Sodexo releases Pluxee’s financial statements and announces intended listing date of February 1, 2024
December 19 2023 - 1:00AM
Sodexo releases Pluxee’s financial statements and announces
intended listing date of February 1, 2024
Issy-les-Moulineaux, December 19, 2023Sodexo (NYSE
Euronext Paris FR 0000121220-OTC: SDXAY)
- Pluxee’s full spin-off plan on track for listing on Euronext
Paris on February 1, 2024, following a Shareholders Meeting to be
held January 30, 2024;
- Pluxee Capital Markets Day to outline its strategy and guidance
on January 10, 2024;
- Pluxee’s audited financial statements and new reporting
framework released.
Operation
schedule
Sodexo confirms it will put to a shareholder
vote the Pluxee spin-off at a dedicated Shareholders Meeting on
January 30, 2024, after which Pluxee will be listed on Euronext
Paris by February 1, 2024, subject to prospectus approval, Euronext
admission decision and market conditions.
Pluxee will host a Capital Markets Day on
January 10, 2024, where Chief Executive Officer Aurélien Sonet and
the management team will present their strategic plan and provide
Fiscal 2024 and medium-term objectives. The prospectus will be made
available beforehand after being approved by the Dutch Authority
for the Financial Markets (Stichting Autoriteit Financiële Markten)
and passported to the French Autorité des Marchés Financiers.
Pluxee’s financial statements and
reporting framework
Sodexo releases today Pluxee’s 3-year audited
combined financial statements through a new financial reporting
framework including Alternative Performance Measures (APM).
Pluxee’s stand-alone profile, with its focused business model,
size, and sector, required a new reporting framework, relative to
historic reporting within Sodexo, to improve comparability with its
main peers.
Key evolutions of Pluxee’s financial reporting
framework are as below:
- Interest income generated on Pluxee’s own cash, i.e.
non-related to the Float, is recognized as Financial income versus
in Revenue previously;
- Recurring Operating Profit (ROP) replaces Underlying Operating
Profit reported by Sodexo and includes amortization of intangible
assets acquired through business combinations;
- Recurring Ebitda post-IFRS 16 will be used as a main
alternative performance measure to facilitate direct comparison
with peers;
- Pluxee’s financial statements have also been adapted to reflect
final intercompany borrowing reclassification and other minor
standalone adjustments.
This new framework does not change Pluxee’s Net
Profit and Cash Flow.
Additional adjustments include:
- Recurring Operating Profit (ROP) also comprises invoiced HQ
costs to Pluxee in Fiscal 2023. From Fiscal 2024 onwards, Pluxee’s
standalone HQ costs are estimated at circa 45 million euros, as
previously announced;
- A one-off anti-trust fine related to the decision of the
competition authorities has been provisioned and recorded as a
subsequent event as of August 31, 2023 following the confirmation
of the Paris Court of Appeal on November 16, 2023.
The detailed impact on Pluxee’s Fiscal 2021,
2022 and 2023 financial statements and alternative performance
measures are provided in the presentation published alongside this
announcement. Pluxee’s 3-year audited combined financial statements
are available on sodexo.com.
There is no change to Sodexo’s reporting.
Pluxee’s capital structure post
spin-off
Post spin-off, Pluxee will benefit from a strong
balance sheet to execute its growth strategy. As of August 31,
2023, liquidity position is 859 million euros.
The company has further secured a robust
financial package, including a bridge loan of 1.5 billion euros and
a revolving credit facility of 0.65 billion euros.
******************
Conference call
Sodexo will host a conference call on December 19, 2023,
at 9.00 a.m. (Paris time), 8.00 a.m. (London time) to comment on
the evolutions to Pluxee’s financial reporting.
Those who wish to connect:
- from the UK / International, please dial: +44 (0) 121 281
8004
- from France, please dial: +33 (0) 1 70 91 87 04
- from the USA, please dial: +1 718 705 8796
Access Code: 07 26 13
A live audio webcast will also 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
“Newsroom” section and the “Investors – Financial Results”
section.
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 and listing project in early 2024. 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
- 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
- 14.6 billion euro in market capitalization (as at December 18,
2023)
|
About Pluxee
Pluxee is a global leader in employee benefits
and engagement that operates in 31 countries. Pluxee helps
companies attract and retain talents thanks to a broad range of
benefits and engagement solutions across Meal & Food,
Wellbeing, Lifestyle, Reward & Recognition, and Public
Benefits.
Powered by best-in-class secured technology, and
its more than 5,000 diverse and 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
since 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
Sodexo Contacts
Analysts
and Investors |
Media |
Virginia
Jeanson+33 1 57 75 80 56virginia.jeanson@sodexo.com |
Mathieu Scaravetti+33
6 28 62 21 91mathieu.scaravetti@sodexo.com |
Pluxee Contacts
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 |
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