +260 bps relative to the Second half Fiscal 2020. This performance is a result of lower production costs linked to the increasing share of digital, the first results of the restructuring program and very strict control of SG&amp;A costs.<\/li>\n<\/ul>\n<p>\n        <strong>Group net profit<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:600pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:204.27px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FISCAL 2020<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>DIFFERENCE<\/strong>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>DIFFERENCE CONSTANT RATES <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\"> Revenue <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,595<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 11,692 <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-26.5%<\/em>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-21.7%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>UNDERLYING OPERATING PROFIT<\/strong>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>265<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>685<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-61.4%<\/em>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-55.2%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>UNDERLYING OPERATING PROFIT MARGIN<\/strong>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong><br \/>\n              <em>3.1%<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong><br \/>\n              <em>5.9%<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 280 bps<\/strong>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211; 250 bps<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\"> Other operating expenses <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (128) <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (66) <\/td>\n<td style=\"width:89.54px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>OPERATING PROFIT <\/strong>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>136<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>619<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-78.0%<\/em>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-73.2%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\"> Net financial expense <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (50) <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (67) <\/td>\n<td style=\"width:89.54px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\"> Tax charge <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (53) <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (161) <\/td>\n<td style=\"width:89.54px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>Effective tax rate<\/em>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>63.0%<\/em>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>29.3%<\/em>\n          <\/td>\n<td style=\"width:89.54px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>GROUP NET PROFIT<\/strong>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>33<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>378<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-91.3%<\/em>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-86.6%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>EPS<\/strong><br \/>\n            <em> (in euro)<\/em>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.23<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2.59<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-91.3%<\/em>\n          <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>UNDERLYING NET PROFIT<\/strong>\n          <\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>128<\/strong>\n          <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>424<\/strong>\n          <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-69.9%<\/em>\n          <\/td>\n<td style=\"width:165.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-63.6%<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;border-bottom: solid black 1pt;vertical-align: middle\"> UNDERLYING EPS <em>(in euro)<\/em><\/td>\n<td style=\"width:113.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 0.87 <\/td>\n<td style=\"width:98.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2.91 <\/td>\n<td style=\"width:89.54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>-69.9%<\/em>\n          <\/td>\n<td style=\"width:165.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Other operating income and expenses<\/strong> were -128 million euro, against -66 million euro in the previous year period, reflecting the First half Fiscal 2021 costs of the GET restructuring program amounting to 107 million euro, against 33 million euro in the previous year.<\/p>\n<table style=\"border-collapse: collapse;width:600pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:372px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>H1 Fiscal 2021<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>H1 Fiscal 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Underlying Operating profit<\/strong>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>265<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>685<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Other operating income<\/strong>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>8<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>5<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Gains related to consolidation scope changes<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">3<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Gains on changes of post-employment benefits<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">4<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">4<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Other operating expenses<\/strong>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(136)<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(71)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Restructuring and rationalization costs<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(107)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(33)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Acquisition-related costs<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(2)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Losses related to consolidation scope changes<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(1)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Losses on changes of post-employment benefits<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(1)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Amortization of acquired intangible assets and impairment of goodwill and non-current assets<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(21)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(20)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">Other<\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(3)<\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(11)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Other Operating income and expenses<\/strong>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(128)<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(66)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:372px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Operating Profit<\/strong>\n          <\/td>\n<td style=\"width:114.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>136<\/strong>\n          <\/td>\n<td style=\"width:118.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>619<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>As a result, the <strong>Operating Profit<\/strong> was 136 million euro against 619 million euro in the previous period. <\/p>\n<p>\n        <strong>Net financial expenses <\/strong>were 50 million euro, down 17 million euro year on year essentially due to the reimbursement of the USPP debt and an average blended cost of debt of 1.6%, compared 2.2% as of February 29, 2020 and stable compared to August 31, 2020. <\/p>\n<p>The tax charge in First half Fiscal 2021 amounted to 53 million euro, down 108 million euro relative to the previous period. The effective tax rate was strongly affected by the non-recognition of deferred tax assets in France due to the lack of prospect of short-term recoverability. Excluding the tax impact of the Other Operating Income &amp; Expenses, the Underlying effective tax rate would have been 40.7% against 29.3% in First half Fiscal 2020.<\/p>\n<p>Profit attributed to non-controlling interests was 2 million euro, against 17 million euro in the previous year. As a result, <strong>Group net profit<\/strong> was 33 million euro and <strong>EPS <\/strong>is \u20ac0.23.<\/p>\n<p>\n        <strong>Underlying net profit <\/strong>(adjusted for Other operating income and expenses at a normalized tax rate) amounted to 128 million euro, compared to 424\u00a0million euro in the previous period. <strong>Underlying EPS <\/strong>was \u20ac0.87 against \u20ac2.91 in the previous period.<\/p>\n<p>\n        <strong>Consolidated financial position<\/strong>\n      <\/p>\n<p>\n        <strong>Cash flows<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:600pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>H1 FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>H1 FISCAL 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-bottom: solid black 1pt;vertical-align: middle\"> Operating cash flow <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"> 405 <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"> 791 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Change in working capital excluding change in BRS financial assets* <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> 41 <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">  (647) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> IFRS 16 Leases outflow <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (123) <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (120) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Net capital expenditure <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (86) <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (268) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>FREE CASH FLOW<\/strong>\n          <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>237<\/strong>\n          <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(243)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Net acquisitions <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (10) <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (13) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Share buy-backs\/ Treasury stock <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (11) <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (39) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Dividends paid to shareholders <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> &#8211; <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (425) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> Other changes (including scope and exchange rates) <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (28) <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"> (140) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:406.4px;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(INCREASE)\/DECREASE IN NET DEBT since August 31<\/strong>\n          <\/td>\n<td style=\"width:132.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>187<\/strong>\n          <\/td>\n<td style=\"width:132.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(860)<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>* Excluding change in financial assets related to the Benefits &amp; Rewards Services activity (\u20ac(42)m in H1 Fiscal 2021 and +\u20ac104m in H1 Fiscal 2020). <br \/>Total change in working capital as reported in consolidated accounts: in H1 Fiscal 2021: \u20ac(1)m = \u20ac41m+\u20ac(42)m and in H1 Fiscal 2020:\u00a0 \u20ac(543)m = \u20ac(647)m+ \u20ac104m\u00a0<\/p>\n<p align=\"left\">\n        <strong>First half Fiscal 2021 Free cash flow <\/strong>was much better than expected, helped by a positive change in working capital and a significant reduction in capital expenditure. <\/p>\n<p>While Operating cash flow totaled 405 million euro, against 791 million euro in the same period last year, the Working capital variation was a positive 41 million euro, despite the normally negative seasonality impact, against an outflow of 647 million euro in the First half Fiscal 2020.\u00a0This performance was boosted by strict management of receivables, Benefits &amp; Rewards due to lower reimbursement flows, continued Government support in terms of payment delays. <\/p>\n<p>Net capital expenditure was at 86 million euro representing only 1% of revenues, against 268 million euro in the first half Fiscal 2020, or 2.3% of revenues, due to delays in client investments and a refund of rights fees from the Tokyo Olympics organizing committee, these fees having become variable as part of the new contract.<\/p>\n<p>As a result, Free cashflow was 237 million euro. Both On-site Services and Benefits &amp; Rewards Services generated free cashflow. <\/p>\n<p align=\"left\">Prolongation of the pandemic has helped to delay the expected non-recurrent elements into the second half of the year; refunds of the Tokyo Olympics hospitality packages have been lower than expected, some of the restructuring in Europe is delayed into the second half, and Covid-related government support has been further extended. <\/p>\n<p>The major change in other cashflow items in First half Fiscal 2021 was the lack of a dividend pay-out on Fiscal 2020 earnings, compared to the 425 million euro payment in First half Fiscal 2020. <br \/>Net acquisitions and disposals remained at a very low level, at 10 million euro. Share buy-backs were limited to covering future expected performance share attributions. The Other outflows were principally related to negative currency impacts, in particular linked to the weakness of the Brazilian Real. <\/p>\n<p>As a result, consolidated net debt fell by 187\u00a0million euro from Fiscal 2020 year-end, to 1,681\u00a0million euro as at February 28, 2021.<\/p>\n<p>\n        <strong>Condensed consolidated statement of financial position\u00a0<\/strong><br \/>\n        <strong>at February 28, 2021<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:850px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:180px;width:180px;min-width:180px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>FEBRUARY 28,\u00a02021<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>FEBRUARY 29,\u00a02020<\/strong>\n          <\/td>\n<td style=\"max-width:15px;width:15px;min-width:15px;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"max-width:200px;width:200px;min-width:200px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>FEBRUARY 28,\u00a02021<\/strong>\n          <\/td>\n<td style=\"max-width:100px;width:100px;min-width:100px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> FEBRUARY 29,\u00a02020 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Non-current assets <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 9,766 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 10,949 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> Shareholders&#8217; equity <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,917 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,098 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> Current assets <br \/>excluding cash <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\"> 4,943 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\"> 5,926 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> Non-controlling interests <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\"> 15 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\"> 48 <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> Restricted cash <br \/>Benefits and Rewards Services <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 795 <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 563 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> Non-current liabilities <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 6,238 <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 6,058 <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> Financial assets <br \/>Benefits and Rewards Services <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 342 <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 426 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> Current liabilities <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 8,886 <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"> 9,345 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Cash <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,210 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,685 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL ASSETS<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>18,056<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>19,549<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL LIABILITIES <\/strong><br \/>\n            <br \/>\n            <strong>AND SHAREHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>18,056<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>19,549<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>GROSS DEBT excluding IFRS16<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>5,005<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>4,697<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>NET DEBT excluding IFRS16 <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>1,681<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>2,074<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>GEARING<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>57%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>50%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NET DEBT RATIO<\/strong><br \/>\n            <sup><br \/>\n              <strong>3<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1.3<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>As of February 28,\u00a02021, net debt was 1,681\u00a0million euro, lower than at the same period the previous year and at August 31, 2020. Gearing was 57% versus 50% last year and 67% at year-end Fiscal 2020. The net debt ratio at 3.8x is particularly high, as it is based on a rolling 12-month Underlying EBITDA. <\/p>\n<p>At the end of the period, the Group had unused lines of credit totaling 1.9\u00a0billion euro. <\/p>\n<p>The operating cash position totaled 3,324 million euro as of February 28, 2021, including bank overdrafts for 23 million euro. The Benefits &amp; Rewards Services position was 2,226 million euro, including 795\u00a0million euro of restricted cash and 342 million euro of financial assets of more than three months. With this operating cash and client receivables of 1,455 million euro, compared to voucher liabilities payable of 3,435 million euro, the Benefits &amp; Rewards Services asset to liability coverage is 107%, stable compared to the level at Fiscal 2020 year end.<\/p>\n<p>Total liquidity amounts to 5.3 billion euro at the end of the period.<\/p>\n<p>Executive Committee evolution<\/p>\n<p>During the quarter, there have been several changes within the Executive Committee:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt\">Anne Bardot has been appointed Chief Communications Officer, replacing Dianne Salt who has left the company to return to Canada. <\/li>\n<li style=\"margin-bottom:6pt\">Cathy Desquesses, Chief People Officer, is leaving the company to pursue her career in a different country and industry. The appointment of her replacement will be announced in due course.\u00a0\u00a0 <\/li>\n<li style=\"margin-bottom:6pt\">After 24 years in the Group, Satya Menard, CEO Schools Worldwide and Universities rest of the world has left the company to pursue his career in a different country and industry. The appointment of his replacement will be announced in due course. <\/li>\n<\/ul>\n<p>Related party transactions<\/p>\n<p align=\"left\">The main related party transactions are presented in Note 9.4 to the First half Fiscal 2021 consolidated financial statements.<\/p>\n<p>Main risks and uncertainties <\/p>\n<p align=\"left\">The main risks and uncertainties are not materially different from those described in the Risk Management section of the Fiscal 2020 Universal Registration Document filed with the <em>Autorit\u00e9 des march\u00e9s financiers<\/em> (AMF) on November 23, 2020. <\/p>\n<p>Currency effect<\/p>\n<p align=\"left\">Exchange rate fluctuations do not generate operational risks, because each subsidiary bills its revenues and incurs its expenses in the same currency. However, given the weight of the Benefits &amp; Rewards business in Brazil, and the high level of the margins relative to the Group, when the Brazilian Real declines 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 improves, Group margins increase. <\/p>\n<table style=\"border-collapse: collapse;width:900px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:100px;width:100px;min-width:100px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1\u20ac=<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>AVERAGE RATE<\/strong><br \/>\n            <br \/>\n            <strong>H1 FISCAL 21 <\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> AVERAGE RATE<br \/>H1 FISCAL 20 <\/td>\n<td style=\"max-width:150px;width:150px;min-width:150px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> AVERAGE RATE <br \/>H1 FISCAL 21 <br \/>VS. H1 FISCAL 20 <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>CLOSING RATE <\/strong><br \/>\n            <br \/>\n            <strong>H1 FISCAL 21 <\/strong><br \/>\n            <br \/>\n            <strong>AT 28\/02\/2021<\/strong>\n          <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> CLOSING RATE <br \/>FISCAL 20 <br \/>AT 31\/08\/20 <\/td>\n<td style=\"max-width:130px;width:130px;min-width:130px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>CLOSING RATE <\/strong><br \/>\n            <br \/>\n            <strong>28\/02\/21 <\/strong><br \/>\n            <br \/>\n            <strong>VS. 31\/08\/20<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> U.S. DOLLAR <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1.197<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1.105 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-7.7%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1.212<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1.194 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-1.5%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> POUND STERLING <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.897<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 0.862 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-3.9%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.871<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 0.896 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>+2.9%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> BRAZILIAN REAL <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>6.554<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.602 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-29.8%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>6.664<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 6.474 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-2.9%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>Sodexo operates in 64\u00a0countries. The percentage of total revenues and Underlying operating profit denominated in the main currencies are as follows:<\/p>\n<table style=\"border-collapse: collapse;width:800px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:200px;width:200px;min-width:200px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 FY2021<\/strong>\n          <\/td>\n<td style=\"max-width:300px;width:300px;min-width:300px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% OF REVENUES<\/strong>\n          <\/td>\n<td style=\"max-width:300px;width:300px;min-width:300px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% OF UNDERLYING OPERATING PROFIT<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> U.S. DOLLAR <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>35%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>46%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> EURO <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>26%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>-26%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> UK POUND STERLING <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>10%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"> BRAZILIAN REAL <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4%<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>24%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>The currency effect is determined by applying the previous\u00a0year\u2019s average exchange rates to the current\u00a0year figures except in hyper-inflationary economies where all figures are converted at the latest closing rate for both periods when the impact is significant. <\/p>\n<p>As a result, for the calculation of organic growth in Argentina Peso, figures for First half Fiscal 2021 and First half Fiscal 2020 have been converted at the exchange rate of 1\u20ac = 109.280 ARS vs 68.248 ARS for First half Fiscal 2020.<\/p>\n<p>\n        <strong>Glossary<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>First half client Retention rate <\/strong>\n      <\/p>\n<p>The First half Client Retention rate corresponds to the total amount of revenue in the First half generated from business with existing clients in the prior fiscal year compared with total revenues for that year. The client retention rate declines progressively month by month as business is lost during the year.<\/p>\n<p align=\"justify\">\n        <strong>First half Development rate<\/strong>\n      <\/p>\n<p>The First half Development rate is the annualized estimated revenue for new contracts signed during the First half divided by prior year annual revenues. The development rate increases progressively month by month, as business is won during the year.<\/p>\n<p align=\"justify\">\n        <strong>Comparable site growth rate<\/strong>\n      <\/p>\n<p>The First half comparable site growth rate is the increase in revenues from sites that have contributed to consolidated revenue in both prior and current year first halves. It also includes the growth generated by the major sporting events.<\/p>\n<p>\n        <strong>Alternative Performance Measure definitions<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Blended cost of debt<\/strong>\n      <\/p>\n<p>The blended cost of debt is calculated at period end and is the weighted blended financing rate on borrowings (including derivative financial instruments and commercial papers) and cash pooling balances at period end.<\/p>\n<p align=\"justify\">\n        <strong>Financial Ratios Definitions<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:600pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:32.12%;border-bottom: solid black 1pt\"> \u00a0 <\/td>\n<td style=\"width:45.26%;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:11.32%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1\u00a02021<\/strong>\n          <\/td>\n<td style=\"width:11.3%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1\u00a02020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:32.12%;border-bottom: solid black 1pt\">\n            <strong>Gearing ratio<\/strong>\n          <\/td>\n<td style=\"width:45.26%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> Gross borrowings <sup>(1)<\/sup>\u00a0\u2013 operating cash <sup>(2)<\/sup><\/td>\n<td rowspan=\"2\" style=\"width:11.32%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 57% <\/td>\n<td rowspan=\"2\" style=\"width:11.3%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 50% <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.26%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> Shareholders\u2019 equity and non\u2011controlling interests <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:32.12%;border-bottom: solid black 1pt\">\n            <strong>New net debt ratio<\/strong>\n          <\/td>\n<td style=\"width:45.26%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> Gross borrowings <sup>(1)<\/sup>\u00a0\u2013 operating cash <sup>(2)<\/sup><\/td>\n<td rowspan=\"2\" style=\"width:11.32%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 3.8 <\/td>\n<td rowspan=\"2\" style=\"width:11.3%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 1.3 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.26%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> Rolling 12-month Underlying EBITDA <sup>(3)<\/sup><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>Financial Ratio Reconciliation<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:600pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:32.4%;border-bottom: solid black 1pt\"> \u00a0 <\/td>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1 2021<\/strong>\n          <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>H1\u00a02020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" style=\"width:32.4%;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <sup>(1)<\/sup><br \/>\n            <\/strong><br \/>\n            <strong> Gross borrowings<\/strong>\n          <\/td>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> Non-current borrowings <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,398 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 3,928 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> + current borrowings excluding overdrafts <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 641 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 796 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; derivative financial instruments recognized as assets <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (34) <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (27) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>5,005<\/strong>\n          <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,697<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" style=\"width:32.4%;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <sup>(2)<\/sup><br \/>\n            <\/strong><br \/>\n            <strong> Operating cash<\/strong>\n          <\/td>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> Cash and cash equivalents <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,210 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,685 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> + restricted cash and financial assets related to the Benefits and Rewards Services activity  <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,137 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 989 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; bank overdrafts <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (23) <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (51) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3,324<\/strong>\n          <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,623<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" style=\"width:32.4%;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <sup>(3)<\/sup><br \/>\n            <\/strong><br \/>\n            <strong> Rolling 12-month Underlying EBITDA<\/strong>\n          <\/td>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> Underlying operating profit (H2 +H1) <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 149 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,238 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> + depreciation and amortization (H2 + H1) <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 580 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 469 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;text-align: justify;vertical-align: middle;border-bottom: solid black 1pt\"> &#8211; lease payments (H2 +H1) <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 289 <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\"> 131 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:45.08%;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:11.24%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>440<\/strong>\n          <\/td>\n<td style=\"width:11.28%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,577<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>Free cash flow<\/strong>\n      <\/p>\n<p align=\"justify\">Please refer to the section entitled Consolidated financial position.<\/p>\n<p>\n        <strong>Growth excluding currency effect<\/strong><br \/>\n        <br \/>The currency effect is determined by applying the previous\u00a0year\u2019s average exchange rates to the current\u00a0year figures except in hyper-inflationary economies where all figures are converted at the latest closing rate for both periods when the impact is significant. <\/p>\n<p>As a result, for the calculation of organic growth in Argentina Peso, figures for H1\u00a0FY 2021 and H1 FY 2020 have been converted at the exchange rate of 1\u20ac = 109.280 ARS vs\u00a068.248\u00a0ARS for H1 FY 2020. <\/p>\n<p align=\"justify\">\n        <strong>Issue volume<\/strong>\n      <\/p>\n<p>Issue volume corresponds to the total face value of service vouchers, cards and digitally delivered services issued by the Group\u2019s Benefits and Rewards Services, for beneficiaries on behalf of clients.<\/p>\n<p align=\"justify\">\n        <strong>Net debt<\/strong>\n      <\/p>\n<p align=\"justify\">Net debt is defined as Group borrowing at the balance sheet date, less operating cash. This does not include lease obligations as defined by IFRS16.<\/p>\n<p align=\"justify\">\n        <strong>Organic growth<\/strong>\n      <\/p>\n<p>Organic growth corresponds to the increase in revenue for a given period (the \u201ccurrent period\u201d) compared to the revenue reported for the same period of the prior fiscal year, calculated using the exchange rate for the prior fiscal year; and excluding the impact of business acquisitions (or gain of control) and divestments, as follows: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:left\">For businesses acquired (or gain of control) during the current period, revenue generated since the acquisition date is excluded from the organic growth calculation;<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">For businesses acquired (or gain of control) during the prior fiscal year, revenue generated during the current period up until the first anniversary date of the acquisition is excluded;<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">For businesses divested (or loss of control) during the prior fiscal year, revenue generated in the comparative period of the prior fiscal year until the divestment date is excluded;<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">For businesses divested (or loss of control) during the current fiscal year, revenue generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.<\/li>\n<li style=\"margin-bottom:6pt;text-align:left\">For countries with hyperinflationary economies all figures are converted at the latest closing rate for both periods. As a result, for the calculation of organic growth in Argentina Peso figures for H1 FY 2021 and H1 FY 2020 have been converted at the exchange rate of 1\u20ac = 109.280 ARS vs 68.248 ARS for H1 FY 2020.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Reimbursement volume<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">Reimbursement volume corresponds to the total face value of service vouchers, cards and digitally delivered services (Benefits and Rewards Services activity) reimbursed to the Merchants.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Underlying Net profit <\/strong>\n      <\/p>\n<p>Underlying Net profit presents a net income excluding significant unusual and\/or infrequent elements. Therefore, it corresponds to the Net Income Group share excluding Other Income and Expense and significant non-recurring elements in both Net Financial Expense and Income Tax Expense where relevant. <\/p>\n<p>\n        <strong>Underlying Net profit per share <\/strong>\n      <\/p>\n<p>Underlying Net profit per share presents the Underlying net profit divided by the average number of shares.<\/p>\n<p>\n        <strong>Underlying operating profit margin <\/strong>\n      <\/p>\n<p>The Underlying operating profit margin corresponds to Underlying operating profit divided by revenues<\/p>\n<p>\n        <strong>Underlying operating profit margin at constant rates <\/strong>\n      <\/p>\n<p>The Underlying operating profit margin at constant rates corresponds to Underlying operating profit divided by revenues, calculated by converting H1\u00a02021 figures at H1 FY 2020 rates, except for countries with hyperinflationary economies.<\/p>\n<p align=\"right\">2<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:594.6px;border-top: solid black 1pt;vertical-align: middle\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:594.6px;vertical-align: middle\"> FIRST HALF FISCAL 2021 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS <\/td>\n<\/tr>\n<tr>\n<td style=\"width:594.6px;border-bottom: solid black 1pt;vertical-align: middle\"> \u00a0 <\/td>\n<\/tr>\n<\/table>\n<p>CONSOLIDATED\u00a0INCOME STATEMENT<\/p>\n<table style=\"border-collapse: collapse;width:600.4pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:366.6px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">\n            <strong>FIRST HALF<\/strong><br \/>\n            <br \/>\n            <strong>FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">\n            <strong>FIRST HALF<\/strong><br \/>\n            <br \/>\n            <strong>FISCAL 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>REVENUES <\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 3 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,595<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>11,692 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Cost of sales <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.1 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (7,415) <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (9,964) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>GROSS PROFIT<\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,181<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>1,729 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Selling, General and Administrative costs <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.1 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (918) <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (1,046) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Share of profit of companies consolidated by the equity method that directly contribute to the Group\u2019s business <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a02  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>UNDERLYING OPERATING PROFIT <\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>265<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0685 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other operating income <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a05  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other operating expenses <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (136) <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (71) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>OPERATING PROFIT <\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>136<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<strong>619 <\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Financial income <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.1 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 12 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 16  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Financial expenses <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.1 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (62) <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (83) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Share of profit of other companies consolidated by the equity method <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a03  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>PROFIT FOR THE PERIOD BEFORE TAX<\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>88<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0556 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Income tax expense <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 2.2 and 9.1 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (53) <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (161) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NET PROFIT FOR THE PERIOD<\/strong>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0395 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Of which: <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Attributable to non-controlling interests <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 17 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT<\/strong>\n          <\/td>\n<td style=\"width:89.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>33<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0378 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>BASIC EARNINGS PER SHARE <\/strong><br \/>\n            <em>(in euro)<\/em>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.23<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2.59<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>DILUTED EARNINGS PER SHARE <\/strong><br \/>\n            <em>(in euro)<\/em>\n          <\/td>\n<td style=\"width:89.6px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.2 <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>0.22<\/strong>\n          <\/td>\n<td style=\"width:106.6px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2.55<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Notes available in H1 FY2021 Financial report<\/em>\n      <\/p>\n<p>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME<\/p>\n<table style=\"border-collapse: collapse;width:942px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:542px;width:542px;min-width:542px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:200px;width:200px;min-width:200px;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">\n            <strong>FIRST HALF<\/strong><br \/>\n            <br \/>\n            <strong>FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"max-width:200px;width:200px;min-width:200px;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">\n            <strong>FIRST HALF<\/strong><br \/>\n            <br \/>\n            <strong>FISCAL 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NET PROFIT FOR THE PERIOD<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>395<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Components of other comprehensive income <br \/> that may be reclassified subsequently to profit or loss<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Change in fair value of cash flow hedge instruments  <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Change in fair value of cash flow hedge instruments reclassified to profit or loss <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Currency translation adjustment <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (21) <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (26) <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Currency translation adjustment reclassified to profit or loss <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Tax on components of other comprehensive income that may be reclassified subsequently to profit or loss  <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Share of other components of comprehensive income (loss) of\u00a0companies <br \/> consolidated by the equity method, net of tax <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Components of other comprehensive income <br \/> that will not be reclassified subsequently to profit or loss<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Remeasurement of defined benefit plan obligation <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (37) <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (73) <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Change in fair value of financial assets revalued through other comprehensive income <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 136 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (96) <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Tax on components of other comprehensive income that will not be reclassified subsequently to profit or loss <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 12 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL OTHER COMPREHENSIVE INCOME (LOSS), AFTER TAX<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>88<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(181)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>COMPREHENSIVE INCOME<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>123<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>214<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Of which: <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Attributable to equity holders of the parent <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 121 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 196 <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Attributable to non-controlling interests <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 18 <\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Notes available in H1 FY2021 Financial report<\/em>\n      <\/p>\n<p>CONSOLIDATED STATEMENT OF FINANCIAL POSITION<\/p>\n<p>Assets<\/p>\n<table style=\"border-collapse: collapse;width:942px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:542px;width:542px;min-width:542px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:80px;width:80px;min-width:80px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>FEBRUARY 28, 2021<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>AUGUST 31, 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Goodwill\u00a0 <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 5,781 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a05,764  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Other intangible assets <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 661 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 673  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Property, plant and\u00a0equipment <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 529 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0566  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Right-of-use assets relating to leases <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,221 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a01,321  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Client investments <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 551 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 575  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Companies accounted for using the equity method <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 63 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 60  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Financial assets <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.3 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 750 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 601  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Derivative financial instrument assets <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.3 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 16 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 11  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Other non-current assets <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 23 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 22  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Deferred tax assets <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 171 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 137  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NON-CURRENT ASSETS<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>9,766<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a09,730 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Financial assets <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 39 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a040  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Derivative financial instrument assets <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.3 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 18 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 11  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Inventories <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 245 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 259  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Income tax receivable <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 131 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 113  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Trade and other receivables <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.3 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,509 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a04,070  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Restricted cash and financial assets related to the Benefits &amp; Rewards Services activity <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.4 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,137 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,103  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Cash and cash equivalents <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.2 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,210 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a02,027  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>CURRENT ASSETS<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,290<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>7,623 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL ASSETS<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>18,056<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a017,353 <\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0 <em>Notes available in H1 FY2021 Financial report <\/em><\/p>\n<p>Shareholders\u2019 equity and liabilities<\/p>\n<table style=\"border-collapse: collapse;width:942px;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:542px;width:542px;min-width:542px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td style=\"max-width:80px;width:80px;min-width:80px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>FEBRUARY 28, 2021<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>AUGUST 31, 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Share capital <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 590 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 590  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Additional paid-in capital <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 248 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 248  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Reserves and retained earnings <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2,079 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a01,920  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENTS<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,917<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a02,758 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NON-CONTROLLING INTERESTS<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>15<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0 15 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>SHAREHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,932<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a02,773 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Long-term borrowings <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.4 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,381 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a04,975  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Derivative financial instrument liabilities <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.4 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 17 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 13  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Long-term lease liabilities  <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1,034 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a01,126  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Employee benefits <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 360 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 344  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Other non-current liabilities <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 231 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 196  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Non-current provisions <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 89 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 84  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Deferred tax liabilities <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 125 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 97  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NON-CURRENT LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>6,238<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a06,834 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Bank overdrafts <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 23 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 6  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Short-term borrowings <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.4 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 636 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 21  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Derivative financial instrument liabilities <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.4 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 5 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 6  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Short-term lease liabilities <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 218 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 231  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Income tax payable <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 162 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 174  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Current provisions <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 7.1 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 227 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 171  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Trade and other payables <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4.3 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 4,181 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a04,020  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> Vouchers liabilities <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 3,435 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a03,117  <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>CURRENTS LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>8,886<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a07,745 <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL SHAREHOLDER\u2019S EQUITY AND LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>18,056<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a017,353 <\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>\n        <em>Notes available in H1 FY2021 Financial report <\/em>\n      <\/p>\n<p>CONSOLIDATED CASH FLOW STATEMENT<\/p>\n<table style=\"border-collapse: collapse;width:942px;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"max-width:542px;width:542px;min-width:542px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td rowspan=\"2\" style=\"max-width:80px;width:80px;min-width:80px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>FIRST HALF<\/strong>\n          <\/td>\n<td style=\"max-width:160px;width:160px;min-width:160px;text-align: right;vertical-align: middle;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>FIRST HALF<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FISCAL 2021<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>FISCAL 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>FISCAL 2020<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>136<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>619<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Operating profit<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">290<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">330<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Depreciation, amortization and impairment of intangible assets and property,\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">58<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">plant and equipment and right-of-use assets relating to leases (1)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(1)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">1<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Provisions<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">21<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">21<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">(Gains) losses on disposals\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">2<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Other non-cash items<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(10)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(38)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Dividends received from companies accounted for using the equity method\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(10)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(11)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Net interest expense paid<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(82)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(136)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Interests paid on lease liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">405<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">791<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Income tax paid<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>13<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(5)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Operating cash flow<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(484)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(755)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in inventories<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">184<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(106)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in trade and other receivables<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">329<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">219<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in trade and other payables<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(42)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">104<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in vouchers payable<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(1)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(543)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Change in financial assets related to the Benefits &amp; Rewards Services activity<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>404<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>248<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Change in working capital from operating activities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(137)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(236)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">NET CASH PROVIDED BY OPERATING ACTIVITIES<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">37<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Acquisitions of property, plant and equipment and intangible assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">14<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(35)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Disposals of property, plant and equipment and intangible assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(9)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(32)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in client investments<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(19)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(14)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in financial assets and share of companies accounted for using the equity method<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">8<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Business combinations<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(105)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(307)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Disposals of activities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(425)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">NET CASH USED IN INVESTING ACTIVITIES<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(8)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(7)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Dividends paid to Sodexo S.A. shareholders<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">8.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(11)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(39)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Dividends paid to non-controlling shareholders of consolidated companies<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">4<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Purchases of treasury shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">8.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(2)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(21)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Sales of treasury shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">8.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">3<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">850<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Change in non-controlling interests<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(6)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(245)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Proceeds from borrowings<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">7.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(123)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(126)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Repayment of borrowings<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">7.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(144)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">(14)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>Repayment of lease liabilities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>11<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(40)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>NET CASH PROVIDED BY\/ (USED IN) FINANCING ACTIVITIES<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>166<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>(113)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>2,021<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>1,746<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>CHANGE IN NET CASH AND CASH EQUIVALENTS<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>2,187<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>1,633<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>NET CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>2,021<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>1,746<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>NET CASH AND CASH EQUIVALENTS, END OF PERIOD<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>7.2<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>2,187<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>1,633<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>(1)<\/em><br \/>\n        <em>Including 127 million euro corresponding to the depreciation of the right-of-use assets recognized in First Half Fiscal 2021 pursuant to IFRS 16 <\/em><br \/>\n        <br \/>\n        <em>(129 million euro recognized for First Half Fiscal 2020).<\/em>\n      <\/p>\n<p>CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY<\/p>\n<table style=\"border-collapse: collapse;width:800pt;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"width:174.74px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td rowspan=\"2\" style=\"width:64.14px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shares outstanding<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:41.14px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Share capital<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:61.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Additional paid-in capital<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:73.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reserves and comprehensive income<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:65.2px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Currency translation adjustment<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"width:186.87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>TOTAL SHAREHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Attributable to equity holders of the parent<\/strong>\n          <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Non-controlling interests<\/strong>\n          <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.1 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:65.2px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:52.2px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:81px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:53.67px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity as of August\u00a031, 2020<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>147,454,887<\/strong>\n          <\/td>\n<td style=\"width:41.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>590<\/strong>\n          <\/td>\n<td style=\"width:61.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>248<\/strong>\n          <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<\/p>\n<p><strong>3,162<\/strong><\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<\/p>\n<p><strong>(1,242)<\/strong><\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<\/p>\n<p><strong>2,758<\/strong><\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<\/p>\n<p><strong>15<\/strong><\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0<\/p>\n<p><strong>2,773<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Net profit for the period <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 33 <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 33 <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 35 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other comprehensive income (loss), net of tax <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 109 <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (21) <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 88 <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 88 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Comprehensive income<\/strong>\n          <\/td>\n<td style=\"width:64.14px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>142<\/strong>\n          <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(21)<\/strong>\n          <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>121<\/strong>\n          <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2<\/strong>\n          <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>123<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Dividends paid <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (4) <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (4) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Treasury share transactions <br \/> (net of income tax) <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (8) <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (8) <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (8) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Share-based payment <br \/> (net of income tax) <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 22 <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 22 <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 22 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Change in ownership interest without any change of control <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other <sup>(1)<\/sup><\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:41.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.74px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 24 <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 24 <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 24 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.74px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity as of February 28, 2021<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>147,454,887<\/strong>\n          <\/td>\n<td style=\"width:41.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>590<\/strong>\n          <\/td>\n<td style=\"width:61.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>248<\/strong>\n          <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>3,342<\/strong>\n          <\/td>\n<td style=\"width:65.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(1,263)<\/strong>\n          <\/td>\n<td style=\"width:52.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,917<\/strong>\n          <\/td>\n<td style=\"width:81px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>15<\/strong>\n          <\/td>\n<td style=\"width:53.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>2,932<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>(1) Including the effects of hyperinflation.<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:800pt;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"width:172.6px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of euro)<\/em>\n          <\/td>\n<td rowspan=\"2\" style=\"width:64.14px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shares outstanding<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:40.94px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Share capital<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:61.4px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Additional paid-in capital<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:73.34px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reserves and comprehensive income<\/strong>\n          <\/td>\n<td rowspan=\"2\" style=\"width:64.87px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Currency translation adjustment<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"width:189.87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>TOTAL SHAREHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Attributable to equity holders of the parent<\/strong>\n          <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Non-controlling interests<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>NOTES<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 8.1 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:64.87px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:57.2px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:79.34px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:53.34px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity as of August\u00a031, 2019<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>147,454,887<\/strong>\n          <\/td>\n<td style=\"width:40.94px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>590<\/strong>\n          <\/td>\n<td style=\"width:61.4px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>248<\/strong>\n          <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,358<\/strong>\n          <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(741)<\/strong>\n          <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,456<\/strong>\n          <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>42<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,498<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Restatement due to IFRIC 23 <br \/> first application<sup> (1)<\/sup><\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (96) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (96) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (96) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity as of September 1, 2019<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>147,454,887<\/strong>\n          <\/td>\n<td style=\"width:40.94px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>590<\/strong>\n          <\/td>\n<td style=\"width:61.4px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>248<\/strong>\n          <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,263<\/strong>\n          <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(741)<\/strong>\n          <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,360<\/strong>\n          <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>42<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,402<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Net profit for the period <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 378 <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 378 <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 17 <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 395 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other comprehensive income (loss), net of tax <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (156) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (26) <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (182) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 1 <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (181) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Comprehensive income<\/strong>\n          <\/td>\n<td style=\"width:64.14px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>222<\/strong>\n          <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(26)<\/strong>\n          <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>196<\/strong>\n          <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>18<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>214<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Dividends paid <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (425) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (425) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (7) <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (432) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Treasury share transactions <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (37) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (37) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (37) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Share-based payment (net of income tax) <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 23 <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 23 <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> 23 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Change in ownership interest without any change of control <\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (17) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (17) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (4) <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (21) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\"> Other<sup> (2)<\/sup><\/td>\n<td style=\"width:64.14px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:40.94px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:61.4px;border-bottom: solid black 1pt;vertical-align: bottom\"> \u00a0 <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (3) <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (3) <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> &#8211; <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"> (3) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:172.6px;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity as of February 29, 2020<\/strong>\n          <\/td>\n<td style=\"width:64.14px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>147,454,887<\/strong>\n          <\/td>\n<td style=\"width:40.94px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>590<\/strong>\n          <\/td>\n<td style=\"width:61.4px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>248<\/strong>\n          <\/td>\n<td style=\"width:73.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,027<\/strong>\n          <\/td>\n<td style=\"width:64.87px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(767)<\/strong>\n          <\/td>\n<td style=\"width:57.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,098<\/strong>\n          <\/td>\n<td style=\"width:79.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>48<\/strong>\n          <\/td>\n<td style=\"width:53.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>4,146<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>(1)<\/em><br \/>\n        <em>Impact of First-time application of IFRIC 23<\/em><br \/>\n        <em>\u201cUncertainty over income tax treatments\u201d.<\/em><br \/>\n        <br \/>\n        <em>(2) Including the effects of hyperinflation.<\/em>\n      <\/p>\n<hr \/>\n<p>\n        <em><br \/>\n          <sup>1<\/sup> See APM definitions<\/em><br \/>\n        <br \/>\n        <em><br \/>\n          <sup>2<\/sup> For further detail on currencies, please see page 17 of this document.<\/em><br \/>\n        <br \/>\n        <em><br \/>\n          <sup>3<\/sup> See APM definitions<\/em>\n      <\/p>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachment<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/1062a63c-4f05-4f61-ae8a-8997db48ecb3\" rel=\"noopener noreferrer\">PR Sodexo First Half Fiscal 2021 Results ENG<\/a>\n        <\/li>\n<\/ul>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQ3NjA1MCM0MDA5MDQ4ODIjMTAxMTA3NQ==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml-eu.globenewswire.com\/release\/track\/612a0cca-572c-4407-a0f3-18da138f14a1\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow Improving organic revenue trend quarter by quarter, at -21.7% for H1 Underlying operating profit margin at 3.1%, large beat on assumptions Exceptional free cashflow generation for a first half Assumptions: H2 organic revenue growth between +10 and +15% H2 Underlying operating profit margin at around 3.1% at constant rate Cash conversion more than 100% for the full year Issy-les-Moulineaux, April 1, 2021 &#8211; Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY). At the Board of Directors meeting held on March 31, 2021 and\u00a0chaired by Sophie Bellon, the Board closed the Consolidated accounts for the First half Fiscal 2021 ended February\u00a028, 2021. Financial performance for First half Fiscal 2021 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sodexo-first-half-fiscal-2021-results-rebound-in-profitability-and-strong-free-cashflow\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469340","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sodexo-first-half-fiscal-2021-results-rebound-in-profitability-and-strong-free-cashflow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sodexo First Half Fiscal 2021 Results: rebound in profitability and strong free cashflow Improving organic revenue trend quarter by quarter, at -21.7% for H1 Underlying operating profit margin at 3.1%, large beat on assumptions Exceptional free cashflow generation for a first half Assumptions: H2 organic revenue growth between +10 and +15% H2 Underlying operating profit margin at around 3.1% at constant rate Cash conversion more than 100% for the full year Issy-les-Moulineaux, April 1, 2021 &#8211; Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY). At the Board of Directors meeting held on March 31, 2021 and\u00a0chaired by Sophie Bellon, the Board closed the Consolidated accounts for the First half Fiscal 2021 ended February\u00a028, 2021. 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