BIC - 2018 Registration document

FINANCIAL STATEMENTS

Consolidated financial statements

Credit risk 21-5 The Group’s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The Group’s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. Trade and other receivables comprise: gross amounts receivable for the sale of goods as well as ● other receivables, mainly related to VAT credits. These trade Gross trade receivables Allowance on trade receivables not yet due or for less than 60 days past due Allowance on trade receivables for 60 to 90 days past due Allowance on trade receivables for 90 to 120 days past due Allowance on trade receivables for more than 120 days past due (in thousand euros)

and other receivables are short-term assets, with maturity dates within 12 months; an allowance for estimated unrecoverable amounts from the ● sale of goods. This allowance has been determined by reference to past default experience and based on the current economic environment. It is booked in a separate account. The BIC Group considers that the carrying amount of trade and other receivables is close to their fair value. Receivables past due but not impaired are not significant at Group level as of December 31, 2018. Maximum exposure to credit risk corresponds to the net booked value of financial assets in the balance sheet, including derivatives with positive market values (see table below):

Note

December 31, 2017 (a)

December 31, 2018 (b)

425,796

451,856 11,309

5,609 6,086 8,162

7,740

23,602

Total gross trade receivables

445,654

494,507

Doubtful receivables

12,447

11,987

TOTAL BEFORE ALLOWANCE (A)

458,100

506,494

Not yet due or past due for less than 60 days

- - - -

(4,644)

Past due for 60 to 90 days Past due for 90 to 120 days Past due for more than 120 days

(284) (396)

(20,679) (26,003) (21,387) (4,616) 54,192 534,683

Total allowance (B)

(19,035) (15,809) (3,226) 38,015 477,080

Allowance on specific trade receivables

Allowance on statistically calculated trade receivables

Other receivables (C)

TRADE AND OTHER RECEIVABLES – NET (A)+(B)+(C)

14

Restated for IFRS 15 – Revenue from Contract with Customers. (a) See Note 1 IFRS 9 Application – impairment of financial assets. (b)

Fair value of financial assets and liabilities 21-6 Accounting categories and fair value of financial instruments

December 31, 2018

Breakdown by category of instruments

Balance sheet

At fair value through the income statement

Derivative hedging instruments

Receivables at amortized cost

Debts at amortized cost

Balance sheet items (in thousand euros)

At fair value through equity

Note

value Fair value

Financial assets

710,432 710,432

65,338

5,333

639,761

-

-

Non-current Derivatives financial instruments •

23

44 28

44 28

-

44

- -

- -

- -

Other investments •

28

-

Current Trade and other receivables • Derivative financial instruments • Other current financial assets • Cash and cash equivalents •

14 23

534,683 534,683

12,751

-

521,932

- - - -

- - - - -

5,289

5,289

-

5,289

-

12,855

12,855

12,855 39,704

- -

21-4 

157,533 157,533 203,811 203,811

117,829

Financial liabilities

-

11,470

-

192,341

Non-current Borrowings •

16 23

32,032

32,032

- -

-

- -

32,032

- -

Derivative instruments •

37

37

37

-

Current Borrowings •

16 23 14

22,580 11,433

22,580 11,433

- - -

-

- - -

22,580

- - -

Derivative instruments •

11,433

-

137,729 137,729

-

137,729

Trade and other payables •

228

• BIC GROUP - 2018 REGISTRATION DOCUMENT •