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Sodexo Issues FY20 Trading Update; To Record Negative Non-cash Tax Adjustment

Sodexo (SDXAY.PK) stated that the performance in the fourth quarter fiscal 2020 was in line with the hypotheses for the second half published on July 7, 2020 in terms of revenue, underlying operating profit flow-through, and free cash flow.

Also, Sodexo said it has decided to take pro-active actions in anticipation of the end of government support programs in several countries, which are expected to amount to about 160 million euro in restructuring expenses in the second half of fiscal 2020. The Group is undertaking impairment reviews which are likely to lead to a non-cash impairment of about 250 million euro in the second half of fiscal 2020. As a result, the Group expects a negative non-cash tax adjustment for fiscal 2020 of about 100 million euro, principally corresponding to the non-recognition and write-off of tax assets.

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