Net cash flows from operating activities resulted in a surplus of euro 1,792 million in 2021 compared to a surplus of euro 2,966 million the previous year. Income tax paid totaled euro 362 million in 2021 compared to euro 293 million the previous year. The change in working capital requirements was negative at euro 216 million, compared with euro 1,047 million in 2020.
Net cash flow from investments includes acquisitions and disposals of tangible and intangible fixed assets, net acquisitions of financial assets and acquisitions and disposals of subsidiaries. Net cash flow from investment activities was a net use of euro 405 million in 2021, following the use of euro 309 million in 2020. Net investments in tangible and intangible assets amounted to euro 136 million (including investments relating to the All in One real estate plan) compared with euro 155 million in 2020. Net investment in the acquisition of subsidiaries amounted to euro 273 million compared with euro 145 million in 2020.
Financing activities resulted in an outflow of euro 1,675 million in 2021, after a surplus of euro 1,988 million the previous year. The outflow is mainly related to the repayment of borrowings for euro 862 million (mainly Eurobond 2021 for euro 699 million and a medium-term loan of euro 150 million for the acquisition of Epsilon) compared with euro 1,302 million in 2020. Repayment of lease liabilities and related interests amounted to euro 365 million in 2021 compared to euro 461 million in 2020. The (net) interest paid in 2021 was euro 80 million compared to euro 113 million in 2020 (which included the cost of early unwinding of the swaps related to the bonds in December 2020, as well as interest related to the drawdown on the RCF line during the year). Dividend payouts, which amounted to euro 236 million in 2021, increased sharply compared to euro 112 million in 2020, because the previous year’s unit dividend had been halved due to the exceptional context of the global pandemic. Lastly, the (net) buybacks of treasury shares and the exercise of equity warrants (“BSA”) generated a use of cash of euro 127 million over the financial year (compared to an inflow of euro 8 million in 2020), mainly related to the buyback program of 2,500,000 treasury shares, which mainly took place in the last quarter for an amount of euro 144 million.
Overall, the Groupe’s cash position net of positive bank balances decreased by euro 50 million during the financial year, compared with a euro 290 million increase the previous year.
Including lines of credit that can be drawn down on short notice, the Groupe’s available liquidity amounted to euro 5,903 million at December 31, 2021 compared to euro 6,306 million at December 31, 2020.
The table below shows the calculation of the Groupe’s free cash flow:
|
(in millions of euros) |
2021 | 2020 |
|---|---|---|
| EBITDA | EBITDA 20212,317 |
EBITDA 2020 2,158 |
| Financial interest paid (net) | Financial interest paid (net)2021 (80) |
Financial interest paid (net) 2020 (113) |
| Refunding of lease commitments and associated interest | Refunding of lease commitments and associated interest2021 (365) |
Refunding of lease commitments and associated interest 2020 (461) |
| Taxes paid | Taxes paid2021 (362) |
Taxes paid 2020 (293) |
| Others | Others2021 53 |
Others 2020 54 |
| Cash flow from operations before changes in WCR | Cash flow from operations before changes in WCR 20211,563 |
Cash flow from operations before changes in WCR 2020 1,345 |
| Investments in fixed assets (net) | Investments in fixed assets (net)2021 (136) |
Investments in fixed assets (net) 2020 (155) |
| Free cash flow before changes in WCR | Free cash flow before changes in WCR 20211,427 |
Free cash flow before changes in WCR 2020 1,190 |
| Change in working capital requirements | Change in working capital requirements2021 (216) |
Change in working capital requirements 2020 1,047 |
| Free Cash Flow | Free Cash Flow20211,211 | Free Cash Flow 2020 2,237 |
