Cash flows for the period were as follows:
| (in millions of euro) | H1 FISCAL 2021 | H2 FISCAL 2021 | FISCAL 2021 | FISCAL 2020 |
|---|---|---|---|---|
| Operating cash flow | Operating cash flow H1 FISCAL 2021405 |
Operating cash flow H2 FISCAL 2021361 |
Operating cash flow FISCAL 2021766 |
Operating cash flow FISCAL 2020670 |
| Change in working capital excluding change in BRS financial assets(1) | Change in working capital excluding change in BRS financial assets (1)H1 FISCAL 202141 |
Change in working capital excluding change in BRS financial assets (1)H2 FISCAL 2021129 |
Change in working capital excluding change in BRS financial assets (1)FISCAL 2021171 |
Change in working capital excluding change in BRS financial assets (1)FISCAL 202055 |
| IFRS 16 outflow | IFRS 16 outflow H1 FISCAL 2021(123) |
IFRS 16 outflow H2 FISCAL 2021(119) |
IFRS 16 outflow FISCAL 2021(242) |
IFRS 16 outflow FISCAL 2020(260) |
| Net capital expenditure | Net capital expenditure H1 FISCAL 2021(86) |
Net capital expenditure H2 FISCAL 2021(125) |
Net capital expenditure FISCAL 2021(211) |
Net capital expenditure FISCAL 2020(393) |
| Free cash flow(2) | Free cash flow(2)H1 FISCAL 2021237 | Free cash flow(2)H2 FISCAL 2021246 | Free cash flow(2)FISCAL 2021483 | Free cash flow(2)FISCAL 202072 |
| Net acquisitions | Net acquisitions H1 FISCAL 2021(10) |
Net acquisitions H2 FISCAL 2021(32) |
Net acquisitions FISCAL 2021(42) |
Net acquisitions FISCAL 2020(18) |
| Share buy-backs | Share buy-backs H1 FISCAL 2021(11) |
Share buy-backs H2 FISCAL 2021— |
Share buy-backs FISCAL 2021(11) |
Share buy-backs FISCAL 2020(39) |
| Dividends paid to shareholders | Dividends paid to shareholders H1 FISCAL 2021— |
Dividends paid to shareholders H2 FISCAL 2021— |
Dividends paid to shareholders FISCAL 2021— |
Dividends paid to shareholders FISCAL 2020(425) |
| Other changes (including scope and exchange rates) | Other changes (including scope and exchange rates) H1 FISCAL 2021(28) |
Other changes (including scope and exchange rates) H2 FISCAL 2021(12) |
Other changes (including scope and exchange rates) FISCAL 2021(40) |
Other changes (including scope and exchange rates) FISCAL 2020(245) |
| (Increase)/decrease in net debt | (Increase)/decrease in net debtH1 FISCAL 2021187 | (Increase)/decrease in net debtH2 FISCAL 2021203 | (Increase)/decrease in net debtFISCAL 2021390 | (Increase)/decrease in net debtFISCAL 2020(655) |
(1) Excluding change in financial assets related to the Benefits & Rewards Services activity of 45 million euro in Fiscal 2021 versus -93 million euro in Fiscal 2020. Total change in working capital as reported in consolidated accounts: in Fiscal 2021 : 216 million euro = 171 million euro + 45 million euro and in Fiscal 2020 : -38 million euro = 55 million euro - 93 million euro.
(2) The Group does not believe the accounting treatment introduced by IFRS 16 modifies the operating nature of its lease transactions. Accordingly, to ensure the Group’s performance measures continue to best reflect its operating performance, the Group considers repayments of lease liabilities as operating items impacting the Free cash flow, which integrates all lease payments (fixed or variable). To be consistent, the lease liabilities are not included in Net debt (treated as operating items).
