BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

5. CONSOLIDATED CASH FLOWSTATEMENT

Notes

December 31, 2018

December 31, 2019

(in thousand euros)

Operating activities Net income Group share

IS

173,350

176,095 

Income and expense without cash impact: Argentina hyperinflationary accounting

5,360

3,368 

Depreciation and amortization of intangible and tangible assets and investment properties

2, 9-2, 11

108,958

117,596  21,122  23,493 

Impairment loss

9-2, 11 10, 20 (a)

1,659

Goodwill impairment

74,176 17,744

Provision for employee benefits

18 17

4,839  1,604 

Other provisions (excluding provisions on current assets)

1,603

20 (b)

Unrealized foreign currency gain/loss Hedging and derivative instruments

(6,669)

(4,166) 

4,332

(667) 

Option premium expense

746

899 

Recognition of share-based payments

23, SHEQ

8,404

(3,913)  (5,987) 

Deferred tax variation

13

604

5, 20 (c)

(Gain)/Loss from disposal of fixed assets

4,291

190 

Cash flow from operations

394,557 (72,975) (19,423) (1,954)

334,475  (21,104)  (13,284) 

14, 20 (d)

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

18-2, 20  (e)

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

(937) 

2,067

931 

Income tax expense

83,989 (82,356)

81,336  (63,241) 

Income tax paid

NET CASH FROMOPERATING ACTIVITIES

303,905

318,176 

Investing activities Disposal of fixed assets

20 (c)

1,415

1,263 

9-1, 20 (g) 11, 20 (g)

Purchases of property, plant and equipment

(119,506)

(99,549)  (5,351) 

Purchases of intangible assets

(5,857)

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

296

57 

20 (h) 20 (h) 20 (i) 20 (i) 20 (i)

-

(7,769)  16,777

8,235 9,162 2,656

Divestiture of Bic Graphic North America and Asian Sourcing

-  - 

Divestiture of Bic Sport

Purchase of Haco Industries Kenya and Lucky Stationary Nigeria

(6,327)

(16,227) 

NET CASH FROM INVESTING ACTIVITIES

(109,926)

(110,800) 

Financing activities Dividends paid

SHEQ, 21, 20 (j)

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

(155,228) 

16, 20 (k)

Borrowings/(Repayments)

2,855 

Payments of obligations under leases Purchase of financial instruments

16 

(17,554) 

(973)

(899) 

20 (l) 20 (l)

Increase in treasury shares

(54,179)

(39,170) 

Liquidity contract net of exercise of stock options

4,269

(771) 

NET CASH FROM FINANCING ACTIVITIES

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

(210,766)  (3,390)  149,795 

Net cash variation

Opening cash and cash equivalents net of bank overdrafts

BS, 16, 22

Exchange difference

440 

CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS

BS, 16, 22

149,795

146,845 

IS: See consolidated income statement. SHEQ: See consolidated statement of changes in equity. BS: See consolidated balance sheet. References from (a) to (l) explained in Note 20

190

• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •