| FISCAL 2021 | FISCAL 2020 | ||
|---|---|---|---|
| (4) Underlying operating profit after tax | (4) Underlying operating profit after tax
Underlying operating profit |
(4) Underlying operating profit after tax FISCAL 2021578 |
(4) Underlying operating profit after tax FISCAL 2020569 |
Underlying Effective tax rate(4) |
28.3 % |
FISCAL 2021 30.8% |
|
UNDERLYING OPERATING PROFIT AFTER TAX |
414 |
FISCAL 2021392 | |
| (5) Average capital employed (2) | (5) Average capital employed (2)
Property, plant and equipment |
(5) Average capital employed (2)FISCAL 2021513 |
(5) Average capital employed (2)FISCAL 2020625 |
+ Right-of-use assets relating to leases |
1,112 |
FISCAL 2021 1,406 |
|
+ Leases liabilities |
(1,148) |
FISCAL 2021 (1,424) |
|
+ Goodwill |
5,787 |
FISCAL 2021 5,961 |
|
+ Other intangible assets |
652 |
FISCAL 2021 737 |
|
+ Client investments |
568 |
FISCAL 2021 600 |
|
+ Working capital excluding restricted cash and financial assets of the Benefits & Rewards Services activity |
(3,391) |
FISCAL 2021 (3,343) |
|
+ Impact of assets held for sale net of liabilities (3) |
78 |
FISCAL 2021 — |
|
AVERAGE CAPITAL EMPLOYED |
4,172 |
FISCAL 20214,563 |
(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 Childcare activity which gave rise to classification in assets and liabilities held for sale.
(4) Below the underlying effective tax rate calculation:
| AUGUST 31, 2021 | AUGUST 31, 2020 | |||||
|---|---|---|---|---|---|---|
| (in millions of euro) | 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 | EFFECTIVEAUGUST 31, 2021229 | EFFECTIVEAUGUST 31, 2020(101) | 43.9% | (230) | (98) | - 42.6% |
| Adjustments: | Adjustments: AUGUST 31, 2021
|
Adjustments: AUGUST 31, 2020
|
||||
| Restructuring costs | Restructuring costs AUGUST 31, 2021153 |
Restructuring costs AUGUST 31, 2020(39) |
191 | (44) | ||
| Impairment | Impairment AUGUST 31, 202160 |
Impairment AUGUST 31, 2020(15) |
273 | (57) | ||
| Anticipated refund of USPP | Anticipated refund of USPP AUGUST 31, 2021— |
Anticipated refund of USPP AUGUST 31, 2020— |
150 | (42) | ||
| Non recognition of non recurrent deferred taxes | Non recognition of non recurrent deferred taxes AUGUST 31, 2021— |
Non recognition of non recurrent deferred taxes AUGUST 31, 202031 |
— | 122 | ||
| Others | Others AUGUST 31, 202125 |
Others AUGUST 31, 2020(8) |
38 | (11) | ||
| UNDERLYING | UNDERLYINGAUGUST 31, 2021467 | UNDERLYINGAUGUST 31, 2020(132) | 28.3% | 422 | (131) | 30.8% |
