BIC - 2018 Registration document

FINANCIAL STATEMENTS

Consolidated financial statements

Impact of interest rate and foreign exchange risk hedging on the consolidated financial 23-5 statements as of December 31, 2017

The following amounts have been booked as the fair value of derivatives as of December 2017 (in thousand euros):

Net financial Income/ (expense) before tax (a) – Note 6

Other com- prehensive income before tax (a)

Income from operations – Note 4

Hedge income qualification/ hedged risk

Derivative instruments and revaluation

Current assets (b)

Non-current assets

Current Liabilities

Non-current Liabilities

Hedging revaluation impact

Cash flow hedge/Foreign exchange risk Net investment/ Foreign exchange risk

Commercial flows

396

5,584

30,361

23,488

38

(1,915)

(104)

Dividends

-

-

2,892

2

-

-

Subtotal (1)

396

5,584

33,253

23,490

38

(1,915)

(104)

At fair value through P&L/Foreign exchange risk

Revaluation of cross-currency swaps backed by cash positions in foreign currencies

Subtotal (2)

192 588

-

-

131

-

(305)

-

TOTAL (1) + (2) (104) This corresponds to mark-to-market of hedging instruments in the portfolio at December 31, 2017, restated for the reversal of the mark-to-market of the portfolio of hedging (a) instruments as of December 31, 2016. Including options not yet exercised held by SOCIÉTÉ BIC representing current assets for 701 thousand euros. (b) 5,584 33,253 23,621 38 (2,220)

23-6

Portfolio of foreign exchange risk hedges as of December 31, 2018

To cover its future cash flows, the BIC Group had the following hedges as of December 31, 2018.

Purchase of options

Sale of options

Maturity

Hedge

Forward

Currency

Currency

2019

USD/EUR USD/CAD USD/AUD

285,000,000 20,000,000 7,000,000 8,500,000 14,100,000 8,000,000 2,000,000 5,500,000 1,200,000,000

USD 35,000,000 67,500,000 USD 13,000,000 15,500,000

USD USD

USD USD GBP

- -

- -

- -

USD/JPY

GBP/EUR AUD/EUR CHF/EUR EUR/MXN CAD/EUR NZD/EUR PLN/EUR RON/EUR SEK/EUR USD/NZD SEK/EUR CHF/EUR USD/EUR JPY/EUR

14,000,000 24,000,000

GBP AUD

AUD 13,000,000 17,500,000

CHF EUR

3,000,000 4,500,000

CHF

-

-

-

JPY 300,000,000 400,000,000 CAD 12,000,000 19,500,000

JPY

8,000,000

CAD NZD PLN

-

NZD

7,000,000 11,000,000

10,000,000 21,800,000 25,000,000

PLN 35,000,000 47,000,000

RON

- - -

- - -

- - -

SEK

1,600,000

USD

2020

8,500,000

USD

-

-

-

-

CHF

1,000,000 1,500,000

CHF

5,000,000

USD

-

-

-

239

• BIC GROUP - 2018 REGISTRATION DOCUMENT •