BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Lucky Stationery Nigeria acquisition

Impact of hyperinflation in Argentina

Foreign exchange and others

December 31, 2019

December 31, 2018

Cash flows impact

Haco acquisition

(in thousand euros)

Net inventory

449,152

1,263

1,931

-

243

3,054 455,644

Inventory – Gross value • Inventory – Impairment •

463,250 (14,098) 534,683

2,292

1,709

- - -

235

3,178 470,664

(1,029)

223

8

(125)

(15,021)

Trade and other receivables

5,508

-

-

5,418 545,609

Trade and other payables

(137,729)

15,981

(3,905)

-

-

(749)

(126,403)

Other receivables and payables

(224,886)

(1,647)

-

2,416

-

(12,902)

(237,020)

NETWORKING CAPITAL

621,220

21,104

(1,974)

2,416

243

(5,181)

637,829

CF: See consolidated cash flow statement.

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

NOTE 15

SHARE CAPITAL

15-1

Share capital

December 31, 2019

December 31, 2018

(in thousand euros)

Authorized, issued and fully paid-up share capital

175,762

173,933

Repurchase of shares of the Company

(2,492)

(2,064)

SHARE CAPITAL

173,269

171,869

As of December 31, 2019, the registered share capital of SOCIÉTÉ BIC was 173,933,156.80 euros divided into 45,532,240 shares of 3.82 euros each. Registered shares held for more than two years carry double voting rights.

In addition, SOCIÉTÉ BIC holds 540,568 treasury shares, acquired at an average price of 92.58 euros in accordance with Article L. 225-209 of the French Commercial Code, which represent 1.19% of the share capital. The share capital breakdown is shown in section 7-3 “Shareholding”.

SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of December 31, 2019 15-2

Average acquisition price (in euros)

Purpose of the repurchase

Number of shares

% of the share capital

Liquidity agreement  (a)

32,088  

61.61

0.07%

Free share grants  (a)

508,480  

94.53

1.12%

TOTAL

540,568  

92.58

1.19%

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

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, 2019, 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 22, 2019, to renew its share repurchase program (see 2018 Registration Document, chapter 8 p. 288).

32,088 BIC shares; ● 964,870.40 euros. ●

211

• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •