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 a pleasure of meeting with you in person for our financial results at my side. Of course, you recognize Maestro Secher, the CEO and Baptiste Jeanneau, our CFO. In the sidelines, Manuel Andresen, always Director of Investor Relations, who will be only happy to receive your questions by e mail.
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, SACHE Environment has yet again shown its resilience in its business lines, its operational performance as well as financial and environmental performance. Contributed revenue, is mainly due to some geographies that were more hard hit by the pandemic such as our subsidiaries in Latin America and the solar car company, which operates worldwide. Elsewhere, our growth 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 point 1x EBITDA, which is the same level as at the end of 2019 sorry, 2019. I won't encroach on the points that Batiste will be making later. But I would like to emphasize the fact that in 2020, CECE Environment reached and also went beyond its initial growth targets also for operational profitability and its targets regarding the financial situation, which it set its sights on back in 2018. This performance confirms the relevance of our strategic our development strategy in sustainable area 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. So 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 EUR 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, 1st of all, to the constant commitment of our staff in this company who have 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 Today, on behalf of the Board of Directors, our gratitude for this.
We also owe this resilience to 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. And 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, there 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 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, We're using Resources and Materials and Energy or other related businesses having to do with controlling hazardous items. So we position ourselves as an expert in complex waste materials requiring implementation of sophisticated cutting edge G and raw materials. But 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 Our facilities at Salaize were able to triple their provision of green energy to their clients after refurbishment for Bosi Ris 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 contract from local governments, again, in the area of the circular economy. For instance, I think of the Solena project in Avelon and the contract for management at Move for 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, Among other things, we successfully worked to acquire the Spilltec company in South Africa, which is a specialist in environmental emergency areas, a good fit with InterWest. The acquisition bolsters our presence as a group as a major operator in environmental businesses in South Africa. Maxime, welcome 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, CECE environment 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 21 now. Senshui environment 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 and selectiveness of industrial investments to maximize generation of cash flow and reduce financial leverage below 3 times EBITDA.
Now of course, There are remaining uncertainties as to how the pandemic will evolve and its knock on effects to the economy. But I am convinced that we will be able to overcome all of this. Therefore, 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 €750,000,000 €800,000,000, 30% of which international from international business.
EBITDA between 21% 22% of contributed revenue and financial leverage substantially below 3x EBITDA. Before handing over to Maxime Cecche, 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 Thank you very much. Good morning to you, Juan and all. To talk to you about our 2020 performance, of course, we'll be looking at the impact of the health 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 road map looking to out toward 2022. 2020, 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. So 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. And 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 and profitability of the group. I'll come back to the points with the example of Zares. And we also maintained our financial discipline managing WCR and controlling investments. So we're able to reduce our financial debt and maintain leverage at 3x, 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 of recovery, such as generating solvents or purification of synthesis intermediary elements using 1 of our subsidiaries We have loops of circular economy in the area of hazardous waste. We point Furthermore, we increased our renewable energy production by 40% for 0. Currently, We're more than we're self sufficient in energy production more than 2x over now 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 in France.
Our activities of processing industrial gas such as those that have a high climate warming effect, nevertheless, to avoid the emissions of the equivalent of the 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 companies to be recognized for our commitment to the alliance called ACT For Nature International. Furthermore, We are currently defining ambitious targets having to do with the 3 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. All the while in 2020, we continued growing. In a circular economy, among other things, Montaubon, IRIS VVA and then internationally with the acquisition of Spilltec in South Africa. To come back to the circular economy, we tripled of steam provided to industry at the Roussillon chemistry platform called Ozirrus. That steam produced by our incinerator is transported via a pipeline, making it possible to provide 3 20 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 Rosaries, therefore reducing greenhouse gas emissions by 30%. This is a great example of our contribution to countering global warming. All of this made possible Thanks to rebranding of Salas. 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 rose by 20%, increasing volumes treated by 5%. So energy production was greater was then distributed to the platform.
There are 2 further examples of development in 2020. In the circular economy regarding nonhazardous waste. In VVA, We obtained the permit for a treatment and recovery facility For nonhazardous waste, this is a contract for the next 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 Montaubon, we got won the bid for providing a public service for the nonhazardous waste incinerator. This is a unit for energy recovery, which will be treating the waste from 150 some 1000 inhabitants, providing heat to 30 4,000 inhabitants, which is half of the inhabitants of the Montaubon area. We'll be producing energy, electricity as well, which would supply approximately 15,000 persons. So we're showing through this additional coverage of the country as well as complementary 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 Spiltec in South Africa. Spiltec is a specialist in environmental services to industry. This acquisition represents around €29,000,000 in revenue and €8,000,000 in EBITDA. This acquisition is a bolt on tour activities in South Africa.
There's great commercial, industrial and geography complementary with InterWest. A reminder, we acquired InterWest in 2019. So in South Africa, we're present throughout the value chain in services with Spilltec and logistics as well as treatment with InterWest. South Africa now represents a strategic focus for organic of our group. We're bullish on the medium term prospects for the market there.
This says, we this is therefore, 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 Therefore, we'll be continuing improving operational profitability in France. We're We are getting an improvement in EBITDA margin, 21% of the group, which means as 2021, once again, will resume a strategy of growth in our investment developments in our development investments, sorry, 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 outlook 2021.
Thank you, Maxime. Good morning to you all. I'll begin as I usually do with the key financials that to characterize 2020 beginning, of course, with contributed revenue that comes in at 670 €2,500,000, minus 2% on a reported basis, minus 8 percent at constant ForEx and scope. There's a time segmentation with H2 slightly up, plus 0.4 percent on a reported basis, +1.8 percent. The ForEx impact that reflects, As was said, the resilience and the rebound of activities in the 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 137,000,000 plus 1.2 percent with a marked increase in operating profit 20.4 percent of revenue versus 19.7 percent in 2019. Similarly, H2 proved very contributive with good availability of our treatment tools, up 16% versus H2 2019. Current operating income pretty much flat, coming in at €47,500,000 Operating income down EUR 2,500,000. That's linked to acquisition costs and the Cancellation of certain projects and cancellation. Financial income is minus EUR 4 1,000,000 euros down EUR 2,900,000 1,200,000 linked to the financing favorable foreign exchange in South Africa and Peru.
Net income, EUR 13,800,000 Industrial CapEx that are contained more about that at EUR 63,600,000 to post positive free operating cash flow and to reduce net debt with the net debt at the end of 2020 coming in at €450,000,000 Moving in at €450,000,000 Moving through an analysis of the Business regarding revenue, we note a scope effect linked to the acquisition Of Makeover, that wasn't consolidated H1 2019 for EUR 13,600,000. ForEx, It's strongly negative in 2020, euros 10,200,000 and so a negative organic change of EUR 17,800,000, that's the result of delayed activity in hazardous waste, primarily in Latin America, as was said through significant delays at Solarca. When we Analyze both quarterly and geographic activity, we see on the left The change in French revenue, where we see that the health crisis primarily impacted Q2 with an impact of minus 14% that was swiftly absorbed with a Q3, the rebounded, up 3.6%. And Q4, that was dynamic last year was particularly strong in 2020, coming in up 6.4%. International on a reported basis, minus 9%.
The cycle is clearly deeper. We have a recovery underway after a Q2, posting a quarterly number of €30,600,000 We see an improvement into Q3 at €38,800,000 an improvement in Q4, €40,000,000 with mixed situations from one geography to another, resilience in Europe With the very resilient business in Italy with our acquisition of Micome, An increase overall at constant ForEx of the South African business, plus 3%, 5%, and a particularly waste in our various value chains there. We see sustained activity for nonhazard waste, 39% of revenue plus 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 €9,000,000 for Cinerval.
In spite of that negative impact, we're posting activity up 10%. International, now we see an increase in activity, €31,000,000 to EUR 40,000,000 with a significant contribution from Inter Waste. Hazardous Waste now 61% of revenue, Minus 9% on reported basis, minus 11% at constant scope in ForEx, markedly down in Latin America and Global Moving quickly to the activity mix, waste mix, where we 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, plus 34% for COI. By geography, now what's interesting to note is the improvement In the EBITDA margin, France going 20.2 percent to 25 percent, 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 Cinerval, EUR 7,600,000 International, We see a decrease in EBITDA, EUR 5,200,000 with a limited impact On treatment and recovery, thanks to load adjustments to take account 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 percent to 5.2%. Is that in H2, the EBITDA margin internationally maintained at 18%. When we home in on price and volume effects, obviously, there's a scope effect of EUR 2,600,000 linked to negative ForEx, EUR 1,200,000 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, plus 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 €15,700,000 with cost reductions that vary. The sourcing, commercial expenses, travel expenses, trade fairs, one offs that are negative EBIT To DA, obviously, in the €9,000,000 you'll find, Cinerval for €7,600,000 Overall, Current operating income is stable with in France, a marked improvement in the operating margin going from 6% to 7%, 9% in 2020, which is a strong improvement and mechanically, COI International, which is the result of the decrease in EBITDA and appropriations to depreciations and provisions stronger Italy, Peru, Chile and South Moving down through the P and L, we have current operating income, which is one off 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 20,400,000, EUR 1,300,000 linked to the increase in net financial Debt and EUR 1,700,000 linked to the deterioration in the exchange rate of the South ended in 2020. Effective tax rate flat at 35%, no provision impact.
Companies consolidated at equity, EUR 1,500,000 following the program closure of was given to selective CapEx and containment CapEx to protect our cash we're posting at the end of 2020, euros 63,600,000 in total, euros 43.2 Recurring investment, 6.4 percent of revenue and EUR 20,000,000 of nonrecurring and Developments, obviously, the new ERP is included in that as well as CapEx for new capacities at Investments rapidly accretive, all this with an eye to efficiency and stricter election 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 steered our investments in a disciplined way. Free operating cash flow before dividend, nonrecurring CapEx coming in at EUR 63,000,000 markedly up, thanks to an improvement in EUR 11,000,000,000 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 3,000,000 non recurring CapEx, JPY 19,400,000,000 dividends, JPY 8,300,000,000 and the 10% acquisition of Solarca, 13,000,000 non cash effects linked primarily to receivables, net financial debt of €450,000,000 Now The group at the end of this year has a strong liquidity situation, euros 275,000,000 total EUR 105,000,000 available cash, which is a strong cash situation and a strong balance with a financial leverage net financial debt to EBITDA that was at stood at 3.1% last year that rose to 3.3% at June 30, back to 3.1% at the end of the year, So close to our target of 3.
Focusing now on to the 2021 outlook. Clearly, 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 Good performance of our markets experienced 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 interwaced across its businesses and contribution from Spilltec 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 percent of revenue in 2021. It was 20% in 20 20%, 21% in 2021.
And for 2022, a target of between 2021, 2022. Positive free cash flow is the target whilst being flexible on investments to accompany this growth, we wish to set and deliver ambitious growth projects. We had plans for 20 2020, we deferred investments to 2021. So we have a total industrial CapEx package of approximately EUR 90,000,000. These are that's growth CapEx, capacity CapEx linked, of course, to regulatory changes.
Balance sheet, our target is 2.9 times EBITDA in terms of leverage versus around 3 times, which is consistent with our free cash flow generation target aimed at investing in future growth and
Thank you, Baptiste. That was great for the 2030 forecasts. We're waiting for a bit of breath to see what 2,030 holds. I believe there are probably questions for us. Would you like to give them to us?
Yes. Question from Jean Francois Benjamin from Ourob BHF. Several questions. First question, what's the organic trend expected for 2021, both in terms of France and also International scope. Question 2, to come back to the main catalysts, 2021 in terms of volume, prices, Bands of cross border transfers.
Question 3, recovery of international division, is this expected? Latin America and Celerica also in terms of margins. Question 4, what's the ForEx risk in 2021 after the strong negative impact in 2020? Question 5, what are the changes in financial expenses in 2021 and Corporate tax rate in 2021, 2022. Next, talk about question 6.
