| (in million euros) | AUGUST 31, 2023 | AUGUST 31, 2022 |
|---|---|---|
| Non-current assets | Non-current assets AUGUST 31, 2023 10,390 |
Non-current assets AUGUST 31, 2022 10,785 |
| Current assets excluding cash | Current assets excluding cash AUGUST 31, 2023 5,849 |
Current assets excluding cash AUGUST 31, 2022 5,648 |
| Restricted Cash Pluxee | Restricted Cash Pluxee AUGUST 31, 2023 936 |
Restricted Cash Pluxee AUGUST 31, 2022 960 |
| Financial Assets Pluxee | Financial Assets Pluxee AUGUST 31, 2023 384 |
Financial Assets Pluxee AUGUST 31, 2022 297 |
| Cash | Cash AUGUST 31, 2023 3,235 |
Cash AUGUST 31, 2022 3,225 |
| Asset held for sale | Asset held for sale AUGUST 31, 2023
|
Asset held for sale AUGUST 31, 2022 5 |
| TOTAL ASSETS | TOTAL ASSETS AUGUST 31, 2023 20,794 |
TOTAL ASSETS AUGUST 31, 2022 20,920 |
| (in million euros) | AUGUST 31, 2023 | AUGUST 31, 2022 |
|---|---|---|
| Shareholders’ equity | Shareholders’ equity AUGUST 31, 2023 4,541 |
Shareholders’ equity AUGUST 31, 2022 4,415 |
| Non-controlling interests | Non-controlling interests AUGUST 31, 2023 13 |
Non-controlling interests AUGUST 31, 2022 10 |
| Non-current liabilities | Non-current liabilities AUGUST 31, 2023 6,554 |
Non-current liabilities AUGUST 31, 2022 7,223 |
| Current liabilities | Current liabilities AUGUST 31, 2023 9,686 |
Current liabilities AUGUST 31, 2022 9,272 |
AUGUST 31, 2023
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AUGUST 31, 2022
|
|
AUGUST 31, 2023
|
AUGUST 31, 2022
|
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| TOTAL LIABILITIES & EQUITY | 20,794 | 20,920 |
| Gross borrowings | 5,625 | 5,742 |
| Net debt | 1,075 | 1,268 |
| Gearing ratio | 23.6 % | 28.7 % |
| Net debt ratio (Net debt/ EBITDA) | Net debt ratio (Net debt/ EBITDA) AUGUST 31, 2023 0.7x |
Net debt ratio (Net debt/ EBITDA) AUGUST 31, 2022 1.0 |
Group Operating Cash (including Pluxee restricted cash and financial assets) totaled 4.6 billion euros as of August 31, 2023, of which 3.1 billion euros related to Pluxee, and 1.5 billion euros related to Sodexo. Group net debt was 1.1 billion euros at the end of Fiscal 2023, down compared to the previous year at 1.3 billion euros. As a result, gearing is at 24% and the net debt ratio is 0.7x(1).
(1) In order to present the balance sheet before classification of Pluxee as discontinued activities, the contribution of (i) Sodexo (continuing activity), presented in the consolidated financial information in 4.1.3, and (ii) Pluxee (discontinued activity) presented in Chapter 4, consolidated financial information note 3.2.1, have been added in each line of this table.
In Fiscal 2023, Sodexo’s solid financial performance was accompanied by continued progress on its sustainability commitments:
Record performance on safety of our People:
At the end of Fiscal 2023, Sodexo reached a record 0.55 Lost Time Injury Rate (LTIR), representing a -15.4% reduction compared to Fiscal 2022. The severity of Lost time injuries also reached a record level reduction of -52% compared to the previous year.
82.5% Employee engagement confirming renewed confidence in Sodexo and its trajectory:
The engagement rate was up +4.2 points compared to 2021, exceeding the 2025 objective of 80%. For this 10th engagement survey, the participation rate reached an all time high of 70.3%, up +10.3 points compared to the 2021 survey, with 243,000 participants across the Group.
Increased share in renewable electricity in our direct operations:
Further progress has been achieved in the share of the Group’s direct electricity consumption that is renewable at 55%, well above the 40% target for the year and therefore facilitating the achievement of our target of 100% by 2025.
The year-on-year Scope 1, 2 and 3 reduction in Greenhouse Gas (GHG) emissions was -5.4% in Fiscal 2023 while the reduction compared to 2017 was at -20.7%:
Sodexo emissions targets have been validated by the SBTi in 2019. Because our journey started early on and following the SBTi guidelines, Sodexo has rebased its emissions data since 2017. The effect of this rebaselining implies a significant reduction of the 2017 baseline numbers. As a result, at the end of Fiscal 2023, Scope 1 & 2 GHG emissions are down -32.9% relative to the new 2017 baseline, on track to reach our reduction target of -34% in 2025. The -34% Scope 3 reduction target should be reached in Fiscal 2026. The current reduction trajectory is aligned with the SBTi recommended pathway for the 1.5°C trajectory.
The project to spin-off Pluxee has advanced significantly.
The listing is expected early 2024 on Euronext Paris, subject to approval of the listing prospectus by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and its passporting to the French Autorité des marchés financiers, the Euronext admission decision and market conditions.
Existing double voting rights of Sodexo shareholders will be maintained at Pluxee, which will be legally registered in the Netherlands allowing Bellon SA to continue playing a long-term controlling shareholder role in Pluxee. Tax residency will remain in France.
The proposed full spin-off will be put to a shareholder vote during a dedicated General Meeting to be held early 2024.
Pluxee plans to hold a Capital Markets Day shortly before the dedicated General Meeting to present its strategic plan and the next phase of value creation. The Fiscal 2024 and mid-term guidance will be provided on this occasion.
The spin-off will have no significant tax impact for Sodexo and its shareholders, at least in France and in the USA.
Pluxee will be allocated a portion of Sodexo’s current indebtedness for a total amount of 0.6 billion of euros and Pluxee proforma capital structure will be consistent with a strong Investment Grade credit rating.
The Board of Pluxee will be comprised of:
