BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

As of December 31, 2020, regarding the 2021 exposure, the main significant exchange exposure relates to EUR/USD for 315 million U.S. dollars. This exposure is 100% hedged as of December 31, 2020 and related cash flows will occur in 2021. Net income and equity sensitivity to a variance of +/-1% EUR/USD on balance sheet items as of December 31, 2020, as defined in IFRS 7, is not considered to be significant for the Group.

As of December 31, 2019, regarding the 2020 exposure, the main significant exchange exposure related to EUR/USD for 350 million U.S. dollars. This exposure was 100% hedged as of December 31, 2019 and related cash flows took place in 2020.

24-7

Main balance sheet items declared in foreign currencies

Regarding the balance sheet items, the weight of the different currencies is as follows as of December 31, 2020 for the main non-current items:

Translated fromUSD

Translated from BRL

Translated fromMXN

Translated from INR

Total

EUR

Other

(in thousand euros)

Net property, plant and equipment

613,374

372,066

77,584

46,134

45,622

17,544

54,424

Net goodwill

243,829

108,034

88,463

1

-

-

47,331

Cash and cash equivalents (excluding bank overdrafts)

265,744

79,568

76,571

42,643

5,988

4,114

56,860

Employee benefit obligations

(122,964)

(30,943)

(76,261)

-

(3,627)

(1,497)

(10,636)

NOTE 25

RELATED PARTIES

Consolidated subsidiaries 25-1 Transactions between the parent company and its subsidiaries as well as transactions between subsidiaries are eliminated through the consolidation process.

Pursuant to IAS 24, BIC Group considers the following to be related parties: all consolidated subsidiaries (see Note 28); ● all members of the Board of Directors (see Corporate ● Governance – section 4.1.1.4. “Mandates and duties of the Corporate Officers and Directors as of December 31, 2020”) as well as their close relatives; all companies in which a member of the Board of Directors or ● of the Executive Committee has a significant voting right.

25-2

Members of the Board of Directors and of the Executive Committee

Transactions concluded in 2020 with members of the Board of Directors and of the Executive Committee are as follows:

Expenses

(in thousand euros)

Short-term employee benefits

6,910

Post-employment benefits

81

Other long-term benefits

142

Termination benefits

-

Share-based payments

4.195

TOTAL TRANSACTIONS

11,328

Directors’ remuneration is not included in the above table and are disclosed under Corporate Governance – section 4.2.2.1. Remuneration of Non-Executive Corporate Officers and Directors.

Companies in which a member of the Board of Directors or of the Executive Committee has a significant 25-3 voting right

As of December 31, 2020, no such related parties were identified.

262

• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •