- Global
player in large and growing Employee Benefits and Engagement market
with highly scalable and cash generative busines model
- Strategic plan
focused on sustaining profitable growth by reinforcing leadership
in Meal & Food benefits and augmenting Employee Benefits and
Engagement offer
-
Mid-term Fiscal 2026 financial objectives of low double-digit
organic revenue growth, recurring EBITDA margin improvement to c.
37% and high average cash conversion level above 70%
-
Prospectus approved and passported – Pluxee expected to list on
Euronext Paris on February 1, 2024, subject to Sodexo
shareholder approval on January 30, 2024 and market
conditions
-
Continued positive momentum in Q1 Fiscal 2024 with 20% revenue
organic growth year-on-year
Paris: January 10, 2024 // Pluxee (the
‘’Group’’), a global player in Employee Benefits and Engagement,
will hold today a Capital Markets Day where Chief Executive Officer
Aurélien Sonet and his management team will present Pluxee's
strategic plan and Fiscal Year 2024 and 2026 financial
objectives.
Pluxee is expected to become an independent
public company through the distribution of 100% of its shares to
Sodexo shareholders on a one-for-one basis, i.e. one Pluxee share
for each Sodexo share held. Its shares will start trading on
Euronext Paris at market open on February 1, 2024, subject to
approval of the distribution at Sodexo’s Shareholders Meeting on
January 30, 2024, and market conditions.
Aurélien Sonet, CEO of Pluxee,
commented:
“With a 45-year track record of profitable
growth, Pluxee’s listing marks the next phase of our journey as a
leading global provider of Employee Benefits and Engagement
solutions. Today we are presenting our strategy to sustain
profitable growth in a large and expanding market, bringing to life
a personalized and sustainable employee experience at work and
beyond.
We are confident in our ability to achieve the
ambitious strategic and financial objectives we are announcing
today. Powered by talent, investment in technology and data, and a
disciplined and targeted M&A approach, we will build on the
strong momentum demonstrated in recent years and pursued in the
first quarter of Fiscal 2024. Under the leadership of our talented
management team backed by an experienced Board of Directors, Pluxee
is now set to realize its full potential.”
Pluxee, a global player in the Employee Benefits and
Engagement market
With an established presence in 31 countries,
Pluxee’s highly scalable and cash-generative business model
connects more than 500,000 clients and 1.7 million merchants to 36
million consumers. In Fiscal 2023, Pluxee issued €22.8 billion in
business volume and generated recurring EBITDA of €363 million on
€1,052 million of total revenue, corresponding to a c. 34.5%
recurring EBITDA margin.
Pluxee’s opportunities on a sizeable, attractive and vastly
underpenetrated market
The total addressable Employee Benefits and
Engagement market, which includes Meal & Food and Lifestyle
benefits as well as Employee Engagement, Reward & Recognition,
is estimated by the Group to be worth more than €1 trillion. This
is underpinned by employers’ increasing need to attract, retain and
engage employees and is supported by wider macro trends. The
Group's management estimates that the total meal and food
addressable market is expected to grow to roughly between €250
billion and €260 billion in business volume by 2026.
Pluxee strategic plan to sustain profitable growth
Pluxee aims to reinforce its leadership in Meal
& Food benefits and augment its wider Employee Benefits and
Engagement offer. The strategy execution will be deployed through
six initiatives:
- Elevate Pluxee’s benefits offering to address evolving client
and consumer needs;
- Expand merchant engagement to reinforce win-win
partnership;
- Scale up existing presence in Employee Engagement, Reward &
Recognition;
- Acquire new clients with a focus on SMEs through a segmented
sales and marketing strategy;
- Unlock full client potential, notably through cross-selling;
and
- Drive profitability through efficiency gains and operating
leverage.
These initiatives are enabled by Pluxee’s
talents, leading scalable technology and data capabilities, and a
disciplined M&A approach. Pluxee’s overarching sustainability
commitment is fully embedded in its strategy.
Post spin-off, Pluxee will benefit from a strong
balance sheet to execute its growth strategy. As of August 31,
2023, the net cash position was €859 million. The Group has secured
a robust financial package, including a bridge loan of €1.5 billion
and a revolving credit facility of €0.65 billion.
Financial Objectives
Pluxee’s Fiscal 2024 and 2026 financial
objectives focus on delivering sustainable organic revenue growth,
improving its recurring EBITDA margin and maintaining high cash
conversion levels.
|
FY 2024 |
Mid-term FY 2026 |
Organic revenue growth |
Low double-digit |
Low double digit per year |
Recurring EBITDA margin |
At least stable, after absorbing standalone costs |
c.37% for FY 2026 |
Cash conversion |
Above 70% on average over FY 2024 - 2026 |
CAPEX |
c.10% of revenues on average, with a significant focus on
tech |
Dividend policy |
At least 25% of net profit from FY 2024 onwards |
Q1 Fiscal 2024 Trading Update
Over Q1 Fiscal 2024, Pluxee continued to benefit
from a strong business momentum, backed by continued supportive
macro tailwinds.
Revenues by reported Operating Segment (in million
euros) |
Q1 Fiscal 2024 |
Q1 Fiscal 2023 |
Organic Growth(in % change) |
Currency Effects (in % change) |
Operating Revenue |
231 |
208 |
12.9% |
-1.6% |
Float Revenue |
35 |
18 |
99.5% |
-4.4% |
Total |
266 |
225 |
19.7% |
-1.8% |
Total revenues reached €266 million, up 19.7%
organically, slightly offset by currency translation effects
including the application of hyperinflationary accounting to
Turkey. Operating revenue generated solid organic growth of
12.9%. Float revenue increased 99.5% organically, primarily due to
a growing Float as well as substantial interest rate
increases.
Revenues by reported Lines of Services (in million
euros) |
Q1 Fiscal 2024 |
Q1 Fiscal 2023 |
Organic Growth (in % change) |
Currency Effects (in % change) |
Employee Benefits |
224 |
183 |
24.3% |
-2.0% |
Other products and services |
42 |
42 |
0.1% |
-1.1% |
Total |
266 |
225 |
19.7% |
-1.8% |
Employee Benefits revenues reached
€224 million, generating 24.3% year-on-year organic growth, mainly
due to face value increase as well as new client acquisition and
portfolio expansion. Other products and services generated revenues
of €42 million, in line with Q1 Fiscal 2023, as a result of a high
comparison base in Public Benefits.
Revenues by reported Regions (in million
euros) |
Q1 Fiscal 2024 |
Q1 Fiscal 2023 |
Organic Growth (in % change) |
Currency Effects (in % change) |
Continental Europe |
109 |
96 |
13.6% |
0.1% |
Latin America |
110 |
85 |
28.6% |
0.4% |
Rest of the world |
48 |
45 |
15.7% |
-9.8% |
Total |
266 |
225 |
19.7% |
-1.8% |
Pluxee reported double-digit organic growth in
the three regions where the Group operates, as a result of higher
volumes driven by new contracts, face value increase and good
client net retention as well as an increase in float revenues.
Other disclosures
The Dutch Authority for the Financial Markets
(Stichting Autoriteit Financiële Markten) has approved the
prospectus relating to the admission to listing and trading of
Pluxee shares on the regulated market of Euronext Paris in
connection with the announced spin-off. This prospectus has
been passported to the French Authority for Financial Markets
(Autorité française des marchés financiers). Any potential investor
in the Pluxee shares should make their investment solely on the
basis of information contained in the prospectus, including the
risk factors described therein. Potential investors should read the
prospectus before making an investment decision in order to fully
understand the potential risks and rewards associated with the
decision to invest in the Pluxee shares.
100% of Pluxee shares will be distributed to
Sodexo shareholders as a distribution in kind on a one-for-one
basis i.e. one Pluxee share for each Sodexo share held. The
technical reference price for the Pluxee shares is expected to be
announced on January 31, 2024, through issuance of a notice by
Euronext Paris S.A. after market close on Euronext Paris.
