2021 Universal Registration Document

COMMENTS ON THE YEAR

Operations and consolidated results

OPERATIONS AND CONSOLIDATED 5.1. RESULTS

THE GROUP IN 2021

2021 Key Events February

On February 11, completion of the sale of its Clichy-La-Garenne-based (France) Headquarters and BIC technologies sites. On February 26, completion of the divestiture of PIMACO, its Brazilian Adhesive Label business. On March 12, launch of a 40 million euros ESG Impact Share Buyback program executed by Exane BNP Paribas and carried out during 2021. In May, upgrade of our renewable electricity target and committment to achieving 100% by 2025. Pledge to define a CO 2 emissions reduction roadmap by the 2022 Annual General Meeting. On October 19, development with Avient of a recycled material incorporated into the handle of the future refillable BIC Click Soleil 5 shaver, with a launch planned in the spring of 2022. On November 3, completion of the ESG Impact Share Buyback program announced in December 2020 and launched in March 2021, followed by the sponsoring of the Abdul Latif Jameel Poverty Action Lab’s Tutoring and Parental Program. On November 19, nomination of Nikos Koumettis for election to BIC Board of Directors and upcoming Non-Executive Chair of the Board. In July, expansion of the partnership with TerraCycle ® with the launch of our first razor recycling program in Spain.

March

May

October

July

November

December

On December 17, joining of the United Nations Global Compact, the world’s largest Corporate Sustainability initiative.

FY 2021 Net Sales increased 12.5% at actual currencies, 12.2% on a comparative basis and 15.9% at constant currencies. The unfavorable impact of currency fluctuations (-2.8 points) was mainly due to the decrease of the U.S. Dollar against the Euro. Excluding the impact of acquisitions and divestitures, growth on a comparative basis was 12.2%.

CONDENSED PROFIT AND LOSS ACCOUNT

FY 2021

FY 2020

(in million euros)

Net sales

1,627.9

1,831.9

Cost of goods

845.5

901.1

Gross Profit

782.4

930.8

Administrative & other operating expenses

652.6

478.8

EBIT

156.8

452.0

Finance revenue/costs

(1.4)

(4.2)

Income before tax

155.3

447.8

Income tax expense

(61.6)

(133.6)

Net Income Group Share

93.7

314.2

Earnings per share Group share (in euros)

2.08

7.02

Average number of shares outstanding (net of treasury shares)

44,975,070

44,778,191

FY 2021 adjusted EBIT was favorably impacted by operating leverage from Net Sales growth. Freight and Distribution costs were higher due to the increase in customer demand. FY 2021 non-recurring items included: 167.7 million euros from Clichy Headquarters sale gain in Q1 ● 2021;

FY 2021 Gross Profit margin increased by 2.7 points to 50.8% compared to 48.1% in 2020. Excluding the 2020 under-absorption of fixed costs due to the Covid-19 pandemic, the Gross Profit margin was flat, notably driven by the increase in North America Lighter sales, a decrease in Brand Support above Net Sales, manufacturing and procurement efficiencies, offset by higher raw material costs and unfavorable Forex from Latin American currencies against the U.S. Dollar.

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• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •

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