BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 5

OTHER INCOME AND EXPENSES

December 31, 2020

December 31, 2019

(in thousand euros)

Royalties income

142

95

Gain on disposal of fixed assets

-

128

UK future pension benefits modification

9,893

-

Favorable Pensions adjustment in the US

-

44,059

Other

8,463

6,726

Other income

18,307

51,007

Loss on disposal of fixed assets

(190)

-

Impairment on Property, Plant & Equipment and trademark – Cello

(44,265)

( 41,729)

Other impairment

(523)

( 2,374)

Cost reduction plans

(44,711)

( 27,153)

Other

(5,613)

( 8,686)

Other expenses

(95,113)

( 79,942)

TOTAL

(76,806)

( 28,935)

Other income and expenses incurred in 2020 mainly include: property, plant and equipment along with trademark ● impairment of Cello for 41.7 million euros; 27.2 million euros of restructuring costs, of which ● transformation plan, BIC Ecuador factory closure, Latin America and Asia commercial operations restructuring are among the main drivers; 44.1 million euros of favorable Pensions adjustment in the U.S, ● linked to a change of medical and pension plan, see Note 18-2; the expenses linked to the Covid-19 impact during 2020 for ● 3.6 million euros.

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

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• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •