The table below shows the calculation of the Groupe’s free cash flow:
(in millions of euros) | 2020 | 2019 |
|---|---|---|
Operating margin before depreciation and amortization | Operating margin before depreciation and amortization 2020 2,158 | Operating margin before depreciation and amortization 2019 2,245 |
Financial interest paid (net) | Financial interest paid (net) 2020 (113) | Financial interest paid (net) 2019 11 |
Refunding of lease commitments and associated interest | Refunding of lease commitments and associated interest 2020 (461) | Refunding of lease commitments and associated interest 2019 (480) |
Taxes paid | Taxes paid 2020 (293) | Taxes paid 2019 (349) |
Other | Other 2020 54 | Other 2019 51 |
Cash flow from operations before changes in WCR | Cash flow from operations before changes in WCR 2020 1,345 | Cash flow from operations before changes in WCR 2019 1,478 |
Investments in fixed assets (net) | Investments in fixed assets (net) 2020 (155) | Investments in fixed assets (net) 2019 (225) |
Free cash flow before changes in WCR | Free cash flow before changes in WCR 2020 1,190 | Free cash flow before changes in WCR 2019 1,253 |
Change in working capital requirements | Change in working capital requirements 2020 1,047 | Change in working capital requirements 2019 394 |
Free Cash Flow | Free Cash Flow 2020 2,237 | Free Cash Flow 2019 1,647 |
Consolidated equity attributable to holders of the parent company rose from euro 7,401 million at December 31, 2019 to euro 7,182 million at December 31, 2020.
| (en millions d’euros) | 31/12/2020 | 31/12/2019 |
|---|---|---|
Financial debt (long- and short-term) | Financial debt (long- and short-term) 31/12/2020 4,509 | Financial debt (long- and short-term) 31/12/20195,888 |
Fair value of hedging derivatives on the 2021 and 2024 Eurobonds(1) | Fair value of hedging derivatives on the 2021 and 2024 Eurobonds(1) 31/12/2020 - | Fair value of hedging derivatives on the 2021 and 2024 Eurobonds(1) 31/12/2019112 |
Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds(1) | Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds(1) 31/12/2020 (65) | Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds(1) 31/12/201987 |
Fair value of derivatives hedging intra-group loans and borrowings(1) | Fair value of derivatives hedging intra-group loans and borrowings(1) 31/12/2020 89 | Fair value of derivatives hedging intra-group loans and borrowings(1) 31/12/201939 |
Total financial debt including market value of the associated derivatives | Total financial debt including market value of the associated derivatives 31/12/2020 4,533 | Total financial debt including market value of the associated derivatives 31/12/20196,126 |
Cash and cash equivalents | Cash and cash equivalents 31/12/2020 (3,700) | Cash and cash equivalents 31/12/2019(3,413) |
Net financial debt | Net financial debt 31/12/2020 833 | Net financial debt 31/12/20192,713 |
Net debt/equity (including minority interests) | Net debt/equity (including minority interests) 31/12/2020 0.12 | Net debt/equity (including minority interests) 31/12/20190.37 |
(1) Carried under “Other receivables and other current assets” and/or under “Other creditors and current liabilities” on the consolidated balance sheet.
Net financial debt amounted to euro 833 million at December 31, 2020 compared to euro 2,713 million at December 31, 2019.
The Groupe’s average net debt in 2019 was euro 3,286 million, versus euro 2,375 million in 2019. The increase in Groupe average net debt reflects mainly the financing linked to the acquisition of Epsilon, for USD 4.5 billion at July 1, 2019.
The Groupe’s gross debt was euro 4,533 million as at December 31, 2020, compared with euro 6,126 million as at December 31, 2019. This debt consisted of 79% long-term borrowings (see Note 23 to the consolidated financial statements in Chapter 6 for a detailed maturity schedule of Groupe debt).
The financial liabilities, after taking into account the interest rate swaps on the Eurobond and the medium-term syndicated loan, are essentially made up of fixed-rate borrowings (96% of the gross debt excluding debt related to long-term equity investments and commitments to buy-out minority interests as at December 31, 2020) with an average rate recorded for 2020 of 3.3%.
