2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

At December 31, 2020

United States

United Kingdom

France

Discount rate

2.32%

1.35%

0.50%

Inflation rate

2.50%

3.10%

1.50%

Expected rate of salary increases

3.60%

N/A

1.75%

Average plan duration (years)

13.5

18.0

13.3

Sensitivity of the obligation to a change in inflation rate According to the Group’s estimates, a +/-0.5% change in the inflation rate would result in a change in the obligations for the

The discount rates for our United States and United Kingdom retirement plans were developed using the Mercer Pension Discount Yield Curve, which is based on the yields of the bonds of AA-rated companies. For our other international plans, the discount rates were set by benchmarking against the corporate bonds of companies rated AA or better on the various markets. The discount rate for the French obligation is based on the IBOXX AA 10+ index. The rate shown for France is that of the main plan (retirement indemnities). The rate shown for the U.S. is for the main plan, each U.S. plan being valued with a specific discount rate (from 2.20% to 2.91%). Sensitivity of the obligation to a change in discount rate According to the Group’s estimates, a +/-1% change in the discount rate would result in a change of -11.40% and +13.74% in the obligations, respectively. This change would not, however, impact the Group’s total net liability on employee benefits, as a change in plan assets may partly offset the impact.

following countries, of respectively: -0.02% and +0.01% for the U.S.; ● +4.25% and -4.12% for the U.K. ●

This change would not, however, fully impact the Group net liability on employee benefits, as a change in plan assets fair value may partly offset the impact. Cash Flows for future years The Group is expected to pay 18.2 million euros in employer contributions for 2022.

The expected total benefit payments, in million euros, is: 2022

39

2023

30

2024

30

2025

30

2026

31

Beyond 2026

153

18-7

Information by geography

At December 31, 2021 (in thousand euros)

Obligation

Plan assets

Net liability

Europe

35,446

6.7%

8,937

2.0% 26.509

35.1%

United Kingdom

43,286

8.1% 46,313

10.1% (3,028)

(4.0%)

North America

447,976

84.0% 401,673

87.8% 46,303

61.2%

Other countries

6,424

1.2%

590

0.1%

5,834

7.7%

TOTAL

533,132

100% 457,513

100% 75,619

100%

At December 31, 2020 (in thousand euros)

Obligation

Plan assets

Net liability

Europe

43,448

7.3%

9,006

1.9% 34,443

28.1%

United Kingdom

48,109

8.1% 41,750

8.9% 6,359

5.2%

North America

495,278

83.5% 419,811

89.2% 75,467

61.7%

Other countries

6,394

1.1%

255

0.1% 6,140

5.0%

TOTAL

593,230

100% 470,821

100% 122,409

100%

240

• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •