As described above, the restatements required by IFRS 16 and IFRIC 23 as of the transition date have been recognized in the opening consolidated statement of financial position as of September 1, 2019. Fiscal 2019 comparative information has not been restated.
The following table presents the impact of the first-time application recognized as of September 1, 2019:
| (in millions of euro) | AUGUST 31, 2019 | MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 | SEPTEMBER 1, 2019 |
|---|---|---|---|
| Property, plant and equipment | Property, plant and equipment AUGUST 31, 2019 684 | Property, plant and equipment MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (5) | Property, plant and equipment SEPTEMBER 1, 2019 679 |
| Right-of-use assets | Right-of-use assets AUGUST 31, 2019 - | Right-of-use assets MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 1,490 | Right-of-use assets SEPTEMBER 1, 2019 1,490 |
| Deferred tax assets | Deferred tax assets AUGUST 31, 2019 99 | Deferred tax assets MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (6) | Deferred tax assets SEPTEMBER 1, 2019 93 |
| Trade and other receivables | Trade and other receivables AUGUST 31, 2019 4,626 | Trade and other receivables MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (1) | Trade and other receivables SEPTEMBER 1, 2019 4,625 |
| Income tax receivables | Income tax receivables AUGUST 31, 2019 125 | Income tax receivables MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 5 | Income tax receivables SEPTEMBER 1, 2019 130 |
| Other non-current and current assets | Other non-current and current assets AUGUST 31, 2019 11,933 | Other non-current and current assets MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 - | Other non-current and current assets SEPTEMBER 1, 2019 11,933 |
| TOTAL ASSETS | TOTAL ASSETS AUGUST 31, 2019 17,467 | TOTAL ASSETS MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 1,483 | TOTAL ASSETS SEPTEMBER 1, 2019 18,950 |
| Equity attributable to equity holders of the parent | Equity attributable to equity holders of the parent AUGUST 31, 2019 4,456 | Equity attributable to equity holders of the parent MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (96) | Equity attributable to equity holders of the parent SEPTEMBER 1, 2019 4,360 |
| Non-controlling interests | Non-controlling interests AUGUST 31, 2019 42 | Non-controlling interests MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 - | Non-controlling interests SEPTEMBER 1, 2019 42 |
| Non-current borrowings | Non-current borrowings AUGUST 31, 2019 3,902 | Non-current borrowings MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (2) | Non-current borrowings SEPTEMBER 1, 2019 3,900 |
| Long-term lease liabilities | Long-term lease liabilities AUGUST 31, 2019 - | Long-term lease liabilities MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 1,244 | Long-term lease liabilities SEPTEMBER 1, 2019 1,244 |
| Non-current provisions | Non-current provisions AUGUST 31, 2019 88 | Non-current provisions MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (7) | Non-current provisions SEPTEMBER 1, 2019 81 |
| Current borrowings | Current borrowings AUGUST 31, 2019 182 | Current borrowings MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 (3) | Current borrowings SEPTEMBER 1, 2019 179 |
| Short-term lease liabilities | Short-term lease liabilities AUGUST 31, 2019 - | Short-term lease liabilities MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 246 | Short-term lease liabilities SEPTEMBER 1, 2019 246 |
| Income tax payable | Income tax payable AUGUST 31, 2019 99 | Income tax payable MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 101 | Income tax payable SEPTEMBER 1, 2019 200 |
| Other non-current and current liabilities | Other non-current and current liabilities AUGUST 31, 2019 8,698 | Other non-current and current liabilities MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 - | Other non-current and current liabilities SEPTEMBER 1, 2019 8,698 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES AUGUST 31, 2019 17,467 | TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES MPACT OF FIRST-TIME APPLICATION OF IFRS 16 & IFRIC 23 1,483 | TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES SEPTEMBER 1, 2019 18,950 |
The preparation of financial statements requires the management of Sodexo and its subsidiaries to make estimates and assumptions which affect the amounts reported for assets, liabilities and contingent liabilities as of the date of preparation of the financial statements, and for revenues and expenses for the period.
These estimates and valuations are updated continuously based on past experience and on various other factors considered reasonable in view of current circumstances and are the basis for the assessments of the carrying amount of assets and liabilities. Unprectibility generated by Covid-19 pandemic made the use of estimations and hypothesis a key factor in the establishment of the annual consolidated financial statements.
Final amounts may differ substantially from these estimates if assumptions or circumstances change.
Significant items subject to such estimates and assumptions include the following:
