Vouchers are popular in Europe and South America. Sodexho's Sodexho Pass division accounts for only about two percent of the company's revenues, but about 15% of profits. In the first half of the 2005 fiscal year, the unit generated revenues of 131 million Euros, with EBIT (earnings before interest and taxes) of 39 million Euros, almost a 30% margin. By contrast, in the same period, the EBIT margin for the North American and European food & management units was around 5% (and in ...

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