| (in millions of euro) | AUGUST 31, 2021 | AUGUST 31, 2021 |
|---|---|---|
| Non-current assets | Non-current assets AUGUST 31, 20219,360 |
Non-current assets AUGUST 31, 20219,730 |
| Current assets excluding cash | Current assets excluding cash AUGUST 31, 20215,031 |
Current assets excluding cash AUGUST 31, 20214,493 |
| Restricted cash Benefits & Rewards | Restricted cash Benefits & Rewards AUGUST 31, 2021773 |
Restricted cash Benefits & Rewards AUGUST 31, 2021770 |
| Financial assets Benefits & Rewards | Financial assets Benefits & Rewards AUGUST 31, 2021289 |
Financial assets Benefits & Rewards AUGUST 31, 2021333 |
| Cash | Cash AUGUST 31, 20213,539 |
Cash AUGUST 31, 20212,027 |
| TOTAL ASSETS | TOTAL ASSETSAUGUST 31, 202118,991 | TOTAL ASSETSAUGUST 31, 2021 17,353 |
| (in millions of euro) | AUGUST 31, 2021 | AUGUST 31, 2020 |
|---|---|---|
| Shareholders’ equity | Shareholders’ equity AUGUST 31, 20213,168 |
Shareholders’ equity AUGUST 31, 20202,758 |
| Non-controlling interests | Non-controlling interests AUGUST 31, 20217 |
Non-controlling interests AUGUST 31, 202015 |
| Non-current liabilities | Non-current liabilities AUGUST 31, 20216,962 |
Non-current liabilities AUGUST 31, 20206,834 |
| Current liabilities | Current liabilities AUGUST 31, 20218,853 |
Current liabilities AUGUST 31, 20207,745 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 202118,991 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 202017,353 |
| Borrowings | BorrowingsAUGUST 31, 20216,072 | BorrowingsAUGUST 31, 20204,992 |
| Net debt | Net debtAUGUST 31, 20211,478 | Net debtAUGUST 31, 20201,868 |
| Gearing | GearingAUGUST 31, 202147% | GearingAUGUST 31, 202067% |
| Net debt ratio | Net debt ratioAUGUST 31, 20211.7 | Net debt ratioAUGUST 31, 20202.1 |
The increase in shareholders’ equity was due to several factors: the currency translation adjustment of some currencies such as UK Sterling and the Brazilian real, as well as the revaluation of financial assets under IFRS 9.
As of August 31, 2021 , net debt was 1,478 million euro, representing a gearing of 47%, and a net debt ratio of 1.7, back into the target range of between 1 and 2.
Having reimbursed and refinanced the USPP debt during Fiscal 2020, liquidity was rebuilt progressively during Fiscal 2021.
In April 2021, Sodexo raised 1.25 billion U.S. dollars, with a bond structured in two tranches: 500 million dollars maturing in 2026 and 750 million dollars in 2031, at a rate of 1.6% and 2.7% respectively. Half of the 750 million dollars bond was converted at the time of issuance from fixed to floating using interest rate swaps. The rate applicable on this variable debt at August 31, 2021 was 1.3%.
As a result, at year end, the Group's gross debt of 6.1 billion euro was 23% dollar-denominated, with an average maturity of 5.2 years, 95% at fixed rates and 100% covenant-free.
By the end of Fiscal 2021 , Operating cash reached a total of 4,594 million euro, including 773 million euro of restricted cash and 289 million euro of financial assets of Benefits & Rewards Services. The Benefits & Rewards Services activity asset to liability coverage is at 113% compared to 108% as at August 31, 2020, with operating cash of 2,257 million euro and client receivables of 1,295 million euro, compared to voucher liabilities payable of 3,133 million euro. The rest of the Group also had a significant operating cash position of 2,337 million euro.
At the year end, unused credit lines totaled 1.8 billion euro.
Total liquidity at year end was 6.4 billion euro.
Sodexo decided to early redeem in full its outstanding 600 million euro in bonds issued in June 2014, bearing an annual interest coupon of 1.75% and due to mature on January 24, 2022. This early redemption took place on October 26, 2021 and did not trigger any financial penalty. It reduced non performing surplus cash deposits and saved three months of interest.
The operation to combine the Group's Childcare activities with those of the Grandir group, announced in July 2021, has been confirmed. The operation should close in First half Fiscal 2022.
Massive deployment of the vaccination in many countries has led to reopening or ramping-up of sites in all our major markets, some segments and activities faster than others. Benefits & Rewards Services has also seen its merchant revenues picking up with the reopening of restaurants.
In this context, we remain confident in our capacity to continue the recovery to pre-Covid levels with :
Looking further out, we expect On-site Services to exceed pre-Covid levels and the performance of Benefits & Rewards Services to accelerate out of the crisis. Our aim is that the Group rapidly returns to regular and sustained growth and over the pre-Covid Underlying operating margin. The boost in U.S. growth, accelerated deployment of the new food model, active portfolio management, a more effective organization and the structural reduction in SG & A will all contribute.
