2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

24-6

Portfolio of foreign exchange risk hedges as of December 31, 2021

To cover its future cash flows, BIC had the following hedges as of December 31, 2021:

Purchase of options Sale of options

Maturity

Hedge

Forward

Currency

Currency

2022

USD/EUR 330,052,000

USD

-

-

-

USD/CAD 26,398,000

USD

-

-

-

USD/AUD 6,000,000

USD

-

-

-

GBP/EUR 21,000,000

GBP

-

-

-

AUD/EUR 22,200,000

AUD 4,000,000 4,000,000

AUD

CHF/EUR 3,500,000

CHF 3,000,000 3,000,000

CHF

EUR/MXN 4,000,000

EUR

-

-

-

JPY/EUR 1,000,000,000

JPY 300,000,000 300,000,000

JPY

CAD/EUR 17,500,000

CAD 3,000,000 3,000,000

CAD

NZD/EUR 2,000,000

NZD 6,000,000 6,000,000

NZD

RON/EUR 10,000,000

RON

-

-

-

SEK/EUR 15,000,000

SEK 10,000,000 10,000,000

SEK

USD/NZD 1,000,000

USD

-

-

-

2023

CHF/EUR 1,000,000

CHF

-

-

-

USD/EUR 10,000,000

USD

-

-

-

2024

CHF/EUR 1,000,000

CHF

-

-

-

As of December 31, 2020, regarding the 2021 exposure, the EUR/USD parity was the most exposed, in the amount of 315 million U.S. dollars. This exposure was 100% hedged as of December 31, 2020 and related cash flows took place in 2021.

Regarding the needs for 2022, as of December 31, 2021, the EUR/USD parity was the most exposed, in amount of 350 million U.S. dollars. This exposure was more than 90% hedged as of December 31, 2021 and related cash flows will occur in 2022. Net income and equity sensitivity to a variance of +/-1% EUR/USD on balance sheet items as of December 31, 2021, as defined in IFRS 7, is not considered to be significant for the Group.

24-7

Main balance sheet items declared in foreign currencies

Regarding the balance sheet items, the weight of the different currencies is as follows as of December 31, 2021 for the main items:

Translated fromUSD

Translated from BRL

Translated fromMXN

Translated from INR

Total

EUR

Other

(in thousand euros)

Net property, plant and equipment

588,800

354,950

79,026

44,578

42,838

17,012

50,395

Net goodwill

256,059

108,034

95,844

1

-

-

52,180

Cash and cash equivalents (excluding bank overdrafts)

468,914

251,940

72,158

46,561

30,180

1,375

66,700

Employee benefit obligations

(80,016)

(23,201)

(51,171)

-

(3,790)

(935)

(920)

254

• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •