Good morning, ladies and gentlemen. I'd like to thank you for taking part in this virtual meeting for our consolidated results 2020. I hope very soon we'll once again have the pleasure of meeting with you in person for our financial results. At my side, of course, you recognize Maxime Séché, the CEO, and Baptiste Janiaud, our CFO. In the sidelines, Manuel Andersen, always Director of Investor Relations, who will be only too happy to receive your questions by email. He will hand them on to us toward the end of our presentation, and of course, we'll be only too happy to answer those questions at that time. After this unparalleled year, Séché Environnement has yet again shown its resilience in its business lines, its operational performance, as well as financial and environmental performance. Contributed revenue, representing Séché Environnement's economic revenue, slightly down by 2% compared to 2019.
This downturn you'll discover is mainly due to some geographies that were more hard hit by the pandemic, such as our subsidiaries in Latin America and the Solarca company, which operates worldwide. Elsewhere, growth recovered and sometimes stronger than before the crisis. EBITDA and income from continuing operations, both are strong. Gross and current operational profitability grow beyond our initial targets. Cash flow generation is strong, enabling us to slightly reduce net financial debt and stabilize financial leverage at 3.1 times EBITDA, which is the same level as at the end of 2019. I won't encroach on the points that Baptiste will be making later, but I would like to emphasize the fact that in 2020, Séché Environnement reached and also went beyond its initial growth targets, also for operational profitability and its targets regarding its financial situation, which it had set its sights on back in 2018.
This performance confirms the relevance of our development strategy in sustainable markets, as well as our profitability and leverage. I'll come back to the various points in a moment. 2020 performance clearly shows trust in the future of our group, both in France and internationally, and in the sustainability of our profitable growth momentum. As in 2020, where we maintained the dividend during the crisis because we were confident in meeting our objectives, we will be paying out in 2021 a dividend of €0.95 per share, which is a payout of 54% of earnings per share. As I said, our group confirms once again the resilience of its business model of sustainable growth.
We owe this resilience, first of all, to the constant commitment of our staff in this company, who've continued with their mission amidst our clients at the facilities, in spite of any concerns, or also from their homes, in spite of any difficulties. I would like to say to them today on behalf of the board of directors, our gratitude for this. We also owe this resilience to the agility of the way we are organized. Very early on, we decided on measures that enabled us to preserve the health of our employees and availability of our facilities. We always maintained our economic and ecological objectives, and you can see this reflected in 2020 figures. We've always been able to serve our customers and ensure our missions regarding the environment.
We also owe this resilience to the relevance, the appropriateness of our development strategy, focusing on important business areas of the circular economy, ecological transition, and control of hazardous elements. Our business lines cover societal considerations that are long-term considerations and also highly visible markets. These respond to sustainability imperatives of all businesses, industry, and local governments. We preserve essential areas of human health as well as protection of the environment and living space. Currently, we define ourselves as specialists in all of these areas. We're very much sustainably at the center of human society and business. Our model for growth is based on seeking innovation to serve our clients, whether we're talking about the circular economy, reusing resources and materials and energy, or other related businesses having to do with controlling hazardous items.
We position ourselves as an expert in complex waste materials, requiring implementation of sophisticated cutting-edge technological solutions for strategic and resilient clients such as healthcare companies, pharmaceuticals, chemistry, energy, and raw materials. Also we're talking about local governments and public health services. In 2020, we improved our environmental performance as well as the environmental performance of our clients, especially when it comes to countering climate change. An example, last year, our facilities at Salaise were able to triple their provision of green energy to their clients after refurbishment for Osiris Chemistry in the Lyon region. As you'll see, this achievement is a major reference of the circular economy applied to industrial waste, as well as hazardous waste, an example of our contribution to decarbonization of the economy. In 2020, we won significant contracts from local governments, again, in the area of the circular economy.
For instance, I think of the Solena project in Aveyron, and the contract for management at Move in the Montauban city. This completes our regional arrangements in these areas, as well as our ability to propose a local offering tailored and suited to the environmental strategy in these territories. In 2020, internationally now, among other things, we successfully worked to acquire the Spill Tech company in South Africa, which is a specialist in environmental emergency areas. A good fit with Interwaste. The acquisition bolsters our presence as a group, as a major operator in environmental businesses in South Africa. Maxime will come back to all these points in greater detail. The point I'm making is that our internal and external momentum for growth has never slowed. Today, Séché Environnement is strong thanks to its ability to technological innovation, its environmental expertise, its operational and financial agility.
These are assets which enable us to look forward to the future confidently for 2021 and farther down the road. At the beginning of 2021 now, Séché Environnement broadly has gotten back to its pre-crisis levels of business activity. In France and internationally, the group is stronger. Our scope of activities has broadened, our operating margins have grown, and we can see evidence in our financial flexibility. We've been able to generate recurring cash on hand, cash flow. 2021 will see resumption of growth in revenue for all of our geographies, specifically internationally. 2021 will be a year where operational profitability, both current and gross, will grow again. 2021 will be a year when we'll continue with our policy of industrial efficiency and selectiveness of industrial investments to maximize generation of cash flow and reduce financial leverage below three times EBITDA.
Now, of course, there are remaining uncertainties as to how the pandemic will evolve and its knock-on effects to the economy. I'm convinced that we will be able to overcome all of this. Therefore, I am confident that we will reach our targets as defined toward 2022. The targets are as follows, contributed revenue between EUR 750 million and EUR 800 million, 30% of which from international business. EBITDA between 21% and 22% of contributed revenue. Financial leverage, substantially below three times EBITDA. Before handing over to Maxime Séché, I would like to repeat to you my confidence that we will not sway from this trajectory of profitable, sustainable revenue, which creates value for the environment and sustainable development. Maxime, I'd like to ask you to go into further detail on achievements in 2020. [Foreign language] [Foreign language] Thank you very much. Good morning to one and all.
To talk to you about our 2020 performance, of course, we'll be looking at the impact of the health crisis, and we'll look at how we were able to address this. We'll also see that in 2020, it was also a year of achievements and development, enabling us to be confident in our roadmap looking toward 2022. The impact of the health crisis on our earnings mainly was to be seen in Q2. As of Q3, we started to once again see comparable revenue levels versus 2019. Drop in revenue in 2020 was just 2.2% therefore. During our previous financial meeting, we said we expected H2 of 2020 would be in line with H2 of 2019. It was actually even much better in terms of operating profitability.
H2 was dynamic thanks to the agility of the way we're organized and our responsiveness and our positioning in highly visible markets. We're an essential sector. Thanks to our expertise and our know-how, we were therefore able to continue delivering our services to our clients, both local governments and industry, which in turn were able to continue their activities. Our activity was resilient in France. Internationally, our activity is recovering as well, but somewhat slower. In spite of the overall context of crisis, we continued our efforts on industrial efficiency, having a positive impact on productivity of our facilities and profitability of the group. I'll come back to the points with the example of salaise. We also maintained our financial discipline, managing WCR and controlling investments.
We were able to reduce our financial debt and maintain our leverage at 3.1x EBITDA, which is the same level as in 2019. Our performance in 2020 is also to be viewed in terms of non-financial performance, focusing on our 3 priorities: speeding up transition toward the circular economy, improving our carbon footprint, and lastly, preserving biodiversity. Regarding speeding up the circular economy, the energy transition, our position is in recycling with high added value, which includes traceability at every stage of the process of recovery, such as generating solvents or purification of synthesis intermediary elements using one of our subsidiaries called Speichim Processing. We have loops of circular economy in the area of hazardous waste. We'd point out furthermore, we increased our renewable energy production by 40%. Currently, we're self-sufficient in energy production more than two times over.
Regarding improvement of our carbon footprint. Our activities of energy recovery enable us to avoid the equivalent of the production of a city of 10,000 inhabitants, such as Dinan in France. Our activities of processing industrial gas, such as those that have a high climate warming effect, enable us to avoid the emissions of the equivalent of a city of 400,000 inhabitants, such as Toulouse. In 2020, our commitment to preserve biodiversity once again was recognized. For instance, we are one of the 11 top French companies to be recognized for our commitment to the alliance called act4nature international. We are currently defining ambitious targets having to do with the three topics, and we will outline them for you at an upcoming investors day. As I said previously, we've continued our development in this unparalleled context.
It's true our teams were highly mobilized, having to work on the health crisis. In 2020, we continued growing. In a circular economy, among other things, Montauban and Ivry-sur-Seine, and then internationally with the acquisition of Spill Tech in South Africa. To come back to the circular economy, we tripled the quantity of steam provided to industry at the Roussillon chemistry platform called Osiris. That steam produced by our incinerator is transported via a pipeline, making it possible to provide 320 gigawatt hours, about half of the energy requirements for all the industrial companies at the Osiris platform. This new energy supply was the opportunity to close a coal-fired boiler at Osiris, therefore reducing greenhouse gas emissions by 30%. This is a great example of our contribution to countering global warming. All this made possible thanks to the rebranding of Séché.
Thanks to a significant investment made in the fall of 2019, which further improved utilization rate of the facility. With an increase in the pace of around 20%, speed raised by 20%, increasing volumes treated by 5%, so energy production was greater that was then distributed to the platform. There are two further examples of development in 2020. In the circular economy, regarding non-hazardous waste. In Le Vigeant, we obtained the permit for a treatment and recovery facility for non-hazardous waste. This is a contract that is 25 years. It's a sorting and recovery facility for residual household waste, as well as other economic activity waste, as well as a storage center. We're very pleased at this project. It's enabled us to reconvert some industrial brownfield areas. In Montauban, we won the bid for providing a public service for the non-hazardous waste incinerator.
This is a unit for energy recovery, which will be treating the waste from 150,000 some inhabitants, providing heat to 34,000 inhabitants, which is half of the inhabitants of the Montauban community area. We'll be producing energy, electricity as well, which would supply approximately 15,000 persons. We're showing through this additional coverage of the country, as well as complementarity of existing facilities. Most importantly, we're enhancing further our performance in terms of the circular economy for our clients in these territories. Another example of growth, the acquisition of Spill Tech in South Africa. Spill Tech is a specialist in environmental services to industry. This acquisition represents around EUR 29 million in revenue and approximately EUR 8 million in EBITDA. This acquisition is a bolt-on to our activities in South Africa. There's great commercial, industrial, and geography complementarity with Interwaste. A reminder, we acquired Interwaste in 2019.
In South Africa, we're present throughout the value chain in services with Spill Tech and logistics as well as treatment with Interwaste. South Africa now represents a strategic focus for organic development of our group. We're bullish on the medium-term prospects for the market there. We are confident and very positive, favorable outlook for 2021. Growth in revenue, good orientation of markets in France and internationally. We'll continue our efforts to further boost productivity through our industrial efficiency policies. We'll be optimizing usage rate of some of our capacities. We'll be continuing improving operational profitability in France. We're targeting an improvement in EBITDA margin, 21% in the group, which means as of 2021, once again, we'll resume a strategy of growth in our development investments in France and outside of France. Our priority will continue to be a target of a sound, solid balance sheet and strong liquidity.
I'll hand the floor to Baptiste now, who will go through these results in detail for you, 2020, and I'll talk about the outlook 2021.
Thank you, Maxime. Good morning to you all. I'll begin, as I usually do, with the key financials that characterize 2020, beginning, of course, with contributed revenue that comes in at EUR 672.5 million, minus 2% on a reported basis, minus 8% constant ForEx and scope. There's a time segmentation with H2 slightly up, plus 0.4% on a reported basis, plus 1.8%, the ForEx impact that reflects, as was said, the resilience and the rebound of activities. A second segmentation that's geographic, with activity in France representing 77% of revenue, very close to that of last year, and international down 9%, heavily penalized by the health crisis during H1. EBITDA, EUR 137 million, plus 1.2%, with a marked increase in operating profitability, 20.4% of revenue versus 19.7% in 2019. Similarly, H2 very contributive, with good availability of our treatment tools, up 16% versus H2 2019.
