Issy-les-Moulineaux, July 2, 2024 (7am)
Sodexo (Euronext Paris FR 0000121220-OTC: SDXAY) Sodexo Q3 Fiscal 2024: continued robust growth, in line with expectations

  * Organic Revenue growth of +6.8%, or +7.2% excluding accounting change
  * Fiscal 2024 guidance confirmed:
      * Organic growth at the top of the +6% to +8% range
      * Underlying operating profit margin improvement of +30 to +40 bps, at
        constant currencies

Q3 FISCAL 2024 REVENUES
REVENUES

 (in million                                   ORGANIC EXTERNAL CURRENCY  TOTAL
 euros)              Q3 FY24         Q3 FY23    GROWTH   GROWTH   EFFECT GROWTH

--------------------------------------------- ---------------------------------
North
America 2,904 2,658 +9.0 % -0.4 % +0.6 % +9.2 %
--------------------------------------------- ---------------------------------
Europe 2,096 2,042 +5.4 % -2.7 % - % +2.7 %
--------------------------------------------- ---------------------------------
Rest of the
World 1,074 1,055 +3.6 % +0.6 % -2.3 % +1.9 %
--------------------------------------------- ---------------------------------
SODEXO 6,074 5,755 +6.8 % -1.0 % -0.2 % +5.6 %
--------------------------------------------- ---------------------------------
The accounting change in Rest of the World (ROW) weighed on the Group's growth
by -0.4% and on ROW growth by -2.3%.
Commenting on the third quarter activity, Sophie Bellon, Sodexo Chairwoman
and CEO, said:
"We have continued to deliver solid organic growth of +6.8% in the third
quarter, up +8.6% in Food services and +3.5% in FM services. This performance is
in line with our expectations, allowing us to confirm our full year guidance.
Our commercial momentum in Food services remains strong, driven by continued
first-time outsourcing opportunities, the ramp-up of new operating models and
the quality of our branded offers.
Our strategic initiatives are delivering results as we advance with our focus on
tasty, healthy, and sustainable food offerings, strong digital features to
enhance consumer experience, and increased selectivity in FM.
As we complete our final preparations to open the largest restaurant in the
world, the teams are excited to showcase our sustainable culinary expertise and
contribute to making the Paris 2024 Olympic and Paralympic Games a memorable
event!
We are decisively progressing towards our ambition to be the world leader in
sustainable food and valued experiences."
Highlights of the period

  * Third quarter Fiscal 2024 consolidated revenues reached 6.1 billion euros,
    up +5.6% year-on-year including a negative currency impact of -0.2%, a net
    contribution from acquisitions and disposals of -1.0% and Organic revenue
    growth of +6.8%.
  * Organic growth was impacted by an accounting change for project works in a
    large contract in Rest of the World. Excluding this, third quarter organic
    growth stood at +7.2%. The sequential slowdown in growth compared to the

second quarter was explained by, on the one hand, lower pricing effect and a

    higher comparative base in the third quarter, and, on the other hand, a
    positive leap year impact in the second quarter.
  * About half of the organic growth was fueled by pricing which has fallen
    below 4% in the quarter. The remaining half reflects the net new business
    contribution and some volume growth.
  * By geography:
      * North America achieved Organic growth of +9.0%. The ongoing return to
        the workplace and a strong performance of Sodexo Live!, particularly in
        the airline lounges, continue to drive growth, as well as the
        contribution of new business and pricing.
      * Europe was up +5.4% organically, holding up well despite the sequential
        slowdown in the pricing impact, with increased volumes and the
        contribution of net new business.
      * Rest of the World was up +3.6% organically, or +5.9% excluding the
        accounting change, slowing from the second quarter notably due to a
        deceleration in price increases, and a mixed performance between
        regions, with strong growth in India and Australia and a slowdown in
        China and Chile.

* Food services organic growth, at +8.6%, continued to outpace FM services, at

    +3.5%, or +4.7% excluding the accounting change.
  * At its meeting of June 27, 2024, the Board of Directors decided to create a
    Board-level Sustainability Committee starting October 2024. This committee
    will play a pivotal role in the governance of Sodexo's sustainability
    initiatives and their alignment with the long-term business goals. Key
    responsibilities of the committee will include:

* Sustainability oversight to monitor and evaluate goals, initiatives, and

        performance;
      * Ethical governance to ensure adherence to highest ethical standards;
      * Stakeholder engagement;
      * Promotion of innovation and best CSR practices;
      * Reporting and transparency quality.

The Sustainability Committee will include 7 Sodexo's Board members, with
expertise in sustainability, ethics, and corporate governance. It will be
chaired by Véronique Laury, who has a long-standing commitment to driving
sustainable and responsible business practices. By creating this committee,
Sodexo reinforces its commitment to sustainable and ethical business practices
and a better tomorrow for its employees, its communities, and the planet.
Outlook
Third quarter 2024 activity was in line with expectations. Consequently, Fiscal
2024 guidance is confirmed:

  * Organic revenue growth is expected at the top of the +6 to +8% range;
  * Underlying operating profit margin is anticipated to grow by +30 to 40 bps
    at constant rates.

Conference call
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 Q3 Fiscal 2024 revenues.
Those who wish to connect:

  * From the UK: +44 121 281 8004, or
  * From France: +33 1 70 91 87 04, or
  * From the US: +1 718 705 8796,

Followed by the access code 07 26 13.
The live audio webcast will 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.
Financial calendar
--------------------------------------------------------------
Fiscal 2024 Full year Results October 24, 2024
--------------------------------------------------------------
Fiscal 2024 Annual Shareholders Meeting December 17, 2024
--------------------------------------------------------------
Fiscal 2025 First quarter Revenues January 07, 2025
--------------------------------------------------------------
These dates are indicative and may be subject to change without notice.
Regular updates are available in the calendar on our website www.sodexo.com
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. Thanks to its two activities of
Food and Facilities Management Services, Sodexo 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, Bloomberg France 40, 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
  * 12.6 billion euros in market capitalization (as at July 1, 2024)

--------------------------------------------------------------------------

      Contacts
      Analysts and Investors            Media
      Virginia Jeanson                  Mathieu Scaravetti
      +33 1 57 75 80 56                 +33 6 28 62 21 91
      virginia.jeanson@sodexo.com       mathieu.scaravetti@sodexo.com

Q3 Fiscal 2024 Activity Report
Continued robust growth in revenues, in line with expectations
REVENUES BY ZONE
-------------------
REVENUES
(in

 million     Q3    Q3          ORGANIC     EXTERNAL     CURRENCY          TOTAL
 euros)    FY24  FY23           GROWTH       GROWTH       EFFECT         GROWTH

-------------------------------------------------------------------------------

 North                                            -         +0.6
 America  2,904 2,658           +9.0 %        0.4 %            %         +9.2 %

---------------------- --------------------------------------------------------

                                                  -
 Europe   2,096 2,042           +5.4 %        2.7 %          - %         +2.7 %

---------------------- --------------------------------------------------------
Rest of

 the                                           +0.6            -           +1.9
 World    1,074 1,055           +3.6 %            %        2.3 %             %

---------------------- --------------------------------------------------------

                                                  -            -
 SODEXO   6,074 5,755           +6.8 %        1.0 %        0.2 %         +5.6 %

-------------------------------------------------------------------------------
In the third quarter Fiscal 2024, Sodexo revenues reached 6.1 billion euros, up
+5.6% year-on-year including a negative currency impact of -0.2% and a net
contribution from acquisitions and disposals of -1.0%.
Consequently, organic growth for the third quarter Fiscal 2024 was +6.8%, or
+7.2% when adjusted for the negative impact of an accounting change for project
works in a large contract in Rest of the World. The sequential slowdown in
growth compared to the second quarter was explained by, on the one hand, lower
pricing effect and a higher comparative base in the third quarter, and, on the
other hand, a positive leap year impact in the second quarter.
About half of the organic growth was fueled by pricing which has fallen below
4% in the quarter. The remaining half reflects the net new business contribution
and some volume growth.
Organic growth in the quarter was driven by Food services, up +8.6%, whereas FM
services were up +3.5%, or +4.7% when adjusted for the accounting change in Rest
of the World.
North America

 REVENUES BY SEGMENT                                           RESTATED ORGANIC
 (in million euros)                  Q3 FY24       Q3 FY23          GROWTH((2))

-------------------------------------------------------------------------------
Business &
Administrations((1)()) 780 959 +12.1 %
-------------------------------------------------------------------------------
Sodexo Live! 388 - +30.7 %
-------------------------------------------------------------------------------
Healthcare & Seniors 869 855 +5.6 %
-------------------------------------------------------------------------------
Education 867 844 +2.4 %
-------------------------------------------------------------------------------
NORTH AMERICA TOTAL 2,904 2,658 +9.0 %
-------------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
In the third quarter Fiscal 2024, North America revenues totaled 2.9 billion
euros, up +9.0% organically. The ongoing return to the workplace and a strong
performance of Sodexo Live!, particularly in the airline lounges, continue to
drive growth, as well as the contribution of new business and pricing.
Within Business & Administrations, restated organic growth reached +12.1%,
propelled by new business, strong growth in Food services from continued return
to office and cross-sales, as well as project works and strong retail sales
growth.
Sodexo Live! restated organic growth was +30.7%, driven by robust activity in
all venues, and in particular strong per capita spend in sports stadiums and
elevated attendance at conference centers and cultural destinations. Airline
lounges also saw strong growth driven by higher passenger count, additional
services and mobilization of new business.
Healthcare & Seniors restated organic growth was +5.6%, supported by strong
performance in Healthcare through a combination of price increases, volume
growth in particular in retail, and positive net new contribution. This growth
was somewhat offset by Seniors contract losses at the end of the prior fiscal
year.
In Education, restated organic revenue growth was +2.4%, affected by a calendar
impact in Universities and the reduction in number of sites of a large schools
contract.
Europe

 REVENUES BY SEGMENT                                           RESTATED ORGANIC
 (in million euros)                  Q3 FY24       Q3 FY23          GROWTH((2))

-------------------------------------------------------------------------------
Business &
Administrations((1)) 1,179 1,324 +5.9 %
-------------------------------------------------------------------------------
Sodexo Live! 137 - -0.4 %
-------------------------------------------------------------------------------
Healthcare & Seniors 466 531 +4.4 %
-------------------------------------------------------------------------------
Education 314 187 +7.7 %
-------------------------------------------------------------------------------
EUROPE TOTAL 2,096 2,042 +5.4 %
-------------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
In Europe, third quarter Fiscal 2024 revenues amounted to 2.1 billion euros, up
+5.4% organically, holding up well despite the sequential slowdown in the
pricing impact, due to increased volumes and the contribution of net new
business.
In Business & Administrations, restated organic growth was +5.9%. This was
supported by Corporate services, benefiting from both price increases, volume
growth and new openings, coupled with new Government business in the United
Kingdom. Türkiye also contributed with very strong growth, helped by pricing
pass-through.
Sodexo Live! restated organic growth was slightly negative at -0.4%, affected by
the base effect of ticketing for the World Baseball Classic Hospitality in Japan
last year. Excluding this impact, restated organic growth was +6.2%, driven by
strong overall activity in France especially in sports and cultural venues and
event catering.
Healthcare & Seniors restated organic growth stood at +4.4%, driven by inflation
pass-through in the United Kingdom, new business particularly in Spain along
with price revisions and new openings in France.
Education restated organic revenue growth was +7.7%, reflecting the significant
positive impact of price revisions in the UK and in France.
Rest of the World

 REVENUES BY SEGMENT                                           RESTATED ORGANIC
 (in million euros)                 Q3 FY24       Q3 FY23           GROWTH((2))

-------------------------------------------------------------------------------
Business &
Administrations((1)) 932 946 +2.7 %
-------------------------------------------------------------------------------
Sodexo Live! 12 - +88.3 %
-------------------------------------------------------------------------------
Healthcare & Seniors 82 83 +3.9 %
-------------------------------------------------------------------------------
Education 48 26 +10.8 %
-------------------------------------------------------------------------------
REST OF THE WORLD TOTAL 1,074 1,055 +3.6 %
-------------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
Rest of the World third quarter Fiscal 2024 revenues totaled 1.1 billion euros,
up +3.6% organically, impacted by the change in revenue recognition on project
activity in Energy & Resources. Excluding this impact, the organic growth was
+5.9%, a slowdown from the second quarter, due to a deceleration in price
increases, and a slowdown in China and Chile.
Business & Administrations restated organic growth was +2.7%, or +5.3% excluding
the accounting change. Growth continues to be particularly strong this quarter
in India driven by new business and additional volumes on existing sites, and in
Australia fueled by strong development and price renegotiation. Chile
experienced a deceleration in growth in this quarter due to lower price
increases and the end of several Energy & Resources fixed-term projects. In
China, the activity was affected by downsizing in the tech sector.
Sodexo Live! revenues (principally airline lounges) almost doubled due to the
opening of new lounges in Hong Kong.
Healthcare & Seniors restated organic growth was +3.9%, with strong growth in
India and Latin America, somewhat offset by Brazil and China.
Education restated organic growth was +10.8%, fueled by new business and ramp
ups in existing sites in Brazil and India.
CURRENCY EFFECTS
Exchange rate fluctuations do not generate operational risks because each
subsidiary bills its revenues and incurs its expenses in the same currency.

                                       AVERAGE RATE                             CLOSING RATE
                                         9M FY 2024                               05/31/2024
            AVERAGE RATE  AVERAGE RATE    VS. 9M FY  CLOSING RATE  CLOSING RATE          VS.
 1EUR=          9M FY 2024    9M FY 2023         2023 AT 05/31/2024 AT 08/31/2023   08/31/2023

--------------------------------------------------------------------------------------------

 U.S.                                             -                                     +0.1
 dollar            1.081         1.049        3.0 %         1.085         1.087            %

--------------------------------------------------------------------------------------------

 Pound                                         +1.6                                     +0.4
 sterling          0.861         0.875            %         0.854         0.857            %

--------------------------------------------------------------------------------------------

 Brazilian                                     +0.8                                        -
 real              5.400         5.443            %         5.642         5.308        5.9 %

--------------------------------------------------------------------------------------------
The negative currency impact for third quarter Fiscal 2024 of -0.2% results from
the depreciation of the Chilean Peso and the Turkish Lira, mainly offset by the
appreciation of the British pound.
The currency effect is determined by applying the previous year's average
exchange rates to the current year figures.
FINANCIAL POSITION
Apart from the seasonal changes in working capital, there were no material
changes in the Group's financial position as of May 31, 2024, relative to that
presented in the Fiscal 2023 Universal Registration Document filed with the AMF
on November 3, 2023 and the Interim Financial Report published on April
19, 2024.
PRINCIPAL RISKS AND UNCERTAINTIES
There were no significant changes to the principal risks and uncertainties
identified by the Group in the Risk Factors section of the Fiscal 2023 Universal
Registration Document filed with the AMF on November 3, 2023.
ALTERNATIVE PERFORMANCE MEASURE DEFINITIONS
Growth excluding currency effect
The currency effect is determined by applying the previous year's average
exchange rates to the current year figures except in hyper-inflationary
economies where all figures are converted at the latest closing rate for both
periods when the impact is significant.
Organic growth
Organic growth corresponds to the increase in revenue for a given period (the
"current period") compared to the revenue reported for the same period of the
prior fiscal year, calculated using the exchange rate for the prior fiscal year;
and excluding the impact of business acquisitions (or gain of control) and
divestments, as follows:

  * for businesses acquired (or gain of control) during the current period,
    revenue generated since the acquisition date is excluded from the organic
    growth calculation;
  * for businesses acquired (or gain of control) during the prior fiscal year,
    revenue generated during the current period up until the first anniversary
    date of the acquisition is excluded;
  * for businesses divested (or loss of control) during the prior fiscal year,
    revenue generated in the comparative period of the prior fiscal year until
    the divestment date is excluded;

* for businesses divested (or loss of control) during the current fiscal year,

    revenue generated in the period commencing 12 months before the divestment
    date up to the end of the comparative period of the prior fiscal year is
    excluded.

Underlying operating profit margin
The Underlying operating profit margin corresponds to Underlying operating
profit divided by revenues.
Underlying operating profit margin at constant rates
The Underlying operating profit margin at constant rates corresponds to
Underlying operating profit divided by revenues, calculated by converting 2024
figures at Fiscal 2023 rates, except for countries with hyperinflationary
economies.
New segment reporting following evolution of the organization
As part of the streamlining of the organization, from Fiscal 2024, some
contracts or operations have been reallocated between segments, with main
impacts in Europe from Healthcare & Seniors to Education.
Restated revenue breakdown for Fiscal 2023:

 REVENUES           Fiscal 2023          Q1 2023            Q2 2023            Q3 2023            Q4 2023
 (in million    -----------------------------------------------------------------------------------------------
 euros)          Published Restated Published Restated Published Restated Published Restated Published Restated

---------------------------------------------------------------------------------------------------------------
North America 10,479 10,479 2,992 2,992 2,506 2,506 2,658 2,658 2,322 2,322
---------------------------------------------------------------------------------------------------------------
Business &
Administrations 3,865 2,723 1,009 699 874 641 959 679 1,023 704
---------------------------------------------------------------------------------------------------------------
Sodexo Live! -- 1,184 -- 327 -- 248 -- 296 -- 312
---------------------------------------------------------------------------------------------------------------
Healthcare &
Seniors 3,440 3,399 877 866 844 831 856 844 863 858
---------------------------------------------------------------------------------------------------------------
Education 3,173 3,173 1,106 1,100 788 786 844 839 436 448
---------------------------------------------------------------------------------------------------------------
Europe 8,071 8,071 2,047 2,047 1,980 1,980 2,042 2,042 2,002 2,002
---------------------------------------------------------------------------------------------------------------
Business &
Administrations 5,337 4,464 1,337 1,125 1,296 1,110 1,324 1,115 1,380 1,114
---------------------------------------------------------------------------------------------------------------
Sodexo Live! -- 599 -- 141 -- 118 -- 138 -- 202
---------------------------------------------------------------------------------------------------------------
Healthcare &
Seniors 2,026 1,950 504 470 505 481 531 498 487 500
---------------------------------------------------------------------------------------------------------------
Education 708 1,059 206 311 179 271 187 291 136 185
---------------------------------------------------------------------------------------------------------------
Rest of the
World 4,087 4,087 1,057 1,057 998 998 1,055 1,055 978 978
---------------------------------------------------------------------------------------------------------------
Business &
Administrations 3,659 3,546 941 914 898 871 946 916 874 845
---------------------------------------------------------------------------------------------------------------
Sodexo Live! -- 23 -- 3 -- 5 -- 6 -- 9
---------------------------------------------------------------------------------------------------------------
Healthcare &
Seniors 337 376 87 95 81 92 83 93 87 96
---------------------------------------------------------------------------------------------------------------
Education 91 142 29 45 19 30 26 39 17 28
---------------------------------------------------------------------------------------------------------------
Sodexo 22,637 22,637 6,097 6,097 5,484 5,484 5,755 5,755 5,301 5,301
---------------------------------------------------------------------------------------------------------------
REVENUE FOR THE FIRST 9 MONTHS FISCAL 2024

 REVENUES                             ORGANIC EXTERNAL CURRENCY  TOTAL
 (in million euros) 9M FY24 9M FY23    GROWTH   GROWTH   EFFECT GROWTH

------------------------------------ ---------------------------------
North America 8,660 8,157 +9.7 % -0.2 % -3.3 % +6.2 %
----------------------------------------------------------------------
Europe 6,350 6,068 +7.1 % -2.1 % -0.4 % +4.6 %
----------------------------------------------------------------------
Rest of the World 3,165 3,110 +5.0 % -0.2 % -3.0 % +1.8 %
----------------------------------------------------------------------
SODEXO 18,175 17,335 +7.9 % -0.9 % -2.2 % +4.8 %
----------------------------------------------------------------------
REVENUES BY SEGMENT
(in million euros) 9M FY24 9M FY23 RESTATED ORGANIC GROWTH((2))
-----------------------------------------------------------------------------
Business & Administrations((1)) 8,536 9,585 +7.2 %
-----------------------------------------------------------------------------
Sodexo Live! 1,560 - +24.3 %
-----------------------------------------------------------------------------
Healthcare & Seniors 4,224 4,367 +6.0 %
-----------------------------------------------------------------------------
Education 3,855 3,383 +6.2 %
-----------------------------------------------------------------------------
SODEXO 18,175 17,335 +7.9 %
-----------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
REVENUES BY SEGMENT
(in million euros) 9M FY24 9M FY23 RESTATED ORGANIC GROWTH((2))
-----------------------------------------------------------------------------
Business & Administrations((1)) 2,250 2,842 +12.8 %
-----------------------------------------------------------------------------
Sodexo Live! 1,064 - +25.9 %
-----------------------------------------------------------------------------
Healthcare & Seniors 2,556 2,578 +6.1 %
-----------------------------------------------------------------------------
Education 2,790 2,737 +5.6 %
-----------------------------------------------------------------------------
NORTH AMERICA TOTAL 8,660 8,157 +9.7 %
-----------------------------------------------------------------------------
((1) )From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts oroperations have been reallocated between segments.
REVENUES BY SEGMENT
(in million euros) 9M FY24 9M FY23 RESTATED ORGANIC GROWTH((2))
-----------------------------------------------------------------------------
Business & Administrations((1)) 3,534 3,957 +6.1 %
-----------------------------------------------------------------------------
Sodexo Live! 462 - +16.5 %
-----------------------------------------------------------------------------
Healthcare & Seniors 1,416 1,539 +6.6 %
-----------------------------------------------------------------------------
Education 938 572 +7.4 %
-----------------------------------------------------------------------------
EUROPE TOTAL 6,350 6,068 +7.1 %
-----------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
REVENUES BY SEGMENT
(in million euros) 9M FY24 9M FY23 RESTATED ORGANIC GROWTH((2))
-----------------------------------------------------------------------------
Business & Administrations((1)) 2,752 2,786 +4.3 %
-----------------------------------------------------------------------------
Sodexo Live! 34 - +146.4 %
-----------------------------------------------------------------------------
Healthcare & Seniors 252 250 +2.2 %
-----------------------------------------------------------------------------
Education 127 74 +10.6 %
-----------------------------------------------------------------------------
REST OF THE WORLD TOTAL 3,165 3,110 +5.0 %
-----------------------------------------------------------------------------
((1)) From H1 FY24, Business & Administrations excludes Sodexo Live!, reported
separately.
((2)) As part of the streamlining of the organization during Fiscal 2023, some
contracts or operations have been reallocated between segments.
Â