The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Karl Green - RBC Capital Markets, Research Division - Analyst
: It's Karl Green from RBC. Just a couple of questions on the inflation comments, you've made some very helpful observations there. Just in terms
of, first of all, your anticipation of inflationary pressures in the second half of the fiscal year, are they more conservative now than they were 3
months ago?
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JANUARY 06, 2022 / 8:00AM, EXHO.PA - Q1 2022 Sodexo SA Corporate Sales Call
And then specifically, just in terms of the U.K., you did mention those purchasing agreements which are going to roll off and need reviewing. What's
your sort of best sense as to the mark-to-market impact on prevailing food prices at the moment in terms of how that's likely to flow through to
the U.K. margin, please?
Question: Karl Green - RBC Capital Markets, Research Division - Analyst
: That's really helpful. Just a quick unrelated follow-on question, if I can, just around the IFRIC accounting change that you've flagged. I know it's very
early, you're still working on it. Is there any kind of broad magnitude you can indicate around the potential impact on margin, please?
Question: Simon LeChipre - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst
: Three questions, please. First of all, on margin, any comments you can share on the phasing between H1 and H2? And if you could also give us
some details on the phasing of the incremental cost savings that you expect to generate this year.
And secondly, on Benefits & Rewards, you mentioned strong new developments in Europe. Could you be a bit more specific which countries are
driving that? Would be particularly interested by any comment on France given the recent new entrants.
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JANUARY 06, 2022 / 8:00AM, EXHO.PA - Q1 2022 Sodexo SA Corporate Sales Call
And lastly, still on Benefits & Rewards, any update on the take-up rate in Brazil which was under pressure in previous quarters? Any inflation seen
recently?
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