As the effects of the pandemic receded progressively during Fiscal 2021, cash inflows improved. As a result, Free cash flow was 483 million euro against 72 million euro in Fiscal 2020. Operating cash flow improved to 766 million euro against 670 million euro in Fiscal 2020. The IFRS 16 adjustment of 242 million euro is also relatively stable compared to the previous year of 260 million euro. Working capital improved significantly during the year. This was due to strict cash management, progressive improvement in activity and continued government aid.
Net capital expenditure, including client investments, at 211 million euro, or 1.2% of revenues, was below the previous year levels of 393 million euro and 2% of revenues. This was impacted by several asset disposals due principally to the early exit of two large contracts, amounting to 72 million euro. Excluding this, capital expenditure to sales would have been 1.6%.
While contract-linked capital expenditure in some segments was mostly delayed in the year due to the effect of the pandemic, IT investment was maintained and the digitization of Benefits & Rewards continued, with investments running at 9.2% of revenues. The Business & Administrations capital expenditure to sales ratio was at 0.5%, well below the normal level, impacted by the reimbursement of capex linked to accountexits in Sports & Leisure. On the other hand, relative to Fiscal 2020, the capital expenditure to sales ratio for Healthcare was more or less stable at 0.7% and Education increased by +20 bps to 1.2%. There was some increase in investment at the end of the second half. Given the Group's mix of segments and geographies, and in a normal environment, this rate should be running at around 2.5% of revenues.
As a result, cash conversion of 347% is well above the objective of 100%. This performance is also attributable in part to delays in certain specific elements such as the cash effect of restructuring costs, government Covid-linked payment delays and reimbursement of the Tokyo Olympics hospitality packages, now expected to occur in Fiscal 2022.
Having paused acquisitions from March 2020 due to the Covid-19 crisis, activity picked up in Fiscal 2021 with acquisition spend of 62 million euro, partially off set by disposals of 20 million euro . The absence of a dividend on Fiscal 2020 earnings due to the Covid pandemic favorably impacted the levelof total cash flow.
After taking into account Other changes, consolidated net debt decreased by 390 million euro during the year to 1,478 million euro at August 31, 2021 .
Fiscal 2021 was an active year, with :
Overall acquisition costs, net of disposals, amounted to 42 million euro.
