BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Net cash from investing activities Net cash from investing activities amounted to -149.3 million euros during 2020 compared to -110.8 million euros during 2019. During the years 2020 and 2019, there was no disposal of individually significant fixed assets (c) . During 2020, the BIC Group disbursed 83.1 million euros on property, plant and equipment and intangible assets (including 12.9 millions euros related to the change in fixed asset supplier accounts) (g) compared to 104.9 million euros in 2019 (including -8.7 million euros related to change in fixed asset supplier accounts). Purchases of property, plant and equipment do not include finance leases booked as a counterpart to a financial debt, as these transactions do not have any impact on cash (g) . An additional amount of 2.7 million euros related to the acquisition of Haco Industries Kenya has been disbursed in 2020 (i) . A net disbursement of 35.3 million euros was done beginning of July for the acquisition of Djeep, representing the purchase price net of cash and cash equivalents of the entity and related costs. A net disbursement of 34.5 million euros was done in December for the acquisition of Rocketbook. This amount represents the purchase price net of cash and cash equivalents of the entity and related costs. “Other current financial assets” referred to investments not eligible for classification as cash & cash equivalents under IAS 7. These investments consisted of units of UCITS and negotiable debt securities, all of which are liquid within 5 days. They were sold during 2020 (h) .

Net cash from financing activities Net cash from financing activities amounted to -61.1 million euros during 2020 compared to -209.8 million euros in 2019. The dividends paid represent the dividends paid by SOCIÉTÉ BIC to its Shareholders (see Note 21) (j) . As of December 31, 2020, new borrowings amounted to 77.2 million euros, compared to 2.9 million euros in 2019 (k) . They are short-term financing (Negociable EUropean Commercial Paper for 75 million euros). During 2020, 136,383 shares were repurchased by SOCIÉTÉ BIC for 7.4 million euros. Under the liquidity agreement, SOCIÉTÉ BIC bought 426,844 shares for 21.1 million euros, and sold 421,226 shares for 20.1 million euros (I) . In 2019, 478,667 shares were repurchased by SOCIÉTÉ BIC for 39.2 million euros. Under the liquidity agreement, SOCIÉTÉ BIC bought 304,728 shares for 20.5 million euros, and sold 287,373 shares for 19.2 million euros. Moreover, in early 2019, SOCIÉTÉ BIC received 0.5 million euros related to stock options exercised at the end of 2018 (I) .

NOTE 21

DIVIDENDS

For the 2019 fiscal year, an ordinary dividend of 2.45 euros per share was distributed to Shareholders on June 3, 2020. For the 2018 fiscal year, an ordinary dividend of 3.45 euros per share was distributed to Shareholders on June 5, 2019.

NOTE 22

EXPOSURE TOMARKET RISKS

Counterpart risk 22-1 All financial instruments are set up with banking institutions awarded top ratings by international rating agencies, making counterparty risk very low. The minimum Standard & Poor’s long-term rating of the main banking counterparties is A-, the rating range being from A+ to A-. Cash investment decisions are subject to strict counterparty risk assessment (both depositories and custodians). The majority of the portfolio as of December 31, 2020 is on investment grade-rated supports. Counterparty risk is estimated not significant as of December 31, 2020.

22-2

Foreign exchange risk

See Note 23-2.

22-3

Interest rate risk

See Note 23-3.

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• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •