Accounting principles and policies |
Consolidation methods A subsidiary is an entity directly or indirectly controlled by the Group. In accordance with IFRS 10 \"Consolidated Financial Statements\", an investment (the Group) controls a subsidiary when it is exposed or has rights to obtain variable benefits from its involvement with the subsidiary and has the ability to influence those benefits through its power over the subsidiary. In determining whether control exists, voting rights granted by equity instruments are taken into account only when they give the Group substantive rights. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is obtained to the date on which control ceases to be exercised. |
Associates are companies in which the Group directly or indirectly exercises significant influence over financial and operating policy without exercising exclusive or joint control. Joint ventures are joint arrangements in which the Group directly or indirectly exercises joint control and has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method. |
Information on the main entities included in the consolidation scope as of August\u00a031,\u00a02024, is provided in note\u00a014.4 Scope of consolidated entities. |
Intragroup transactions Intragroup transactions and balances, and unrealized losses and gains between Group subsidiaries, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, unless they represent an impairment charge. |
Foreign currency translation The exchange rates used are derived from rates quoted by the European Central Bank and on other major international financial markets (refer to exchange rates of the principal currencies in note 14.5). |
Foreign currency transactions Monetary assets and liabilities denominated in foreign currencies at the year-end are translated using the closing rate. The resulting translation differences are reported in financial income or expenses. |
Non-monetary foreign currency assets and liabilities reported at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities reported at fair value are translated using the exchange rate at the date when the fair value was determined. |
Transactions for the year are translated at the exchange rate at the transaction date. |
Financial statements denominated in foreign currencies (i) Countries with stable currencies The separate financial statements of each consolidated entity are presented on the basis of the primary economic environment (functional currency) in which the entity operates. |
All foreign-currency assets and liabilities of consolidated entities are translated into the reporting currency of the Group (the euro) at the closing exchange rate, and all income statement and cash flow statement items are translated at the average exchange rate for the year. The resulting translation differences are recognized in other comprehensive income under Currency translation adjustment. In preparing its first financial statements in accordance with IFRS\u00a01 \"First-time Adoption of International Financial Reporting Standards\" (Fiscal 2021 combined financial statements issued in the context of the Spin-off), the Group used the exemption provided for by this standard to transfer the cumulative translation adjustment reserve that existed at the date of transition to IFRSs to reserves. The cumulative translation differences for foreign operations as of September\u00a01,\u00a02020, were reversed through an adjustment to retained earnings and the gain or loss on disposal of any foreign operation only includes translation differences recorded since September\u00a01,\u00a02020. |
(ii) Countries with hyperinflationary economies Non-monetary assets and liabilities in hyperinflationary countries, as well as the income statement, are adjusted to reflect the changes in the general pricing power of the functional currency in accordance with IAS\u00a029 \"Financial Reporting in Hyperinflationary Economies\". Moreover, financial statements of subsidiaries in hyperinflationary countries are translated at the closing rate of the period in accordance with IAS\u00a021 \"The Effects of Changes in Foreign Exchange Rates\". |
T\u00fcrkiye has been classified as a country with a hyperinflationary economy since April\u00a02022. The application of hyperinflationary accounting to the Group's operations in this country had a 0.7\u00a0million euros positive impact on Net profit attributable to the holders of the parent, and a 9.2\u00a0million euros positive impact on consolidated reserves for the year. Non-monetary items have been adjusted using T\u00fcrkiye's T\u00dcFE consumer price index. The index value used as of August 31, 2024 was 2.394,10, it rose by 62% over the Fiscal 2024. |
Accounting principles and policies In accordance with IFRS\u00a03 \"Business Combinations\", the purchase method is used to account for acquisitions of subsidiaries by the Group, except for subsidiaries acquired prior the Spin-off from other Sodexo\u00a0S.A.'s direct or indirect subsidiaries (these acquisitions between companies under common control do not fall within the scope of IFRS\u00a03). At the acquisition date, the Group measures the consideration transferred, the identifiable assets acquired, and the liabilities assumed at fair value, as well as any non-controlling interest in the acquired company. The residual difference between the fair value of the consideration transferred, increased by the amount of the non-controlling interest in the acquired company, and the fair value as of the date of acquisition of the assets acquired and liabilities assumed, is recognized as goodwill in the statement of financial position. |
Fair value of the consideration transferred corresponds to the fair value of assets transferred, liabilities incurred, and equity interests issued by the Group measured as of the date of the acquisition. Costs directly related to the acquisition are expensed as incurred in the income statement (presented in Other operating income and expenses). |
The Group measures non-controlling interests on a case-by-case basis for each business combination either at fair value or based on their percentage of interest in the fair value of identifiable net assets acquired. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as described in the section Accounting principles and policies of the note\u00a011 Equity and earnings per share. |
Changes to the measurement of identifiable assets and liabilities resulting from specialist valuations or additional analysis may be recognized as adjustments to goodwill if they are identified within one year of the date of acquisition and result from facts and circumstances existing at the acquisition date. Once this one-year period has elapsed, the effect of any adjustments is recognized directly in the income statement (unless it is the correction of an error). |
Purchase price adjustments and/or earn-outs Purchase price adjustments and/or earn-outs related to business combinations are recognized at their fair value as of the date of acquisition. After the date of acquisition, changes in estimates of the fair value of price adjustments lead to an adjustment to goodwill only if they occur within the time allowed (a maximum of one year as of the date of acquisition) and if they result from facts and circumstances that existed at the acquisition date. In all other cases, the change is recognized in profit or loss except when the consideration transferred consists of an equity instrument. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. |
Step acquisitions In a step acquisition, the fair value of the Group's previous interest in the acquired entity is measured at the date that control is obtained and is recognized in profit or loss. In determining the amount of goodwill recognized, the fair value of the consideration transferred (for example the price paid) is increased by the fair value of the interest previously held by the Group. |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies (A) Income statement The Group presents its income statement using the nature of expense method. |
In order to better focus the Group's financial communication on Recurring operating profit, the consolidated income statement includes the indicator Recurring operating profit (Recurring EBIT), which corresponds to Operating profit (EBIT) before Other operating income and expenses. The management of the Group considers that this intermediate aggregate provides useful information to users of financial statements to better understand the Group's recurring past operating performance that is relevant in assessing its future performance. This presentation is consistent with the combined financial statements as included in the listing prospectus filed on January 10th, 2024. |
Other operating income and expenses include the following: \u2022 gains and losses arising from changes in the scope of consolidation; \u2022 restructuring and rationalization costs; \u2022 acquisition-related costs incurred as part of business combinations; \u2022 goodwill impairment; \u2022 material impairment of non-current assets triggered by unusual events; and \u2022 other unusual or non-recurring items representing material amounts (such as Spin-off costs). |
Revenues Revenues reported by the Group include mainly commissions received from clients and affiliated merchants, financial income from the investment of cash generated by the activity (i.e., Float revenue), and unreimbursed cards, digital solutions, and paper vouchers. |
Commissions received from clients are recognized when the cards are credited or when the digitally delivered services or paper vouchers are issued and sent to the client. Commissions received from affiliated merchants are recognized when the cards are used, or when the digitally delivered services or paper vouchers are redeemed, in accordance with IFRS\u00a015 \"Revenue from Contract with Customers\". Revenue from unreimbursed cards, digitally delivered services and paper vouchers are recognized based on their expiration date and the deadline for presentation for reimbursement by the affiliated merchants. Float revenue is recognized in accordance with IFRS\u00a09 \"Financial Instruments\" and corresponds primarily to interest on financial assets measured at amortized costs, which are recognized in revenues in the period to which they relate applying the effective interest method. As such, interest revenue is allocated over the expected life of the financial instruments. |
The Group evaluates whether or not it has control of the service before it is transferred to its affiliated merchants' consumers, and, in consequence, whether the Group is acting as agent or principal in relation to the service performed by the affiliated merchants. Based on this assessment, the Group determined that it does not control the services performed by affiliated merchants, which are the primary obligators for the services performed. |
Revenues are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to the clients, net of discounts and rebates as well as Value Added Tax (VAT) and other taxes. The financial component of each commercial transaction is considered as negligible and therefore is not recognized separately in accordance with IFRS\u00a015 provisions. |
(B) Cash flow statement The cash flow statement analyzes changes in net cash and cash equivalents, defined as Cash and cash equivalents less current Bank overdrafts and credit bank balances payable on demand that form an integral component of treasury management. |
Accounting principles and policies In accordance with IFRS\u00a08 \"Operating Segments\", the segment information presented below has been prepared based on internal management data as monitored by the Chief Executive Officer assisted by the Executive Committee, which is Pluxee's chief operating decision-maker. |
Group's operating segments consist of the countries in which Pluxee conducts its business, as each country's Revenues and Recurring EBITDA are reviewed monthly by the Executive Committee. Operating segments (countries) are aggregated into three reported operating segments: \u2022 Continental Europe (composed mainly of France, Belgium, Romania, Czech Republic and Italy); \u2022 Latin America (composed mainly of Brazil, Mexico, Chile and Colombia); \u2022 Rest of the world (including in particular United Kingdom, United States, T\u00fcrkiye, India and Israel). |
The operating segments making up Latin America and Continental Europe have been aggregated as they carry out similar operations \u2013 both in terms of type of services rendered and processes and methods used to deliver the services \u2013 and have similar economic characteristics (notably in terms of margins they generate). The other countries, which do not exceed quantitative thresholds, have been grouped within the reported segment Rest of the world. |
Group's management considers Recurring EBITDA (Earnings Before Interest and Tax, Depreciation and Amortization), a non-IFRS financial indicator used as an alternative performance measure, to be a relevant measure to assess the performance of its operating segments as reported in the segment information as it enables the Group to more effectively evaluate the recurring operating performance (operating performance excluding material unusual or infrequent items) to assess the segments' future performance. |
Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement (defined in introduction of the note\u00a05). |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
Accounting principles and policies Value in circulation and related payables correspond to (i)\u00a0the funds loaded on cards not yet used, and the face value of digital solutions and of paper vouchers in circulation, and to (ii)\u00a0amounts payable to affiliated merchants in relation with cards used, and digital solutions and paper vouchers presented for reimbursement. |
Accounting principles and policies Short-term benefits Group employees receive short-term benefits such as vacation pay, sick pay, bonuses and other benefits (other than termination benefits), whose payment is expected within 12\u00a0months of the related service period. |
These benefits are reported as current liabilities (see note\u00a05.3.3). |
Post-employment benefits In accordance with IAS\u00a019 \"Employee benefits\", the Group measures and recognizes post-employment benefits as follows: \u2022 contributions to defined-contribution plans are recognized as an expense; and \u2022 defined benefit plans are measured using actuarial valuations. |
(i) Defined contribution plans Under a defined contribution plan, periodic contributions are made to an external entity that is responsible for the administrative and financial management of the plan. Under such a plan, the employer is relieved of any future obligation (the external entity is responsible for paying benefits to employees as they become due, and the employer is not required to make additional payments related to prior or current years if the entity does not have sufficient funds). Contributions made by the Group are expensed in the period to which they relate. |
(ii) Defined benefit plans The Group uses the projected unit credit method as the actuarial method for measuring its post-employment benefit obligations, on the basis of the national or company-wide collective agreements effective within each entity. Factors used in calculating the obligation include length of service, life expectancy, salary inflation, staff turnover, and macroeconomic assumptions specific to countries in which the Group operates (such as inflation rate and discount rate). |
Remeasurements of the net obligation under defined benefit plans, including actuarial gains and losses, differences between the return on plan assets and the corresponding interest income recognized in the income statement, and any changes in the effect of the asset ceiling, are recognized in other comprehensive income and have no impact on profit for the period. |
Plan amendments and the establishment of new defined benefit plans result in past service costs that are recognized immediately in the income statement. |
The accounting treatment applied to defined benefit plans is as follows: \u2022 the obligation, net of plan assets, is recognized as a non-current liability in the consolidated statement of financial position if the obligation exceeds the plan assets; \u2022 if the value of plan assets exceeds the obligation under the plan, the net amount is recognized as a non-current asset. Plan surpluses are recognized as assets only if they represent future economic benefits that will be available to the Group. Where the calculation of the net obligation results in an asset for the Group, the amount recognized for this asset may not exceed the present value of all future refunds and reductions in future contributions under the plan; \u2022 the expense recognized in the income statement comprises: \u25e6 current service cost, past service cost, if any, and the effect of plan settlements, all of which are recorded in Operating profit (EBIT), \u25e6 the interest expense (income) on the net defined benefit obligation (asset), calculated by multiplying the obligation (asset) by the discount rate used to measure the defined benefit obligation at the beginning of the period, all of which are recorded in Financial result. |
Other long-term employee benefits Other long-term employee benefits are measured in accordance with IAS\u00a019. The expected cost of such benefits is recognized as a non-current liability over the employee's period of service. Actuarial gains and losses and past service costs arising from plan amendments and the establishment of new plans are recognized immediately in the income statement. Other long-term employee benefits are reported as non-current liabilities. |
Accounting principles and policies Some Group employees receive compensation in the form of share-based payments, for which payment is made in Pluxee N.V.'s equity instruments (in Sodexo\u00a0S.A.'s until the Spin-off). |
In accordance with IFRS\u00a02 \"Share-based Payment\", these plans are classified as equity-settled share-based payment transactions and, accordingly, the services compensated by these plans are recognized as an operating expense over the vesting period (i.e., the period in which the service and, where applicable, the performance conditions are fulfilled), with a corresponding entry recorded in equity. |
The amount of expense recognized in each period is determined by reference to the fair value of the equity instruments granted as of the grant date. |
The fair value of restricted shares is estimated at the date of grant based on the share price at that date after deductions for dividends on the shares that will not be paid to beneficiaries during the vesting period. |
Each year, the number of shares that is likely to be delivered to beneficiaries of restricted shares is reassessed based on the applicable vesting non-market conditions. The impact of any change in estimates is recognized in the income statement, with the offset recognized in equity. |
In addition, a liability was recognized through equity in relation with the recharge arrangements signed between Sodexo\u00a0S.A. and Pluxee entities over the vesting period of the share-based payment plans implemented before the Spin-off (see note\u00a014.3). The liability arising from the recharge arrangements was measured for its fair value considering the contractual terms, and remeasured until the settlement date, with changes in fair value from initial recognition to settlement accounted for as a true-up of the initial estimate through equity. |
In very specific circumstances, the Group has implemented in the past incentive award plans for the benefit of certain key employees of acquired digital tech and innovative businesses, which are classified as cash-settled share- based payment transactions. The employee services compensated by these plans are measured at the fair value of the liability at grant date (which is based on the fair value of the underlying instruments) and recognized as an operating expense over the vesting period. The liability is remeasured until settlement date. Once awards are vested, subsequent remeasurements of the liability up to the settlement date are recognized as financial income or expense. |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
Accounting principles and policies | |||
Separately acquired intangible assets are initially measured at cost. Intangible assets acquired in connection with a business combination and which can be reliably measured, are controlled by the Group and are separable or arise from a legal or contractual right, are recognized at fair value separately from goodwill. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortization and impairment charges. | |||
Intangible assets are considered to have finite useful lives, and are amortized by the straight-line method over their expected useful lives: | |||
Integrated management software | 3-7 years | ||
Licenses and other software | 3-10 years | ||
Client and merchant relationships | 3-20 years | ||
Other intangible assets | 3-25 years | ||
The amortization periods for client and merchant relationships recognized in connection with business combinations have been set by Management based on the estimated attrition rate for the contracts concerned (with a maximum of 20 years). Other intangible assets include contract-based intangible assets whose useful life is determined based on the duration of the contractual rights. | |||
The cost of licenses and software recognized in the statement of financial position comprises the costs incurred in acquiring the software and bringing it into use and is amortized over the estimated useful life of the asset. | |||
Subsequent expenditures on intangible assets are capitalized only if they increase the expected future economic benefits associated with the asset to which they relate. Other expenditures are expensed as incurred. |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
Accounting principles and policies The Group determines whether a contract is or contains a lease at inception of the contract. The Group classifies as a lease a contract that conveys to the Group the right to control the use of an identified asset for a given period of time. |
Leases are recognized on the consolidated statement of financial position at the commencement date of the contract, except for leases covered by the exemptions allowed by IFRS\u00a016 \"Leases\" (short-term leases and leases of low value assets), adopted by the Group. |
Leases are reflected in the consolidated statement of financial position by recognizing an asset representing the right to use the leased asset and a related liability corresponding to the obligation to make future lease payments. In the consolidated income statement, a depreciation of the right-of-use assets is recorded in Operating expenses, separately from the interest expense on lease liabilities. In the consolidated cash flow statement, cash outflows relating to interest on lease liabilities impact operating activities flows, while repayments of the lease liabilities impact financing activities flows. |
Short-term leases (i.e., lease term of 12\u00a0months or less) and leases of low-value assets (such as IT equipment) are expensed directly in Operating expenses on a straight-line basis over the lease term. |
Accounting principles and policies The Group recognizes a lease liability at the date on which the underlying asset is made available for use. The lease liability is measured at the net present value of lease payments to be made over the lease term. |
Lease payments The lease payments included in the measurement of the lease liability comprise: \u2022 fixed rents, less any lease incentive receivable from the lessor; \u2022 variable rents that depend on an index or a rate; \u2022 in-substance fixed payments. |
Payments expected to be made to the lessor at the termination of the contract are also included (relatively rare in practice within the Group), such as: \u2022 residual value guarantees; \u2022 exercise price of a purchase option, when its exercise is reasonably certain; and \u2022 termination penalties payable to the lessor when the exercise of a termination option is reasonably certain. |
Variable lease payments that do not depend on an index or a rate (relatively rare in practice within the Group) remain recognized in Operating expenses when incurred. In addition, the Group elected to exclude, where applicable, non- lease components of the contract in the measurement of the lease liability (for example, vehicle maintenance services). Consequently, payments in relation with service components of the lease contracts are recorded in Operating expenses, in the same way as variable lease payments. |
Lease term The lease term is assessed for each lease as the non-cancellable period of the contract, adjusted to reflect periods covered by an option to extend the lease that the Group is reasonably certain to exercise, and periods covered by an option to terminate the lease that the Group is reasonably certain not to exercise. |
The legal environment and market practices specific to each country are also considered in assessing the lease term. This applies in particular to open-ended leases, for which enforceable period is determined in light of circumstances specific to each situation. In assessing the enforceable period of each contract, the Group determines whether it would incur a penalty on termination that is more than insignificant, taking into account various relevant indicators (indemnities arising from contractual obligations and economic penalties based on operational criteria, in accordance with the clarifications provided by IFRS\u00a0IC). In the specific case of French commercial property leases (also referred to as \"3/6/9 leases\"), the assessment is made on a case-by-case basis, that may lead to consider an enforceable period that is beyond the residual length of the initial 9-year term in some instances. |
Discount rate The discount rate used is generally the lessee incremental borrowing rate, as the rate implicit in the lease cannot be readily determined for most of the contracts. The incremental borrowing rate is calculated using the following parameters: risk-free rate of the relevant currency, duration of the lease, credit spread of the subsidiary concerned. |
Subsequently, the lease liability is recognized at amortized cost using the effective interest method and is remeasured after the commencement date to reflect changes arising from: \u2022 any modification of the lease term, reflecting a contractual modification or a reassessment of the probability of an extension or termination option being exercised; \u2022 any changes in rent amount, resulting for example from a change in an index or a rate used to determine lease payments; \u2022 any reassessment of the probability of a purchase option being exercised; \u2022 any other contractual modification, such as the scope of the underlying asset. |
Accounting principles and policies |
A right-of-use asset is recognized for each lease contract (except for those covered by the exemptions), as a counterpart of the lease liability. This right-of-use asset is measured as the initial amount of the lease liability (assessed as specified above) plus, where applicable, the initial direct costs incurred in obtaining the contract (fees and administrative costs), the advance lease payments made to the lessor and the estimated costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the contract. |
The right-of-use asset is depreciated on a straight-line basis over the lease term used to measure the lease liability and, when necessary, is subject to impairment tests according to the same rules as those used for intangible assets and property, plant and equipment (see\u00a0note\u00a07.3). The carrying amount is subsequently adjusted to reflect the change in the lease liability arising from amendments to the lease provisions and other remeasurement events (see above). |
Accounting principles and policies Income tax expense Income tax expense for the year includes current income taxes and deferred taxes. |
Tax credits which do not affect taxable profit and must be refunded by tax authorities if they have not been deducted from corporate income tax are recognized as subsidies and therefore presented as a reduction to the expenses to which they relate. |
Uncertain income tax positions are estimated in accordance with IFRIC\u00a023 \"Uncertainty over Income Tax Treatments\". The accounting for uncertain tax treatments requires an entity to make estimates and judgments about whether the relevant taxation authority and/or Court will accept the position taken by the entity in its tax filings (most likely amount or expected value corresponding to the probability-weighted average of the possible outcomes). Uncertain tax positions balances are presented as current or deferred tax assets or liabilities. |
Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amount of an asset or liability and its tax base, using the tax rate that is expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that are enacted or substantially enacted at the period end. |
Deferred taxes are not recognized on the following items: \u2022 initial recognition of goodwill (deferred taxes liabilities are however recognized after initial recognition when the goodwill is amortized for tax purposes); \u2022 initial recognition of an asset in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit; and \u2022 temporary differences on investments in subsidiaries that are not expected to reverse in the foreseeable future. |
Taxes on items recognized directly in net invested equity or in other comprehensive income are recognized in net invested equity or in other comprehensive income, respectively, and not in the income statement (see note\u00a010). |
Deferred tax assets on temporary differences and tax loss carry-forwards are only recognized if their recoverability is considered probable, considering existing temporary differences giving rise to deferred tax liabilities expected to reverse and taxable profits that will be available in the foreseeable future and against which the temporary difference can be utilized. When assessing the probability of a taxable profit being available in the foreseeable future, account is taken, primarily, of prior years' results, forecasted future results based on a business plan performed at the level of each taxable entity, non-recurring items unlikely to occur in the future and the tax strategy. |
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets and liabilities and the deferred taxes relate to the same taxable entity and tax authority. |
Accounting principles and policies A provision is recognized if the Group has a legal or constructive obligation at the closing date and it is probable that settlement of the obligation will require an outflow of resources and the amount of the liability can be reliably measured. |
Provisions primarily cover commercial, employee-related and tax-related risks and litigation (other than those related to income tax (see note 9) arising in the course of operating activities and are measured using assumptions that take account of the most likely outcomes. |
Where the effect of the time value of money is material, the amount of the provision is determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and any risks specific to the liability. |
Accounting principles and policies |
Pluxee treasury shares Pluxee shares held by Pluxee N.V. itself and/or by other Group Companies are shown as a reduction in consolidated shareholders' equity at their acquisition cost. Gains and losses on acquisitions and disposals of treasury shares are recognized directly in consolidated shareholders' equity and do not affect profit or loss for the year. |
Transactions with non-controlling interests Changes in non-controlling interests while retaining control are recognized in equity. In particular, when additional shares in an entity already controlled by the Group are acquired, the difference between the acquisition cost of the shares and the share of net assets acquired is recognized in Equity attributable to the equity holders of the parent. The value of the assets and liabilities of the subsidiary (including goodwill) remains unchanged. |
Commitments to purchase non-controlling interests As required by IAS\u00a032 \"Financial Instruments: Presentation\", the Group recognizes commitments to purchase non- controlling interests as a liability within borrowings in the consolidated statement of financial position. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as follows: \u2022 the liability arising from the commitment is recognized in other borrowings at the present value of the purchase commitment; \u2022 the corresponding non-controlling interests are cancelled; and \u2022 additional goodwill is recognized for the balance. |
Subsequently, the financial liability is remeasured at each year-end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with a counterparty in net invested equity. |
Earnings per share Earnings per share is calculated by dividing profit for the period by the weighted average number of ordinary shares outstanding during the period, net of treasury shares, as prescribed by IAS\u00a033 \"Earnings per Share\". |
In the calculation of diluted earnings per share, the denominator is increased by the number of potentially dilutive ordinary shares, and the numerator is adjusted for all dividends and interest recognized in the period and any other change in income or expenses that would result from conversion of the potentially dilutive ordinary shares. |
Potential ordinary shares are treated as dilutive if, and only if, their conversion to shares would decrease earnings per share or increase loss per share. Potentially dilutive ordinary shares correspond exclusively to the free shares mentioned in note\u00a06.2. Their dilutive effect is calculated by the treasury stock method provided for in IAS\u00a033. |
Accounting principles and policies |
(A) Financial instruments Financial assets and liabilities are recognized in the statement of financial position on the transaction date, which is the date when the Group becomes a party to the contractual provisions of the instrument. |
The fair values of financial assets and derivative instruments are generally determined on the basis of quoted market prices, values resulting from recent transactions, or valuations carried out by the depository bank (see additional information on fair value measurement in note 2.4). |
Financial assets In accordance with the principles of IFRS\u00a09 \"Financial Instruments\", financial assets are initially recognized at fair value corresponding, in general, to the consideration paid, which is best evidenced by the acquisition cost (including transaction costs, if any). Thereafter, financial assets are measured at fair value or at amortized cost depending on which financial asset category they belong to: |
\u2022 financial assets measured at amortized cost represent debt instruments for which contractual cash flows are solely payments of principal and interest on the principal amount outstanding that are held within a business model whose objective is to hold assets to collect contractual cash flows. They include financial and security deposits, and loans to non-consolidated entities. These financial assets are initially recognized at fair value in the statement of financial position and subsequently at amortized cost, using the effective interest rate method. They are impaired to cover the estimated expected credit losses; |
\u2022 financial assets measured at fair value through other comprehensive income include investments in non- consolidated entities, which correspond to equity instruments that the Group has irrevocably elected to classify in this category. When an equity instrument is sold, the cumulative fair value adjustment recognized in other comprehensive income is not transferred to the income statement; only dividends are booked in the income statement. For securities listed on an active market, fair value is considered to equal the market value. If no active market exists, the fair value is generally determined based on an appropriate financial criterion for the specific security; |
\u2022 financial assets at fair value through profit or loss include marketable securities with maturities greater than three months and other financial assets held for trading and acquired for the purpose of resale in the near term (instruments that are not eligible to be classified as financial assets measured at amortized cost or at fair value through other comprehensive income). These assets are measured at fair value, with changes in fair value recognized in financial income or expense in the income statement, with the exception of changes in the fair value of financial assets related to the activity which are recognized in operating income or expenses. |
Borrowings All borrowings, bank credit facilities and overdrafts, are initially recognized at the fair value of the amount received less directly attributable transaction costs. |
Subsequent to initial recognition, borrowings are measured at amortized cost using the effective interest method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of a financial liability to the net carrying amount of that liability. The calculation includes the effects of transaction costs, and of differences between the issue proceeds (net of transaction costs) and reimbursement value. |
Amortized cost is equivalent to historical cost (nominal amount) insofar as no significant transaction costs are incurred. |
(B) Cash and cash equivalents Cash and cash equivalents comprise current bank account balances, cash on hand and short-term cash investments in money\u2011market instruments. These instruments mainly correspond to short-term notes and bonds admitted to trading on regulated markets and bank term deposits that have an initial maturity of less than three months at the moment of purchase (or may be withdrawn at any time at a known cash value with no material risk of loss in value), are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, and that are held for the purpose of meeting short-term cash commitments. |
Accounting principles and policies |
Pluxee's related parties identified in accordance with IAS\u00a024 \"Related Party Disclosures\" include: |
\u2022 the fully consolidated Pluxee entities: the transactions between these companies have been eliminated for the preparation of Pluxee's consolidated financial statements; |
\u2022 the companies over which the Group exercises a significant influence (associates) or joint control (joint ventures); |
\u2022 Bellon\u00a0S.A., the controlling shareholder of Pluxee, and its related parties (including Sodexo\u00a0S.A., its consolidated entities (the Sodexo group), as well as its other related parties); and |
\u2022 the key management personnel of Pluxee and Bellon\u00a0S.A. |
(number of shares) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Share capital | 210,215,055 | 100 |
Treasury shares | (1,258,683) | \u2014 |
Outstanding shares | 208,956,372 | 100 |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Trade receivables related to the float | 1,124 | (56) | 1,068 | 1,127 | (52) | 1,075 |
Trade receivables non related to the float | 17 | (2) | 16 | 48 | \u2014 | 48 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Less than 3\u00a0months past due | 102 | (3) | 98 | 100 | (4) | 96 |
More than 3\u00a0months and less than 6\u00a0months past due | 9 | (2) | 7 | 17 | (3) | 14 |
More than 6\u00a0months and less than 12\u00a0months past due | 19 | (8) | 12 | 21 | (3) | 18 |
More than 12\u00a0months past due | 42 | (42) | 0 | 47 | (40) | 7 |
Total Trade receivables due | 173 | (55) | 117 | 185 | (50) | 135 |
Total Trade receivables not yet due | 969 | (2) | 966 | 989 | (2) | 987 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
Accounting principles and policies |
(A) Financial instruments Financial assets and liabilities are recognized in the statement of financial position on the transaction date, which is the date when the Group becomes a party to the contractual provisions of the instrument. |
The fair values of financial assets and derivative instruments are generally determined on the basis of quoted market prices, values resulting from recent transactions, or valuations carried out by the depository bank (see additional information on fair value measurement in note 2.4). |
Financial assets In accordance with the principles of IFRS\u00a09 \"Financial Instruments\", financial assets are initially recognized at fair value corresponding, in general, to the consideration paid, which is best evidenced by the acquisition cost (including transaction costs, if any). Thereafter, financial assets are measured at fair value or at amortized cost depending on which financial asset category they belong to: |
\u2022 financial assets measured at amortized cost represent debt instruments for which contractual cash flows are solely payments of principal and interest on the principal amount outstanding that are held within a business model whose objective is to hold assets to collect contractual cash flows. They include financial and security deposits, and loans to non-consolidated entities. These financial assets are initially recognized at fair value in the statement of financial position and subsequently at amortized cost, using the effective interest rate method. They are impaired to cover the estimated expected credit losses; |
\u2022 financial assets measured at fair value through other comprehensive income include investments in non- consolidated entities, which correspond to equity instruments that the Group has irrevocably elected to classify in this category. When an equity instrument is sold, the cumulative fair value adjustment recognized in other comprehensive income is not transferred to the income statement; only dividends are booked in the income statement. For securities listed on an active market, fair value is considered to equal the market value. If no active market exists, the fair value is generally determined based on an appropriate financial criterion for the specific security; |
\u2022 financial assets at fair value through profit or loss include marketable securities with maturities greater than three months and other financial assets held for trading and acquired for the purpose of resale in the near term (instruments that are not eligible to be classified as financial assets measured at amortized cost or at fair value through other comprehensive income). These assets are measured at fair value, with changes in fair value recognized in financial income or expense in the income statement, with the exception of changes in the fair value of financial assets related to the activity which are recognized in operating income or expenses. |
Borrowings All borrowings, bank credit facilities and overdrafts, are initially recognized at the fair value of the amount received less directly attributable transaction costs. |
Subsequent to initial recognition, borrowings are measured at amortized cost using the effective interest method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of a financial liability to the net carrying amount of that liability. The calculation includes the effects of transaction costs, and of differences between the issue proceeds (net of transaction costs) and reimbursement value. |
Amortized cost is equivalent to historical cost (nominal amount) insofar as no significant transaction costs are incurred. |
(B) Cash and cash equivalents Cash and cash equivalents comprise current bank account balances, cash on hand and short-term cash investments in money\u2011market instruments. These instruments mainly correspond to short-term notes and bonds admitted to trading on regulated markets and bank term deposits that have an initial maturity of less than three months at the moment of purchase (or may be withdrawn at any time at a known cash value with no material risk of loss in value), are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, and that are held for the purpose of meeting short-term cash commitments. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||
(in million euros) | Current | Non-current | Current | Non-current |
Restricted cash related to the float | 973 | \u2014 | 936 | \u2014 |
Current financial assets | 814 | \u2014 | 542 | \u2014 |
Investments in non-consolidated companies | \u2014 | 16 | \u2014 | 13 |
Loans and deposits | \u2014 | 19 | \u2014 | 23 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Total Financial assets | 1,787 | 35 | 1,478 | 36 |
Of which: | \u2014 | |||
Financial assets measured at fair value | 493 | 16 | 465 | 13 |
Financial assets measured at amortized cost | 1,294 | 19 | 1,013 | 23 |
Cost | 1,294 | 19 | 1,013 | 24 |
Impairment | \u2014 | (1) | \u2014 | (1) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
France | 310 | 312 |
Belgium | 217 | 162 |
Romania | 170 | 157 |
India | 157 | 137 |
China | 58 | 64 |
Other countries | 61 | 103 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 527 | 488 |
Romanian leu (RON) | 170 | 157 |
Indian rupee (INR) | 157 | 137 |
Chinese yuan (CNY) | 58 | 64 |
Other currencies | 61 | 89 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 454 | 223 |
Brazilian real (BRL) | 151 | 165 |
Turkish lira (TRY) | 52 | 33 |
Romanian leu (RON) | 42 | 17 |
Philippine peso (PHP) | 27 | 26 |
Mexican peso (MXN) | 23 | 44 |
Other currencies | 66 | 34 |
Total Current financial assets | 814 | 542 |
August\u00a031,\u00a0 2023 | Increase/ (Decrease) | Impairment | Changes in scope of consolidation | Change in fair value | Reclassi fication | Currency translation adjustment and other | August\u00a031,\u00a0 2024 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 936 | 57 | \u2014 | \u2014 | \u2014 | \u2014 | (14) | (6) | 973 |
Current financial assets | 542 | 285 | \u2014 | \u2014 | 0 | \u2014 | 19 | (32) | 814 |
Investments in non-consolidated companies | 13 | 2 | \u2014 | \u2014 | (0) | 5 | (4) | 0 | 16 |
Loans and deposits | 23 | (3) | \u2014 | 0 | \u2014 | \u2014 | \u2014 | (2) | 19 |
Derivative financial instruments | \u2014 | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 |
Financial assets | 1,514 | 341 | \u2014 | 0 | (0) | 5 | 0 | (39) | 1,822 |
August\u00a031,\u00a0 2022 | Increase/ (Decrease) | Impairment | Changes in scope of combination | Change in fair value | Reclassifi cation(1) | Currency translation adjustment and other | August\u00a031,\u00a0 2023 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 960 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (30) | 936 |
Current financial assets | 664 | (114) | \u2014 | \u2014 | \u2014 | 1 | \u2014 | (9) | 542 |
Investments in non-consolidated companies | 90 | 2 | \u2014 | \u2014 | 0 | 54 | (133) | (0) | 13 |
Loans and deposits | 15 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | (0) | 23 |
Financial assets | 1,729 | (98) | \u2014 | \u2014 | 0 | 55 | (133) | (39) | 1,514 |
(in million euros) | August\u00a031,\u00a02023 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02024 |
Bonds | \u2014 | 1,111 | \u2014 | \u2014 | \u2014 | 1,111 |
Debt to Sodexo | 1,215 | \u2014 | (1,215) | \u2014 | \u2014 | \u2014 |
Bridge loan | \u2014 | 1,100 | (1,100) | \u2014 | \u2014 | \u2014 |
Other financial liabilities\u207d\u00b9\u207e | 40 | \u2014 | (41) | (1) | 4 | 2 |
Total borrowings excluding derivative financial instruments | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
Derivative financial instruments | (0) | 0 | \u2014 | \u2014 | \u2014 | (0) |
Total Borrowings | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02023 |
Debt to Sodexo | 478 | 924 | (187) | \u2014 | \u2014 | 1,215 |
Other financial liabilities\u207d\u00b9\u207e | 45 | \u2014 | (14) | \u2014 | 9 | 40 |
Total borrowings excluding derivative financial instruments | 523 | 924 | (201) | \u2014 | 9 | 1,255 |
Derivative financial instruments | 1 | \u2014 | \u2014 | \u2014 | (1) | (0) |
Total Borrowings | 524 | 924 | (201) | \u2014 | 8 | 1,255 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Current | Non-current | Current | Non-current | |
Bonds | ||||
Euros | 20 | 1,091 | \u2014 | \u2014 |
Total Bonds | 20 | 1,091 | \u2014 | \u2014 |
Debt to Sodexo | ||||
Euros | \u2014 | \u2014 | 1,208 | \u2014 |
Other currencies | \u2014 | \u2014 | 7 | \u2014 |
Total Debt to Sodexo | \u2014 | \u2014 | 1,215 | \u2014 |
Other borrowings | ||||
Euros | 2 | \u2014 | 3 | 11 |
Other currencies | 0 | \u2014 | 26 | \u2014 |
Total Other borrowings | 2 | \u2014 | 29 | 11 |
Borrowings excluding derivative financial instruments | 2 | \u2014 | 1,244 | 11 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Borrowings | 22 | 1,091 | 1,244 | 11 |
(in million euros) | Payments Due by Period | ||||
Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | |
As of August\u00a031,\u00a02024 | 1,113 | 22 | \u2014 | 545 | 546 |
As of August\u00a031,\u00a02023 | 1,255 | 1,244 | 11 | 0 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 1,121 | 1,121 | 203 | 918 | \u2014 | 1,121 |
Current financial assets | Financial assets at amortized cost | 12.3 | 814 | 814 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 480 | 480 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 493 | 493 | 493 | \u2014 | \u2014 | 493 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,198 | 1,198 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 16 | 16 | \u2014 | \u2014 | 16 | 16 |
Financial assets at amortized cost | 12.3 | 19 | 19 | \u2014 | \u2014 | \u2014 | \u2014 | |
Derivative financial instrument assets | Derivatives | 12.3 | 0 | 0 | \u2014 | 0 | \u2014 | 0 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,113 | 1,100 | \u2014 | \u2014 | \u2014 | \u2014 |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 6 | 6 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 489 | 489 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,728 | 3,728 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | (0) | \u2014 | (0) |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 749 | 749 | 16 | 733 | \u2014 | 749 |
Current financial assets | Financial assets at amortized cost | 12.3 | 542 | 542 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 471 | 471 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 465 | 465 | 465 | \u2014 | \u2014 | 465 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,339 | 1,339 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 13 | 13 | \u2014 | \u2014 | 13 | 13 |
Financial assets at amortized cost | 12.3 | 23 | 23 | \u2014 | \u2014 | \u2014 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,222 | 1,222 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial liabilities at fair value through equity | 12.4 | 33 | 33 | \u2014 | \u2014 | 33 | 33 | |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 5 | 5 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 548 | 548 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,543 | 3,543 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | \u2014 | \u2014 | \u2014 |
Impact of a 10% appreciation of the exchange rate of the following currencies against the euros (in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Impact on revenues | Impact on shareholders' equity | Impact on revenues | Impact on shareholders' equity | |
Brazilian real (BRL) | 31 | 54 | 32 | 39 |