Current operating income pretty much flat, coming in at EUR 47.5 million. Operating income down EUR 2.5 million. That's linked to acquisition costs and the cancellation of certain projects and cancellation. Financial incomes minus EUR 4 million, down EUR 2.9. EUR 1.2 million linked to the financing cost of gross debt that was refinanced midterm following last year's acquisition. EUR 1.7 million followed an unfavorable foreign exchange in South Africa and Peru. Net income, EUR 13.8 million. Industrial CapEx that are contained more about that at EUR 63.6 million to post a positive free operating cash flow and to reduce net debt, with the net debt at the end of 2020 coming in at EUR 450 million. Moving through an analysis of the business. Regarding revenue, we note a scope effect linked to the acquisition of Mecomer that wasn't consolidated H1 2019 for EUR 13.6 million.
ForEx strongly negative in 2020, EUR 10.2 million, a negative organic change of EUR 17.8 million. That's the result of delayed activity in hazardous waste, primarily in Latin America, and as was said, through significant delays at Solarca. When we analyze both quarterly and geographic activity, we see on the left-hand chart the change in French revenue, where we see that the health crisis primarily impacted Q2 with an impact of -14%.
That was swiftly absorbed with a Q3 that rebounded up 3.6%, Q4 that was dynamic last year and was particularly strong in 2020, coming in up 6.4%. International, on a reported basis, -9%. The cycle is clearly deeper. We have a recovery underway after a Q2, posting a quarterly number of EUR 30.6 million. We see an improvement into Q3 at EUR 38.8 million, an improvement in Q4, EUR 40 million with mixed situations from one geography to another.
Resilience in Europe with a very resilient business in Italy with our acquisition of Mecomer. An increase overall at constant ForEx of the South African business +35% and a particularly deteriorated situation in Latin America and Solarca, with a decrease in revenue of 38%. Switching now to non-hazardous and hazardous waste in our various value chains. There we see sustained activity for non-hazardous waste, 39% of revenue, +10% increase in activity in 2020, with a very strong dynamism in Q4. We see in the chart bottom right a strong catch-up in H2 with sustained activity in storage and pollution remediation activities, and a negative impact to the tune of EUR 9 million for Sénerval. In spite of that negative impact, we're posting activity up 10%. International now. We see an increase in activity, EUR 31 million-EUR 40 million, with a significant contribution from Interwaste.
Hazardous waste now 61% of revenue, -9 on a reported basis, -11 at constant scope and ForEx, markedly down in Latin America and global activities. Moving quickly to the activity mixed waste mix, where we find the previous numbers. I suggest we move straight to the operating income results. This chart shows the time segmentation mentioned with EBITDA first half that was down, also for current operating income in H2 sharply up 15.9% for EBITDA, +34% for COI. By geography now. What's interesting to note is the improvement in the EBITDA margin in France going 20.2%-25%, very close to the target that we set ourselves for 2022, with a positive contribution of all our activities, treatment, recovery, services, in spite of a negative impact on Sénerval of EUR 7.6 million.
International, we see a decrease in EBITDA EUR 5.2 million, with a limited impact on treatment and recovery thanks to load adjustments to take account of the actual activity. EBITDA not very impacted in Latin America and South Africa, excluding ForEx. A strong impact on services. This decrease essentially due the decrease in EBITDA international by our service activities linked to Solarca. Obviously, there's a decrease of EBITDA of 18.9% to 5.2%. Excluding Solarca, the EBITDA margin is maintained at 18%. We note another interesting factor is that in H2, the EBITDA margin internationally is maintained at 18%. When we home in on price and volume effects, obviously there's a scope effect of EUR 2.6 million linked to negative ForEx, EUR 1.2 million constant scope and ForEx.
There's a negative volume impact on our activities, no surprise, linked to the trend in revenue, and a very positive price effect, +27%, which 80% offsets this negative volume effect. Strong containment of operating expenses with a change in our cost base, waiting for a return to activity. This adjustment impacts EBITDA positively to the tune of EUR 15.7 million with cost reductions that vary the outsourcing commercial expenses, travel expenses, trade fairs, one-offs that are negative for EBITDA, obviously. In the EUR 9 million, you'll find Sénerval for EUR 7.6 million. Overall, current operating income is stable with, in France, a marked improvement in the operating margin going from 6.2% to 7.9% in 2020, which is a strong improvement. Mechanically, COI international, which is the result of the decrease in EBITDA and appropriations to depreciations and provisions. Stronger Italy, Peru, Chile, and South Africa.
Moving down through the P&L, we have current operating income, which is one of the impacted by company combinations following expenses incurred, putting in place of a partnership, Black Empowerment in South Africa, acquisition costs and restructuring costs, primarily in Peru. Financial expense EUR 20.4, EUR 1.3 million linked to the increase in net financial debt and EUR 1.7 million linked to the deterioration in the exchange rate of the South African rand and the conversion of loan in U.S. dollars in Peru. Those transactions ended in 2020. Effective tax rate flat at 35%, no provision impact. Companies consolidated at equity EUR 1.5 million following the program closure of a facility, consolidated equity net income group comes in at EUR 13.8 million. Throughout the year, the priority was given to selective CapEx and containment of CapEx to protect our cash flow.
We're posting at the end of 2020, EUR 63.6 million in total, EUR 43.2 million recurring investment, 6.4% of revenue, and EUR 20 million of non-recurring and developments. Obviously, the new ERP is included in that as well as development CapEx for new capacities at Mecomer. These non-deferrable investments rapidly accretive, all this with an eye to efficiency and stricter selection in terms of the amount. In spite of the decrease in activity, the group posting strong free cash flow generation, our priority, one of the foremost priorities throughout the year, posting a slight debt reduction at the end of the year.
We stay at our investments in a disciplined way. Free operating cash flow before dividend non-recurring CapEx coming in at EUR 63 million, markedly up thanks to an improvement in EUR 11 million in WCR and a return to normality versus June 30 on the amount of customer receivables.
No automatic effect linked to the decrease in activity. Moving to net financial debt. That obviously is the result of free cash flow, EUR 63 million non-recurring CapEx, EUR 19.4, dividends EUR 8.3, and the 10% acquisition of Solarca, EUR 13 million non-cash effects linked primarily to receivables. Net financial debt of EUR 450 million. The group at the end of this year has a strong liquidity situation, EUR 275 million total, EUR 105 million available cash, which is a strong cash situation and a strong balance sheet with a financial leverage net financial debt to EBITDA that stood at 3.1 last year, that rose to 3.3 at June 30th, back to 3.1 at the end of the year. Close to our target of three. Focusing now onto the 2021 outlook. As part of our earnings in terms of operating profitability, we're posting an H2 that was trending very well.
We're setting ambitious targets for 2021 that focus around growth in our business. In France, thanks to good performance of our markets experience through H2, a recovery in international growth with obviously differentiated timing. In South Africa, we saw a normalization of the situation. We're expecting a growth in two ways to cross its businesses, and contribution from Spill Tech as of 2021. Latin America, we're expecting gradual improvement. Rest of the world, Solarca, the situation is, of course, highly linked to people movement internationally, the ability to honor contracts with a pipeline that's strong for Solarca. We're expecting progress in the coming months linked to the vaccination campaign. In terms of operational profitability, we're still rolling out our improvement plan with the targets posted at Investor Day, an interim target of 21% of revenue in 2021. It was 20% in 2020, 21% in 2021.
