| FISCAL 2024 | FISCAL 2023(2) | ||
|---|---|---|---|
| Gearing ratio | Borrowings (1) – operating cash (2) | 68.5% | 64.1% |
| Shareholders’ equity and non-controlling interests | |||
| Net debt ratio | Borrowings (1) – operating cash (2) | 1.7 | 2.2 |
| Underlying EBITDA (underlying operating profit before Interest, Taxes, Depreciation and Amortization) (3) | |||
| Debt coverage | Borrowings | 3,5 years | 4,4 years |
| Operating cash flow(1) | |||
| Financial independence | Long-term borrowings | 105.6% | 111.0% |
| Shareholders’ equity and non-controlling interests | |||
| Return on equity | Profit attributable to equity holders of the parent | 20.4% | 21.2% |
| Equity attributable to equity holders of the parent (before profit for the period) | |||
| ROCE (Return on capital employed) | Underlying operating profit after tax (4) | 12.9% | 11.3% |
| Average capital employed (5) | |||
| Interest cover | Operating profit | 14.8 | 11.5 |
| Net borrowing cost |
(1) Operating cash flow as determined in the fiscal year activity report in the note 3.3 (chapter 3 of URD) for fiscal 204 and 2023.
(2) For Fiscal 2023, indicators were calculated from adjusted balance sheet (see note 3.3.2 in the fiscal year activity report for further details).
Financial ratios have been computed based on the following key indicators:
| (en millions d’euros) | FISCAL 2024 | FISCAL 2023 adjusted | |
|---|---|---|---|
| (1) Borrowings(1) | Long-term borrowings | 4,011 | 5,056 |
| + Short-term borrowings | 725 | 537 | |
| - Derivative financial instruments recognized as assets | (2) | (5) | |
| BORROWINGS | 4,734 | 5,588 | |
| (2) Operating cash | Cash and cash equivalents | 2,137 | 2,025 |
| Pluxee deposits | — | (570) | |
| Loans with Pluxee | — | 1,215 | |
| - Bank overdrafts | (3) | — | |
| OPERATING CASH | 2,134 | 2,670 | |
| (3) Underlying EBITDA | Underlying operating profit | 1,109 | 976 |
| + Depreciation and amortization | 434 | 422 | |
| '+ Client investment amortization | 135 | 140 | |
| - Lease payments | (189) | (203) | |
| UNDERLYING EBITDA (UNDERLYING OPERATING PROFIT BEFORE DEPRECIATION AND AMORTIZATION) | 1,489 | 1,335 | |
| (4) Underlying operating profit after tax | Underlying operating profit | 1,109 | 976 |
| Underlying Effective tax rate(4) | 26.0 % | 25.7 % | |
| UNDERLYING OPERATING PROFIT AFTER TAX | 821 | 725 | |
| (5) Average capital employed(2) | Property, plant and equipment | 531 | 504 |
| + Right-of-use assets relating to leases | 730 | 829 | |
| + Leases liabilities | (780) | (873) | |
| + Goodwill | 5,566 | 5,758 | |
| + Other intangible assets | 442 | 475 | |
| + Client investments | 700 | 677 | |
| '+ Working capital excluding restricted cash and financial assets of Pluxee(ex Benefits & Rewards Services activity) | (916) | (1,031) | |
| + Impact of assets held for sale net of liabilities(3) | 79 | 72 | |
| AVERAGE CAPITAL EMPLOYED | 6,352 | 6,410 |
(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). Consistently, the lease liabilities are not included in Net debt.
(2) Average capital employed between the beginning and the end of the period.
(3) Reinstatement of the capital employed of the entity Denali Universal, LLC in United States which gave rise to classification in assets held for sale and related liabilities as of August 31, 2024, and Homecare Services as of August 31, 2023. .
(4) Below the underlying effective tax rate calculation:
