The key indicators below have been calculated on the basis of the published 2023 balance sheet, in which the assets and liabilities of the Benefits & Reward Services business (Pluxee) have been reclassified as assets held for sale or distribution and related liabilities in application of IFRS 5 "Non-current assets held for sale and discontinued operations", restated for intra-group loans and deposits between Sodexo and Pluxee (balances eliminated in the published 2023 balance sheet): presentation within operating cash assets of intra-group loans between Sodexo and Pluxee for 1,215 million euros as of August 31, 2023, and Pluxee's cash-pooling deposits, for -570 million euros as of August 31, 2023 (as a deduction from operating cash). This restated balance sheet corresponds to the adjusted balance sheet, as presented in note 3.2.2 of the fiscal year activity report.
To be comparable, the 2022 published balance sheet has also been restated : reclassification of assets and liabilities of the Benefits & Rewards Services business (Pluxee) as assets held for sale or distribution and related liabilities as if IFRS 5 had been applied on August 31, 2022, presentation within operating cash assets of internal loans with Pluxee for 478 million euros and Pluxee's deposits in the context of cash-pooling for -564 million euros as operating cash reduction as of August 31, 2022.
| FISCAL 2023 | FISCAL 2022 adjusted | ||
|---|---|---|---|
| Gearing ratio | Gearing ratio
Borrowings (1) – operating cash (2) |
Gearing ratio FISCAL 2023 64.1% |
Gearing ratio FISCAL 2022 adjusted 79.3% |
Shareholders’ equity and non-controlling interests |
|||
| Net debt ratio | Net debt ratio
Borrowings (1) – operating cash (2) |
Net debt ratio FISCAL 2023 2.4 |
Net debt ratio FISCAL 2022 adjusted 3.4 |
Underlying EBITDA (underlying operating profit before Interest, 2.4 3.4 Taxes, Depreciation and Amortization) (3) |
|||
| Debt coverage | Debt coverage
Borrowings |
Debt coverage FISCAL 2023 4,9 years |
Debt coverage FISCAL 2022 adjusted 5,8 years |
Operating cash flow |
|||
| Financial independence | Financial independence
Long-term borrowings |
Financial independence FISCAL 2023 111.0% |
Financial independence FISCAL 2022 adjusted 128.0% |
Shareholders’ equity and non-controlling interests |
|||
| Return on equity | Return on equity
Profit attributable to equity holders of the parent |
Return on equity FISCAL 2023 21.2% |
Return on equity FISCAL 2022 adjusted 18.7% |
Equity attributable to equity holders of the parent (before profit for the period) |
|||
| ROCE (Return on capital employed) | ROCE (Return on capital employed)
Underlying operating profit after tax (4) |
ROCE (Return on capital employed) FISCAL 2023 11.3% |
ROCE (Return on capital employed) FISCAL 2022 adjusted 9.9% |
Average capital employed (5) |
|||
| Interest cover | Interest cover
Operating profit |
Interest cover FISCAL 2023 11.5 |
Interest cover FISCAL 2022 adjusted 10.2 |
Net borrowing cost |
