2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

5% Other countries

7.7% Other countries

28.1% Europe

35.1% Europe

5.2% United Kingdom

(4.0%) United Kingdom

61.7% North America

61.2% North America

2020

2021

For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2021 comply with minimum funding obligations, as legally or contractually defined.

NOTE 19

OTHER CURRENT LIABILITIES

December 31, 2021

December 31, 2020

(in thousand euros)

Social liabilities

86,766

111,706

Other tax liabilities

10,132

9,641

Accrued business development fund

75,516

87,419

Provision for restructuring

17,252

8,563

Other current liabilities

61,512

74,825

OTHER CURRENT LIABILITIES

251,178

292,154

NOTE 20

COMMENTS ON THE CONSOLIDATED CASH FLOWSTATEMENT

The divestiture of PIMACO generated a capital gain of 3.0 million euros (c) . No individually significant disposals of fixed assets were recorded during 2020 (c) . The working capital requirement (see Note 14 for the definition) increased by 19.9 million euros compared to an decrease during 2020 of 129.7 million euros. 2021 trend is mainly due to inventories increase (including raw material price increases and sea freight increase costs) partly offset by trade payables and other current liabilities increase (d) . The 2020 variance is mainly explained by a decrease in trade receivables and inventories (d) . The payments related to employee benefits were mainly driven by the U.S. and United Kingdom (e) .

References from (a) to (l) refer to the consolidated cash flow statement on page 208. As of December 31, 2021 cash and cash equivalents amounted to 468.9 million euros and bank overdrafts to 0.5 million euros. Net cash from operating activities 2021 net cash from operating activities amounted to 280.6 million euros, compared to 357.6 million euros during 2020. As of December 31, 2020 property, plant and equipment of Cello Pens were impaired for 26.8 million euros and the trademark for 14.9 million euros (a) . The Group recorded foreign exchange (gains)/losses with no cash impact in financial income and restated these in the consolidated cash flow statement (b) . In 2021, the sale of Clichy headquarters generated a capital gain of 167.7 million euros (c) .

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• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •