| not included | AUGUST 31, 2024 | NIVEAU DE JUSTE VALEUR | ||||||
|---|---|---|---|---|---|---|---|---|
|
FINANCIAL LIABILITIES (in million euros) |
CATÉGORIE D’INSTRUMENTS | NOTE | CARRYING AMOUNT | FAIR VALUE | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| Bond issues(1) | Financial liabilities at amortized cost | 12.4 | 4,699 | 4,406 | — | — | — | — |
| Other borrowings | Financial liabilities at fair value (through equity)(2) | 12.4 | 2 | 2 | — | — | 2 | 2 |
| Financial liabilities at amortized cost | 12.4 | 4 | 4 | — | — | — | — | |
| Trade and other payables | Financial liabilities at amortized cost | 4.3 | 4,648 | 4,648 | — | — | — | — |
| Derivative financial instrument liabilities | Derivative financial instrument | 12.5 | 31 | 31 | — | 31 | — | 31 |
(1) Fair value is calculated on the basis of listed bond prices as of August 31, 2024.
(2) Put options over non-controlling interests.
| not included | AUGUST 31, 2023 | FAIR VALUE LEVEL | ||||||
|---|---|---|---|---|---|---|---|---|
| FINANCIAL LIABILITIES (in million euros) | CATEGORY | NOTE | CARRYING AMOUNT | FAIR VALUE | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| Marketable securities | Cash equivalents | 12.2 | 34 | 34 | 34 | — | — | 34 |
| Restricted cash and financial assets related to the Benefits & Rewards Services activity (Pluxee) | Financial assets at amortized cost | 12.3 | 855 | 855 | — | — | — | — |
| Financial assets at fair value through profit or loss | 12.3 | 465 | 465 | 465 | — | — | 465 | |
| Trade and other receivables | Financial assets at amortized cost | 4.3 | 3,339 | 3,339 | — | — | — | — |
| Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 925 | 925 | — | — | 925 | 925 |
| Financial assets at amortized cost | 12.3 | 151 | 151 | — | — | — | — | |
| Financial assets at fair value through profit or loss | 12.3 | 62 | 62 | — | — | 62 | 62 | |
| Derivative financial instrument assets | Derivative financial instrument | 12.5 | 5 | 5 | — | 5 | — | 5 |
| not included | AUGUST 31,2023 | FAIR VALUE LEVEL | ||||||
|---|---|---|---|---|---|---|---|---|
| FINANCIAL LIABILITIES (in million euros) | CATEGORY | NOTE | CARRYING AMOUNT | FAIR VALUE | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| Bond issues(1) | Financial liabilities at amortized cost | 12.4 | 5,501 | 5,018 | — | — | — | — |
| Other borrowings | Financial liabilities at fair value (through equity)(2) | 12.4 | 36 | 36 | — | — | 36 | 36 |
| Financial liabilities at amortized cost | 12.4 | 15 | 15 | — | — | — | — | |
| Trade and other payables | Financial liabilities at amortized cost | 4.3 | 4,540 | 4,540 | — | — | — | — |
| Vouchers payable(3) | Financial liabilities at amortized cost | 3.2 | 3,509 | 3,509 | — | — | — | — |
| Derivative financial instrument liabilities | Derivative financial instrument | 12.5 | 41 | 41 | — | 41 | — | 41 |
(1) Fair value is calculated on the basis of listed bond prices as of August 31, 2023.
(2) Put options over non-controlling interests.
(3) Liabilities from Pluxee activity (ex Benefits & Rewards Services activity) reclassified in Liabilities directly associated with assets held for sale or for distribution (see note 3.2).
There were no transfers between the various fair value hierarchy levels between Fiscal 2023 and Fiscal 2024.
Until August 23, 2024, the Group held, through its wholly-owned subsidiary Sofinsod, a 19,6% stake in Bellon SA, a company that controls Sodexo S.A. with 42,8% of its shares and 58,0% of its voting rights exercisable on August 31, 2024. This shareholding didn't give Sodexo significant influence over Bellon SA, as voting rights attached to these Bellon SA shares could not be exercised by Sofinsod, in accordance with the provisions of article L.233-31 of French Code de commerce.
Before the sale, in accordance with IFRS 9, the Group assessed this investment at its fair value, determined in accordance with IFRS 13. The valuation of the fair value of the investment depended, among other things, on the revalued Net Asset Value (NAV) of Bellon SA (limited debt and detention of two assets : initially the shares of Sodexo S.A and since February 1, 2024 the shares of Pluxee N.V.). These shares were valued at their closing share price for the calculation of the NAV of Bellon SA.
The bylaws of Bellon SA include a clause which restricts the sale of Bellon SA shares to non-shareholder third parties, subject to the prior approval of its Supervisory Board. Mr. and Mrs. Pierre Bellon and their children entered into an agreement in June 2015 to prevent their direct descendants from freely disposing of their Bellon SA shares for 50 years.
These specific characteristics imply very limited liquidity for the shares that Sofinsod holds in Bellon SA. The valuation method used by management (Level 3 of the hierarchy defined by IFRS 13) incorporates this illiquidity on the one hand, as well as all of the characteristics of the holding’s ownership structure, on the other hand. This method results in a discount to net asset value on Bellon SA estimated at 40% as of August 31, 2023. .
