| (in million euros) | FISCAL 2024 | FISCAL 2023 |
|---|---|---|
| Profit for the fiscal year before tax | Profit for the fiscal year before tax FISCAL 2024996 |
Profit for the fiscal year before tax FISCAL 2023749 |
| Share of profit of companies accounted for using the equity method | Share of profit of companies accounted for using the equity method FISCAL 2024(13) |
Share of profit of companies accounted for using the equity method FISCAL 2023(12) |
| Profit before tax excluding share of profit of companies accounted for using the equity method | Profit before tax excluding share of profit of companies accounted for using the equity methodFISCAL 2024983 | Profit before tax excluding share of profit of companies accounted for using the equity methodFISCAL 2023737 |
| Tax rate applicable to Sodexo S.A. | Tax rate applicable to Sodexo S.A. FISCAL 202425.83% |
Tax rate applicable to Sodexo S.A. FISCAL 202325.83% |
| Theoretical income tax (expense)/income | Theoretical income tax (expense)/incomeFISCAL 2024(254) | Theoretical income tax (expense)/incomeFISCAL 2023(191) |
| Effect of jurisdictional tax rate differences | Effect of jurisdictional tax rate differences FISCAL 20247 |
Effect of jurisdictional tax rate differences FISCAL 202318 |
| Permanently non-deductible expenses or non-taxable income | Permanently non-deductibleexpenses or non-taxableincome FISCAL 202425 |
Permanently non-deductibleexpenses or non-taxableincome FISCAL 2023(25) |
| Other tax repayments/(charges), net(1) | Other tax repayments/(charges), net (1)FISCAL 2024(78) |
Other tax repayments/(charges), net (1)FISCAL 202315 |
| Tax loss carry-forwards used or recognized during the period but not recognized as a deferred tax asset in prior periods(2) | Tax loss carry-forwards used or recognized during the period but not recognized as a deferred tax asset in prior periods (2)FISCAL 202461 |
Tax loss carry-forwards used or recognized during the period but not recognized as a deferred tax asset in prior periods (2)FISCAL 202320 |
| Tax loss carry-forwards and temporary differences arising during the period or prior years but not recognized as a deferred tax asset | Tax loss carry-forwards and temporary differences arising during the period or prior years but not recognized as a deferred tax asset FISCAL 2024(7) |
Tax loss carry-forwards and temporary differences arising during the period or prior years but not recognized as a deferred tax asset FISCAL 2023(8) |
| Actual income tax expense | Actual income tax expenseFISCAL 2024(246) | Actual income tax expenseFISCAL 2023(171) |
| Withholding taxes | Withholding taxes FISCAL 2024(3) |
Withholding taxes FISCAL 2023(10) |
| TOTAL INCOME TAX EXPENSE | TOTAL INCOME TAX EXPENSEFISCAL 2024(249) | TOTAL INCOME TAX EXPENSEFISCAL 2023(181) |
(1) Mainly due to the update of the tax exposure in France..
(2) Of which 31 million euros related to the use of tax losses and 16 million euros of tax losses recognition in France for Fiscal 2024.
The effective tax rate, calculated on profit before tax and excluding the share of profit of companies accounted for using the equity method, went from 24.6% for Fiscal 2023 to 25.4% for Fiscal 2024. The increase in the effective tax rate is mainly due to the update of the risk related to the tax exposure in France, partially offset by the non-taxable capital gain on the disposal of the Homecare business, as well as by better results in France, which allow the use and recognition of previously non-activated tax assets.
Movements in deferred taxes were as follows in Fiscal 2024:
| (in million euros) | AUGUST 31, 2023 | DEFERRED TAX BENEFIT/(EXPENSE) | DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME | CURRENCY TRANSLATION ADJUSTMENT AND OTHER | AUGUST 31, 2024 |
|---|---|---|---|---|---|
| Employee-related liabilities | Employee-related liabilities AUGUST 31, 2023136 |
Employee-related liabilities DEFERRED TAX BENEFIT/(EXPENSE)(14) |
Employee-related liabilities DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME7 |
Employee-related liabilities CURRENCY TRANSLATION ADJUSTMENT AND OTHER(6) |
Employee-related liabilities AUGUST 31, 2024123 |
| Fair value of financial instruments | Fair value of financial instruments AUGUST 31, 20233 |
Fair value of financial instruments DEFERRED TAX BENEFIT/(EXPENSE)(2) |
Fair value of financial instruments DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Fair value of financial instruments CURRENCY TRANSLATION ADJUSTMENT AND OTHER— |
Fair value of financial instruments AUGUST 31, 20241 |
| Goodwill | Goodwill AUGUST 31, 2023(144) |
Goodwill DEFERRED TAX BENEFIT/(EXPENSE)1 |
Goodwill DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Goodwill CURRENCY TRANSLATION ADJUSTMENT AND OTHER11 |
Goodwill AUGUST 31, 2024(132) |
| Intangible assets | Intangible assets AUGUST 31, 2023(4) |
Intangible assets DEFERRED TAX BENEFIT/(EXPENSE)1 |
Intangible assets DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Intangible assets CURRENCY TRANSLATION ADJUSTMENT AND OTHER(1) |
Intangible assets AUGUST 31, 2024(4) |
| Other temporary differences | Other temporary differences AUGUST 31, 2023(36) |
Other temporary differences DEFERRED TAX BENEFIT/(EXPENSE)12 |
Other temporary differences DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME(7) |
Other temporary differences CURRENCY TRANSLATION ADJUSTMENT AND OTHER1 |
Other temporary differences AUGUST 31, 2024(30) |
| Tax loss carry-forwards | Tax loss carry-forwardsAUGUST 31, 202385 |
Tax loss carry-forwardsDEFERRED TAX BENEFIT/(EXPENSE)12 |
Tax loss carry-forwardsDEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Tax loss carry-forwardsCURRENCY TRANSLATION ADJUSTMENT AND OTHER(5) |
Tax loss carry-forwardsAUGUST 31, 202492 |
| TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES) | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)AUGUST 31, 202340 | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)DEFERRED TAX BENEFIT/(EXPENSE)10 | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)CURRENCY TRANSLATION ADJUSTMENT AND OTHER— | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)AUGUST 31, 202450 |
| Of which deferred tax assets | Of which deferred tax assetsAUGUST 31, 2023192 | Of which deferred tax assetsDEFERRED TAX BENEFIT/(EXPENSE)
|
Of which deferred tax assetsDEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME199 | ||
| Of which deferred tax liabilities | Of which deferred tax liabilitiesAUGUST 31, 2023(152) | Of which deferred tax liabilitiesDEFERRED TAX BENEFIT/(EXPENSE)
|
Of which deferred tax liabilitiesDEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME(149) | ||
Movements in deferred taxes were as follows in Fiscal 2023:
| (in million euros) | AUGUST 31, 2022 | DEFERRED TAX BENEFIT/(EXPENSE) | DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME | CURRENCY TRANSLATION ADJUSTMENT AND OTHER | CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR | AUGUST 31, 2023 |
|---|---|---|---|---|---|---|
| Employee-related liabilities | Employee-related liabilities AUGUST 31, 2022146 |
Employee-related liabilities DEFERRED TAX BENEFIT/(EXPENSE)(19) |
Employee-related liabilities DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME25 |
Employee-related liabilities CURRENCY TRANSLATION ADJUSTMENT AND OTHER(10) |
Employee-related liabilities CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR(6) |
Employee-related liabilities AUGUST 31, 2023136 |
| Fair value of financial instruments | Fair value of financial instruments AUGUST 31, 20223 |
Fair value of financial instruments DEFERRED TAX BENEFIT/(EXPENSE)— |
Fair value of financial instruments DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Fair value of financial instruments CURRENCY TRANSLATION ADJUSTMENT AND OTHER— |
Fair value of financial instruments CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR— |
Fair value of financial instruments AUGUST 31, 20233 |
| Goodwill | Goodwill AUGUST 31, 2022(240) |
Goodwill DEFERRED TAX BENEFIT/(EXPENSE)7 |
Goodwill DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Goodwill CURRENCY TRANSLATION ADJUSTMENT AND OTHER15 |
Goodwill CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR74 |
Goodwill AUGUST 31, 2023(144) |
| Intangible assets | Intangible assets AUGUST 31, 2022(22) |
Intangible assets DEFERRED TAX BENEFIT/(EXPENSE)22 |
Intangible assets DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Intangible assets CURRENCY TRANSLATION ADJUSTMENT AND OTHER7 |
Intangible assets CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR(11) |
Intangible assets AUGUST 31, 2023(4) |
| Other temporary differences | Other temporary differences AUGUST 31, 20228 |
Other temporary differences DEFERRED TAX BENEFIT/(EXPENSE)(34) |
Other temporary differences DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME(1) |
Other temporary differences CURRENCY TRANSLATION ADJUSTMENT AND OTHER2 |
Other temporary differences CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR(11) |
Other temporary differences AUGUST 31, 2023(36) |
| Tax loss carry-forwards | Tax loss carry-forwards AUGUST 31, 202298 |
Tax loss carry-forwards DEFERRED TAX BENEFIT/(EXPENSE)4 |
Tax loss carry-forwards DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME— |
Tax loss carry-forwards CURRENCY TRANSLATION ADJUSTMENT AND OTHER(2) |
Tax loss carry-forwards CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR(15) |
Tax loss carry-forwards AUGUST 31, 202385 |
| TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES) | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)AUGUST 31, 2022(7) | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)DEFERRED TAX BENEFIT/(EXPENSE)(20) | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME24 | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)CURRENCY TRANSLATION ADJUSTMENT AND OTHER12 | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)CLASSIFICATION AS ASSETS/ LIABILITIES HELD FOR SALE OR FOR31 | TOTAL NET DEFERRED TAX ASSETS/ (LIABILITIES)AUGUST 31, 202340 |
| Of which deferred tax assets | Of which deferred tax assetsAUGUST 31, 2022154 | Of which deferred tax assetsDEFERRED TAX BENEFIT/(EXPENSE)
|
Of which deferred tax assetsDEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME192 | |||
| Of which deferred tax liabilities | Of which deferred tax liabilitiesAUGUST 31, 2022(161) | Of which deferred tax liabilitiesDEFERRED TAX BENEFIT/(EXPENSE)
|
Of which deferred tax liabilitiesDEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME(152) | |||
(1) The reclassifications made during the period correspond to the reclassification of Pluxee (ex Benefits & Rewards Services activities) accruals in assets held for sale or for distribution and related liabilities (see note 3.2).
