BIC - 2020 Universal Registration Document

COMMENTS ON THE YEAR

Operations and consolidated results

NON-RECURRING ITEMS

FY 2020

FY 2019

(in million euros)

Income FromOperations

252.7

156.8

As % of Net Sales

13.0%

9.6%

Restructuring costs of which Transformation plan in 2019 and 2020, Ecuador factory closure in Q2 2020 & LAM commercial operations restructuring in Q3 2020 Cello property plant & equipment and Trademark impairment in 2020 / Trademark and goodwill impairment in 2019

+44.7

+27.2

+44.3

+41.7

UK pension adjustment for past service costs in 2019

(9.9)

-

Some Expenses related to the Covid-19 pandemic primarily absorption of fixed costs

-

+45.4

Favorable Pensions adjustment in the U.S.

-

(44.1)

Acquisition costs

-

+2.1

Normalized Income FromOperations (IFO)

331.8

229.1

As % of Net Sales

17.0%

14.1%

NET INCOME AND EPS

FY 2020

FY 2019

(in million euros)

IFO

252.7

156.8

Finance revenue/costs

(1.3)

(1.4)

Income before Tax

251.4

155.3

Net Income Group share

176.1

93.7

Normalized Net Income Group Share (a)

246.7

159.4

Normalized EPS Group Share (in euros)

5.47

3.54

EPS Group Share (in euros)

3.91

2.08

Excluding non-recurring items & Argentina hyperinflationary accounting for 2019 and 2020. (a)

FY 2020 Finance Revenue is flat vs. 2019. Q4 Finance revenue was negatively impacted by the unfavorable fair value adjustments to financial assets denominated in USD during the quarter ( versus MXN).

The 2020 effective tax rate was 39.7% compared to 30.0% in 2019 (31.2% excluding Cello impairment).

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• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •