2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

The movement for the year in the Group’s deferred tax position was as follows:

December 31, 2021

Notes

(in thousand euros)

Net position at January 1, 2021

53,388

Deferred tax income/(expense) for the period (a)

CF

7,370

PIMACO divestiture

639

Reclassification from deferred to current tax in the balance sheet

1,375

Booked in Shareholders’ equity and other comprehensive income

(3,133)

Exchange differences

3,165

Net position at December 31, 2021

62,804

Notes

December 31, 2020

(in thousand euros)

Net position at January 1, 2020

78,966

Deferred tax income/(expense) for the period (a)

CF

(2,697)

Djeep acquisition

(4,454)

Rocketbook acquisition

(5,962)

Booked in Shareholders’ equity and other comprehensive income

(2,765)

Exchange differences

(9,701)

Net position at December 31, 2020

53,388

Excluding amounts booked to provision for risks and charges. (a)

Origin of deferred tax

December 31, 2021

December 31, 2020

(in thousand euros)

Pension and other employee benefits

29,351

18,652

Intra-Group profit elimination

22,489

29,482

Tax losses carried forward

126

126

Other temporary differences

38,325

57,396

Tax risks under IFRIC 23

(36,903)

(42,853)

NET DEFERRED TAX

53,388

62,804

NOTE 14

CHANGE IN NETWORKING CAPITAL

Accounting policies Inventories are stated at the lower of cost and net realizable value. Cost comprises direct raw material costs and, where applicable, ● direct labor costs, as well as those overheads that have been directly incurred in bringing the inventories to their present location and condition. Cost is generally calculated using the weighted average cost method. Net realizable value represents the estimated selling price in the normal course of business less all estimated costs of completion and costs to be incurred in the sale (marketing, selling and distribution). Impairment of financial assets (particularly trade receivables) is based on expected credit losses (no longer on observed losses), ● starting from initial recognition. To determine the expected credit losses, the Group used the simplified method and a provision matrix based on its historical ● observed default rates over the expected remaining life of the trade receivables, adjusted for forward-looking estimates. Trade payables are initially measured at fair value. ●

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• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •