BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Price adjustment and earn out clause Djeep& Rocketbook

Cash flows impact Operating

Haco acqui- sition

Djeep acquisi- tion

Foreign exchange and other

December 31, 2020

December 31, 2019

Cash flows impact Investing (1)

Rocketbook acquisition

(in thousand euros)

Net inventory

455,644 (46,471)

-

- 2,723

3,060

- (35,935)

379,021

Inventory – • Gross value Inventory – • Impairment

470,664 (15,021)

(45,486)

- -

- 2,723

3,060

- (36,343)

394,319 (15,298)

(985)

-

-

-

-

708

Trade and other receivables 545,609 (100,735)

-

- 1,745

5,970

- (42,964)

409,625

Trade and other payables

(126,403)

9,372

12,880

- (853)

(890)

-

6,425

(99,470)

Other receivables and payables

(237,020)

8,084

- 2,721 (698)

(243)

(16,031)

12,004 (231,182)

NETWORKING CAPITAL 637,829 (129,751) 457,993 Cash flows impact Investing includes capital additions cashed out in 2020 relating to 2019 and excludes 2020 capital additions not yet cashed out for a net amount of 12.9 million (1) euros. 12,880 2,721 2,918 7,897 (16,031) (60,470)

The working capital is used to finance the Group’s operating cycle. Details of the elements used in the calculation are presented above.

NOTE 15

SHARE CAPITAL

15-1

Share capital

December 31, 2020

December 31, 2019

(in thousand euros)

Authorized, issued and fully paid-up share capital

173,933

173,412

Repurchase of shares of the Company

(2,064)

(1,603)

SHARE CAPITAL

171,869

171,809

As of December 31, 2020, the registered share capital of SOCIÉTÉ BIC was 173,412,173.74 euros divided into 45,395,857 shares of 3.82 euros each. Registered shares held for more than two years carry double voting rights.

In addition, SOCIÉTÉ BIC holds 419,524 treasury shares, acquired at an average price of 99.45 euros in accordance with Article L. 225-209 of the French Commercial Code, which represent 0.92% of the share capital. The share capital breakdown is shown in section 7-3 - "Shareholding" of the Universal Reference Document.

SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of December 31, 2020 15-2

Average acquisition price (in euros)

Purpose of the repurchase

Number of shares

% of the share capital

Liquidity agreement (a)

37,706

47.74

0.08%

Free share grants (a)

381,818

104.56

0.84%

TOTAL

419,524

99.45

0.92%

Article L. 225-209 of the French Commercial Code. (a)

In accordance with the liquidity agreement, transferred by Natixis to ODDO on June 27, 2018, in respect of SOCIÉTÉ BIC shares, as of December 31, 2020, the liquidity account contained the following:

At initial set-up, the liquidity account contained the following: 2,312 BIC shares; ● 912,744.48 euros. ● SOCIÉTÉ BIC obtained authorization from the Annual Shareholders’ Meeting on May 20, 2020, to renew its share repurchase program (see 2019 Universal Registration Document, chapter 8, p. 285).

37,706 BIC shares; ● 784,476.95 euros. ●

238

• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •