Cash flow Sodexo

Equities

SW

FR0000121220

Restaurants & Bars

Market Closed - Euronext Paris Other stock markets 11:35:20 2025-01-22 am EST			After market 12:11:26 pm
70.10 ^EUR	+0.79%		70.12	+0.04%

Jan. 21	European equities: Why is the valuation discount a problem?
Jan. 16	BNP Paribas Exane Downgrades Sodexo to Underperform, Cuts PT	MT

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Published financial data: SODEXO

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: August	2020	2021	2022	2023	2024
Revenues	19.32B	17.43B	21.12B	22.64B	23.8B
Total Revenues	19.32B	17.43B	21.12B	22.64B	23.8B
Cost of Goods Sold, Total	16.84B	15.01B	18.09B	19.92B	20.95B
Gross Profit	2.48B	2.42B	3.04B	2.72B	2.84B
Selling General & Admin Expenses, Total	1.92B	1.85B	1.99B	1.75B	1.74B
Other Operating Expenses	24M	33M	46M	77M	79M
Other Operating Expenses, Total	1.94B	1.88B	2.03B	1.83B	1.82B
Operating Income	537M	537M	1B	892M	1.02B
Interest Expense, Total	-146M	-109M	-108M	-159M	-160M
Interest And Investment Income	23M	10M	20M	83M	82M
Net Interest Expenses	-123M	-99M	-88M	-76M	-78M
Income (Loss) On Equity Invest.	9M	8M	8M	12M	13M
Currency Exchange Gains (Loss)	-7M	-2M	3M	-7M	-1M
Other Non Operating Income (Expenses)	-7M	0	0	-20M	18M
EBT, Excl. Unusual Items	409M	444M	927M	801M	975M
Restructuring Charges	-191M	-153M	-10M	-45M	-65M
Merger & Related Restructuring Charges	-9M	-5M	-3M	-	-3M
Impairment of Goodwill	-92M	-8M	-	-	-
Gain (Loss) On Sale Of Assets	-	10M	0	-	-1M
Asset Writedown	-157M	-19M	-1M	-	-
Legal Settlements	-	-	33.5M	-	-
Other Unusual Items	-181M	-31M	21.5M	-7M	90M
EBT, Incl. Unusual Items	-221M	238M	968M	749M	996M
Income Tax Expense	98M	101M	264M	181M	249M
Earnings From Continuing Operations	-319M	137M	704M	568M	747M
Earnings Of Discontinued Operations	-	-	-	234M	-570M
Net Income to Company	-319M	137M	704M	802M	177M
Minority Interest	4M	2M	-9M	-8M	-9M
Net Income - (IS)	-315M	139M	695M	794M	168M
Net Income to Common Incl Extra Items	-315M	139M	695M	794M	168M
Net Income to Common Excl. Extra Items	-315M	139M	695M	560M	738M
Per Share Items
Net EPS - Basic	-2.16	0.95	4.75	5.43	1.15
Basic EPS - Continuing Operations	-2.16	0.95	4.75	3.83	5.04
Basic Weighted Average Shares Outstanding	146M	146M	146M	146M	146M
Net EPS - Diluted	-2.16	0.94	4.69	5.38	1.13
Diluted EPS - Continuing Operations	-2.16	0.94	4.69	3.8	4.98
Diluted Weighted Average Shares Outstanding	146M	148M	148M	148M	148M
Normalized Basic EPS	1.78	1.91	3.9	3.37	4.1
Normalized Diluted EPS	1.78	1.89	3.85	3.34	4.05
Dividend Per Share	-	1.2	2.4	3.1	2.65
Payout Ratio	-121.43	-	42.3	44.33	817.26
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	906M	854M	1.32B	1.18B	1.31B
EBITA	703M	668M	1.15B	987M	1.13B
EBIT	537M	537M	1B	892M	1.02B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-44.34	42.44	27.27	24.17	25
Total Current Taxes	186M	114M	220M	161M	259M
Total Deferred Taxes	-88M	-14M	45M	20M	-10M
Normalized Net Income	260M	280M	570M	493M	600M
Interest on Long-Term Debt	25M	20M	17M	19M	23M
Non-Cash Pension Expense	18M	1M	-4M	-1M	2M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	39M	33M	38M	45M	37M
Total Stock-Based Compensation	39M	33M	38M	45M	37M

Fiscal Period: August	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.03B	3.54B	3.22B	2.02B	2.14B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	2.03B	3.54B	3.22B	2.02B	2.14B
Accounts Receivable, Total	3.48B	3.71B	4.29B	3B	3.14B
Other Receivables	501M	527M	694M	422M	512M
Notes Receivable	40M	39M	54M	69M	60M
Total Receivables	4.02B	4.27B	5.04B	3.49B	3.72B
Inventory	259M	256M	352M	324M	322M
Prepaid Expenses	198M	182M	226M	211M	178M
Restricted Cash	770M	773M	960M	-	-
Other Current Assets, Total	349M	608M	330M	5.34B	43M
Total Current Assets	7.62B	9.63B	10.14B	11.39B	6.4B
Gross Property Plant And Equipment	3.75B	3.32B	3.6B	3.42B	3.41B
Accumulated Depreciation	-1.87B	-1.96B	-2.2B	-2.12B	-2.19B
Net Property Plant And Equipment	1.89B	1.36B	1.4B	1.3B	1.22B
Long-term Investments	544M	705M	936M	991M	269M
Goodwill	5.76B	5.81B	6.61B	5.57B	5.56B
Other Intangibles, Total	673M	631M	678M	448M	436M
Loans Receivable Long-Term	100M	75M	83M	78M	84M
Deferred Tax Assets Long-Term	137M	165M	154M	192M	199M
Other Long-Term Assets, Total	625M	608M	918M	832M	850M
Total Assets	17.35B	18.99B	20.92B	20.79B	15.02B
Liabilities
Accounts Payable, Total	1.9B	2.18B	2.71B	2.5B	2.61B
Accrued Expenses, Total	1.4B	1.61B	1.77B	1.46B	1.42B
Short-term Borrowings	6M	7M	8M	-	3M
Current Portion of Long-Term Debt	27M	635M	35M	537M	725M
Current Portion of Leases	231M	176M	184M	148M	147M
Current Income Taxes Payable	174M	188M	207M	177M	325M
Unearned Revenue Current, Total	562M	502M	572M	484M	489M
Other Current Liabilities	3.45B	3.56B	3.79B	4.5B	196M
Total Current Liabilities	7.74B	8.85B	9.27B	9.8B	5.92B
Long-Term Debt	4.99B	5.45B	5.71B	5.06B	4.01B
Long-Term Leases	1.13B	763M	759M	683M	581M
Pension & Other Post Retirement Benefits	344M	357M	282M	265M	274M
Deferred Tax Liability Non Current	97M	101M	161M	152M	149M
Other Non Current Liabilities	280M	289M	312M	284M	289M
Total Liabilities	14.58B	15.82B	16.5B	16.24B	11.23B
Common Stock, Total	590M	590M	590M	590M	590M
Additional Paid In Capital	248M	248M	248M	248M	248M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	1.92B	2.33B	3.58B	3.7B	2.94B
Total Common Equity	2.76B	3.17B	4.42B	4.54B	3.78B
Minority Interest	15M	7M	10M	12M	16M
Total Equity	2.77B	3.18B	4.42B	4.55B	3.8B
Total Liabilities And Equity	17.35B	18.99B	20.92B	20.79B	15.02B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	146M	146M	147M	146M	146M
ECS Total Common Shares Outstanding	146M	146M	147M	146M	146M
Book Value / Share	18.89	21.66	30.11	31.03	25.83
Tangible Book Value	-3.68B	-3.27B	-2.87B	-1.47B	-2.22B
Tangible Book Value Per Share	-25.2	-22.38	-19.6	-10.07	-15.15
Total Debt	6.38B	7.03B	6.7B	6.42B	5.47B
Net Debt	4.35B	3.5B	3.47B	4.4B	3.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	192M	160M	-19M	71M	100M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	15M	7M	10M	12M	16M
Equity Method Investments, Total	60M	63M	73M	66M	71M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	136M	73M	75M	68M	71M
Machinery, Total	1.81B	1.73B	1.85B	1.74B	1.75B
Full Time Employees	309K	301K	309K	315K	317K
Part Time Employees	114K	111K	113K	115K	106K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	145M	158M	160M	107M	115M

