BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Main bank loans/credit lines and financial liabilities are as follows:

Borrowing country

Euro equivalents

December 31, 2019

Currency

December 31, 2018

(in thousand euros)

Turkey •

TRY

887

2,897

South Korea •

KRW

1,174

1,157

TOTAL

2,061

4,054

Information on interest rates As of December 31, 2019, outstanding loans and credit lines were contracted with floating rates ranging between 4.25% and 12%. Relative exposure, deemed not significant, has not been hedged. Information on covenants None of the loans contain any covenants that could trigger early repayment of the debt. Incremental borrowing rate and determination of lease terms for lease contracts falling under IFRS 16 The Group has opted to use an incremental borrowing rate for discounting debt. The rate used for each lessee is the rate he would have to pay to borrow, over a similar period and with similar security, the funds necessary to obtain an asset of similar value to the leased asset in a similar economic environment.

The term used at the transition date is the residual term of the contracts. With regard to the performance period of the contracts, the Group has adopted the duration as provided for in the contracts. It has also taken into account renewal clauses based on its estimate of the probability of their implementation at the balance sheet date. In addition, the Group is currently analyzing the IFRS IC decision of November 26, 2019 relating to the performance period. Lease payment under IFRS 16 in 2019 Lease payments in 2019 in respect of leases falling within the scope of IFRS 16 for an amount of 19.5 million euros break down as follows: Depreciation: 17.8 million euros; ● Interest: 1.7 million euros. ● Cash Flows for future years The Group is expected to pay 15.5 million euros in respect of leases in 2020.

Expected total lease payments, in million euros:

2020

15.5

2021

11.8

2022

7.3

2023

4.1

2024

2.4

Beyond 2024

3.3

213

• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •