| (in million euros) | FISCAL 2023 | FISCAL 2022 restated |
|---|---|---|
| Operating cash flow | Operating cash flow F ISCAL 20231,130 |
Operating cash flow FISCAL 2022 restated 977 |
| Change in working capital | Change in working capital F ISCAL 2023(222) |
Change in working capital FISCAL 2022 restated (193) |
| IFRS 16 leases outflow | IFRS 16 leases outflow F ISCAL 2023(186) |
IFRS 16 leases outflow FISCAL 2022 restated (196) |
| Net capital expenditure | Net capital expenditure F ISCAL 2023(348) |
Net capital expenditure FISCAL 2022 restated (262) |
| Free cash flow from continuing operations(1) | Free cash flow from continuing operations(1) F ISCAL 2023374 |
Free cash flow from continuing operations(1) FISCAL 2022 restated 326 |
| Net acquisitions | Net acquisitions F ISCAL 2023(21) |
Net acquisitions FISCAL 2022 restated (41) |
| Share buy-backs/Treasury stock | Share buy-backs/Treasury stock F ISCAL 2023(57) |
Share buy-backs/Treasury stock FISCAL 2022 restated (13) |
| Dividends paid to shareholders | Dividends paid to shareholders F ISCAL 2023(352) |
Dividends paid to shareholders FISCAL 2022 restated (294) |
| Other changes (including scope and exchange rates)(2) | Other changes (including scope and exchange rates) (2)F ISCAL 2023646 |
Other changes (including scope and exchange rates) (2)FISCAL 2022 restated 2 |
| (Increase)/decrease in net debt from continuing operations | (Increase)/decrease in net debt from continuing operations F ISCAL 2023590 |
(Increase)/decrease in net debt from continuing operations FISCAL 2022 restated (20) |
| Pluxee Free cash flow (discontinued) | Pluxee Free cash flow (discontinued) F ISCAL 2023438 |
Pluxee Free cash flow (discontinued) FISCAL 2022 restated 305 |
| Pluxee (Increase)/decrease in net debt (discontinued)(2) | Pluxee (Increase)/decrease in net debt (discontinued)(2) F ISCAL 2023(397) |
Pluxee (Increase)/decrease in net debt (discontinued)(2) FISCAL 2022 restated 230 |
| Group Free cash flow | Group Free cash flow F ISCAL 2023812 |
Group Free cash flow FISCAL 2022 restated 631 |
| Group (Increase)/decrease in net debt | Group (Increase)/decrease in net debt F ISCAL 2023193 |
Group (Increase)/decrease in net debt FISCAL 2022 restated 210 |
(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). To be consistent, the lease liabilities are not included in Net debt (treated as operating items).
(2) Includes debt push-down from Sodexo to Pluxee for 0.6 billion euros
Free cash flow from continuing operations, adjusted for IFRS 16, was 374 million euros against 326 million euros in Fiscal 2022.
Operating cash flow improved to 1,130 million euros against 977 million euros in the previous year, as a result of the improvement in Underlying operating profit.
The Working capital outflow in Fiscal 2023 of 222 million euros was similar to last year. It was affected by some residual unwinding of government Covid-linked payment delays in North America and Northern Europe, a change in supplier payment delays in Europe, as well as a significant payroll timing impact in North America.
Net capital expenditure, including client investments, increased to 348 million euros, and 1.5% of revenues, compared to 262 million euros in the preceding year, at 1.3% of revenues. Gross capex was 520 million euros, or 2.3% of revenues. of which more than 85% was client facing investments. The increase in capital expenditure compared to the prior year is mainly coming from more significant client investments in North America, in the Education and Healthcare segments in particular with the Ardent contract, in Australia in Mining and in the United Kingdom, related to new sales in Government and Healthcare.
M&A activity was limited in Fiscal 2023 with net acquisition spend of 21 million euros.
In order to project the post spin-off financial position, intragroup loans and deposits between Sodexo and Pluxee are considered as settled as at August 31, 2023 in this table, even though they will be settled only just prior to the listing date of Pluxee. As a consequence, Other changes includes in Fiscal 2023 a 0.6 billion euros debt push-down to Pluxee.
The resulting restated net debt from continuing activities reduced by 590 million euros ending the year to 2,918 million euros at August 31, 2023.
Pluxee net debt increased by 397 million euros due to the 610 millions euros debt push-down (considered as settled as of August 31, 2023).
