Worldwide leader in the food-service industry, with strong positions in Europe, Japan, and the U.S.; Stable and predictable revenues and cash flow, thanks to established brands, long-term contracts, and high renewal rates (95% in fiscal 2004); Generally good return on capital (more than 10%) and free cash flow generation, owing to the business' low capital requirements (about 3% of sales); Very diversified customer base, as no customer accounts for more than 3% of sales; and Combination of food contracting, concession, and vending businesses, which helps the group outperform the industry's organic-growth rate. Leading consolidator in the industry, with brisk acquisitions-led growth during the past three years that is nevertheless expected to slow, potentially triggering improvement in lease-adjusted credit measures; Limited
