Financial ratios have been computed based on the following key indicators:
| (in million euros) | FISCAL 2023 | FISCAL 2022 adjusted | |
|---|---|---|---|
| (1) Borrowings(1) |
(1) Borrowings (1)
Long-term borrowings |
(1) Borrowings (1)FISCAL 2023 5,056 |
(1) Borrowings (1)FISCAL 2022 adjusted 5,665 |
|
(in million euros) + Short-term borrowings |
537 |
FISCAL 2023 34 |
|
|
(in million euros) - Derivative financial instruments recognized as assets |
(5) |
FISCAL 2023 (3) |
|
|
(in million euros) BORROWINGS |
5,588 |
FISCAL 2023 5,696 |
|
| (2) Operating cash |
(2) Operating cash
Cash and cash equivalents |
(2) Operating cash FISCAL 2023 2,025 |
(2) Operating cash FISCAL 2022 adjusted 2,282 |
|
(in million euros) Pluxee deposits |
(570) |
FISCAL 2023 (564) |
|
|
(in million euros) Loans with Pluxee |
1,215 |
FISCAL 2023 478 |
|
|
(in million euros) - Bank overdrafts |
— |
FISCAL 2023 (8) |
|
|
(in million euros) OPERATING CASH |
2,670 |
FISCAL 2023 2,188 |
|
| (3) Underlying EBITDA |
(3) Underlying EBITDA
Underlying operating profit |
(3) Underlying EBITDA FISCAL 2023 976 |
(3) Underlying EBITDA FISCAL 2022 adjusted 815 |
|
(in million euros) + Depreciation and amortization |
422 |
FISCAL 2023 420 |
|
|
(in million euros) - Lease payments |
203 |
FISCAL 2023 213 |
|
|
(in million euros) UNDERLYING EBITDA (UNDERLYING OPERATING PROFITBEFORE DEPRECIATION AND AMORTIZATION) |
1,195 |
FISCAL 2023 1,022 |
|
| (4) Underlying operating profit after tax |
(4) Underlying operating profit after tax
Underlying operating profit |
(4) Underlying operating profit after tax FISCAL 2023 976 |
(4) Underlying operating profit after tax FISCAL 2022 adjusted 815 |
|
(in million euros) Underlying Effective tax rate (4) |
25.7% |
FISCAL 2023 27.5% |
|
|
(in million euros) UNDERLYING OPERATING PROFIT AFTER TAX |
725 |
FISCAL 2023 591 |
|
| (5) Average capital employed(2) |
(5) Average capital employed (2)
Property, plant and equipment |
(5) Average capital employed (2)FISCAL 2023 504 |
(5) Average capital employed (2)FISCAL 2022 adjusted 473 |
|
(in million euros) + Right-of-use assets relating to lease |
829 |
FISCAL 2023 865 |
|
|
(in million euros) + Leases liabilities |
(873) |
FISCAL 2023 (905) |
|
|
(in million euros) + Goodwill |
5,758 |
FISCAL 2023 5,589 |
|
|
(in million euros) + Other intangible assets |
475 |
FISCAL 2023 494 |
|
|
(in million euros) + Client investments |
677 |
FISCAL 2023 614 |
|
|
(in million euros) + Working capital excluding restricted cash and financial assets of the Benefits & Rewards Services activity |
(1,031) |
FISCAL 2023 (1,234) |
|
|
(in million euros) + Impact of assets held for sale net of liabilities (3) |
72 |
FISCAL 2023 78 |
|
|
(in million euros) AVERAGE CAPITAL EMPLOYED |
6,410 |
FISCAL 2023 5,974 |
(1) The Group does not believe the accounting treatment introduced by IFRS 16 modifies the operating nature of its lease transactions. Accordingly, to ensure the Group’s performance measures continue to best reflect its operating performance, the Group considers repayments of lease liabilities as operating items impacting the Free cash flow, which integrates all lease payments (fixed or variable). Consistently, the lease liabilities are not included in Net debt.
(2) Average capital employed between the beginning and the end of the period.
(3)Reinstatement of the capital employed of Homecare services which gave rise to classification in assets held for sale and related liabilities as of August 31, 2023, and Childcare activity as of August 31, 2022.
(4) Below the underlying effective tax rate calculation:
| FISCAL 2023 | FISCAL 2022 | |||||
|---|---|---|---|---|---|---|
| (in million euros) | PROFIT BEFORE TAX EXCLUDING SHARE OF PROFIT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD | INCOME TAX | RATE | PROFIT BEFORE TAX EXCLUDING SHARE OF PROFIT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD | INCOME TAX | RATE |
| EFFECTIVE | 737 | (181) | 24.6% | 718 | (206) | 28.8% |
| Adjustments: | ||||||
| Restructuring costs | 47 | (12) | 8 | (2) | ||
| Impairment losses and amortization of intangible assets relating to client relationships and trademarks | 36 | (9) | 36 | (9) | ||
|
Non recognition of non-recurrent deferred taxes |
— | (7) | — | 1 | ||
| Others | 60 | (17) | (41) | 19 | ||
| UNDERLYING | 880 | (226) | 25.7% | 722 | (198) | 27.5% |
