The collective catering and services group Sodexo, which was the subject of a tax audit in France for its 2016 to 2021 financial years, has signed an agreement with the administration to which it will pay 160 million euros, indicated the group this Tuesday evening.
According to Sébastien de Tramasure, financial director of Sodexo, the total amount will represent “ approximately 160 million euros, or 20 million euros per financial year ». the one has been fully provisioned in the accounts », Also specified the senior executive.
« Initially the tax audit covered the financial years 2016 to 2018, it was subsequently extended until the financial year 2021. We signed an agreement with the tax administration for the entire period from 2018 to 2023 », he added, during the group’s general meeting.
The price of transfers, scrutinized by the French tax authorities
« The main subject concerns transfer pricing, which is quite classic, there is a lot of technicality and complexity in transfer pricing operations within the framework of holding companies and all related companies “, explained the manager. THE ” transfer price » are cross-border transactions between subsidiaries of multinationals and the parent company, particularly scrutinized by the tax authorities in recent years.
Anti-competitive practices: fine confirmed on appeal for the four main issuers of meal vouchers (Edenred France, Up, Natixis Intertitres and Sodexo Pass France)
During the general meeting, where all of the resolutions presented by the group were also adopted by the shareholders, President Sophie Bellon also underlined that “ 2025 would be a pivotal year, during which we will work on the next strategic plan for 2028 ».
A net profit that takes off
The collective catering and services group saw its net profit take off by 31.8%, over its staggered 2023-2024 financial year, according to results published last October. The group thus generated an annual net profit of 738 million euros. From September 2023 to August 2024, turnover also reached 23.8 billion euros, up 5.1% compared to the previous year, and in line with analysts’ expectations.
Meal vouchers, postponed purchases… First concerns about consumption
According to Sodexo, these good figures were favored by two major sporting events: the Rugby World Cup and the Olympic Games. Excluding these events, organic growth would have been only 7.5%. For 2024-2025, the group is targeting organic revenue growth of between 5.5% and 6.5%, and an improvement in operating margin of between 30 and 40 basis points, at constant exchange rates. .
(With AFP)
