During Fiscal 2022, Sodexo S.A. purchased 170,000 of its own shares for 13 million euros, to be used for restricted share grants.
On October 26, 2021, the Group early redeemed in full its outstanding 600 million euros bonds with ISIN XS1080163709 issued in June 2014, bearing an annual interest coupon of 1.75% and initially due to mature on January 24, 2022. This redemption without penalties reduces the cost of debt and the non performing surplus cash deposits.
During Fiscal 2022, Sodexo S.A. recapitalized several of its subsidiaries, mainly in the Netherlands, Germany and Spain, for a total of 82 million euros. In addition, capital reductions on Sodexo Belgium, Sodexo Participations & Assets and Sofinsod were carried out in 2022 for a total amount of 231 million euros.
During the fiscal year, Sodexo S.A. acquired the shares of Sodexo Canada through its subsidiary Sodexo Participations & Assets, which granted it a payment of the acquisition price of the shares over 3 years (see note 7).
Sodexo S.A. also purchased from its subsidiary Sodexo Belgium the 19% stake in the Grandir group resulting from the sale by the Sodexo Group of its global Childcare activities in France, Spain and Germany (see note 7).
Investments in Sodexo Maroc (Morocco), Sodexo Euroasia in Russia, Sodexo Congo and Sodexo SRO in Czech Republic were sold during Fiscal 2022 (see note 5).
The individual Company financial statements have been prepared in accordance with the plan comptable général of 2014 and regulation no. 2014-03 issued by the Autorité des normes comptables (ANC), as amended by regulation no. 2016-07 dated November 4, 2016.
The accounting policies applied in preparing the individual Company financial statements for Fiscal 2022 are the same as those applied for Fiscal 2021.
In accordance with regulation no. 2015-06 issued by the ANC, merger deficits are included in “Other financial assets” (see note 7, “Non-current assets”).
ANC regulation no. 2015-05 concerning forward financial instruments and hedging transactions has been effective for Sodexo S.A. since September 1, 2017 (see note 2.5 below for further details).
General accounting conventions were applied with respect to the principle of prudence and in accordance with basic assumptions as follows:
The basic method used to value the items recognized in the accounts is the historical cost method. Only significant information is disclosed.
The amounts presented in the tables in these notes are in million euros.
Exceptional items comprise items that do not relate to the Company’s ordinary activities, and certain items that do relate to ordinary activities but are of an exceptional nature.
The balance sheet and income statement of Sodexo S.A. include amounts for branches in metropolitan France and in French overseas departments and territories.
Non-current assets are valued at acquisition cost or historical cost. Acquisition cost comprises the amount paid plus all incidental costs directly related to the acquisition or to the installation of the asset, and incurred to enable the asset to function as intended.
Depreciation is calculated over the useful life of the asset using the straight-line method, which is considered to best reflect the underlying economic reality.
Software is amortized over three to five years and integrated management software packages are amortized over three to seven years, depending on their expected useful lives.
The difference between the accounting and tax amortization of intangible assets is recognized as exceptional amortization.
The straight-line depreciation lives generally used are:
| Buildings | 20 years |
|---|---|
| General fixtures and fittings | 3-10 years |
| Plant and machinery | 4-10 years |
| Motor vehicles | 4 years |
| Office and computer equipment | 3-10 years |
| Other property, plant and equipment | 5-10 years |
