As of August 31, 2021 , the total amount of receivables transferred by Sodexo’s suppliers through the reverse factoring programs is 274 million euro (205 million euro as of August 31, 2020 ).
Trade payables that have been financed through a reverse factoring program as of the fiscal year-end are still classified as trade payables and included in the total of trade payables.
| MATURITIES OF TRADE AND OTHER PAYABLES AS OF AUGUST 31, 2021(in millions of euro) | CARRYING AMOUNT | UNDISCOUNTED CONTRACTUAL VALUE |
|---|---|---|
| Less than 3 months | Less than 3 months CARRYING AMOUNT3,103 |
Less than 3 months UNDISCOUNTED CONTRACTUAL VALUE3,103 |
| More than 3 months and less than 6 months | More than 3 months and less than 6 months CARRYING AMOUNT301 |
More than 3 months and less than 6 months UNDISCOUNTED CONTRACTUAL VALUE301 |
| More than 6 months and less than 12 months | More than 6 months and less than 12 months CARRYING AMOUNT905 |
More than 6 months and less than 12 months UNDISCOUNTED CONTRACTUAL VALUE905 |
| More than 1 year and less than 5 years | More than 1 year and less than 5 years CARRYING AMOUNT214 |
More than 1 year and less than 5 years UNDISCOUNTED CONTRACTUAL VALUE219 |
| More than 5 years | More than 5 years CARRYING AMOUNT87 |
More than 5 years UNDISCOUNTED CONTRACTUAL VALUE96 |
| TOTAL TRADE AND OTHER PAYABLES | TOTAL TRADE AND OTHER PAYABLESCARRYING AMOUNT4,610 | TOTAL TRADE AND OTHER PAYABLESUNDISCOUNTED CONTRACTUAL VALUE4,624 |
Some client contracts provide for a financial contribution by Sodexo. For example, the Group may participate in financing the purchase of equipment or fixtures on the client site that are necessary to fulfill service obligations, or it may make a financial contribution that will be recovered over the life of the contract. They are recognized in accordance with the application of IFRS 15 for consideration payable to the customer, as a reduction in the transaction price in the absence of a separate good or service provided by the customer. These contributions are recognized as an asset in "Client investments" and spread as a revenue deduction on the service duration The amortization is recognized as a reduction to revenues over the life of the contract. The amortization period is in general less than 10 years, inline with the contract duration, but may be amortized over a longer period if the contract duration permits.
In the cash flow statement, changes in the value of these investments are presented as a component of investing cash flows.
Client investments are subject to an impairment test in the same way as other non-current assets directly linked to contracts concluded with clients showing an indication of loss in value (onerous or low profit contracts), the test for which are detailed in note 6.4.
| (in millions of euro) | 2020‑2021 | 2019 -2020 |
|---|---|---|
| Client investments as of September 1 | Client investments as of September 12020‑2021575 | Client investments as of September 12019 -2020626 |
| Increases during the fiscal year | Increases during the fiscal year 2020‑202187 |
Increases during the fiscal year 2019 -2020117 |
| Decreases during the fiscal year | Decreases during the fiscal year 2020‑2021(101) |
Decreases during the fiscal year 2019 -2020(106) |
| Impairment | Impairment 2020‑2021(3) |
Impairment 2019 -2020(25) |
| Change in scope of consolidation | Change in scope of consolidation 2020‑2021— |
Change in scope of consolidation 2019 -2020— |
| Currency translation adjustment and other movements | Currency translation adjustment and other movements 2020‑20211 |
Currency translation adjustment and other movements 2019 -2020(37) |
| CLIENT INVESTMENTS AS OF AUGUST 31 | CLIENT INVESTMENTS AS OF AUGUST 312020‑2021560 | CLIENT INVESTMENTS AS OF AUGUST 312019 -2020575 |
| (in millions of euro) | AUGUST 31, 2021 | AUGUST 31, 2020 |
|---|---|---|
| Trade and other receivables | Trade and other receivables AUGUST 31, 20211,295 |
Trade and other receivables AUGUST 31, 20201,274 |
| Trade and other payables | Trade and other payables AUGUST 31, 2021(329) |
Trade and other payables AUGUST 31, 2020(285) |
| Voucher liabilities(2) | Voucher liabilities (2)AUGUST 31, 2021(3,133) |
Voucher liabilities (2)AUGUST 31, 2020(3,117) |
| Vouchers in circulation | Vouchers in circulationAUGUST 31, 2021(2,599) | Vouchers in circulationAUGUST 31, 2020(2,604) |
| Voucher payables | Voucher payablesAUGUST 31, 2021 (370) | Voucher payablesAUGUST 31, 2020 (352) |
| Other(1) | Other(1)AUGUST 31, 2021(164) | Other(1)AUGUST 31, 2020(161) |
