As a consequence of the spin-off, Pluxee's assets and liabilities, including the cash, were deconsolidated as of January 31, 2024. The cash flows generated by Pluxee between the start of the Fiscal Year until the spin-off are reported as cash flow from discontinued operations.
| (in million euros) | FISCAL 2024 | FISCAL 2023 |
|---|---|---|
| Operating cash flow(1) | Operating cash flow (1)FISCAL 20241,338 |
Operating cash flow (1)FISCAL 20231,270 |
| Change in working capital | Change in working capital FISCAL 2024(43) |
Change in working capital FISCAL 2023(222) |
| IFRS 16 leases outflow | IFRS 16 leases outflow FISCAL 2024(165) |
IFRS 16 leases outflow FISCAL 2023(186) |
| Net capital expenditure (including new client investments) | Net capital expenditure (including new client investments) FISCAL 2024(469) |
Net capital expenditure (including new client investments) FISCAL 2023(488) |
| Free cash flow(2) | Free cash flow(2)FISCAL 2024661 | Free cash flow(2)FISCAL 2023374 |
| Net disposals | Net disposals FISCAL 2024986 |
Net disposals FISCAL 2023(21) |
| Share buy-backs | Share buy-backs FISCAL 2024(51) |
Share buy-backs FISCAL 2023(57) |
| Dividends paid to shareholders | Dividends paid to shareholders FISCAL 2024(1,373) |
Dividends paid to shareholders FISCAL 2023(352) |
| Other changes (including scope and exchange rates) | Other changes (including scope and exchange rates) FISCAL 202495 |
Other changes (including scope and exchange rates) FISCAL 2023646 |
| (Increase)/decrease in net debt | (Increase)/decrease in net debtFISCAL 2024318 | (Increase)/decrease in net debtFISCAL 2023590 |
(1) The difference with the Operating Cash Flow as presented in the consolidated cash flow statement (section 4.1.4) comes from the new client investments, presented in this table within Net Capex (within Operating Cash flow in the cash flow statement, under "change in client investments").
(2) 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).
Free cash flow from continuing operations was 661 million euros against 374 million euros in Fiscal 2023.
Operating cash flow improved to 1,338 million euros against 1,270 million euros in the previous year, as a result of the improvement in Underlying operating profit, offset by the unfavorable variation of cash tax due to significant positive prior year one-offs.
The working capital outflow in Fiscal 2024 of 43 million euros, improved from the 222 million euros outflow of the previous year which was affected by the residual unwinding of public sector Covid- linked payment delays, 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, at 469 million euros, representing 2.0% of revenues, was slightly below last year at 2.2% of revenues which was marked by higher client investments. IT investments were up, representing 18% share of total Net capital expenditure, up 5 points compared to the previous year.
Acquisitions net of disposals amounted to an inflow of 986 million euros in Fiscal 2024, resulting from the disposal of Sofinsod for 918 million euros and the Homecare business, offset somewhat by some acquisitions mainly in the Convenience activity in North America and the food services market in China.
Dividends paid to shareholders during Fiscal 2024 are exceptionally high as they include the special interim dividend paid in August 2024 for 918 million euros related to the sale of Sofinsod, on top of the usual dividend paid in December 2023 for the prior fiscal year.
After taking into account Other changes, net debt decreased by 318 million euros during the year to reach 2.6 billion euros at August 31, 2024.
| (in million euros) | AUGUST 31, 2024 | AUGUST 31, 2023 ADJUSTED1 |
|---|---|---|
| Non-current assets | Non-current assets AUGUST 31, 20248,627 |
Non-current assets AUGUST 31, 2023 ADJUSTED19,406 |
| Current assets excluding cash | Current assets excluding cash AUGUST 31, 20244,233 |
Current assets excluding cash AUGUST 31, 2023 ADJUSTED14,044 |
| not included | not includedAUGUST 31, 2024not included | not includedAUGUST 31, 2023 ADJUSTED1not included |
| Interco loans / deposits with Pluxee | Interco loans / deposits with Pluxee AUGUST 31, 2024not included |
Interco loans / deposits with Pluxee AUGUST 31, 2023 ADJUSTED11,215 |
| Cash and cash equivalent | Cash and cash equivalent AUGUST 31, 20242,137 |
Cash and cash equivalent AUGUST 31, 2023 ADJUSTED11,455 |
| Asset held for sale and for distribution | Asset held for sale and for distribution AUGUST 31, 202427 |
Asset held for sale and for distribution AUGUST 31, 2023 ADJUSTED15,889 |
| TOTAL ASSETS | TOTAL ASSETSAUGUST 31, 202415,024 | TOTAL ASSETSAUGUST 31, 2023 ADJUSTED122,009 |
| (in million euros) | AUGUST 31, 2024 | AUGUST 31, 2023 ADJUSTED1 |
|---|---|---|
| Shareholders’ equity | Shareholders’ equity AUGUST 31, 20243,782 |
Shareholders’ equity AUGUST 31, 2023 ADJUSTED14,542 |
| Non-controlling interests | Non-controlling interests AUGUST 31, 202416 |
Non-controlling interests AUGUST 31, 2023 ADJUSTED112 |
| Non-current liabilities | Non-current liabilities AUGUST 31, 20245,304 |
Non-current liabilities AUGUST 31, 2023 ADJUSTED16,440 |
| not included | not includedAUGUST 31, 2024not included | not includedAUGUST 31, 2023 ADJUSTED1not included |
| Current liabilities | Current liabilities AUGUST 31, 20245,914 |
Current liabilities AUGUST 31, 2023 ADJUSTED15,481 |
| Liabilities held for sale and for distribution | Liabilities held for sale and for distribution AUGUST 31, 20248 |
Liabilities held for sale and for distribution AUGUST 31, 2023 ADJUSTED15,534 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 202415,024 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITYAUGUST 31, 2023 ADJUSTED122,009 |
(1) As of August 31, 2023, in order to project the post spin-off financial position, in this table intragoup loans and deposits between Sodexo and Pluxee were not eliminated (on the one hand 1,215 million euros loan from Sodexo to Pluxee, presented in this table in Assets, into "inter-company 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 millions 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 were eliminated. Moreover, these intragroup loans were considered as settled as at August 31, 2023, and thus are part of the net debt calculation, as they have been settled just prior to the listing date of Pluxee.
