Sodexo: Fiscal 2023 Results above guidance, Pluxee full spin-off
expected early 2024
Issy-les-Moulineaux, October 26, 2023Sodexo (NYSE
Euronext Paris FR 0000121220-OTC: SDXAY)
Strong
Group(1)
performance
- Group1 organic revenue growth +11.6%, Group1 Underlying
operating profit margin 5.6%, +60bps
- Pluxee organic revenue growth +26.9%, Pluxee Underlying
operating profit margin 33.1%, +450bps
Pluxee full spin-off and listing expected early
2024, subject to customary steps and market
conditions
At the Board of Directors meeting held on October
25, 2023, chaired by Sophie Bellon, the Board closed the Sodexo
Consolidated accounts for Fiscal 2023 ended August 31, 2023. In the
context of the spin-off, Pluxee has been classified as a
discontinued operation in the Fiscal 2023 Sodexo consolidated
financial statements.
Fiscal 2023 key figures and
highlights
(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
DIFFERENCE |
SODEXO (CONTINUING OPERATION) |
PLUXEE (DISCONTINUED OPERATION) |
ELIMINATION |
GROUP(1) |
GROUP |
Revenue |
22,637 |
1,099 |
(9) |
23,727 |
21,125 |
+12.3% |
Organic revenue growth |
+11.0% |
+26.9% |
|
+11.6% |
+16.9% |
|
UNDERLYING OPERATING PROFIT |
976 |
364 |
(5) |
1,335 |
1,059 |
+26.1% |
UNDERLYING OPERATING PROFIT MARGIN |
4.3% |
33.1% |
|
5.6% |
5.0% |
+60 bps |
NET PROFIT (GROUP SHARE) |
560 |
234 |
0 |
794 |
695 |
+14.2% |
EPS (in euros) |
|
|
|
5.44 |
4.75 |
+14.5% |
UNDERLYING NET PROFIT |
|
|
|
908 |
699 |
+29.9% |
Underlying EPS (in euros) |
|
|
|
6.21 |
4.78 |
+29.9% |
DIVIDEND (in euros) |
|
|
|
3.10 |
2.40 |
+29.2% |
- Fiscal 2023 performance was above
guidance which was upgraded progressively during
the year with :
-
Group(1):
- Organic revenue
growth at +11.6%, compared to revised guidance of close to
+11%;
- Underlying
operating profit margin at 5.6%, compared to revised guidance at
5.5%, at constant rates.
-
Pluxee(2):
- Organic revenue
growth at +26.9% compared to revised guidance of above +20%;
- Underlying
operating profit margin at 33.1%, vs revised guidance of above 32%
at constant rates.
- Underlying Group(1)
net profit reached 908 million euros and underlying EPS of 6.21
euros. The proposed dividend is 3.10 euros, up +29%.
- Net debt fell to
1.1 billion euros as a result of positive cashflow, and the net
debt ratio fell to 0.7x vs 1x the previous year, below the
target 1-2x range.
________________
(1) For the purposes of clarity, Group includes Pluxee before
classification as discontinued operation.
(2) Before classification as discontinued operation and
reported as part of the Sodexo group
Sodexo Chairwoman and CEO Sophie
Bellon said:
“In Fiscal 2023, we have made good progress in the
execution of our strategy which confirms the momentum of the last 2
years. We are on track to recover agility and profitable growth.
Everyday, the transfer of operational accountability in the
regions enables faster decision-making and increased
mutualization.
The North American recovery is coming through, with
solid growth in volumes, good commercial momentum and enhanced
operational execution.
The transformation of our food offers is
progressing in all geographies along with our approach to grow
more selectively our FM business, which is now visible in contract
signings.
Our perseverance on client retention is
consistently paying off with another record year at 95.2%, and I am
confident that in time, we will further raise the bar to 96%.
The Pluxee full spin-off is expected to be
completed early 2024.
And we have continued to actively manage our
portfolio with for example the recently announced sale of the
Homecare activities.
I would like to warmly thank our teams for this
strong year. Thanks to their hard work and unprecedented
engagement, we exceeded our guidance while executing at pace on our
strategy. We are set up to continue to achieve solid and
profitable growth and to deliver on our ambition to be the leader
in sustainable food and valued experiences at every moment in life:
learn, work, heal and play.”
Sodexo Fiscal 2023 key figures and
highlights(with Pluxee as discontinued
operation)
(in million euros) |
FISCAL 2023 |
FISCAL 2022 restated |
DIFFERENCE |
DIFFERENCECONSTANT RATES |
Revenue |
22,637 |
20,263 |
+11.7% |
+10.2% |
Organic growth |
+11.0% |
+17.0% |
|
|
UNDERLYING OPERATING PROFIT |
976 |
815 |
+19.8% |
+17.2% |
UNDERLYING OPERATING PROFIT MARGIN |
4.3% |
4.0% |
+30 bps |
+30 bps |
Other operating income and expenses |
(129) |
(3) |
|
|
OPERATING PROFIT |
847 |
812 |
+4.3% |
+2.5% |
NET PROFIT FROM CONTINUING OPERATIONS |
560 |
514 |
+8.9% |
+8.7% |
PLUXEE NET PROFIT |
234 |
181 |
+29.3% |
+25.6% |
GROUP NET PROFIT |
794 |
695 |
+14.2% |
+12.9% |
EPS (in euro) |
5.44 |
4.75 |
+14.5% |
|
UNDERLYING NET PROFIT FROM CONTINUING
OPERATIONS |
659 |
525 |
+25.5% |
+24.1% |
PLUXEE UNDERLYING NET PROFIT |
249 |
174 |
+43.1% |
+38.9% |
GROUP UNDERLYING NET PROFIT |
908 |
699 |
+29.9% |
+27.8% |
UNDERLYING EPS (in euro) |
6.21 |
4.78 |
+29.9% |
|
Given the proximity of the Pluxee spin-off and the
support from Bellon SA for the operation, Pluxee is accounted for
as a discontinued operation and therefore is consolidated in the
P&L at the net profit level. As a result, the commentary down
to net profit includes only the Sodexo continued operations.
- Sodexo continued
operations Fiscal 2023 consolidated revenues reached 22.6 billion
euros, up +11.7% year-on-year driven by organic growth of +11%, a
positive currency impact of +1.5% and a net contribution from
acquisitions and disposals of -0.8%.
- The First half
benefited from the ongoing post-Covid recovery and more than 5%
pricing, to pass inflation. Growth remained very solid in the
second half, at +9.9% in Q3 and +8.1% in Q4, due to ongoing volume
growth in most segments and geographies and continued pricing
contribution of more than 5%. Excluding an accounting change
related to the revenue recognition in a large contract which
impacted the fourth quarter by -2.3%, Underlying organic growth
exit rate was in fact +10.4% in the fourth quarter, a positive
trend for beginning of Fiscal 2024.
By geography, for the full year:
- In North
America, organic growth was +13.9% with
strong growth in all segments, and in particular in Business &
Administrations due to the continued return to office and strong
attendance and average spend in Sodexo Live!
- In
Europe, organic growth was +7.5%,
or +10.6% excluding the end of the testing centers contract in the
UK. All segments contributed even though Education was impacted by
strikes in Q3 and delayed price increases, particularly in
France.
- In Rest of
the World, organic growth was +11.5%, or
+14.6% excluding the accounting adjustment. Growth was very strong
in all regions in Corporate Services and Energy & Resources,
except in China where the post-Covid macro economic environment is
impacting Business & Administrations. Education growth was very
strong in India and China.
-
Solid net new signings:
-
Client retention rate was a
record 95.2%, +70 bps higher than the previous year which was
already a record level.
- New
development was 7%, in the 7-8% range. New wins
including cross-selling reached 1.7 billion euros up against
1.5 billion euros the previous year, and with enhanced
profitability.
- As a result, the
net new business signed during
the year was positive at 2.2% compared to 2% in the previous year
and this will contribute to Fiscal 2024 growth.
-
Sodexo continued operations Underlying operating
profit was 976 million euros, up +19.8% and the
Underlying operating margin was 4.3%, up +30 bps.
This significant increase in margin was due to an improvement in
North America of +30 bps and Rest of the World of +40 bps
offsetting a -20 bps reduction in Europe. This zone was temporarily
impacted by delays in passing through price increases in the public
sector in France, Italy and Belgium, and the end of the
testing centers contract which had a high flow-through. HQ costs
were also down significantly.
- Sodexo continued
operations Other operating expenses (net) amounted
to 129 million euros against 3 million euros in Fiscal 2022. This
year, the costs were linked to restructuring due to the change in
organization, M&A costs and one-off Pluxee spin-off costs.
- Sodexo continued
operations Net Income was 560 million euros, up
+8.9% and Underlying net profit was 659 million euros up
+25.5%.
- Pluxee contributed
234 million euros to Net profit in Fiscal 2023, up +29.3%
year-on-year, and 249 million euros to Underlying net profit, up
+43.1%. The significant increase in this contribution reflects the
combination of +26.9% organic revenue growth, boosted by higher
interest rates, higher face values, strong new business in most
regions and, regulation changes in Brazil. The Underlying operating
margin increase was also substantial, up +450bps improvement to
33.1%.
- As a result, Sodexo
Net profit reached 794 million euros and
Underlying net profit 908 million euros, resulting
respectively in an EPS of 5.44 euros and 6.21
euros.
- The Board proposes
a dividend of 3.10 euros, up +29%, representing a
pay-out ratio of 50%, in line with Sodexo's dividend policy. This
will be proposed at the Shareholders meeting on December 15,
2023.
- Sodexo continued
operations Free cash flow was 374 million euros up
from 326 million euros the previous year and despite a 33% increase
in Capex, linked to some particularly large client investments.
Gross capex was 520 million euros, or 2.3% of revenues against 2%
in Fiscal 2022. Pluxee free cash flow was also very strong at 438
million euros, up from 305 million euros in Fiscal 2022. As a
result, Group total Free cash flow was 812 million euros
- Sodexo continued
operations Net debt (adjusted to reflect the
post-spin-off situation) was 2.9 billion euros at the end of the
year. Both Sodexo continuing operations and the Group(1) showed
strong deleveraging during Fiscal 2023. Sodexo will continue to
target a mid-term range of 1-2x for the net debt ratio.
|
|
Sodexo continuing operation |
Group(1) |
|
(in million euros) |
Fiscal 2023 |
Fiscal 2022 (restated) |
Fiscal 2023 |
Fiscal 2022 |
|
Net debt (adjusted) |
2,918 |
3,508 |
1,075 |
1,268 |
Net debt/EBITDA (adjusted) |
2.4x |
3.4x |
0.7x |
1.0x |
- In anticipation of
the full spin-off of Pluxee, Sodexo has elected to redeem, on
November 10, 2023 all of its 300 million euros 1.125 per cent Bonds
series due May 22, 2025 pursuant to the terms and conditions of
these Bonds.
CSR results mirror the good financial
performance
In Fiscal 2023, Sodexo’s solid financial
performance was accompanied by continued progress on its
sustainability commitments:
- Record
performance on safety of our People. At the end of Fiscal
2023, Sodexo reached a record 0.55 Lost Time Injury Rate (LTIR),
representing a -15.4% reduction compared to Fiscal 2022. The
severity of Lost time injuries also reached a record level
reduction of -52% compared to the previous year.
- 82.5%
Employee engagement confirming renewed confidence in
Sodexo and its trajectory. The engagement rate was up +4.2 points
compared to 2021, exceeding the 2025 objective of 80%. For this
10th engagement survey, the participation rate reached an all time
high of 70.3%, up +10.3 points compared to the 2021 survey, with
243,000 participants across the Group.
- Increased
share in renewable electricity in our direct operations.
Further progress has been achieved in the share of the Group’s
direct electricity consumption that is renewable at 55%, well above
the 40% target for the year and therefore facilitating the
achievement of our target of 100% by 2025.
- The
year-on-year Scope 1, 2 and 3 reduction in GHG emissions was -5.4%
in Fiscal 2023 while the reduction compared to 2017 was at
-20.7%. Sodexo emissions targets have been validated by
the SBTi in 2019. Because our journey started early on and
following the SBTi guidelines, Sodexo has rebased its emissions
since 2017. The effect of this rebaselining implies a significant
reduction of the 2017 baseline numbers. As a result, at the end of
Fiscal 2023, Scope 1&2 GHG emissions are down -32.9% relative
to the new 2017 base line, on track to reach our reduction target
of -34% in 2025. The Scope 3, -34% reduction target should be
reached in Fiscal 2026. The current reduction trajectory is aligned
with the SBTi recommended pathway for the 1.5° trajectory.
Sodexo Governance
At the Shareholders meeting on December 15, 2023,
the following renewals and appointments will be proposed:
- Sophie Bellon, who
should she be reelected will then be reappointed Chairwoman and
CEO.
- Nathalie
Bellon-Szabo, who will then be confirmed as member of the
Nominating Committee.
- Federico J.
González Tejera, who will then be confirmed as member of the
Compensation Committee.
- Francoise
Brougher's term expires after the 2023 Shareholders meeting. No
longer considered as an independent Director, she will not be
seeking renewal. Sophie Bellon and the other members of the Board
thank her for her very dedicated support of and strong contribution
to the Company and the Board over these last 12 years.
- The appointment of
a new independent Director, Gilles Pélisson will be presented for
election at the Shareholders meeting. Since 2016 and until
recently, Gilles Pélisson was Chairman of the Board and Chief
Executive Officer of the commercial television network and
production group, TF1. Before joining TF1, Gilles Pélisson was
Chairman and CEO in several international, listed companies such as
Accor, Euro Disney and Bouygues Telecom. Gilles Pélisson was also
board member for Bic, Lucien Barrière Group, NH Hoteles and Sun
Resort International. He is currently the Lead independant director
of Accenture PLC (United States) and Chairman of the Lyfe Institute
(formely Paul Bocuse Institute), a management school in hospitality
and culinary arts. Gilles Pélisson will bring 40 years of extensive
operational experience in international environments in the
services industry, as well as a thorough understanding of corporate
governance. Should his appointment be approved at the Shareholders
meeting, he will become Chairman of the Nominating Committee.
- As part of the
review of the committees, the Board of Directors endorsed the
appointment of François-Xavier Bellon and Jean-Baptiste Chasseloup
de Chatillon as members of the Compensation Committee.
Sodexo* Outlook
*excluding Pluxee
Given the strategic progress made in Fiscal 2022
and 2023, Sodexo is on track to pursue its recovery in North
America, enhance efficiency and agility, continue to transform the
food offers and operations and grow selectively in Facilities
Management. Commercial excellence, data and digital investments and
supply management support, will all contribute to better commercial
momentum and better margins.
The Underlying revenue organic growth exit rate in
the fourth quarter of Fiscal 2023 was over +10%. With continued
inflation being passed through, pricing is expected to average out
at 3-4% for Fiscal 2024. The contribution from net new business
should be above 2%, amplified by cross-selling.
As a result, Sodexo (excluding Pluxee)
Fiscal 2024 and 2025 guidance:
- Organic
revenue growth should be between +6 and +8% per
annum;
- Underlying
operating profit margin should continue to grow by +30-40 bps per
annum, at constant rates.
Pluxee full Spin-off The project
to spin-off Pluxee has advanced significantly.
The listing is expected early 2024 on Euronext
Paris, subject to approval of the listing prospectus by the Dutch
Authority for the Financial Markets (Stichting Autoriteit
Financiële Markten) and its passporting to the French Autorité des
marchés financiers, the Euronext admission decision and market
conditions.
Existing double voting rights of Sodexo
shareholders will be maintained at Pluxee, which will be legally
registered in the Netherlands allowing Bellon SA to continue
playing a long-term controlling shareholder role in Pluxee. Tax
residency will remain in France.
The proposed full spin-off will be
put to a shareholder vote during a dedicated General Meeting to be
held early 2024.
Pluxee plans to hold a Capital Markets
Day shortly before the dedicated General Meeting to
present its strategic plan and the next phase of value creation.
The Fiscal 2024 and mid-term guidance will be provided on this
occasion.
The spin-off will have no significant tax impact
for Sodexo and its shareholders, at least in France and in the
USA.
Pluxee will be allocated a portion of Sodexo's
current indebtedness for a total amount of 0.6 billion of euros and
Pluxee proforma capital structure will be consistent with a strong
Investment Grade credit rating.
The Board of Pluxee will be comprised of:
- an Executive
Chairman: Didier Michaud-Daniel;
- 4 Bellon family
Board members;
- 5 Independent Board
members.
The Animation (services) contract between Bellon SA
and Pluxee will be similar to that of Sodexo.
BNP Paribas, Citigroup, J.P. Morgan and Société
Générale are acting as Lead Equity Capital Market Advisors to
Sodexo and Pluxee, and Goldman Sachs and Natixis are acting as
Other Equity Capital Market Advisors, in the contemplated listing
of Pluxee.
The Group has signed 2 new banking facilities for
Pluxee to ensure it has a solid and flexible financing structure in
place post the listing. These comprise a €650m 5-year Revolving
Credit Facility and a €1.5bn 12-month Bridge Facility. The RCF
facility will provide liquidity headroom for Pluxee. The bridge
facility will be used to repay existing intercompany debt, and is
intended to be refinanced by a bond market issuance in due course
and subject to market conditions. BNP Paribas and Société Générale
are acting as Coordinators, Mandated Lead Arrangers and
Bookrunners, and each of Banco Santander, S.A., Citibank, N.A.,
London Branch, J.P. Morgan SE, Crédit Industriel et Commercial and
ING Bank N.V., French Branch are acting as Mandated Lead
Arrangers.
******************
Conference call
Sodexo will hold a conference call (in
English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London time)
to comment on its Fiscal 2023 results.
Those who wish to connect:
- from the UK /
International, please dial: +44 (0) 121 281 8004
- from France, please
dial: +33 (0) 1 70 91 87 04
- from the USA,
please dial: +1 718 705 8796
Access Code: 07 26 13
A live audio webcast is also available on
www.sodexo.com.
The press release, presentation and webcast will be
available on the Group website www.sodexo.com in both the
“Newsroom” section and the “Investors – Financial Results”
section.
Sodexo Fiscal 2024 financial
calendar
Fiscal 2023 Annual Shareholders Meeting |
December 15, 2023 |
Fiscal 2024 First quarter Revenues |
January 5, 2024 |
Fiscal 2024 First half Results |
April 5, 2024 |
Fiscal 2024 Third quarter Revenues |
July 2, 2024 |
Fiscal 2024 Full year Results |
October 24, 2024 |
Fiscal 2024 Annual Shareholders Meeting |
December 17, 2024 |
These dates are indicative and may be subject to
change without notice. Regular updates are available in the
calendar on our website www.sodexo.com
About Sodexo
Founded in Marseille in 1966 by Pierre Bellon,
Sodexo is the global leader in sustainable food and valued
experiences at every moment in life: learn, work, heal and play.
The Group stands out for its independence, its founding family
shareholding and its responsible business model. Its portfolio
of activities includes Sodexo Food and Facilities Management
Services and Pluxee Employee Benefit Solutions, activity for
which the Group announced a spin-off and listing project in early
2024. This diversified offer meets all the challenges of everyday
life with a dual goal: to improve the quality of life of our
employees and those we serve, and contribute to the economic,
social and environmental progress in the communities
where we operate. For Sodexo, growth and social commitment go hand
in hand. Our purpose is to create a better everyday for everyone to
build a better life for all.
Sodexo is included in the CAC Next 20, CAC 40 ESG,
CAC SBT 1.5, FTSE 4 Good and DJSI indices.
Sodexo Key figures
- 22.6 billion euros Fiscal 2023 consolidated revenues
- 430,000 employees as at August 31, 2023
- #1 France-based private employer worldwide
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- 45 countries
- 80 million consumers served daily
- 14.3 billion euros in market capitalization (as at October 25,
2023)
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Sodexo Contacts |
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Analysts and Investors |
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Media |
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Virginia Jeanson +33 1 57 75 80 56
virginia.jeanson@sodexo.com |
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Mathieu Scaravetti +33 6 28 62 21 91
mathieu.scaravetti@sodexo.com |
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Pluxee Contacts |
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Analysts and Investors |
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Media |
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Pauline Bireaud +33 6 22 58 83 51
pauline.bireaud@sodexo.com |
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Cecilia de Pierrebourg+33 6 03 30 46 98
cecilia.depierrebourg@sodexo.com |
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Disclaimer
This press release contains forward-looking
statements, including on the proposed spin-off and listing of
Benefits & Rewards Services. Forward-looking statements give
the current expectations and projections of Sodexo relating to its
financial condition, results of operations, plans, objectives,
future performance and business. These statements may include,
without limitation, any statements preceded by, followed by or
including words such as “target,” “believe,” “expect,” “aim,”
“intend,” “may,” “estimate,” “plan,” “project,” “will,” “should,”
“would,” “could” and other words and terms of similar meaning. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond Sodexo’ control
that could cause the Sodexo’ actual results, performance or
achievements to be materially different from the expected results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include
those discussed or identified under section 6.4.3 of the Universal
Registration Document of Sodexo, filed with the French Autorité des
marchés financiers (AMF) on 9 November 2022 and available on the
Company’s website (www.sodexo.com) and the AMF’s website
(www.amf-france.org). Such forward-looking statements are based on
numerous assumptions regarding Sodexo’ present and future business
strategies and the environment in which it will operate in the
future.
Accordingly, readers of this press release are
cautioned against relying on these forward-looking statements.
These forward-looking statements are made as of the
date of this press release. This press release does not contain or
constitute an offer of securities for sale or an invitation or
inducement to invest in securities in France, the United States or
any other jurisdiction.
In advance of the spin-off, Pluxee will publish a
prospectus that has been approved by the Dutch Authority for the
Financial Markets (Stichting Autoriteit Financiële Markten) and
passported to the French Autorité des marchés financiers. The
prospectus will include special purpose financial statements for
Pluxee on a stand-alone basis for the fiscal years 2021, 2022 and
2023 under International Financial Reporting Standards as adopted
by the European Union. As Pluxee did not operate on a stand-alone
basis in the past, the historical financial information to be
included in the prospectus may deviate from the Pluxee results
presented as part of the Sodexo group results.
Fiscal 2023
Activity Report
1 Fiscal 2023
Performance of Sodexo (with Pluxee as discontinued
operations)
1.1 Consolidated
income statement
(in million euros) |
FISCAL 2023 |
FISCAL 2022 restated |
DIFFERENCE |
DIFFERENCECONSTANT RATES |
Revenue |
22,637 |
20,263 |
+11.7% |
+10.2% |
Organic growth |
+11.0% |
+17.0% |
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|
UNDERLYING OPERATING PROFIT |
976 |
815 |
+19.7% |
+17.1% |
UNDERLYING OPERATING PROFIT MARGIN |
4.3% |
4.0% |
+30 bps |
+30 bps |
Other operating income and expenses |
(129) |
(3) |
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OPERATING PROFIT |
847 |
812 |
+4.3% |
+2.5% |
Net financial expense |
(101) |
(87) |
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Net income before tax & shares accounted for equity method |
737 |
718 |
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Tax charge |
(181) |
(206) |
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CONTINUING OPERATIONS NET PROFIT (GROUP
SHARE) |
560 |
514 |
+8.9% |
+8.7% |
PLUXEE NET PROFIT (GROUP SHARE) |
234 |
181 |
+29.3% |
+25.6% |
GROUP NET PROFIT (GROUP SHARE) |
794 |
695 |
+14.2% |
+12.9% |
EPS (in euro) |
5.44 |
4.75 |
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CONTINUING OPERATIONS UNDERLYING NET PROFIT |
659 |
525 |
+25.5% |
+24.1% |
PLUXEE UNDERLYING NET PROFIT |
249 |
174 |
+43.1% |
+38.9% |
GROUP UNDERLYING NET PROFIT |
908 |
699 |
+29.9% |
+27.8% |
Underlying EPS (in euro) |
6.21 |
4.78 |
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1.2
Revenues
Continuing activity revenues by zone |
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REVENUES(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
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ORGANIC GROWTH |
EXTERNAL GROWTH |
CURRENCY EFFECT |
TOTAL GROWTH |
North America |
10,479 |
8,828 |
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+13.9% |
+0.6% |
+4.2% |
+18.7% |
Europe |
8,071 |
7,774 |
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+7.5% |
-2.0% |
-1.7% |
+3.8% |
Rest of the World |
4,087 |
3,661 |
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+11.5% |
-1.5% |
+1.6% |
+11.7% |
SODEXO Continuing operations |
22,637 |
20,263 |
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+11.0% |
-0.8% |
+1.5% |
+11.7% |
Fiscal 2023 Sodexo continuing activities
consolidated revenues reached 22.6 billion euros, up +11.7%
year-on-year, driven by organic growth of +11.0%, positive currency
impact of +1.5% and net contribution from acquisitions and
disposals of -0.8%.
Fiscal 2023 organic revenue growth was up +11.0%,
benefiting from higher attendance and average spend related to
post-Covid ramp-up in Corporate Services, Sports & Leisure and
Universities, as well as a consistent pricing effect of more than
5% throughout the year. Net new business contribution accelerated
quarter on quarter to reach 2% in the second half. The end of the
Testing Centers contract in the UK impacted the first three
quarters and accounted for -1.2% in the full year organic growth.
Finally, an accounting change related to the revenue recognition in
a large Energy & Resources contract affected the organic growth
of the year by -0.5%, and by -2.3% for the fourth quarter alone
where the change was implemented retroactively for the full
year.
Organic growth was boosted by a strong recovery in
Food services up +16%. FM services were up +3%, or +6% excluding
the impact of the end of the Testing Centers contract in the UK.
Food services represented 64% of total On-Site revenues during the
period, increasing from 60% in Fiscal 2022, and almost back up to
pre-Covid levels.
Key performance indicators improved
significantly in Fiscal 2023:
- client retention
rate reached a record at 95.2%, up +70 bps compared to the
previous year, which was already the highest rate ever. This
performance was the result of the strong focus and discipline of
the teams, and improvement in processes that have been implemented
over the last years.
- new sales
development was 7.0%, down -50 bps versus last year in percentage
of prior year revenue, but up in value and in the target range of
7-8%. Total new signings during the year, including cross-selling,
amounted to 1.7 billion euros compared to 1.5 billion euros in
Fiscal 2022.
- as a result, the
net new business signed during the year was more than 2% for the
second year in a row, demonstrating the ability of the business to
generate consistent net new development to sustain future
growth.
North America
REVENUES BY SEGMENT(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Business & Administrations |
3,866 |
2,983 |
+23.4% |
Healthcare & Seniors |
3,440 |
3,047 |
+8.8% |
Education |
3,173 |
2,798 |
+9.1% |
NORTH AMERICA TOTAL |
10,479 |
8,828 |
+13.9% |
Fiscal 2023 North America revenues
totaled 10.5 billion euros, up +13.9% organically. This strong
growth resulted from the post-Covid recovery in the first half, and
the acceleration of revenue contribution from net development and
cross-selling in the second half. The growth was also driven by
consistent 5% of price revisions throughout the fiscal year,
although with a slight decrease in the fourth quarter as the cost
inflation drivers on cost plus accounts declined.
Organic growth in Business &
Administrations was +23.4%, boosted by the return to the
office and new contracts in Corporate Services, increased activity
in Sports events, convention centers and airport lounges, with
increased passenger counts and higher spend per capita, as well as
inflation pass-through. Although coming from a smaller base,
Convenience solutions and Entegra also contributed to the momentum
with strong organic growth.
In Healthcare & Seniors,
revenues were up +8.8% organically, driven by price increases,
cross-selling and retail volume improvement. The net new
development contribution has accelerated through-out the year with
the full impact of the Ardent mobilization, now visible in the
second half.
In Education, organic growth was
up +9.1% compared to the previous year, driven by Universities up
+13.4%, benefiting from strong attendance levels, price increases,
and a higher level of board plans, retail sales and event catering.
In Schools, growth was slightly negative, the impact of price
adjustments being offset by decreases in meal volumes related to
the reduction of government waiver eligibility for students.
Europe
REVENUES BY SEGMENT(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Business & Administrations |
5,337 |
4,898 |
+12.2% |
Healthcare & Seniors |
2,026 |
2,106 |
-2.4% |
Education |
708 |
769 |
+4.4% |
EUROPE TOTAL |
8,071 |
7,774 |
+7.5% |
Fiscal 2023 Europe revenues
totaled 8.1 billion euros, up +7.5% organically,
or +10.6% excluding the impact of the end of the Testing Centers.
The growth was driven by strong price revisions, continued
improvement in return to the office and very strong Sports &
Leisure activity. Thanks to a strong fourth quarter in Sports &
Leisure in France and new business in Government in the United
Kingdom, combined with high level of growth in Corporate services,
organic growth in the fourth quarter in Europe was +9.0%, trending
favorably compared to the third quarter which was at +6.9%
excluding the impact of Testing Centers affected by strikes and
bank holidays.
In Business & Administration,
organic growth was +12.2%, boosted by strong price revisions,
continued improvement in the return to the office, significant IFM
project works and retail picking up, particularly in Continental
Europe. Sports & Leisure growth was very strong, boosted by
record sales in tourism in France, sports events (Roland Garros and
Tour de France), and an increase in number and size of corporate
events.
This was somewhat offset by contract losses in
Energy & Resources in Northern Europe.
In Healthcare & Seniors,
organic growth of -2.4% was impacted by the end of the Testing
Centers. The rest of the business was +9.1%, with the contribution
of new openings and solid occupancy in Seniors particularly in
France.
Organic revenue growth in
Education was +4.4%, reflecting in the first half
some volume recovery following the impact of Covid lock downs in
the previous year. The third quarter was affected by strikes in
France and an overall increase in bank holidays, offset in the
fourth quarter by positive impact of working days. Pricing
contribution was lower than in most segments, particularly in
France where passing on inflation was hampered by the use of
inadequate indices. Revenues decreased by 61 million euros compared
to prior year due to the disposal of the Childcare business during
Fiscal 2022.
Rest of the
World
REVENUES BY SEGMENT(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Business & Administrations |
3,659 |
3,285 |
+11.5% |
Healthcare & Seniors |
337 |
305 |
+6.2% |
Education |
91 |
70 |
+35.1% |
REST OF THE WORLD TOTAL |
4,087 |
3,661 |
+11.5% |
Fiscal 2023 Rest of the World
revenues were 4.1 billion euros. Organic Growth
was up +11.5%. Excluding a change in revenue recognition on project
works of one of our large Energy & Resources contracts, from a
gross to net basis reflecting the changes in the way we operate
this contract, the organic growth would have been +14.6%. The
change was implemented during the fourth quarter, with retroactive
impact for the full year.
Business & Administrations
organic growth was up +11.5%, impacted by the accounting change,
but +14.9% excluding this effect, driven by an increase in project
works and successful negotiations on price adjustments in Energy
& Resources, impact of the new openings and strong pricing in
Corporate Services and mining in Latin America and Brazil, and
strong performance in India and South East Asia, in particular in
the tech sector.
Healthcare & Seniors revenue
was +6.2% organically, with good development in India and China,
partly offset by a decrease in Brazil as a result of the exit of
several low performing contracts.
Education organic growth was
+35.1%, with all schools reopened in China and strong volume growth
in India.
1.3 Underlying Operating
Profit
Fiscal 2023 Sodexo excluding Pluxee Underlying
operating profit was 976 million euros, up +19.7%, or +17.1%
excluding the currency effect. The Underlying operating profit
margin, including Corporate expenses, was 4.3%, up +30 bps.
The currency mix effect was negligible.
(in million euros) |
UNDERLYING OPERATING PROFIT
FISCAL 2023 |
DIFFERENCE |
DIFFERENCE (EXCLUDING CURRENCY EFFECT) |
UNDERLYING OPERATING PROFIT MARGIN
FISCAL 2023 |
DIFFERENCE IN MARGIN |
DIFFERENCE IN MARGIN (EXCLUDING
CURRENCY MIX EFFECT) |
North America |
582 |
+23.6% |
+18.7% |
5.6% |
+30 bps |
+20 bps |
Europe |
299 |
-0.5% |
+2.2% |
3.7% |
-20 bps |
-20 bps |
Rest of the World |
192 |
+23.1% |
+19.2% |
4.7% |
+40 bps |
+30 bps |
UNDERLYING OPERATING PROFIT BEFORE
CORPORATE COSTS |
1,073 |
+15.8% |
+13.6% |
4.7% |
+10 bps |
+10 bps |
Corporate expenses |
(97) |
-13.4% |
-13.4% |
|
|
|
UNDERLYING OPERATING PROFIT(continuing
activities) |
976 |
+19.7% |
+17.1% |
4.3% |
+30 bps |
+30 bps |
The increase in profitability in Fiscal 2023 was
driven by operating leverage from higher revenue, especially in
North America, combined with rigorous inflation management
including sustained price increases and mitigation actions,
improved supply chain economics, and disciplined corporate cost
management.
- North
America Underlying operating profit increased by +23.6%
and the Underlying operating margin was up +30 bps to 5.6%,
despite strong inflationary pressure, mobilization costs in
Healthcare and additional investments to support growth. Leverage
on the volume recovery, combined with operational efficiencies
including supply chain optimization, improved workforce retention
and recruitment, labor scheduling and attendance forecasting
contributed to the increase in profitability.
- In
Europe, the -0.5% decrease in Underlying operating
profit (or +2.2% increase excluding the currency effect) resulted
in a margin of 3.7%, down -20 bps. In a highly inflationary
environment, and despite strong mitigation efforts, margins were
temporarily affected in public contracts in France, Italy and
Belgium where price adjustments lagged food cost inflation. In
addition, the Testing Centers contract had high margin flow through
and stopped during the third quarter of last year.
- In Rest of
the World, Underlying operating profit was up +23.1% and
the margin up +40 bps to 4.7% thanks to operating leverage in
most countries, and successful price negotiations in
Australia.
1.4 Net profit
from Continuing activities
(in million euros) |
FISCAL 2023 |
FISCAL 2022 restated |
DIFFERENCE |
DIFFERENCECONSTANT RATES |
UNDERLYING OPERATING PROFIT |
976 |
815 |
+19.7% |
+17.1% |
Net scope change impacts |
(7) |
52 |
|
|
Restructuring and rationalization costs |
(45) |
(4) |
|
|
Amortization of purchased intangible assets |
(36) |
(36) |
|
|
M&A costs, Spin-off costs & Other |
(41) |
(15) |
|
|
OTHER OPERATING INCOME AND EXPENSES |
(129) |
(3) |
|
|
OPERATING PROFIT |
847 |
812 |
+4.3% |
+2.5% |
Net financial expense |
(101) |
(87) |
|
|
Pre-tax profit excluding share of profit from Equity method
companies |
737 |
718 |
|
|
Tax charge * |
(181) |
(206) |
|
|
NET INCOME GROUP |
560 |
514 |
|
|
UNDERLYING NET PROFIT |
659 |
525 |
+25.5% |
+24.1% |
*Fiscal 2023 effective tax rate is 24.6%, compared
to an ETR of 28.8% in Fiscal 2022.
Other operating income and
expenses of Sodexo excluding Pluxee amounted to
-129 million euros compared to
-3 million euros in the previous year. This significant
increase is due to M&A costs, one-off spin-off costs of Pluxee
this year (12 million euros) and restructuring costs principally
related to the change in organization from global segments to
geographies. Prior year also benefited from 52 million euros
of net gains related to the disposals program, including the
Childcare business.
As a result, the Operating Profit
is 847 million euros compared to
812 million euros in the previous year.
Fiscal 2023 Net financial expenses increased to
101 million euros against 87 million euros in the
previous year. The increase is mainly due to 14 million euros costs
linked to the bond consent process related to the spin-off project
of Pluxee. The blended cost of debt at Fiscal 2023 year-end
was at 1.7%, 10 basis points higher than at Fiscal 2022 year
end, mainly due to the increased costs associated with the USD
floating rates swaps.
The tax charge was down significantly to
181 million euros, despite a higher pre-tax profit, leading to
an Effective Tax Rate of 24.6% against 28.8% in the prior year.
This improvement is explained by the decrease in the CVAE rate in
France and the better pre-tax results in France where deferred tax
assets are not recognized. In addition, improved financial outlook
in some geographies (mainly Germany and Netherlands) have led to a
recognition of deferred tax assets related to prior years losses,
excluding which, the Effective Tax Rate would have been of
25.5%.
The share of profit of other companies accounted
for using the equity method was 12 million euros, slightly up
compared to 8 million euros last year. Profit attributed to
non-controlling interests was 8 million euros compared to the
previous year amount of 6 million euros.
As a result, Sodexo continuing operations net
income amounted to 560 million euros, against 514 million euros in
Fiscal 2022. Underlying net profit adjusted for Other operating
income and expenses net of tax reached 659 million euros,
compared to 525 million euros in Fiscal 2022.
1.5 Net profit from discontinued operation
(Pluxee)
The following income statement for Pluxee is built
by difference between Group (before classification of Pluxee as
discontinued operation) and Sodexo income statement under IFRS 5.
Therefore, it does not reflect Pluxee stand-alone. Notably, it is
pre-Group Corporate cost allocation, and the Effective Tax Rate is
under-estimated.
Pluxee Consolidated Income statement |
(in million euros) |
FISCAL 2023 |
FISCAL 2022 restated |
DIFFERENCE |
DIFFERENCE CONSTANT RATES |
Revenue |
1,099 |
865 |
+27.1% |
+26.5% |
Organic revenue growth |
+26.9% |
+14.2% |
|
|
UNDERLYING OPERATING PROFIT |
364 |
248 |
+47.0% |
+47.3% |
UNDERLYING OPERATING PROFIT MARGIN |
33.1% |
28.6% |
+450 bps |
+480 bps |
Other operating expenses |
(30) |
(3) |
+900.0% |
+867.3% |
OPERATING PROFIT |
334 |
245 |
+36.6% |
+37.4% |
Net financial expense |
(18) |
(3) |
|
|
Net income before tax & shares accounted for equity method |
316 |
242 |
|
|
Tax charge |
(80) |
(58) |
|
|
PLUXEE NET PROFIT (GROUP SHARE) |
234 |
181 |
+29.3% |
+25.6% |
PLUXEE UNDERLYING NET PROFIT |
249 |
174 |
+43.1% |
+38.9% |
Fiscal 2023 Pluxee revenue amounted to
1,099 million euros, up +27.1%, helped by a +0.6% impact from
currencies. As a result, organic growth was +26.9%.
REVENUES BY ACTIVITY(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Employee Benefits |
916 |
711 |
+28.5% |
Services Diversification* |
183 |
154 |
+19.8% |
PLUXEE |
1,099 |
865 |
+26.9% |
* Including Incentive & Recognition,
Mobility & Expenses and Public Benefits.
Employee Benefits organic growth
was +28.5%, accelerating quarter by quarter, and reaching +35.7% in
the fourth quarter. Issue volume amounted to 16.6 billion
euros for the year and was up +13.8% organically, boosted by double
digit growth across all the product range supported by strong
portfolio growth and a dynamic trajectory in face value, especially
in Brazil.
Services Diversification was up
+19.8% organically for the year, resulting from the strong
performance of public benefits, boosted by two major contracts in
Austria and Romania.
REVENUES BY REGION(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Europe, USA and Asia |
669 |
558 |
+24.7% |
Latin America |
430 |
307 |
+31.0% |
PLUXEE |
1,099 |
865 |
+26.9% |
Organic revenue growth was strong across all
geographies, respectively +24.7% in Europe, USA and Asia, and
+31.0% in Latin America. This performance was due to strong growth
in all major markets supported by a solid portfolio development and
increase face values. In addition, the positive impact of change in
regulation in Brazil and the contribution from rising interest
rates through out the fiscal year also helped.
REVENUES BY NATURE(in million euros) |
FISCAL 2023 |
FISCAL 2022 |
ORGANIC GROWTH |
Operating Revenues |
953 |
804 |
+18.0% |
Financial Revenues |
146 |
61 |
+145.6% |
PLUXEE |
1,099 |
865 |
+26.9% |
Operating revenues organic growth
was +18.0%, fueled by the face value increase and positive net new
development.
Financial revenues organic growth
was +145.6%,due to the further increase in interest rates in the
Euro zone and Central Europe.
Underlying operating profit was up +47.0%. The
margin increased to 33.1% up +450 bps or +480 bps excluding
currencies, resulting from operating leverage, fueled by strong
growth in business volumes across all regions, despite sustained
investments in Tech & Digital, and significant increase in
interest rates boosting financial revenues and margins.
Pluxee Other operating income and expenses
include 19 million euros of spin-off costs.
The increase in Pluxee net financial expense is the
result of the intercompany debt costs.
The tax charge was up to 80 million
euros.
As a result, Pluxee net income (group share)
amounted to 234 million euros, against 181 million euros in Fiscal
2022. Given the accounting of Pluxee as discontinued operations,
the net income is presented in the Group Income Statement on a
separate line after income from continuing operations.
2 Consolidated financial
position(with Pluxee as discontinued
operations)
2.1 Cash flows
(in million euros) |
FISCAL 2023 |
FISCAL 2022 restated |
Operating cash flow |
1,130 |
977 |
Change in working capital |
(222) |
(193) |
IFRS 16 leases outflow |
(186) |
(196) |
Net capital expenditure |
(348) |
(262) |
Free cash flow from continuing operations(1) |
374 |
326 |
Net acquisitions |
(21) |
(41) |
Share buy-backs/Treasury stock |
(57) |
(13) |
Dividends paid to shareholders |
(352) |
(294) |
Other changes (including scope and exchange rates)(2) |
646 |
2 |
(Increase)/decrease in net debt from continuing
operations |
590 |
(20) |
Pluxee Free cash flow (discontinued operation) |
438 |
305 |
Pluxee (Increase)/decrease in net debt (discontinued
operation)(2) |
(397) |
230 |
Group Free cash flow |
812 |
631 |
Group (Increase)/decrease in net debt |
193 |
210 |
(1) The Group does not believe the accounting
treatment introduced by IFRS16 modifies the operating nature of its
lease transactions. Accordingly, to ensure the Group’s performance
measures continue to best reflect its operating performance, the
Group considers repayments of lease liabilities as operating items
impacting the Free cash flow, which integrates all lease payments
(fixed or variable). To be consistent, the lease liabilities are
not included in Net debt (treated as operating items).
(2) includes debt push-down from Sodexo to
Pluxee for 0.6 billion euros
Free cash flow from continuing operations, adjusted
for IFRS16, was 374 million euros against 326 million
euros in Fiscal 2022.
Operating cash flow improved to 1,130 million
euros against 977 million euros in the previous year, as a
result of the improvement in Underlying operating profit.
The Working capital outflow in Fiscal 2023 of
222 million euros was similar to last year. It was affected by some
residual unwinding of government Covid-linked payment delays in
North America and Northern Europe, a change in supplier payment
delays in Europe, as well as significant payroll timing impact in
North America.
Net capital expenditure, including client
investments, increased to 348 million euros, and 1.5% of
revenues, compared to 262 million euros in the preceding year,
at 1.3% of revenues. Gross capex was 520 million euros, or
2.3% of revenues of which more than 85% was client facing
investments. The increase in capital expenditure compared to the
prior year is mainly coming from more significant client
investments in North America, in the Education and Healthcare
segments, in particular with the Ardent contract, in Australia in
Mining and in the UK related to new sales in Government and
Healthcare. M&A activity was limited in Fiscal 2023 with
net acquisition spend of 21 million euros.
In order to project the post spin-off financial
position, intragroup loans and deposits between Sodexo and Pluxee
are considered as settled as at August 31, 2023 in this table, even
though they will be settled only just prior to the listing date of
Pluxee. As a consequence, Other changes includes in Fiscal 2023 a
0.6 billion euros debt push-down to Pluxee.
The resulting restated net debt from continuing
activities reduced by 590 million euros ending the year to
2,918 million euros at August 31, 2023.
Pluxee net debt increased by 397 million euros due
to the 610 millions d'euros debt push-down (considered as
settled as of August 31, 2023).
2.2 Adjusted condensed consolidated
statement of financial position at August 31,
2023
(in million euros) |
AUGUST 31, 2023 (1) |
AUGUST 31, 2022 |
|
(in million euros) |
AUGUST 31, 2023 (1) |
AUGUST 31, 2022 |
Non-current assets |
9,406 |
10,785 |
|
Shareholders’ equity |
4,542 |
4,415 |
Current assets excluding cash |
4,044 |
5,648 |
|
Non-controlling interests |
12 |
10 |
Interco loans / deposits with Pluxee |
1,215 |
— |
|
Non-current liabilities |
6,440 |
7,223 |
Restricted cash + financial assets Pluxee |
— |
1,257 |
|
Current liabilities |
5,481 |
9,272 |
Cash |
1,455 |
3,225 |
|
|
|
|
Assets held for sale |
5,889 |
5 |
|
Liabilities held for sale |
5,534 |
— |
TOTAL ASSETS |
22,009 |
20,920 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
22,009 |
20,920 |
|
|
Borrowings |
5,588 |
5,742 |
Net debt (adjusted1) |
2,918 |
1,268 |
Gearing (adjusted1) |
64% |
29% |
Net debt ratio (adjusted1) |
2.4x |
1.0x |
(1) In order to project the post spin-off financial
position, in this table intragoup loans and deposits between Sodexo
and Pluxee are not eliminated (on the one hand €1,215m loan from
Sodexo to Pluxee, presented in this table in Assets, into "interco
loans / deposits with Pluxee" with counterpart in "Liabilities held
for sale", and on the other hand deposits from Pluxee in Sodexo
cash-pooling for €570m, presented in the table in Assets as a
reduction of Cash with counterpart in "Assets held for sale". These
restatements explain the gaps with the Consolidated financial
position in note 4.1.3, in which intragroup loans are eliminated.
Moreover, these intragroup loans are considered as settled as at
August 31, 2023, and thus are part of the net debt calculation, as
they will be settled just prior to the listing date of Pluxee.
Reconciliation of balance sheet accounts as of August 31,
2023 |
(in million euros) |
Consolidated financial position as published |
Adjustment |
Adjusted Consolidated financial position |
Interco
loans to Pluxee |
— |
1,215 |
1,215 |
Cash |
2,025 |
(570) |
1,455 |
Assets
held for sale |
5,319 |
570 |
5,889 |
Liabilities held for sale |
4,319 |
1,215 |
5,534 |
As of August 31, 2023, Sodexo continuing
operations net debt (adjusted to reflect the post spin-off
situation) was 2,918 million euros, up significantly compared to
the previous year at 1,268 million euros, which still included
the Pluxee cash. As a result, gearing is at 64% and the net debt
ratio is 2.4x for Sodexo continuing operations, compared to 1.0x
last year for the Group including Pluxee. Restated with Pluxee as
discontinued operations, net debt at the end of Fiscal 2022 would
have been 3 508 million euros and the net debt ratio 3.4x.
Fiscal 2023 Net debt is shown adjusted post
spin-off, including Sodexo continuing activities net debt reduction
of 0.6 billion euros due to the push-down to Pluxee.
At year end, Sodexo continuing operations gross
debt of 5.6 billion euros was 72% euro-denominated, 21%
dollar-denominated and 6% sterling denominated, with an average
maturity of 3.8 years, 95% at fixed rates and 100%
covenant-free.
By the end of Fiscal 2023, Operating cash
of Sodexo continuing operations adjusted post spin-off reached a
total of 1,455 million euros.
At the year end, unused credit lines totaled
1.8 billion euros.
2.3 Acquisitions and disposals for the
period
Fiscal 2023 has been a quiet period for both
acquisitions and disposals of non-core activities and
geographies.
2.4 Earnings per share
Published EPS was 5.44 euros against 4.75 euros in
Fiscal 2022. The weighted average number of shares for Fiscal 2023
was more or less stable at 146,127,620 compared to 146,295,576
shares for Fiscal 2022. Underlying EPS was 6.21 euros, up +30%
compared to the prior year.
2.5 Proposed dividend
The Board of Directors has proposed a dividend of
3.10 euros, up +29.2% compared to Fiscal 2022, in line
with our policy of a pay-out-ratio of 50% of Underlying net
profit.
2.6 Currency effect
Exchange rate fluctuations do not generate
operational risks, because each subsidiary bills its revenues and
incurs its expenses in the same currency.
1€= |
AVERAGE RATE FY 2023 |
AVERAGE RATE FY 2022 |
AVERAGE RATE FY 2023VS.
FY 2022 |
CLOSING RATEAT 08/31/2023 |
CLOSING RATE AT 08/31/2022 |
CLOSING RATE08/31/2023VS.
08/31/2022 |
U.S. dollar |
1.059 |
1.101 |
+4.0% |
1.087 |
1.000 |
-8.0% |
Pound Sterling |
0.871 |
0.846 |
-2.8% |
0.857 |
0.860 |
+0.4% |
Brazilian real |
5.403 |
5.772 |
+6.8% |
5.308 |
5.148 |
-3.0% |
The +1.5% positive impact of currencies on Sodexo
continuing activities Fiscal 2023 revenues is linked to the
weakness of the euro against the U.S. dollar during the first half
of the year. However, the euro has been increasing since the end of
the first half Fiscal 2023 and therefore the currency impact is
negative in the second half. On the other hand, UK sterling was
down -2.8% during the year, explaining a negative impact of
currencies in Europe. The impact of currency mix on the Underlying
operating margin was negligible. Group net income was impacted by a
negative currency impact of -1.3%, mainly coming from Pluxee
discontinued operations.
Sodexo (continuing activities) operates in
45 countries. The percentage of total revenues and Underlying
operating profit denominated in the main currencies are as
follows:
FISCAL 2023 |
% OF REVENUES |
% OF UNDERLYING OPERATING
PROFIT |
U.S. dollar |
44% |
63% |
Euro |
23% |
-4% |
UK pound Sterling |
8% |
11% |
Brazilian real |
4% |
8% |
The currency effect is determined by applying the
previous year’s average exchange rates to the current year
figures.
2.7
Outlook
Given the strategic progress made in Fiscal 2022
and 2023, Sodexo is on track to pursue its recovery in North
America, enhance efficiency and agility, continue to transform the
food offers and operations and grow selectively in Facilities
Management. Commercial excellence, data and digital investments and
supply management support, will all contribute to better commercial
momentum and better margins.
The Underlying revenue organic growth exit rate in
the fourth quarter of Fiscal 2023 was over +10%. With continued
inflation being passed through, pricing is expected to average out
at 3-4% for Fiscal 2024. The contribution from net new business
should be above 2%, amplified by cross-selling.
As a result, Sodexo (excluding Pluxee) Fiscal 2024
and 2025 guidance:
- Organic revenue
growth should be between +6 and +8% per annum;
- Underlying
operating profit margin should continue to grow by +30-40 bps per
annum, at constant rates.
2.8 Subsequent events
In July 2023 the Company launched a consent
solicitation process relating to its 4.4 billion euros of
outstanding EUR and GBP bonds, in order to seek certain approvals
and waivers to proceed with the proposed spin-off of the Benefits
& Rewards Services activity (Pluxee). The proposal was approved
in relation to 7 out of the 8 bonds series. The consent
solicitation in relation to the 300 million euros 1.125% bonds due
May 22, 2025 (the “May 2025 Bonds”) was terminated and, on October
25, 2023, the Board of Directors decided to redeem the May 2025
Bonds and to publish the make-whole redemption notice on October
26, 2023. Sodexo will redeem the total aggregate principal amount
of the May 2025 Bonds outstanding on November 10, 2023.
End of July 2023, Sodexo has signed an agreement
for the acquisition of A.H. Management, independent convenience
solutions, to accelerate food transformation and development in
North America. A.H. Management, the premier convenience solutions
operator in the Chicago region and Southeast Wisconsin, is one of
the largest operators in the Mid-West. This acquisition, closed
September 2023, will extend InReach’s offerings in the fast-growing
North American convenience market.
At the end of September 2023, the Group signed a
disposal agreement for its worldwide Home care services including
subsidiaries in the United States, in the United Kingdom, and in
Scandinavian countries. The transaction is subject to the
satisfaction of customary closing conditions and is expected to be
finalized by the end of the calendar year.
2.9 Alternative Performance Measure
definitions
Blended cost of debt
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.
Financial ratios
Please refer to Chapter 4, 4.3.1.
Free cash flow
Please refer to the section entitled Consolidated
financial position.
Growth excluding currency
effect
The currency effect is determined by applying the
previous year’s average exchange rates to the current year figures
except in hyper-inflationary economies where all figures are
converted at the latest closing rate for both periods when the
impact is significant.
Issue volume
Issue volume corresponds to the total face value of
service vouchers, cards and digitally delivered services issued by
Benefits & Rewards Services for beneficiaries on behalf of
clients.
Net debt
Net debt is defined as Group borrowing at the
balance sheet date, less operating cash.
Organic
growth
Organic growth corresponds to the increase in
revenue for a given period (the “current period”) 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:
- for businesses
acquired (or gain of control) during the current period, revenue
generated since the acquisition date is excluded from the organic
growth calculation;
- 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;
- 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;
- 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.
Underlying net profit
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.
Underlying net profit per
share
Underlying Net profit per share presents the
Underlying net profit divided by the average number of shares.
Underlying operating profit
margin
The underlying operating profit margin corresponds
to Underlying operating profit divided by revenues.
Underlying operating profit margin
at constant rates
The underlying operating profit margin at constant
rates corresponds to Underlying operating profit divided by
revenues, calculated by converting 2023 figures at Fiscal 2022
rates, except for countries with hyperinflationary economies.
Fiscal 2023 Condensed
consolidated financial
statements
Notes to the Financial Statements will be found in
the Universal Registration Document to be published on November 3,
2023
The comparative period presented in the
consolidated income statement and in the consolidated cash flow
statement disclosed in the document has been restated to reflect
the classification as discontinued operations of Benefit &
Rewards Service activity (Pluxee) in accordance with IFRS 5
“Assets held for sale and discontinued operations”. Restatements of
previously published information are disclosed in
note 3.2.
1. Consolidated
income statement
(in millions euro) |
FISCAL 2023 |
FISCAL 2022 IFRS 5 restated |
Revenues |
22,637 |
20,263 |
Cost of sales |
(19,917) |
(17,807) |
Gross profit |
2,720 |
2,456 |
Selling, General and Administrative costs |
(1,753) |
(1,648) |
Share of profit of companies accounted for using the equity method
that directly contribute to the Group’s business |
9 |
7 |
Underlying operating profit |
976 |
815 |
Other operating income |
4 |
102 |
Other operating expenses |
(133) |
(105) |
Operating profit |
847 |
812 |
Financial income |
90 |
36 |
Financial expenses |
(191) |
(123) |
Share of profit of other companies accounted for using the equity
method |
3 |
1 |
Profit for the year before tax |
749 |
726 |
Income tax expense |
(181) |
(206) |
Net profit of the year from continuing
operations |
568 |
520 |
Net profit of the year from discontinued
operations |
236 |
184 |
Net profit for the year |
804 |
704 |
Of which: |
|
|
Profit attributable to non-controlling interests |
10 |
9 |
Net profit of the year from continuing operations – Attributable to
non-controlling interests |
8 |
6 |
Net profit of the year from discontinued operations – Attributable
to non-controlling interests |
2 |
3 |
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT |
794 |
695 |
Net profit of the year from continuing operations
– Attributable to equity holders
of the parent |
560 |
514 |
Net profit of the year from discontinued
operations – Attributable to equity holders
of the parent |
234 |
181 |
Basic earnings per share (in euros) |
5.44 |
4.75 |
Net profit of the year from continuing operations, Group share per
share (in euros) |
3.83 |
3.51 |
Net profit of the year from discontinued operations, Group share
per share (in euros) |
1.61 |
1.24 |
Diluted earnings per share (in euros) |
5.38 |
4.69 |
Net profit of the year from continuing operations, Group share
diluted per share (in euros) |
3.80 |
3.47 |
Net profit of the year from discontinued operations, Group share
diluted per share (in euros) |
1.58 |
1.22 |
2. Consolidated
statement of comprehensive income
(in millions euro) |
FISCAL 2023 |
FISCAL 2022 IFRS 5 restated |
NET PROFIT FOR THE YEAR |
804 |
704 |
Components of other comprehensive income that may be
reclassified subsequently to profit or
loss |
(398) |
715 |
Change in fair value of cash flow hedge instruments |
— |
— |
Change in fair value of cash flow hedge instruments reclassified to
profit or loss |
— |
— |
Currency translation adjustment |
(398) |
686 |
Currency translation adjustment reclassified to profit or loss |
— |
29 |
Tax on components of other comprehensive income that may be
reclassified subsequently to profit or loss |
— |
— |
Share of other components of comprehensive income (loss) of
companies accounted for using the equity method, net of tax |
— |
— |
Components of other comprehensive income that will not be
reclassified subsequently to profit or loss |
125 |
129 |
Remeasurement of defined benefit plan obligation |
(104) |
87 |
Change in fair value of financial assets revalued through other
comprehensive income |
197 |
65 |
Tax on components of other comprehensive income that will not be
reclassified subsequently to profit or loss |
32 |
(23) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), AFTER
TAX |
(273) |
844 |
COMPREHENSIVE INCOME FROM CONTINUING
OPERATIONS |
293 |
1,312 |
COMPREHENSIVE INCOME FROM DISCONTINUED
OPERATIONS |
238 |
236 |
COMPREHENSIVE INCOME |
531 |
1,548 |
Of which: |
|
|
Attributable to equity holders of the parent |
523 |
1,534 |
Comprehensive income from continuing operations – Attributable to
equity holders of the parent |
285 |
1,302 |
Comprehensive income from discontinued operations – Attributable to
equity holders of the parent |
238 |
232 |
Attributable to non-controlling interests |
8 |
14 |
Comprehensive income from continuing operations – Attributable to
non-controlling interests |
8 |
10 |
Comprehensive income from discontinued operations – Attributable to
non-controlling interests |
— |
4 |
3. Consolidated
statement of financial position
Assets
(in millions euro) |
AUGUST 31, 2023 |
AUGUST 31, 2022 |
Goodwill |
5,568 |
6,611 |
Other intangible assets |
448 |
678 |
Property, plant and equipment |
510 |
510 |
Right-of-use assets relating to leases |
787 |
895 |
Client investments |
687 |
667 |
Investments in companies accounted for using the equity method |
66 |
73 |
Non-current financial assets |
1,071 |
1,025 |
Other non-current assets |
77 |
172 |
Deferred tax assets |
192 |
154 |
NON-CURRENT ASSETS |
9,406 |
10,785 |
Financial assets |
74 |
57 |
Inventories |
324 |
352 |
Income tax receivable |
84 |
171 |
Trade and other current operating assets |
3,562 |
5,068 |
Restricted cash and financial assets related to the Benefits &
Rewards Services activity |
— |
1,257 |
Cash and cash equivalents |
2,025 |
3,225 |
Assets held for sale or for distribution |
5,319 |
5 |
CURRENT ASSETS |
11,388 |
10,135 |
TOTAL ASSETS |
20,794 |
20,920 |
Shareholders’ equity and
liabilities
(in millions euro) |
AUGUST 31, 2023 |
AUGUST 31, 2022 |
Share capital |
590 |
590 |
Additional paid-in capital |
248 |
248 |
Reserves and retained earnings |
3,704 |
3,577 |
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT |
4,542 |
4,415 |
NON-CONTROLLING INTERESTS |
12 |
10 |
SHAREHOLDERS’ EQUITY |
4,554 |
4,425 |
Long-term borrowings |
5,056 |
5,709 |
Long-term lease liabilities |
683 |
759 |
Employee benefits |
265 |
282 |
Other non-current liabilities |
174 |
197 |
Non-current provisions |
110 |
115 |
Deferred tax liabilities |
152 |
161 |
NON-CURRENT LIABILITIES |
6,440 |
7,223 |
Bank overdrafts |
— |
8 |
Short-term borrowings |
537 |
35 |
Short-term lease liabilities |
148 |
184 |
Income tax payable |
177 |
207 |
Current provisions |
79 |
99 |
Trade and other payables |
4,540 |
5,230 |
Voucher liabilities |
— |
3,509 |
Liabilities directly associated with assets held for sale or for
distribution |
4,319 |
— |
CURRENT LIABILITIES |
9,800 |
9,272 |
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES |
20,794 |
20,920 |
4.1.4 Consolidated
cash flow statement
(in millions euro) |
FISCAL 2023 |
FISCAL 2022 |
Operating profit |
847 |
812 |
Depreciation, amortization and impairment of intangible assets,
property, plant and equipment and right-of-use assets* |
458 |
457 |
Provisions |
(17) |
(53) |
(Gains) losses on disposals |
11 |
(51) |
Other non-cash items |
31 |
28 |
Dividends received from companies accounted for using the equity
method |
8 |
6 |
Net interest expense paid |
(66) |
(55) |
Interests paid on lease liabilities |
(19) |
(16) |
Income tax paid |
(123) |
(151) |
Operating cash flow |
1,130 |
977 |
Change in inventories |
(11) |
(72) |
Change in trade and other current operating assets |
(204) |
(470) |
Change in trade and other payables |
(7) |
349 |
Change in working capital from operating
activities |
(222) |
(193) |
Net cash provided by operating activities from continuing
operations |
908 |
784 |
Net cash provided by operating activities from discontinued
operations |
468 |
251 |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
1,376 |
1,035 |
Acquisitions of property, plant and equipment and intangible
assets |
(338) |
(266) |
Disposals of property, plant and equipment and intangible
assets |
33 |
17 |
Change in client investments |
(43) |
(13) |
Change in financial assets and share of companies accounted for
using the equity method |
(36) |
(61) |
Business combinations |
(21) |
(126) |
Disposals of activities |
— |
80 |
Net cash used in investing activities from continuing
operations |
(405) |
(369) |
Net cash used in investing activities from discontinued
operations |
(121) |
(17) |
NET CASH USED IN INVESTING ACTIVITIES |
(526) |
(386) |
Dividends paid to Sodexo S.A. shareholders |
(352) |
(294) |
Dividends paid to non-controlling shareholders of consolidated
companies |
(6) |
(3) |
Purchases of treasury shares |
(57) |
(13) |
Sales of treasury shares |
7 |
6 |
Change in non-controlling interests |
(12) |
— |
Proceeds from borrowings |
544 |
111 |
Repayment of borrowings |
(550) |
(699) |
Repayments of lease liabilities |
(186) |
(196) |
Net cash provided by/(used in) financing activities from
continuing operations |
(612) |
(1,088) |
Net cash provided by/(used in) financing activities from
discontinued operations |
(34) |
(21) |
NET CASH PROVIDED BY/(USED IN) FINANCING
ACTIVITIES |
(646) |
(1,109) |
NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON
CASH |
(191) |
145 |
Net effect of exchange rates and other effects on cash from
continuing operations |
(156) |
100 |
Net effect of exchange rates and other effects on cash from
discontinued operations |
(35) |
45 |
CHANGE IN NET CASH AND CASH EQUIVALENTS |
13 |
(315) |
NET CASH AND CASH EQUIVALENTS, BEGINNING OF
YEAR |
3,217 |
3,532 |
NET CASH AND CASH EQUIVALENTS, END OF YEAR |
3,230 |
3,217 |
of which Net cash and cash equivalents from continuing operations,
end of year |
2,025 |
2,274 |
of which Net cash and cash equivalents from discontinued
operations, end of year |
1,205 |
943 |
* Including 188 million
euros corresponding to the depreciation of right-of-use assets
recognized in Fiscal 2023 pursuant to IFRS 16
(200 million euros recognized in Fiscal 2022).
5. Consolidated statement of changes in
shareholders’ equity
(in millions
euro) |
NUMBER OF SHARES OUTSTANDING |
SHARE CAPITAL |
ADDITIONAL PAID-IN CAPITAL |
RESERVES AND COMPREHENSIVE INCOME |
CURRENCY TRANSLATION ADJUSTMENT |
TOTAL SHAREHOLDERS’ EQUITY |
ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT |
NON-CONTROLLING INTERESTS |
TOTAL |
Shareholders’ equity as of
August 31, 2022 |
147,454,887 |
590 |
248 |
3,992 |
(415) |
4,415 |
10 |
4,425 |
Net
profit for the year |
|
|
|
794 |
|
794 |
10 |
804 |
Other
comprehensive income (loss), net of tax |
|
|
|
125 |
(396) |
(271) |
(2) |
(273) |
Comprehensive income |
|
|
|
919 |
(396) |
523 |
8 |
531 |
Dividends paid |
|
|
|
(352) |
|
(352) |
(7) |
(359) |
Treasury share transactions |
|
|
|
(52) |
|
(52) |
|
(52) |
Share-based payment (net of income tax) |
|
|
|
45 |
|
45 |
|
45 |
Change
in ownership interest without any change of control |
|
|
|
(36) |
|
(36) |
2 |
(34) |
Other |
|
|
|
(1) |
|
(1) |
(1) |
(2) |
SHAREHOLDERS’ EQUITY AS OF
AUGUST 31, 2023 |
147,454,887 |
590 |
248 |
4,514 |
(811) |
4,542 |
12 |
4,554 |
(in millions
euro) |
NUMBER OF SHARES OUTSTANDING |
SHARE CAPITAL |
ADDITIONAL PAID-IN CAPITAL |
RESERVES AND COMPREHENSIVE INCOME |
CURRENCY TRANSLATION ADJUSTMENT |
TOTAL SHAREHOLDERS’ EQUITY |
ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT |
NON-CONTROLLING INTERESTS |
TOTAL |
Shareholders’ equity as of August 31,
2021 |
147,454,887 |
590 |
248 |
3,455 |
(1,125) |
3,168 |
7 |
3,175 |
Impact
of changes in accounting principles* |
|
|
|
(21) |
|
(21) |
|
(21) |
Shareholders’ equity as of September 1,
2021 |
147,454,887 |
590 |
248 |
3,434 |
(1,125) |
3,147 |
7 |
3,154 |
Net
profit for the year |
|
|
|
695 |
|
695 |
9 |
704 |
Other
comprehensive income (loss), net of tax |
|
|
|
129 |
710 |
839 |
5 |
844 |
Comprehensive income |
|
|
|
824 |
710 |
1,534 |
14 |
1,548 |
Dividends paid |
|
|
|
(294) |
|
(294) |
(11) |
(305) |
Treasury share transactions |
|
|
|
(9) |
|
(9) |
|
(9) |
Share-based payment (net of income tax) |
|
|
|
38 |
|
38 |
|
38 |
Change
in ownership interest without any change of control |
|
|
|
1 |
|
1 |
(1) |
— |
Other |
|
|
|
(1) |
|
(1) |
1 |
— |
SHAREHOLDERS’ EQUITY AS OF AUGUST 31,
2022 |
147,454,887 |
590 |
248 |
3,992 |
(415) |
4,415 |
10 |
4,425 |
* Corresponding
to the application of the IFRS Interpretation Committee decisions
issued in March, providing details on the accounting for
configuration and customization costs of SaaS (Software as a
Service) type software, and in April 2021, clarifying the
calculation methods, in application of IAS 19 “Employee
benefits”, for certain commitments relating to defined benefit
plans.
6. Financial ratios
The key indicators 2022 used for below ratios have
been calculated from an adjusted 2022 balance sheet, including the
sames restatements as the one reported in the 2023 adjusted balance
sheet (see Note 3.3.2) such as: Pluxee presented as assets and
liabilities held for sale or for distribution and internal
transactions not eliminated between Sodexo and Pluxee (loan for 478
million euros in 2022 and Pluxee deposits in Sodexo cash-pooling
for 564 million euros reported as cash reduction)
|
|
FISCAL 2023 |
FISCAL 2022 adjusted |
Gearing ratio |
Borrowings (1) – operating cash (2) |
64.1% |
79.3% |
Shareholders’ equity and non-controlling interests |
Net debt
ratio |
Borrowings (1) – operating cash (2) |
2.4 |
3.4 |
Underlying EBITDA (underlying operating profit before Interest,
Taxes, Depreciation and Amortization) (3) |
Debt coverage |
Borrowings |
4,9 years |
5,8 years |
Operating cash flow |
Financial
independence |
Long-term borrowings |
111.0% |
128.0% |
Shareholders’ equity and non-controlling interests |
Return on
equity |
Profit attributable to equity holders of the parent |
21.2% |
18.7% |
Equity attributable to equity holders of the parent (before profit
for the period) |
ROCE (Return on
capital employed) |
Underlying operating profit after tax (4) |
11.3% |
9.9% |
Average capital employed (5) |
Interest
cover |
Operating profit |
11.5 |
10.2 |
Net borrowing cost |
Financial ratios have been computed based on the
following key indicators:
(in millions euro) |
|
FISCAL 2023 |
FISCAL 2022 adjusted |
(1)
Borrowings(1) |
Long-term borrowings |
5,056 |
5,665 |
+ Short-term borrowings |
537 |
34 |
- Derivative financial instruments recognized as assets |
(5) |
(3) |
BORROWINGS |
5,588 |
5,696 |
(2) Operating
cash |
Cash and cash equivalents |
2,025 |
2,282 |
Pluxee deposits |
(570) |
(564) |
Loans with
Pluxee |
1,215 |
478 |
- Bank overdrafts |
— |
(8) |
OPERATING CASH |
2,670 |
2,188 |
(3) Underlying
EBITDA |
Underlying operating profit |
976 |
815 |
+ Depreciation and amortization |
422 |
420 |
- Lease payments |
203 |
213 |
UNDERLYING EBITDA (UNDERLYING OPERATING PROFIT
BEFORE DEPRECIATION AND AMORTIZATION) |
1,195 |
1,022 |
(4) Underlying
operating profit after tax |
Underlying operating profit |
976 |
815 |
Underlying Effective tax rate(4) |
25.7% |
27.5% |
UNDERLYING OPERATING PROFIT AFTER TAX |
725 |
591 |
(5) Average
capital employed(2) |
Property, plant and equipment |
504 |
473 |
+ Right-of-use assets relating to leases |
829 |
865 |
+ Leases liabilities |
(873) |
(905) |
+ Goodwill |
5,758 |
5,589 |
+ Other intangible assets |
475 |
494 |
+ Client investments |
677 |
614 |
'+ Working capital excluding restricted cash and financial assets
of the Benefits & Rewards Services activity |
(1,031) |
(1,234) |
+ Impact of assets held for sale net of liabilities(3) |
72 |
78 |
AVERAGE CAPITAL EMPLOYED |
6,410 |
5,974 |
(1) The Group does not believe the accounting
treatment introduced by IFRS 16 modifies the operating nature
of its lease transactions. Accordingly, to ensure the Group’s
performance measures continue to best reflect its operating
performance, the Group considers repayments of lease liabilities as
operating items impacting the Free cash flow, which integrates all
lease payments (fixed or variable). Consistently, the lease
liabilities are not included in Net debt.
(2) Average capital employed between the
beginning and the end of the period.
(3) Reinstatement of the capital employed of
Homecare services which gave rise to classification in assets held
for sale and related liabilities as of August 31, 2023 and
Childcare activity as of August 31, 2022.
(4) Below the underlying effective tax rate
calculation:
(in millions euro) |
FISCAL 2023 |
FISCAL 2022 |
PROFIT BEFORE TAX EXCLUDING SHARE OF
PROFIT OF COMPANIES
ACCOUNTED FOR USING THE EQUITY
METHOD |
INCOME TAX |
RATE |
PROFIT BEFORE TAX EXCLUDING SHARE OF
PROFIT OF COMPANIES ACCOUNTED FOR
USING THE EQUITY METHOD |
INCOME TAX |
RATE |
EFFECTIVE |
737 |
(181) |
24.6% |
718 |
(206) |
28.8% |
Adjustments: |
|
|
|
|
|
|
Restructuring costs |
47 |
(12) |
|
8 |
(2) |
|
Impairment losses and amortization of intangible assets relating to
client relationships and trademarks |
36 |
(9) |
|
36 |
(9) |
|
Non recognition of non recurrent deferred taxes |
— |
(7) |
|
— |
1 |
|
Others |
60 |
(17) |
|
(41) |
19 |
|
UNDERLYING |
880 |
(226) |
25.7% |
722 |
(198) |
27.5% |
- PR Sodexo Fiscal 2023 Results ENG
Sodexo (TG:SJ7)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Sodexo (TG:SJ7)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024