The Groupe’s free cash flow, before change in working capital requirements, amounted to euro 1,427 million, up 20% compared to 2020. Financial interest, mainly including interest on Epsilon’s debt, amounted to euro 80 million, down euro 33 million (see cash flow). Tax paid amounted to euro 362 million, up euro 69 million, compared to euro 293 million in 2020. Net investments in fixed assets amounted to euro 136 million, down euro 19 million compared to euro 155 million in 2020.
The change in working capital requirements was negative at euro 216 million, compared with a positive contribution of euro 1,047 million in 2020.
Free cash-flow after change in working capital requirements amounted to euro 1,211 million, down compared to 2020 at euro 2,237 million.
Consolidated equity attributable to holders of the parent rose from euro 7,182 million at December 31, 2020 to euro 8,588 million at December 31, 2021, as a result of the following:
|
(in millions of euros) |
12/31/2021 | 12/31/2020 |
|---|---|---|
| Financial debt (long-term and short-term) | Financial debt (long-term and short-term) 12/31/20213,630 |
Financial debt (long-term and short-term) 12/31/2020 4,509 |
|
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) 12/31/202197 |
Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1) 12/31/2020 (65) |
| Fair value of derivatives hedging intra-group loans and borrowings (1) | Fair value of derivatives hedging intra-group loans and borrowings (1)12/31/2021 8 |
Fair value of derivatives hedging intra-group loans and borrowings (1) 12/31/2020 89 |
| Total financial debt including market value of the associated derivatives | Total financial debt including market value of the associated derivatives 12/31/20213,735 |
Total financial debt including market value of the associated derivatives 12/31/2020 4,533 |
| Cash and cash equivalents | Cash and cash equivalents12/31/2021 (3,659) |
Cash and cash equivalents 12/31/2020 (3,700) |
| Net financial debt | Net financial debt 12/31/202176 |
Net financial debt 12/31/2020 833 |
| Net debt/equity (including minority interests) | Net debt/equity (including minority interests)12/31/20210.01 | Net debt/equity (including minority interests) 12/31/2020 0.12 |
(1) Carried on the consolidated balance sheet under “Other receivables and current assets” and/or under “Other payables and current liabilities”.
Net financial debt amounted to euro 76 million at December 31, 2021 compared to euro 833 million at December 31, 2020.
The Groupe’s average net debt in 2021 was euro 1,530 million, versus euro 3,286 million in 2020.
The Groupe’s gross debt was euro 3,735 million as at December 31, 2021, compared with euro 4,533 million as at December 31, 2020. This debt consisted of 95% 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 Eurobonds, are essentially made up of fixed-rate borrowings (98% of the gross debt excluding debt related to long-term equity investments and commitments to buy-out minority interests), with an average rate recorded for 2021 of 2.5%.
Debt breakdown by currency (after currency swaps) as at December 31, 2021 was as follows: euro 3,362 million denominated in euros, euro 148 million denominated or swapped in US dollars, and euro 120 million denominated in other currencies.
In December 2005, the Groupe established financial ratio targets meant to direct the Groupe’s financial policy (on such matters as acquisitions and dividends). These ratios were updated in 2019 to reflect the impact of IFRS 16 applied by the Groupe. The table below presents calculations for these ratios for 2020 and 2021 with the reminder of the optimal ratios as defined below.
