Other: companies accounted for using the equity method, and non-consolidated companies in which Sodexo S.A. has an equity interest of less than 10%.
There has been no related-party transaction that is both material and falls outside the framework of normal business dealings concluded at conditions that are not arm’s-length.
| (in million euros) | AUGUST 31, 2022 | AUGUST 31, 2021 |
|---|---|---|
| Performance bonds given to Sodexo Group clients | Performance bonds given to Sodexo Group clients AUGUST 31, 20221,821 |
Performance bonds given to Sodexo Group clients AUGUST 31, 20211,506 |
| Financial guarantees to third parties | Financial guarantees to third parties AUGUST 31, 20226,354 |
Financial guarantees to third parties AUGUST 31, 20216,087 |
| Retirement benefit commitments | Retirement benefit commitments AUGUST 31, 20225 |
Retirement benefit commitments AUGUST 31, 20218 |
| Other commitments | Other commitments AUGUST 31, 202259 |
Other commitments AUGUST 31, 2021137 |
| TOTAL | TOTALAUGUST 31, 20228,239 | TOTALAUGUST 31, 20217,738 |
Financial guarantees to third parties concern:
The leases for the Group’s corporate headquarters in Issy-les-Moulineaux represent commitments for office leases for11 million euros.
Other commitments notably include the guarantee issued by Sodexo S.A. in October 2012 to cover Sodexo UK’s retirement plan obligation in the United Kingdom. This guarantee was issued to the plan trustee for a maximum 100 million British pounds Sterling with a 12-year term (i.e., until October 2024). This guarantee was reduced to 40 million British pounds Sterling in 2022 following a payment to the fund of 60 million British pounds Sterling) .
| (in million euros) | AUGUST 31, 2022 | AUGUST 31, 2021 |
|---|---|---|
| Commitments received | Commitments received AUGUST 31, 20221,600 |
Commitments received AUGUST 31, 20212,400 |
Commitments received correspond to counter-guarantees by Sodexo, Inc. of Sodexo S.A.’s financial borrowings, which decreased due to the reimbursement of the borrowings during the year.
The ongoing commitments as of the end of the year were as follows:
| DESCRIPTION | INCEPTION DATE | EXPIRATION DATE | NOMINAL AMOUNT | MARKET VALUE AS OF AUGUST 31, 2022 |
|---|---|---|---|---|
| Forward currency purchase | Forward currency purchase INCEPTION DATEJune 2019 |
Forward currency purchase EXPIRATION DATEJune 2028 |
Forward currency purchase NOMINAL AMOUNT£250 million |
Forward currency purchase MARKET VALUE AS OF AUGUST 31, 2022€19 million |
Sodexo S.A. may use derivative financial instruments in order to hedge its exposure to volatility in interest and currency exchange rates.
|
INCREASES (in million euros) |
|
|---|---|
| Exceptional amortization | Exceptional amortization
16 |
|
DECREASES (in million euros) |
|
|---|---|
| Employee profit-sharing | Employee profit-sharing
— |
| Other non-deductible provisions | Other non-deductible provisions
21 |
The future tax asset related to this unrealized tax difference was 1 million euros, calculated at a rate of 25.83%.
