Earnings Release • Feb 15, 2022
Earnings Release
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L'Isle-d'Abeau, 15 February 2022
| Change | ||||
|---|---|---|---|---|
| 2021 | 2020 | Change | (at constant | |
| (reported) | scope and | |||
| (€ million) | exchange rates) | |||
| Consolidated sales | 3,123 | 2,805 | +11.3% | +16.2% |
| EBITDA | 619 | 557 | +11.1% | +14.5% |
| Margin (%) | 19.8 | 19.9 | ||
| EBIT | 360 | 298 | +20.8% | +24.1% |
| Margin (%) | 11.5 | 10.6 | ||
| Consolidated net income | 222 | 172 | +29.1% | +31.8% |
| Margin (%) | 7.1 | 6.1 | ||
| Net income, Group share | 204 | 156 | +30.9% | +33.3% |
| Cash flow | 488 | 460 | +5.9% | +8.9% |
Commenting on these figures, Guy Sidos, the Group's Chairman and CEO said:
"The dedication of Vicat's teams supported the rise of the Group's results during a year that was contrasted in a mirror effect of the previous year.
Conditions in our markets remained dynamic, supported by favourable pricing trends in a context of sustained demand. This offsets the sharp rise in energy costs and wage increases.
Through innovation successes and relevant investment choices, focused on the decarbonisation of both its manufacturing processes and of its marketed products, the Vicat Group remains focused on achieving its objectives of reducing its carbon footprint and pursuing profitable growth."
Further information about Vicat is available from its website (www.vicat.fr).
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In 2021, the Group's business grew sharply given the dynamic trends in its markets and a favourable pricing environment, almost completely offsetting the steep rise in energy costs recorded in the second half of the year. Certain markets continued to experience disruption as a result of the persistent pandemic situation in 2021, but the construction sector was able to continue operating as a result of the measures introduced.
Overall, the Group's consolidated sales totalled €3,123 million, up from €2,805 million in 2020, representing an +11.3% rise on a reported basis and a +16.2% increase at constant scope and exchange rates.
The trend in consolidated sales on a reported basis reflects:
The Group's operational sales totalled €3,558 million, up +11.5% on a reported basis and up +16.3% at constant scope and exchange rates. Each of the Group's businesses contributed to this positive trend. In the Cement business, sales (€1,914 million) rose +14.4% on a reported basis and +18.8% at constant scope and exchange rates. In the Concrete & Aggregates business, operational sales (€1,191 million) rose by +10.0% on a reported basis and by +13.1% at constant scope and exchange rates. Lastly, the Other Products & Services business (€453 million) increased by +4.3% on a reported basis and up +14.8% at constant scope and exchange rates.
The Group's consolidated EBITDA totalled €619 million in 2021, representing an increase of +11.1% on a reported basis and of +14.5% at constant scope and exchange rates. EBITDA margin was 19.8%, stable versus 2020. Reported EBITDA reflects an unfavourable currency effect of nearly €-17 million, a negative scope effect of slightly over €-2 million and, lastly, organic growth of close to €+81 million.
At constant scope and exchange rates, the increase in EBITDA was driven by:
EBIT totalled €360 million compared with €298 million in 2020. This represented an increase of +20.8% on a reported basis and of +24.1% at constant scope and exchange rates. The EBIT margin on consolidated sales came to 11.5%, an increase of +90 basis points (9.7% in 2019).
The Group's operating profit totalled €336 million, representing a rise of +21.2% on a reported basis and of +24.0% at constant scope and exchange rates. This performance was largely attributable to improvements in operating profitability at both EBITDA and EBIT levels. It also reflects an additional write-off of nearly €16 million on loans linked to investments in Egypt.
The €-5 million improvement in net financial expense (to €-30 million in 2021 from €-35 million in 2020) largely reflects the reduction in the Group's average cost of debt, as well as the positive change in hedging instruments, given the rise in interest rates over the last few months of 2021.
Tax expense rose by €-15 million as a result of the higher pre-tax income. The effective tax rate was lower than at 31 December 2020, falling from 30.7% to 29.1% in 2021. The key factors behind the reduction in the tax rate were the decline in the tax rate in France and a favourable country mix.
Consolidated net income was €222 million in 2021, representing a large rise of +31.8% at constant scope and exchange rates and of +29.1% on a reported basis.
Net income, Group share rose to €204 million, up by +33.3% at constant scope and exchange rates and +30.9% on a reported basis.
Cash flow came to €488 million, up +5.9% on a reported basis and up +8.9% at constant scope and exchange rates, reflecting the sharp increase in EBITDA generated over the year.
On the strength of these full-year 2021 results and given its confidence in the Group's ability to continue pursuing its development, the Board of Directors decided at its meeting on 11 February 2022 to propose the distribution of a dividend of €1.65 per share, at the Group's Annual General Meeting due to be held on 13 April 2022.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 1,074 | 963 | +11.5% | +10.7% |
| EBITDA | 201 | 171 | +17.9% | +17.8% |
| EBIT | 118 | 92 | +27.8% | +28.4% |
The Group's performance in France increased during the year, although the pandemic was once more a limiting factor. Strong growth in the first six months was followed by a moderate dip in the second half as a result of an unfavourable basis of comparison and the growing impact of a steep rise in energy costs. As a result, EBITDA posted an increase over the year as a whole, with a clear improvement in the EBITDA margin on consolidated sales to 18.7% from 17.7% in 2020.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 394 | 423 | -7.1% | +3.8% |
| EBITDA | 89 | 97 | -8.7% | -5.2% |
| EBIT | 55 | 55 | 0.0% | +1.4% |
The Swiss market, barely affected by the pandemic in 2020, recorded solid growth in 2021. Italy, which benefited from a highly favourable basis of comparison at the start of the year given the very challenging pandemic and macroeconomic situation in the first six months of 2020, recorded a positive performance throughout the year, supported by favourable trends in the construction market. EBITDA for the region as a whole declined -5.2% at constant scope and exchange rates given a non-recurring item recorded in Switzerland during the first half of the year.
In Switzerland, the Group's consolidated sales rose +3.0% at constant scope and exchange rates (down -8.3% on a reported basis as a result of the sale of Créabéton Matériaux effective 30 June 2021). Business there continued as normal with no significant impact on sector conditions from the pandemic. The EBITDA margin on consolidated sales stood at 23.2%.
In Italy, consolidated sales moved up +22.3% over the period. They were boosted by a favourable basis of comparison in the first half and a supportive environment throughout the year. Overall, business trends and prices improved throughout the year. EBITDA moved up +108.0% compared with 2020.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 672 | 636 | +5.7% | +11.0% |
| EBITDA | 140 | 141 | -1.3% | +3.8% |
| EBIT | 84 | 86 | -3.3% | +2.0% |
In the United States and in Brazil, business trends remained favourable despite a challenging pandemic situation. After a sharp acceleration in business trends in Brazil from the third quarter of 2020, the second half of 2021 saw a far less favourable basis of comparison. The sector environment remained supportive, however. Overall, the Americas region's sales and EBITDA both recorded growth.
In the United States, the macroeconomic and sector environment remained favourable during the year. It should be noted that first-half 2021 performance in California was impacted by an unfavourable basis of comparison given the record volumes delivered during the same period of 2020. In all, the Group's consolidated sales rose +4.9% at constant scope and exchange rates to €485 million over the full year. EBITDA totalled €96 million for the year, up +1.4% at constant scope and exchange rates.
The construction of a new 5,000-tonne/day kiln at the Ragland plant in Alabama continued in 2021. The new line, due to be commissioned in the first half of 2022, will increase the plant's capacity and therefore help meet the strong market demand, significantly reduce production costs and play a real role in reaching the Group's carbon emission targets.
In Brazil, consolidated sales reached €187 million, up +29.7% at constant scope and exchange rates. Even though the pandemic situation was critical, and the basis of comparison was unfavourable in the second half, business trends remained dynamic. EBITDA recorded solid growth throughout the year, rising to reach €43 million, up by +9.1% at constant scope and exchange rates.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 428 | 348 | +23.0% | +27.9% |
| EBITDA | 122 | 103 | +18.4% | +23.2% |
| EBIT | 88 | 68 | +28.7% | +34.0% |
The Asia region, and particularly India, was again affected by the pandemic, which was a drag on the macroeconomic and sector environment.
In India, after a first half boosted by a highly favourable basis of comparison, the second half brought a macroeconomic environment which continued to be favourable, but was affected by very strong cost inflation, especially in energy prices, and more volatile pricing trends towards the end of the year. As a result, the Group posted consolidated sales of €363 million over 2021 as a whole, up +31.0% at constant scope and exchange rates.
Overall, EBITDA came to €100 million, representing an increase of +25.3% at constant scope and exchange rates. The EBITDA margin on consolidated sales reached 27.5%.
Consolidated sales in Kazakhstan came to €65 million, up +13.6% at constant scope and exchange rates. This performance was achieved through further expansion in the Group's business in its domestic market, which made up for the drop in exports. Given this favourable geographical mix and the dynamic trends in the Kazakh market, prices rose significantly.
EBITDA moved up +15.1% at constant scope and exchange rates to reach €22 million during the year.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 228 | 173 | +31.8% | +59.2% |
| EBITDA | 3 | -11 | n.s. | n.s. |
| EBIT | -15 | -29 | +49.8% | +51.2% |
The Mediterranean region, hit by the adverse macroeconomic and sector conditions, recorded growth in both Turkey and Egypt. Overall, taking these factors into account, the Group recorded an improvement in its EBITDA in 2021.
In Turkey, even though the steady depreciation and very high volatility in the Turkish lira since August 2018 continued to impact the macroeconomic and sector environment, the construction market recovered further. Consolidated sales totalled €150 million, up +58.0% at constant scope and exchange rates. EBITDA recorded a significant increase over the year as a whole to €13 million, up from €8 million in 2020.
In Egypt, consolidated sales totalled €78 million, up +62.3% at constant scope and exchange rates. Following the market regulation agreement by the Egyptian government with all the manufacturers that entered force in July 2021, the sector environment became healthier during the second half, paving the way for a steady increase in prices amid favourable market trends. While these factors seem to be the first signs of a longawaited reversal in trend, the EBITDA recorded in Egypt was again €-10 million in negative territory over the full year (versus €-19 million in 2020), reflecting a clear improvement in the second half.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Consolidated sales | 327 | 262 | +25.1% | +24.9% |
| EBITDA | 65 | 56 | +15.2% | +15.0% |
| EBIT | 30 | 25 | +20.0% | +19.8% |
In Africa, the Group continues to benefit from a favourable sector environment, without any impact from regional geopolitical crises, supported by performance improvements at the Rufisque plant and by the commercial ramp-up in Mali.
At 31 December 2021, the Group's finances remained in good shape, with a strong equity base and net debt under control. At the same date, total equity totalled €2,606 million, compared with €2,420 million at 31 December 2020 on a pro forma basis (the 2020 figures have been restated following the IFRS IC decision on attributing benefits to periods of service under certain defined benefit plans).
Net debt totalled €1,318 million at 31 December 2021 compared with €1,202 million at 31 December 2020.
On this basis, the Group's leverage ratio stood at 2.13x (versus 2.16x at 31 December 2020) and its gearing at 50.6% (versus 49.7% at 31 December 2020 on a pro forma basis) at 31 December 2021.
The average interest rate of gross debt as of 31 December 2021 is stable at 3.1%, as is the average maturity of 5.0 years.
Given the level of Group's net debt and its balance sheet liquidity, the existence of covenants in the mediumand long-term borrowing agreements do not pose a threat to the Group's financial position. At 31 December 2021, the Group was compliant with all financial ratios required by covenants included in financing agreements.
For the sake of greater clarity, capital expenditure and free cash flow will now be presented with a distinction made between "maintenance" capex and "strategic" capex linked to operational business development decisions, which can thereby be adjusted to fit cyclical trends.
"Maintenance" capex represents investments made every year to maintain the technical performance of the Group's existing manufacturing base.
"Strategic" capex can be broken down into two categories:
| (€ million) | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Maintenance capex | 155 | 129 | 162 | |
| Strategic capex | 232 | 190 | 76 | |
| o/w capex to reduce the carbon footprint |
75 | 51 | 23 | |
| o/w growth capex | 156 | 139 | 52 | |
| Total outlays of capital expenditure | 387 | 319 | 238 | |
| Free cash flow (before strategic capex) | 295 | 418 | 234 |
|---|---|---|---|
| Free cash flow (calculated based on all capital expenditure) |
63 | 228 | 159 |
Maintenance capex amounted to €155 million in 2021, compared with €129 million in 2020.
On this basis, free cash flow (before strategic capex) came to €295 million, compared with €418 million in 2020 and €234 million in 2019.
A large portion of the €156 million in growth capex committed in 2021 reflects the continuing construction of the new Ragland kiln in the United States.
Lastly, the Group's capex to reduce the carbon footprint totalled €75 million in 2021, reflecting a steady rise since 2019 as it accelerated the pace of projects launched as part of the Climate strategy. In this regard, the Group can restate that the amount of capital expenditure to be committed to reducing its carbon footprint is estimated at €800 million until 2030, or €80 million p.a. on average.
The Vicat Group has increased its stake in CIPLAN (Brazil) by an additional 8%, increasing it to 74.13%. This additional stake corresponds to the realisation of the liability guarantee of the previous majority shareholder.
During 2021, the Group continued its vertical integration strategy in the Concrete and Aggregates business, making small, targeted acquisitions in France and Switzerland to strengthen its local network.
On 22 December 2021, Vicat became a majority shareholder in Béton Direct, a website selling ready-mix concrete that exclusively targets individual consumers and craftsmen. This acquisition supports the Vicat's strategy in France on two fronts: net zero emissions and the digital transformation. The acquisition of this
advanced e-commerce technology represents an opportunity for the Vicat group and Béton Direct to increase their position in direct sales to consumers, a segment in which demand is rising. The cost of the transaction has not been disclosed, but should not be regarded as material given the size and financial strength of the Vicat Group.
The investment in a new 5,000-tonne/day kiln at the Ragland plant in Alabama, which began in 2019, continued in 2021. In line with the original plan, the new manufacturing facility employing the latest cement production technologies is due to be commissioned during the first half of 2022. It's a "global" project with multiple dimensions:
The Group, via its subsidiary SOCOCIM Industries, has decided to launch a €240 million investment plan with a view to building a new kiln line in order to meet the following targets:
The new production facility is scheduled for commissioning in 2024.
The Vicat Group and the Haffner Energy group have entered into an industrial agreement, which has been confirmed with the acquisition of a stake in Haffner Energy in the context with the latter's IPO on 15 February 2022. Under this agreement, Vicat and Haffner Energy are pooling their expertise to develop decarbonisation solutions as part of the Vicat Group's overall strategy to reduce its carbon footprint. Haffner Energy designs and supplies technologies and services for producing decarbonised hydrogen from the thermolysis and steam reforming of sustainable biomass thanks to its HYdrogen NO CArbon ("Hynoca®") process. This process can produce hydrogen at a highly competitive price while sequestering 16 kg of CO2per kg of hydrogen produced.
On 12 January, the Vicat Group announced it had developed a binder that retains all the properties and uses of traditional cement with the benefit of a carbon footprint corresponding to a net emissions level of less than 0 kg of CO2 equivalent per tonne.
Including verified Environmental Information Modules, this new binder reaches the following emission levels net of CO2:
Initially, this innovative new binder is intended for the French market to meet the existing and future requirements of the new RE2020 building regulations.
In the context of its deployment, several prerequisites before it can go on sale in France will be addressed:
Note that this low-carbon binder will be subject to a standardisation procedure that may take several years in France (around 5 years) and in Europe (around 10 years). However, this stage is not a prerequisite for its launch on the market once the ATEX and ATEC permits have been granted.
In 2022, the Group anticipates another increase in its activity levels and an improvement in its financial performance. As a result, the EBITDA generated by the Group in 2022 is likely to grow, but not by as much as in 2021.
The Group will be supported by a macroeconomic and sector environment that is expected to remain broadly favourable, with an anticipated price hike that should help offset the steep rise in energy costs, currently estimated at around 30%.
Even so, strong seasonal effects are likely to be a factor during the year, with:
In 2022, the Group will keep up its investment drive, focusing chiefly on:
start of construction work on the new kiln (Kiln 6) in Senegal;
the ramp-up in projects to meet carbon footprint reduction targets;
Accordingly, capital expenditure is expected to be higher than in 2021 at around €400 million, including 130 million in "maintenance" investments and 270 million in "strategic" investments. The Group reserves the right to adjust its investment plans, by reducing, if necessary, the proportion of its "growth" capex, to match the shifting trends in its markets and its cash-flow generation.
The Group is issuing the following elements of appreciation about 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 and the latter's impact on each of them:
To accompany this publication, the Vicat Group is organising an information meeting in French at 10:00 am on 16 February 2022 at Pavillon Ledoyen, 8 avenue Dutuit, 75008 Paris.
In addition, Vicat is holding a conference call in English on 16 February 2022 at 3 pm Paris time (2 pm London time and 9 am New York time).
To take part in the conference call live, dial in on one of the following numbers: France: +33 (0)1 70 37 71 66 UK: +44 (0)33 0551 0200 US: +1 212 999 6659
The conference call will also be livestreamed from the www.vicat.fr website. A replay of the conference call will be immediately available for streaming via the Vicat website or by clicking here.
The presentation supporting the event will be available on Vicat's website or by clicking here from 10:00 am.
Annual General Meeting, 13 April 2022
| 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 close to 9,500 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €3.123 billion in 2021. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. Vicat, a family-owned group, is the heir to an 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.
The full 2021 consolidated financial statements, together with the notes, are now available on the Company's website at: www.vicat.fr.
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Volume (thousands of tonnes) | 28,141 | 25,043 | +12.4% | |
| Operational sales | 1,914 | 1,673 | +14.4% | +18.8% |
| Consolidated sales | 1,633 | 1,421 | +14.9% | +19.4% |
| EBITDA | 456 | 415 | +9.9% | +13.2% |
| EBIT | 300 | 264 | +13.5% | +16.9% |
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Concrete volumes (thousands of m3 ) |
10,472 | 9,309 | +12.5% | |
| Aggregates volumes (thousands of tonnes) |
23,998 | 22,713 | +5.7% | |
| Operational sales | 1,191 | 1,083 | +10.0% | +13.1% |
| Consolidated sales | 1,158 | 1,050 | +10.3% | +13.2% |
| EBITDA | 133 | 121 | +10.4% | +12.3% |
| EBIT | 49 | 34 | +45.8% | +47.2% |
| (€ million) | 2021 | 2020 | Change (reported) |
Change (at constant scope and exchange rates) |
|---|---|---|---|---|
| Operational sales | 453 | 434 | +4.3% | +14.8% |
| Consolidated sales | 332 | 334 | -0.6% | +11.9% |
| EBITDA | 30 | 21 | +39.0% | +51.9% |
| EBIT | 11 | 0 | n.s. | n.s. |
| 2021 | 2020 | |
|---|---|---|
| Revenue | 3,122,940 | 2,805,162 |
| Goods and services purchased | (2,002,119) | (1,720,244) |
| Added value | 1,120,821 | 1,084,918 |
| Employees expenses | (483,699) | (489,921) |
| Taxes | (56,968) | (62,078) |
| Gross operating income | 580,154 | 532,919 |
| Other operating income (expenses) | 38,964 | 24,396 |
| EBITDA | 619,118 | 557,315 |
| Net charges to operating depreciation, amortization and provisions | (259,196) | (259,467) |
| EBIT | 359,922 | 297,848 |
| Other non-operating income (expenses) | (28,291) | (6,080) |
| Net charges to non-operating depreciation, amortization and provisions | 4,793 | (14,207) |
| Operating income (expense) | 336,424 | 277,561 |
| Cost of net financial debt | (28,442) | (36,870) |
| Other financial income | 19,363 | 20,671 |
| Other financial expenses | (20,919) | (18,630) |
| Financial income | (29,998) | (34,829) |
| Share of profit (loss) of associates | 5,156 | 4,021 |
| Profit (loss) before tax | 311,582 | 246,753 |
| Income tax | (89,398) | (74,609) |
| Consolidated net income | 222,184 | 172,144 |
| Portion attributable to minority interests | 18,005 | 16,149 |
| Portion attributable to the Group | 204,179 | 155,995 |
| EARNINGS PER SHARE (in euros) | ||
| Basic and diluted earnings per share | 4.55 | 3.47 |
| (in thousands of euros) | December 31, 2021 | December 31, 2020 (1) |
|---|---|---|
| Goodwill | 1,157,232 | 1,118,874 |
| Other intangible assets | 173,653 | 170,812 |
| Property, plant and equipment | 2,169,041 | 1,987,852 |
| Right of use related to leases | 195,112 | 186,829 |
| Investment properties | 32,218 | 14,831 |
| Investments in associated companies | 92,774 | 77,873 |
| Deferred tax assets | 68,012 | 68,965 |
| Receivables and other non-current financial assets | 219,241 | 239,176 |
| Total non-current assets | 4,107,283 | 3,865,212 |
| Inventories and work-in-progress | 429,243 | 354,937 |
| Trade and other accounts | 436,219 | 440,874 |
| Current tax assets | 6,947 | 3,328 |
| Other receivables | 206,475 | 152,496 |
| Cash and cash equivalents | 527,393 | 422,843 |
| Total current assets | 1,606,277 | 1,374,478 |
| TOTAL ASSETS | 5,713,560 | 5,239,690 |
| (in thousands of euros) | December 31, 2021 | December 31, 2020 (1) |
|---|---|---|
| Capital | 179,600 | 179,600 |
| Additional paid-in capital | 11,207 | 11,207 |
| Treasury shares | (52,194) | (53,587) |
| Consolidated reserves | 2,800,755 | 2,689,713 |
| Translation reserves | (579,950) | (640,805) |
| Shareholders' equity, Group share | 2,359,418 | 2,186,128 |
| Minority interests | 246,681 | 234,310 |
| Total shareholders' equity | 2,606,099 | 2,420,438 |
| Provisions for pensions and other post-employment benefits | 108,529 | 125,860 |
| Other provisions | 104,974 | 116,764 |
| Financial debts and put options | 1,291,434 | 1,270,162 |
| Lease liabilities | 159,883 | 157,563 |
| Deferred tax liabilities | 219,800 | 214,196 |
| Other non-current liabilities | 23,927 | 37,999 |
| Total non-current liabilities | 1,908,547 | 1,922,544 |
| Provisions | 10,381 | 13,522 |
| Financial liabilities and put options at less than one year | 371,119 | 165,375 |
| Lease liabilities at less than one year | 55,502 | 47,382 |
| Trade and other accounts payable | 459,647 | 375,329 |
| Current taxes payable | 27,558 | 24,557 |
| Other liabilities | 274,707 | 270,543 |
| Total current liabilities | 1,198,914 | 896,708 |
| Total liabilities | 3,107,461 | 2,819,252 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,713,560 | 5,239,690 |
(1) 2020 figures have been restated based on IFRS IC about the periods of service to which a company attributes benefit for a particular type of defined benefit plan.
| (in thousands of euros) | 2021 | 2020 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Consolidated net income | 222,184 | 172,144 |
| Share of profit (loss) of associates | (5,156) | (4,021) |
| Dividends received from associated companies | 1,208 | 4,860 |
| Elimination of non-cash and non-operating items: | ||
| - depreciation, amortization and provisions | 255,811 | 276,796 |
| - deferred taxes | 5,717 | 5,086 |
| - net gain (loss) from disposal of assets | (7,622) | (5,114) |
| - unrealized fair value gains (losses) | (3,625) | 128 |
| - others | 19,070 | 10,693 |
| Cash flows from operating activities | 487,587 | 460,572 |
| Change in working capital | (48,674) | 67,647 |
| Net cash flows from operating activities (1) | 438,913 | 528,219 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Outflows linked to acquisitions of non-current assets: | ||
| - tangible and intangible assets | (386,570) | (319,370) |
| - financial investments | (40,157) | (23,613) |
| Inflows linked to disposals of non-current assets: | ||
| - tangible and intangible assets | 10,759 | 18,946 |
| - financial investments | 4,105 | 4,912 |
| Impact of changes in consolidation scope | (31,005) | (2,992) |
| Net cash flows from investing activities | (442,868) | (322,117) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Dividends paid | (74,116) | (74,282) |
| Increases/decreases in capital | 0 | 250 |
| Proceeds from borrowings | 331,443 | 210,729 |
| Repayments of borrowings | (140,122) | (209,432) |
| Repayment of lease liabilities | (52,963) | (62,198) |
| Acquisitions of treasury shares | (22,887) | (7,555) |
| Disposals or allocations of treasury shares | 24,701 | 4,423 |
| Net cash flows from financing activities | 66,056 | (138,065) |
| Impact of changes in foreign exchange rates | 9,182 | (37,552) |
| Change in cash position | 71,283 | 30,485 |
| Net cash and cash equivalents - opening balance | 359,159 | 328,674 |
| Net cash and cash equivalents - closing balance | 430,442 | 359,159 |
(1) :
Of which cash flows from income taxes: (€84.3 million) in 2021 and (€34.5 million) in 2020.
Of which cash flows from interest paid and received: (€27 million) in 2021 including (€10.2 million) for financial expenses on IFRS 16 leases and (€36 million) in 2020 including (€9.7 million) for financial expenses on IFRS 16 leases.
| (in thousands of euros) | Capital | Additional paid-in capital |
Treasury shares |
Consolidated reserves |
Translation reserves |
Shareholders' equity, Group share |
Minority interests |
Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|
| At January 1, 2020 (1) | 179,600 | 11,207 | (52,416) | 2,606,610 | (405,786) | 2,339,215 | 264,767 | 2,603,982 |
| Net income | 155,995 | 155,995 | 16,149 | 172,144 | ||||
| Other comprehensive income (1) (2) |
(3,394) | (234,959) | (238,353) | (36,719) | (275,072) | |||
| Total comprehensive income |
0 | 0 | 0 | 152,601 | (234,959) | (82,358) | (20,570) | (102,928) |
| Dividends paid | (66,369) | (66,369) | (8,232) | (74,601) | ||||
| Net change in treasury shares |
(1,171) | (1,455) | (2,626) | (2,626) | ||||
| Other changes | (1,674) | (60) | (1,734) | (1,655) | (3,389) | |||
| At December 31, 2020 (1) |
179,600 | 11,207 | (53,587) | 2,689,713 | (640,805) | 2,186,128 | 234,310 | 2,420,438 |
| At January 1, 2021 | 179,600 | 11,207 | (53,587) | 2,689,713 | (640,805) | 2,186,128 | 234,310 | 2,420,438 |
| Net income | 204,179 | 204,179 | 18,005 | 222,184 | ||||
| Other comprehensive income (2) |
5,387 | 60,855 | 66,242 | 7,666 | 73,908 | |||
| Total comprehensive income |
0 | 0 | 0 | 209,566 | 60,855 | 270,421 | 25,671 | 296,092 |
| Dividends paid | (66,314) | (66,314) | (7,890) | (74,204) | ||||
| Net change in treasury shares |
1,569 | 174 | 1,743 | 1,743 | ||||
| Changes in scope of consolidation and additional acquisitions |
(26,024) | (26,024) | (5,328) | (31,352) | ||||
| Other changes | (6,535) | (6,535) | (82) | (6,617) | ||||
| AT DECEMBER 31, 2021 |
179,600 | 11,207 | (52,018) | 2,800,580 | (579,950) | 2,359,419 | 246,681 | 2,606,099 |
(1) 2020 figures have been restated based on IFRS IC about the periods of service to which a company attributes benefit for a particular type of defined benefit plan .
(2) Breakdown by nature of other comprehensive income: Other comprehensive income includes mainly cumulative translation adjustments 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.
| in thousands of euros) | 2021 | 2020 (1) |
|---|---|---|
| Consolidated net income | 222,184 | 172,144 |
| Other comprehensive income | ||
| Items not recycled to profit or loss: | ||
| Remeasurement of the net defined benefit liability | 7,350 | 3,328 |
| Other items not recycled to profit and loss | (2,127) | 0 |
| Tax on non-recycled items | (2,574) | (547) |
| Items recycled to profit or loss: | ||
| Changes in currency translation adjustments | 69,699 | (281,574) |
| Cash flow hedge instruments | 1,946 | 4,878 |
| Tax on recycled items | (386) | (1,157) |
| Other comprehensive income (after tax) | 73,908 | (275,072) |
| TOTAL COMPREHENSIVE INCOME | 296,092 | (102,928) |
| Portion attributable to minority interests | 25,671 | (20,570) |
| Portion attributable to the Group | 270,421 | (82,358) |
(1) 2020 figures have been restated based on IFRS IC about the periods of service to which a company attributes benefit for a particular type of defined benefit plan.
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