For 2022, a target of between 21%-22%. Positive free cash flow is the target while being flexible on investments to accompany this growth we wish to set and deliver ambitious growth projects. We had plans for 2020. We deferred investments to 2021. We have a total industrial CapEx package of approximately EUR 90 million. That is growth CapEx, capacity CapEx linked, of course, to regulatory changes. Balance sheet, our target is 2.9 times the EBITDA in terms of leverage versus around three times, which is consistent with our free cash flow generation target, aimed at investing in future growth and continuing to reduce our financial leverage. That is for the outlook in 2021. [Foreign language], Baptiste.
Thank you, Baptiste. That was great for the 2030 forecasts. We're waiting with bated breaths with 2030 holds. I believe there are probably questions for us. Would you like to give them to us?
Yes. Question from Jean-François Bonjean from Oddo BHF. Several questions. First question, what's the organic trend expected for 2021, both in terms of France and also the international scope? Question two, to come back to the main catalysts 2021 in terms of volume, prices, bans of cross-border transfers. Question three, recovery of international division. Is this expected Latin America and Solarca also in terms of margins? Question four, what's the ForEx risk in 2021 after the strong negative impact in 2020? Question five, what are the changes in financial expenses in 2021 and corporate tax rate in 2021, 2022? Next, question six, could you talk to us about TGAP and impact on group activities? Question seven, what's the change in current operating margin if you look at EBITDA margin trends in 2020? EBITDA margin up 70 basis points, Jean-François tells us, plus 10 basis points for current operating margin.
Question eight, what are the expected changes in cash flow generation? I would appreciate any answers you might give me.
[Foreign language]
Thank you. Yes. First of all, 2021, as we mentioned, a sound return to growth both for France and internationally. That's our expectation. In terms of volumes, the recovery we've seen is holding up and is maintaining. We're continuing to work on industrial efficiency of our facilities. We'll continue our development CapEx. We've identified an envelope of over EUR 90 million for our group development investments. We've got projects to continue on the circular economy. We'll be supporting the industrial recovery plan, stimulus plan. We'll be providing solutions to our clients that are strategic and vital, which are reindustrializing in France, relocating to France. We'll be supporting them, for instance, pharmaceutical clients and chemicals clients. We'll be supporting them, providing them with solutions for recovery and positive recovery and treatment. Internationally, we'll continue our growth, our organic growth.
For instance, the Mecomer site, which is our subsidiary in Italy, we will double our capacity, going from 90 million tons to 190 million tons. Mecomer is a pretreatment platform for waste sorting, hazardous waste. Regarding the other questions of yours. Yes, about recovery of the international division in Latin America and Solarca. Well, Solarca specifically, let me tell you that we're stepping in for industrial clients. It's steam and chemical industrial cleaning. The thing holding back activity right now, limiting things right now, is inability of teams to go to the locations. Solarca's got a good order backlog. Once we can travel, we'll be able to make good on the contracts. We hope there'll be recovery in Solarca's activity, therefore, in the very near term. What about margin? That was Jean-François's question. Would you like to come in on this, Baptiste? Yes. The international margin, apparently?
Well, specifically Latin America and Solarca. Well, margin trends very much hinge on a resumption in business activity. Two points. First of all, margin dynamics are somewhat different. First of all, Latin America, which comprises currently treatment centers. Currently, as I mentioned, margins have held up in 2020, thanks to an adjustment in cost structure, right-sizing it with activity. We've addressed cost structure. Recovery and activity mechanically will increase the margin, but not significantly. On the other hand, Solarca's margin is very much linked to activity, recovery and activity for international services, chemical cleaning, will necessarily lead to a strong increase in margin. Now regarding 2021 catalysts, prices, volumes. Today, if we look at the marketplace, based on observations, we say we've already mentioned to you, we've given you some guidance.
Volume effects should be positive, linked Well, a continuity versus the second half that we observed, plus due to capacity investments that have been made and are continuing to be made. Price effects, of course, will depend on the overall economy. On that point, we do not expect any event which would significantly impact the trend, not at this juncture. Now, ForEx risk 2021. I have no crystal ball. I do not know how currencies will trend. Exchange rates and our currencies, especially since there was a negative ForEx effect in South Africa and also Peru and Chile. There was a strong depreciation we hope won't happen again. If things normalize, then generally that should mean an uptick in the currency values versus the strong currencies. All of that completely depends on whatever your forecast may be regarding currency fluctuations. Now, changes in financial expenses and corporate tax rates.
