BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 5

OTHER INCOME AND EXPENSES

December 31, 2019

December 31, 2018

(in thousand euros)

Royalties income

19

142

Gain/(loss) on disposal of fixed assets

598

(190)

UK future pension benefits modification

-

9,893

Other

11,057

8,463

Other income

11,674

18,307

Impairment loss - Cello and Pimaco

(74,334)

(44,265)

Other impairment

-

(523)

Cost reduction plans

(15,396)

(44,711) 

BIC Sport divestiture loss

(4,889)

- 

Other

(8,104)

(5,613) 

Other expenses

(102,724)

(95,113)

TOTAL

(91,050)

(76,806)

Other income and expenses incurred in 2019 mainly include: the restructuring costs amounting to 44.7 million euros related ● to deploying the second phase of the transformation plan announced on June 6, 2019; additional Cello goodwill impairment along with the partial ● Cello brand impairment for a total amount of 44.3 million euros (see notes 10 et 11); future pension benefits modification, positive adjustment of ● 9.9 million euros following the judgment in favor of BIC UK (cf: note 18-4).

In 2018, other income and expenses mainly included the partial Cello goodwill impairment amounting to 68.7 million euros and the full Pimaco goodwill impairment for 5.5 million euros (see Note 10). They also related to the BIC Sport loss on disposal as of December 31, 2018 for 4.9 million euros and restructuring costs amounting to 15.4 million euros, mainly due to Stationery and Lighters manufacturing reorganization, organizational review and Haco Industries restructuring costs.

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• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •