Universal Registration Document - Fiscal 2023

(in million euros)	AUGUST 31, 2021	INCREASES	REPAYMENTS	DISCOUNTING EFFECTS AND OTHER	CURRENCY TRANSLATION ADJUSTMENT	CHANGES IN SCOPE OF CONSOLIDATION	AUGUST 31, 2022
Bond issues	Bond issues AUGUST 31, 2021 6,053	Bond issues INCREASES 81	Bond issues REPAYMENTS (682)	Bond issues DISCOUNTING EFFECTS AND OTHER (44)	Bond issues CURRENCY TRANSLATION ADJUSTMENT 192	Bond issues CHANGES IN SCOPE OF CONSOLIDATION —	Bond issues AUGUST 31, 2022 5,600
Private Placements and bank borrowings	Private Placements and bank borrowings AUGUST 31, 2021 1	Private Placements and bank borrowings INCREASES —	Private Placements and bank borrowings REPAYMENTS (2)	Private Placements and bank borrowings DISCOUNTING EFFECTS AND OTHER —	Private Placements and bank borrowings CURRENCY TRANSLATION ADJUSTMENT —	Private Placements and bank borrowings CHANGES IN SCOPE OF CONSOLIDATION 2	Private Placements and bank borrowings AUGUST 31, 2022 1
Other borrowings	Other borrowings AUGUST 31, 2021 30	Other borrowings INCREASES 25	Other borrowings REPAYMENTS (3)	Other borrowings DISCOUNTING EFFECTS AND OTHER —	Other borrowings CURRENCY TRANSLATION ADJUSTMENT —	Other borrowings CHANGES IN SCOPE OF CONSOLIDATION 56	Other borrowings AUGUST 31, 2022 108
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTSAUGUST 31, 20216,084	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS INCREASES 106	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS REPAYMENTS (687)	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS DISCOUNTING EFFECTS AND OTHER (44)	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS CURRENCY TRANSLATION ADJUSTMENT 192	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS CHANGES IN SCOPE OF CONSOLIDATION 58	TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTSAUGUST 31, 20225,709
Net fair value of derivative financial instruments	Net fair value of derivative financial instruments AUGUST 31, 2021 (13)	Net fair value of derivative financial instruments INCREASES —	Net fair value of derivative financial instruments REPAYMENTS (12)	Net fair value of derivative financial instruments DISCOUNTING EFFECTS AND OTHER 53	Net fair value of derivative financial instruments CURRENCY TRANSLATION ADJUSTMENT 5	Net fair value of derivative financial instruments CHANGES IN SCOPE OF CONSOLIDATION —	Net fair value of derivative financial instruments AUGUST 31, 2022 33
TOTAL BORROWINGS	TOTAL BORROWINGSAUGUST 31, 20216,071	TOTAL BORROWINGS INCREASES 106	TOTAL BORROWINGS REPAYMENTS (699)	TOTAL BORROWINGS DISCOUNTING EFFECTS AND OTHER 9	TOTAL BORROWINGS CURRENCY TRANSLATION ADJUSTMENT 197	TOTAL BORROWINGS CHANGES IN SCOPE OF CONSOLIDATION 58	TOTAL BORROWINGSAUGUST 31, 20225,742

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12.4.1 Borrowings by currency

	FISCAL 2023		FISCAL 2022
(in million euros)	CURRENT	NON-CURRENT	CURRENT	NON-CURRENT
Bond issues⁽¹⁾
U.S. dollar (USD)	10	1,107	11	1,212
Euro	507	3,586	7	4,080
Sterling pound	1	290	1	289
TOTAL	518	4,983	19	5,581
Private Placements and bank borrowings
Euro	—	—	1	—
Other borrowings⁽²⁾
Euro	8	14	8	55
Sterling pound	6	1	—	8
Other currencies	1	21	6	31
TOTAL	15	36	14	94
BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS	533	5,019	34	5,675
Net fair value of derivative financial instruments⁽³⁾	3	33	1	32
BORROWINGS	536	5,052	35	5,707

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(1) Including, as of August 31, 2023, 4,385 million euros bonds issued by Sodexo S.A. and 1,116 million euros bonds issued by Sodexo, Inc.

(2) Of which 36 million euros as of August 31, 2023 (78 million euros as of August 31, 2022) corresponding to liabilities recognized in connection with written put options over non-controlling interests in certain subsidiaries.

(3) Described in note 12.5.

For borrowings other than bond issues, amortized cost is equivalent to historical cost (nominal amount) insofar as no significant transaction costs are incurred.

12.4.2 Bond issues

On April 16, 2021, Sodexo, Inc., U.S. a subsidiary of Sodexo S.A., completed a bond issue of 1.25 billion U.S. dollars structured in two tranches:

500 million U.S. dollars redeemable at par value in April 2026 and bearing interest at an annual rate of 1.634%, with interest payable semi-annually on April 16 and October 16;
750 million U.S. dollars redeemable at par value in April 2031 and bearing interest at an annual rate of 2.718%, with interest payable semi-annually on April 16 and October 16:
- 375 million (or 50%) of the 750 million U.S. dollars bond due in April 2031 was converted at the time of issuance from fixed to floating rate using interest rate swaps. During Fiscal 2022, Sodexo terminated one of the swaps with a nominal value of 125 million U.S. dollars early and renegotiated the LIBOR-indexed swap, also with a nominal value of 125 million U.S. dollars. Therefore, as of August 31, 2023, 250 million (or 33%) out of the 750 million U.S. dollars obligation is floating rate, hedged using interest rate swaps indexed to SOFR rates. The applicable interest rate on these floating interest rate swaps as of August 31, 2023, was 6.42%.

Accrued interest on these bonds amounted to 10 million euros as of August 31, 2023.

On July 17, 2020, Sodexo S.A. issued a bond structured in two tranches:

500 million euros tranche redeemable at par value on January 17, 2024, and bearing interest at an annual rate of 0.5%, with interest payable annually on January 17;
500 million euros tranche redeemable at par value on July 17, 2028, and bearing interest at an annual rate of 1.0%, with interest payable annually on July 17.

Accrued interest on these bonds amounted to 2 million euros as of August 31, 2023.

Universal Registration Document - Fiscal 2023

4. Consolidated financial statements

12.4.1 Borrowings by currency

12.4.2 Bond issues