| (in million euros) | FISCAL 2022 | FISCAL 2021 | DIFFERENCE | DIFFERENCE CONSTANT RATES |
|---|---|---|---|---|
| Revenue | Revenue FISCAL 2022 21,125 |
Revenue FISCAL 2021 17,428 |
Revenue DIFFERENCE +21.2 % |
Revenue DIFFERENCE CONSTANT RATES +15.7 % |
| UNDERLYING OPERATING PROFIT | UNDERLYING OPERATING PROFIT FISCAL 2022 1,059 |
UNDERLYING OPERATING PROFIT FISCAL 2021 578 |
UNDERLYING OPERATING PROFIT DIFFERENCE +83.3% |
UNDERLYING OPERATING PROFIT DIFFERENCE CONSTANT RATES +73.5% |
| UNDERLYING OPERATING PROFIT MARGIN | UNDERLYING OPERATING PROFIT MARGIN FISCAL 2022 5.0% |
UNDERLYING OPERATING PROFIT MARGIN FISCAL 2021 3.3% |
UNDERLYING OPERATING PROFIT MARGIN DIFFERENCE +170 bps |
UNDERLYING OPERATING PROFIT MARGIN DIFFERENCE CONSTANT RATES +170 bps |
| Other operating expenses | Other operating expenses FISCAL 2022 (5) |
Other operating expenses FISCAL 2021 (239) |
Other operating expenses DIFFERENCE
|
Other operating expenses DIFFERENCE CONSTANT RATES
|
| OPERATING PROFIT | OPERATING PROFIT FISCAL 2022 1,054 |
OPERATING PROFIT FISCAL 2021 339 |
OPERATING PROFIT DIFFERENCE +210.9% |
OPERATING PROFIT DIFFERENCE CONSTANT RATES +199.1% |
| Net financial expense | Net financial expense FISCAL 2022 (87) |
Net financial expense FISCAL 2021 (106) |
Net financial expense DIFFERENCE
|
Net financial expense DIFFERENCE CONSTANT RATES
|
| PRE-TAX PROFIT excluding share of profit from Equity method companies | PRE-TAX PROFIT excluding share of profit from Equity method companies FISCAL 2022 960 |
PRE-TAX PROFIT excluding share of profit from Equity method companies FISCAL 2021 229 |
PRE-TAX PROFIT excluding share of profit from Equity method companies DIFFERENCE
|
PRE-TAX PROFIT excluding share of profit from Equity method companies DIFFERENCE CONSTANT RATES
|
| Tax charge* | Tax charge* FISCAL 2022 (264) |
Tax charge* FISCAL 2021 (101) |
Tax charge* DIFFERENCE
|
Tax charge* DIFFERENCE CONSTANT RATES
|
| NET INCOME GROUP SHARE | NET INCOME GROUP SHARE FISCAL 2022 695 |
NET INCOME GROUP SHARE FISCAL 2021 139 |
NET INCOME GROUP SHARE DIFFERENCE +400.0% |
NET INCOME GROUP SHARE DIFFERENCE CONSTANT RATES +380.2% |
| EPS(in euros) | EPS (in euros)FISCAL 2022 4.75 |
EPS (in euros)FISCAL 2021 0.95 |
EPS (in euros)DIFFERENCE +398.9% |
EPS (in euros)DIFFERENCE CONSTANT RATES
|
| UNDERLYING NET PROFIT | UNDERLYING NET PROFIT FISCAL 2022 699 |
UNDERLYING NET PROFIT FISCAL 2021 346 |
UNDERLYING NET PROFIT DIFFERENCE +102.0% |
UNDERLYING NET PROFIT DIFFERENCE CONSTANT RATES +92.0% |
| Underlying EPS(in euros) | Underlying EPS(in euros) FISCAL 2022 4.78 |
Underlying EPS(in euros) FISCAL 2021 2.37 |
Underlying EPS(in euros) DIFFERENCE +101.8% |
Underlying EPS(in euros) DIFFERENCE CONSTANT RATES
|
* Fiscal 2022 effective tax rate (ETR) is 27.5%, compared to an ETR of 43.9% or an underlying ETR of 28.3% in Fiscal 2021.
Exchange rate fluctuations do not generate operational risks, because each subsidiary bills its revenues and incurs its expenses in the same currency. However, given the weight of the Benefit & Rewards Services activity in Brazil, and the high level of its margins relative to the Group, when the Brazilian real declines against the euro, it has a negative effect on the Underlying operating margin due to a change in the mix of margins. Conversely, when the Brazilian real strengthens Group margins increase.
| 1€= | AVERAGE RATE FY 2022 | AVERAGE RATE FY 2021 | AVERAGE RATE FY 2022VS. FY 2021 | CLOSING RATE AT 08/31/2022 | CLOSING RATE AT 08/31/2021 | CLOSING RATE 08/31/2022 VS. 08/31/2021 |
|---|---|---|---|---|---|---|
| U.S. dollar | U.S. dollar AVERAGE RATE FY 2022 1.101 |
U.S. dollar AVERAGE RATE FY 2021 1.197 |
U.S. dollar AVERAGE RATE FY 2022VS. FY 2021 +8.7 % |
U.S. dollarCLOSING RATE AT 08/31/2022 1.000 |
U.S. dollar CLOSING RATE AT 08/31/2021 1.183 |
U.S. dollar CLOSING RATE 08/31/2022 VS. 08/31/2021 +18.3 % |
| Pound Sterling | Pound Sterling AVERAGE RATE FY 2022 0.846 |
Pound Sterling AVERAGE RATE FY 2021 0.878 |
Pound Sterling AVERAGE RATE FY 2022VS. FY 2021 +3.7 % |
Pound SterlingCLOSING RATE AT 08/31/2022 0.860 |
Pound Sterling CLOSING RATE AT 08/31/2021 0.859 |
Pound Sterling CLOSING RATE 08/31/2022 VS. 08/31/2021 -0.2 % |
| Brazilian real | Brazilian real AVERAGE RATE FY 2022 5.772 |
Brazilian real AVERAGE RATE FY 2021 6.441 |
Brazilian real AVERAGE RATE FY 2022VS. FY 2021 +11.6 % |
Brazilian realCLOSING RATE AT 08/31/2022 5.148 |
Brazilian real CLOSING RATE AT 08/31/2021 6.139 |
Brazilian real CLOSING RATE 08/31/2022 VS. 08/31/2021 +19.2 % |
The +5.5% positive impact of currencies on Fiscal 2022 revenues is linked to the weakness of the euro against most currencies. In particular, the U.S. dollar, which was up +8.7% and the Brazilian real up +11.6%. The impact of currency mix on the Underlying operating margin was negligible.
Sodexo operates in 53 countries. The percentage of total revenues and Underlying operating profit denominated in the main currencies are as follows:
| FISCAL 2022 | % OF REVENUES | % OF UNDERLYING OPERATING PROFIT |
|---|---|---|
| U.S. dollar | U.S. dollar % OF REVENUES 40 % |
U.S. dollar % OF UNDERLYING OPERATING PROFIT 47 % |
| Euro | Euro % OF REVENUES 24 % |
Euro % OF UNDERLYING OPERATING PROFIT (2) % |
| UK pound Sterling | UK pound Sterling % OF REVENUES 10 % |
UK pound Sterling % OF UNDERLYING OPERATING PROFIT 10 % |
| Brazilian real | Brazilian real % OF REVENUES 5 % |
Brazilian real % OF UNDERLYING OPERATING PROFIT 17 % |
The currency effect is determined by applying the previous year’s average exchange rates to the current year figures.
