BIC - 2018 Registration document

COMMENTS ON THE YEAR

Financial situation and cash

FINANCIAL SITUATION AND CASH 5.2.

At the end of 2018, Net Cash from operating activities was well as the acquisition of Haco Industries, proceeds from the sale 303.9 million euros, including 394.6 million euros in Operating of BIC Sport and from the 2017 disposal of BIC Graphic North Cash Flow. The Net Cash Position was also impacted by America and Asian Sourcing. investments in CAPEX, dividend payments and share buy-backs as

MAIN BALANCE SHEET ITEMS

December 31, 2017 (restated for IFRS 15)

December 31, 2018

(in million euros)

Shareholders’ equity

1,702.2

1,638.1

Current borrowings and bank overdrafts

4.9 0.2

22.6 32.0

Non-current borrowings

Cash and cash equivalents – Assets

188.6

157.5

Other current financial assets and derivative instruments

45.0

18.1

Net cash position  (a)

204.9

161.5

Goodwill and intangible assets

350.6

286.6

TOTAL BALANCE SHEET 2,367.0 SOCIÉTÉ BIC did not request any rating from any credit ratings agency nor, to the best of its knowledge, has it been the object of any unsolicited rating by any credit ratings agency. NB: See Glossary § 9.9. (a) 2,353.7

CONDENSED CASH FLOW STATEMENT

2017 (restated for IFRS 15)

2018

(in million euros)

Cash flow from operations

409.9

394.6 (73.0) (17.7)

(Increase)/Decrease in net working capital

(8.1)

Other operating cash flows

(21.2)

Net cash from operating activities from continuing operations

374.5

303.9

Net Cash from operating activities from discontinued operations

6.1

-

Net cash from operating activities  (a)

380.6

303.9

Net Cash from investing activities from continuing operations Net Cash from investing activities from discontinued operations

(108.4)

(109.9)

(3.4)

-

Net cash from investing activities

(111.8)

(109.9)

Net Cash from financing activities from continuing operations Net Cash from financing activities from discontinued operations

(273.1)

(226.5)

(2.3)

-

Net cash from financing activities

(275.4)

(226.5)

Net increase/(decrease) in cash and cash equivalents net of bank overdrafts

(6.6)

(32.5) 149.8

Closing cash and cash equivalents

187.0

(a) See Glossary § 9.9.

180

• BIC GROUP - 2018 REGISTRATION DOCUMENT •