Issy-les-Moulineaux, June 30, 2023Sodexo (NYSE
Euronext Paris FR 0000121220-OTC: SDXAY)
-
On-site Services revenue growth as expected
-
Ongoing acceleration in Pluxee (Benefits & Rewards
Services)
-
Full year guidance refined
Q3 FISCAL 2023
REVENUES
REVENUES(in million euros) |
Q3 FY23 |
Q3 FY22 |
|
ORGANICGROWTH |
EXTERNALGROWTH |
CURRENCYEFFECT |
TOTALGROWTH |
North America |
2,658 |
2,366 |
|
+12.1 % |
— % |
+0.2 % |
+12.4 % |
Europe |
2,042 |
1,993 |
|
+4.4 % |
-0.2 % |
-1.8 % |
+2.5 % |
Rest of the World |
1,055 |
943 |
|
+16.3 % |
-1.1 % |
-3.3 % |
+11.8 % |
ON-SITE SERVICES |
5,755 |
5,302 |
|
+9.9 % |
-0.3 % |
-1.1 % |
+8.5 % |
BENEFITS & REWARDS SERVICES |
273 |
222 |
|
+25.5 % |
— % |
-2.3 % |
+23.2 % |
Elimination |
(2) |
(1) |
|
|
|
|
|
TOTAL GROUP |
6,026 |
5,523 |
|
+10.5 % |
-0.2 % |
-1.2 % |
+9.1 % |
Commenting on the third quarter
activity, Sophie Bellon, Sodexo Chairwoman and CEO,
said:
"Our third quarter On-site activity continued to
grow strongly, despite the much higher comparative base. We
continue to have momentum in contract wins and retention. There was
some further post-Covid ramping up in the return to the workplace
and in event attendance and average spend.
Pluxee third quarter growth is stronger than
expected with growing underlying demand, amplified by strong face
value increases and higher interest rates. The workstreams
associated with the spin-off are on track. We endorsed the
appointment of Didier Michaud-Daniel as future Chairman of the
Board of Pluxee who will work closely with Aurélien Sonet, the CEO,
and Stéphane Lhopiteau who is joining Pluxee as CFO.
We are progressing towards our 2025 ambition to
become leader in sustainable food and valued experiences. I want to
thank all the teams for their dynamic mobilization around our
strategic projects."
Highlights of the
period
- Third quarter
Fiscal 2023 consolidated revenues reached
6.0 billion euros, up +9.1% year-on-year including
a negative currency impact of -1.2% and a net contribution from
acquisitions and disposals of -0.2%. As a result, third quarter
Fiscal 2023 organic growth was +10.5%. Revenue for the first
nine months of Fiscal 2023, to the end of May, reached
18.1 billion euros, up +14.7%, or +12.4% organically.
- Third quarter
Fiscal 2023 On-site Services revenue organic
growth was up +9.9%, benefiting from an accelerated net
new in-year revenue of close to 2%, a pricing effect of above 5%
and like-for-like volume growth (including cross-selling) of close
to 4%, partially offset by a negative impact from the end of the
Testing Centers contract in the UK of -0.9%.
- Organic growth in
the quarter was driven by Food services, up +13.8% organically,
whereas FM services were up +3.6%, or +6.0% excluding the impact of
the end of the Testing Centers.
- Net new development
momentum remained strong with improvements in both retention and
development year to date.
- Pluxee
(Benefits & Rewards Services) organic growth was
+25.5%. Operating revenues organic growth at +16.7% continued to
accelerate in the third quarter, fueled by positive net development
and face value increases. The trajectory on financial revenues
remained very strong, benefiting from the continuous increase in
euro interest rates.
- Sodexo continues to progress on its sustainability
commitments:
- Rolling 12-month Lost Time Injury Rate (LTIR) at the end of the
third quarter Fiscal 2023, decreased by -32% (from 0.62 to 0.47)
and Severity of Lost time injuries by -70%. We have also
experienced higher levels of employee engagement towards safety
through a campaign focusing on near misses demonstrating a step
change in our safety culture maturity.
- As part of its commitment to preserve natural resources, and in
particular its strong position on sustainable fishing, Sodexo
participated in the creation of an innovative fund together with
the World Wildlife Fund (WWF) and Finance Earth (FE). This fund
aims to reverse the decline of fisheries and scale nature-positive
improvements in fisheries around the world. At the end of Fiscal
2022, 85.3 % of fish and seafood purchased by Sodexo were
sustainable, on track to reach the 100% target for 2025.
Update on the plan to spin-off and
list Pluxee (Benefits & Rewards Services)
- The Benefits &
Rewards Services activities now have a new name. Pluxee is the new
commercial brand name as well as the name of the future listed
company.
- The future
appointment of Didier Michaud-Daniel as
Chairman of the Pluxee Board of Directors has been
endorsed by the Sodexo Board of Directors. Didier Michaud-Daniel
will bring to the Board of Directors of Pluxee his significant
background as CEO of large, listed companies in international BtoB
environments and his experience of the financial markets. Didier
Michaud-Daniel has a proven track record in driving significant
business growth and transformations as well as extensive leadership
experience. He will play an active role alongside Aurélien Sonet,
who has been confirmed as CEO of Pluxee, and Stéphane Lhopiteau who
is joining Pluxee as CFO. For now, Didier Michaud-Daniel is working
on the constitution of the future Board of Pluxee and supporting
the Leadership team as they prepare for the spin-off.
- Commenting his
nomination, Didier Michaud-Daniel said: “I am very pleased to be
part of the Pluxee journey and I feel honored by the trust placed
in me by the Bellon family and the Sodexo Board of Directors. The
times ahead are very exciting for this future pure player in a
growth market with high potential. The teams I have started to meet
with are profoundly engaged, extremely dynamic and deeply committed
to Pluxee’s strong values. I am confident that the strategic course
we are executing upon is the right one and that it will help us
accelerate and deliver strong growth and profitability in the years
to come.“
Outlook
Our Fiscal 2023 guidance has been refined to
reflect the strong Pluxee performance and solid in-line performance
of On-site Services in the third quarter:
-
Pluxee organic revenue growth above +20% and
Underlying Operating Profit margin above 32%, at constant
rates.
-
Group organic revenue growth close to +11% and
Group Underlying Operating Profit margin at 5.5%, at constant
rates.
*********************************
Conference
call
Sodexo will hold a conference call
(in English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London
time) to comment on its Q3 Fiscal 2023
revenues.
Those who wish to connect:
- From the UK: +44
121 281 8004, or
- From France: +33 1
70 91 87 04, or
- From the US: +1 718
705 8796,
Following by the access code 07 26
13.
The live audio webcast will be available on
www.sodexo.com
The press release, presentation and webcast will be
available on the Group website www.sodexo.com in both the “Latest
News” section and the “Finance – Financial Results” section.
Financial
calendar
Fiscal 2023 Annual Results |
October 26, 2023 |
Fiscal 2023 Shareholders' Meeting |
December 15, 2023 |
Fiscal 2024 First quarter Revenues |
January 05, 2024 |
These dates are indicative and may be subject to
change without notice.Regular updates are available in the calendar
on our website www.sodexo.com
About Sodexo
Founded in Marseille in 1966 by Pierre Bellon,
Sodexo is the global leader in sustainable food and valued
experiences at every moment in life: learn, work, heal and play.
Operating in 53 countries, our 422,000 employees serve 100 million
consumers each day. The Sodexo Group stands out for its
independence and its founding family shareholding, its responsible
business model and its portfolio of activities including Food
Services, Facilities Management Services and Employee Benefit
Solutions. This diversified offer meets all the challenges of
everyday life with a dual goal: to improve the quality of life of
our employees and those we serve, and contribute to the economic,
social and environmental progress in the communities where we
operate. For Sodexo, growth and social commitment go hand in hand.
Our purpose is to create a better everyday for everyone to build a
better life for all.
Sodexo is included in the CAC Next 20, CAC 40 ESG,
CAC SBT 1.5, FTSE 4 Good and DJSI indices.
Key figures
- 21.1 billion euros
in Fiscal 2022 consolidated revenues
- 422,000 employees
as at August 31, 2022
- #2 France-based
private employer worldwide
|
- 53 countries
- 100 million
consumers served daily
- 15 billion euros in
market capitalization (as at June 29, 2023)
|
|
Contacts |
|
|
|
|
Analysts and Investors |
|
Media |
|
|
Virginia Jeanson +33 1 57 75 80 56
virginia.jeanson@sodexo.com |
|
Mathieu Scaravetti +33 6 28 62 21 91
mathieu.scaravetti@sodexo.com |
|
|
|
|
|
|
Appendix -
Biographies
Didier
Michaud-DanielFuture Chairman of the Pluxee Board
of Directors
From March 2012 to end of June 2023, Didier
Michaud-Daniel has been the CEO of Bureau Veritas, a world leader
in laboratory testing, inspection and certification services with
annual revenue of €5.7bn and a market cap of €11bn. Bureau Veritas
is listed on Euronext Paris and is part of the SBF 120 index. While
at Bureau Veritas, Didier Michaud-Daniel has driven continuous
growth by progressively transforming the company’s market
positioning and modernizing its service offer, amplified by
multiple acquisitions.
Didier Michaud-Daniel started his career in 1981 at
OTIS, the world's leading elevator and escalator manufacturing,
installation and service company, where he held different
operations and sales positions. He was appointed Deputy General
Manager of Operations in January 1998. Didier Michaud-Daniel then
became Managing Director of OTIS UK and Ireland, then Chairman of
OTIS for the UK, Germany and Central Europe region, before being
appointed Chairman of the $12bn revenue company OTIS Elevator in
May 2008, a role for which he was based in the US for 4
years.
Since 2019, Didier Michaud-Daniel has been an
independent member of the Supervisory Board of Tarkett, a
family-controlled company, global leader in the industry of
flooring solutions. Didier Michaud-Daniel is also a member of the
Board of Directors of the SAUR Group, a global provider of water
services, since June 2023.
Didier Michaud-Daniel is a graduate of the Poitiers
business management school and European Business Administration
Institute INSEAD and is Chevalier de la Légion d’Honneur, one the
most recognized French order of merit.
Stéphane
LhopiteauChief Financial Officer,
Pluxee
Stéphane Lhopiteau started his career in 1994 at
Arthur Andersen, where he held various audit and consulting
positions. In 2004, Stéphane Lhopiteau joined Morina Baie Biscuits
as Head of Business development and Finance. From 2008 to 2011,
Stéphane Lhopiteau was CFO for DCNS (today Naval group), European
leader in the naval defense sector, before joigning Thales Group in
2011, where he was successively Deputy CFO, then SVP Performance
& Business Services, two roles in which he piloted major
transformation projects. In 2015, Stéphane Lhopiteau was appointed
as CFO for Areva Group, a major player in the nuclear industry,
where he actively contributed to the turnaround of the company
(today Orano Group). From 2019 to 2022, Stéphane Lhopiteau was CFO
of Diot-Siaci, a leader in insurance and social protection
brokerage, a role in which he piloted the merger of what were
originally Siaci-Saint-Honoré and Diot groups.
Stéphane Lhopiteau will bring to Pluxee his
extensive CFO experience developed in various environments,
supporting major transformation projects in large international
listed companies.
He is a graduate of HEC Business School.
Q3 Fiscal 2023 Activity Report
Revenues: Solid Organic Revenue
growth
|
|
|
|
|
|
|
|
REVENUES(in million euros) |
Q3 FY23 |
Q3 FY22 |
|
ORGANICGROWTH |
EXTERNALGROWTH |
CURRENCYEFFECT |
TOTALGROWTH |
North America |
2,658 |
2,366 |
|
+12.1 % |
— % |
+0.2 % |
+12.4 % |
Europe |
2,042 |
1,993 |
|
+4.4 % |
-0.2 % |
-1.8 % |
+2.5 % |
Rest of the World |
1,055 |
943 |
|
+16.3 % |
-1.1 % |
-3.3 % |
+11.8 % |
ON-SITE SERVICES |
5,755 |
5,302 |
|
+9.9 % |
-0.3 % |
-1.1 % |
+8.5 % |
BENEFITS & REWARDS SERVICES |
273 |
222 |
|
+25.5 % |
— % |
-2.3 % |
+23.2 % |
Elimination |
(2) |
(1) |
|
|
|
|
|
TOTAL GROUP |
6,026 |
5,523 |
|
+10.5 % |
-0.2 % |
-1.2 % |
+9.1 % |
Third quarter Fiscal 2023 consolidated revenues
reached 6.0 billion euros, up +9.1% year-on-year
including a negative currency impact of -1.2% and a net
contribution from acquisitions and disposals of -0.2%. As a result,
Third quarter Fiscal 2023 organic growth was +10.5%, with On-Site
Services at +9.9% and Pluxee (Benefits & Rewards Services) at
+25.5%. Revenue for the first nine months of Fiscal 2023, to the
end of May, reached 18.1 billion euros, up +14.7%, or +12.4%
organically.
ON-SITE
SERVICES
Third quarter Fiscal 2023 On-site Services revenue
organic growth was up +9.9%, benefiting from an accelerated net new
business contribution of close to 2%; a pricing effect of above 5%
and like-for-like volume growth (including cross-selling) of close
to 4%, partially offset by a negative impact from the end of the
Testing Centers contract in the UK of -0.9%.
Organic growth in the quarter was driven by Food
services, up +13.8% organically, whereas FM services were up +3.6%,
or +6.0% excluding the impact of the end of the Testing Centers.
Food services now represent 65% of year-to-date total On-Site
revenues, increasing from 60% in Fiscal 2022.
The net new development momentum remained positive
with improvements in both retention and development year to
date.
North America
REVENUES BY SEGMENT(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Business & Administrations |
959 |
795 |
+20.1 % |
Healthcare & Seniors |
855 |
783 |
+9.0 % |
Education |
844 |
788 |
+7.2 % |
NORTH AMERICA TOTAL |
2,658 |
2,366 |
+12.1 % |
Third quarter Fiscal 2023 North
America revenues totaled 2.7 billion
euros, up +12.1% organically, driven by price revisions,
some volume recovery, cross-selling, and an acceleration of net
opened/closed compared to previous quarters.
Organic growth in Business &
Administration was +20.1%, boosted by new contracts in
Corporate Services, increased activity in Sports events and
Cultural destinations combined with a +28% higher passenger count
in Airline Lounges, inflation pass-through, and to a lesser extent
the very strong growth of Entegra (Sodexo GPO).
In Healthcare & Seniors,
organic growth was +9.0%, driven by pricing and retail volume
improvement. The net new development contribution was slightly
positive.
In Education, organic revenue
growth was +7.2%. Like-for-like growth in food services in
Universities was very strong, with volume and price increases due
to a higher level of board plans, retail sales and event catering.
In Schools, growth stalled at +0.5%, the impact of price
adjustments being offset by decreases in volume related to the
reduction of government waiver eligibility for students.
Europe
REVENUES BY SEGMENT(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Business & Administrations |
1,324 |
1,251 |
+7.5 % |
Healthcare & Seniors |
531 |
545 |
-0.8 % |
Education |
187 |
197 |
-1.1 % |
EUROPE TOTAL |
2,042 |
1,993 |
+4.4 % |
In Europe, third quarter 2023 revenues amounted to
2.0 billion euros, up +4.4% organically, or +6.9% excluding the
impact of the Testing Centers, helped by like-for-like volumes and
price increases.
In Business & Administrations,
organic growth was +7.5%, boosted by strong price revisions in
food, continued improvement in the return to the office,
particularly in Belgium and Germany, combined with new business and
significant IFM project work in Central Europe. Sports &
Leisure activity was boosted by strong corporate events, where the
recovery took longer to come through last year, and the
contribution of the World Baseball Classic Hospitality in Japan in
April. Overall, growth was slightly offset by the lower level of
activity in France, affected by the loss of the Prisons contract
last year, bank holidays and strikes.
In Healthcare & Seniors,
organic growth of -0.8% was impacted by the end of the Testing
Centers in the UK. The rest of the business was +8.3%, with strong
contribution of new openings, especially in Spain, recovery in
retail sales and solid occupancy in Seniors in France.
Education organic revenue growth
was -1.1%, reflecting the reduction of working days in the UK and
France and the impacts of strikes in France along with delay in the
price revision where passing on inflation remains slow. The net new
in-year Revenue was slightly positive.
Rest of the
World
REVENUES BY SEGMENT(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Business & Administrations |
946 |
841 |
+17.1 % |
Healthcare & Seniors |
83 |
83 |
+1.3 % |
Education |
26 |
19 |
+45.5 % |
REST OF THE WORLD TOTAL |
1,055 |
943 |
+16.3 % |
Rest of the World third quarter Fiscal 2023
revenues were 1.1 billion euros, up +16.3% organically, with double
digit growth in all geographies except Australia.
Business & Administrations was
up +17.1%, driven by the impact of the new openings in Corporate
Services and Energy & Resources in Latin America and like-for
like growth in all regions and segments, especially in Latin
America boosted by inflation pass-through, India and South East
Asia with a growing number of regional tech clients in Food
services.
Healthcare & Seniors revenue
was +1.3% organically, with strong development and project works in
India and Latin America being offset by a decrease in China due to
low post-Covid development, and in Brazil as a result of the exit
of low performing contracts.
Education organic growth was
+45.5%, as Chinese schools reopen fully.
PLUXEE
Pluxee (Benefits & Rewards Services) organic
growth was +25.5%. Operating Revenues organic
growth at +16.7% continued to accelerate in the third quarter,
fueled by solid net development and face value increases. The
trajectory on Financial Revenues remained very
strong, benefiting from the increase in euro rates.
REVENUES BY NATURE(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Operating Revenues |
235 |
205 |
+16.7 % |
Financial Revenues |
38 |
17 |
+130.9 % |
BENEFITS & REWARDS SERVICES |
273 |
222 |
+25.5 % |
Employee benefits organic growth
was +28.4%. This strong performance is the result of +17.8% organic
growth in issue volume, which reached 4.2 billion euros, reflecting
face value increases, portfolio growth and solid net new
development, as well as higher interest rates. Services
Diversification was up +11.9% organically, driven by solid
growth in Fuel & Mobility and Public Benefits partially offset
by a soft quarter in Incentive & Recognition.
REVENUES BY ACTIVITY(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Employee benefits |
229 |
183 |
+28.4 % |
Services Diversification* |
44 |
39 |
+11.9 % |
BENEFITS & REWARDS SERVICES |
273 |
222 |
+25.5 % |
* Including Incentive & Recognition, Mobility
& Expenses and Public Benefits.
In Europe, Asia and USA, organic
revenue growth was +24.0%, with solid growth across all major
markets and notably in Romania, Germany and Turkey, and increasing
contribution from euro interest rates.
In Latin America, organic growth
was +28.1%, with very strong growth in volumes and face values in
almost all countries and in particular in Brazil.
REVENUES BY REGION(in million euros) |
Q3 FY23 |
Q3 FY22 |
ORGANIC GROWTH |
Europe, Asia and USA |
165 |
138 |
+24.0 % |
Latin America |
108 |
84 |
+28.1 % |
BENEFITS & REWARDS SERVICES |
273 |
222 |
+25.5 % |
FINANCIAL
POSITION
Apart from the seasonal changes in working capital,
there were no material changes in the Group's financial position as
of May 31, 2023, relative to that presented in the Fiscal 2022
Universal Registration Document filed with the AMF on November 9,
2022 and the Interim Financial Report published on April 5,
2023.
PRINCIPAL RISKS AND
UNCERTAINTIES
There were no significant changes to the principal
risks and uncertainties identified by the Group in the Risk Factors
section of the Fiscal 2022 Universal Registration Document filed
with the AMF on November 9, 2022.
ALTERNATIVE PERFORMANCE MEASURE
DEFINITIONS
Growth excluding currency
effect
The currency effect is determined by applying the
previous year’s average exchange rates to the current year figures
except in hyper-inflationary economies where all figures are
converted at the latest closing rate for both periods when the
impact is significant.
Issue volume
Issue volume corresponds to the total face value of
service vouchers, cards and digitally delivered services issued by
Benefits & Rewards Services for beneficiaries on behalf of
clients.
Lost Time Injury Rate
(LTIR)
Lost Time Injury Rate (LTIR) corresponds to the
number of accidents per 200,000 hours worked. 200,000 hours worked
is equal to 100 full-time employees working for one full year. The
LTIR includes safety incidents (injuries) and work-related health
issues (illnesses) that lead to an employee being unable to
work.
Organic
growth
Organic growth corresponds to the increase in
revenue for a given period (the “current period”) compared to the
revenue reported for the same period of the prior fiscal year,
calculated using the exchange rate for the prior fiscal year; and
excluding the impact of business acquisitions (or gain of control)
and divestments, as follows:
- for businesses
acquired (or gain of control) during the current period, revenue
generated since the acquisition date is excluded from the organic
growth calculation;
- for businesses
acquired (or gain of control) during the prior fiscal year, revenue
generated during the current period up until the first anniversary
date of the acquisition is excluded;
- for businesses
divested (or loss of control) during the prior fiscal year, revenue
generated in the comparative period of the prior fiscal year until
the divestment date is excluded;
- for businesses
divested (or loss of control) during the current fiscal year,
revenue generated in the period commencing 12 months before
the divestment date up to the end of the comparative period of the
prior fiscal year is excluded.
Underlying operating profit
margin
The Underlying operating profit margin corresponds
to Underlying operating profit divided by revenues.
Underlying operating profit margin
at constant rates
The Underlying operating profit margin at constant
rates corresponds to Underlying operating profit divided by
revenues, calculated by converting 2023 figures at Fiscal 2022
rates, except for countries with hyperinflationary economies.
REVENUE FOR THE FIRST 9 MONTHS
FISCAL 2023
REVENUES(in million euros) |
9M FY23 |
9M FY22 |
|
ORGANICGROWTH |
EXTERNALGROWTH |
CURRENCYEFFECT |
TOTALGROWTH |
North America |
8,157 |
6,598 |
|
+14.9 % |
+0.8 % |
+7.9 % |
+23.6 % |
Europe |
6,068 |
5,910 |
|
+7.0 % |
-2.6 % |
-1.7 % |
+2.7 % |
Rest of the World |
3,110 |
2,659 |
|
+15.3 % |
-1.7 % |
+3.4 % |
+17.0 % |
ON-SITE SERVICES |
17,335 |
15,167 |
|
+11.9 % |
-1.0 % |
+3.4 % |
+14.3 % |
BENEFITS & REWARDS SERVICES |
781 |
620 |
|
+24.7 % |
-0.6 % |
+1.9 % |
+25.9 % |
Elimination |
(5) |
(2) |
|
|
|
|
|
TOTAL GROUP |
18,111 |
15,784 |
|
+12.4 % |
-1.0 % |
+3.3 % |
+14.7 % |
REVENUES BY SEGMENT(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Business & Administrations |
9,585 |
8,046 |
+17.6 % |
Healthcare & Seniors |
4,367 |
4,088 |
+3.0 % |
Education |
3,383 |
3,033 |
+8.7 % |
ON-SITE SERVICES TOTAL |
17,335 |
15,167 |
+11.9 % |
REVENUES BY SEGMENT(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Business & Administrations |
2,842 |
2,058 |
+27.1 % |
Healthcare & Seniors |
2,578 |
2,207 |
+9.3 % |
Education |
2,737 |
2,333 |
+9.5 % |
NORTH AMERICA TOTAL |
8,157 |
6,598 |
+14.9 % |
REVENUES BY SEGMENT(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Business & Administrations |
3,957 |
3,605 |
+13.5 % |
Healthcare & Seniors |
1,539 |
1,660 |
-5.8 % |
Education |
572 |
645 |
+3.4 % |
EUROPE TOTAL |
6,068 |
5,910 |
+7.0 % |
REVENUES BY SEGMENT(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Business & Administrations |
2,786 |
2,383 |
+15.6 % |
Healthcare & Seniors |
250 |
221 |
+6.0 % |
Education |
74 |
55 |
+35.7 % |
REST OF THE WORLD TOTAL |
3,110 |
2,659 |
+15.3 % |
REVENUES BY NATURE(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Operating Revenues |
683 |
580 |
+16.3 % |
Financial Revenues |
98 |
40 |
+147.0 % |
BENEFITS & REWARDS SERVICES |
781 |
620 |
+24.7 % |
REVENUES BY ACTIVITY(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Employee benefits |
647 |
507 |
+25.7 % |
Services Diversification* |
134 |
113 |
+19.9 % |
BENEFITS & REWARDS SERVICES |
781 |
620 |
+24.7 % |
REVENUES BY REGION(in million euros) |
9M FY23 |
9M FY22 |
ORGANIC GROWTH |
Europe, USA and Asia |
484 |
406 |
+23.2 % |
Latin America |
297 |
214 |
+27.4 % |
BENEFITS & REWARDS SERVICES |
781 |
620 |
+24.7 % |
CURRENCY
EFFECTS
Exchange rate fluctuations do not generate
operational risks because each subsidiary bills its revenues and
incurs its expenses in the same currency. However, given the weight
of the Benefit & Rewards activity in Brazil, and the high
level of its margins relative to the Group, when the Brazilian real
declines against the euro, it has a negative effect on the
underlying operating margin due to a change in the mix of margins.
Conversely, when the Brazilian real strengthens Group margins
increase.
1€= |
AVERAGE RATE9M FY 2023 |
AVERAGE RATE 9M FY 2022 |
AVERAGE RATE9M FY 2023VS.
9M FY 2022 |
CLOSING RATEFY 2023 AT
05/31/2023 |
CLOSING RATE FY 2022 AT
08/31/2022 |
CLOSING RATE05/31/2023VS.
08/31/2022 |
U.S. dollar |
1.049 |
1.124 |
+7.2 % |
1.068 |
1.000 |
-6.4 % |
Pound sterling |
0.875 |
0.845 |
-3.4 % |
0.864 |
0.860 |
-0.4 % |
Brazilian real |
5.443 |
5.939 |
+9.1 % |
5.429 |
5.148 |
-5.2 % |
The +3.3% currency impact for the first 9 months of
Fiscal 2023 is linked to the increase in the U.S. dollar of +7.2%
year-on-year, and the Brazilian real of +9.1%. On the other hand,
UK sterling was down -3.4%. However, the euro has been increasing
since the end of the first half Fiscal 2023 and therefore the
currency impact is negative in Q3.
The currency effect is determined by applying the
previous year’s average exchange rates to the current year figures
except in hyper-inflationary economies where all figures are
converted at the latest closing rate for both periods when the
impact is significant.
- PR Sodexo Q3 Fiscal 2023 Revenues ENG
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