Could you talk About TGIP, an impact on group activities. Question, Stefan, what's the change in current operating margin if you look at EBITDA margin trends in 2020, EBITDA margin up 70 basis points, Jean Francois tells us, plus 10 basis points for operating margin, current operating margin. Question, what are the expected changes in cash flow generation? I'd appreciate any answers you might give me. Merci Boco?
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 CapEx, we've identified an envelope of over €90,000,000 for our group development investments. Also 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, clients, we'll be supporting them, providing them with solutions for recovery and positive recovery in treatment. Internationally, we'll continue our growth, organic growth. For instance, The Make Come Air site, which is our subsidiary in Italy, we will double our capacity going from 90,000,000 tonnes to 190,000,000 tonnes. Is a pretreatment platform for waste sorting, hazardous waste.
Furthermore, we well, regarding the other questions of yours? Division in Latin America and well, Cellarca 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. So the car has got a good order backlog. So once we can travel, we'll be able to make good on the contracts.
We hope there'll be recovery in solar cars activity, therefore, in the very near term. What about margin? That was Jean Francois's question. Would you like to comment on this, Batiste? Yes.
The international margin apparently? Well, specifically Latin America and Salarqa. Well, margin trends very much hinge on 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, rightsizing it with activity. So we've addressed cost structure. Recovery activity mechanically will increase some margin, but not significantly. On the other hand, Selleco's margin is very much linked to activity.
So recovery in activity for International Services Chemical Cleaning will necessarily lead to a strong increase in margin. Now regarding 2021 Catalysts, prices, volumes, well, 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 that have been made and are continuing to be made. Price effects, of course, will depend on the overall economy. But 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 There was a negative ForEx effect in South Africa and also Peru and Chile. There was a strong depreciation. We hope it won't happen again. If things normalize, then generally That should mean an uptick in the currency values versus the strong currencies. All that completely depends on whatever your forecast maybe regarding currency fluctuations.
Now changes in financial expenses and corporate tax rates. Well, in financial expenses, first of Considering the fact there wasn't well, 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 Spilltec acquisition, which will be financed by debt. Now regarding corporate tax rates, 2021, 2022, our tax Effective tax rate, 35% stable between 2019 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 see a marginal improvement in the This is a tax on polluting business activity.
We shouldn't feel an impact of this TJP polluting tax because it's passed on directly to the client. Marginally on the margins there, we have seen an increase in this in December. This was linked to the fact that the increase in the JP tax of €7, which is slated for 2020, but incentivizes final customers to come earlier on to not be hit by the upcoming tax increase following year, but still this is only on the margins Now on cash flow generation, we didn't answer that one. We 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. Therefore, necessarily Mathematically, this should mean EBITDA should evolve in lockstep with EBITDA. Realizing that changes in CapEx 2020 CapEx were particularly contained, so we shouldn't see any significant increase in appropriations for amortizations.
Changes in free cash. This is linked Once we've gone through all these points linked to changes in EBITDA, clearly, the situation of ours is one of a group that's seeing growth in 2020 2021, meaning growth in EBITDA. This may marginally also mean impact on working capital requirements. We saw an improvement in 2020. If there's an increase in activity, in a 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. Therefore, before 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. So here, I assume that we're referring to the transfer ways notably to China. So we, on this front, were 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 As of the secondary material. We have questions from Nicolas Royault from Nicolas Jean Pierre, BNP Paribas. Nicolas has three questions for us.
The first is, what is the share held by CECE 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 in the French market Or the facilities of competitive markets, For the first, I think we're at 95%. So share of Siche in Solarca is now 86% stands at 86% net financial debt change on the EUR 16,000,000 that's linked to Two items.
It's linked to improved Knowledge of leases. IFRS 16 was put in place in 2019, and so we have to identify all the operational leases within the group in order to restate them. So Within this non cash change that's linked to changes in leases, there's a better identification of all operational leases within the group. Then there's the leases within the group. Then 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 booked them as an operational lease. Final point was on regulatory changes. 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 we're presenting. Very good. So 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