BIC - 2018 Registration document

FINANCIAL STATEMENTS

Consolidated financial statements

Opening impact of Argentina hyperinflation

Haco industries acquisition

Foreign exchange and others**

December 31, 2017*

Cash flows impact

Bic Sport divestiture

December 31, 2018

(in thousand euros)

Net inventory

428,977

26,699

1,418

(8,143) (8,381)

2,888

(2,687) (2,668)

449,152

Inventory – Gross value • Inventory – Impairment •

444,694 (15,717) 477,080 (125,539) (200,552) 579,965

25,299

1,418

2,888

463,250 (14,098) 534,683 (137,729) (224,886) 621,220

1,400

-

238

-

(19)

Trade and other receivables*,**

71,075 (2,239) (22,559) 72,976

- - -

(2,624)

-

(10,848)

Trade and other payables

453

(9,932)

(472)

Other assets and liabilities* NET WORKING CAPITAL

1,558

-

(3,332)

1,418

(8,756)

(7,044)

(17,345)

Restated for IFRS 15 – Revenue from contracts with customers. * Restated for IFRS 9 adjustment – Financial assets depreciation. **

The working capital is used to finance the Group’s operating cycle. Details of the elements used in the calculation are presented above.

SHARE CAPITAL NOTE 15

15-1

Share capital

December 31, 2017

December 31, 2018

(in thousand euros)

Authorized, issued and fully paid-up share capital

178,126

175,762

Repurchase of shares of the Company

(2,985)

(2,492)

SHARE CAPITAL

175,141

173,269

As of December 31, 2018, the registered share capital of SOCIÉTÉ BIC was 175,761,664.74 euros divided into 46,010,907 shares of 3.82 euros each. Registered shares held for more than two years carry double voting rights.

In addition, SOCIÉTÉ BIC holds 652,413 treasury shares, acquired at an average price of 89.04 euros in accordance with Article L. 225-209 of the French Commercial Code, which represent 1.42% of the share capital.

15-2

SOCIÉTÉ BIC shares held in treasury stock and share repurchase program

as of December 31, 2018

Average acquisition price (in euros)

Purpose of the repurchase

Number of shares

% of the share capital

Liquidity agreement  (a)

14,733

88.88 89.04 89.04

0.03% 1.39% 1.42%

Free share grants  (a)

637,680 652,413

TOTAL

Article L. 225-209 of the French Commercial Code.. (a)

In accordance with the liquidity agreement, transferred by Natixis to ODDO on June 27, 2018 in respect of SOCIÉTÉ BIC shares, as of December 31, 2018, the liquidity account contained the following:

At initial set-up, the liquidity account contained the following: 2,312 BIC shares; ● 912,744.48 euros. ● SOCIÉTÉ BIC obtained authorization from the Annual Shareholders’ Meeting on May 16, 2018, to renew its share repurchase program (see 2017 Reference Document, p 269).

14,733 BIC shares; ● 2,226,208.00 euros. ●

216

• BIC GROUP - 2018 REGISTRATION DOCUMENT •