| (in million euros) | AUGUST 31, 2023 (1) | AUGUST 31, 2022 |
|---|---|---|
| Non-current assets | Non-current assets AUGUST 31, 2023 (1)9,406 |
Non-current assets AUGUST 31, 202210,785 |
| Current assets excluding cash | Current assets excluding cash AUGUST 31, 2023 (1)4,044 |
Current assets excluding cash AUGUST 31, 20225,648 |
| Interco loans/deposits with Pluxee | Interco loans/deposits with Pluxee AUGUST 31, 2023 (1)1,215 |
Interco loans/deposits with Pluxee AUGUST 31, 2022— |
| Restricted cash + financial assets Pluxee | Restricted cash + financial assets Pluxee AUGUST 31, 2023 (1)— |
Restricted cash + financial assets Pluxee AUGUST 31, 20221,257 |
| Cash | Cash AUGUST 31, 2023 (1)1,455 |
Cash AUGUST 31, 20223,225 |
| Assets held for sale | Assets held for sale AUGUST 31, 2023 (1)5,889 |
Assets held for sale AUGUST 31, 20225 |
| TOTAL ASSETS | TOTAL ASSETSAUGUST 31, 2023 (1)22,009 | TOTAL ASSETSAUGUST 31, 202220,920 |
| (in million euros) | AUGUST 31, 2023 (1) | AUGUST 31, 2022 |
|---|---|---|
| Shareholders’ equity | Shareholders’ equity AUGUST 31, 2023 (1)4,542 |
Shareholders’ equity AUGUST 31, 20224,415 |
| Non-controlling interests | Non-controlling interests AUGUST 31, 2023 (1)12 |
Non-controlling interests AUGUST 31, 202210 |
| Non-current liabilities | Non-current liabilities AUGUST 31, 2023 (1)6,440 |
Non-current liabilities AUGUST 31, 20227,223 |
| Current liabilities | Current liabilities AUGUST 31, 2023 (1)5,481 |
Current liabilities AUGUST 31, 20229,272 |
AUGUST 31, 2023 (1)
|
AUGUST 31, 2022
|
|
| Liabilities held for sale | Liabilities held for sale AUGUST 31, 2023 (1)5,534 |
Liabilities held for sale AUGUST 31, 2022— |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 2023 (1)22,009 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 202220,920 |
| Borrowings | BorrowingsAUGUST 31, 2023 (1)5,588 | BorrowingsAUGUST 31, 20225,742 |
| Net debt (adjusted(1) ) | Net debt (adjusted(1) )AUGUST 31, 2023 (1)2,918 | Net debt (adjusted(1) )AUGUST 31, 20221,268 |
| Gearing (adjusted(1) ) | Gearing (adjusted(1) )AUGUST 31, 2023 (1)64 % | Gearing (adjusted(1) )AUGUST 31, 202229 % |
| Net debt ratio (adjusted(1) ) | Net debt ratio (adjusted(1) )AUGUST 31, 2023 (1)2.4x | Net debt ratio (adjusted(1) )AUGUST 31, 20221.0x |
(1) In order to project the post spin-off financial position, in this table intragroup loans and deposits between Sodexo and Pluxee are not eliminated (on the one hand 1,215 million euros loan from Sodexo to Pluxee, presented in this table in Assets, into “interco loans/deposits with Pluxee” with counterpart in “Liabilities held for sale”, and on the other hand deposits from Pluxee in Sodexo cash-pooling for 570 million euros, presented in the table in Assets as a reduction of Cash with counterpart in “Assets held for sale”. These restatements explain the gaps with the Consolidated financial position in note 4.1.3, in which intragroup loans are eliminated. Moreover, these intragroup loans are considered as settled as at August 31, 2023, and thus are part of the net debt calculation, as they will be settled just prior to the listing date of Pluxee.
| (in million euros) | Consolidated financial position as published | Adjustment | Adjusted Consolidated financial position |
|---|---|---|---|
| Interco loans to Pluxee | Interco loans to Pluxee Consolidated financial position as published — |
Interco loans to Pluxee Adjustment 1,215 |
Interco loans to Pluxee Adjusted Consolidated financial position 1,215 |
| Cash | Cash Consolidated financial position as published 2,025 |
Cash Adjustment (570) |
Cash Adjusted Consolidated financial position 1,455 |
| Assets held for sale | Assets held for sale Consolidated financial position as published 5,319 |
Assets held for sale Adjustment 570 |
Assets held for sale Adjusted Consolidated financial position 5,889 |
| Liabilities held for sale | Liabilities held for sale Consolidated financial position as published 4,319 |
Liabilities held for sale Adjustment 1,215 |
Liabilities held for sale Adjusted Consolidated financial position 5,534 |
As of August 31, 2023, Sodexo continuing operations net debt (adjusted to reflect the post spin-off situation) was 2,918 million euros, up significantly compared to the previous year at 1,268 million euros, which still included the Pluxee cash. As a result, gearing is at 64% and the net debt ratio is 2.4x, compared to 1.0x last year for the Group including Pluxee. Restated with Pluxee as discontinued operations, net debt at the end of Fiscal 2022 would have been 3,508 million euros and the net debt ratio 3.4x.
Fiscal 2023 Net debt is shown adjusted post spin-off, including Sodexo continuing activities net debt reduction of 0.6 billion euros due to the push-down to Pluxee.
At year end, Sodexo continuing operations gross debt of 5.6 billion euros was 72% euro-denominated, 21% dollar-denominated and 6% sterling denominated, with an average maturity of 3.8 years, 95% at fixed rates and 100% covenant-free.
By the end of Fiscal 2023, Operating cash of Sodexo continuing operations adjusted post spin-off reached a total of 1,455 million euros.
At the year end, unused credit lines totaled 1.8 billion euros.
In anticipation of the full spin-off of Pluxee, Sodexo has elected to redeem, on November 10, 2023 all of its 300 million euros 1.125 per cent Bonds series due May 22, 2025 pursuant to the terms and conditions of these Bonds.
Fiscal 2023 has been a quiet period for both acquisitions and disposals of non-core activities and geographies.
Published EPS was 5.44 euros against 4.75 euros in Fiscal 2022. The weighted average number of shares for Fiscal 2023 was more or less stable at 146,127,620 compared to 146,295,576 shares for Fiscal 2022. Underlying EPS was 6,21 euros, up +30% compared to the prior year.
The Board of Directors has proposed a dividend of 3.10 euros, up +29.2% compared to Fiscal 2022, in line with our policy of a pay-out-ratio of 50% of Underlying net profit.