The prospectus is available on the websites of
Pluxee www.pluxeegroup.com and Sodexo www.sodexo.com
As part of the spin-off and listing process,
Pluxee also published its Articles of Association and the Board
Rules on its website www.pluxeegroup.com
The Capital Markets Day will take place today at
2.00pm CET and can be accessed via the following link. The
presentation can be found on www.pluxeegroup.com, as well as on
www.sodexo.com. A replay will also be available.
About Pluxee
Pluxee is a global player in employee benefits
and engagement that operates in 31 countries. Pluxee helps
companies attract and retain talent thanks to a broad range of
benefits and engagement solutions across Meal & Food,
Wellbeing, Lifestyle, Reward & Recognition, and Public
Benefits.Powered by leading technology and more than 5,000 engaged
team members, Pluxee acts as a trusted partner within a highly
interconnected B2B2C ecosystem made up of more than 500,000
clients, 36 million consumers and 1.7 million merchants. Conducting
its business as a trusted partner for more than 45 years, Pluxee is
committed to creating a positive impact on all its stakeholders,
from driving business to local communities, to supporting wellbeing
at work for employees while protecting the planet. For more
information: www.pluxeegroup.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. The Group stands out
for its independence, its founding family shareholding and its
responsible business model. Its portfolio of activities includes
Sodexo Food and Facilities Management Services and Pluxee Employee
Benefit Solutions, activity for which the Group announced a
spin-off with a listing expected on February 1, 2024. Sodexo 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.
Sodexo Key Figures
- 22.6 billion euros Fiscal 2023 consolidated revenues
- 430,000 employees as at August 31, 2023
- #1 France-based private employer worldwide
|
- 45 countries
- 80 million consumers served daily
- 15.1 billion euro in market capitalization (as at January 4,
2024)
|
Forward-looking statements
This release contains forward-looking statements
that reflect the Group's intentions, beliefs or current
expectations and projections about the Group's future results of
operations, financial condition, liquidity, performance, prospects,
anticipated growth, strategies and opportunities and the markets in
which the Group operates. Forward-looking statements involve all
matters that are not historical facts. The Group has tried to
identify forward-looking statements by using words as "may",
"will", "would", "should", "expects", "intends", "estimates",
"anticipates", "projects", "believes", "could", "hopes", "seeks",
"plans", "aims", "aspires", "objective", "potential", "goal"
"strategy", "target", "continue", "annualized" and similar
expressions or negatives thereof or other variations thereof or
comparable terminology, or by discussions of strategy that involve
risks and uncertainties. The absence of these words, however, does
not mean that the statements are not forward-looking.
All of Pluxee's forward-looking statements
involve risks and uncertainties (some of which are significant or
beyond Pluxee's control) and assumptions that could cause actual
results to differ materially from Pluxee's historical experience
and Pluxee's present expectations or projections. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those set forth in the forward-looking
statements.
Forward-looking statements involve inherent
risks and uncertainties and speak only as of the date they are
made. Pluxee undertakes no duty to and will not necessarily update
any of the forward-looking statements in light of new information
or future events, except to the extent required by applicable
law.
Disclaimer
This press release is intended for informational
purposes only for the shareholders of Sodexo. This press release is
not intended for distribution in jurisdictions that require prior
regulatory review and authorization to distribute a press release
of this nature.
Contacts Pluxee
Analysts
and Investors |
Media |
Pauline Bireaud+
33 6 22 58 83 51pauline.bireaud@pluxeegroup.com |
Cecilia de
Pierrebourg+33 6 03 30 46
98cecilia.depierrebourg@pluxeegroup.com |
Contacts Sodexo
Analysts
and Investors |
Media |
Virginia
Jeanson+33 1 57 75 80 56virginia.jeanson@sodexo.com |
Nathalie
Lambert+33 6 83 57 35
67nathalie.lambert@sodexo.com |
- PR Pluxee Capital Markets Day - Jan 9 VENG
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