Romanian leu (RON) | 7 | 4 | 7 | 4 |
Mexican peso (MXN) | 7 | 5 | 4 | 5 |
Turkish lira (TRY) | 6 | 4 | 21 | 2 |
(in million euros) | August\u00a031,\u00a02023 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02024 |
Bonds | \u2014 | 1,111 | \u2014 | \u2014 | \u2014 | 1,111 |
Debt to Sodexo | 1,215 | \u2014 | (1,215) | \u2014 | \u2014 | \u2014 |
Bridge loan | \u2014 | 1,100 | (1,100) | \u2014 | \u2014 | \u2014 |
Other financial liabilities\u207d\u00b9\u207e | 40 | \u2014 | (41) | (1) | 4 | 2 |
Total borrowings excluding derivative financial instruments | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
Derivative financial instruments | (0) | 0 | \u2014 | \u2014 | \u2014 | (0) |
Total Borrowings | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02023 |
Debt to Sodexo | 478 | 924 | (187) | \u2014 | \u2014 | 1,215 |
Other financial liabilities\u207d\u00b9\u207e | 45 | \u2014 | (14) | \u2014 | 9 | 40 |
Total borrowings excluding derivative financial instruments | 523 | 924 | (201) | \u2014 | 9 | 1,255 |
Derivative financial instruments | 1 | \u2014 | \u2014 | \u2014 | (1) | (0) |
Total Borrowings | 524 | 924 | (201) | \u2014 | 8 | 1,255 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Current | Non-current | Current | Non-current | |
Bonds | ||||
Euros | 20 | 1,091 | \u2014 | \u2014 |
Total Bonds | 20 | 1,091 | \u2014 | \u2014 |
Debt to Sodexo | ||||
Euros | \u2014 | \u2014 | 1,208 | \u2014 |
Other currencies | \u2014 | \u2014 | 7 | \u2014 |
Total Debt to Sodexo | \u2014 | \u2014 | 1,215 | \u2014 |
Other borrowings | ||||
Euros | 2 | \u2014 | 3 | 11 |
Other currencies | 0 | \u2014 | 26 | \u2014 |
Total Other borrowings | 2 | \u2014 | 29 | 11 |
Borrowings excluding derivative financial instruments | 2 | \u2014 | 1,244 | 11 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Borrowings | 22 | 1,091 | 1,244 | 11 |
(in million euros) | Payments Due by Period | ||||
Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | |
As of August\u00a031,\u00a02024 | 1,113 | 22 | \u2014 | 545 | 546 |
As of August\u00a031,\u00a02023 | 1,255 | 1,244 | 11 | 0 | \u2014 |
(in million euros) | August\u00a031,\u00a02023 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02024 |
Bonds | \u2014 | 1,111 | \u2014 | \u2014 | \u2014 | 1,111 |
Debt to Sodexo | 1,215 | \u2014 | (1,215) | \u2014 | \u2014 | \u2014 |
Bridge loan | \u2014 | 1,100 | (1,100) | \u2014 | \u2014 | \u2014 |
Other financial liabilities\u207d\u00b9\u207e | 40 | \u2014 | (41) | (1) | 4 | 2 |
Total borrowings excluding derivative financial instruments | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
Derivative financial instruments | (0) | 0 | \u2014 | \u2014 | \u2014 | (0) |
Total Borrowings | 1,255 | 2,211 | (2,356) | (1) | 4 | 1,113 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Repayments | Currency translation adjustment | Discounting effects and other | August\u00a031,\u00a02023 |
Debt to Sodexo | 478 | 924 | (187) | \u2014 | \u2014 | 1,215 |
Other financial liabilities\u207d\u00b9\u207e | 45 | \u2014 | (14) | \u2014 | 9 | 40 |
Total borrowings excluding derivative financial instruments | 523 | 924 | (201) | \u2014 | 9 | 1,255 |
Derivative financial instruments | 1 | \u2014 | \u2014 | \u2014 | (1) | (0) |
Total Borrowings | 524 | 924 | (201) | \u2014 | 8 | 1,255 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Current | Non-current | Current | Non-current | |
Bonds | ||||
Euros | 20 | 1,091 | \u2014 | \u2014 |
Total Bonds | 20 | 1,091 | \u2014 | \u2014 |
Debt to Sodexo | ||||
Euros | \u2014 | \u2014 | 1,208 | \u2014 |
Other currencies | \u2014 | \u2014 | 7 | \u2014 |
Total Debt to Sodexo | \u2014 | \u2014 | 1,215 | \u2014 |
Other borrowings | ||||
Euros | 2 | \u2014 | 3 | 11 |
Other currencies | 0 | \u2014 | 26 | \u2014 |
Total Other borrowings | 2 | \u2014 | 29 | 11 |
Borrowings excluding derivative financial instruments | 2 | \u2014 | 1,244 | 11 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Borrowings | 22 | 1,091 | 1,244 | 11 |
(in million euros) | Payments Due by Period | ||||
Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | |
As of August\u00a031,\u00a02024 | 1,113 | 22 | \u2014 | 545 | 546 |
As of August\u00a031,\u00a02023 | 1,255 | 1,244 | 11 | 0 | \u2014 |
Accounting principles and policies |
Pluxee's related parties identified in accordance with IAS\u00a024 \"Related Party Disclosures\" include: |
\u2022 the fully consolidated Pluxee entities: the transactions between these companies have been eliminated for the preparation of Pluxee's consolidated financial statements; |
\u2022 the companies over which the Group exercises a significant influence (associates) or joint control (joint ventures); |
\u2022 Bellon\u00a0S.A., the controlling shareholder of Pluxee, and its related parties (including Sodexo\u00a0S.A., its consolidated entities (the Sodexo group), as well as its other related parties); and |
\u2022 the key management personnel of Pluxee and Bellon\u00a0S.A. |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Assets | ||
Cash and cash equivalents | \u2014 | 415 |
Short-term loans | \u2014 | 155 |
Trade receivables | 1 | 2 |
Other assets | 0 | 4 |
Liabilities | ||
Trade payables | 5 | 15 |
Free share recharge liability | \u2014 | 8 |
Short-term borrowings | \u2014 | 1,215 |
Long-term borrowings | \u2014 | \u2014 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Revenues | 4 | 8 |
Management fees | (11) | (25) |
Free share cost (IFRS\u00a02 valuation) | \u2014 | (6) |
Operating expenses (other than Management fees and Free share cost) | (6) | (5) |
Financial income and expense, net | (17) | (16) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Short-term benefits (including social security contributions)\u207d\u00b9\u207e | 9 | 6 |
Post-employment benefits | 0 | 0 |
Share-based payments | 2 | 2 |
Total Compensation | 10 | 8 |
Accounting principles and policies In accordance with IFRS\u00a03 \"Business Combinations\", the purchase method is used to account for acquisitions of subsidiaries by the Group, except for subsidiaries acquired prior the Spin-off from other Sodexo\u00a0S.A.'s direct or indirect subsidiaries (these acquisitions between companies under common control do not fall within the scope of IFRS\u00a03). At the acquisition date, the Group measures the consideration transferred, the identifiable assets acquired, and the liabilities assumed at fair value, as well as any non-controlling interest in the acquired company. The residual difference between the fair value of the consideration transferred, increased by the amount of the non-controlling interest in the acquired company, and the fair value as of the date of acquisition of the assets acquired and liabilities assumed, is recognized as goodwill in the statement of financial position. |
Fair value of the consideration transferred corresponds to the fair value of assets transferred, liabilities incurred, and equity interests issued by the Group measured as of the date of the acquisition. Costs directly related to the acquisition are expensed as incurred in the income statement (presented in Other operating income and expenses). |
The Group measures non-controlling interests on a case-by-case basis for each business combination either at fair value or based on their percentage of interest in the fair value of identifiable net assets acquired. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as described in the section Accounting principles and policies of the note\u00a011 Equity and earnings per share. |
Changes to the measurement of identifiable assets and liabilities resulting from specialist valuations or additional analysis may be recognized as adjustments to goodwill if they are identified within one year of the date of acquisition and result from facts and circumstances existing at the acquisition date. Once this one-year period has elapsed, the effect of any adjustments is recognized directly in the income statement (unless it is the correction of an error). |
Purchase price adjustments and/or earn-outs Purchase price adjustments and/or earn-outs related to business combinations are recognized at their fair value as of the date of acquisition. After the date of acquisition, changes in estimates of the fair value of price adjustments lead to an adjustment to goodwill only if they occur within the time allowed (a maximum of one year as of the date of acquisition) and if they result from facts and circumstances that existed at the acquisition date. In all other cases, the change is recognized in profit or loss except when the consideration transferred consists of an equity instrument. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. |
Step acquisitions In a step acquisition, the fair value of the Group's previous interest in the acquired entity is measured at the date that control is obtained and is recognized in profit or loss. In determining the amount of goodwill recognized, the fair value of the consideration transferred (for example the price paid) is increased by the fair value of the interest previously held by the Group. |
(in million euros) | Fiscal\u00a02024 |
Identifiable intangible assets\u207d\u00b9\u207e | 42 |
Trade receivables\u00a0and other current operating assets | 10 |
Cash and cash equivalents | 65 |
Net deferred tax | 3 |
Trade and other payables | (5) |
Value in circulation and related payables | (69) |
Total Net identifiable assets | 47 |
Consideration transferred\u207d\u00b2\u207e | 123 |
Non-controlling interests\u207d\u00b3\u207e | 9 |
Goodwill\u207d\u2074\u207e | 85 |
Accounting principles and policies |
Consolidation methods A subsidiary is an entity directly or indirectly controlled by the Group. In accordance with IFRS 10 \"Consolidated Financial Statements\", an investment (the Group) controls a subsidiary when it is exposed or has rights to obtain variable benefits from its involvement with the subsidiary and has the ability to influence those benefits through its power over the subsidiary. In determining whether control exists, voting rights granted by equity instruments are taken into account only when they give the Group substantive rights. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is obtained to the date on which control ceases to be exercised. |
Associates are companies in which the Group directly or indirectly exercises significant influence over financial and operating policy without exercising exclusive or joint control. Joint ventures are joint arrangements in which the Group directly or indirectly exercises joint control and has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method. |
Information on the main entities included in the consolidation scope as of August\u00a031,\u00a02024, is provided in note\u00a014.4 Scope of consolidated entities. |
Intragroup transactions Intragroup transactions and balances, and unrealized losses and gains between Group subsidiaries, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, unless they represent an impairment charge. |
Foreign currency translation The exchange rates used are derived from rates quoted by the European Central Bank and on other major international financial markets (refer to exchange rates of the principal currencies in note 14.5). |
Foreign currency transactions Monetary assets and liabilities denominated in foreign currencies at the year-end are translated using the closing rate. The resulting translation differences are reported in financial income or expenses. |
Non-monetary foreign currency assets and liabilities reported at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities reported at fair value are translated using the exchange rate at the date when the fair value was determined. |
Transactions for the year are translated at the exchange rate at the transaction date. |
Financial statements denominated in foreign currencies (i) Countries with stable currencies The separate financial statements of each consolidated entity are presented on the basis of the primary economic environment (functional currency) in which the entity operates. |
All foreign-currency assets and liabilities of consolidated entities are translated into the reporting currency of the Group (the euro) at the closing exchange rate, and all income statement and cash flow statement items are translated at the average exchange rate for the year. The resulting translation differences are recognized in other comprehensive income under Currency translation adjustment. In preparing its first financial statements in accordance with IFRS\u00a01 \"First-time Adoption of International Financial Reporting Standards\" (Fiscal 2021 combined financial statements issued in the context of the Spin-off), the Group used the exemption provided for by this standard to transfer the cumulative translation adjustment reserve that existed at the date of transition to IFRSs to reserves. The cumulative translation differences for foreign operations as of September\u00a01,\u00a02020, were reversed through an adjustment to retained earnings and the gain or loss on disposal of any foreign operation only includes translation differences recorded since September\u00a01,\u00a02020. |
(ii) Countries with hyperinflationary economies Non-monetary assets and liabilities in hyperinflationary countries, as well as the income statement, are adjusted to reflect the changes in the general pricing power of the functional currency in accordance with IAS\u00a029 \"Financial Reporting in Hyperinflationary Economies\". Moreover, financial statements of subsidiaries in hyperinflationary countries are translated at the closing rate of the period in accordance with IAS\u00a021 \"The Effects of Changes in Foreign Exchange Rates\". |
T\u00fcrkiye has been classified as a country with a hyperinflationary economy since April\u00a02022. The application of hyperinflationary accounting to the Group's operations in this country had a 0.7\u00a0million euros positive impact on Net profit attributable to the holders of the parent, and a 9.2\u00a0million euros positive impact on consolidated reserves for the year. Non-monetary items have been adjusted using T\u00fcrkiye's T\u00dcFE consumer price index. The index value used as of August 31, 2024 was 2.394,10, it rose by 62% over the Fiscal 2024. |
(in million euros) | |
Non-controlling interests as of August 31, 2023 | 5 |
Net profit for the year | 6 |
Other comprehensive income (loss), net of tax | (14) |
Increase (decrease) in share capital | \u2014 |
Dividends paid | (2) |
Change in ownership interest without any change of control: | |
- Equity interests disposed to non-controlling interests\u207d\u00b9\u207e | 98 |
- Equity interests acquired to non-controlling interests\u207d\u00b2\u207e | (7) |
Change in consolidation scope\u207d\u00b9\u207e | 9 |
Other | 1 |
Non-controlling interests as of August 31,2024 | 96 |
% interests | % voting rights | Country | ||
Pluxee N.V. (formerly Sodexo Asset Management 2 B.V.) | 100% | 100% | France | |
Pluxee International SAS (formerly Sodexo Pass International SAS) | 100% | 100% | France | |
Continental Europe | ||||
Pluxee France SA (formerly Sodexo Pass France SA) | 100% | 100% | France | |
Glady SAS | 98.51% | 98.51% | France | |
Pluxee Austria GmbH (formerly Sodexo Benefits & Rewards Services Austria GmbH) | 100% | 100% | Austria | |
Imagor SA | 100% | 100% | Belgium | |
Pluxee Belgium SA (formerly Sodexo Pass Belgium SA) | 100% | 100% | Belgium | |
Pluxee \u010cesk\u00e1 Republika AS (formerly Sodexo Pass \u010ceska Republika AS) | 100% | 100% | Czech Republic | |
Pluxee Italia SRL (formerly Sodexo Benefits & Rewards Services Italia SRL) | 100% | 100% | Italy | |
Pluxee Deutschland GmbH (formerly Sodexo Pass GmbH) | 100% | 100% | Germany | |
Pluxee Espa\u00f1a SAU (formerly Sodexo Soluciones de Motivacion Espa\u00f1a SAU) | 100% | 100% | Spain | |
Pluxee Polska Sp. zoo (formerly Sodexo Benefits & Rewards Services Polska Sp. zoo) | 100% | 100% | Poland | |
Pluxee Romania SRL (formerly Sodexo Pass Romania SRL) | 100% | 100% | Romania | |
Latin America | ||||
Pluxee Beneficios Brasil SA (formerly Sodexo Pass do Brasil Servi\u00e7os E Com\u00e9rcio SA) | 80% | 80% | Brazil | |
Pluxee Frota e Combustivel Brasil LTDA (formerly Sodexo Pass do Brasil Gestao de Despesas e Frota LTDA) | 100% | 100% | Brazil | |
Pluxee Mexico SA de CV (formerly Sodexo Motivation Solutions Mexico SA de CV) | 100% | 100% | Mexico | |
Pluxee Chile (formerly Sodexo Soluciones de Motivation Chile SA) | 100% | 100% | Chile | |
Pluxee Panama S.A. (formerly Sistemas de Incentivos Empresariales) | 100% | 100% | Panama | |
Rest of the world | ||||
Pluxee UK LTD (formerly Sodexo Motivation Solutions UK LTD) | 100% | 100% | United Kingdom | |
Pluxee India Private Limited (formerly Sodexo SVC India Private LTD) | 100% | 100% | India | |
Pluxee \u00c7al\u0131\u015fan Deneyimi Dan\u0131\u015fmanl\u0131k ve Pazarlama Hizmetleri AS\u00a0 (formerly Sodexo Avantaj Ve Odullendirme Hizmetleri AS) | 100% | 100% | T\u00fcrkiye | |
Pluxee Isra\u00ebl LTD (formerly Sodexo Pass Isra\u00ebl LTD) | 100% | 100% | Israel | |
Inspirus LLC | 100% | 100% | United States |
(in million euros) | |
Non-controlling interests as of August 31, 2023 | 5 |
Net profit for the year | 6 |
Other comprehensive income (loss), net of tax | (14) |
Increase (decrease) in share capital | \u2014 |
Dividends paid | (2) |
Change in ownership interest without any change of control: | |
- Equity interests disposed to non-controlling interests\u207d\u00b9\u207e | 98 |
- Equity interests acquired to non-controlling interests\u207d\u00b2\u207e | (7) |
Change in consolidation scope\u207d\u00b9\u207e | 9 |
Other | 1 |
Non-controlling interests as of August 31,2024 | 96 |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies Short-term benefits Group employees receive short-term benefits such as vacation pay, sick pay, bonuses and other benefits (other than termination benefits), whose payment is expected within 12\u00a0months of the related service period. |
These benefits are reported as current liabilities (see note\u00a05.3.3). |
Post-employment benefits In accordance with IAS\u00a019 \"Employee benefits\", the Group measures and recognizes post-employment benefits as follows: \u2022 contributions to defined-contribution plans are recognized as an expense; and \u2022 defined benefit plans are measured using actuarial valuations. |
(i) Defined contribution plans Under a defined contribution plan, periodic contributions are made to an external entity that is responsible for the administrative and financial management of the plan. Under such a plan, the employer is relieved of any future obligation (the external entity is responsible for paying benefits to employees as they become due, and the employer is not required to make additional payments related to prior or current years if the entity does not have sufficient funds). Contributions made by the Group are expensed in the period to which they relate. |
(ii) Defined benefit plans The Group uses the projected unit credit method as the actuarial method for measuring its post-employment benefit obligations, on the basis of the national or company-wide collective agreements effective within each entity. Factors used in calculating the obligation include length of service, life expectancy, salary inflation, staff turnover, and macroeconomic assumptions specific to countries in which the Group operates (such as inflation rate and discount rate). |
Remeasurements of the net obligation under defined benefit plans, including actuarial gains and losses, differences between the return on plan assets and the corresponding interest income recognized in the income statement, and any changes in the effect of the asset ceiling, are recognized in other comprehensive income and have no impact on profit for the period. |
Plan amendments and the establishment of new defined benefit plans result in past service costs that are recognized immediately in the income statement. |
The accounting treatment applied to defined benefit plans is as follows: \u2022 the obligation, net of plan assets, is recognized as a non-current liability in the consolidated statement of financial position if the obligation exceeds the plan assets; \u2022 if the value of plan assets exceeds the obligation under the plan, the net amount is recognized as a non-current asset. Plan surpluses are recognized as assets only if they represent future economic benefits that will be available to the Group. Where the calculation of the net obligation results in an asset for the Group, the amount recognized for this asset may not exceed the present value of all future refunds and reductions in future contributions under the plan; \u2022 the expense recognized in the income statement comprises: \u25e6 current service cost, past service cost, if any, and the effect of plan settlements, all of which are recorded in Operating profit (EBIT), \u25e6 the interest expense (income) on the net defined benefit obligation (asset), calculated by multiplying the obligation (asset) by the discount rate used to measure the defined benefit obligation at the beginning of the period, all of which are recorded in Financial result. |
Other long-term employee benefits Other long-term employee benefits are measured in accordance with IAS\u00a019. The expected cost of such benefits is recognized as a non-current liability over the employee's period of service. Actuarial gains and losses and past service costs arising from plan amendments and the establishment of new plans are recognized immediately in the income statement. Other long-term employee benefits are reported as non-current liabilities. |
Accounting principles and policies A provision is recognized if the Group has a legal or constructive obligation at the closing date and it is probable that settlement of the obligation will require an outflow of resources and the amount of the liability can be reliably measured. |
Provisions primarily cover commercial, employee-related and tax-related risks and litigation (other than those related to income tax (see note 9) arising in the course of operating activities and are measured using assumptions that take account of the most likely outcomes. |
Where the effect of the time value of money is material, the amount of the provision is determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and any risks specific to the liability. |
(in million euros) | August\u00a031,\u00a02023 | Increases / charges | Reversals with utilization | Reversals without utilization | Currency translation adjustment and other | August\u00a031,\u00a02024 |
French competition authority litigation | 127 | \u2014 | \u2014 | \u2014 | \u2014 | 127 |
Employee claims and litigation | 1 | 0 | (0) | \u2014 | (0) | 1 |
Tax and social security exposures | 2 | (0) | (0) | \u2014 | (1) | 1 |
Client/supplier claims\u00a0and litigation | 1 | 0 | (0) | \u2014 | (0) | 0 |
Other provisions | 5 | 2 | (2) | \u2014 | 0 | 5 |
Total Provisions | 136 | 2 | (3) | \u2014 | (1) | 134 |
(in million euros) | August\u00a031,\u00a02022 | Increases/ charges | Reversals with utilization | Reversals without utilization | Currency translation adjustment and other | August\u00a031,\u00a02023 |
French competition authority litigation | \u2014 | 127 | \u2014 | \u2014 | \u2014 | 127 |
Employee claims and litigation | 3 | 0 | (2) | \u2014 | (0) | 1 |
Tax and social security exposures | 2 | 0 | (0) | \u2014 | (0) | 2 |
Client/supplier claims\u00a0and litigation | 1 | 0 | (0) | \u2014 | (0) | 1 |
Other provisions | 5 | 0 | (0) | \u2014 | (0) | 5 |
Total Provisions | 11 | 127 | (2) | \u2014 | (0) | 136 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Current | Non-current | Current | Non-current | |
French competition authority litigation | \u2014 | 127 | 127 | \u2014 |
Employee claims and litigation | 0 | 1 | 0 | 1 |
Tax and social security exposures | 0 | 1 | 0 | 1 |
Client/supplier claims\u00a0and litigation | \u2014 | 0 | \u2014 | 1 |
Other provisions | 1 | 3 | 1 | 5 |
Total Provisions | 1 | 133 | 128 | 8 |
Accounting principles and policies |
Consolidation methods A subsidiary is an entity directly or indirectly controlled by the Group. In accordance with IFRS 10 \"Consolidated Financial Statements\", an investment (the Group) controls a subsidiary when it is exposed or has rights to obtain variable benefits from its involvement with the subsidiary and has the ability to influence those benefits through its power over the subsidiary. In determining whether control exists, voting rights granted by equity instruments are taken into account only when they give the Group substantive rights. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is obtained to the date on which control ceases to be exercised. |
Associates are companies in which the Group directly or indirectly exercises significant influence over financial and operating policy without exercising exclusive or joint control. Joint ventures are joint arrangements in which the Group directly or indirectly exercises joint control and has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method. |
Information on the main entities included in the consolidation scope as of August\u00a031,\u00a02024, is provided in note\u00a014.4 Scope of consolidated entities. |
Intragroup transactions Intragroup transactions and balances, and unrealized losses and gains between Group subsidiaries, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, unless they represent an impairment charge. |
Foreign currency translation The exchange rates used are derived from rates quoted by the European Central Bank and on other major international financial markets (refer to exchange rates of the principal currencies in note 14.5). |
Foreign currency transactions Monetary assets and liabilities denominated in foreign currencies at the year-end are translated using the closing rate. The resulting translation differences are reported in financial income or expenses. |
Non-monetary foreign currency assets and liabilities reported at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities reported at fair value are translated using the exchange rate at the date when the fair value was determined. |
Transactions for the year are translated at the exchange rate at the transaction date. |
Financial statements denominated in foreign currencies (i) Countries with stable currencies The separate financial statements of each consolidated entity are presented on the basis of the primary economic environment (functional currency) in which the entity operates. |
All foreign-currency assets and liabilities of consolidated entities are translated into the reporting currency of the Group (the euro) at the closing exchange rate, and all income statement and cash flow statement items are translated at the average exchange rate for the year. The resulting translation differences are recognized in other comprehensive income under Currency translation adjustment. In preparing its first financial statements in accordance with IFRS\u00a01 \"First-time Adoption of International Financial Reporting Standards\" (Fiscal 2021 combined financial statements issued in the context of the Spin-off), the Group used the exemption provided for by this standard to transfer the cumulative translation adjustment reserve that existed at the date of transition to IFRSs to reserves. The cumulative translation differences for foreign operations as of September\u00a01,\u00a02020, were reversed through an adjustment to retained earnings and the gain or loss on disposal of any foreign operation only includes translation differences recorded since September\u00a01,\u00a02020. |
(ii) Countries with hyperinflationary economies Non-monetary assets and liabilities in hyperinflationary countries, as well as the income statement, are adjusted to reflect the changes in the general pricing power of the functional currency in accordance with IAS\u00a029 \"Financial Reporting in Hyperinflationary Economies\". Moreover, financial statements of subsidiaries in hyperinflationary countries are translated at the closing rate of the period in accordance with IAS\u00a021 \"The Effects of Changes in Foreign Exchange Rates\". |
T\u00fcrkiye has been classified as a country with a hyperinflationary economy since April\u00a02022. The application of hyperinflationary accounting to the Group's operations in this country had a 0.7\u00a0million euros positive impact on Net profit attributable to the holders of the parent, and a 9.2\u00a0million euros positive impact on consolidated reserves for the year. Non-monetary items have been adjusted using T\u00fcrkiye's T\u00dcFE consumer price index. The index value used as of August 31, 2024 was 2.394,10, it rose by 62% over the Fiscal 2024. |
Impact of a 10% appreciation of the exchange rate of the following currencies against the euros (in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Impact on revenues | Impact on shareholders' equity | Impact on revenues | Impact on shareholders' equity | |
Brazilian real (BRL) | 31 | 54 | 32 | 39 |
Romanian leu (RON) | 7 | 4 | 7 | 4 |
Mexican peso (MXN) | 7 | 5 | 4 | 5 |
Turkish lira (TRY) | 6 | 4 | 21 | 2 |
Accounting principles and policies In accordance with IFRS\u00a03 \"Business Combinations\", the purchase method is used to account for acquisitions of subsidiaries by the Group, except for subsidiaries acquired prior the Spin-off from other Sodexo\u00a0S.A.'s direct or indirect subsidiaries (these acquisitions between companies under common control do not fall within the scope of IFRS\u00a03). At the acquisition date, the Group measures the consideration transferred, the identifiable assets acquired, and the liabilities assumed at fair value, as well as any non-controlling interest in the acquired company. The residual difference between the fair value of the consideration transferred, increased by the amount of the non-controlling interest in the acquired company, and the fair value as of the date of acquisition of the assets acquired and liabilities assumed, is recognized as goodwill in the statement of financial position. |
Fair value of the consideration transferred corresponds to the fair value of assets transferred, liabilities incurred, and equity interests issued by the Group measured as of the date of the acquisition. Costs directly related to the acquisition are expensed as incurred in the income statement (presented in Other operating income and expenses). |
The Group measures non-controlling interests on a case-by-case basis for each business combination either at fair value or based on their percentage of interest in the fair value of identifiable net assets acquired. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as described in the section Accounting principles and policies of the note\u00a011 Equity and earnings per share. |
Changes to the measurement of identifiable assets and liabilities resulting from specialist valuations or additional analysis may be recognized as adjustments to goodwill if they are identified within one year of the date of acquisition and result from facts and circumstances existing at the acquisition date. Once this one-year period has elapsed, the effect of any adjustments is recognized directly in the income statement (unless it is the correction of an error). |
Purchase price adjustments and/or earn-outs Purchase price adjustments and/or earn-outs related to business combinations are recognized at their fair value as of the date of acquisition. After the date of acquisition, changes in estimates of the fair value of price adjustments lead to an adjustment to goodwill only if they occur within the time allowed (a maximum of one year as of the date of acquisition) and if they result from facts and circumstances that existed at the acquisition date. In all other cases, the change is recognized in profit or loss except when the consideration transferred consists of an equity instrument. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. |
Step acquisitions In a step acquisition, the fair value of the Group's previous interest in the acquired entity is measured at the date that control is obtained and is recognized in profit or loss. In determining the amount of goodwill recognized, the fair value of the consideration transferred (for example the price paid) is increased by the fair value of the interest previously held by the Group. |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
Accounting principles and policies In accordance with IFRS\u00a03 \"Business Combinations\", the purchase method is used to account for acquisitions of subsidiaries by the Group, except for subsidiaries acquired prior the Spin-off from other Sodexo\u00a0S.A.'s direct or indirect subsidiaries (these acquisitions between companies under common control do not fall within the scope of IFRS\u00a03). At the acquisition date, the Group measures the consideration transferred, the identifiable assets acquired, and the liabilities assumed at fair value, as well as any non-controlling interest in the acquired company. The residual difference between the fair value of the consideration transferred, increased by the amount of the non-controlling interest in the acquired company, and the fair value as of the date of acquisition of the assets acquired and liabilities assumed, is recognized as goodwill in the statement of financial position. |
Fair value of the consideration transferred corresponds to the fair value of assets transferred, liabilities incurred, and equity interests issued by the Group measured as of the date of the acquisition. Costs directly related to the acquisition are expensed as incurred in the income statement (presented in Other operating income and expenses). |
The Group measures non-controlling interests on a case-by-case basis for each business combination either at fair value or based on their percentage of interest in the fair value of identifiable net assets acquired. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as described in the section Accounting principles and policies of the note\u00a011 Equity and earnings per share. |
Changes to the measurement of identifiable assets and liabilities resulting from specialist valuations or additional analysis may be recognized as adjustments to goodwill if they are identified within one year of the date of acquisition and result from facts and circumstances existing at the acquisition date. Once this one-year period has elapsed, the effect of any adjustments is recognized directly in the income statement (unless it is the correction of an error). |
Purchase price adjustments and/or earn-outs Purchase price adjustments and/or earn-outs related to business combinations are recognized at their fair value as of the date of acquisition. After the date of acquisition, changes in estimates of the fair value of price adjustments lead to an adjustment to goodwill only if they occur within the time allowed (a maximum of one year as of the date of acquisition) and if they result from facts and circumstances that existed at the acquisition date. In all other cases, the change is recognized in profit or loss except when the consideration transferred consists of an equity instrument. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. |
Step acquisitions In a step acquisition, the fair value of the Group's previous interest in the acquired entity is measured at the date that control is obtained and is recognized in profit or loss. In determining the amount of goodwill recognized, the fair value of the consideration transferred (for example the price paid) is increased by the fair value of the interest previously held by the Group. |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies In accordance with IFRS\u00a05 \"Non-current Assets Held for Sale and Discontinued Operations\", when the Group expects to recover the value of an asset or a group of assets through its sale rather than by its use, this asset or group of assets is presented on a separate line, Assets held for sale of the consolidated statement of financial position. Non- financial non-current assets classified as such are measured at the lower of their carrying value and their fair value net of disposal costs and therefore are no longer subject to depreciation. |
The liabilities relating to the asset or group of assets are also presented on a separate line of the consolidated statement of financial position (Liabilities directly associated with assets held for sale). |
In addition, when the asset or group of assets held for sale represents a separate major line of business or geographic area of operations (discontinued operation\u00a0within the meaning of IFRS\u00a05), its contribution to income and cash flows is presented on separate lines in the consolidated income statement and the consolidated cash flow statement. The comparative consolidated income statement and consolidated cash flow statement are restated as if the activity had met the criteria for a discontinued activity as of the opening of the comparative period. |
Accounting principles and policies (A) Income statement The Group presents its income statement using the nature of expense method. |
In order to better focus the Group's financial communication on Recurring operating profit, the consolidated income statement includes the indicator Recurring operating profit (Recurring EBIT), which corresponds to Operating profit (EBIT) before Other operating income and expenses. The management of the Group considers that this intermediate aggregate provides useful information to users of financial statements to better understand the Group's recurring past operating performance that is relevant in assessing its future performance. This presentation is consistent with the combined financial statements as included in the listing prospectus filed on January 10th, 2024. |
Other operating income and expenses include the following: \u2022 gains and losses arising from changes in the scope of consolidation; \u2022 restructuring and rationalization costs; \u2022 acquisition-related costs incurred as part of business combinations; \u2022 goodwill impairment; \u2022 material impairment of non-current assets triggered by unusual events; and \u2022 other unusual or non-recurring items representing material amounts (such as Spin-off costs). |
Revenues Revenues reported by the Group include mainly commissions received from clients and affiliated merchants, financial income from the investment of cash generated by the activity (i.e., Float revenue), and unreimbursed cards, digital solutions, and paper vouchers. |
Commissions received from clients are recognized when the cards are credited or when the digitally delivered services or paper vouchers are issued and sent to the client. Commissions received from affiliated merchants are recognized when the cards are used, or when the digitally delivered services or paper vouchers are redeemed, in accordance with IFRS\u00a015 \"Revenue from Contract with Customers\". Revenue from unreimbursed cards, digitally delivered services and paper vouchers are recognized based on their expiration date and the deadline for presentation for reimbursement by the affiliated merchants. Float revenue is recognized in accordance with IFRS\u00a09 \"Financial Instruments\" and corresponds primarily to interest on financial assets measured at amortized costs, which are recognized in revenues in the period to which they relate applying the effective interest method. As such, interest revenue is allocated over the expected life of the financial instruments. |
The Group evaluates whether or not it has control of the service before it is transferred to its affiliated merchants' consumers, and, in consequence, whether the Group is acting as agent or principal in relation to the service performed by the affiliated merchants. Based on this assessment, the Group determined that it does not control the services performed by affiliated merchants, which are the primary obligators for the services performed. |
Revenues are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to the clients, net of discounts and rebates as well as Value Added Tax (VAT) and other taxes. The financial component of each commercial transaction is considered as negligible and therefore is not recognized separately in accordance with IFRS\u00a015 provisions. |
(B) Cash flow statement The cash flow statement analyzes changes in net cash and cash equivalents, defined as Cash and cash equivalents less current Bank overdrafts and credit bank balances payable on demand that form an integral component of treasury management. |
Accounting principles and policies In accordance with IFRS\u00a08 \"Operating Segments\", the segment information presented below has been prepared based on internal management data as monitored by the Chief Executive Officer assisted by the Executive Committee, which is Pluxee's chief operating decision-maker. |
Group's operating segments consist of the countries in which Pluxee conducts its business, as each country's Revenues and Recurring EBITDA are reviewed monthly by the Executive Committee. Operating segments (countries) are aggregated into three reported operating segments: \u2022 Continental Europe (composed mainly of France, Belgium, Romania, Czech Republic and Italy); \u2022 Latin America (composed mainly of Brazil, Mexico, Chile and Colombia); \u2022 Rest of the world (including in particular United Kingdom, United States, T\u00fcrkiye, India and Israel). |
The operating segments making up Latin America and Continental Europe have been aggregated as they carry out similar operations \u2013 both in terms of type of services rendered and processes and methods used to deliver the services \u2013 and have similar economic characteristics (notably in terms of margins they generate). The other countries, which do not exceed quantitative thresholds, have been grouped within the reported segment Rest of the world. |
Group's management considers Recurring EBITDA (Earnings Before Interest and Tax, Depreciation and Amortization), a non-IFRS financial indicator used as an alternative performance measure, to be a relevant measure to assess the performance of its operating segments as reported in the segment information as it enables the Group to more effectively evaluate the recurring operating performance (operating performance excluding material unusual or infrequent items) to assess the segments' future performance. |
Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement (defined in introduction of the note\u00a05). |
Fiscal\u00a02024 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 472 | 405 | 178 | 1,055 |
Float revenue | 62 | 55 | 38 | 155 |
Total Revenues | 534 | 460 | 216 | 1,210 |
Recurring EBITDA | 176 | 192 | 62 | 430 |
Segment assets\u207d\u00b9\u207e | 2,892 | 1,747 | 736 | 5,375 |
Segment liabilities\u207d\u00b2\u207e | 2,665 | 976 | 563 | 4,204 |
Fiscal\u00a02023 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 423 | 360 | 170 | 953 |
Float revenue | 43 | 34 | 22 | 99 |
Total Revenues | 466 | 394 | 192 | 1,052 |
Recurring EBITDA | 152 | 163 | 48 | 363 |
Segment assets\u207d\u00b9\u207e | 2,861 | 1,606 | 673 | 5,140 |
Segment liabilities\u207d\u00b2\u207e | 2,588 | 967 | 528 | 4,083 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Recurring EBITDA | 430 | 363 |
Depreciation, amortization and impairment | (89) | (78) |
Other operating income and expenses | (92) | (150) |
Operating profit (EBIT) | 250 | 135 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments assets | 5,375 | 5,140 |
Unsegmented non-current assets\u207d\u00b9\u207e | 133 | 71 |
Unsegmented current assets\u207d\u00b2\u207e | 439 | 462 |
Total Assets | 5,947 | 5,673 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments liabilities | 4,204 | 4,083 |
Unsegmented non-current liabilities\u207d\u00b9\u207e | 1,269 | 71 |
Unsegmented current liabilities\u207d\u00b2\u207e | 121 | 1,472 |
Total Liabilities | 5,593 | 5,626 |
Fiscal\u00a02024 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 344 | 150 | 715 | 1,210 |
Non-current assets\u207d\u00b9\u207e | 530 | 443 | 373 | 1,347 |
Fiscal\u00a02023 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 287 | 129 | 636 | 1,052 |
Non-current assets\u207d\u00b9\u207e | 256 | 294 | 363 | 914 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Employee costs | (363) | (314) |
\u2022 Wages and salaries | (281) | (249) |
\u2022 Other employee costs\u207d\u00b9\u207e | (82) | (65) |
External costs\u207d\u00b2\u207e | (406) | (350) |
Management fees to Sodexo | (11) | (25) |
Total Operating expenses | (780) | (689) |
Accounting principles and policies In accordance with IFRS\u00a08 \"Operating Segments\", the segment information presented below has been prepared based on internal management data as monitored by the Chief Executive Officer assisted by the Executive Committee, which is Pluxee's chief operating decision-maker. |
Group's operating segments consist of the countries in which Pluxee conducts its business, as each country's Revenues and Recurring EBITDA are reviewed monthly by the Executive Committee. Operating segments (countries) are aggregated into three reported operating segments: \u2022 Continental Europe (composed mainly of France, Belgium, Romania, Czech Republic and Italy); \u2022 Latin America (composed mainly of Brazil, Mexico, Chile and Colombia); \u2022 Rest of the world (including in particular United Kingdom, United States, T\u00fcrkiye, India and Israel). |
The operating segments making up Latin America and Continental Europe have been aggregated as they carry out similar operations \u2013 both in terms of type of services rendered and processes and methods used to deliver the services \u2013 and have similar economic characteristics (notably in terms of margins they generate). The other countries, which do not exceed quantitative thresholds, have been grouped within the reported segment Rest of the world. |
Group's management considers Recurring EBITDA (Earnings Before Interest and Tax, Depreciation and Amortization), a non-IFRS financial indicator used as an alternative performance measure, to be a relevant measure to assess the performance of its operating segments as reported in the segment information as it enables the Group to more effectively evaluate the recurring operating performance (operating performance excluding material unusual or infrequent items) to assess the segments' future performance. |
Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement (defined in introduction of the note\u00a05). |
Fiscal\u00a02024 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 472 | 405 | 178 | 1,055 |
Float revenue | 62 | 55 | 38 | 155 |
Total Revenues | 534 | 460 | 216 | 1,210 |
Recurring EBITDA | 176 | 192 | 62 | 430 |
Segment assets\u207d\u00b9\u207e | 2,892 | 1,747 | 736 | 5,375 |
Segment liabilities\u207d\u00b2\u207e | 2,665 | 976 | 563 | 4,204 |
Fiscal\u00a02023 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 423 | 360 | 170 | 953 |
Float revenue | 43 | 34 | 22 | 99 |
Total Revenues | 466 | 394 | 192 | 1,052 |
Recurring EBITDA | 152 | 163 | 48 | 363 |
Segment assets\u207d\u00b9\u207e | 2,861 | 1,606 | 673 | 5,140 |
Segment liabilities\u207d\u00b2\u207e | 2,588 | 967 | 528 | 4,083 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Recurring EBITDA | 430 | 363 |
Depreciation, amortization and impairment | (89) | (78) |
Other operating income and expenses | (92) | (150) |
Operating profit (EBIT) | 250 | 135 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments assets | 5,375 | 5,140 |
Unsegmented non-current assets\u207d\u00b9\u207e | 133 | 71 |
Unsegmented current assets\u207d\u00b2\u207e | 439 | 462 |
Total Assets | 5,947 | 5,673 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments liabilities | 4,204 | 4,083 |
Unsegmented non-current liabilities\u207d\u00b9\u207e | 1,269 | 71 |
Unsegmented current liabilities\u207d\u00b2\u207e | 121 | 1,472 |
Total Liabilities | 5,593 | 5,626 |
Fiscal\u00a02024 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 344 | 150 | 715 | 1,210 |
Non-current assets\u207d\u00b9\u207e | 530 | 443 | 373 | 1,347 |
Fiscal\u00a02023 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 287 | 129 | 636 | 1,052 |
Non-current assets\u207d\u00b9\u207e | 256 | 294 | 363 | 914 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Employee Benefits | 1,033 | 873 |
Other Products and Services | 176 | 179 |
Total Revenues | 1,210 | 1,052 |
Accounting principles and policies In accordance with IFRS\u00a08 \"Operating Segments\", the segment information presented below has been prepared based on internal management data as monitored by the Chief Executive Officer assisted by the Executive Committee, which is Pluxee's chief operating decision-maker. |
Group's operating segments consist of the countries in which Pluxee conducts its business, as each country's Revenues and Recurring EBITDA are reviewed monthly by the Executive Committee. Operating segments (countries) are aggregated into three reported operating segments: \u2022 Continental Europe (composed mainly of France, Belgium, Romania, Czech Republic and Italy); \u2022 Latin America (composed mainly of Brazil, Mexico, Chile and Colombia); \u2022 Rest of the world (including in particular United Kingdom, United States, T\u00fcrkiye, India and Israel). |
The operating segments making up Latin America and Continental Europe have been aggregated as they carry out similar operations \u2013 both in terms of type of services rendered and processes and methods used to deliver the services \u2013 and have similar economic characteristics (notably in terms of margins they generate). The other countries, which do not exceed quantitative thresholds, have been grouped within the reported segment Rest of the world. |
Group's management considers Recurring EBITDA (Earnings Before Interest and Tax, Depreciation and Amortization), a non-IFRS financial indicator used as an alternative performance measure, to be a relevant measure to assess the performance of its operating segments as reported in the segment information as it enables the Group to more effectively evaluate the recurring operating performance (operating performance excluding material unusual or infrequent items) to assess the segments' future performance. |
Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement (defined in introduction of the note\u00a05). |
Fiscal\u00a02024 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 472 | 405 | 178 | 1,055 |
Float revenue | 62 | 55 | 38 | 155 |
Total Revenues | 534 | 460 | 216 | 1,210 |
Recurring EBITDA | 176 | 192 | 62 | 430 |
Segment assets\u207d\u00b9\u207e | 2,892 | 1,747 | 736 | 5,375 |
Segment liabilities\u207d\u00b2\u207e | 2,665 | 976 | 563 | 4,204 |
Fiscal\u00a02023 | ||||
(in million euros) | Continental Europe | Latin America | Rest of the world | Total Segments |
Operating revenue | 423 | 360 | 170 | 953 |
Float revenue | 43 | 34 | 22 | 99 |
Total Revenues | 466 | 394 | 192 | 1,052 |
Recurring EBITDA | 152 | 163 | 48 | 363 |
Segment assets\u207d\u00b9\u207e | 2,861 | 1,606 | 673 | 5,140 |
Segment liabilities\u207d\u00b2\u207e | 2,588 | 967 | 528 | 4,083 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Recurring EBITDA | 430 | 363 |
Depreciation, amortization and impairment | (89) | (78) |
Other operating income and expenses | (92) | (150) |
Operating profit (EBIT) | 250 | 135 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments assets | 5,375 | 5,140 |
Unsegmented non-current assets\u207d\u00b9\u207e | 133 | 71 |
Unsegmented current assets\u207d\u00b2\u207e | 439 | 462 |
Total Assets | 5,947 | 5,673 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Total Segments liabilities | 4,204 | 4,083 |
Unsegmented non-current liabilities\u207d\u00b9\u207e | 1,269 | 71 |
Unsegmented current liabilities\u207d\u00b2\u207e | 121 | 1,472 |
Total Liabilities | 5,593 | 5,626 |
Fiscal\u00a02024 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 344 | 150 | 715 | 1,210 |
Non-current assets\u207d\u00b9\u207e | 530 | 443 | 373 | 1,347 |
Fiscal\u00a02023 | ||||
(in million euros) | Brazil | France | Other | Total |
Revenues | 287 | 129 | 636 | 1,052 |
Non-current assets\u207d\u00b9\u207e | 256 | 294 | 363 | 914 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Employee Benefits | 1,033 | 873 |
Other Products and Services | 176 | 179 |
Total Revenues | 1,210 | 1,052 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
Accounting principles and policies In accordance with IFRS\u00a08 \"Operating Segments\", the segment information presented below has been prepared based on internal management data as monitored by the Chief Executive Officer assisted by the Executive Committee, which is Pluxee's chief operating decision-maker. |
Group's operating segments consist of the countries in which Pluxee conducts its business, as each country's Revenues and Recurring EBITDA are reviewed monthly by the Executive Committee. Operating segments (countries) are aggregated into three reported operating segments: \u2022 Continental Europe (composed mainly of France, Belgium, Romania, Czech Republic and Italy); \u2022 Latin America (composed mainly of Brazil, Mexico, Chile and Colombia); \u2022 Rest of the world (including in particular United Kingdom, United States, T\u00fcrkiye, India and Israel). |
The operating segments making up Latin America and Continental Europe have been aggregated as they carry out similar operations \u2013 both in terms of type of services rendered and processes and methods used to deliver the services \u2013 and have similar economic characteristics (notably in terms of margins they generate). The other countries, which do not exceed quantitative thresholds, have been grouped within the reported segment Rest of the world. |
Group's management considers Recurring EBITDA (Earnings Before Interest and Tax, Depreciation and Amortization), a non-IFRS financial indicator used as an alternative performance measure, to be a relevant measure to assess the performance of its operating segments as reported in the segment information as it enables the Group to more effectively evaluate the recurring operating performance (operating performance excluding material unusual or infrequent items) to assess the segments' future performance. |
Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement (defined in introduction of the note\u00a05). |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Employee costs | (363) | (314) |
\u2022 Wages and salaries | (281) | (249) |
\u2022 Other employee costs\u207d\u00b9\u207e | (82) | (65) |
External costs\u207d\u00b2\u207e | (406) | (350) |
Management fees to Sodexo | (11) | (25) |
Total Operating expenses | (780) | (689) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gain related to disposal of equity-accounted companies | 6 | (0) |
Other operating income | 6 | 0 |
Spin-off and rebranding costs\u207d\u00b9\u207e | (62) | (20) |
Impairment\u00a0and write-off of goodwill, other intangible assets, property, plant\u00a0and equipment,\u00a0and right-of-use assets relating to leases\u207d\u00b2\u207e | (16) | 0 |
Restructuring and rationalization costs | (8) | (3) |
Losses related to consolidation scope changes | (2) | \u2014 |
Business combination-related costs | (7) | \u2014 |
Provisions for litigation\u207d\u00b3\u207e | (4) | (127) |
Other operating expenses | (98) | (150) |
Total Other operating income and expenses | (92) | (150) |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Amortization and impairment as of August\u00a031,\u00a02022 | (194) | (146) | (340) |
Amortization | (45) | (15) | (60) |
Disposals | 1 | 3 | 4 |
Impairment | (0) | \u2014 | (0) |
Translation adjustments | 4 | 2 | 6 |
Reclassifications | (0) | 0 | (0) |
Amortization and impairment as of August\u00a031,\u00a02023 | (234) | (156) | (390) |
Amortization | (53) | (15) | (69) |
Disposals | 4 | 0 | 4 |
Impairment | (8) | (1) | (9) |
Translation adjustments | 2 | 13 | 15 |
Reclassifications | 1 | (1) | (1) |
Amortization and impairment as of August\u00a031,\u00a02024 | (290) | (160) | (450) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gain related to disposal of equity-accounted companies | 6 | (0) |
Other operating income | 6 | 0 |
Spin-off and rebranding costs\u207d\u00b9\u207e | (62) | (20) |
Impairment\u00a0and write-off of goodwill, other intangible assets, property, plant\u00a0and equipment,\u00a0and right-of-use assets relating to leases\u207d\u00b2\u207e | (16) | 0 |
Restructuring and rationalization costs | (8) | (3) |
Losses related to consolidation scope changes | (2) | \u2014 |
Business combination-related costs | (7) | \u2014 |
Provisions for litigation\u207d\u00b3\u207e | (4) | (127) |
Other operating expenses | (98) | (150) |
Total Other operating income and expenses | (92) | (150) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gain related to disposal of equity-accounted companies | 6 | (0) |
Other operating income | 6 | 0 |
Spin-off and rebranding costs\u207d\u00b9\u207e | (62) | (20) |
Impairment\u00a0and write-off of goodwill, other intangible assets, property, plant\u00a0and equipment,\u00a0and right-of-use assets relating to leases\u207d\u00b2\u207e | (16) | 0 |
Restructuring and rationalization costs | (8) | (3) |
Losses related to consolidation scope changes | (2) | \u2014 |
Business combination-related costs | (7) | \u2014 |
Provisions for litigation\u207d\u00b3\u207e | (4) | (127) |
Other operating expenses | (98) | (150) |
Total Other operating income and expenses | (92) | (150) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gain related to disposal of equity-accounted companies | 6 | (0) |
Other operating income | 6 | 0 |
Spin-off and rebranding costs\u207d\u00b9\u207e | (62) | (20) |
Impairment\u00a0and write-off of goodwill, other intangible assets, property, plant\u00a0and equipment,\u00a0and right-of-use assets relating to leases\u207d\u00b2\u207e | (16) | 0 |
Restructuring and rationalization costs | (8) | (3) |
Losses related to consolidation scope changes | (2) | \u2014 |
Business combination-related costs | (7) | \u2014 |
Provisions for litigation\u207d\u00b3\u207e | (4) | (127) |
Other operating expenses | (98) | (150) |
Total Other operating income and expenses | (92) | (150) |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Trade receivables related to the float | 1,124 | (56) | 1,068 | 1,127 | (52) | 1,075 |
Trade receivables non related to the float | 17 | (2) | 16 | 48 | \u2014 | 48 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Less than 3\u00a0months past due | 102 | (3) | 98 | 100 | (4) | 96 |
More than 3\u00a0months and less than 6\u00a0months past due | 9 | (2) | 7 | 17 | (3) | 14 |
More than 6\u00a0months and less than 12\u00a0months past due | 19 | (8) | 12 | 21 | (3) | 18 |
More than 12\u00a0months past due | 42 | (42) | 0 | 47 | (40) | 7 |
Total Trade receivables due | 173 | (55) | 117 | 185 | (50) | 135 |
Total Trade receivables not yet due | 969 | (2) | 966 | 989 | (2) | 987 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||
(in million euros) | Current | Non-current | Current | Non-current |
Restricted cash related to the float | 973 | \u2014 | 936 | \u2014 |
Current financial assets | 814 | \u2014 | 542 | \u2014 |
Investments in non-consolidated companies | \u2014 | 16 | \u2014 | 13 |
Loans and deposits | \u2014 | 19 | \u2014 | 23 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Total Financial assets | 1,787 | 35 | 1,478 | 36 |
Of which: | \u2014 | |||
Financial assets measured at fair value | 493 | 16 | 465 | 13 |
Financial assets measured at amortized cost | 1,294 | 19 | 1,013 | 23 |
Cost | 1,294 | 19 | 1,013 | 24 |
Impairment | \u2014 | (1) | \u2014 | (1) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
France | 310 | 312 |
Belgium | 217 | 162 |
Romania | 170 | 157 |
India | 157 | 137 |
China | 58 | 64 |
Other countries | 61 | 103 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 527 | 488 |
Romanian leu (RON) | 170 | 157 |
Indian rupee (INR) | 157 | 137 |
Chinese yuan (CNY) | 58 | 64 |
Other currencies | 61 | 89 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 454 | 223 |
Brazilian real (BRL) | 151 | 165 |
Turkish lira (TRY) | 52 | 33 |
Romanian leu (RON) | 42 | 17 |
Philippine peso (PHP) | 27 | 26 |
Mexican peso (MXN) | 23 | 44 |
Other currencies | 66 | 34 |
Total Current financial assets | 814 | 542 |
August\u00a031,\u00a0 2023 | Increase/ (Decrease) | Impairment | Changes in scope of consolidation | Change in fair value | Reclassi fication | Currency translation adjustment and other | August\u00a031,\u00a0 2024 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 936 | 57 | \u2014 | \u2014 | \u2014 | \u2014 | (14) | (6) | 973 |
Current financial assets | 542 | 285 | \u2014 | \u2014 | 0 | \u2014 | 19 | (32) | 814 |
Investments in non-consolidated companies | 13 | 2 | \u2014 | \u2014 | (0) | 5 | (4) | 0 | 16 |
Loans and deposits | 23 | (3) | \u2014 | 0 | \u2014 | \u2014 | \u2014 | (2) | 19 |
Derivative financial instruments | \u2014 | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 |
Financial assets | 1,514 | 341 | \u2014 | 0 | (0) | 5 | 0 | (39) | 1,822 |
August\u00a031,\u00a0 2022 | Increase/ (Decrease) | Impairment | Changes in scope of combination | Change in fair value | Reclassifi cation(1) | Currency translation adjustment and other | August\u00a031,\u00a0 2023 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 960 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (30) | 936 |
Current financial assets | 664 | (114) | \u2014 | \u2014 | \u2014 | 1 | \u2014 | (9) | 542 |
Investments in non-consolidated companies | 90 | 2 | \u2014 | \u2014 | 0 | 54 | (133) | (0) | 13 |
Loans and deposits | 15 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | (0) | 23 |
Financial assets | 1,729 | (98) | \u2014 | \u2014 | 0 | 55 | (133) | (39) | 1,514 |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Trade receivables related to the float | 1,124 | (56) | 1,068 | 1,127 | (52) | 1,075 |
Trade receivables non related to the float | 17 | (2) | 16 | 48 | \u2014 | 48 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Less than 3\u00a0months past due | 102 | (3) | 98 | 100 | (4) | 96 |
More than 3\u00a0months and less than 6\u00a0months past due | 9 | (2) | 7 | 17 | (3) | 14 |
More than 6\u00a0months and less than 12\u00a0months past due | 19 | (8) | 12 | 21 | (3) | 18 |
More than 12\u00a0months past due | 42 | (42) | 0 | 47 | (40) | 7 |
Total Trade receivables due | 173 | (55) | 117 | 185 | (50) | 135 |
Total Trade receivables not yet due | 969 | (2) | 966 | 989 | (2) | 987 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Trade receivables related to the float | 1,124 | (56) | 1,068 | 1,127 | (52) | 1,075 |
Trade receivables non related to the float | 17 | (2) | 16 | 48 | \u2014 | 48 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Less than 3\u00a0months past due | 102 | (3) | 98 | 100 | (4) | 96 |
More than 3\u00a0months and less than 6\u00a0months past due | 9 | (2) | 7 | 17 | (3) | 14 |
More than 6\u00a0months and less than 12\u00a0months past due | 19 | (8) | 12 | 21 | (3) | 18 |
More than 12\u00a0months past due | 42 | (42) | 0 | 47 | (40) | 7 |
Total Trade receivables due | 173 | (55) | 117 | 185 | (50) | 135 |
Total Trade receivables not yet due | 969 | (2) | 966 | 989 | (2) | 987 |
Total Trade receivables | 1,141 | (58) | 1,084 | 1,175 | (52) | 1,122 |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
Accounting principles and policies Trade receivables are initially recognized at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services and are subsequently measured at amortized cost less impairment charges recognized in the income statement. |
Trade receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application of the simplified impairment model as provided for in IFRS\u00a09 \"Financial Instruments\"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Other operating receivables\u207d\u00b9\u207e | 125 | (11) | 114 | 223 | (8) | 216 |
Prepaid expenses | 32 | \u2014 | 32 | 27 | (0) | 27 |
Inventories | 25 | (0) | 25 | 22 | (0) | 22 |
Advances to suppliers | 9 | \u2014 | 9 | 21 | \u2014 | 21 |
Other current assets | 1 | \u2014 | 1 | 0 | \u2014 | 0 |
Other current operating assets | 193 | (11) | 182 | 286 | (0) | 287 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Other operating receivables\u207d\u00b9\u207e | 125 | (11) | 114 | 223 | (8) | 216 |
Prepaid expenses | 32 | \u2014 | 32 | 27 | (0) | 27 |
Inventories | 25 | (0) | 25 | 22 | (0) | 22 |
Advances to suppliers | 9 | \u2014 | 9 | 21 | \u2014 | 21 |
Other current assets | 1 | \u2014 | 1 | 0 | \u2014 | 0 |
Other current operating assets | 193 | (11) | 182 | 286 | (0) | 287 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Other operating receivables\u207d\u00b9\u207e | 125 | (11) | 114 | 223 | (8) | 216 |
Prepaid expenses | 32 | \u2014 | 32 | 27 | (0) | 27 |
Inventories | 25 | (0) | 25 | 22 | (0) | 22 |
Advances to suppliers | 9 | \u2014 | 9 | 21 | \u2014 | 21 |
Other current assets | 1 | \u2014 | 1 | 0 | \u2014 | 0 |
Other current operating assets | 193 | (11) | 182 | 286 | (0) | 287 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||||
(in million euros) | Gross amount | Impairment | Carrying amount | Gross amount | Impairment | Carrying amount |
Other operating receivables\u207d\u00b9\u207e | 125 | (11) | 114 | 223 | (8) | 216 |
Prepaid expenses | 32 | \u2014 | 32 | 27 | (0) | 27 |
Inventories | 25 | (0) | 25 | 22 | (0) | 22 |
Advances to suppliers | 9 | \u2014 | 9 | 21 | \u2014 | 21 |
Other current assets | 1 | \u2014 | 1 | 0 | \u2014 | 0 |
Other current operating assets | 193 | (11) | 182 | 286 | (0) | 287 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Post-employment benefits \u2013 Net defined benefit plan obligation | 6 | 5 |
Free share recharge liability\u207d\u00b9\u207e | \u2014 | 8 |
Other long-term employee benefits | 1 | 2 |
Employee benefits liability | 8 | 15 |
Accounting principles and policies Short-term benefits Group employees receive short-term benefits such as vacation pay, sick pay, bonuses and other benefits (other than termination benefits), whose payment is expected within 12\u00a0months of the related service period. |
These benefits are reported as current liabilities (see note\u00a05.3.3). |
Post-employment benefits In accordance with IAS\u00a019 \"Employee benefits\", the Group measures and recognizes post-employment benefits as follows: \u2022 contributions to defined-contribution plans are recognized as an expense; and \u2022 defined benefit plans are measured using actuarial valuations. |
(i) Defined contribution plans Under a defined contribution plan, periodic contributions are made to an external entity that is responsible for the administrative and financial management of the plan. Under such a plan, the employer is relieved of any future obligation (the external entity is responsible for paying benefits to employees as they become due, and the employer is not required to make additional payments related to prior or current years if the entity does not have sufficient funds). Contributions made by the Group are expensed in the period to which they relate. |
(ii) Defined benefit plans The Group uses the projected unit credit method as the actuarial method for measuring its post-employment benefit obligations, on the basis of the national or company-wide collective agreements effective within each entity. Factors used in calculating the obligation include length of service, life expectancy, salary inflation, staff turnover, and macroeconomic assumptions specific to countries in which the Group operates (such as inflation rate and discount rate). |
Remeasurements of the net obligation under defined benefit plans, including actuarial gains and losses, differences between the return on plan assets and the corresponding interest income recognized in the income statement, and any changes in the effect of the asset ceiling, are recognized in other comprehensive income and have no impact on profit for the period. |
Plan amendments and the establishment of new defined benefit plans result in past service costs that are recognized immediately in the income statement. |
The accounting treatment applied to defined benefit plans is as follows: \u2022 the obligation, net of plan assets, is recognized as a non-current liability in the consolidated statement of financial position if the obligation exceeds the plan assets; \u2022 if the value of plan assets exceeds the obligation under the plan, the net amount is recognized as a non-current asset. Plan surpluses are recognized as assets only if they represent future economic benefits that will be available to the Group. Where the calculation of the net obligation results in an asset for the Group, the amount recognized for this asset may not exceed the present value of all future refunds and reductions in future contributions under the plan; \u2022 the expense recognized in the income statement comprises: \u25e6 current service cost, past service cost, if any, and the effect of plan settlements, all of which are recorded in Operating profit (EBIT), \u25e6 the interest expense (income) on the net defined benefit obligation (asset), calculated by multiplying the obligation (asset) by the discount rate used to measure the defined benefit obligation at the beginning of the period, all of which are recorded in Financial result. |
Other long-term employee benefits Other long-term employee benefits are measured in accordance with IAS\u00a019. The expected cost of such benefits is recognized as a non-current liability over the employee's period of service. Actuarial gains and losses and past service costs arising from plan amendments and the establishment of new plans are recognized immediately in the income statement. Other long-term employee benefits are reported as non-current liabilities. |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Trade payables | 229 | 289 |
Employee-related liabilities | 96 | 106 |
Advances from clients | 93 | 94 |
Tax liabilities | 26 | 22 |
Other operating payables | 32 | 29 |
Deferred revenues | 10 | 8 |
Non-operating payables | 2 | 0 |
Trade and other current payables | 489 | 548 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Carrying amount | Undiscounted contractual value | Carrying amount | Undiscounted contractual value | |
Less than 3\u00a0months | 208 | 208 | 250 | 250 |
More than 3\u00a0months and less than 6\u00a0months | 1 | 1 | 16 | 16 |
More than 6\u00a0months and less than 12\u00a0months | 17 | 17 | 20 | 20 |
More than 1\u00a0year | 4 | 4 | 3 | 3 |
Trade payables | 229 | 229 | 289 | 289 |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
Accounting principles and policies Trade payables are classified as financial liabilities measured at amortized cost, as defined in IFRS\u00a09 \"Financial Instruments\". They are recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. |
Employee-related liabilities mainly include short-term employee benefits recognized in accordance with IAS 19 \"Employee Benefits\" (see note\u00a06.1). |
Accounting principles and policies Value in circulation and related payables correspond to (i)\u00a0the funds loaded on cards not yet used, and the face value of digital solutions and of paper vouchers in circulation, and to (ii)\u00a0amounts payable to affiliated merchants in relation with cards used, and digital solutions and paper vouchers presented for reimbursement. |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Value in circulation | 2,915 | 2,907 |
Funds and vouchers payable | 813 | 637 |
Total Value in circulation\u00a0and related payables | 3,728 | 3,543 |
Accounting principles and policies Value in circulation and related payables correspond to (i)\u00a0the funds loaded on cards not yet used, and the face value of digital solutions and of paper vouchers in circulation, and to (ii)\u00a0amounts payable to affiliated merchants in relation with cards used, and digital solutions and paper vouchers presented for reimbursement. |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Value in circulation | 2,915 | 2,907 |
Funds and vouchers payable | 813 | 637 |
Total Value in circulation\u00a0and related payables | 3,728 | 3,543 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Net cash provided by operating activities | 438 | 559 |
Restatement of Other income\u00a0and expenses with cash impact | 65 | 5 |
Restatement of change in working capital related to Other income and expenses | 2 | 45 |
Acquisitions of property, plant and equipment and intangible assets | (116) | (116) |
Repayments of lease liabilities | (10) | (13) |
Recurring free cash flow | 379 | 480 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Post-employment benefits \u2013 Net defined benefit plan obligation | 6 | 5 |
Free share recharge liability\u207d\u00b9\u207e | \u2014 | 8 |
Other long-term employee benefits | 1 | 2 |
Employee benefits liability | 8 | 15 |
Accounting principles and policies Some Group employees receive compensation in the form of share-based payments, for which payment is made in Pluxee N.V.'s equity instruments (in Sodexo\u00a0S.A.'s until the Spin-off). |
In accordance with IFRS\u00a02 \"Share-based Payment\", these plans are classified as equity-settled share-based payment transactions and, accordingly, the services compensated by these plans are recognized as an operating expense over the vesting period (i.e., the period in which the service and, where applicable, the performance conditions are fulfilled), with a corresponding entry recorded in equity. |
The amount of expense recognized in each period is determined by reference to the fair value of the equity instruments granted as of the grant date. |
The fair value of restricted shares is estimated at the date of grant based on the share price at that date after deductions for dividends on the shares that will not be paid to beneficiaries during the vesting period. |
Each year, the number of shares that is likely to be delivered to beneficiaries of restricted shares is reassessed based on the applicable vesting non-market conditions. The impact of any change in estimates is recognized in the income statement, with the offset recognized in equity. |
In addition, a liability was recognized through equity in relation with the recharge arrangements signed between Sodexo\u00a0S.A. and Pluxee entities over the vesting period of the share-based payment plans implemented before the Spin-off (see note\u00a014.3). The liability arising from the recharge arrangements was measured for its fair value considering the contractual terms, and remeasured until the settlement date, with changes in fair value from initial recognition to settlement accounted for as a true-up of the initial estimate through equity. |
In very specific circumstances, the Group has implemented in the past incentive award plans for the benefit of certain key employees of acquired digital tech and innovative businesses, which are classified as cash-settled share- based payment transactions. The employee services compensated by these plans are measured at the fair value of the liability at grant date (which is based on the fair value of the underlying instruments) and recognized as an operating expense over the vesting period. The liability is remeasured until settlement date. Once awards are vested, subsequent remeasurements of the liability up to the settlement date are recognized as financial income or expense. |
(number of shares) | Fiscal\u00a02024 |
Outstanding at the beginning of the year | \u2014 |
Granted during the year | 1,214,158 |
-\u00a0\u00a0\u00a0\u00a0\u00a0 in replacement of forfeited Sodexo restricted shares | 781,855 |
-\u00a0\u00a0\u00a0\u00a0\u00a0 as part of the new restricted shares plan | 432,303 |
Forfeited during the year | (64,120) |
Delivered during the year | \u2014 |
Outstanding at the end of the year | 1,150,038 |
Plans | Grant date\u207d\u00b9\u207e | Fair value per share (in euros)\u207d\u00b2\u207e | Number of shares outstanding as of August\u00a031,\u00a02024\u207d\u00b3\u207e | Expense recognized in Fiscal\u00a02024 (in million euros) |
Fiscal 2022-1 | February 1, 2022 | 19.97 | 301,859 | 2 |
Fiscal 2022-2 | June 22, 2022 | 15.39 | 2,286 | 0 |
Fiscal 2023-1 | January 31, 2023 | 23.00 | 408,345 | 3 |
Fiscal 2023-2 | June 28, 2023 | 26.46 | 9,930 | 0 |
Fiscal 2024 | February 29, 2024 | 24.89 | 427,618 | 2 |
Total | 1,150,038 | 6 |
Accounting principles and policies Short-term benefits Group employees receive short-term benefits such as vacation pay, sick pay, bonuses and other benefits (other than termination benefits), whose payment is expected within 12\u00a0months of the related service period. |
These benefits are reported as current liabilities (see note\u00a05.3.3). |
Post-employment benefits In accordance with IAS\u00a019 \"Employee benefits\", the Group measures and recognizes post-employment benefits as follows: \u2022 contributions to defined-contribution plans are recognized as an expense; and \u2022 defined benefit plans are measured using actuarial valuations. |
(i) Defined contribution plans Under a defined contribution plan, periodic contributions are made to an external entity that is responsible for the administrative and financial management of the plan. Under such a plan, the employer is relieved of any future obligation (the external entity is responsible for paying benefits to employees as they become due, and the employer is not required to make additional payments related to prior or current years if the entity does not have sufficient funds). Contributions made by the Group are expensed in the period to which they relate. |
(ii) Defined benefit plans The Group uses the projected unit credit method as the actuarial method for measuring its post-employment benefit obligations, on the basis of the national or company-wide collective agreements effective within each entity. Factors used in calculating the obligation include length of service, life expectancy, salary inflation, staff turnover, and macroeconomic assumptions specific to countries in which the Group operates (such as inflation rate and discount rate). |
Remeasurements of the net obligation under defined benefit plans, including actuarial gains and losses, differences between the return on plan assets and the corresponding interest income recognized in the income statement, and any changes in the effect of the asset ceiling, are recognized in other comprehensive income and have no impact on profit for the period. |
Plan amendments and the establishment of new defined benefit plans result in past service costs that are recognized immediately in the income statement. |
The accounting treatment applied to defined benefit plans is as follows: \u2022 the obligation, net of plan assets, is recognized as a non-current liability in the consolidated statement of financial position if the obligation exceeds the plan assets; \u2022 if the value of plan assets exceeds the obligation under the plan, the net amount is recognized as a non-current asset. Plan surpluses are recognized as assets only if they represent future economic benefits that will be available to the Group. Where the calculation of the net obligation results in an asset for the Group, the amount recognized for this asset may not exceed the present value of all future refunds and reductions in future contributions under the plan; \u2022 the expense recognized in the income statement comprises: \u25e6 current service cost, past service cost, if any, and the effect of plan settlements, all of which are recorded in Operating profit (EBIT), \u25e6 the interest expense (income) on the net defined benefit obligation (asset), calculated by multiplying the obligation (asset) by the discount rate used to measure the defined benefit obligation at the beginning of the period, all of which are recorded in Financial result. |
Other long-term employee benefits Other long-term employee benefits are measured in accordance with IAS\u00a019. The expected cost of such benefits is recognized as a non-current liability over the employee's period of service. Actuarial gains and losses and past service costs arising from plan amendments and the establishment of new plans are recognized immediately in the income statement. Other long-term employee benefits are reported as non-current liabilities. |
Accounting principles and policies Some Group employees receive compensation in the form of share-based payments, for which payment is made in Pluxee N.V.'s equity instruments (in Sodexo\u00a0S.A.'s until the Spin-off). |
In accordance with IFRS\u00a02 \"Share-based Payment\", these plans are classified as equity-settled share-based payment transactions and, accordingly, the services compensated by these plans are recognized as an operating expense over the vesting period (i.e., the period in which the service and, where applicable, the performance conditions are fulfilled), with a corresponding entry recorded in equity. |
The amount of expense recognized in each period is determined by reference to the fair value of the equity instruments granted as of the grant date. |
The fair value of restricted shares is estimated at the date of grant based on the share price at that date after deductions for dividends on the shares that will not be paid to beneficiaries during the vesting period. |
Each year, the number of shares that is likely to be delivered to beneficiaries of restricted shares is reassessed based on the applicable vesting non-market conditions. The impact of any change in estimates is recognized in the income statement, with the offset recognized in equity. |
In addition, a liability was recognized through equity in relation with the recharge arrangements signed between Sodexo\u00a0S.A. and Pluxee entities over the vesting period of the share-based payment plans implemented before the Spin-off (see note\u00a014.3). The liability arising from the recharge arrangements was measured for its fair value considering the contractual terms, and remeasured until the settlement date, with changes in fair value from initial recognition to settlement accounted for as a true-up of the initial estimate through equity. |
In very specific circumstances, the Group has implemented in the past incentive award plans for the benefit of certain key employees of acquired digital tech and innovative businesses, which are classified as cash-settled share- based payment transactions. The employee services compensated by these plans are measured at the fair value of the liability at grant date (which is based on the fair value of the underlying instruments) and recognized as an operating expense over the vesting period. The liability is remeasured until settlement date. Once awards are vested, subsequent remeasurements of the liability up to the settlement date are recognized as financial income or expense. |
Fiscal\u00a02024 | Fiscal\u00a02023 | |
Average headcount | 5,371 | 4,973 |
Headcount at closing date | 5,368 | 5,074 |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
(in million euros) | August\u00a031,\u00a02023 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02024 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | (0) | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 296 | 85 | \u2014 | \u2014 | (48) | 333 |
Of which Brazil\u207d\u00b9\u207e | 224 | 85 | \u2014 | \u2014 | (40) | 269 |
Rest of the world\u207d\u00b2\u207e | 91 | \u2014 | (0) | \u2014 | 7 | 97 |
Total Goodwill | 627 | 85 | (0) | \u2014 | (41) | 670 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02023 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | \u2014 | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 299 | \u2014 | \u2014 | \u2014 | (3) | 296 |
Of which Brazil | 230 | \u2014 | \u2014 | \u2014 | (6) | 224 |
Rest of the world | 98 | \u2014 | \u2014 | \u2014 | (7) | 91 |
Total Goodwill | 637 | \u2014 | \u2014 | \u2014 | (10) | 627 |
Accounting principles and policies | |||
Separately acquired intangible assets are initially measured at cost. Intangible assets acquired in connection with a business combination and which can be reliably measured, are controlled by the Group and are separable or arise from a legal or contractual right, are recognized at fair value separately from goodwill. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortization and impairment charges. | |||
Intangible assets are considered to have finite useful lives, and are amortized by the straight-line method over their expected useful lives: | |||
Integrated management software | 3-7 years | ||
Licenses and other software | 3-10 years | ||
Client and merchant relationships | 3-20 years | ||
Other intangible assets | 3-25 years | ||
The amortization periods for client and merchant relationships recognized in connection with business combinations have been set by Management based on the estimated attrition rate for the contracts concerned (with a maximum of 20 years). Other intangible assets include contract-based intangible assets whose useful life is determined based on the duration of the contractual rights. | |||
The cost of licenses and software recognized in the statement of financial position comprises the costs incurred in acquiring the software and bringing it into use and is amortized over the estimated useful life of the asset. | |||
Subsequent expenditures on intangible assets are capitalized only if they increase the expected future economic benefits associated with the asset to which they relate. Other expenditures are expensed as incurred. |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Gross value as of August\u00a031,\u00a02022 | 327 | 194 | 521 |
Acquisitions | 92 | 13 | 105 |
Disposals | (3) | (4) | (7) |
Change in consolidation scope | \u2014 | \u2014 | \u2014 |
Translation adjustments | (6) | (4) | (10) |
Reclassifications | 1 | (0) | 0 |
Gross value as of August\u00a031,\u00a02023 | 411 | 199 | 610 |
Acquisitions\u207d\u00b9\u207e | 92 | 239 | 332 |
Disposals | (12) | 0 | (12) |
Change in consolidation scope\u207d\u00b2\u207e | (0) | 42 | 42 |
Translation adjustments | (2) | (56) | (58) |
Reclassifications | 2 | 2 | 4 |
Gross value as of August\u00a031,\u00a02024 | 491 | 426 | 917 |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Amortization and impairment as of August\u00a031,\u00a02022 | (194) | (146) | (340) |
Amortization | (45) | (15) | (60) |
Disposals | 1 | 3 | 4 |
Impairment | (0) | \u2014 | (0) |
Translation adjustments | 4 | 2 | 6 |
Reclassifications | (0) | 0 | (0) |
Amortization and impairment as of August\u00a031,\u00a02023 | (234) | (156) | (390) |
Amortization | (53) | (15) | (69) |
Disposals | 4 | 0 | 4 |
Impairment | (8) | (1) | (9) |
Translation adjustments | 2 | 13 | 15 |
Reclassifications | 1 | (1) | (1) |
Amortization and impairment as of August\u00a031,\u00a02024 | (290) | (160) | (450) |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Net carrying amount as of August\u00a031,\u00a02022 | 133 | 48 | 181 |
Net carrying amount as of August\u00a031,\u00a02023 | 177 | 43 | 220 |
Net carrying amount as of August\u00a031,\u00a02024 | 201 | 266 | 468 |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
Fiscal\u00a02024 | Fiscal\u00a02023 | |||
Discount rate | Long-term growth rate | Discount rate | Long-term growth rate | |
Continental Europe | 7.0% | 1.8% | 7.3% | 1.5% |
to 12.0% | to 3.0% | to 14.0% | to 2.5% | |
Including France | 7.0% | 1.8% | 7.3% | 1.5% |
Latin America | 9.8% | 2.0% | 9.3% | 2.0% |
to 13.8% | to 4.5% | to 15.0% | to 4.5% | |
Including Brazil | 13.8% | 3,0% | 15.0% | 3.0% |
Rest of the world | 8.0% | 2.0% | 8.0% | 2.0% |
to 34.8% | to 5.0% | to 36.0% | to 5.0% |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
(in million euros) | August\u00a031,\u00a02023 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02024 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | (0) | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 296 | 85 | \u2014 | \u2014 | (48) | 333 |
Of which Brazil\u207d\u00b9\u207e | 224 | 85 | \u2014 | \u2014 | (40) | 269 |
Rest of the world\u207d\u00b2\u207e | 91 | \u2014 | (0) | \u2014 | 7 | 97 |
Total Goodwill | 627 | 85 | (0) | \u2014 | (41) | 670 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02023 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | \u2014 | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 299 | \u2014 | \u2014 | \u2014 | (3) | 296 |
Of which Brazil | 230 | \u2014 | \u2014 | \u2014 | (6) | 224 |
Rest of the world | 98 | \u2014 | \u2014 | \u2014 | (7) | 91 |
Total Goodwill | 637 | \u2014 | \u2014 | \u2014 | (10) | 627 |
Accounting principles and policies | |||
Separately acquired intangible assets are initially measured at cost. Intangible assets acquired in connection with a business combination and which can be reliably measured, are controlled by the Group and are separable or arise from a legal or contractual right, are recognized at fair value separately from goodwill. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortization and impairment charges. | |||
Intangible assets are considered to have finite useful lives, and are amortized by the straight-line method over their expected useful lives: | |||
Integrated management software | 3-7 years | ||
Licenses and other software | 3-10 years | ||
Client and merchant relationships | 3-20 years | ||
Other intangible assets | 3-25 years | ||
The amortization periods for client and merchant relationships recognized in connection with business combinations have been set by Management based on the estimated attrition rate for the contracts concerned (with a maximum of 20 years). Other intangible assets include contract-based intangible assets whose useful life is determined based on the duration of the contractual rights. | |||
The cost of licenses and software recognized in the statement of financial position comprises the costs incurred in acquiring the software and bringing it into use and is amortized over the estimated useful life of the asset. | |||
Subsequent expenditures on intangible assets are capitalized only if they increase the expected future economic benefits associated with the asset to which they relate. Other expenditures are expensed as incurred. |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Gross value as of August\u00a031,\u00a02022 | 327 | 194 | 521 |
Acquisitions | 92 | 13 | 105 |
Disposals | (3) | (4) | (7) |
Change in consolidation scope | \u2014 | \u2014 | \u2014 |
Translation adjustments | (6) | (4) | (10) |
Reclassifications | 1 | (0) | 0 |
Gross value as of August\u00a031,\u00a02023 | 411 | 199 | 610 |
Acquisitions\u207d\u00b9\u207e | 92 | 239 | 332 |
Disposals | (12) | 0 | (12) |
Change in consolidation scope\u207d\u00b2\u207e | (0) | 42 | 42 |
Translation adjustments | (2) | (56) | (58) |
Reclassifications | 2 | 2 | 4 |
Gross value as of August\u00a031,\u00a02024 | 491 | 426 | 917 |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Amortization and impairment as of August\u00a031,\u00a02022 | (194) | (146) | (340) |
Amortization | (45) | (15) | (60) |
Disposals | 1 | 3 | 4 |
Impairment | (0) | \u2014 | (0) |
Translation adjustments | 4 | 2 | 6 |
Reclassifications | (0) | 0 | (0) |
Amortization and impairment as of August\u00a031,\u00a02023 | (234) | (156) | (390) |
Amortization | (53) | (15) | (69) |
Disposals | 4 | 0 | 4 |
Impairment | (8) | (1) | (9) |
Translation adjustments | 2 | 13 | 15 |
Reclassifications | 1 | (1) | (1) |
Amortization and impairment as of August\u00a031,\u00a02024 | (290) | (160) | (450) |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Net carrying amount as of August\u00a031,\u00a02022 | 133 | 48 | 181 |
Net carrying amount as of August\u00a031,\u00a02023 | 177 | 43 | 220 |
Net carrying amount as of August\u00a031,\u00a02024 | 201 | 266 | 468 |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
Fiscal\u00a02024 | Fiscal\u00a02023 | |||
Discount rate | Long-term growth rate | Discount rate | Long-term growth rate | |
Continental Europe | 7.0% | 1.8% | 7.3% | 1.5% |
to 12.0% | to 3.0% | to 14.0% | to 2.5% | |
Including France | 7.0% | 1.8% | 7.3% | 1.5% |
Latin America | 9.8% | 2.0% | 9.3% | 2.0% |
to 13.8% | to 4.5% | to 15.0% | to 4.5% | |
Including Brazil | 13.8% | 3,0% | 15.0% | 3.0% |
Rest of the world | 8.0% | 2.0% | 8.0% | 2.0% |
to 34.8% | to 5.0% | to 36.0% | to 5.0% |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
(in million euros) | August\u00a031,\u00a02023 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02024 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | (0) | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 296 | 85 | \u2014 | \u2014 | (48) | 333 |
Of which Brazil\u207d\u00b9\u207e | 224 | 85 | \u2014 | \u2014 | (40) | 269 |
Rest of the world\u207d\u00b2\u207e | 91 | \u2014 | (0) | \u2014 | 7 | 97 |
Total Goodwill | 627 | 85 | (0) | \u2014 | (41) | 670 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02023 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | \u2014 | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 299 | \u2014 | \u2014 | \u2014 | (3) | 296 |
Of which Brazil | 230 | \u2014 | \u2014 | \u2014 | (6) | 224 |
Rest of the world | 98 | \u2014 | \u2014 | \u2014 | (7) | 91 |
Total Goodwill | 637 | \u2014 | \u2014 | \u2014 | (10) | 627 |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
Accounting principles and policies Goodwill is recognized in the statement of financial position as part of business combinations accounted for in accordance with IFRS 3 and corresponds to the residual difference between the fair value of the consideration transferred (for example the amount paid), increased by the amount of the non-controlling interest in the acquired company (measured either at fair value or its share in the fair value of the identifiable net assets acquired) and the fair value as of the date of acquisition of the assets acquired and liabilities assumed. |
Principles applicable to the accounting of business combinations are described in note\u00a04.1 Business\u00a0combinations. |
Goodwill is not amortized but is subject to impairment tests immediately if there are indicators of impairment, and at least once per year. Impairment test procedures are described in note\u00a07.3 Impairment of non-current assets. Goodwill impairment charges recognized in the income statement are irreversible. |
Accounting principles and policies | |||
Separately acquired intangible assets are initially measured at cost. Intangible assets acquired in connection with a business combination and which can be reliably measured, are controlled by the Group and are separable or arise from a legal or contractual right, are recognized at fair value separately from goodwill. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortization and impairment charges. | |||
Intangible assets are considered to have finite useful lives, and are amortized by the straight-line method over their expected useful lives: | |||
Integrated management software | 3-7 years | ||
Licenses and other software | 3-10 years | ||
Client and merchant relationships | 3-20 years | ||
Other intangible assets | 3-25 years | ||
The amortization periods for client and merchant relationships recognized in connection with business combinations have been set by Management based on the estimated attrition rate for the contracts concerned (with a maximum of 20 years). Other intangible assets include contract-based intangible assets whose useful life is determined based on the duration of the contractual rights. | |||
The cost of licenses and software recognized in the statement of financial position comprises the costs incurred in acquiring the software and bringing it into use and is amortized over the estimated useful life of the asset. | |||
Subsequent expenditures on intangible assets are capitalized only if they increase the expected future economic benefits associated with the asset to which they relate. Other expenditures are expensed as incurred. |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
(in million euros) | August\u00a031,\u00a02023 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02024 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | (0) | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 296 | 85 | \u2014 | \u2014 | (48) | 333 |
Of which Brazil\u207d\u00b9\u207e | 224 | 85 | \u2014 | \u2014 | (40) | 269 |
Rest of the world\u207d\u00b2\u207e | 91 | \u2014 | (0) | \u2014 | 7 | 97 |
Total Goodwill | 627 | 85 | (0) | \u2014 | (41) | 670 |
(in million euros) | August\u00a031,\u00a02022 | Increases | Decreases | Impairment | Currency translation adjustment | August\u00a031,\u00a02023 |
Continental Europe | 240 | \u2014 | \u2014 | \u2014 | \u2014 | 240 |
Of which France | 175 | \u2014 | \u2014 | \u2014 | \u2014 | 175 |
Latin America | 299 | \u2014 | \u2014 | \u2014 | (3) | 296 |
Of which Brazil | 230 | \u2014 | \u2014 | \u2014 | (6) | 224 |
Rest of the world | 98 | \u2014 | \u2014 | \u2014 | (7) | 91 |
Total Goodwill | 637 | \u2014 | \u2014 | \u2014 | (10) | 627 |
(in million euros) | Licenses and software | Client and merchant relationships and other | Total |
Amortization and impairment as of August\u00a031,\u00a02022 | (194) | (146) | (340) |
Amortization | (45) | (15) | (60) |
Disposals | 1 | 3 | 4 |
Impairment | (0) | \u2014 | (0) |
Translation adjustments | 4 | 2 | 6 |
Reclassifications | (0) | 0 | (0) |
Amortization and impairment as of August\u00a031,\u00a02023 | (234) | (156) | (390) |
Amortization | (53) | (15) | (69) |
Disposals | 4 | 0 | 4 |
Impairment | (8) | (1) | (9) |
Translation adjustments | 2 | 13 | 15 |
Reclassifications | 1 | (1) | (1) |
Amortization and impairment as of August\u00a031,\u00a02024 | (290) | (160) | (450) |
Accounting principles and policies Impairment of assets with finite useful lives Property, plant and equipment and intangible assets with finite useful lives are tested for impairment if there is any indication of impairment. Impairment charges are recognized in the income statement and may be reversed subsequently. |
Impairment of assets with indefinite useful lives Goodwill is tested for impairment whenever there is an indication of impairment, and at least annually, in the last quarter of the fiscal year. |
Cash Generating Units Assets that do not generate cash inflows that are largely independent of those from other assets, and hence cannot be tested for impairment individually, are grouped together in Cash Generating Units (CGUs). |
Goodwill is tested for impairment at country level, which corresponds to the lowest level at which goodwill is monitored by the Group. |
The assets allocated to CGUs comprise: \u2022 goodwill, which is allocated to the country (Group component that is likely to benefit from the business combinations); \u2022 other intangible assets, property, plant and equipment and net working capital. |
Indications of impairment The main indicators that a CGU or group of CGUs may be impaired are a significant decrease in the CGU's or group of CGUs' revenues and Recurring operating profit (Recurring EBIT) or material changes in market trends. |
Methods used to determine the recoverable amount An impairment charge is recognized in the income statement when the carrying amount of an asset or CGU or group of CGUs is greater than its recoverable amount. |
Recoverable amount is the greater of: \u2022 fair value less costs of disposal, i.e., the amount obtainable from the sale of an asset (net of selling costs) in an orderly transaction between market participants at the measurement date; and \u2022 value in use, which is the present value of the future cash flows expected to be derived from continuing use and ultimate disposal of the asset or CGU or group of CGUs. |
The value in use of a CGU or group of CGUs is estimated using after-tax cash flow projections based on business plans and a terminal value calculated by extrapolating data for the final year of the business plan. Business plans generally cover a 5-year period. |
These plans have been drawn up for each country. Management both at Group and subsidiary levels prepares recurring profit forecasts on the basis of past performance and expected market trends. |
The growth rate used beyond the initial period of the business plans reflects the estimated long-term inflation rate of the country concerned. |
Expected future cash flows are discounted at the weighted average cost of capital calculated for each country. For certain CGUs or groups of CGUs a premium is added to the weighted average cost of capital in order to reflect the greater risk factors affecting certain countries. |
Recognition of impairment charges An impairment charge recognized with respect to a CGU or group of CGUs is allocated initially to reducing the carrying amount of any goodwill allocated to that group of CGUs, and then to reducing the carrying amount of the other assets of the CGU or group of CGUs in proportion to the carrying amount of each asset. |
Reversal of impairment charges Impairment charges recognized with respect to goodwill cannot be reversed. |
Impairment charges recognized with respect to any other asset may only be reversed if there is an indication that the impairment charge is lower or no longer exists. The amount reversed is based on the new estimates of the recoverable amount. The increased carrying amount of an asset resulting from the reversal of an impairment charge cannot exceed the carrying amount that would have been determined for that asset had no impairment charge been recognized. |
Fiscal\u00a02024 | Fiscal\u00a02023 | |||
Discount rate | Long-term growth rate | Discount rate | Long-term growth rate | |
Continental Europe | 7.0% | 1.8% | 7.3% | 1.5% |
to 12.0% | to 3.0% | to 14.0% | to 2.5% | |
Including France | 7.0% | 1.8% | 7.3% | 1.5% |
Latin America | 9.8% | 2.0% | 9.3% | 2.0% |
to 13.8% | to 4.5% | to 15.0% | to 4.5% | |
Including Brazil | 13.8% | 3,0% | 15.0% | 3.0% |
Rest of the world | 8.0% | 2.0% | 8.0% | 2.0% |
to 34.8% | to 5.0% | to 36.0% | to 5.0% |
Accounting principles and policies | |||
Separately acquired intangible assets are initially measured at cost. Intangible assets acquired in connection with a business combination and which can be reliably measured, are controlled by the Group and are separable or arise from a legal or contractual right, are recognized at fair value separately from goodwill. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortization and impairment charges. | |||
Intangible assets are considered to have finite useful lives, and are amortized by the straight-line method over their expected useful lives: | |||
Integrated management software | 3-7 years | ||
Licenses and other software | 3-10 years | ||
Client and merchant relationships | 3-20 years | ||
Other intangible assets | 3-25 years | ||
The amortization periods for client and merchant relationships recognized in connection with business combinations have been set by Management based on the estimated attrition rate for the contracts concerned (with a maximum of 20 years). Other intangible assets include contract-based intangible assets whose useful life is determined based on the duration of the contractual rights. | |||
The cost of licenses and software recognized in the statement of financial position comprises the costs incurred in acquiring the software and bringing it into use and is amortized over the estimated useful life of the asset. | |||
Subsequent expenditures on intangible assets are capitalized only if they increase the expected future economic benefits associated with the asset to which they relate. Other expenditures are expensed as incurred. |
Accounting principles and policies The Group determines whether a contract is or contains a lease at inception of the contract. The Group classifies as a lease a contract that conveys to the Group the right to control the use of an identified asset for a given period of time. |
Leases are recognized on the consolidated statement of financial position at the commencement date of the contract, except for leases covered by the exemptions allowed by IFRS\u00a016 \"Leases\" (short-term leases and leases of low value assets), adopted by the Group. |
Leases are reflected in the consolidated statement of financial position by recognizing an asset representing the right to use the leased asset and a related liability corresponding to the obligation to make future lease payments. In the consolidated income statement, a depreciation of the right-of-use assets is recorded in Operating expenses, separately from the interest expense on lease liabilities. In the consolidated cash flow statement, cash outflows relating to interest on lease liabilities impact operating activities flows, while repayments of the lease liabilities impact financing activities flows. |
Short-term leases (i.e., lease term of 12\u00a0months or less) and leases of low-value assets (such as IT equipment) are expensed directly in Operating expenses on a straight-line basis over the lease term. |
Accounting principles and policies The Group recognizes a lease liability at the date on which the underlying asset is made available for use. The lease liability is measured at the net present value of lease payments to be made over the lease term. |
Lease payments The lease payments included in the measurement of the lease liability comprise: \u2022 fixed rents, less any lease incentive receivable from the lessor; \u2022 variable rents that depend on an index or a rate; \u2022 in-substance fixed payments. |
Payments expected to be made to the lessor at the termination of the contract are also included (relatively rare in practice within the Group), such as: \u2022 residual value guarantees; \u2022 exercise price of a purchase option, when its exercise is reasonably certain; and \u2022 termination penalties payable to the lessor when the exercise of a termination option is reasonably certain. |
Variable lease payments that do not depend on an index or a rate (relatively rare in practice within the Group) remain recognized in Operating expenses when incurred. In addition, the Group elected to exclude, where applicable, non- lease components of the contract in the measurement of the lease liability (for example, vehicle maintenance services). Consequently, payments in relation with service components of the lease contracts are recorded in Operating expenses, in the same way as variable lease payments. |
Lease term The lease term is assessed for each lease as the non-cancellable period of the contract, adjusted to reflect periods covered by an option to extend the lease that the Group is reasonably certain to exercise, and periods covered by an option to terminate the lease that the Group is reasonably certain not to exercise. |
The legal environment and market practices specific to each country are also considered in assessing the lease term. This applies in particular to open-ended leases, for which enforceable period is determined in light of circumstances specific to each situation. In assessing the enforceable period of each contract, the Group determines whether it would incur a penalty on termination that is more than insignificant, taking into account various relevant indicators (indemnities arising from contractual obligations and economic penalties based on operational criteria, in accordance with the clarifications provided by IFRS\u00a0IC). In the specific case of French commercial property leases (also referred to as \"3/6/9 leases\"), the assessment is made on a case-by-case basis, that may lead to consider an enforceable period that is beyond the residual length of the initial 9-year term in some instances. |
Discount rate The discount rate used is generally the lessee incremental borrowing rate, as the rate implicit in the lease cannot be readily determined for most of the contracts. The incremental borrowing rate is calculated using the following parameters: risk-free rate of the relevant currency, duration of the lease, credit spread of the subsidiary concerned. |
Subsequently, the lease liability is recognized at amortized cost using the effective interest method and is remeasured after the commencement date to reflect changes arising from: \u2022 any modification of the lease term, reflecting a contractual modification or a reassessment of the probability of an extension or termination option being exercised; \u2022 any changes in rent amount, resulting for example from a change in an index or a rate used to determine lease payments; \u2022 any reassessment of the probability of a purchase option being exercised; \u2022 any other contractual modification, such as the scope of the underlying asset. |
(in million euros) | |
Lease liabilities as of August\u00a031,\u00a02022 | 28 |
Increase/(Decrease)\u207d\u00b9\u207e | 34 |
Repayments of the principal | (13) |
Other movements | (1) |
Lease liabilities as of August\u00a031,\u00a02023 | 48 |
Increase/(Decrease)\u207d\u00b9\u207e | 27 |
Repayments of the principal | (10) |
Other movements | (2) |
Lease liabilities as of August\u00a031,\u00a02024 | 63 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
<\u00a01\u00a0year | 11 | 10 |
1\u00a0to 3\u00a0years | 33 | 10 |
3\u00a0to 5\u00a0years | 9 | 27 |
>\u00a05\u00a0years | 9 | 1 |
Lease liabilities carrying value | 63 | 48 |
Accounting principles and policies |
A right-of-use asset is recognized for each lease contract (except for those covered by the exemptions), as a counterpart of the lease liability. This right-of-use asset is measured as the initial amount of the lease liability (assessed as specified above) plus, where applicable, the initial direct costs incurred in obtaining the contract (fees and administrative costs), the advance lease payments made to the lessor and the estimated costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the contract. |
The right-of-use asset is depreciated on a straight-line basis over the lease term used to measure the lease liability and, when necessary, is subject to impairment tests according to the same rules as those used for intangible assets and property, plant and equipment (see\u00a0note\u00a07.3). The carrying amount is subsequently adjusted to reflect the change in the lease liability arising from amendments to the lease provisions and other remeasurement events (see above). |
(in million euros) | Land and buildings | Vehicles | Equipment | Total |
Gross value as of August\u00a031,\u00a02022 | 41 | 7 | 9 | 57 |
Increase | 32 | 4 | 0 | 36 |
Decrease | (12) | (2) | (1) | (15) |
Translation adjustments | (1) | (1) | (0) | (2) |
Other movements | (0) | 0 | 1 | 0 |
Gross value as of August\u00a031,\u00a02023 | 60 | 8 | 8 | 76 |
Increase | 23 | 2 | 2 | 27 |
Decrease | (8) | (1) | (1) | (10) |
Translation adjustments | (1) | (0) | (1) | (2) |
Other movements | (2) | 1 | (0) | (1) |
Gross value as of August\u00a031,\u00a02024 | 73 | 9 | 9 | 90 |
(in million euros) | Land and buildings | Vehicles | Equipment | Total |
Amortization and impairment as of August\u00a031,\u00a02022 | (22) | (5) | (5) | (32) |
Amortization | (9) | (2) | (1) | (12) |
Reversals | 10 | 2 | 1 | 13 |
Impairment | 1 | \u2014 | \u2014 | 1 |
Other | 1 | 0 | (0) | 1 |
Amortization and impairment as of August\u00a031,\u00a02023 | (19) | (5) | (5) | (29) |
Amortization | (11) | (2) | (2) | (15) |
Reversals | 8 | 1 | 1 | 9 |
Impairment | \u2014 | \u2014 | \u2014 | \u2014 |
Other | (2) | 1 | 2 | 1 |
Amortization and impairment as of August\u00a031,\u00a02024 | (24) | (5) | (5) | (34) |
(in million euros) | Land and buildings | Vehicles | Equipment | Total |
Net carrying amount as of August\u00a031,\u00a02022 | 19 | 2 | 4 | 25 |
Net carrying amount as of August\u00a031,\u00a02023 | 41 | 3 | 3 | 47 |
Net carrying amount as of August\u00a031,\u00a02024 | 48 | 4 | 4 | 56 |
Accounting principles and policies The Group determines whether a contract is or contains a lease at inception of the contract. The Group classifies as a lease a contract that conveys to the Group the right to control the use of an identified asset for a given period of time. |
Leases are recognized on the consolidated statement of financial position at the commencement date of the contract, except for leases covered by the exemptions allowed by IFRS\u00a016 \"Leases\" (short-term leases and leases of low value assets), adopted by the Group. |
Leases are reflected in the consolidated statement of financial position by recognizing an asset representing the right to use the leased asset and a related liability corresponding to the obligation to make future lease payments. In the consolidated income statement, a depreciation of the right-of-use assets is recorded in Operating expenses, separately from the interest expense on lease liabilities. In the consolidated cash flow statement, cash outflows relating to interest on lease liabilities impact operating activities flows, while repayments of the lease liabilities impact financing activities flows. |
Short-term leases (i.e., lease term of 12\u00a0months or less) and leases of low-value assets (such as IT equipment) are expensed directly in Operating expenses on a straight-line basis over the lease term. |
Accounting principles and policies The Group recognizes a lease liability at the date on which the underlying asset is made available for use. The lease liability is measured at the net present value of lease payments to be made over the lease term. |
Lease payments The lease payments included in the measurement of the lease liability comprise: \u2022 fixed rents, less any lease incentive receivable from the lessor; \u2022 variable rents that depend on an index or a rate; \u2022 in-substance fixed payments. |
Payments expected to be made to the lessor at the termination of the contract are also included (relatively rare in practice within the Group), such as: \u2022 residual value guarantees; \u2022 exercise price of a purchase option, when its exercise is reasonably certain; and \u2022 termination penalties payable to the lessor when the exercise of a termination option is reasonably certain. |
Variable lease payments that do not depend on an index or a rate (relatively rare in practice within the Group) remain recognized in Operating expenses when incurred. In addition, the Group elected to exclude, where applicable, non- lease components of the contract in the measurement of the lease liability (for example, vehicle maintenance services). Consequently, payments in relation with service components of the lease contracts are recorded in Operating expenses, in the same way as variable lease payments. |
Lease term The lease term is assessed for each lease as the non-cancellable period of the contract, adjusted to reflect periods covered by an option to extend the lease that the Group is reasonably certain to exercise, and periods covered by an option to terminate the lease that the Group is reasonably certain not to exercise. |
The legal environment and market practices specific to each country are also considered in assessing the lease term. This applies in particular to open-ended leases, for which enforceable period is determined in light of circumstances specific to each situation. In assessing the enforceable period of each contract, the Group determines whether it would incur a penalty on termination that is more than insignificant, taking into account various relevant indicators (indemnities arising from contractual obligations and economic penalties based on operational criteria, in accordance with the clarifications provided by IFRS\u00a0IC). In the specific case of French commercial property leases (also referred to as \"3/6/9 leases\"), the assessment is made on a case-by-case basis, that may lead to consider an enforceable period that is beyond the residual length of the initial 9-year term in some instances. |
Discount rate The discount rate used is generally the lessee incremental borrowing rate, as the rate implicit in the lease cannot be readily determined for most of the contracts. The incremental borrowing rate is calculated using the following parameters: risk-free rate of the relevant currency, duration of the lease, credit spread of the subsidiary concerned. |
Subsequently, the lease liability is recognized at amortized cost using the effective interest method and is remeasured after the commencement date to reflect changes arising from: \u2022 any modification of the lease term, reflecting a contractual modification or a reassessment of the probability of an extension or termination option being exercised; \u2022 any changes in rent amount, resulting for example from a change in an index or a rate used to determine lease payments; \u2022 any reassessment of the probability of a purchase option being exercised; \u2022 any other contractual modification, such as the scope of the underlying asset. |
Accounting principles and policies |
A right-of-use asset is recognized for each lease contract (except for those covered by the exemptions), as a counterpart of the lease liability. This right-of-use asset is measured as the initial amount of the lease liability (assessed as specified above) plus, where applicable, the initial direct costs incurred in obtaining the contract (fees and administrative costs), the advance lease payments made to the lessor and the estimated costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the contract. |
The right-of-use asset is depreciated on a straight-line basis over the lease term used to measure the lease liability and, when necessary, is subject to impairment tests according to the same rules as those used for intangible assets and property, plant and equipment (see\u00a0note\u00a07.3). The carrying amount is subsequently adjusted to reflect the change in the lease liability arising from amendments to the lease provisions and other remeasurement events (see above). |
Accounting principles and policies Income tax expense Income tax expense for the year includes current income taxes and deferred taxes. |
Tax credits which do not affect taxable profit and must be refunded by tax authorities if they have not been deducted from corporate income tax are recognized as subsidies and therefore presented as a reduction to the expenses to which they relate. |
Uncertain income tax positions are estimated in accordance with IFRIC\u00a023 \"Uncertainty over Income Tax Treatments\". The accounting for uncertain tax treatments requires an entity to make estimates and judgments about whether the relevant taxation authority and/or Court will accept the position taken by the entity in its tax filings (most likely amount or expected value corresponding to the probability-weighted average of the possible outcomes). Uncertain tax positions balances are presented as current or deferred tax assets or liabilities. |
Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amount of an asset or liability and its tax base, using the tax rate that is expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that are enacted or substantially enacted at the period end. |
Deferred taxes are not recognized on the following items: \u2022 initial recognition of goodwill (deferred taxes liabilities are however recognized after initial recognition when the goodwill is amortized for tax purposes); \u2022 initial recognition of an asset in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit; and \u2022 temporary differences on investments in subsidiaries that are not expected to reverse in the foreseeable future. |
Taxes on items recognized directly in net invested equity or in other comprehensive income are recognized in net invested equity or in other comprehensive income, respectively, and not in the income statement (see note\u00a010). |
Deferred tax assets on temporary differences and tax loss carry-forwards are only recognized if their recoverability is considered probable, considering existing temporary differences giving rise to deferred tax liabilities expected to reverse and taxable profits that will be available in the foreseeable future and against which the temporary difference can be utilized. When assessing the probability of a taxable profit being available in the foreseeable future, account is taken, primarily, of prior years' results, forecasted future results based on a business plan performed at the level of each taxable entity, non-recurring items unlikely to occur in the future and the tax strategy. |
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets and liabilities and the deferred taxes relate to the same taxable entity and tax authority. |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Current income tax (expense)/income | (88) | (91) |
Withholding taxes | (7) | (3) |
Deferred income tax (expense)/income | 4 | 14 |
Total Income tax expense | (91) | (80) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Profit for the year before tax | 230 | 163 |
French statutory tax rate | 25.83% | 25.83% |
Theoretical income tax (expense)/ income | (59) | (42) |
Effect of jurisdictional tax rate differences | (6) | (4) |
Permanently non-deductible expenses or non-taxable income | (11) | (34) |
Other tax repayments/(charges), net | 2 | \u2014 |
Tax loss carry-forwards used or recognized during the period but not recognized as a deferred tax asset in prior periods | \u2014 | 7 |
Tax loss carry-forwards and temporary differences arising during the period or prior years but not recognized as a deferred tax asset | (9) | (4) |
Actual income tax expense | (84) | (77) |
Withholding tax | (7) | (3) |
Total Income tax expense | (91) | (80) |
(in million euros) | August\u00a031,\u00a02023 | Deferred tax benefit / (expense) | Deferred tax recognized in other comprehensive income | Change in consolidation scope | Currency translation adjustment and other | August\u00a031,\u00a02024 |
Employee-related liabilities | 5 | 1 | \u2014 | \u2014 | \u2014 | 6 |
Fair value of financial instruments | \u2014 | \u2014 | (2) | \u2014 | \u2014 | (2) |
Intangible assets | 16 | \u2014 | \u2014 | \u2014 | (4) | 12 |
Goodwill (tax amortization) | (66) | \u2014 | \u2014 | 7 | 7 | (52) |
Other temporary differences | 12 | 4 | 1 | 1 | (1) | 17 |
Tax loss carry-forwards | 14 | (2) | \u2014 | 2 | \u2014 | 14 |
Total net deferred tax | (19) | 4 | (1) | 10 | 1 | (5) |
Of which: | ||||||
Deferred tax assets | 27 | 17 | ||||
Deferred tax liabilities | (46) | (22) |
(in million euros) | August\u00a031,\u00a02022 | Deferred tax benefit / (expense) | Deferred tax recognized in other comprehensive income | Currency translation adjustment and other | August\u00a031,\u00a02023 |
Employee-related liabilities | 4 | 1 | \u2014 | \u2014 | 5 |
Fair value of financial instruments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Intangible assets | 15 | 1 | \u2014 | \u2014 | 16 |
Goodwill (tax amortization) | (68) | \u2014 | \u2014 | 2 | (66) |
Other temporary differences | 7 | 8 | (2) | (1) | 12 |
Tax loss carry-forwards | 11 | 4 | \u2014 | (1) | 14 |
Total net deferred tax | (31) | 14 | (2) | \u2014 | (19) |
Of which: | |||||
Deferred tax assets | 22 | 27 | |||
Deferred tax liabilities | (53) | (46) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Fiscal 2024 | \u2014 | 2 |
Fiscal 2025 | 5 | 5 |
Fiscal 2026 | 3 | 3 |
Fiscal 2027 | 3 | 2 |
Fiscal 2028 | 6 | 5 |
Fiscal 2029 and beyond | 10 | 8 |
Indefinite | 55 | 28 |
Total | 82 | 53 |
Accounting principles and policies Income tax expense Income tax expense for the year includes current income taxes and deferred taxes. |
Tax credits which do not affect taxable profit and must be refunded by tax authorities if they have not been deducted from corporate income tax are recognized as subsidies and therefore presented as a reduction to the expenses to which they relate. |
Uncertain income tax positions are estimated in accordance with IFRIC\u00a023 \"Uncertainty over Income Tax Treatments\". The accounting for uncertain tax treatments requires an entity to make estimates and judgments about whether the relevant taxation authority and/or Court will accept the position taken by the entity in its tax filings (most likely amount or expected value corresponding to the probability-weighted average of the possible outcomes). Uncertain tax positions balances are presented as current or deferred tax assets or liabilities. |
Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amount of an asset or liability and its tax base, using the tax rate that is expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that are enacted or substantially enacted at the period end. |
Deferred taxes are not recognized on the following items: \u2022 initial recognition of goodwill (deferred taxes liabilities are however recognized after initial recognition when the goodwill is amortized for tax purposes); \u2022 initial recognition of an asset in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit; and \u2022 temporary differences on investments in subsidiaries that are not expected to reverse in the foreseeable future. |
Taxes on items recognized directly in net invested equity or in other comprehensive income are recognized in net invested equity or in other comprehensive income, respectively, and not in the income statement (see note\u00a010). |
Deferred tax assets on temporary differences and tax loss carry-forwards are only recognized if their recoverability is considered probable, considering existing temporary differences giving rise to deferred tax liabilities expected to reverse and taxable profits that will be available in the foreseeable future and against which the temporary difference can be utilized. When assessing the probability of a taxable profit being available in the foreseeable future, account is taken, primarily, of prior years' results, forecasted future results based on a business plan performed at the level of each taxable entity, non-recurring items unlikely to occur in the future and the tax strategy. |
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets and liabilities and the deferred taxes relate to the same taxable entity and tax authority. |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Current income tax (expense)/income | (88) | (91) |
Withholding taxes | (7) | (3) |
Deferred income tax (expense)/income | 4 | 14 |
Total Income tax expense | (91) | (80) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Profit for the year before tax | 230 | 163 |
French statutory tax rate | 25.83% | 25.83% |
Theoretical income tax (expense)/ income | (59) | (42) |
Effect of jurisdictional tax rate differences | (6) | (4) |
Permanently non-deductible expenses or non-taxable income | (11) | (34) |
Other tax repayments/(charges), net | 2 | \u2014 |
Tax loss carry-forwards used or recognized during the period but not recognized as a deferred tax asset in prior periods | \u2014 | 7 |
Tax loss carry-forwards and temporary differences arising during the period or prior years but not recognized as a deferred tax asset | (9) | (4) |
Actual income tax expense | (84) | (77) |
Withholding tax | (7) | (3) |
Total Income tax expense | (91) | (80) |
(in million euros) | August\u00a031,\u00a02023 | Deferred tax benefit / (expense) | Deferred tax recognized in other comprehensive income | Change in consolidation scope | Currency translation adjustment and other | August\u00a031,\u00a02024 |
Employee-related liabilities | 5 | 1 | \u2014 | \u2014 | \u2014 | 6 |
Fair value of financial instruments | \u2014 | \u2014 | (2) | \u2014 | \u2014 | (2) |
Intangible assets | 16 | \u2014 | \u2014 | \u2014 | (4) | 12 |
Goodwill (tax amortization) | (66) | \u2014 | \u2014 | 7 | 7 | (52) |
Other temporary differences | 12 | 4 | 1 | 1 | (1) | 17 |
Tax loss carry-forwards | 14 | (2) | \u2014 | 2 | \u2014 | 14 |
Total net deferred tax | (19) | 4 | (1) | 10 | 1 | (5) |
Of which: | ||||||
Deferred tax assets | 27 | 17 | ||||
Deferred tax liabilities | (46) | (22) |
(in million euros) | August\u00a031,\u00a02022 | Deferred tax benefit / (expense) | Deferred tax recognized in other comprehensive income | Currency translation adjustment and other | August\u00a031,\u00a02023 |
Employee-related liabilities | 4 | 1 | \u2014 | \u2014 | 5 |
Fair value of financial instruments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Intangible assets | 15 | 1 | \u2014 | \u2014 | 16 |
Goodwill (tax amortization) | (68) | \u2014 | \u2014 | 2 | (66) |
Other temporary differences | 7 | 8 | (2) | (1) | 12 |
Tax loss carry-forwards | 11 | 4 | \u2014 | (1) | 14 |
Total net deferred tax | (31) | 14 | (2) | \u2014 | (19) |
Of which: | |||||
Deferred tax assets | 22 | 27 | |||
Deferred tax liabilities | (53) | (46) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Fiscal 2024 | \u2014 | 2 |
Fiscal 2025 | 5 | 5 |
Fiscal 2026 | 3 | 3 |
Fiscal 2027 | 3 | 2 |
Fiscal 2028 | 6 | 5 |
Fiscal 2029 and beyond | 10 | 8 |
Indefinite | 55 | 28 |
Total | 82 | 53 |
Accounting principles and policies A provision is recognized if the Group has a legal or constructive obligation at the closing date and it is probable that settlement of the obligation will require an outflow of resources and the amount of the liability can be reliably measured. |
