Earnings Release • Feb 15, 2021
Earnings Release
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L'Isle d'Abeau, 15 February 2021
| (€ million) | 2020 2019 |
Change (reported) |
Change (at constant scope and exchange rates) |
||
|---|---|---|---|---|---|
| Consolidated sales | 2,805 | 2,740 | +2.4% | +5.5% | |
| EBITDA** | 557 | 526 | +5.9% | +10.1% | |
| EBITDA margin (%) | 19.9% | 19.2% | |||
| EBIT*** | 298 | 267 | +11.7% | +17.5% | |
| EBIT margin (%) | 10.6% | 9.7% | |||
| Consolidated net income | 172 | 160 | +7.7% | +16.3% | |
| Net margin (%) | 6.1% | 5.8% | |||
| Net income, Group share | 156 | 149 | +4.8% | +10.7% | |
| Cash flow | 461 | 425 | +8.3% | +12.9% |
Audited condensed consolidated income statement:
*EBITDA: sum of gross operating income and other income and expenses on ongoing business.
*EBIT: EBITDA less net depreciation, amortisation and provisions on ongoing business.
***Leverage ratio: net debt/consolidated EBITDA
"Thanks to our employees' tremendous efforts and commitment, the Vicat group strengthened its position amid the unprecedented current pandemic situation. Our resilience and flexibility allowed us to make organizational changes in order to reconcile our competing imperatives of keeping everyone safe and healthy, unlocking savings and making rapid adjustments, such as relocating our Paris head office to L'Isle d'Abeau in the Auvergne-Rhône-Alpes region. Likewise, we made improvements to Vicat's governance and stepped up our environmental and digital transformation programmes. Given the strength of our cash generation, we were able to resume key productivity investment programmes for the future. Despite the adversity we faced, our teams across all our various regions successfully delivered higher production efficiency levels and met market demand cost-effectively, paving the way for a solid increase in the Vicat group's results."
Further information about Vicat is available from its website (www.vicat.fr).
Performance in 2020 was significantly disrupted by the Covid-19 pandemic. The Group's business activities in the 12 countries in which it operates were affected to different extents, depending on the political response to the pandemic situation. India, France and Italy recorded a sharp fall in their sales in the first half followed by a rebound from June. The -3.2% decline in consolidated sales in the first six months was erased by a +13.8% rise at constant scope and exchange rates in the second half of the year. The Vicat Group's fullyear consolidated sales came to €2,805 million, representing an increase of +2.4% on a reported basis or +5.5% at constant scope and exchange rates compared with 2019.
The key factors driving consolidated sales were:
The Group's consolidated EBITDA came to €557 million, up +5.9% on a reported basis and up +10.1% at constant scope and exchange rates. The EBITDA margin widened by 0.7 points to 19.9%. The reported EBITDA performance was the product of very minor positive scope effects (less than +€2 million), unfavourable currency effects of almost -€24 million and, lastly, solid organic growth of +€53 million.
At constant scope and exchange rates, the EBITDA increase was driven by:
These positive factors helped to offset:
EBIT totalled €298 million compared with €267 million in 2019. That represented an increase of +11.7% on a reported basis and of +17.5% at constant scope and exchange rates. The EBIT margin on consolidated sales improved by almost one point to 10.6%. This increase reflects a further improvement in operating margins across the Americas, Africa and Asia. The clear rebound in activity levels in France from the third quarter onwards was not sufficient to make up entirely for the decline in the first six months. Lastly, given the factors presented above, the Europe (excluding France) and Mediterranean regions experienced a fall in their operating margins over the period as a whole.
Operating profit rose +6.3% on a reported basis and +13.4% at constant scope and exchange rates. This performance reflects the improvement in EBITDA and EBIT, a €6 million gain resulting from a tax amnesty in Brazil and, lastly, -€19 million related to the write down of assets in Egypt.
The +€3 million improvement in net financial expense was largely attributable to a €2 million gain as a result of a tax amnesty and reflects the tight grip kept on the Group's overall debt in 2020 amid the pandemic situation.
Tax expense rose by +€7 million as a result of the higher pre-tax income. The effective tax rate was stable at 30.7% compared with 30.6% in 2019. The stable tax rate reflects a slight reduction in rates in France and Switzerland, as well as deferred tax income linked to the extension of the rider to the mining agreement in Senegal. These positive factors helped to offset the unfavourable impact of the larger loss not subject to tax recorded in Egypt, the end to the period of tax exemptions in Kazakhstan, and a negative adjustment to deferred tax assets in India given the reduction in the tax rate paid by Kalburgi Cement.
Consolidated net income totalled €172 million, up +7.7% at constant scope and exchange rates and up +16.3% on a reported basis despite the write down of assets in Egypt. The improved performance in Brazil and India gave rise to a significant increase in the share attributable to minority shareholders. Accordingly, net income, Group share rose +10.7% at constant scope and exchange rates and +4.8% on a reported basis to €156 million.
Cash flow came to €461 million, up +8.3% on a reported basis and up +12.9% at constant scope and exchange rates, reflecting the sharp increase in EBITDA generated over the year.
On the basis of these full-year 2020 results and confident in the Group's ability to pursue further development, the Board of Directors decided at its meeting on 12 February 2021 to propose shareholders at the General Meeting to be held on 9 April 2021 to maintain the dividend at €1.50 per share.
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 963 | 987 | -2.4% | -3.5% |
| EBITDA | 171 | 182 | -6.5% | -7.3% |
| EBIT | 92 | 102 | -9.4% | -9.8% |
During the year, the pandemic had a significant impact on the Group's performance in France. Following a near total shutdown in mid-March, the situation gradually improved, and the Group returned to solid business growth again in the second half. Even so, this was not sufficient to offset the impact of the initial lockdown on the Group's activities during the first half of 2020.
Accordingly, EBITDA declined over the period as a whole, with the positive impact of lower energy costs and the benefits of the cost-cutting plan failing to offset the downturn in activity levels and certain exceptional costs incurred by the Cement business.
1.2.2 Income statement for Europe excluding France
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 423 | 401 | +5.6% | +1.2% |
| EBITDA | 97 | 96 | +1.1% | -2.8% |
| EBIT | 55 | 58 | -5.5% | -9.1% |
Activity levels in Europe (excluding France) over 2020 reflect contrasting trends in Switzerland and Italy. The Swiss market was only barely affected by the pandemic during the year, while Italy experienced a very challenging pandemic and macroeconomic situation.
As a result, the EBITDA margin on consolidated sales slipped 1.1 points to 23.0%.
In Switzerland, the Group's consolidated sales rose by +6.5% on a reported basis and by +1.8% at constant scope and exchange rates. EBITDA rose +1.8% on a reported basis but fell -2.2% at constant scope and exchange rates.
In Italy, consolidated sales declined -10.5% over the full year as a result of the total shutdown of operations for 30 days during the second quarter. However, selling prices firmed up against a backdrop of significantly lower volumes. As a result, EBITDA fell -34.4% compared with 2019.
1.2.3 Income statement for the Americas region
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 636 | 589 | +8.0% | +17.2% |
| EBITDA | 141 | 115 | +22.6% | +36.3% |
| EBIT | 86 | 57 | +52.7% | +73.5% |
Despite a concerning pandemic situation in both the United States and Brazil, activity levels continued to move in the right direction thanks to the economic measures implemented in response to the pandemic. As a result of these factors, the Americas region's sales and EBITDA improved significantly. The EBITDA margin on consolidated sales picked up to 22.3% from 19.6% in 2019.
In the United States, the construction sector was rapidly recognised as "essential" by the authorities and thus permitted to continue operating. Accordingly, infrastructure and residential markets continued to grow thanks to the economic stimulus measures. The Group's consolidated sales in the United States rose +5.7% on a reported basis and +7.7% at constant scope and exchange rates. EBITDA came to €99 million over the full year, up +14.0% on a reported basis and up +16.2% at constant scope and exchange rates.
The investment in a new 5,000-tonne/day kiln at the Ragland plant in Alabama, launched during 2019, continued during the year and is scheduled to enter service in the first half of 2022. This new installation will increase the plant's existing capacity, significantly reduce production costs and actively help the Group to meet its CO2 emission reduction targets.
In Brazil, where certain regions have been hit harder by the pandemic, the Group reaped the benefit of fairly favourable industry conditions supported by the government's economic incentives, low interest rates, all of which helped underpin the residential sector's development. The Group took full advantage of its highly efficient production facilities and the operational improvements made following the acquisition of Ciplan.
Consolidated sales generated in Brazil came to €156 million, up +15.7% on a reported basis and up +48.9% at constant scope and exchange rates, reflecting the depreciation in the Brazilian real against the euro. EBITDA recorded solid growth to €43 million, up from €29 million in 2019.
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 348 | 375 | -7.1% | +0.1% |
| EBITDA | 103 | 89 | +15.9% | +24.9% |
| EBIT | 68 | 54 | +26.4% | +36.4% |
The Asia region was severely affected by the pandemic crisis, which led to a significant deterioration in the macroeconomic and sector environment in the first half, ahead of a clear rebound in activity levels in the second half. Amid these conditions, the Group focused on implementing cost-cutting measures without compromising its ability to seize new market opportunities.
India has been worst hit by the pandemic of all the countries in the Group's geographical portfolio. The strict lockdown measures imposed by the government led to the complete shutdown of the Group's manufacturing facilities for over a month during the first half. The lockdown measures also had a very negative impact on the resumption of construction projects. These were affected by a labour shortage preventing a more rapid and stronger pick-up in the sector until the end of the third quarter. Once the situation returned to normal in the final quarter, the government subsidies supporting the economy and the robust level of activity in the construction sector in particular offset the negative effects of the pandemic. As a result, the Group recorded €286 million in consolidated sales in 2020, an almost stable performance at constant scope and exchange rates (down -0.5%). The contraction in volumes sold was offset by a solid increase in average selling prices.
As a result of these factors and the cost reduction plan, EBITDA rose +35.2% at constant scope and exchange rates over the full year to €82 million.
In Kazakhstan, after a sharp increase in activity in the first quarter, supported by export markets in particular, the operating environment deteriorated in the second and in part of the third quarter as a result of the pandemic crisis, before volume growth returned from September onwards. Over the full year, volumes remained stable. Selling prices declined slightly over 2020 as a whole despite a firmer trend in the second half. As a result, consolidated sales rose by +3.1% at constant scope and exchange rates.
EBITDA declined -3.8% at constant scope and exchange rates to €20 million in 2020.
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 173 | 171 | +1.1% | +19.1% |
| EBITDA | -11 | -4 | n.s. | n.s. |
| EBIT | -29 | -23 | n.s. | n.s. |
Macroeconomic and competitive conditions remained challenging in the Mediterranean region, with selling prices coming under significant pressure in Turkey and Egypt. Taking these factors and also higher energy costs in the region into account, the Group recorded a negative EBITDA of -€11 million in 2020.
In Turkey, sales totalled €124 million, up +19.4% at constant scope and exchange rates, demonstrating the Group's healthy resilience in a tough environment. The EBITDA generated in Turkey came to €8 million, down -24.8% at constant scope and exchange rates. After a breakeven EBITDA performance in the first half, trends improved significantly during the second half, which again brought solid growth at constant scope and exchange rates.
In Egypt, consolidated sales totalled €49 million, up +18.2% at constant scope and exchange rates. The pandemic has exacerbated the effects of what was already an unfavourable situation, with macroeconomic trends barely improving, a freeze on new building permits between May and November 2020, severe logistical constraints and fierce competition. As a result, volumes recorded a fairly significant increase over the year as a whole, albeit without moving above a fairly low level. Selling prices continued to fall as a result of the pressure created by the Egyptian Army's new plant, persisting at levels that were too low to achieve renewed profitability. Accordingly, the Group stepped up its maintenance efforts at both kilns during the final quarter in a bid to raise its operating performance. The Group recorded an EBITDA loss of -€19 million over the full year, compared with a loss of -€17 million in 2019.
Lastly, the Group decided to write down its Egyptian assets by €19 million given the persistently unfavourable macroeconomic and industry conditions and the prospects of a slow improvement in the situation.
| (€ million) | 2020 | 2019 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Sales | 262 | 217 | +20.4% | +20.8% |
| EBITDA | 56 | 47 | +18.7% | +19.0% |
| EBIT | 25 | 18 | +36.2% | +36.8% |
In Africa, the environment remained positive, despite the pandemic's substantial impact, which brought large government-funded projects to a standstill in Senegal.
The Group's activity trends in the other West African countries recorded a strong increase, supported by the rapid ramp-up in its Ciment et Matériaux du Mali subsidiary's grinder and strong momentum in Mauritania. Selling prices edged higher in Mauritania, but dropped back in Mali. Overall, both Mali and Mauritania recorded EBITDA increases.
At 31 December 2020, the Group had a solid financial structure, with €2,411 million in shareholders' equity, compared with €2,596 million at 31 December 2019. It is important to note that the currency devaluation at the balance sheet date had a very major impact on both assets and equity.
Net debt totalled €1,202 million at 31 December 2020, down €88 million compared with at 31 December 2019.
On this basis, gearing stood at 49.9% at 31 December 2020, compared with 49.7% at 31 December 2019, with the leverage ratio at 2.16x, down from 2.45x at 31 December 2019.
In line with operating profitability, cash flow totalled €461 million during the year, representing an increase of +12.9% at constant scope and exchange rates.
Net capital expenditure during the year as a whole came to €300 million. Given the strong level of cash generation in the second half, the Group decided to resume towards the end of the year the investments it
had postponed during the first half in view of the Covid-19 situation. Close to half this amount relates to the construction of the new kiln-line at the Ragland plant in the United States.
Lastly, the Group's free cash flow came to €228 million in 2020, compared with €159 million in 2019, as a result of the improvement in EBITDA and a clear reduction in the working capital requirement.
In 2021, macroeconomic conditions in all of the countries where the Group operates are still likely to be affected by the Covid-19 pandemic to varying degrees depending on the pandemic situation and the governmental responses.
At present, business is conducted within the strict framework of the procedures adapted to the public health conditions in each country where the Group is present. Within this framework, it is important to note that:
In addition, three factors are likely to have an impact on the Group's financial performance and its evolution throughout 2021:
During 2021, the Group will keep up its investment drive focusing chiefly on:
Accordingly, investments industrial capex are expected to be higher than in 2020 at around €365 million. The Group reserves the right to adjust its investment plans to the shifting trends in its markets and its cash generation.
The Group is issuing the following elements to appreciate the performance expected in the various countries in which it operates. It wishes to make clear that these trends are highly dependent on the latest developments in the pandemic crisis and the latter's impact on each of them:
In France, activity levels are expected to remain on a growth trajectory over the year as a whole. Given the pandemic's impact on the first six months of 2020, the base of comparison is set to be favourable for the first part of the year. Conversely, the Group anticipates a less dynamic performance in the third quarter as a result of the very strong rebound in the same period of 2020;
Given all these factors, the Group expects its EBITDA to rise at constant scope and exchange rates over the full year. Naturally, this expectation is subject to change during the year depending on pandemic-related developments and their impact on the macroeconomic and industry environment in the countries in which the Group operates.
To accompany the publication of the Group's full-year 2020 results, Vicat is holding a conference call in English that will take place on Tuesday, 16 February 2021 at 3pm Paris time (2pm London time and 9am New York time).
To take part in the conference call live, dial one of the following numbers:
You may also access a live audio webcast of the conference, together with the presentation, on the Vicat website or simply by clicking here.
The replay of the conference call will be immediately available for streaming via the Vicat website and by clicking here.
First-quarter 2021 sales on 5 May 2021 after the market close.
| Investor relations contact: | Press contacts: |
|---|---|
| Stéphane Bisseuil: | Marie-Raphaelle Robinne |
| Tel.: +33 1 58 86 86 05 | Tel.: +33 (0) 4 74 27 58 04 |
| [email protected] | [email protected] |
The Vicat Group has over 9,000 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €2.805 billion in 2020. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. Some 64% of its sales are generated outside France.
The Vicat Group is the heir to a family industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities.
Created in 2017 on the occasion of the bicentenary of the invention of artificial cement, the Foundation's objectives are: the promotion of scientific and technical culture, the preservation and enhancement of heritage, education and solidarity. To this end, in 2020 the Foundation carried out a series of inclusive actions for the benefit of people with disabilities and those far from employment. The year 2021 will be the Year of Women.
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||
|---|---|---|---|---|---|---|
| ASSETS | December 31,2020 December 31,2019 | |||||
| (in thousands of euros) | Notes | |||||
| NON-CURRENT ASSETS | ||||||
| Goodwill | 3 | 1,118,874 | 1,231,538 | |||
| Other intangible assets | 4 | 170,812 | 187,046 | |||
| Property, plant and equipment | 5 | 1,987,852 | 2,031,781 | |||
| Rights of use relating to leases | 6 | 186,829 | 219,066 | |||
| Investment properties | 7 | 14,831 | 15,125 | |||
| Investments in associated companies | 8 | 77,873 | 85,212 | |||
| Deferred tax assets | 24 | 71,922 | 89,938 | |||
| Receivables and other non-current financial assets | 9 | 239,176 | 236,142 |
| Deferred tax assets | 24 | 71,922 | 89,938 |
|---|---|---|---|
| Receivables and other non-current financial assets | 9 | 239,176 | 236,142 |
| Total non-current assets | 3,868,169 | 4,095,848 | |
| CURRENT ASSETS | |||
| Inventories and work-in-progress | 10 | 354,937 | 401,551 |
| Trade and other accounts | 11 | 440,874 | 416,568 |
| Current tax assets | 3,328 | 72,811 | |
| Other receivables | 11 | 152,496 | 192,776 |
| Cash and cash equivalents | 12 | 422,843 | 398,514 |
| Total current assets | 1,374,478 | 1,482,220 | |
| TOTAL ASSETS | 5,242,647 | 5,578,068 | |
| LIABILITIES | December 31,2020 December 31,2019 | ||
| (in thousands of euros) | Notes | ||
| SHAREHOLDERS' EQUITY | |||
| Capital | 13 | 179,600 | 179,600 |
| Additional paid-in capital | 11,207 | 11,207 | |
| Treasury shares | (53,587) | (52,416) | |
| Consolidated reserves | 2,679,297 | 2,598,620 | |
| Translation reserves | (640,130) | (405,843) | |
| Shareholders' equity, Group share | 2,176,387 | 2,331,168 | |
| Minority interests | 234,306 | 264,767 | |
| Total shareholders' equity and minority interests | 2,410,693 | 2,595,935 | |
| NON-CURRENT LIABILITIES | |||
| Provisions for pensions and other post-employment benefits | 14 | 139,022 | 141,235 |
| Other provisions | 15 | 116,764 | 140,243 |
| Financial debts and put options | 16 | 1,270,162 | 1,109,769 |
| Lease liabilities | 16 | 157,563 | 178,398 |
| Deferred tax liabilities | 24 | 213,736 | 253,194 |
| Other non-current liabilities | 37,999 | 52,072 | |
| Total non-current liabilities | 1,935,246 | 1,874,911 | |
| CURRENT LIABILITIES | |||
| Provisions | 15 | 13,522 | 10,635 |
| Financial debts and put options at less than one year | 16 | 165,375 | 391,594 |
| Lease liabilities at less than one year | 16 | 47,382 | 59,864 |
| Trade and other accounts payable | 375,329 | 354,652 | |
| Current taxes payable | 24,557 | 49,162 | |
| Other liabilities | 18 | 270,543 | 241,315 |
| Total current liabilities | 896,708 | 1,107,222 | |
| Total liabilities | 2,831,954 | 2,982,133 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,242,647 | 5,578,068 | |
| 2020 | 2019 | ||
|---|---|---|---|
| (in thousands of euros) | Notes | ||
| Sales revenues | 19 | 2,805,162 | 2,739,993 |
| Goods and services purchased | (1,720,244) | (1,710,592) | |
| Added value | 1.23 | 1,084,918 | 1,029,401 |
| Personnel costs | 20 | (489,921) | (475,396) |
| Taxes | (62,078) | (64,592) | |
| Gross operating income | 1.23 | 532,919 | 489,413 |
| Other operating income (expense) | 22 | 24,396 | 36,718 |
| EBITDA | 1.23 | 557,315 | 526,131 |
| Net charges to operating depreciation, amortization and provisions | 21 | (259,467) | (259,488) |
| EBIT | 1.23 | 297,848 | 266,643 |
| Other non-operating income (expense) | 22 | (6,080) | 13,622 |
| Net charges to non-operating depreciation, amortization and provisions |
21 | (14,207) | (19,206) |
| Operating income (expense) | 277,561 | 261,059 | |
| Cost of net financial debt | 23 | (36,870) | (33,367) |
| Other financial income | 23 | 20,671 | 12,577 |
| Other financial expenses | 23 | (18,630) | (17,266) |
| Net financial income (expense) | 23 | (34,829) | (38,056) |
| Earnings from associated companies | 8 | 4,021 | 5,096 |
| Profit (loss) before tax | 246,753 | 228,099 | |
| Income tax | 24 | (74,609) | (68,229) |
| Consolidated net income | 172,144 | 159,870 | |
| Portion attributable to minority interests | 16,149 | 11,049 | |
| Portion attributable to the Group | 155,995 | 148,821 | |
| Earnings per share (in euros) | |||
| Basic and diluted Group share of net earnings per share | 13 | 3.47 | 3.31 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
|---|---|---|---|---|---|
| (in thousands of euros) | 2020 | 2019 | |||
| Consolidated net income | 172,144 | 159,870 | |||
| Other comprehensive income | |||||
| Items not recycled to profit or loss: | |||||
| Remeasurement of the net defined benefit liability | 46 | (17,457) | |||
| Tax on non-recycled items | 307 | 4,391 | |||
| Items recycled to profit or loss: | |||||
| Net income from change in translation differences | (280,898) | (7,421) | |||
| Cash flow hedge instruments | 4,878 | 11,305 | |||
| Tax on recycled items | (1,157) | (2,919) | |||
| Other comprehensive income (after tax) | (276,824) | (12,101) | |||
| Total comprehensive income | (104,680) | 147,769 | |||
| Portion attributable to minority interests | (20,570) | 9,554 | |||
| Portion attributable to the Group | (84,110) | 138,215 |
| (in thousands of euros) | Notes | 2020 | 2019 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Consolidated net income | 172,144 | 159,870 | |
| Earnings from associated companies | (4,021) | (5,096) | |
| Dividends received from associated companies | 4,860 | 1,486 | |
| Elimination of non-cash and non-operating items: | |||
| - depreciation, amortization and provisions | 276,796 | 284,347 | |
| - deferred taxes | 5,086 | 5,852 | |
| - net (gain) loss from disposal of assets | (5,114) | (4,639) | |
| - unrealized fair value gains and losses | 128 | (22) | |
| - others | 10,693 | (16,702) | |
| Cash flows from operating activities | 1.23 | 460,572 | 425,096 |
| Change in working capital requirement | 67,647 | (42,789) | |
| Net cash flows from operating activities(1) | 26 | 528,219 | 382,307 |
| Cash flows from investing activities | |||
| Outflows linked to acquisitions of non-current assets: | |||
| - tangible and intangible assets | (319,370) | (237,484) | |
| - financial investments | (23,613) | (48,621) | |
| Inflows linked to disposals of non-current assets: | |||
| - tangible and intangible assets | 18,946 | 14,671 | |
| - financial investments | 4,912 | 17,361 | |
| Impact of changes in consolidation scope | (2,992) | (322,994) | |
| Net cash flows from investing activities | 27 | (322,117) | (577,067) |
| Cash flows from financing activities | |||
| Dividends paid | (74,282) | (73,458) | |
| Increases/decreases in capital | 250 | 500 | |
| Proceeds from borrowings | 16 | 210,729 | 428,933 |
| Repayments of borrowings | 16 | (209,432) | (43,902) |
| Repayment of lease liabilities | 16 | (62,198) | (52,519) |
| Acquisitions of treasury shares | (7,555) | (7,502) | |
| Disposals or allocations of treasury shares | 4,423 | 8,927 | |
| Net cash flows from financing activities | (138,065) | 260,979 | |
| Impact of changes in foreign exchange rates | (37,552) | 486 | |
| Change in cash position | 30,485 | 66,705 | |
| Net cash and cash equivalents - opening balance | 28 | 328,674 | 261,969 |
| Net cash and cash equivalents - closing balance | 28 | 359,159 | 328,674 |
(1) - Including cash flows from income taxes: € (34.5) million in 2020 and € (73.7) million in 2019.
| (in thousands of euros) | Capital | Additional paid-in capital |
Treasury | shares Consolidated reserves | Translation reserves | Shareholders' equity |
Minority interests |
Total shareholders' equity and minority interests |
|---|---|---|---|---|---|---|---|---|
| At January 1, 2019 | 179,600 | 11,207 | (56,144) | 2,524,952 | (400,348) | 2,259,267 | 221,474 | 2,480,741 |
| Net income | 148,821 | 148,821 | 11,049 | 159,870 | ||||
| Other comprehensive income(1) | (5,111) | (5,495) | (10,606) | (1,495) | (12,101) | |||
| Total comprehensive income | 143,710 | (5,495) | 138,215 | 9,554 | 147,769 | |||
| Dividends paid | (66,434) | (66,434) | (7,030) | (73,464) | ||||
| Net change in treasury shares | 3,728 | (1,707) | 2,021 | 2,021 | ||||
| Changes in scope of consolidation | (1,713) | (1,713) | 40,635 | 38,922 | ||||
| and additional acquisitions(2) Other changes |
(188) | (188) | 134 | (54) | ||||
| At December 31, 2019 | 179,600 | 11,207 | (52,416) | 2,598,620 | (405,843) | 2,331,168 | 264,767 | 2,595,935 |
| At January 1, 2020 | 179,600 | 11,207 | (52,416) | 2,598,620 | (405,843) | 2,331,168 | 264,767 | 2,595,935 |
| Net income | 155,995 | 155,995 | 16,149 | 172,144 | ||||
| Other comprehensive income(1) | (5,818) | (234,287) | (240,105) | (36,719) | (276,824) | |||
| Total comprehensive income | 150,177 | (234,287) | (84,110) | (20,570) | (104,680) | |||
| Dividends paid | (66,369) | (66,369) | (8,232) | (74,601) | ||||
| Net change in treasury shares | (1,171) | (1,455) | (2,626) | (2,626) | ||||
| Changes in consolidation scope and additional acquisitions |
||||||||
| Other changes | (1,676) | (1,676) | (1,659) | (3,335) | ||||
| At December 31, 2020 | 179,600 | 11,207 | (53,587) | 2,679,297 | (640,130) | 2,176,387 | 234,306 | 2,410,693 |
Other comprehensive income includes mainly cumulative conversion differences from end 2003. To recap, applying the option offered by IFRS 1, the conversion differences accumulated before the transition date to IFRS were reclassified by allocating them to retained earnings as at that date.
(2) : mainly including the minority interests connected to the acquisition of Ciplan in Brazil (see note 2)
Group translation reserves are broken down by currency as follows at December 31, 2020 and 2019:
| (in thousands of euros) | December 31,2020 | December 31, 2019 |
|---|---|---|
| US Dollar | 6,356 | 42,965 |
| Swiss franc | 206,123 | 202,323 |
| Turkish lira | (299,777) | (267,777) |
| Egyptian pound | (126,196) | (124,787) |
| Kazakh tenge | (99,069) | (89,672) |
| Mauritanian ouguiya | (10,556) | (8,676) |
| Brazilian real | (100,930) | (15,348) |
| Indian rupee | (216,081) | (144,871) |
| (640,130) | (405,843) |
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