(as of August 31, 2023)
SODEXO
Present in 45 countries
NORTH AMERICA(46% Sodexo revenues)
EUROPE (36% Sodexo revenues)
REST OF THE WORLD(18% Sodexo revenues)
Fiscal 2023 Sodexo (continuing operations, excluding Pluxee) consolidated revenues reached 22.6 billion euros, up +11.7% year- on-year. Underlying operating profit margin of Sodexo was 4.3%, up +30 bps. Net profit of Sodexo continued operations was 560 million euros, up +8.9%. Pluxee contributed 234 million euros, up +29.3%. As a result, Sodexo Fiscal 2023 Net profit reached 794 million euros up +14.2%. Underlying Net profit, adjusted for other income and expenses, linked substantially to restructuring and one-off costs of the spin-off, reached 908 million euros, up +29.9% compared to the previous year.
As a result, the proposed cash dividend for the year is 3.10 euros, up 29%, reflecting a pay-out ratio of 50% of Underlying net profit, in line with the Sodexo dividend policy.
As of August 31, 2023, the Sodexo Group financial ratios improved significantly, with gearing at 24% and the Net debt ratio at 0.7x, below the 1-2x target.
Given the significant cash position of Pluxee, Sodexo excl. Pluxee has a net debt to EBITDA ratio of 2.4x. Following the reallocation of debt between Sodexo to Pluxee, and regular free cashflow generation the Sodexo ratios are expected to return to close to the targeted range of 1 to 2x within 18 months of the spin-off.
| (in million euros) | FY 2023 | FY 2022 | CHANGE* |
|---|---|---|---|
| Revenues | RevenuesFY 202322,637 | RevenuesFY 202220,263 | RevenuesCHANGE* +11.7% |
| Underlying Operating profit | Underlying Operating profitFY 2023976 | Underlying Operating profitFY 2022815 | Underlying Operating profitCHANGE* +19.7% |
| Underlying Operating Margin | Underlying Operating MarginFY 20234.3% | Underlying Operating MarginFY 20224.0% | Underlying Operating MarginCHANGE* + 30 bps |
| Net profit (Group share) Sodexo continuing operations | Net profit (Group share) Sodexo continuing operations FY 2023560 |
Net profit (Group share) Sodexo continuing operations FY 2022514 |
Net profit (Group share) Sodexo continuing operations CHANGE*+8.9% |
| Net profit (Group share) Pluxee discontinued operations | Net profit (Group share) Pluxee discontinued operations FY 2023234 |
Net profit (Group share) Pluxee discontinued operations FY 2022181 |
Net profit (Group share) Pluxee discontinued operations CHANGE*+29.3% |
| Net profit (Group share) | Net profit (Group share)FY 2023794 | Net profit (Group share)FY 2022695 | Net profit (Group share)CHANGE* +14.2% |
| Earnings per share (in euros) | Earnings per share (in euros) FY 20235.44 |
Earnings per share (in euros) FY 20224.75 |
Earnings per share (in euros) CHANGE*
|
| Underlying net profit group share | Underlying net profit group shareFY 2023908 | Underlying net profit group shareFY 2022699 | Underlying net profit group shareCHANGE* +29.9% |
| Underlying Earnings per share (in euros) | Underlying Earnings per share (in euros) FY 20236.21 |
Underlying Earnings per share (in euros) FY 20224;78 |
Underlying Earnings per share (in euros) CHANGE*
|
* At current exchange rate.
| (in million euros) | GROUP* | SODEXO (CONTINUING OPERATION) | PLUXEE (DISCONTINUED OPERATION) |
|---|---|---|---|
| Net Debt | Net Debt GROUP*1,075 |
Net Debt SODEXO (CONTINUING OPERATION)2,918 |
Net Debt PLUXEE (DISCONTINUED OPERATION)(1,843) |
| Gearing ratio | Gearing ratio GROUP*24% |
Gearing ratio SODEXO (CONTINUING OPERATION)64% |
Gearing ratio PLUXEE (DISCONTINUED OPERATION)na |
| Net debt ratio (Net debt/EBITDA) | Net debt ratio (Net debt/EBITDA) GROUP*0.7x |
Net debt ratio (Net debt/EBITDA) SODEXO (CONTINUING OPERATION)2.4x |
Net debt ratio (Net debt/EBITDA) PLUXEE (DISCONTINUED OPERATION)-4.4x |
* Group before classification and presentation of Pluxee as discontinued operations as per IFRS 5.
For more information, see chapter 3 of the Universal Registration Document.
