BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Other countries 4.4%

Other countries 4.5%

19.6% Europe

22.7% Europe

8.4%

3.4%

United Kingdom

United Kingdom

69.5%

67.6%

North America

North America

2019

2018

For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2019 comply with minimum funding obligations, as legally or contractually defined.

NOTE 19

OTHER CURRENT LIABILITIES

December 31, 2019

December 31, 2018

(in thousand euros)

Social liabilities

90,557

90,758

Other tax liabilities

10,741

12,019

Accrued Business Development Fund

68,825

80,497

Provision for restructuring

3,423

26,368

Other current liabilities

85,562

54,616

OTHER CURRENT LIABILITIES

259,107

266,259

NOTE 20

COMMENTS ON THE CONSOLIDATED CASH FLOWSTATEMENT

References from (a) to (l) refer to the Consolidated Cash Flow Statement on page 190. As of December 31, 2019 cash and cash equivalents amounted to 198.6 million euros and bank overdrafts to 51.7 million euros. Net cash from operating activities 2019 net cash from operating activities amounted to 318.2 million euros and included 20.0 million euros in payments related to restructuring (5.9 million euros during 2018), out of which 17.0 million relates to 2019 costs. In 2019, full Cello goodwill impairment was booked for 23.5 million euros (see Note 10) (a) and had no impact on cash. In 2018, partial Cello goodwill impairment amounting to 68.7 million euros and full PIMACO goodwill impairment for 5.5 million euros were booked.

The Group recorded foreign exchange (gains)/losses with no cash impact in financial income and restated these in the consolidated cash flow statement (b) . At end-2018, Bic Sport was sold to Tahe Outdoor, generating a net loss of 4.4 million euros (c) . There was no individually significant disposal of fixed assets during 2018 and 2019 (c) . The working capital (see Note 14 for the definition) increase amounted to 21.1 million euros compared to 73.0 million euros in 2018. The 2019 variance is mainly explained by an increase in trade receivables (d) . The payments related to employee benefits were mainly driven by the U.S. (e) .

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• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •