Other operating income and expenses amounted to 239 million euro compared to 503 million euro in the previous year.
The GET program represented a further 153 million euro of restructuring costs in Fiscal 2021, compared to a total amount of restructuring costs of 191 million euro in the previous year. Impairment of non-performing assets also continued, for an amount of 27 million euro, but at a much lower level than the previous year's 234 million euro. Net losses related to consolidation scope changes were higher due to the disposal program.
As a result, the Operating Profit recovered to 339 million euro compared to 65 million euro in the previous year.
| (in millions of euro) | FISCAL 2021 | FISCAL 2020 |
|---|---|---|
| UNDERLYING OPERATING PROFIT | UNDERLYING OPERATING PROFITFISCAL 2021578 | UNDERLYING OPERATING PROFITFISCAL 2020569 |
| OTHER OPERATING INCOME | OTHER OPERATING INCOMEFISCAL 202156 | OTHER OPERATING INCOMEFISCAL 20207 |
| Gains related to consolidation scope changes | Gains related to consolidation scope changes FISCAL 202131 |
Gains related to consolidation scope changes FISCAL 20202 |
| Gain on disposals of non-current assets | Gain on disposals of non-current assets FISCAL 202112 |
Gain on disposals of non-current assets FISCAL 2020
|
| Gains on changes of post-employment benefits | Gains on changes of post-employment benefits FISCAL 20214 |
Gains on changes of post-employment benefits FISCAL 20202 |
| Other | Other FISCAL 20219 |
Other FISCAL 20203 |
| OTHER OPERATING EXPENSES | OTHER OPERATING EXPENSESFISCAL 2021(295) | OTHER OPERATING EXPENSESFISCAL 2020(510) |
| Restructuring and rationalization costs | Restructuring and rationalization costs FISCAL 2021(153) |
Restructuring and rationalization costs FISCAL 2020(191) |
| Losses related to consolidation scope changes | Losses related to consolidation scope changes FISCAL 2021(63) |
Losses related to consolidation scope changes FISCAL 2020(14) |
| Amortization of purchased intangible assets | Amortization of purchased intangible assets FISCAL 2021(33) |
Amortization of purchased intangible assets FISCAL 2020(39) |
| Impairment of goodwill and non-current assets | Impairment of goodwill and non-current assets FISCAL 2021(27) |
Impairment of goodwill and non-current assets FISCAL 2020(234) |
| Acquisition-related costs | Acquisition-related costs FISCAL 2021(5) |
Acquisition-related costs FISCAL 2020(9) |
| Losses on changes of post-employment benefits | Losses on changes of post-employmentbenefits FISCAL 2021(5) |
Losses on changes of post-employmentbenefits FISCAL 2020(4) |
| Losses related to the disposal of non-current assets | Losses related to the disposal of non-currentassets FISCAL 2021(2) |
Losses related to the disposal of non-currentassets FISCAL 2020
|
| Other | Other FISCAL 2021(8) |
Other FISCAL 2020(19) |
| OTHER OPERATING INCOME AND EXPENSES (NET) | OTHER OPERATING INCOME AND EXPENSES (NET)FISCAL 2021(239) | OTHER OPERATING INCOME AND EXPENSES (NET)FISCAL 2020(503) |
| OPERATING PROFIT | OPERATING PROFITFISCAL 2021339 | OPERATING PROFITFISCAL 202065 |
Fiscal 2021 Net financial expenses decreased to a more normal 106 million euro against the particularly high level of 291 million euro the previous year, related to the 150 million euro make-whole payment for the reimbursement of the 1.4 billion euro USPP in the fourth quarter. As a result of the combination of the two bond issues and the USPP reimbursement in the second half of Fiscal 2020, and the U.S. dollar bond issue in April 2021, average interest expenses were lower in Fiscal 2021. However, the blended cost of debt at Fiscal 2021 year end was stable at 1.6% relative to year end Fiscal 2020.
The tax charge was more or less stable at 101 million euro. The Effective tax rate on Pre-tax profit (excluding the share of profit of companies accounted for using the equity method) of 229 million euro was 43.9%. This rate is higher than normal due to the non-recognition of deferred tax assets in France (the Group restricted the recognition of deferred tax assets to the amount of the deferred tax liabilities). Excluding this factor, the underlying effective tax rate would have been 28.3%.
The share of profit of other companies accounted for using the equity method was 8 million euro, compared to 9 million euro in the preceding year. Profit attributed to non-controlling interests was -2 million euro compared to the previous year amount of -4 million euro.
As a result, Group net income was 139 million euro, compared to a net loss of 315 million euro in Fiscal 2020 . Underlying net profit adjusted for Other Operating income and expenses net of tax amounted to 346 million euro, compared to 306 million euro in Fiscal 2020 , up +13.1% at current rates and +30.5% at constant rates.
Published EPS was 0.95 euro against -2.16 euro in Fiscal 2020 . The weighted average number of shares for Fiscal 2021 was more or less stable at 146,004,484 compared to 145,778,963 shares for Fiscal 2020 .
Underlying EPS amounted to 2.37 euro, up +13.0% compared to the previous year.
The Board has decided to propose a Fiscal 2021 dividend of 2.00 euro, which includes a recurring 1.20 euro, reflecting the dividend policy of a pay-out ratio of 50% of Underlying net profit, and a very exceptional non-recurring element of 0.80 euro, reflecting the distribution of the cash related to the disposals program of about 120 million euro.