On financial expenses, first of all, considering the fact there was a strong reduction in net debt and there was no significant acquisition in 2020, we can expect a stabilizing in financial expenses, excluding ForEx expenses, financing expenses, plus a slight increase related to the Spill Tech acquisition, which will be financed by debt. Regarding corporate tax rates 2021, 2022. Our effective tax rate, 35% stable between 2019 and 2020. In all likelihood, mechanically, considering the drop in company tax rates in France and consolidation, which is the main source of tax payments, we should have seen a marginal improvement in the taxation rate in upcoming years. TGAP. This is a tax on polluting business activity. We shouldn't feel an impact of this TGAP polluting tax because it's passed on directly to the final client. On the margins, though, we have seen an increase in this in December.
This was linked to the fact the increase in the TGAP tax of EUR 7, which is slated for 2020, incentivizes final customers to come earlier on to not be hit by the upcoming tax increase following year. Still, this is only on the margins. Fairly marginal effect. Any impact on the group's activity would be extremely low. On cash flow generation. We didn't answer that one. Just before that there was operating margin. Absolutely. I did write this down. Operating margin, which is to say increase in EBITDA, asking if this will equally increase the EBIT. Well, mechanically speaking, the EBIT is impacted by investments policy and changes in appropriations to provisions. A normalization of the situation would mean that there wouldn't be provisions for additional risks and expenses. Necessarily, mathematically, this should mean EBIT should evolve in lockstep with EBITDA.
Realizing that changes in CapEx in 2020, CapEx were particularly contained, so we shouldn't see any significant increase in appropriations for amortizations. Changes in free cash. This is, once we've gone through all these points, linked to changes in EBITDA. Clearly, the situation of ours is one of a group that has seen growth in 2020 and 2021, meaning growth in EBITDA. This may largely also mean impact on working capital requirements. We saw an improvement in 2020. If there's an increase in activity, in all likelihood, some of the cash flow will be taken up by a change in working capital requirements. We will make sure that the receivables policy is very strict. We can expect change in free cash flow, uptick in free cash flow, assuming our predictions are right for 2021.
I'd like to return to a point was the cross-border transfer. Here I assume that we're referring to the transfer of non-hazardous waste, notably to China. We, on this front, we're in favor of maintaining a full value chain, a local value chain, buying material that is circular economy loops that are local with the greatest proximity possible, the more local the better, with traceability every step of the way by transforming the waste to resource right through to the reuse of the secondary material. Thank you. We have questions from Nicolas Royot from Exane, BNP Paribas. Nicolas has three questions for us. The first is, what is the share held by Séché and Solarca henceforth? Second question, could you return to the 16.2 change in financial leases? In what way is the item non-cash? Thirdly, could you give us more color on regulatory changes in France?
Are you expecting an impact on volumes on the French market or the facilities of competitive markets? For the first, I think we're on 95%. Share of Séché in Solarca stands at 86% net financial debt change. On the EUR 16 million, it's linked to two items. It's linked to improved knowledge of leases. IFRS 16 was put in place in 2019, we have to identify all the operational leases within the group in order to restate them. Within this non-cash change that's linked to changes in leases, there's a better identification of all operational leases within the group. There's the increase in operating leases that are made for reasons of flexibility. That's to say, when we need material, but we don't know how long, so we book them as an operational lease. Final point was on regulatory changes.
Are we expecting a volume impact, notably in the French market? We've spoken a lot about the French TGAP, polluting activity tax. That's a key factor that's going to lead flows towards recovery activities. I'll answer that. In going into 2021, we're not expecting a change or rather a significant material impact on the volume effects that were presented. Very good. There are no further questions at this point in time. Well, if there are no further questions, it remains for me to thank you on our collective behalf for your participation. Hope to see you soon, and take care.