During Fiscal 2023, Sodexo S.A. purchased 638,532 of its own shares for 57 million euros, to be used for restricted share grants.
On February 7, 2023, Sodexo S.A. early redeemed in full its outstanding 580 million euros loan granted by Sodexo Finance Designated Activity Company in September 2017, bearing an annual interest rate of 2.66% and initially due to mature in 2034. This redemption, bearing penalties (see note 5) reduces the cost of debt and the low performing surplus cash deposits.
During Fiscal 2023, Sodexo S.A. recapitalized several of its subsidiaries, mainly in Belgium, France and Australia, for a total of 77 million euros. In addition, a capital reduction on Sodexo Participations & Assets was carried out in 2023 for a total amount of 152 million euros.
Investment in CSM was sold in Fiscal 2023.
On August 31, 2023 Sodexo S.A. also sold 11.95% of its shares in Pluxee International to its subsidiary Sodexo Asset Management 2 for 610 million euros in counterpart of a vendor credit. This is one of the preliminary stages of the project to separate the Benefits & Rewards Services (Pluxee) activity. The rest of the stages prior to the implementation of this project will take place during Fiscal 2024, including the contribution by Sodexo S.A. of 88.95% of the shares of Pluxee International to Sodexo Asset Management 2. The shares of Sodexo Asset Management 2 are intended to be allocated to shareholders of Sodexo S.A.
The individual Company financial statements have been prepared in accordance with the plan comptable général of 2014 and regulation no. 2014-03 issued by the Autorité des normes comptables (ANC) , as amended by regulation no. 2016-07 dated November 4, 2016.
The accounting policies applied in preparing the individual Company financial statements for Fiscal 2023 are the same as those applied for Fiscal 2022.
In accordance with regulation no. 2015-06 issued by the ANC, merger deficits are included in “Other financial assets” (see note 7, “Non-current assets”).
ANC regulation no. 2015-05 concerning forward financial instruments and hedging transactions has been effective for Sodexo S.A. since September 1, 2017 (see note 2.5 below for further details).
General accounting conventions were applied with respect to the principle of prudence and in accordance with basic assumptions as follows:
The basic method used to value the items recognized in the accounts is the historical cost method. Only significant information is disclosed.
The amounts presented in the tables in these notes are in million euros.
Exceptional items comprise items that do not relate to the Company’s ordinary activities, and certain items that do relate to ordinary activities but are of an exceptional nature.
The balance sheet and income statement of Sodexo S.A. include amounts for branches in metropolitan France and in French overseas departments and territories.
Non-current assets are valued at acquisition cost or historical cost. Acquisition cost comprises the amount paid plus all incidental costs directly related to the acquisition or to the installation of the asset, and incurred to enable the asset to function as intended.
Depreciation is calculated over the useful life of the asset using the straight-line method, which is considered to best reflect the underlying economic reality.
Software is amortized over three to five years and integrated management software packages are amortized over three to seven years, depending on their expected useful lives.
The difference between the accounting and tax amortization of intangible assets is recognized as exceptional amortization.
The straight-line depreciation lives generally used are:
| Buildings | 20 years |
|---|---|
| General fixtures and fittings | 3-10 years |
| Plant and machinery | 4-10 years |
| Motor vehicles | 4 years |
| Office and computer equipment | 3-10 years |
| Other property, plant and equipment | 5-10 years |
