BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

4.4% Other countries

5% Other countries

22.7% Europe

28.1% Europe

3.4% United Kingdom

5.2% United Kingdom

69.5% North America

61.7% North America

2019

2020

For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2020 comply with minimum funding obligations, as legally or contractually defined.

NOTE 19

OTHER CURRENT LIABILITIES

December 31, 2020

December 31, 2019

(in thousand euros)

Social liabilities

92,758

86,766

Other tax liabilities

12,019

10,132

Accrued Business Development Fund

80,497

75,516

Provision for Restructuring

26,368

17,252

Other current liabilities

54,616

61,512

OTHER CURRENT LIABILITIES

266,259

251,178

NOTE 20

COMMENTS ON THE CONSOLIDATED CASH FLOWSTATEMENT

References from (a) to (l) refer to the Consolidated Cash Flow Statement on page 216. As of December 31, 2020 cash and cash equivalents amounted to 265.7 million euros and bank overdrafts to 1.0 million euros. Net cash from operating activities 2020 net cash from operating activities amounted to 357.6 million euros, compared to 317.2 million euros during 2019. As of December 31, 2020 property, plant and equipment of Cello Pens were impaired for 26.8 million euros and the trademark for 14.9 million euros (a) .

The Group recorded foreign exchange (gains)/ losses with no cash impact in financial income and restated these in the consolidated cash flow statement (b) . There was no individually significant disposal of fixed assets during 2019 and 2020 (c) . The working capital (see Note 14 for the definition) decrease amounted to 129.7 million euros compared to an increase, during 2019, of 21.1 million euros. The 2020 variance is mainly explained by a decrease in trade receivables and inventories (d) . The 2019 variance was mainly explained by a decrease in trade payables (d) . The payments related to employee benefits were mainly driven by the U.S. (e) .

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• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •