2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Notes

Gross value

Impairment loss

Net value

(in thousand euros)

At January 1, 2020

313,737

(110,032)

203,705

Djeep acquisition

29,885

-

29,885

Rocketbook Acquisition

22,048

-

22,048

Exchange differences

(23,118)

11,309

(11,809)

At January 1, 2021

342,552

(98,723)

243,829

Rocketbook

2,509

-

2,509

PIMACO disposal

(3,651)

3,651

-

Exchange differences

14,946

(5,226)

9,720

At December 31, 2021

356,356

(100,298)

256,058

The balance, as of December 31, 2021, includes the following principal net goodwill:

December 31, 2021

December 31, 2020

(in thousand euros)

BIC CORPORATION (a) – Stationery

49,168

52,352

BIC CORPORATION (a) – Lighters

38,819

41,578

BIC Violex – Shavers

69,281

70,718

Kenya – Stationery

4,852

5,057

Nigeria – Stationery

12,937

12,558

Djeep – Lighters

29,885

29,885

Rocketbook – Papeterie

21,851

26,178

Other (a)

17,037

17,733

TOTAL

243,829

256,058

These goodwill amounts are linked to cash-generating units represented by distribution subsidiaries. (a)

To perform the impairment tests, the Group used the following discount and perpetual growth rates:

Weighted average cost of capital (WACC) before tax

Perpetual growth rate

2021

2021

2020

2020

BIC CORPORATION

Stationery

8.5%

9.9%

1.5%

1.5%

Lighters

8.4%

9.6%

1.5%

1.5%

Cello Pens – Stationery

14.7%

14.2%

3.4%

4.0%

BIC Violex – Shavers

12.05%

13.8%

1.9%

1.9%

Kenya – Stationery

18.7%

17.9%

6.0%

5%

Nigeria – Stationery

24.6%

28.2%

8.1%

10.3%

PIMACO

22.9%

-

- 1.5%

-

Djeep – Lighters

-

9.2%

-

-

Rocketbook – Stationery

-

9.1%

-

1.5%

Each goodwill item has been allocated to a cash-generating unit (“CGU”) representing the lowest level at which goodwill is monitored by the Group. The goodwill on BIC CORPORATION is thus mainly allocated to cash-generating units linked to the distribution by BIC CORPORATION of stationery products and lighters. The goodwill on Cello Pens is allocated to the cash-generating units linked to the production and distribution of stationery products by Cello. The remaining goodwill on BIC Violex is allocated to the cash-generating unit linked to shavers developed and/or produced

by BIC Violex and sold all over the world. This cash-generating unit also includes the portion of BIC CORPORATION goodwill allocated to shavers. The goodwill on the Kenya subsidiary is allocated to the cash-generating unit linked to the production and distribution of stationery products by BIC East Africa. The goodwill on the Nigeria subsidiary is allocated to the cash-generating unit linked to the production and distribution of stationery products by Lucky Stationery Limited. The goodwill on Djeep is allocated to the cash-generating unit linked to the production and distribution of lighters by Djeep.

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• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •