BIC_REGISTRATION_DOCUMENT_2017
FINANCIAL STATEMENTS Consolidated financial statements
Regarding the test performed on Cello Pens, sensitivity to the assumptions used in the calculation indicates that to cover assets, and for each factor taken independently: the discount rate before tax should not exceed 14.8%; ● the perpetual growth rate should not be less than 8.1%; ● Net Sales at constant Income From Operations margin over the ● future 5-year period should not be less than 6% compared to the level retained in the impairment test; Income From Operations on the future 5-year period should not be ● less than 8% compared to the level retained in the impairment test.
Additionally, Cello future economic performance is highly dependent upon the realization of its long term strategic plan, which includes growth in both domestic and export sales, as well as the realization of improved gross margin rates. The sensitivity of the other impairment tests to changes in the key assumptions indicates that no reasonably likely change would lead to impairment, taking into account the observed headroom on tests conducted.
INTANGIBLE ASSETS NOTE 11
Accounting policies Internally-generated intangible assets - research and development expenditure An internally-generated intangible asset arising from the development or a development phase of an internal project is only recognized on the balance sheet if all of the following conditions are met: the asset created is identifiable; • it is probable that the asset created will generate future economic benefits for the Group; • the development cost attributable to the asset can be measured reliably. • Internally-generated intangible assets are amortized on a straight-line basis over their estimated useful life. When no internally-generated intangible asset can be recognized, development expenditure is charged to profit or loss in the period in which it is incurred. Patents, trademarks, licenses and software Patents, trademarks, licenses and software are measured initially at purchase cost less accumulated amortization and impairment loss, if any. Amortization is booked to profit or loss so as to reduce the carrying amount of assets over their estimated useful life, using the straight-line method. Intangible assets (excluding goodwill) See Note 9-2.
Intangible assets in progress
Trademarks & patents
Research & development
Software
Other
Total
(in thousand euros)
GROSS VALUE At January 1, 2016
104,510 101,939
6,445
3,358 6,342 2,279
3,769 220,021
Acquisitions
951
644
- - -
(4)
7,933 2,279
Internally-generated Disposals/Write-offs
-
-
-
(578)
(80)
(195)
(11)
(864)
Transfers to non-current assets held for sale (see Note 20)
(37,172)
(4,125)
- -
(84)
(453)
(41,834)
Other transfers
-
-
-
1
1
Exchange differences At January 1, 2017
6,165
3,102
83
(7,493)
3,609
5,466
73,876 101,480
6,529
4,207
6,912 193,003
Acquisitions
1,268
914
- -
3,253 3,258
- - - -
5,435 3,258 (4,814)
Internally-generated Disposals/Write-offs
-
-
(2,501)
(50)
(2,078)
(185)
Other transfers
3,914
-
-
(3,914)
-
Exchange differences
(3,516)
(9,417)
(321)
(6)
(9)
(13,270)
Reintegration of non-current assets held for sale at December 31, 2016 not sold in 2017
476
412
-
-
168
1,056
At December 31, 2017
73,516
93,338
4,129
6,615
7,071 184,669
189
BIC GROUP - 2017 REGISTRATION DOCUMENT
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