EBITDA amounted to euro 2,317 million in 2021, compared to euro 2,158 million in 2020, representing an increase of 7.4%. The EBITDA margin rate was 22.1% of net revenue (22.2% in 2020). Personnel expenses totaled euro 6,639 million in 2021, up 6.4% from euro 6,242 million in 2020. They represented 63.3% of net revenue for the year, compared to 64.3% in 2020. Fixed personnel expenses amounted to euro 5,729 million and represented 54.6% of net revenue compared to 56.2% in 2020. In addition, the cost of freelancers increased by euro 114 million in 2021, and represented euro 392 million. Restructuring expenses amounted to euro 53 million, down from euro 175 million in 2020.
Other operating expenses (excluding depreciation and amortization) amounted to euro 2,782 million, compared with euro 2,388 million in 2020. This item represents 26.5% of net revenue compared to 24.6% last year. This includes a rise in cost of sales for euro 129 million, mainly related to the recognition of two outdoor media contracts which were extended for a short period. The expense relating to these contracts was directly recognized in cost of sales in 2021 and could not be recorded as in 2020 as a right of use relating to leases giving rise to impairment. This increase was partially offset by the reduction in other external expenses, notably on travel expenses, which decreased by euro 21 million compared to 2020.
The depreciation and amortization expense for the period amounted to euro 477 million in 2021, down euro 123 million in comparison with 2020. This decrease largely reflects the impact of the contracts described above in other operating expenses.
As a result, the operating margin amounted to euro 1,840 million, up by 18.1% in comparison with 2020. This represents a margin rate of 17.5%, up by 150 basis points from 16.0% in 2020.
Rates were 19.9% in North America, 15.8% in Europe, 12.8% in Asia-Pacific, 12.3% in Latin America and 2.0% in the Africa/Middle East region.
Depreciation and amortization of intangible assets arising on acquisitions totaled euro 256 million in the year, down compared to euro 339 million in 2020. Impairment losses on right-of-use assets amounted to euro 122 million and relate to the All in One real estate consolidation plan, which aims to reduction the number of sites, while enabling better collaboration between teams. In 2020, impairment losses amounted to euro 241 million, of which euro 226 million related to the All in One real estate plan. Other non-recurring income and expenses represented an expense of euro 28 million, including the loss related to the partial disposal of DPZ&T in Brazil for euro 30 million, compared to income of euro 5 million in 2020.
Operating income amounted to euro 1,434 million in 2021, compared to euro 983 million in 2020.
Net financial income, made up of net borrowing costs and other financial income and expenses, amounted to euro 118 million in 2021, compared with an expense of euro 198 million last year. The net charge on net financial debt was euro 85 million in 2021, including euro 102 million in interest on gross debt related to the acquisitions of Epsilon and Sapient. In 2020, net financial debt generated a charge on net financial debt of euro 103 million (excluding costs related to the early unwinding of the 2021 and 2024 swaps for euro 16 million). Other financial income and expenses represent a charge of euro 33 million in 2021, notably composed of euro 70 million in interest on lease liabilities and euro 42 million in income from the fair value remeasurement of mutual funds. Last year, other financial income and expenses amounted to a charge of euro 95 million, including euro 77 million of interest on lease liabilities and euro 16 million of costs related to the early unwinding of cross-swaps currency rates.
The revaluation of earn-out payments amounted to an expense of euro 27 million, compared to a charge of euro 17 million in 2020.
The tax charge was euro 307 million at December 31, 2021, corresponding to an effective tax rate of 23.4% in 2020, compared to euro 196 million the previous year, corresponding to an effective tax rate of 24.7%.
The share of profit of associates was not significant in 2021 compared to a loss of euro 1 million the year before.
Minority interests in Groupe results were an income of euro 9 million at December 31, 2021, compared to a loss of euro 5 million at December 31, 2020.
In total, Groupe net income was euro 1,027 million in 2021 compared to euro 576 million in 2020.
