BIC - 2018 Registration document

FINANCIAL STATEMENTS

Consolidated financial statements

5. CONSOLIDATED CASH FLOW STATEMENT

Notes

December 31, 2017*

December 31, 2018

(in thousand euros)

Operating activities Net income Group share*

IS

287,341 (6,776) 294,117

173,350

Net income from discontinued operations • Net income from continuing operations* •

-

173,350

Income and expense without cash impact: Argentina hyperinflationary accounting

1

-

5,360

Depreciation and amortization of intangible and tangible assets and investment properties

2, 9-2, 11

93,203

108,958

Impairment loss

9-2, 11 10, (a)

837

1,659

Goodwill impairment

-

74,176 17,744

Provision for employee benefits

18 17 (b)

19,693

Other provisions (excluding provisions on current assets)

6,590

1,603

Unrealized foreign currency gain/loss Hedging and derivative instruments

(16,117) (6,449)

(6,669)

4,332

Option premium expense

778

746

Recognition of share-based payments

22, SHEQ

8,824 6,153 9,043

8,404

Deferred tax variation*

13

604

(Gain)/Loss from disposal of fixed assets

5, (c)

4,291

Cash flow from operations

409,895 (8,116) (16,397) (6,277) 92,700 (97,328) 374,476 6,080

394,557 (72,975) (19,423)

(Increase)/Decrease in net working capital* Payments related to employee benefits

14, (d)

18-2 (e)

Financial expense/(income) Interest (paid)/received

6

(1,954)

2,067

Income tax expense

7-1

83,989 (82,356) 303,905

Income tax paid

(f)

Net cash from operating activities from continuing operations • Net cash from operating activities from discontinued operations •

6,081

-

NET CASH FROM OPERATING ACTIVITIES

380,557

303,905

Investing activities Disposal of fixed assets

(c)

2,576

1,415

Purchases of property, plant and equipment

9-1, (g) 11, (g)

(166,031)

(119,506)

Purchases of intangible assets

(8,780)

(5,857)

(Increase)/Decrease in other investments Purchase of other current financial assets Sale of other current financial assets

(528)

296

(h) (h)

(22,870) 30,012 55,749 (1,889)

-

8,235 9,162

Divestiture of BIC Graphic North America and Asian Sourcing

(i) (i) (i) (i)

Cash out on business and asset divestitures

-

BIC Sport divestiture

- -

2,656

Purchase of Haco Industries Kenya

(6,327)

Net cash from investing activities from continuing operations • Net cash from investing activities from discontinued operations •

(108,401)

(109,926)

(3,360)

-

NET CASH FROM INVESTING ACTIVITIES

(111,761)

(109,926)

Financing activities Dividends paid

SHEQ, 20, (j)

(161,045) (18,490)

(157,762) (1,115) (16,757)

Borrowings/(Repayments)

16, (k)

Payments of obligations under finance leases

(1,168)

Purchase of financial instruments

23

(500)

(973)

Increase in treasury shares Exercise of stock options

(l) (l)

(97,989)

(54,179)

3,834

4,269

Net cash from financing activities from continuing operations • Net cash from financing activities from discontinued operations •

(273,056)

(226,517)

(2,302)

-

NET CASH FROM FINANCING ACTIVITIES

(275,358) (6,562) 217,430 (23,899) 186,969

(226,517) (32,538) 186,969 (4,636) 149,795

Net cash variation

Opening cash and cash equivalents net of bank overdrafts

BS, 16, 21

Exchange difference

CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS

BS, 16, 21

Restated for IFRS 15 – Revenue from Contracts with Customers. * See consolidated income statement. IS: See consolidated statement of changes in equity. SHEQ: See consolidated balance sheet. BS:

194

• BIC GROUP - 2018 REGISTRATION DOCUMENT •