BIC_REGISTRATION_DOCUMENT_2017

COMMENTS ON THE YEAR Financial situation and cash

4.2. Financial situation and cash

At the end of 2017, the net cash position  (1) was 204.9 million euros, compared to 222.2 million euros as of December 31, 2016. 2017 Net Cash from operating activities (1) totaled 380.6 million euros including +411.3 million euros in Operating Cash Flow. The Net Cash

position was also impacted by investments in CAPEX, dividend payments and share buy-backs as well as the proceeds from the sale of BIC Graphic North America and Sourcing Asia.

MAIN BALANCE SHEET ITEMS

2016

2017

(in million euros)

Shareholders’ equity

1,792.6

1,703.9

Current borrowings and bank overdrafts

49.6

4.9 0.2

Non-current borrowings

1.4

Cash and cash equivalents – Assets

243.8

188.6

Other current financial assets and derivatives instruments

31.1

45.0

Net cash position  (a)

222.2

204.9

goodwill and intangible assets

372.7

350.6

TOTAL BALANCE SHEET 2,352.6 SOCIÉTÉ BIC did not request any rating from any credit ratings agency nor, to the best of its knowledge, has it been the object of any unsolicited rating by any credit ratings NB: agency. See Glossary § 8.9. (a) 2,573.7

CONDENSED CASH FLOW STATEMENT

2016

2017

(in million euros)

Cash flow from operations

417.2 (62.8) (55.7)

411.3

(Increase)/Decrease in net working capital

(9.5)

Other operating cash flows

(21.2)

Net cash from operating activities from continuing operations

276.2

374.5

Net Cash from operating activities from discontinued operations

22.5

6.1

Net cash from operating activities  (a)

298.7

380.6

Net Cash from investing activities from continuing operations Net Cash from investing activities from discontinued operations

(127.2)

(108.4)

(5.3)

(3.4)

Net cash from investing activities

(132.5)

(111.8)

Net Cash from financing activities from continuing operations Net Cash from financing activities from discontinued operations

(291.5)

(273.1)

(48.0)

(2.3)

Net cash from financing activities

(339.5)

(275.4)

Net increase/(decrease) in cash and cash equivalents

(173.2)

(6.6)

Closing cash and cash equivalents

217.4

187.0

See Glossary § 8.9. (a)

See Glossary § 8.9. (1)

157

BIC GROUP - 2017 REGISTRATION DOCUMENT