2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

Liquidity risk 22-4 The Group manages its equity such as to maintain a positive and liquid cash position, so as to be able to carry out its development and/or external growth strategy. The excess cash and the funding needs of the Group are directly managed by the Treasury Department, following prudent policy guidelines that aim to preserve capital and to maintain a satisfactory liquidity position. Excess cash is mainly invested in money market UCITS, negotiable debt securities and cash equivalents whose volatility is below 0.5, with a recommended holding period of less than three months. The more structural portion of the cash can be invested in money market funds qualified as “dynamics”, with a holding period that can be in excess of six months. The market value of mark-to-market securities is assessed twice a month by the Group Treasury Department and the target is to reach an average annual performance that outperforms the capitalized Eonia rate.

As of December 31, 2021, total investments managed by Group Treasury amounted to 232.6 million euros, divided between three positions. 88.5 million euros in term accounts in euros or american dollars, 52.9 million euros of marketable debt instrument and 44.2 million in money market UCITs in american dollars, the remaining 47 million euros is held on several current acounts that do not suffer from negative rate taxation. Keeping cash on hand in a bank account is relevant in view of the negative interest rates currently being paid on short-term investments in euros. Indeed, thanks to regular dialogue and good management of the allocation of its surpluses between its historical banks, to date the company has not been charged on its excess cash on current accounts. As previously mentioned in Note 6, BIC has also lowered its liquidity risk by setting up a confirmed credit line of 200 million euro for a period of three years, which also secures a NeuCP program of 200 million euro, with an initial issuance in September 2020. During 2021, the NeuCP were regurlaly issued, based on the operating needs and the NeuCP BIC demand remain strong.

December 31, 2021

December 31, 2020

(in thousand euros)

Cash equivalents: marketable securities

118,206

253,317

Cash

147,537

215,597

CASH AND CASH EQUIVALENTS, EXCLUDING BANK OVERDRAFTS

265,744

468,914

22-5

Credit risk

December 31, 2021

Note

December 31, 2020

(in thousand euros)

Gross trade receivables Not yet due or past due for less than 60 days

318,508

352,246

Past due for 60 to 90 days

8,131

12,728

Past due for 90 to 120 days

6,690

7,418

Past due for more than 120 days

28,990

34,185

Total gross trade receivables

362,319

406,577

Doubtful receivables

13,711

14,515

TOTAL BEFORE ALLOWANCE

376,030

421,092

Allowance on trade receivables not yet due or past due for less than 60 days

(6,171)

(5,448)

Allowance on trade receivables past due for 60 to 90 days

(127)

(482)

Allowance on trade receivables past due for 90 to 120 days

(340)

(1,016)

Allowance on trade receivables past due for more than 120 days

(24,371)

(24,968)

Total allowance (B)

(31,050)

(31,914)

Allowance on specific trade receivables

(25,142) (5,908) 64,644

(26,183) (5,731) 29,009

Allowance on statistically calculated trade receivables

Other receivables (C)

TRADE AND OTHER RECEIVABLES – NET (A)+(B)+(C)

14

409,625

418,186

243

• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •