Société Bic — Interim / Quarterly Report 2015

Jul 31, 2015

	MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6 MONTHS PERIOD ENDED JUNE 30, 2015	1
1.1.	Key figures	2
1.2.	H1 Highlights	3
1.3.	H1 2015 Group operational trends	4
1.4.	H1 2015 operational trends by category	6
1.5.	BIC Group Net Sales change by geography	7
1.6.	Impact of change in perimeter and currency fluctuations	8
1.7.	IFO and Normalized IFO by category	8
1.8.	Share repurchase program – cancelled shares	9
1.9.	Main related-party transactions	9
1.10.	Capital evolution	9
1.11.	Material events that occurred in the first six months of 2015	10
1.12.	Material events that occurred after the 30 June 2015	10
1.13.	2015 Outlook	10
1.14.	Glossary	11

	CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS
2.1.	Consolidated income statement	14
2.2.	Consolidated statement of comprehensive income	15
2.3.	Consolidated statement of financial position	16
2.4.	Consolidated statement of changes in equity	18
2.5.	Consolidated cash flow statement	19
2.6.	Notes to the consolidated financial statements	21

STATEMENT ON HALF-YEARLY REPORT 2015 41

1.1. Key figures	2
1.2. H1 Highlights	3
Net Sales	3
Results	3
1.3. H1 2015 Group operational trends	4
Net Sales	4
Income From Operations (IFO)	4	MANAGEMENT
Net Income and EPS	5	REPORT OF
Net cash position	5
Shareholders' remuneration	5	THE BOARD
1.4. H1 2015 operational trends by category	6	OF DIRECTORS
Consumer Categories	6	FOR THE 6 MONTHS
BIC Graphic	7
		PERIOD ENDED
1.5. BIC Group Net Sales change by geography	7
		JUNE 30, 2015
1.6. Impact of change in perimeter and currency
fluctuations	8
1.7. IFO and Normalized IFO by category	8
1.8. Share repurchase program – cancelled shares	9
1.9. Main related-party transactions	9
1.10. Capital evolution	9
1.11. Material events that occurred in the first six months of 2015	10
Fuel Cell	10
1.12. Material events that occurred after the 30 June 2015	10
Description of the principal risks and uncertainties for the 2nd Half 2015	10
1.13. 2015 Outlook	10
1.14. Glossary	11

1.1. Key figures

Change at Change on Change at Change on Change as constant a comp. Change as constant a comp. 2014 2015 reported currencies basis 2014 2015 reported currencies basis GROUP Net Sales 534.3 623.1 +16.6% +5.2% +5.8% 968.5 1,134.0 +17.1% +5.6% +6.3% Gross Profit 263.6 307.4 +16.6% 476.9 569.8 +19.5% Normalized Income From Operations 111.6 137.4 +23.1% 184.6 239.2 +29.6% Normalized IFO Margin 20.9% 22.0% 19.1% 21.1% Income From Operations 123.7 143.9 +16.4% 196.6 241.5 +22.8% IFO Margin 23.1% 23.1% 20.3% 21.3% Net Income Group Share 85.6 99.3 +16.0% 135.7 176.6 +30.1% Earnings Per Share - Group Share (in euros) 1.82 2.10 +15.4% 2.89 3.74 +29.4% BY CATEGORY Stationery Net Sales 212.0 233.2 +10.0% +1.1% +2.5% 355.9 390.3 +9.7% +0.5% +2.2% IFO 40.0 40.7 55.6 60.5 IFO margin 18.9% 17.5% 15.6% 15.5% Normalized IFO margin 17.2% 17.1% 14.6% 15.7% Lighters Net Sales 145.8 178.4 +22.4% +9.3% 279.4 341.9 +22.4% +9.5% IFO 67.4 75.6 116.3 136.6 IFO margin 46.3% 42.3% 41.6% 39.9% Normalized IFO margin 41.2% 41.6% 39.0% 39.7% Shavers Net Sales 98.1 117.8 +20.0% +9.5% 187.0 230.2 +23.1% +12.0% IFO 18.9 23.4 34.4 44.7 IFO margin 19.3% 19.8% 18.4% 19.4% Normalized IFO margin 18.0% 19.1% 17.7% 20.2% Other Products Net Sales 19.1 22.3 +16.8% +8.5% 35.2 39.1 +11.0% +3.9% Total Consumer business Net Sales 475.0 551.7 +16.2% +5.6% +6.3% 857.5 1,001.5 +16.8% +6.1% +6.8% IFO 124.7 144.5 201.4 246.2 IFO Margin 26.3% 26.2% 23.5% 24.6% Normalized IFO margin 23.7% 25.3% 22.1% 24.5% BIC Graphic Net Sales 59.3 71.4 +20.4% +1.8% 111.0 132.5 +19.4% +2.1% IFO -1.0 -0.6 -4.8 -4.7 IFO margin -1.8% -0.9% -4.3% -3.6% Normalized IFO	(in million euros)	SECOND QUARTER				FIRST HALF
margin -1.6% -3.0% -4.2% -4.7%

* Restated from IFRIC 21.

1.2. H1 Highlights

NET SALES

Consumer Business: 1,001.5 million euros (+6.8% on a comparative basis):

• Stationery: 390.3 million euros (+2.2% on a comparative basis);
• Lighters: 341.9 million euros (+9.5% on a comparative basis);

● Shavers: 230.2 million euros (+12.0% on a comparative basis). BIC Graphic: 132.5 million euros (+2.1% on a comparative basis).

RESULTS

• Normalized Income From Operations (IFO): 239.2 million euros (+29.6% as reported);
• Normalized IFO margin: 21.1% compared to 19.1% in H1 2014;
• Reported Income From Operations (IFO): 241.5 million euros (+22.8% as reported);
• Earning Per Share Group share: 3.74 euros (+29.4% as reported);
• Net cash position as of 30 June, 2015: 223.7 million euros.

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6 MONTHS PERIOD ENDED JUNE 30, 2015 H1 2015 Group operational trends

1.3. H1 2015 Group operational trends

NET SALES

For the first half of 2015, Net Sales were 1,134.0 million euros up 17.1% as reported, +5.6% at constant currency, and +6.3% on a comparative basis. The positive impact of currency fluctuations (+11.5%) was due to the increase of the USD versus the EUR.

• Consumer business grew 6.8% on a comparative basis with a solid performance across all geographies (Europe +6.4%, North America +8.0%, Developing Markets +5.9%).
• BIC Graphic Net Sales increased 2.1% on a comparative basis.

INCOME FROM OPERATIONS (IFO)

H1 2015 Normalized IFO was 239.2 million euros (21.1% normalized IFO margin). Consumer business normalized IFO margin was 24.5%, an increase of 2.4 points, driven notably by higher Gross Profit and a decrease in expenses related to the Portable Fuel Cell project (sold in early April 2015). BIC Graphic normalized IFO margin decreased 0.5 point to -4.7%.

The key components of the change in Normalized IFO margin were:

(in points)	H1 2014 vs. 2013	H1 2015 vs. 2014
• Change in Gross Profit margin	+1.4	+1.0
• Brand support	-	+0.3
• OPEX and other expenses	-0.2	+0.7
Total impact	+1.2	+2.0

NON-RECURRING ITEMS

(in million euros)	Q1 2014	Q1 2015	Q2 2014	Q2 2015	H1 2014	H1 2015
Income From Operations	72.9	97.6	123.7	143.9	196.6	241.5
As % of Net Sales	16.8%	19.1%	23.1%	23.1%	20.3%	21.3%
Restructuring costs related primarily to distribution reorganization in the Middle East and Africa regions	+0.1	+4.5	+0.1		+0.2	+4.5
Retiree medical adjustments in the U.S.			-12.2		-12.2
Fuel Cell sale net of restructuring costs		-0.3		-1.9		-2.2
Impact of lump sum election for terminated vested pension participants				-4.6		-4.6
Normalized IFO	73.0	101.8	111.6	137.4	184.6	239.2
As % of Net Sales	16.8%	19.9%	20.9%	22.0%	19.1%	21.1%

NET INCOME AND EPS

Income before tax increased 27.8% as reported to 253.3 million euros. Net finance revenue increased to 11.8 million euros compared to 1.5 million euros in H1 2014 due to the favorable revaluation of financial assets denominated in USD.

Net income Group share was 176.6 million euros, a 30.1% increase as reported. The tax rate was 30.0%.

EPS Group share was 3.74 euros compared to 2.89 euros in H1 2014, up 29.4%. Normalized EPS Group share increased 36.9% to 3.71 euros compared to 2.71 euros in H1 2014.

NET CASH POSITION

At the end of June 2015, the net cash position was 223.7 million euros of which -83.3 million euros from the Cello Pens put option valuation.

EVOLUTION OF NET CASH POSITION

(in million euros)	H1 2014	H1 2015
NET CASH POSITION AT THE BEGINNING OF THE PERIOD (DECEMBER)	196.7	320.2
Net cash from operating activities	+82.0	+93.1
• Of which operating cash flow	+183.6	+239.4
• Of which change in working capital and others	-101.6	-146.3
CAPEX	-50.9	-50.7
Dividend payment	-122.4	-134.8
Share buy-back program	-	-26.3
Cash received from the exercise of stock options and liquidity contract	+10.4	+8.0
Fuel Cell divestiture	-	+14.0
Others	-5.8	+0.2
NET CASH POSITION AT THE END OF THE PERIOD (JUNE)	110.0	223.7

The net cash from operating activities was +93.1 million euros with +239.4 million euros in cash flow from operations and a change in working capital of -146.3 million euros, impacted by the increase in inventories in line with the expected sales activity for the balance of the year and by the increase in receivables linked to the strong level of sales in the first half.

SHAREHOLDERS' REMUNERATION

• Dividend: 134.8 million euros (2.85 euros ordinary dividend per share paid in May 2015).
• Share buy-back: 26.3 million euros (180,213 shares bought in May 2015).

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6 MONTHS PERIOD ENDED JUNE 30, 2015 H1 2015 operational trends by category

1.4. H1 2015 operational trends by category

CONSUMER CATEGORIES

Stationery Lighters

First Half 2015 Stationery Net Sales increased 9.7% as reported First Half 2015 Lighters Net Sales increased 22.4% as reported and +2.2% on a comparative basis. Second quarter 2015 Net Sales and +9.5% on a comparative basis. Second quarter Net Sales were up 10.0% as reported and up +2.5% on a comparative basis. were up 22.4% as reported and +9.3% on a comparative basis.

Developed markets Developed markets

• In Europe, Net Sales grew high-single digit. The positive trend of In Europe, Net Sales increased mid-single digit. The growth was back-to-school sell-in in all countries, double digit growth in Europe.

• In North America, the slight decrease of Net Sales was mostly reflecting the impact of the April 1st 2015 price adjustment, in June 2014 while registered in July this year). In an environment added-value sleeved lighters. of continued trade consolidation in Office Super Stores, the market grew mid-single digit (end of May 2015) and we Developing Markets outperformed due to the success of our Champion brand strategy H1 2015 Net Sales increased double digit. reinforced with new product introductions which include BIC® ● In Latin America, Net Sales grew double digit, with distribution Atlantis Exact, BIC® Atlantis Ultra-Comfort and BIC® X-tra fun gains in Mexico and Brazil. graphite pencils.

• Normalized IFO margin was 41.6% compared to 41.2% in Q2 2014. In Brazil, BIC became the leader of the Coloring segment in Modern Mass Market. In Mexico, we had a good sell-in Shavers performance for back-to-school, supported by strong trade and consumer plans.

• First Half 2015 Shavers Net Sales increased 23.1% as reported In the Middle East and Africa region, BIC continued to grow and +12.0% on a comparative basis. Second quarter Net Sales distribution and sales, reinforcing its leading position in key were up 20.0% as reported and +9.5% on a comparative basis. Sub-Saharan markets thanks to strong consumer support and Developed markets in-store activities, while managing business model changes
• towards more proximity in selected markets. In Europe, Net Sales increased high-single digit, driven by good In India, Cello Pens First Half Net Sales declined low-single digit, performances in Western Europe and increased distribution in the solid second quarter Net Sales growth nearly offset the Eastern Europe. negative Q1 performance. The local team continues to work on In North America, Net Sales increased double digit. The bringing manufacturing safety and quality standards to BIC's performance was driven by a very strong new product pipeline levels.

normalized IFO margin was 17.1% compared to 17.2% in Q2 2014. one-piece shavers in the U.S.

• the first quarter proved to be resilient, driven by a strong mainly driven by market share gains in both Western and Eastern

• Eastern Europe and the good performance of new products. In North America, Net Sales increased high-single digit, due to timing (in 2014, early back-to-school shipments registered distribution depth improvements and the success of our

• In the Middle East, Africa and in Asia, Net Sales grew double Developing Markets digit thanks to improved distribution.

H1 2015 Net Sales were flat. H1 2015 Lighters Normalized IFO was 39.7% compared to 39.0% in ● Latin America ended the semester with high-single-digit growth. 2014. This improvement is due to strong Net Sales growth. Q2 2015

• (BIC® Flex 5, BIC® Simply Soleil Click) combined with the H1 2015 Stationery normalized IFO margin was 15.7% compared continued success of our high quality shave at a fair price to 14.6% in 2014, mainly benefitting from favorable fixed costs positioning, across our entire range. In May 2015, the new BIC® absorption and a positive FX effect on Gross Profit. Q2 2015 Flex 5 was ranked as Number 2 in volume for the 5 blade

H1 2015 Net Sales increased double digit. The Middle East and H1 2015 Other Consumer Products Net Sales increased 11.0% as Africa achieved double digit growth thanks to a successful reported and +3.9% on a comparative basis. Second quarter Net communication campaign during the Africa Cup of Nations. Net Sales were up 16.8% as reported and 8.5% on a comparative basis. Sales growth in Latin america was driven by market share gains in Mexico and the success of added value shavers, mainly BIC® Soleil®, H1 2015 BIC Sport Net Sales grew double-digit on a comparative basis. in Brazil.

17.7% in 2014. The increase in margin was driven by strong Net million euros. compared to -4.8 million euros in H1 2014 which Sales growth, positive FX impact on Gross Profit and timing of included expenses related to the portable Fuel Cell project (sold in operating expenses compared to last year. Second quarter Shaver early April 2015). Normalized IFO margin was 19.1% compared to 18.0% as of Q2 2014.

Developing Markets Other Consumer Products

H1 2015 Shavers normalized IFO margin was 20.2% compared to Other Consumer Products H1 2015 Normalized IFO was 2.2

BIC GRAPHIC

First Half 2015 BIC Graphic Net Sales increased 19.4% as H1 2015 Normalized IFO margin was -4.7% compared to -4.2% in reported and +2.1% on a comparative basis. Second quarter 2015 2014, due to our continued reinvestments in the business for the net sales were up 20.4% as reported and +1.8% on a comparative long-term. Q2 2015 BIC Graphic Normalized IFO margin was -3.0% basis. compared to -1.6% in Q2 2014.

BIC Graphic confirmed FY 2014 and Q1 2015 positive momentum. Net Sales were driven by an overall good performance in key European countries such as the UK, Spain and Germany. North America Net Sales were flat. Developing Markets continued to grow.

1.5. BIC Group Net Sales change by geography

(in million euros)	Q2 2014	Q2 2015	Change	H1 2014	H1 2015	Change
Total Group Net Sales	534.3	623.1		968.5	1,134.0
As reported			+16.6%			+17.1%
On a comparative basis			+5.8%			+6.3%
1 – Europe	153.7	160.0		265.1	277.6
As reported			+4.1%			+4.7%
On a comparative basis			+5.0%			+6.0%
2 – North America	225.2	290.5		394.5	511.5
As reported			+29.0%			+29.6%
On a comparative basis			+4.9%			+6.2%
3 – Developing Markets	155.4	172.6		308.9	344.9
As reported			+11.0%			+11.7%
On a comparative basis			+8.0%			+6.6%

1.6. Impact of change in perimeter and currency fluctuations

(in %)	Q2 2014	Q2 2015	H1 2014	H1 2015
Perimeter	+3.5%	-0.6%	+4.1%	-0.7%
Currencies	-6.1%	+11.5%	-6.9%	+11.5%
Of which USD	-2.1%	+10.5%	-1.8%	+9.9%
Of which BRL	-1.1%	-0.9%	-1.6%	-0.4%
Of which ARS	-0.9%	+0.2%	-1.4%	+0.2%
Of which INR	-	+0.6%	-	+0.7%
Of which MXN	-0.6%	+0.4%	-0.5%	+0.4%
Of which Russia and Ukraine	-0.3%	-0.3%	-0.2%	-0.4%

1.7. IFO and Normalized IFO by category

	Income From Operations Normalized Income From Operations
(in million euros)	Q2 2014	Q2 2015	H1 2014	H1 2015	Q2 2014	Q2 2015	H1 2014	H1 2015
Group	123.7	143.9	196.6	241.5	111.6	137.4	184.6	239.2
Consumer	124.7	144.5	201.4	246.2	112.5	139.5	189.2	245.4
Stationery	40.0	40.7	55.6	60.5	36.5	39.9	52.1	61.2
Lighters	67.4	75.6	116.3	136.6	60.1	74.2	109.0	135.6
Shavers	18.9	23.4	34.4	44.7	17.6	22.5	33.1	46.4
Others	-1.7	4.9	-4.9	4.4	-1.7	2.9	-4.9	2.2
BIC Graphic	-1.0	-0.6	-4.8	-4.7	-0.9	-2.1	-4.6	-6.2

1.8. Share repurchase program – cancelled shares

The Annual Shareholders' Meeting on May 6, 2015 authorized SOCIÉTÉ BIC to renew its share repurchase program.

During the First Half of 2015:

● SOCIÉTÉ BIC repurchased 180,213 shares under the shares ● 129,723 options were exercised in the period for 7.07 million Meeting held on May 6, 2015, excluding shares acquired under the end-June 2015;

Natixis, 57,843 shares for a total value of 7.81 million euros and sold 55,575 shares for a total value of 7.44 million euros;

• repurchase programs authorized by the Annual Shareholders' euros, of which 0.11 million euros had not been cashed at
• liquidity agreement; In early 2015, SOCIÉTÉ BIC received 1.40 million euros related to ● SOCIÉTÉ BIC repurchased, under the liquidity agreement with stock options exercised at the end of 2014.

	Number of shares bought	Average weighted price in €	Amount in M€
May 2015	180,213	146.00	26.3

The number of free, performance-based shares transferred to beneficiaries was 80,515 during the First Half of 2015, of which 44,040 transferred by SOCIÉTÉ BIC and 36,475 transferred by BIC CORPORATION. Moreover, SOCIÉTÉ BIC proceeded to 176,740 free, performance-based share grants and 21,700 free, non-performance-based share grants.

1.9. Main related-party transactions

This paragraph is aimed at ensuring transparency in the relationship between the Group and its Shareholders (and their representatives), as well as in the links between the Group and related companies that the Group does not exclusively control (i.e. joint ventures or investments in associates).

Significant related-party transactions are described in the Note 24 – Related parties on page 208 of the Group BIC 2014 registration document filed with the Autorité des Marchés Financiers (AMF) on March 20, 2015. During the First Half of 2015, no other significant related-party transactions have been identified.

1.10. Capital evolution

N/A

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6 MONTHS PERIOD ENDED JUNE 30, 2015 Material events that occurred in the first six months of 2015

1.11. Material events that occurred in the first six months of 2015

FUEL CELL

On April 7, BIC Group announced that, following the binding agreement signed on February 27, 2015, BIC's Portable Fuel Cell Technology had been sold to Intelligent Energy for 14 million euros. The transaction includes all assets (patents and related technology and know-how). The agreement includes a potential earn out of up to 7 million U.S. dollars (approx. 6.5 million euros(1)).

1.12. Material events that occurred after the 30 June 2015

N/A

DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES FOR THE 2ND HALF 2015

BIC pursues an active and dynamic approach to risk management. following areas: financial markets, legal, industry and environment, The purpose of this approach is to enhance the Group's capacity to strategy and operations.

The approach is based on identification and analysis of the main http://www.bicworld.com/en/finance/publications/.

identify, manage and monitor major risks that could affect its A description of the main risks identified by the BIC Group is available personnel, assets, environment or reputation, as well as the Group's in the section entitled "Risks factors" of the 2014 registration ability to reach its objectives and abide by its values, ethics or laws document (page 25) filed with the Autorité des Marchés Financiers and regulations. (AMF) on March 20, 2015 and which is available on our website at:

risks to which the Group is exposed, particularly those related to the No additional significant risk or uncertainties have been identified for the Second Half of 2015.

1.13. 2015 Outlook

Group Net Sales should grow between 4% and 5% on a comparative basis.

In light of the 6 month performance and despite planned H2 2015 Brand Support investments and timing of Operating Expenses, the Group Normalized IFO margin is expected to slightly increase compared to last year.

⁽¹⁾ 1.0830 USD = 1 EUR ECB reference rate at 02-APR-2015

1.14. Glossary

• At constant currencies: constant currency figures are calculated year and/or during the previous year, until their anniversary date. by translating the current year figures at prior year monthly All Net Sales category comments are made on a comparative average exchange rates. basis.
• Comparative basis: at constant currencies and constant Normalized IFO: normalized means excluding non-recurring perimeter. Figures at constant perimeter exclude the impacts of items. acquisitions and/or disposals that occurred during the current

2.1.	Consolidated income statement	14
2.2.	Consolidated statement of comprehensive income	15
2.3.	Consolidated statement of financial position	16
2.4.	Consolidated statement of changes in equity	18
2.5.	Consolidated cash flow statement	19
2.6.	Notes to the consolidated financial
	statements	21

CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS

BIC GROUP - 2015 HALF-YEAR FINANCIAL REPORT	13

2.1. Consolidated income statement

(condensed financial statements)

(in thousand euros)	Notes	June 30, 2014*	June 30, 2015
Net sales	2-2	968,514	1,133,995
Cost of goods	4	(491,600)	(564,218)
Gross profit		476,914	569 777
Distribution costs	4	(147,773)	(156,762)
Administrative expenses	4	(95,162)	(114,717)
Other operating expenses	4	(57,809)	(60,404)
Other income	5	21,525	10,117
Other expenses	5	(1,063)	(6,509)
Income from operations		196,632	241 502
Income from cash and cash equivalents	6	4,622	6,435
Net finance income/(net finance costs)	6	(3,102)	5,334
Income before tax		198,152	253,271
Income tax expense	7	(59,446)	(76,061)
Net income from consolidated entities		138,706	177,210
Net income from continuing operations		138,706	177,210
Consolidated income, of which:		138,706	177,210
Non-controlling interest		2,977	640
NET INCOME GROUP SHARE	8	135,729	176,570
Earnings per share Group share (in euros)	8	2.89	3.74
Diluted earnings per share Group share (in euros) (a)	8	2.85	3.70
Average number of shares outstanding net of treasury shares	8	47,006,576	47,200,210

(a) The dilutive elements taken into account are stock options.

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

2.2. Consolidated statement of comprehensive income

(condensed financial statements)

(in thousand euros)		Notes	June 30, 2014*	June 30, 2015
GROUP NET INCOME	A		138,706	177 210
OTHER COMPREHENSIVE INCOME		7-2
Actuarial differences on post-employment benefits not recyclable to the income (b) statement			(24,582)	30,955
Deferred tax on actuarial differences on post-employment benefits		7-2	9,002	(11,273)
Total actuarial differences not recyclable to the income statement - Net of tax	B		(15,580)	19,682
Gain/(Loss) on cash flow hedge			(9,706)	(813)
Exchange differences arising on translation of overseas operations (a) **			31,548	36,528
Available for sale investments			(2)	(1)
Deferred tax and current tax recognized on other comprehensive income		7-2	3,030	(1,690)
Other comprehensive income recyclable to the income statement - Net of tax	C		24,871	34,024
TOTAL COMPREHENSIVE INCOME	D = A + B + C		147,996	230,916
Attributable to:
• The BIC Group			141,199	225,854
• Non-controlling interest			6,797	5,062
TOTAL			147,996	230,916

(a) The main items impacting the translation reserve variance for the period, by currency, are as follows: U.S. dollar 35.5 million euros, Indian rupee 17.8 million euros, Brazilian real -17.7 million euros and Mexican peso 0.5 million euros.

(b) The impact of actuarial differences is mainly due to U.S. and French plans.

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant the interpretation IFRIC 21 - Levies.

** Cello goodwill determination work has been finalized (see Note 1-2 Change in scope of consolidation in the 2014 registration document).

CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS Consolidated statement of financial position

2.3. Consolidated statement of financial position

(condensed financial statements)

Assets

(in thousand euros)	Notes	Dec. 31, 2014	June 30, 2015
Property, plant and equipment		482,473	498,914
Investment properties		2,116	2,195
Net goodwill	10	307,395	324,140
Intangible assets		94,841	98,454
Other non-current assets	11	25,092	28,480
Deferred tax assets		174,912	153,130
Derivative instruments	19	228	1,175
Non-current assets		1,087,057	1,106,488
Inventories	12	441,139	481,541
Income tax advance payments		10,011	4,674
Trade and other receivables	12	453,771	585,100
Other current assets		16,434	25,601
Derivative instruments	19, 21	194	416
Other current financial assets	21	53,139	52,808
Cash and cash equivalents	21	352,154	356,067
Assets held for sale	9	15,014	2,326
Current assets		1,341,856	1,508,533
TOTAL ASSETS		2,428,913	2,615,021

CF: see Consolidated cash flow statement.

CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS Consolidated statement of financial position

Equity and liabilities

(in thousand euros)	Notes	Dec. 31, 2014*	June 30, 2015
Share capital	13-1	179,939	180,045
Accumulated profits		1,415,395	1,456,038
Translation reserve		20,609	52,715
Cash flow hedge derivatives		2,792	2,509
Group Shareholders' equity		1,618,734	1,691,307
Non-controlling interest		28,836	33,897
Shareholders' equity	SHEQ	1,647,570	1,725,204
Non-current borrowings	14	78,890	84,950
Other non-current liabilities		-	-
Employee benefits obligation		238,407	201,072
Provisions	15	55,549	56,651
Deferred tax liabilities		46,488	31,540
Derivative instruments	19	138	1,654
Non-current liabilities		419,472	375,867
Trade and other payables	12	119,110	137,713
Current borrowings	14	6,246	100,218
Current tax due		17,354	16,435
Other current liabilities	16	215,384	249,958
Derivative instruments	19, 21	3,776	9,627
Current liabilities		361,871	513,950
TOTAL EQUITY AND LIABILITIES		2,428,913	2,615,021

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

SHEQ : see Consolidated statement of changes in equity.

2.4. Consolidated statement of changes in equity

(condensed financial statements)

(in thousand euros)	Notes	capital	Share Accumulated Translation profits	reserve	Cash flow hedge derivatives	Group Share holders' equity	Non -controlling interest	Shareholders' equity
At December 31, 2014*		179,939	1,415,395	20,609	2,792	1,618,734	28,836	1,647,570
Dividends paid	CF, 17	-	(134,829)	-	-	(134,829)	-	(134,829)
Decrease in share capital (a)		-	-	-	-	-	-	-
Increase in share capital (b)		496	6,577	-	-	7,072	-	7,072
Treasury shares		(390)	(26,284)	-	-	(26,674)	-	(26,674)
Recognition of share-based payments	CF, 18	-	7,331	-	-	7,331	-	7,331
Cello Pens - Put on non controlling interests	14	-	(6,184)	-	-	(6,184)	-	(6,184)
Other		-	3	-	-	3	-	3
Total transactions with Shareholders		106	(153,387)	-	-	(153,281)	-	(153,281)
Net income for the period		-	176,570	-	-	176,570	640	177,210
Other comprehensive income		-	17,460	32,106	(283)	49,284	4,422	53,705
Total comprehensive income		-	194,031	32,106	(283)	225,854	5,062	230,916
At June 30, 2015		180,045	1,456,038	52,715	2,509	1,691,307	33,897	1,725,204

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

(a) No shares were cancelled during the first half of 2015.

(b) Following the exercise of stock options, the share capital was increased by 129,723 shares.

CF: see Consolidated cash flow statement.

2.5. Consolidated cash flow statement

(condensed accounts)

(in thousand euros)	Notes	Dec. 31, 2014*	June 30, 2015
Operating activities
Net income Group share	IS	262,076	176,570
Income and expense without cash impact:
Non-controlling interest	IS	4,085	640
Depreciation and amortization of intangible assets, property, plant and
equipment and investment properties	4	80,704	43,033
Impairment loss	4	84	-
Provision for employee benefits		8,112	8,219
Other provisions (excluding provisions on current assets)	15	(3,030)	1,476
Hedging and derivative instruments	19	(169)	5,645
Option premium expense		871	196
Recognition of share-based payments	18, SHEQ	10,750	7,331
Deferred tax variation	7-1	(7,490)	(661)
(Gain)/Loss from disposal of fixed assets	5, (a)	(1,481)	(3,082)
Cash flow		354,512	239,366
(Increase)/Decrease in net working capital	12	9,998	(116,321)
Payments related to employee benefits		(17,076)	(33,858)
Financial expense/(income)	6	(8,264)	(5,220)
Interest (paid)/received		9,518	4,724
Income tax expense	7-1	124,976	76,723
Income tax paid		(124,670)	(72,355)
NET CASH FROM OPERATING ACTIVITIES	(h)	348,993	93,058
Investing activities
Disposal of fixed assets	(b)	2,713	1,984
Purchases of property, plant and equipment	2, (i)	(105,444)	(48,113)
Purchases of intangible assets	2	(6,830)	(2,597)
(Increase)/Decrease in other investments		(759)	(932)
(Purchase)/Sale of other current financial assets	(f)	12,979	(325)
Business and asset (acquisitions)/divestitures	(c)	8,408	13,977
NET CASH FROM INVESTING ACTIVITIES		(88,933)	(36,006)
Financing activities
Dividends paid	SHEQ, 17, (d)	(122,410)	(134,829)
Non-controlling interest buy-back		(53,464)	-
Borrowings/(Repayments)	14, (j)	(841)	51,747
Repayments of obligations under finance leases		(139)	(470)
Purchase of financial instruments	(e)	(874)	(457)
Increase in treasury shares and exercise of stock options	18, (g)	5,066	(18,314)
NET CASH FROM FINANCING ACTIVITIES		(172,662)	(102,324)
Net increase/(decrease) in cash and cash equivalents		87,398	(45,272)
Opening cash and cash equivalents net of bank overdrafts	BS, 14	240,515	348,503
Exchange difference		20,590	6,707
CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS	BS, 14	348,503	309,939

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

IS: see Consolidated income statement.

SHEQ: see Consolidated statement of changes in equity.

BS: see Consolidated balance sheet.

As of June 30, 2015 cash and cash equivalents amount to (g) During the first half of 2015, 180,213 shares were repurchased 356,067 thousand euros and bank overdrafts to 46,128 thousand by SOCIÉTÉ BIC for 26.3 million euros. Under the liquidity agreement, euros. SOCIÉTÉ BIC bought 57,843 shares for 7.8 million euros and sold

The main gain on disposal in 2014, was related to the sale of Moreover, in early 2015, SOCIÉTÉ BIC received 1.4 million euros Sheaffer assets for 1.1 million euros. related to stock options exercised at the end of 2014.

(b) During the first half of 2015 and in 2014, there was no disposal of During 2014, 100,000 shares were repurchased by SOCIÉTÉ BIC for

related restructuring costs. options exercised at the end of 2013.

euros for 2014). (e) During the first half of 2015, SOCIÉTÉ BIC paid option premiums

debt, as these transactions do not have any impact on cash. (f) The amount of financial assets classified under "Other current financial assets" refers to investments not eligible for classification (j) As of June 30, 2015, new borrowings amount to 51, 747 thousand as Cash & Cash Equivalents under IAS 7. As of June 30, 2015, these euros. investments consist of units of UCITS and negotiable debt securities, all of which are liquid within 5 days.

55,575 shares for 7,4 million euros. In addition, 129,723 options (a) The main gain on disposal during the first half of 2015, is related were exercised in the period for 7.1 million euros, including to the sale of Fuel Cell Technology assets for 2.7 million euros. 0.1 million euros which have not been collected at end of June 2015.

individually significant fixed assets. 10.2 million euros. Under the liquidity agreement, SOCIÉTÉ BIC bought 319,268 shares for 31 million euros and sold 318,076 shares (c) During the first half of 2015, the BIC Group disposed of its Fuel for 30.9 million euros. In addition, 324,020 options were exercised in Cell Technology assets. This amount is net of disbursement related the period for 17.6 million euros, including 1.4 million euros which to restructuring costs. had not been collected at end of December 2014. Moreover, in early During 2014, the BIC Group disposed of the Sheaffer assets, net of 2014, SOCIÉTÉ BIC received 2.1 million euros related to stock

(d) The dividends paid represent the dividends paid by SOCIÉTÉ BIC (h) First half of 2015 net cash flows from operating activities include to its Shareholders (see Note 17). 4.3 million euros in payments related to restructuring (2.5 million

amounting to 0.5 million euros, compared to 0.9 million euros during (i) Purchases of property, plant and equipment do not include 2014. finance leases booked as a counterpart to assets with a financial

2.6. Notes to the consolidated financial statements

NOTE 1		MAIN RULES AND ACCOUNTING POLICIES	22	NOTE 13	SHARE CAPITAL	32
	1-1 1-2 1-3	Accounting policies Change in scope of consolidation Subsequent events	22 23 23		13-1 Share capital 13-2 SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of June 30, 2015	32 32
NOTE 2		OPERATING SEGMENTS	23	NOTE 14	BORROWINGS AND FINANCIAL LIABILITIES	33
	2-1	General information	23	NOTE 15	PROVISIONS	34
	2-2 2-3	Information on the income statement and assets by activity Information by geography	23 24	NOTE 16	OTHER CURRENT LIABILITIES	34
NOTE 3		EXCHANGE RATES OF FOREIGN CURRENCIES	25

General Balance sheet – Liabilities

NOTE 1	MAIN RULES AND ACCOUNTING POLICIES	22	NOTE 13	SHARE CAPITAL	32
	1-1 Accounting policies	22		13-1 Share capital	32
	1-2 Change in scope of consolidation 1-3 Subsequent events	23 23		13-2 SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of June 30, 2015	32
NOTE 2	OPERATING SEGMENTS	23	NOTE 14	BORROWINGS AND FINANCIAL LIABILITIES	33
	2-1 General information 2-2 Information on the income statement and	23	NOTE 15	PROVISIONS	34

Additional information

	Notes to the income statement		NOTE 17	DIVIDENDS	34
NOTE 4	OPERATING EXPENSES	26	NOTE 18	SHARE-BASED PAYMENTS	34
NOTE 5	OTHER INCOME AND EXPENSES	26	NOTE 19	FINANCIAL INSTRUMENTS	35
NOTE 6	FINANCE INCOME	27		19-1 Impact of interest rate and foreign exchange
NOTE 7	INCOME TAX	27		risk'hedging on the consolidated financial statements as of June 30, 2015	35
	7-1 Income tax expense 7-2 Deferred and current tax recognized on other	27		19-2 Impact of interest rate and foreign exchange risk'hedging on the consolidated financial statements as of December 31, 2014	35
	comprehensive income	28	NOTE 20	CONTINGENT LIABILITIES	36
NOTE 8	EARNINGS PER SHARE GROUP SHARE	29	NOTE 21	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	36

NOTE 6		FINANCE INCOME	27
NOTE 7		INCOME TAX	27
	7-1 7-2	Income tax expense Deferred and current tax recognized on other	27
NOTE 8		EARNINGS PER SHARE GROUP SHARE	29

Balance sheet – Assets

NOTE 9	ASSETS HELD FOR SALE	29
NOTE 10	GOODWILL	30
NOTE 11	OTHER NON-CURRENT ASSETS	31
NOTE 12	CHANGE IN NET WORKING CAPITAL	31

NOTE 1 MAIN RULES AND ACCOUNTING POLICIES

1-1 Accounting policies

Financial Reporting Standards, Pursuant to European regulation no.1606/2002 of July 19, 2002 interpretations and amendments concerning international accounting standards, the consolidated financial statements of the BIC Group have been prepared in New standards, amendments and interpretations of accordance with accounting principles as defined by the mandatory application for financial years beginning on International Accounting Standards Board (IASB) as adopted by or after January 1, 2015 the European Union. International Financial Reporting Standards The following standards and amendments are effective since are available on the European Union website at January 1, 2015 and have been applied to the consolidated financial http://ec.europa.eu/finance/accounting/ias/index_en.htm. statements as of June 30, 2015: The international standards include the IFRS (International Financial ● IFRIC 21 – Levies. Reporting Standards), the IAS (International Accounting Standards),

as well as their SIC (Standing Interpretation Committee) and IFRIC This interpretation:

The condensed consolidated financial statements as of June 30, identified by the relevant legislation or regulations; and 2014 and June 30, 2015 have been prepared in compliance with ● refers to other standards to determine whether the counterpart to IAS 34 "Interim financial reporting". The financial statements have the recognized liability gives rise to an asset or an expense. been prepared on the historical cost basis, except for the valuation

the Group's financial statements: IAS 34 allows presentation of a selection of notes to the condensed consolidated financial statements that should be read in conjunction ● the income statement as of June 30, 2014 has been restated with

• interim period income tax expense results from the estimated Shareholders' equity has been increased by 1.7 million euros as annual Group effective income tax rate applied to the pre-tax of January 1, 2014. result (excluding share of net income of associates) of the interim New standards, interpretations and amendments that period excluding unusual material items. The income tax charge
• regarding the main pension plans and other employee benefits As of June 30, 2015, the Group did not elect to early apply any (United States, Canada, France, Great Britain), actuarial valuations standard, interpretation or amendment approved by the European are performed every six months. Amounts recognized in the Union, particularly regarding: interim statement of financial position are based on estimates made at the end of the previous year and on the discount rates as ● Amendments to IAS 1 – Disclosure Initiative;

Entities: Applying the Consolidation Exception; Regarding share-based payments and other benefits plans, expenses are recognized in the period on a pro rata basis of the ● Amendments to IFRS 11 – Accounting for Acquisitions of Interests estimated costs for the year. in Joint Operations;

The principal accounting policies remain unchanged compared to ● Amendments to IAS 16 and IAS 38 – Clarification of Acceptable last year except for adoption of the following standards, effective Methods of Depreciation and Amortisation.

1-1-1 General 1-1-2 Adoption of new and revised International

• (International Financial Reporting Interpretations Committee) defines the obligating event that gives rise to a liability to pay a interpretations. levy (as the activity that triggers the payment of the levy), as

of certain financial instruments. The application of this interpretation has had the following impact on

• with the consolidated financial statements of December 31, 2014. an additional expense before tax of 2.2 millions euros split as follows: 1.1 million euros in cost of goods and 1.1 million euros in The measurement procedures used for the interim condensed administrative expenses. The income tax expense has been consolidated financial statements are as follows: positively adjusted by 0.7 million euros;

related to any unusual item in the period is accrued using its may be applied early for financial years beginning on or actual tax expense; after January 1, 2015

• of June 30. Amendments to IFRS 10, IFRS 12 and IAS 28 Investment

since January 1st, 2015. The Group is currently conducting analysis on the practical consequences of these new regulations and the effects of their implementation on the financial statements.

not be applied early for financial years beginning on or in progress. after January 1, 2015

• IFRS 15 Revenue from Contracts with Customers;
• Amendments to IAS 27 Consolidated and Separate financial 1-3 Subsequent events

Standards, interpretations and amendments that may Analysis on the practical consequences of these new regulations is

● IFRS 9 – Financial instruments; 1-2 Change in scope of consolidation

● IFRS 14 – Regulatory Deferral Accounts; No significant change occurred during the first half of 2015.

statements. No subsequent events occurred between July 1, 2015 and the reporting date.

NOTE 2 OPERATING SEGMENTS

regularly provided to the management and used to make strategic decisions.

The management considers the business from a product category statement and assets by activity perspective, knowing that each category can be reviewed for a specific geographic area if necessary. All indicators are determined according to IFRS, except for:

The categories are as follows: Stationery consumer, Lighters, ● normalized income from operations, which is the income from Shavers, Other Consumer and BIC Graphic (Advertising and operations restated for non-recurring items (in particular real

restructuring costs); These operating segments receive their revenues from the

of property, plant and equipement and intangible fixed assets for Freight billed to customers, royalty income and financial interest are the period. also included in these category revenues but are insignificant

2-1 General information compared to turnover. As they are not analyzed according to category of products, by the Operational Directors, they are not BIC operating segments have been determined based on the reports detailed in the note below.

2-2 Information on the income

• Promotional Products). estate gains, the gain or loss on the sale of businesses and
• production and distribution of each product category. capital additions, which are the purchases and internal generation

CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS Notes to the consolidated financial statements

(in million euros)					June 30, 2014*							June 30, 2015
	Stationery Consumer		Lighters Shavers	Other Consumer Graphic	BIC	Total	Stationery Consumer		Lighters Shavers	Other Consumer Graphic	BIC	Total
Income Statement
• Net sales	357	279	187	35	111	969	390	342	230	38	133	1,134
• Depreciation and amortization	(13)	(7)	(8)	(6)	(4)	(38)	(13)	(8)	(10)	(7)	(5)	(43)
• Impairment loss	-	-	-	-	-	-	-	-	-	-	-	(1)
• Income from operations	57	116	34	(5)	(5)	197	60	137	45	5	(5)	242
Restatements made to obtain the normalized income from operations
• Retiree medical adjustment in the United States	-	-	-	-	-	(12)	-	-	-	-		-
• Impact of lump sum election for terminated vested pension participants	-	-	-	-	-	-	-	-	-	-		(5)
• Restructuring costs related to distribution reorganization in the Middle East and in the Africa regions	-	-	-	-	-	-	-	-	-	-		4
• Profit and restructuring costs related to Fuel Cell assets sale	-	-	-	-	-	-	-	-	-	-		(2)
• Other	-	-	-	-	-	-	-	-	-	-		-
Normalized income from
operations	53	109	33	(5)	(5)	185	61	136	46	2	(6)	239

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

(in million euros)		June 30, 2014										June 30, 2015
	Stationery Consumer		Lighters Shavers	Other Consumer Graphic	BIC	TOTAL	Stationery Consumer	Lighters Shavers		Other Consumer Graphic	BIC	TOTAL
Capital additions	9	17	15	6	4	51	10	15	13	9	4	51
Net Inventories	191	88	81	18	60	438	204	94	95	18	70	482

2-3 Information by geography

Since 2010, the geographies identified by the management are: France, Europe (excluding France), North America and Developing markets.

(in million euros)					June 30, 2014		June 30, 2015
	France	Europe excluding France	America	North Developing Markets	TOTAL	France	Europe excluding France	North America	Developing Markets	TOTAL
Net sales	97	168	395	309	969	102	176	511	344	1,134
Non-current assets(a)	195	148	237	290	870	189	154	286	320	949

(a) Other than financial instruments, deferred tax assets, post-employment benefit assets and rights arising under insurance contracts.

NOTE 3 EXCHANGE RATES OF FOREIGN CURRENCIES

The following table shows foreign currency equivalents of one euro (for instance: average 2015 is 1 euro = 1.12 U.S. dollars).

Foreign currencies	H1 2014 Average	H1 2015 Average	June 30, 2014	June 30, 2015
	Euro	Euro	Euro	Euro
U.S. dollar - USD	1.37	1.12	1.36	1.12
Australian dollar - AUD	1.50	1.43	1.45	1.46
Canadian dollar - CAD	1.50	1.38	1.46	1.39
Swiss franc - CHF	1.22	1.06	1.22	1.04
Chinese renminbi - CNY	8.45	6.94	8.47	6.96
British pound - GBP	0.82	0.73	0.80	0.71
Hong Kong dollar - HKD	10.63	8.65	10.56	8.68
Indian rupee - INR	83.28	70.13	81.86	71.25
Japanese yen - JPY	140.38	134.22	138.09	138.58
Korean won - KRW	1,438.59	1,227.33	1,381.00	1,258.00
Malaysian ringgit - MYR	4.48	4.06	4.38	4.24
New Zealand dollar - NZD	1.62	1.51	1.55	1.63
Philippine peso - PHP	60.96	49.72	59.66	50.51
Polish zloty - PLN	4.18	4.14	4.15	4.18
Swedish krona - SEK	8.95	9.34	9.20	9.26
Singapore dollar - SGD	1.73	1.51	1.70	1.51
South African rand - ZAR	14.68	13.30	14.44	13.64
Argentinian peso - ARS	10.77	9.84	11.08	10.16
Brazilian real - BRL	3.15	3.31	2.99	3.52
Mexican peso - MXN	17.98	16.89	17.71	17.42
Venezuelan bolivar - VEF	8.63	58.14	8.58	58.36
Ukrainian hryvnia - UAH	14.42	24.23	16.04	23.54
Russian ruble - RUB	48.02	64.72	45.90	61.81

NOTE 4 OPERATING EXPENSES

(in thousand euros)	June 30, 2014*	June 30, 2015
Raw materials, consumables used and change in inventory	263,948	298,383
Staff costs	264,564	303,132
Depreciation and amortization expenses	38,407	43,033
Impairment loss	(90)	-
Other operating expenses	221,870	239,849
Loss on operational foreign currency translation	3,645	11,705
TOTAL	792,344	896,102

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

Other operating income and expenses are not included in the total Research and development costs expensed for the first half of 2015

half of 2014. Operating expenses include 0.1 million euros related to Portable Fuel Cell Technology, versus 5.3 million euros for the first half of They include the French research tax credit for 1.7 million euros, 2014. versus 1.9 million euros for 2014.

amount and are disclosed in Note 5. amount to 12.4 million euros, versus 15.7 million euros for the first

On April 7, the BIC Group sold its Portable Fuel Cell Technology The tax credit for competitiveness and employment (CICE) amounts assets (see Note 5). to 1.0 million euros in 2015, versus 0.9 million euros in the first half of 2014.

NOTE 5 OTHER INCOME AND EXPENSES

(in thousand euros)	June 30, 2014	June 30, 2015
Royalty income	11	42
Freight recharged to customers	6,961	-
Gain on disposal of fixed assets	352	314
Fuel Cell asset divestiture and related costs reduction plan	-	2,205
U.S. Retiree Medical Plan	12,199	-
Impact of lump sum election for terminated vested pension participants	-	4,552
Other	2,002	2,925
Other income	21,525	10,038
Restructuring costs related to distribution reorganization in MEA	-	(4,480)
Other	(1,063)	(1,950)
Other expenses	(1,063)	(6,430)
TOTAL	20,462	3,608

Freight recharged to customers has been reclassified in 2015 as a restructuring costs for -4.5 million euros related primarily t ● o reduction to freight costs, booked in other operating expenses (see distribution reorganization in the Middle East and Africa regions;

• income of 2.2 million euros related to the sale of Portable Fuel adjustment related to the change in the U.S. retiree medical plan, Cell Technology assets, net of related restructuring expenses; which reduced the liability by 12.2 million euros.
• Note 4). As the amount as of June 30th, 2014 was not significant, the 4.6 million euros related to lump sum election for terminated 2014 financial statements have not been adjusted. vested pension participants in the U.S..

Other income and expenses related to the first half of 2015 mainly In addition to freight recharged to customers, other income and include: expenses related to the first half of 2014 mainly included a favorable

NOTE 6 FINANCE INCOME

(in thousand euros)	June 30, 2014	June 30, 2015
Interest income from cash and cash equivalents	2,366	3,127
Interest on bank deposits	2,256	3,308
Income from cash and cash equivalents	4,622	6,435
Interest expense	(1,005)	(1,215)
Hedging instrument revaluation	316	(803)
Net financial foreign exchange difference	(2,413)	7,352
Net finance income/(Net finance costs)	(3,102)	5,334
FINANCE (COSTS)/REVENUE	1,520	11,769

The rise of the USD against most currencies during the first half-year has generated a favorable impact on the valuation of financial assets denominated in that currency.

NOTE 7 INCOME TAX

7-1 Income tax expense

(in thousand euros)	June 30, 2014*	June 30, 2015
Income before tax	198,152	253,271
Tax charge	59,446	76,061
TAX RATE	30.00%	30.03%

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

At the end of June 2015, the Group effective tax rate is determined on an annual basis. The Tax charge is calculated by applying the estimated average rate for the 2015 full year to income before tax (excluding unusual material items), taking into account any tax rate changes voted by June 30, 2015 and effective after June 30, 2015. The income tax charge related to any unusual items in the period is accrued using its actual tax expense.

7-2 Deferred and current tax recognized on other comprehensive income

Deferred and current taxes recognized on other comprehensive income result from the following items:

At June 30, 2015

(in thousand euros)	Other comprehensive income	Deferred taxes
Actuarial differences on post-employment benefits (1)	30,955	(11,273)
Cash flow hedge	(813)	531
Foreign exchange impact	36,528	(2,222)
Other	(1)	1
Total other comprehensive income (2)	35,713	(1,690)
TOTAL (1) + (2)	66,668	(12,963)

At June 30, 2014

(in thousand euros)	Other comprehensive income	Deferred taxes
Actuarial differences on post-employment benefits (1)	(24,582)	9,002
Cash flow hedge	(9,706)	3,473
Foreign exchange impact*	31,548	(444)
Other	(2)	1
Total other comprehensive income (2)	21,841	3,030
TOTAL (1) + (2)	(2,741)	12,032

* Cello goodwill determination work has been finalized (see Note 1-2 Change in scope of consolidation 2014 registration document).

NOTE 8 EARNINGS PER SHARE GROUP SHARE

Earnings per share Group share and diluted earnings per share The number of shares used to calculate the diluted earnings per Group share correspond to the Group net income divided by the share Group share is the weighted average number of shares

number of shares used for basic earnings per share Group share, The number of shares used to calculate the earnings per share adjusted for the dilutive effect of stock options. Group share is the weighted average number of ordinary shares outstanding during the period less the weighted average number of As of June 30, 2015, there are no shares with relutive impact and shares held in treasury stock by SOCIÉTÉ BIC during the period and the maximum dilutive effect from stock options not exercised is presented as a deduction from equity. around 1% of the share capital.

relevant number of shares. potentially in circulation during the period, which corresponds to the

	June 30, 2014*	June 30, 2015
Numerator (in thousand euros)
Net income Group share	135,729	176,570
Denominator (in number of shares)
Weighted average number of shares in circulation	47,006,576	47,200,210
Dilutive effect of stock options	567,691	532,175
Diluted weighted average number of shares in circulation	47,574,267	47,732,385
Earnings per share Group share (in euros)
Earnings per share Group share	2.89	3.74
Diluted earnings per share Group share	2.85	3.70

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

NOTE 9 ASSETS HELD FOR SALE

(in thousand euros)	Gross value	Depreciation and impairment loss	Net value
At January 1, 2015	26,044	(11,030)	15,014
Portable Fuel Cell Technology divestiture	(16,955)	4,216	(12,739)
Exchange differences	514	(463)	51
At June 30, 2015	9,603	(7,277)	2,326

• However, as the market activity is slow, selling periods are the San Antonio manufacturing site in Texas, U.S. (due to the BIC extended. Graphic integration plan);

As of June 30, 2015, assets held for sale correspond to: The Group is actively marketing the San Antonio site via realtors.

Portable Fuel Cell Technology assets were sold in the first half of ● and a property in New Zealand. 2015 (see Note 5).

NOTE 10 GOODWILL

(in thousand euros)	Notes	Gross value	Impairment loss	Net value
At January 1, 2015		323,972	(16,577)	307,395
Exchange differences		17,079	(334)	16,745
At June 30, 2015		341,051	(16,911)	324,140

The balance, as of June 30, 2015, includes the following main net goodwill:

(in thousand euros)	Dec. 31, 2014	June 30, 2015
BIC CORPORATION (b)	109,063	116,558
Cello Pens	95,767	103,077
BIC Violex	49,174	49,174
Norwood North America (a)(b)	29,467	31,937
PIMACO (b)	7,505	6,875
Others (b)	16,419	16,520
TOTAL	307,395	324,140

(a) Following the reorganization of the BIC Graphic activity, the goodwill of Norwood North America includes the goodwill of Norwood Promotional Products and Atchison.

(b) These goodwill amounts are linked to cash-generating units represented by distribution subsidiaries.

To perform the impairment tests, the Group used the following discounted and infinite growth rates:

	Weighted average cost of capital (WACC) before tax		Infinite growth rate
	2014	2015	2014	2015
BIC CORPORATION	10.1%	10.6%	1.5%	1.5%
Cello Pens	17.6%	15.4%	5.5%	8.75%
BIC Violex	10.3%	11.8%	3.0%	3.0%
Norwood North America	8.7%	8.7%	1.5%	1.5%
PIMACO	11.7%	13.6%	1.7%	1.7%

Each goodwill amount has been applied to a cash-generating units by BIC Violex and sold all over the world. This cash-generating unit ("CGU") representing the smallest level at which goodwill is also includes the portion of BIC CORPORATION goodwill allocated to monitored by the Group. shavers.

The goodwill on BIC CORPORATION is thus mainly allocated to As every year, as of June 30, 2015, the Group performed impairment cash-generating units linked to the distribution by BIC tests on these goodwill amounts (except for Norwood, where testing CORPORATION of stationery products and lighters. was performed as of December 31, 2014).

The goodwill on Cello Pens is allocated to the cash-generating units The goodwill impairment test methodology is based on a linked to the production and distribution by Cello of stationery comparison between the recoverable amount of each of the Group's

value (including goodwill). The remaining goodwill on BIC Violex is limited to the cash-generating unit linked to shavers developed and/or produced

products. cash-generating units and the corresponding assets' net booked

Such recoverable amounts correspond to the value in use and are the discount rate before tax should not exceed 10.2%; ● determined using discounted future cash flow projections over three ● the infinity growth rate may not be less than 0.8%; years and a discounted residual value using the perpetual growth

• 3-year period should not be more than 18.5% less than the level the discount rate before taxes used is the Group weighted retained in the assumptions; average cost of capital. Particular attention has been paid to the
• assumptions. the infinite growth rates were determined based on external

indicates that to cover assets, and for each factor taken For each CGU having significant goodwill, key assumptions used in independently: terms of rates of sales growth and margins over the future 3-year period and in the terminal value are consistent with past ● the discount rate before tax should not exceed 15.7%;

• method, including notably the following: sales at constant income from operations margin over the future
• analysis of the main market items used for the calculation of the the income from operations on the future 3-year period may not discount rate; be more than 9% less than the margin retained in the

(inflation rate) and internal (business growth) sources. Infinity Regarding the test performed on Cello Pens, which was recently growth rates above 2% take into account market specifics. acquired, sensitivity to the assumptions used in the calculation

• performance. the infinity growth rate may not be less than 8.5%;
• Regarding the test performed on Norwood as of December 31, 2014, sales at constant income from operations margin over the future sensitivity to the assumptions used in the calculation indicates that 3-year period should not be more than 5% less than the level to cover assets, and for each factor taken independently: retained in the assumptions;
• the income from operations on the future 3-year period may not be more than 14% less than the margin retained in the assumptions.

The sensitivity of the other impairment tests to changes in the key assumptions indicates that no reasonably likely change would lead to an impairment, taking into account the observed margin on tests conducted.

NOTE 11 OTHER NON-CURRENT ASSETS

(in thousand euros)	Notes Dec. 31, 2014	June 30, 2015
Other investments	49	49
Guarantee deposits	4,925	5,738
Deferred pensions	2,229	3,157
Other non-current assets	17,888	19,536
TOTAL	25,092	28,480

NOTE 12 CHANGE IN NET WORKING CAPITAL

(in thousand euros)	Dec. 31, 2014*	Cash flows impact	Foreign exchange and others	June 30, 2015
Net inventory	441,139	28,976	11,426	481,541
• Inventory - Gross value	459,923	26,632	12,035	498,590
• Inventory - Impairment	(18,785)	2,344	(609)	(17,050)
Trade and other receivables	453,771	121,461	9,868	585,100
Trade and other payables	(119,110)	(15,966)	(2,638)	(137,713)
Other assets and liabilities	(181,085)	(18,150)	(5,604)	(204,839)
NET WORKING CAPITAL	CF 594,715	116,321	13,052	724,088

CF : see Consolidated cash flow statement.

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

NOTE 13 SHARE CAPITAL

13-1 Share capital

(in thousand euros)	Dec. 31, 2014	June 30, 2015
Authorized, issued and fully paid share capital	183,214	183,709
Repurchase of shares of the Company	(3,275)	(3,664)
SHARE CAPITAL	179,939	180,045

As of June 30, 2015, the registered share capital of SOCIÉTÉ BIC is In addition, SOCIÉTÉ BIC holds 959,271 treasury shares, acquired at 183,709,396.30 euros divided into 48,091,465 shares of 3.82 euros an average price of 83.44 euros in accordance with Article each. Registered shares held for more than two years carry double L. 225-209 of the French Commercial Code, which represent 2% of voting rights. the share capital.

13-2 SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of June 30, 2015

Purpose of the repurchase	Number of shares	Average acquisition price (in euros)	% du capital
Liquidity agreement (a)	4,506	145.67	0.01%
Free share grants (a)	954,765	83.15	1.99%
TOTAL	959,271	83.44	2.00%

(a) Article L. 225-209 of the French Commercial Code.

In accordance with the liquidity agreement with NATIXIS in respect At initial set-up, the liquidity account contained the following: of SOCIÉTÉ BIC shares, as of June 30, 2015, the liquidity account ● 2,312 BIC shares; contained the following:

• 912,744.48 euros. 4,506 BIC shares;
• 485,700.77 euros.

SOCIÉTÉ BIC obtained authorization from the Annual Shareholders' Meeting on May 6, 2015, to renew its share repurchase program.

Number of shares repurchased in 2015 (b)
• Share repurchase program authorized by the Annual Shareholders' Meeting held on May 6, 2015	180,213
Average share repurchase price for the purchases during the first half of 2015 (in euros)	146.00

(b) Excluding share repurchased under the liquidity contract.

During the first half of 2015, SOCIÉTÉ BIC did not cancelled any shares.

To the best of the Company's knowledge, as of June 30, 2015, Shareholders holding more than 5%, 10%, 15%, 20%, 25%, 33.33%, 50%, 66.66%, 90% or 95% of the share capital and/or of the voting rights of the Company were as follows:

	At june 30, 2015
	% of shares (approx.)	% of voting rights (approx.)
M.B.D.	26.29%	36.32%
Bich Family	16.30%	22.35%

NOTE 14 BORROWINGS AND FINANCIAL LIABILITIES

(in thousand euros)	Dec. 31, 2014	June 30, 2015
Bank overdrafts	3,651	46,128
Bank loans and non current financial liabilities (see detail below)	79,179	137,042
Obligations under finance leases	2,306	1,998
BANK BORROWINGS AND OVERDRAFTS	85,136	185,168

Bank overdrafts are due within one year.

The long-term part of obligations under finance leases is not significant.

As of June 30, 2015, the put option held by the Shareholders of Cello Pens has been revalued and amount to 83.3 million euros for the non-currents financial liabilities. Changes in fair value are recognized in retained earnings and do not impact the Group's net income.

Bank loans and financial liabilities have the following maturities:

(in thousand euros)	Dec. 31, 2014	June 30, 2015
On demand or within one year	2,109	53,776
In the 2nd year	-	83,258
In the 3rd year	77,071	3
In the 4th year	-	4
In the 5th year	-	2
TOTAL	79,179	137,042

Main bank loans/credit lines and financial liabilities are as follows:

Borrowing country	Currency	Euro equivalents
(in thousand euros)		Dec. 31, 2014	June 30, 2015
• France	EUR	-	50,000
• Malaysia	MYR	765	931
• Russia	USD/RUB	-	1,456
• South Korea	KRW	1,133	1,192
• Other	Other/Misc.	210	208
Sub-total		2,109	53,787
• Cello Pens		77,071	83,255
TOTAL		79,179	137,042

Information on interest rates Information on covenants

As of June 30, 2015, loans and credit lines were contracted mainly in None of the loans contain any covenant that could require early France with a short term credit line with an EONIA reference index. repayment of the debt.

In the other countries the loans and credit lines have been contracted with floating rates ranging between 4.39% in South Korea and 15.35% in Russia.

Relative exposure, estimated not to be significant, has not been hedged.

NOTE 15 PROVISIONS

(in thousand euros)	Tax and social risks and litigation		Litigation Product liability	Other risks and charges	Total
At January 1, 2015	44,308	6,471	1,770	3,000	55,549
Additional provisions	1,532	897	276	1,175	3,880
Reversals of provisions utilized	(585)	(732)	(108)	(754)	(2,179)
Reversals of provisions not utilized	(104)	(121)	-	-	(225)
Exchange differences	(695)	34	152	135	(374)
At June 30, 2015	44,456	6,550	2,090	3,555	56,651

As of June 30, 2015, it was not deemed necessary to book provisions As of June 30, 2015, the litigation provision mainly represents for the risks described in the Part "Half-Year Management report - distributor and commercial agent risks for 2.2 million euros (2.4 Description of the principal risks and uncertainties for the 2nd half million euros at December 31, 2014).

• the Company's personnel, assets, environment or reputation; risks and U.S. workers' compensation.
• the Group's ability to reach its objectives and abide by its Product liability mainly relates to the U.S. values,ethics or the laws and regulations.

of 2015" that could affect: Provisions for tax and social risks and litigation relate mainly to tax

NOTE 16 OTHER CURRENT LIABILITIES

(in thousand euros)	Dec. 31, 2014*	June 30, 2015
Social liabilities	93,910	90,713
Other tax liabilities	6,928	17,917
Other current liabilities	114,547	141,328
OTHER CURRENT LIABILITIES	215,384	249,958

* Figures have been adjusted as mentioned in Note 1 "Main rules and accounting policies" pursuant to the interpretation IFRIC 21 - Levies.

NOTE 17 DIVIDENDS

For 2014 fiscal year, an ordinary dividend of 2.85 euros per share was distributed to the Shareholders on May 21, 2015. For 2013 fiscal year, an ordinary dividend of 2.60 euros per share was distributed to the Shareholders on May 28, 2014.

NOTE 18 SHARE-BASED PAYMENTS

As of June 30, 2015, the fair value of options and shares granted amounts 7.3 million euros and is booked in staff costs.

The Board of Directors of February 10, 2015 decided to grant 176,740 free shares to 539 beneficiaries subject to performance conditions and 21,700 free shares to 260 beneficiaries without performance conditions.

NOTE 19 FINANCIAL INSTRUMENTS

19-1 Impact of interest rate and foreign exchange risk'hedging on the consolidated financial statements as of June 30, 2015

The following amounts have been booked as the fair value of derivatives at the end of June 30, 2015 (in thousand euros):

Derivative items and revaluation	Classification of hedge/ risk hedged	Financial net Income/(expense) (a) before tax -Note 6	Income from operations -Note 4	Other comprehensive income before tax (a)	assets (b)	Current Non-current	assets liabilities	Current Non-current liabilities
Hedging revaluation impact
Commercial flows	Cash flow hedge/Foreign exchange risk	(803)	(4,705)	(766)	20	1,175	(9,502)	(1,654)
Dividends	Net investment/ Foreign exchange risk	-	-	(47)	41	-	(88)	-
Subtotal (1)		(803)	(4,705)	(813)	61	1,175	(9,591)	(1,654)
Revaluation of cross-currency swaps related to cash positions in foreign currencies	At fair value through P&L/Foreign exchange risk
Subtotal (2)		(136)	-	-	-	-	(36)	-
TOTAL 1+2		(940)	(4,705)	(813)	61	1,175	(9,627)	(1,654)

(a) This corresponds to mark-to-market of hedging instruments in the portfolio at June 30, 2015, restated for the reversal of the mark-to-market of the portfolio of hedging instruments as of December 31, 2014.

(b) In addition, SOCIÉTÉ BIC held options not yet exercised representing current assets of 355 thousand euros.

19-2 Impact of interest rate and foreign exchange risk'hedging on the consolidated financial statements as of December 31, 2014

The following amounts have been booked as the fair value of derivatives at December 31, 2014 (in thousand euros):

Derivative items and revaluation	Classification of hedge/risk hedged	Financial net Income/(expense) comprehensive before tax (a) - Note 6	Other income before tax (a)	assets (b)	Current Non-current assets	liabilities	Current Non-current liabilities
Hedging revaluation impact
Commercial flows	Cash flow hedge/Foreign exchange risk	-	(13,906)	-	228	(3,776)	(137)
Dividends	Net investment/Foreign exchange risk	-	22	-	-	-	-
Subtotal (1)		-	(13,884)	-	228	(3,776)	(137)
Revaluation of cross- currency swaps related to cash positions in foreign currencies	At fair value through P&L/Foreign exchange risk
Subtotal (2)		171	-	100	-	-	-
TOTAL 1+2		171	(13,884)	100	228	(3,776)	(137)

(a) This corresponds to mark-to-market of hedging instruments in the portfolio at December 31, 2014, restated for the reversal of the mark-to-market of the portfolio of hedging instruments as of December 31, 2013.

(b) In addition, SOCIÉTÉ BIC held options not yet exercised representing a current asset of 94 thousand euros.

NOTE 20 CONTINGENT LIABILITIES

As of June 30, 2015, neither SOCIÉTÉ BIC nor its subsidiaries has any pending litigation, claims or disputes which, in the opinion of management, after consultation with their advisors, would have a material adverse impact on the Consolidated financial statements.

NOTE 21 FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Accounting categories and fair value of financial instruments

June 30, 2015		Breakdown by category of instruments
Balance sheet items (in thousand euros)	Note	Balance sheet value	Fair value	At fair value through the income	Derivative statement instruments investments	Held hedging -to-maturity	Loans and Available receivables (including cash)	- for- assets	At sale amortized through cost	At fair value equity
Financial assets		995,614	995,614	177,866	1,591	4,536	811,572	49	-	-
Non-current
• Derivatives instruments	19	1,175	1,175	-	1,175	-	-	-	-	-
• Other long-term investments		49	49	-	-	-	-	49	-	-
Current
• Trade and other receivables	12	585,100	585,100	-	-	-	585,100	-	-	-
• Derivative instruments	19	416	416	-	416	-	-	-	-	-
• Other current financial assets		52,808	52,808	48,272	-	4,536	-	-	-	-
• Cash and cash equivalents		356,067	356,067	129,595	-	-	226,472	-	-	-
Financial liabilities		334,162	334,162	-	11,281	-	-	-	239,626	83,255
Non-current
• Borrowings	14	84,950	84,950	-	-	-	-	-	1,695	83,255
• Derivative instruments	19	1,654	1,654	-	1,654	-	-	-	-	-
Current
• Borrowings	14	100,218	100,218	-	-	-	-	-	100,218	-
• Derivative instruments	19	9,627	9,627	-	9,627	-	-	-	-	-
• Trade and other payables	12	137,713	137,713	-	-	-	-	-	137,713	-

Dec. 31, 2014		Breakdown by category of instruments
Balance sheet items (in thousand euros)	Note	Balance sheet value	Fair value	At fair value through the income	Derivative statement instruments investments	Held hedging -to-maturity	Loans and receivables (including cash)	Available- assets	At for-sale amortized through cost	At fair value equity
Financial assets		859,535	859,489	208,951	422	6,862	643,251	49	-	-
Non-current
• Derivative instruments	19	228	228	-	228	-	-	-	-	-
• Other long-term investments		49	49	-	-	-	-	49	-	-
Current
• Trade and other receivables	12	453,771	453,771	-	-	-	453,771	-	-	-
• Derivative instruments	19	194	194	-	194	-	-	-	-	-
• Other current financial assets		53,139	53,093	46,277	-	6,862	-	-	-	-
• Cash and cash equivalents		352,154	352,154	162,674	-	-	189,480	-	-	-
Financial liabilities		208,159	208,159	-	3,914	-	-	-	127,175	77,071
Non-current
• Borrowings	14	78,890	78,890	-	-	-	-	-	1,819	77,071
• Derivative instruments	19	138	138	-	138	-	-	-	-	-
Current
• Borrowings	14	6,246	6,246	-	-	-	-	-	6,246	-
• Derivative instruments	19	3,776	3,776	-	3,776	-	-	-	-	-
• Trade and other payables	12	119,110	119,110	-	-	-	-	-	119,110	-

The valuation methods adopted for financial instruments are as follows:

● Financial instruments other than derivatives recorded in the Cello Pens' future results. The Group has opted for the

the column "Fair value through equity". The book values used are reasonable estimates of their market value except for marketable securities whose carrying values Derivative financial instruments : ●

This put option was recorded at its fair value, in non-current consistent with valuation reports provided by financial liabilities, and were determined on the basis of an estimate of institutions.

balance sheet : recognition of changes in fair value through equity, presented in

used are determined based on the last known net asset values as Market values were calculated internally on the basis of of June 30, 2015. last-known closing prices as of June 30, 2015. They are

CONDENSED CONSOLIDATED FIRST HALF FINANCIAL STATEMENTS Notes to the consolidated financial statements

Fair value valuation method

The tables below set out the fair value method for valuing financial instruments, using the following three levels:

● level 1 (quoted prices in active markets): money market UCITS and other current financial assets;

• level 2 (observable inputs): derivatives hedge accounting;
• level 3 (non-observable inputs): no such instruments are held as of June 30, 2015.

Category of instruments		June 30, 2015
(in thousand euros)	Total	Level 1	Level 2	Level 3
At fair value through the income statement - Assets	177,866	177,866	-	-
Derivative hedges - Assets	1,591	-	1,591	-
Derivative hedges - Liabilities	11,281	-	11,281	-
At fair value through equity - Liabilities	83,255	-	83,255	-

AUDITORS' REPORT

For the period from January 1 to June 30, 2015

This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of article L. 451-1-2-III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

• the review of the accompanying condensed half-yearly consolidated financial statements of SOCIETE BIC, for the period from January 1 to June 30, 2015,
• the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

1. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

Without qualifying our conclusion, we draw your attention to the matter set out in note 1-1-2 to the condensed half-yearly consolidated financial statements regarding the effects of the application as of January 1, 2015 of IFRIC 21 interpretation – Levies.

2. Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Paris and Neuilly-sur-Seine, July 30, 2015 The Statutory Auditors French original signed by

Grant Thornton Deloitte & Associés

French Member of Grant Thornton International François BUZY Vincent PAPAZIAN

STATEMENT ON HALF-YEARLY REPORT 2015

Mario Guevara Chief Executive Officer

DECLARATION BY RESPONSIBLE PERSON OF THE 2015 HALF-YEAR FINANCIAL REPORT

"I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the half-year ended June 30, 2015 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and the profit of the Company and the entities included in the scope of consolidation of the Group and that the First Half Management Report includes a faithful representation of the major events which occurred during the first six months of the financial year, their impact on the financial statements, of the main related-party transactions, as well as a description of the major risks and uncertainties for the remaining six months of the year."

On July 29, 2015 Mario Guevara Chief Executive Officer

INVESTORS RELATIONS 14, RUE JEANNE D'ASNIÈRES 92611 CLICHY CEDEX - FRANCE TEL: 33 (0) 1 45 19 52 26 EMAIL: investors.info@bicworld.com LIMITED COMPANY CAPITAL EUROS 183,115,806.50 DIVIDED INTO 47,936,075 SHARES OF EUROS 3.82 QUOTED ON EUROLIST EURONEXT PARIS ISIN: FR0000120966 MNEMONIC: BB CONTINUOUS QUOTATION 552.008.443 REGISTERED IN NANTERRE, FRANCE