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Sodexo announces the completion of the sale of Sofinsod for € 918 million and the payment of a special interim dividend
At the Board of Directors meeting held on April 4, 2023, chaired by Sophie Bellon, the Board closed the Consolidated accounts for the First half Fiscal 2023 ended February 28, 2023.
“The performance in the first half is solid. In On-site Services, despite inflation, the post-Covid ramp-up in volumes, mitigation actions and pricing have helped us to improve our margins. Food inflation has remained high and is likely to remain so in the second half. In Benefits & Rewards Services, growth and profitability have been better than expected.
To reflect the positive business momentum in the first half, we upgraded the Group organic growth guidance for Fiscal 2023 close to +11% while confirming our UOP guidance, expected to be close to 5.5% at constant rates.
With the completion of the On-site Services reorganization into geographies, the Sodexo Leadership Team is totally focused on the execution of our strategic plan.
The next major step for the Group is the proposed separation of OSS and BRS, that is driven by a strong strategic rationale. More focused, supported by a dedicated and empowered governance as well as an adequate capital structure, each entity would be in an even stronger position to pursue its own strategy, achieve its goals and realize its full potential.
We confirm our mid-term financial objectives and are more than ever determined to meet them. I am confident in the capacity of the leadership teams of both entities to deliver the expected results.
Finally, I would like to take a moment to warmly thank our teams for the strong progress that we have made this first half.”
The Sodexo Board of Directors has unanimously approved the project to separate the two business units of Sodexo by spinning-off and listing BRS through the distribution of BRS shares to Sodexo shareholders.
Bellon SA supports the plan and intends to continue playing a long-term controlling shareholder role in both businesses.
The contemplated transaction is expected to take place during 2024 following the completion of several customary steps, including consultation of the employee representative bodies, and remains subject to market conditions.
The Group confirms, and is more committed than ever to deliver, its mid-term guidance via the two separate entities.
Detailed transaction terms will be presented at a later stage and submitted to the approval of Sodexo’s shareholders at an extraordinary shareholders’ meeting. Sodexo’s bondholders and other lenders will be consulted on the proposed transaction in due course.
By separating the two businesses, Sodexo intends to accelerate value creation for all its stakeholders:
First half Fiscal 2023 was better than expected. As a result, Fiscal 2023 guidance for the Group and Benefits & Rewards Services has been revised up slightly.
Group Fiscal 2023 guidance upgraded on organic growth:
Benefits & Rewards Services Fiscal 2023 guidance upgraded on both organic growth and Underlying operating profit margin:
Group and Benefits & Rewards Services Fiscal 2024 and 2025 guidance reiterated:
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 First half Fiscal 2023 results.
Those who wish to connect:
Access Code: 07 26 14
A live audio webcast is also available on www.sodexo.com.
To read the full version of the press release, please download the PDF:
1 See Alternative Performance Measures definitions
Sodexo announces the completion of the sale of Sofinsod for € 918 million and the payment of a special interim dividend
Sodexo is pleased to announce the simplification of its ownership structure and payment of an interim dividend of €6.24 per share
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