Sodexo S.A. is required to pay benefits to retiring employees on the terms stipulated in a Company-wide collective agreement. The amount of the commitment has been calculated on the basis of rights vested at the balance sheet date, taking into account assumptions about final salary, discount rates and employee turnover.
This commitment, which is not recognized as a liability in the balance sheet, was estimated at 4 million euros as of August 31,2022 2022, including impact of IFRIC decision from May 2021.
Commitments related to a supplemental pension plan were estimated using the projected unit credit method based on final salary and net of funding for the plan. These commitments, amounting to 1 million euros as of August 31, 2022, are not recognized in the financial statements.
The new retirement plan implemented in Fiscal 2021 is not subject to any provision in the balance sheet apart from the insurance premium to be paid and does not generate an off-balance sheet commitment, the pensions being paid directly by the insurer.
Directors’ fees paid to Board members during the fiscal year represented less than 1 million euros (refer to section 6.5.3 of the Universal Registration Document).
A tax rectification proposal concerning Fiscal years 2016, 2017 and 2018 was received by Sodexo S.A. in December 2021. The Company believes, after having taken advice from its tax advisers, that it has solid arguments to contest the proposed increases.
| AUGUST 31, 2022 | AUGUST 31, 2021 | |
|---|---|---|
| Managers | Managers AUGUST 31, 2022455 |
Managers AUGUST 31, 2021428 |
| Supervisors | Supervisors AUGUST 31, 202215 |
Supervisors AUGUST 31, 202123 |
| Other | Other AUGUST 31, 20224 |
Other AUGUST 31, 20211 |
| Apprentices | Apprentices AUGUST 31, 202213 |
Apprentices AUGUST 31, 202113 |
| TOTAL | TOTALAUGUST 31, 2022487 | TOTALAUGUST 31, 2021465 |
The average number of employees is an average of the number of employees present at the end of each quarter.
Sodexo S.A. is consolidated in the financial statements of Bellon SA, which has its registered office at 17-19, place de la Résistance, Issy-les-Moulineaux, France. The consolidated financial statements of the Sodexo Group are presented in chapter 4 of this Universal Registration Document.
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