Provisions primarily cover commercial, employee-related and tax-related risks and litigation (other than those related to income tax (see note 9) arising in the course of operating activities and are measured using assumptions that take account of the most likely outcomes. |
Where the effect of the time value of money is material, the amount of the provision is determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and any risks specific to the liability. |
(in million euros) | August\u00a031,\u00a02023 | Increases / charges | Reversals with utilization | Reversals without utilization | Currency translation adjustment and other | August\u00a031,\u00a02024 |
French competition authority litigation | 127 | \u2014 | \u2014 | \u2014 | \u2014 | 127 |
Employee claims and litigation | 1 | 0 | (0) | \u2014 | (0) | 1 |
Tax and social security exposures | 2 | (0) | (0) | \u2014 | (1) | 1 |
Client/supplier claims\u00a0and litigation | 1 | 0 | (0) | \u2014 | (0) | 0 |
Other provisions | 5 | 2 | (2) | \u2014 | 0 | 5 |
Total Provisions | 136 | 2 | (3) | \u2014 | (1) | 134 |
(in million euros) | August\u00a031,\u00a02022 | Increases/ charges | Reversals with utilization | Reversals without utilization | Currency translation adjustment and other | August\u00a031,\u00a02023 |
French competition authority litigation | \u2014 | 127 | \u2014 | \u2014 | \u2014 | 127 |
Employee claims and litigation | 3 | 0 | (2) | \u2014 | (0) | 1 |
Tax and social security exposures | 2 | 0 | (0) | \u2014 | (0) | 2 |
Client/supplier claims\u00a0and litigation | 1 | 0 | (0) | \u2014 | (0) | 1 |
Other provisions | 5 | 0 | (0) | \u2014 | (0) | 5 |
Total Provisions | 11 | 127 | (2) | \u2014 | (0) | 136 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Current | Non-current | Current | Non-current | |
French competition authority litigation | \u2014 | 127 | 127 | \u2014 |
Employee claims and litigation | 0 | 1 | 0 | 1 |
Tax and social security exposures | 0 | 1 | 0 | 1 |
Client/supplier claims\u00a0and litigation | \u2014 | 0 | \u2014 | 1 |
Other provisions | 1 | 3 | 1 | 5 |
Total Provisions | 1 | 133 | 128 | 8 |
Accounting principles and policies A provision is recognized if the Group has a legal or constructive obligation at the closing date and it is probable that settlement of the obligation will require an outflow of resources and the amount of the liability can be reliably measured. |
Provisions primarily cover commercial, employee-related and tax-related risks and litigation (other than those related to income tax (see note 9) arising in the course of operating activities and are measured using assumptions that take account of the most likely outcomes. |
Where the effect of the time value of money is material, the amount of the provision is determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and any risks specific to the liability. |
(in million euros) | August\u00a031,\u00a02024 | |||
Less than 1 year | 1 to 5 years | More than 5 years | Total | |
Performance bonds given to clients | 115 | 41 | 0 | 156 |
Financial guarantees to third parties | \u2014 | \u2014 | 46 | 46 |
Other commitments | 39 | 26 | \u2014 | 65 |
Total Other commitments given | 155 | 67 | 46 | 268 |
(in million euros) | August\u00a031,\u00a02023 | |||
Less than 1 year | 1 to 5 years | More than 5 years | Total | |
Performance bonds given to clients | 129 | 24 | 1 | 154 |
Financial guarantees to third parties | \u2014 | \u2014 | 46 | 46 |
Other commitments | 65 | 43 | \u2014 | 108 |
Total Other commitments given | 194 | 67 | 47 | 308 |
Accounting principles and policies |
Pluxee treasury shares Pluxee shares held by Pluxee N.V. itself and/or by other Group Companies are shown as a reduction in consolidated shareholders' equity at their acquisition cost. Gains and losses on acquisitions and disposals of treasury shares are recognized directly in consolidated shareholders' equity and do not affect profit or loss for the year. |
Transactions with non-controlling interests Changes in non-controlling interests while retaining control are recognized in equity. In particular, when additional shares in an entity already controlled by the Group are acquired, the difference between the acquisition cost of the shares and the share of net assets acquired is recognized in Equity attributable to the equity holders of the parent. The value of the assets and liabilities of the subsidiary (including goodwill) remains unchanged. |
Commitments to purchase non-controlling interests As required by IAS\u00a032 \"Financial Instruments: Presentation\", the Group recognizes commitments to purchase non- controlling interests as a liability within borrowings in the consolidated statement of financial position. Commitments to purchase non-controlling interests given in connection with business combinations are recognized as follows: \u2022 the liability arising from the commitment is recognized in other borrowings at the present value of the purchase commitment; \u2022 the corresponding non-controlling interests are cancelled; and \u2022 additional goodwill is recognized for the balance. |
Subsequently, the financial liability is remeasured at each year-end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with a counterparty in net invested equity. |
Earnings per share Earnings per share is calculated by dividing profit for the period by the weighted average number of ordinary shares outstanding during the period, net of treasury shares, as prescribed by IAS\u00a033 \"Earnings per Share\". |
In the calculation of diluted earnings per share, the denominator is increased by the number of potentially dilutive ordinary shares, and the numerator is adjusted for all dividends and interest recognized in the period and any other change in income or expenses that would result from conversion of the potentially dilutive ordinary shares. |
Potential ordinary shares are treated as dilutive if, and only if, their conversion to shares would decrease earnings per share or increase loss per share. Potentially dilutive ordinary shares correspond exclusively to the free shares mentioned in note\u00a06.2. Their dilutive effect is calculated by the treasury stock method provided for in IAS\u00a033. |
(number of shares) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Share capital | 210,215,055 | 100 |
Treasury shares | (1,258,683) | \u2014 |
Outstanding shares | 208,956,372 | 100 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Dividends paid | \u2014 | 140 |
Fiscal\u00a02024 | Fiscal\u00a02023 | |||||
(in million euros) | Increase / (Decrease) during the year, pre-tax | Income tax (expense) / Benefit | Increase / (Decrease) during the year, net of tax | Increase / (Decrease) during the year, pre-tax | Income tax (expense) / Benefit | Increase / (Decrease) during the year, net of tax |
Financial assets measured at fair value through other comprehensive income\u207d\u00b9\u207e | 2 | (1) | 1 | 54 | (2) | 52 |
Remeasurements of net defined benefit obligation | 0 | \u2014 | 0 | (0) | \u2014 | (0) |
Currency translation adjustment\u207d\u00b2\u207e | (116) | \u2014 | (116) | (30) | \u2014 | (30) |
Total other comprehensive income (loss) (group share) | (114) | (1) | (115) | 24 | (2) | 22 |
(in million euros) | |
Non-controlling interests as of August 31, 2023 | 5 |
Net profit for the year | 6 |
Other comprehensive income (loss), net of tax | (14) |
Increase (decrease) in share capital | \u2014 |
Dividends paid | (2) |
Change in ownership interest without any change of control: | |
- Equity interests disposed to non-controlling interests\u207d\u00b9\u207e | 98 |
- Equity interests acquired to non-controlling interests\u207d\u00b2\u207e | (7) |
Change in consolidation scope\u207d\u00b9\u207e | 9 |
Other | 1 |
Non-controlling interests as of August 31,2024 | 96 |
Fiscal\u00a02024 | Fiscal\u00a02023 | |
Profit for the year attributable to equity holders of the parent (in million euros) | 133 | 81 |
Basic weighted average number of shares\u207d\u00b9\u207e | 146,517,613 | 146,348,321 |
Basic earnings per share (in euro) | 0.91 | 0.55 |
Average dilutive effect of free share plans | 606,517 | 364,024 |
Diluted weighted average number of shares\u207d\u00b2\u207e | 147,124,130 | 146,712,345 |
Diluted earnings per share (in euro) | 0.90 | 0.55 |
(number of shares) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Share capital | 210,215,055 | 100 |
Treasury shares | (1,258,683) | \u2014 |
Outstanding shares | 208,956,372 | 100 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Dividends paid | \u2014 | 140 |
Fiscal\u00a02024 | Fiscal\u00a02023 | |
Profit for the year attributable to equity holders of the parent (in million euros) | 133 | 81 |
Basic weighted average number of shares\u207d\u00b9\u207e | 146,517,613 | 146,348,321 |
Basic earnings per share (in euro) | 0.91 | 0.55 |
Average dilutive effect of free share plans | 606,517 | 364,024 |
Diluted weighted average number of shares\u207d\u00b2\u207e | 147,124,130 | 146,712,345 |
Diluted earnings per share (in euro) | 0.90 | 0.55 |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Gross borrowing cost\u207d\u00b9\u207e | (52) | (20) |
Interest income from cash and cash equivalents | 44 | 47 |
Net borrowing cost | (8) | 27 |
Net foreign exchange gains/loss | (3) | 2 |
Other financial income | 1 | 4 |
Other financial expenses | (9) | (5) |
Financial income and expenses | (20) | 28 |
Of which financial income | 45 | 53 |
Of which financial expenses | (65) | (25) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Marketable securities | 1,121 | 749 |
Cash | 300 | 876 |
Cash and cash equivalents | 1,421 | 1,625 |
Bank overdrafts | (6) | (5) |
Cash and cash equivalents net of bank overdrafts | 1,415 | 1,620 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Short-term notes\u207d\u00b9\u207e | 788 | 643 |
Term deposits | 131 | 90 |
Mutual funds and other | 203 | 16 |
Total Marketable securities | 1,121 | 749 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 500 | 630 |
Brazilian real (BRL) | 577 | 590 |
Mexican peso (MXN) | 84 | 81 |
Turkish lira (TRY) | 58 | 69 |
Chilean peso (CLP) | 55 | 68 |
Czech koruna (CZK) | 47 | 57 |
Romanian leu (RON) | 26 | 36 |
Zloty (PLN) | 12 | 28 |
Other currencies | 57 | 62 |
Total Cash and cash equivalents net of bank overdrafts | 1,415 | 1,620 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||
(in million euros) | Current | Non-current | Current | Non-current |
Restricted cash related to the float | 973 | \u2014 | 936 | \u2014 |
Current financial assets | 814 | \u2014 | 542 | \u2014 |
Investments in non-consolidated companies | \u2014 | 16 | \u2014 | 13 |
Loans and deposits | \u2014 | 19 | \u2014 | 23 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Total Financial assets | 1,787 | 35 | 1,478 | 36 |
Of which: | \u2014 | |||
Financial assets measured at fair value | 493 | 16 | 465 | 13 |
Financial assets measured at amortized cost | 1,294 | 19 | 1,013 | 23 |
Cost | 1,294 | 19 | 1,013 | 24 |
Impairment | \u2014 | (1) | \u2014 | (1) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
France | 310 | 312 |
Belgium | 217 | 162 |
Romania | 170 | 157 |
India | 157 | 137 |
China | 58 | 64 |
Other countries | 61 | 103 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 527 | 488 |
Romanian leu (RON) | 170 | 157 |
Indian rupee (INR) | 157 | 137 |
Chinese yuan (CNY) | 58 | 64 |
Other currencies | 61 | 89 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 454 | 223 |
Brazilian real (BRL) | 151 | 165 |
Turkish lira (TRY) | 52 | 33 |
Romanian leu (RON) | 42 | 17 |
Philippine peso (PHP) | 27 | 26 |
Mexican peso (MXN) | 23 | 44 |
Other currencies | 66 | 34 |
Total Current financial assets | 814 | 542 |
August\u00a031,\u00a0 2023 | Increase/ (Decrease) | Impairment | Changes in scope of consolidation | Change in fair value | Reclassi fication | Currency translation adjustment and other | August\u00a031,\u00a0 2024 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 936 | 57 | \u2014 | \u2014 | \u2014 | \u2014 | (14) | (6) | 973 |
Current financial assets | 542 | 285 | \u2014 | \u2014 | 0 | \u2014 | 19 | (32) | 814 |
Investments in non-consolidated companies | 13 | 2 | \u2014 | \u2014 | (0) | 5 | (4) | 0 | 16 |
Loans and deposits | 23 | (3) | \u2014 | 0 | \u2014 | \u2014 | \u2014 | (2) | 19 |
Derivative financial instruments | \u2014 | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 |
Financial assets | 1,514 | 341 | \u2014 | 0 | (0) | 5 | 0 | (39) | 1,822 |
August\u00a031,\u00a0 2022 | Increase/ (Decrease) | Impairment | Changes in scope of combination | Change in fair value | Reclassifi cation(1) | Currency translation adjustment and other | August\u00a031,\u00a0 2023 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 960 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (30) | 936 |
Current financial assets | 664 | (114) | \u2014 | \u2014 | \u2014 | 1 | \u2014 | (9) | 542 |
Investments in non-consolidated companies | 90 | 2 | \u2014 | \u2014 | 0 | 54 | (133) | (0) | 13 |
Loans and deposits | 15 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | (0) | 23 |
Financial assets | 1,729 | (98) | \u2014 | \u2014 | 0 | 55 | (133) | (39) | 1,514 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 1,121 | 1,121 | 203 | 918 | \u2014 | 1,121 |
Current financial assets | Financial assets at amortized cost | 12.3 | 814 | 814 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 480 | 480 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 493 | 493 | 493 | \u2014 | \u2014 | 493 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,198 | 1,198 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 16 | 16 | \u2014 | \u2014 | 16 | 16 |
Financial assets at amortized cost | 12.3 | 19 | 19 | \u2014 | \u2014 | \u2014 | \u2014 | |
Derivative financial instrument assets | Derivatives | 12.3 | 0 | 0 | \u2014 | 0 | \u2014 | 0 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,113 | 1,100 | \u2014 | \u2014 | \u2014 | \u2014 |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 6 | 6 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 489 | 489 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,728 | 3,728 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | (0) | \u2014 | (0) |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 749 | 749 | 16 | 733 | \u2014 | 749 |
Current financial assets | Financial assets at amortized cost | 12.3 | 542 | 542 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 471 | 471 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 465 | 465 | 465 | \u2014 | \u2014 | 465 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,339 | 1,339 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 13 | 13 | \u2014 | \u2014 | 13 | 13 |
Financial assets at amortized cost | 12.3 | 23 | 23 | \u2014 | \u2014 | \u2014 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,222 | 1,222 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial liabilities at fair value through equity | 12.4 | 33 | 33 | \u2014 | \u2014 | 33 | 33 | |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 5 | 5 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 548 | 548 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,543 | 3,543 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | \u2014 | \u2014 | \u2014 |
August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | |||
(in million euros) | Current | Non-current | Current | Non-current |
Restricted cash related to the float | 973 | \u2014 | 936 | \u2014 |
Current financial assets | 814 | \u2014 | 542 | \u2014 |
Investments in non-consolidated companies | \u2014 | 16 | \u2014 | 13 |
Loans and deposits | \u2014 | 19 | \u2014 | 23 |
Derivative financial instruments | 0 | \u2014 | \u2014 | \u2014 |
Total Financial assets | 1,787 | 35 | 1,478 | 36 |
Of which: | \u2014 | |||
Financial assets measured at fair value | 493 | 16 | 465 | 13 |
Financial assets measured at amortized cost | 1,294 | 19 | 1,013 | 23 |
Cost | 1,294 | 19 | 1,013 | 24 |
Impairment | \u2014 | (1) | \u2014 | (1) |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
France | 310 | 312 |
Belgium | 217 | 162 |
Romania | 170 | 157 |
India | 157 | 137 |
China | 58 | 64 |
Other countries | 61 | 103 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 527 | 488 |
Romanian leu (RON) | 170 | 157 |
Indian rupee (INR) | 157 | 137 |
Chinese yuan (CNY) | 58 | 64 |
Other currencies | 61 | 89 |
Total Restricted cash related to the float | 973 | 936 |
(in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 |
Euro (EUR) | 454 | 223 |
Brazilian real (BRL) | 151 | 165 |
Turkish lira (TRY) | 52 | 33 |
Romanian leu (RON) | 42 | 17 |
Philippine peso (PHP) | 27 | 26 |
Mexican peso (MXN) | 23 | 44 |
Other currencies | 66 | 34 |
Total Current financial assets | 814 | 542 |
August\u00a031,\u00a0 2023 | Increase/ (Decrease) | Impairment | Changes in scope of consolidation | Change in fair value | Reclassi fication | Currency translation adjustment and other | August\u00a031,\u00a0 2024 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 936 | 57 | \u2014 | \u2014 | \u2014 | \u2014 | (14) | (6) | 973 |
Current financial assets | 542 | 285 | \u2014 | \u2014 | 0 | \u2014 | 19 | (32) | 814 |
Investments in non-consolidated companies | 13 | 2 | \u2014 | \u2014 | (0) | 5 | (4) | 0 | 16 |
Loans and deposits | 23 | (3) | \u2014 | 0 | \u2014 | \u2014 | \u2014 | (2) | 19 |
Derivative financial instruments | \u2014 | 0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0 |
Financial assets | 1,514 | 341 | \u2014 | 0 | (0) | 5 | 0 | (39) | 1,822 |
August\u00a031,\u00a0 2022 | Increase/ (Decrease) | Impairment | Changes in scope of combination | Change in fair value | Reclassifi cation(1) | Currency translation adjustment and other | August\u00a031,\u00a0 2023 | ||
(in million euros) | Income | OCI | |||||||
Restricted cash related to the float | 960 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (30) | 936 |
Current financial assets | 664 | (114) | \u2014 | \u2014 | \u2014 | 1 | \u2014 | (9) | 542 |
Investments in non-consolidated companies | 90 | 2 | \u2014 | \u2014 | 0 | 54 | (133) | (0) | 13 |
Loans and deposits | 15 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | 0 | (0) | 23 |
Financial assets | 1,729 | (98) | \u2014 | \u2014 | 0 | 55 | (133) | (39) | 1,514 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 1,121 | 1,121 | 203 | 918 | \u2014 | 1,121 |
Current financial assets | Financial assets at amortized cost | 12.3 | 814 | 814 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 480 | 480 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 493 | 493 | 493 | \u2014 | \u2014 | 493 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,198 | 1,198 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 16 | 16 | \u2014 | \u2014 | 16 | 16 |
Financial assets at amortized cost | 12.3 | 19 | 19 | \u2014 | \u2014 | \u2014 | \u2014 | |
Derivative financial instrument assets | Derivatives | 12.3 | 0 | 0 | \u2014 | 0 | \u2014 | 0 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,113 | 1,100 | \u2014 | \u2014 | \u2014 | \u2014 |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 6 | 6 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 489 | 489 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,728 | 3,728 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | (0) | \u2014 | (0) |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 749 | 749 | 16 | 733 | \u2014 | 749 |
Current financial assets | Financial assets at amortized cost | 12.3 | 542 | 542 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 471 | 471 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 465 | 465 | 465 | \u2014 | \u2014 | 465 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,339 | 1,339 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 13 | 13 | \u2014 | \u2014 | 13 | 13 |
Financial assets at amortized cost | 12.3 | 23 | 23 | \u2014 | \u2014 | \u2014 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,222 | 1,222 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial liabilities at fair value through equity | 12.4 | 33 | 33 | \u2014 | \u2014 | 33 | 33 | |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 5 | 5 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 548 | 548 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,543 | 3,543 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | \u2014 | \u2014 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 1,121 | 1,121 | 203 | 918 | \u2014 | 1,121 |
Current financial assets | Financial assets at amortized cost | 12.3 | 814 | 814 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 480 | 480 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 493 | 493 | 493 | \u2014 | \u2014 | 493 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,198 | 1,198 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 16 | 16 | \u2014 | \u2014 | 16 | 16 |
Financial assets at amortized cost | 12.3 | 19 | 19 | \u2014 | \u2014 | \u2014 | \u2014 | |
Derivative financial instrument assets | Derivatives | 12.3 | 0 | 0 | \u2014 | 0 | \u2014 | 0 |
(in million euros) | Category | Note | August\u00a031,\u00a02024 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,113 | 1,100 | \u2014 | \u2014 | \u2014 | \u2014 |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 6 | 6 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 489 | 489 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,728 | 3,728 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | (0) | \u2014 | (0) |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Marketable securities | Cash equivalents | 12.2 | 749 | 749 | 16 | 733 | \u2014 | 749 |
Current financial assets | Financial assets at amortized cost | 12.3 | 542 | 542 | \u2014 | \u2014 | \u2014 | \u2014 |
Restricted cash related to the float | Financial assets at amortized cost | 12.3 | 471 | 471 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial assets at fair value through profit or loss | 12.3 | 465 | 465 | 465 | \u2014 | \u2014 | 465 | |
Trade and other receivables | Financial assets at amortized cost | 5.3 | 1,339 | 1,339 | \u2014 | \u2014 | \u2014 | \u2014 |
Other financial assets | Financial assets at fair value through other comprehensive income | 12.3 | 13 | 13 | \u2014 | \u2014 | 13 | 13 |
Financial assets at amortized cost | 12.3 | 23 | 23 | \u2014 | \u2014 | \u2014 | \u2014 |
(in million euros) | Category | Note | August\u00a031,\u00a02023 | Fair value level | ||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Total | |||
Borrowings | Financial liabilities at amortized cost | 12.4 | 1,222 | 1,222 | \u2014 | \u2014 | \u2014 | \u2014 |
Financial liabilities at fair value through equity | 12.4 | 33 | 33 | \u2014 | \u2014 | 33 | 33 | |
Bank overdrafts | Financial liabilities at amortized cost | 12.2 | 5 | 5 | \u2014 | \u2014 | \u2014 | \u2014 |
Trade and other payables | Financial liabilities at amortized cost | 5.3 | 548 | 548 | \u2014 | \u2014 | \u2014 | \u2014 |
Value in circulation and related payables | Financial liabilities at amortized cost | 5.3 | 3,543 | 3,543 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instrument liabilities | Derivatives | 12.4 | (0) | (0) | \u2014 | \u2014 | \u2014 | \u2014 |
Impact of a 10% appreciation of the exchange rate of the following currencies against the euros (in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Impact on revenues | Impact on shareholders' equity | Impact on revenues | Impact on shareholders' equity | |
Brazilian real (BRL) | 31 | 54 | 32 | 39 |
Romanian leu (RON) | 7 | 4 | 7 | 4 |
Mexican peso (MXN) | 7 | 5 | 4 | 5 |
Turkish lira (TRY) | 6 | 4 | 21 | 2 |
Impact of a 10% appreciation of the exchange rate of the following currencies against the euros (in million euros) | August\u00a031,\u00a02024 | August\u00a031,\u00a02023 | ||
Impact on revenues | Impact on shareholders' equity | Impact on revenues | Impact on shareholders' equity | |
Brazilian real (BRL) | 31 | 54 | 32 | 39 |
Romanian leu (RON) | 7 | 4 | 7 | 4 |
Mexican peso (MXN) | 7 | 5 | 4 | 5 |
Turkish lira (TRY) | 6 | 4 | 21 | 2 |
(in million euros) | August\u00a031,\u00a02024 | |||
Less than 1 year | 1 to 5 years | More than 5 years | Total | |
Performance bonds given to clients | 115 | 41 | 0 | 156 |
Financial guarantees to third parties | \u2014 | \u2014 | 46 | 46 |
Other commitments | 39 | 26 | \u2014 | 65 |
Total Other commitments given | 155 | 67 | 46 | 268 |
(in million euros) | August\u00a031,\u00a02023 | |||
Less than 1 year | 1 to 5 years | More than 5 years | Total | |
Performance bonds given to clients | 129 | 24 | 1 | 154 |
Financial guarantees to third parties | \u2014 | \u2014 | 46 | 46 |
Other commitments | 65 | 43 | \u2014 | 108 |
Total Other commitments given | 194 | 67 | 47 | 308 |
Accounting principles and policies |
Pluxee's related parties identified in accordance with IAS\u00a024 \"Related Party Disclosures\" include: |
\u2022 the fully consolidated Pluxee entities: the transactions between these companies have been eliminated for the preparation of Pluxee's consolidated financial statements; |
\u2022 the companies over which the Group exercises a significant influence (associates) or joint control (joint ventures); |
\u2022 Bellon\u00a0S.A., the controlling shareholder of Pluxee, and its related parties (including Sodexo\u00a0S.A., its consolidated entities (the Sodexo group), as well as its other related parties); and |
\u2022 the key management personnel of Pluxee and Bellon\u00a0S.A. |
(in million euros) | Fiscal\u00a02024 | Fiscal\u00a02023 |
Short-term benefits (including social security contributions)\u207d\u00b9\u207e | 9 | 6 |
Post-employment benefits | 0 | 0 |
Share-based payments | 2 | 2 |
Total Compensation | 10 | 8 |
(in million euros) | Fiscal\u00a02024 | ||
PwC Accountants N.V. | Other PwC firms\u207d\u00b9\u207e | Total | |
Audit of financial statements | 0.5 | 1.0 | 1.5 |
Other audit services | 0.1 | 0.2 | 0.3 |
Other non-audit services | \u2014 | \u2014 | \u2014 |
Tax services | \u2014 | 0.1 | 0.1 |
Total | 0.7 | 1.2 | 1.9 |