Fiscal Period: August	2020	2021	2022	2023	2024
Net Income	-315M	139M	695M	794M	168M
Depreciation & Amortization - CF	481M	438M	379M	368M	361M
Amortization of Goodwill and Intangible Assets - (CF)	166M	131M	144M	95M	108M
Depreciation & Amortization, Total	647M	569M	523M	463M	469M
(Gain) Loss From Sale Of Asset	59M	27M	-48M	11M	-83M
Asset Writedown & Restructuring Costs	249M	32M	0	-5M	1M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Net Cash From Discontinued Operations	-	-	-	468M	172M
Other Operating Activities, Total	29M	0	73M	-133M	636M
Change In Accounts Receivable	317M	-263M	-563M	-204M	-213M
Change In Inventories	21M	-	-68M	-11M	-2M
Change In Accounts Payable	-625M	449M	390M	-7M	172M
Change in Other Net Operating Assets	250M	29M	33M	-	-
Cash from Operations	632M	982M	1.04B	1.38B	1.32B
Capital Expenditure	-398M	-296M	-345M	-338M	-358M
Sale of Property, Plant, and Equipment	17M	72M	17M	33M	35M
Cash Acquisitions	-20M	-62M	-64M	-21M	-92M
Divestitures	3M	-11M	77M	-	1.07B
Sale (Purchase) of Intangible assets	-12M	13M	-13M	-43M	-
Investment in Marketable and Equity Securities, Total	-20M	-19M	-58M	-36M	35M
Other Investing Activities, Total	-	-	-	-121M	-1.74B
Cash from Investing	-430M	-303M	-386M	-526M	-1.05B
Long-Term Debt Issued, Total	3.26B	1.08B	106M	544M	389M
Total Debt Issued	3.26B	1.08B	106M	544M	389M
Long-Term Debt Repaid, Total	-2.57B	-247M	-895M	-734M	-1.38B
Total Debt Repaid	-2.57B	-247M	-895M	-734M	-1.38B
Issuance of Common Stock	-	-	4M	7M	-
Repurchase of Common Stock	-39M	-11M	-13M	-57M	-51M
Common Dividends Paid	-382M	-	-294M	-352M	-1.37B
Common & Preferred Stock Dividends Paid	-382M	-	-294M	-352M	-1.37B
Special Dividend Paid	-42.5M	-	-	-	-
Other Financing Activities, Total	-33M	-28M	-17M	-54M	1.06B
Cash from Financing	198M	789M	-1.11B	-646M	-1.35B
Foreign Exchange Rate Adjustments	-123M	44M	145M	-191M	-17M
Miscellaneous Cash Flow Adjustments	-2M	-1M	-	-	-
Net Change in Cash	275M	1.51B	-315M	13M	-1.1B
Supplemental Items
Cash Interest Paid	316M	20M	17M	19M	23M
Cash Income Tax Paid (Refund)	202M	145M	200M	123M	179M
Levered Free Cash Flow	599M	644M	956M	-1.8B	1.72B
Unlevered Free Cash Flow	691M	712M	1.02B	-1.7B	1.82B
Change In Net Working Capital	-79M	-57M	-193M	2.38B	-1.04B
Net Debt Issued / Repaid	695M	828M	-789M	-190M	-988M

Fiscal Period: August	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.93	1.85	3.14	2.67	3.57
Return on Total Capital	3.78	3.47	5.88	5.05	6.32
Return On Equity %	-8.77	4.61	18.53	12.65	17.89
Return on Common Equity	-8.73	4.69	18.33	12.5	17.73
Margin Analysis
Gross Profit Margin %	12.83	13.9	14.38	12.02	11.95
SG&A Margin	9.93	10.63	9.41	7.74	7.32
EBITDA Margin %	4.69	4.9	6.23	5.19	5.52
EBITA Margin %	3.64	3.83	5.43	4.36	4.75
EBIT Margin %	2.78	3.08	4.75	3.94	4.3
Income From Continuing Operations Margin %	-1.65	0.79	3.33	2.51	3.14
Net Income Margin %	-1.63	0.8	3.29	3.51	0.71
Net Avail. For Common Margin %	-1.63	0.8	3.29	2.47	3.1
Normalized Net Income Margin	1.34	1.6	2.7	2.18	2.52
Levered Free Cash Flow Margin	3.1	3.69	4.53	-7.94	7.24
Unlevered Free Cash Flow Margin	3.57	4.08	4.84	-7.5	7.66
Asset Turnover
Asset Turnover	1.11	0.96	1.06	1.09	1.33
Fixed Assets Turnover	15.03	10.72	15.26	16.76	18.87
Receivables Turnover (Average Receivables)	5.3	4.85	5.28	6.21	7.74
Inventory Turnover (Average Inventory)	60.91	58.28	59.5	58.93	64.87
Short Term Liquidity
Current Ratio	0.98	1.09	1.09	1.16	1.08
Quick Ratio	0.78	0.88	0.89	0.56	0.98
Operating Cash Flow to Current Liabilities	0.08	0.11	0.11	0.14	0.22
Days Sales Outstanding (Average Receivables)	69.04	75.26	69.13	58.81	47.26
Days Outstanding Inventory (Average Inventory)	6.01	6.26	6.13	6.19	5.64
Average Days Payable Outstanding	48.1	49.61	49.04	47.8	44.67
Cash Conversion Cycle (Average Days)	26.94	31.92	26.23	17.21	8.23
Long Term Solvency
Total Debt/Equity	230	221.54	151.3	141.06	143.94
Total Debt / Total Capital	69.7	68.9	60.21	58.52	59.01
LT Debt/Equity	220.48	195.78	146.17	126.02	120.91
Long-Term Debt / Total Capital	66.81	60.89	58.17	52.28	49.56
Total Liabilities / Total Assets	84.02	83.28	78.85	78.1	74.72
EBIT / Interest Expense	3.68	4.93	9.3	5.61	6.39
EBITDA / Interest Expense	8.11	10.15	14.14	8.52	9.32
(EBITDA - Capex) / Interest Expense	5.38	7.43	10.94	6.4	7.09
Total Debt / EBITDA