BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

of Corporate headquarters including IT, finance, legal and • HR costs, of shared services center; •

other net costs that can’t be allocated to Categories, notably ● restructuring costs, gains or losses on assets’ divestiture, etc.

2-2

Information on the income statement and assets by activity

All indicators are determined according to IFRS, except for: normalized income from operations, which is the income from ● operations restated for non-recurring items (in particular real estate gains, the gain or loss on the sale of businesses and restructuring costs). It constitutes the key financial metrics used within the Group;

capital additions, which are the purchases and internal ● generation of property, plant and equipment and intangible fixed assets for the period.

At December 31, 2020

At December 31, 2019

Other Products

Unallocated

Other Products

Unallocated

costs Total Stationery Lighters Shavers

costs Total

Stationery Lighters Shavers

(in million euros)

Income Statement Net sales •

774 679 463

33

- 1,949

576 618 404

30

- 1,628

Depreciation and amortization •

(33)

(25)

(35)

(25)

- (118)

(34)

(26)

(33)

(21)

- (115)

Impairment loss •

(44)

-

(1)

-

- (45)

(42)

-

(2)

-

- (44)

Income from operations • restated for unallocated costs Restatements made to obtain normalized income from operations Cello property plant & • equipment and trademark

27 248 69

(4)

(87)

253

(31)

226 51

(5)

(84)

157

44

-

-

-

-

44

42

-

-

-

-

42

impairment in 2020 / trademark and goodwill impairment in 2019

Restructuring costs restated • for unallocated costs

3

2

2

-

38 45

4

3

3

2

15 27

Covid-19 impact • Acquisition costs •

- -

- - - -

- -

- - - -

- - - -

- -

29

7

8

1

- - - -

45

2

- -

- -

- - -

2

UK Pension • U.S. Pension •

(7)

(3)

(10)

-

-

-

-

-

(12)

(20)

(12)

(44) 229

33 216 50

(2)

(68)

Normalized income from • operations*

67 249 68

(3)

(49)

332

Restated for unallocated costs *

In 2020, some Covid-19 epidemic impacts have been considered as “non-recurring items” and are mainly related to: unfavorable manufacturing cost absorption due to abnormally ● low production volumes over the period as a result of plants closures or reduced demand for products directly linked to

Covid-19, direct expenses related to employees protection (extract cleaning, masks, sanitizers) which impact the gross profit; commercial force under-activity which impacts other ● expenses.

The favorable adjustment related to the change in medical and pension regimes in the U.S. has also been considered as non-reccuring items.

221

• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •