BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

To monitor and control the performance of the Fund, BIC Inc. and the Investment Manager must comply with the objectives set out in the “Statement of Investment Policy establishment of these guidelines is to ensure that the Fund assets, together with the expected contributions and investment returns, are invested in a prudent manner so and Objectives”. The basic goal underlying the

that the Fund will be sufficient to meet the obligations of the Plan as they come due. The long-term investment strategy is to invest approximately 36% in bonds, 35% in Canadian equities, 27% in foreign equities and 2% in cash and cash

equivalents.

For other countries , the plans depend on local legislation, the ● activity and other historical practices of the subsidiary.

18-2

Change in the net obligation of defined-benefit plans

Other employee benefits

Total employee benefits

Including U.S. other employee benefits

Including total U.S. employee benefits

Including U.S. Pension

Pension

(in thousand euros)

PRESENT VALUE OF OBLIGATION At January 1, 2019

469,464

352,005

88,663

87,750 5,381 1,574 

558,127

439,756

Period costs:

15,775 

20,241 

4,955 

20,730 

25,622 

Current service costs •

9,540 

5,784 

 1,252

10,792 

7,358 

Past service costs (including curtailment) •

(11,443)

13

- 

-  - 

(11,443) 

 13

Settlement •

276 

- 

 (104)

172

- 

Interest costs •

17,403 

14,445

 3,807

3,807 

21,210

18,251

Benefits paid

(26,313) 

(20,173) 44,850  49,130 (4,280) 

(3,091) 

(3,021)  15,649 14,813 

(29,404) 

(23,194) 60,499  63,943  (3,445) 

Actuarial difference on gross obligation

60,266 

15,659 

75,925 

Financial assumptions •

64,055  (3,789) 

14,805 

78,860 (2,935) 

Demographic assumptions •

854 

835

Taxes paid included in DBO

(10) 

- 

- 

- 

(10) 

- 

Contributions paid

7 

 -

- 

- 

7 

- 

Administrative expenses

(4) 

 -

- 

- 

(4) 

- 

Exchange differences

11,139 

6,887 

1,685 

1,669 

12,825 

8,555 

At December 31, 2019

A 530,325 

403,811 

107,871 

107,428 

638,196 

511,239 

FAIR VALUE OF PLAN ASSETS At January 1, 2019

397,240

329,084 13,729  13,729

-

-

397,240

329,084 13,729  13,729 

Total period income:

15, 891 

- 

- 

 15,891

Interest income •

15,891 

-

 - - 

15,891 

Curtailment and settlement •

- 

- 

- 

- 

- 

Benefits paid

(23,729) 

(20,173) 

(3,021) 

(3,021) 

(26,749) 

(23,194) 

Contributions paid by participants

(3) 

- 

- 

- 

(3) 

- 

Contributions paid by employer

8,613 

5,850 

3,021 

3,021 

11,634 

8,871

Taxes paid from plan assets

(10) 

- 

- 

- 

(10) 

- 

Administrative expenses

(1,007) 

(919) 

- 

 -

(1,007) 

(919)

Return on assets (excluding interest income)

67,792 

63,268

- 

-

67,792 

63,268 

Exchange differences

9,821 

6,334 

 -

- 

9,821 

6,334 

At December 31, 2019

B 474,608 

397,172

 -

- 

474,608 

397,172 

NET LIABILITY IN THE BALANCE SHEET AS OF AT DECEMBER 31, 2019 NET LIABILITY IN THE BALANCE SHEET AS OF DECEMBER 31, 2018

C = A - B 55,717 

6,639

107,871 

107,428 

163,588 

114,067 

72,224

22,922

88,663

87,750

160,887

110,672

217

• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •