Trade and other payables are classified as financial liabilities measured at amortized cost, as defined in IFRS 9 “Financial instruments”. Financial liabilities are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities.
Sodexo’s Group has set up several reverse factoring programs in its main operating countries, which give its suppliers the opportunity of being paid in advance. In practice, these programs involve sales of trade receivables to a factor, organized by Sodexo.
Relations between the parties concerned are governed by two totally separate contracts:
Employee-related liabilities mainly include short-term employee benefits (see note 5.1).
| (in million euros) | AUGUST 31, 2022 | AUGUST 31, 2021 |
|---|---|---|
| Operating payables | Operating payables AUGUST 31, 2022 158 |
Operating payables AUGUST 31, 2021 147 |
| Non-operating payables | Non-operating payables AUGUST 31, 2022 39 |
Non-operating payables AUGUST 31, 2021 34 |
| OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES AUGUST 31, 2022 197 |
OTHER NON-CURRENT LIABILITIES AUGUST 31, 2021 181 |
| Trade payables | Trade payables AUGUST 31, 2022 2,707 |
Trade payables AUGUST 31, 2021 2,179 |
| Employee-related liabilities | Employee-related liabilities AUGUST 31, 2022 1,473 |
Employee-related liabilities AUGUST 31, 2021 1,258 |
| Advances from clients | Advances from clients AUGUST 31, 2022 448 |
Advances from clients AUGUST 31, 2021 394 |
| Tax liabilities | Tax liabilities AUGUST 31, 2022 260 |
Tax liabilities AUGUST 31, 2021 306 |
| Other operating payables | Other operating payables AUGUST 31, 2022 182 |
Other operating payables AUGUST 31, 2021 153 |
| Deferred revenues | Deferred revenues AUGUST 31, 2022 124 |
Deferred revenues AUGUST 31, 2021 108 |
| Non-operating payables | Non-operating payables AUGUST 31, 2022 36 |
Non-operating payables AUGUST 31, 2021 32 |
| TRADE AND OTHER CURRENT PAYABLES | TRADE AND OTHER CURRENT PAYABLES AUGUST 31, 2022 5,230 |
TRADE AND OTHER CURRENT PAYABLES AUGUST 31, 2021 4,429 |
| TOTAL TRADE AND OTHER PAYABLES | TOTAL TRADE AND OTHER PAYABLES AUGUST 31, 2022 5,427 |
TOTAL TRADE AND OTHER PAYABLES AUGUST 31, 2021 4,610 |
As of August 31, 2022, the total amount of receivables transferred by Sodexo’s suppliers through the reverse factoring programs is 373 million euros (274 million euros as of August 31, 2021).
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, 2022(in million euros) | CARRYING AMOUNT | UNDISCOUNTED CONTRACTUAL VALUE |
|---|---|---|
| Less than 3 months | Less than 3 months CARRYING AMOUNT 3,789 |
Less than 3 months UNDISCOUNTED CONTRACTUAL VALUE 3,789 |
| More than 3 months and less than 6 months | More than 3 months and less than 6 months CARRYING AMOUNT 331 |
More than 3 months and less than 6 months UNDISCOUNTED CONTRACTUAL VALUE 331 |
| More than 6 months and less than 12 months | More than 6 months and less than 12 months CARRYING AMOUNT 894 |
More than 6 months and less than 12 months UNDISCOUNTED CONTRACTUAL VALUE 894 |
| More than 1 year and less than 5 years | More than 1 year and less than 5 years CARRYING AMOUNT 349 |
More than 1 year and less than 5 years UNDISCOUNTED CONTRACTUAL VALUE 349 |
| More than 5 years | More than 5 years CARRYING AMOUNT 64 |
More than 5 years UNDISCOUNTED CONTRACTUAL VALUE 64 |
| TOTAL TRADE AND OTHER PAYABLES | TOTAL TRADE AND OTHER PAYABLES CARRYING AMOUNT 5,427 |
TOTAL TRADE AND OTHER PAYABLES UNDISCOUNTED CONTRACTUAL VALUE 5,427 |
| MATURITIES OF TRADE AND OTHER PAYABLES AS OF AUGUST 31, 2021(in million euros) | CARRYING AMOUNT | UNDISCOUNTED CONTRACTUAL VALUE |
|---|---|---|
| Less than 3 months | Less than 3 months CARRYING AMOUNT 3,103 |
Less than 3 months UNDISCOUNTED CONTRACTUAL VALUE 3,103 |
| More than 3 months and less than 6 months | More than 3 months and less than 6 months CARRYING AMOUNT 301 |
More than 3 months and less than 6 months UNDISCOUNTED CONTRACTUAL VALUE 301 |
| More than 6 months and less than 12 months | More than 6 months and less than 12 months CARRYING AMOUNT 905 |
More than 6 months and less than 12 months UNDISCOUNTED CONTRACTUAL VALUE 905 |
| More than 1 year and less than 5 years | More than 1 year and less than 5 years CARRYING AMOUNT 214 |
More than 1 year and less than 5 years UNDISCOUNTED CONTRACTUAL VALUE 219 |
| More than 5 years | More than 5 years CARRYING AMOUNT 87 |
More than 5 years UNDISCOUNTED CONTRACTUAL VALUE 96 |
| TOTAL TRADE AND OTHER PAYABLES | TOTAL TRADE AND OTHER PAYABLES CARRYING AMOUNT 4,610 |
TOTAL TRADE AND OTHER PAYABLES UNDISCOUNTED CONTRACTUAL VALUE 4,624 |
