2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 4

OPERATING EXPENSES

Accounting policies Government grants are recognized systematically in profit or loss over the periods necessary to match them with the associated ● costs and presented as a reduction to the related expenses. Research expenses are recognized as expenses in the period in which they are incurred. ●

As of December 31, 2021

As of December 31, 2020

(in thousand euros)

Raw materials, consumables used and change in inventory

449,852

497,399

Staff costs

465,499

488,984

Depreciation and amortization expenses

115,144

111,794

Other operating expenses

412,284

469,110

Impairment loss on manufacturing equipment

(40)

2

Profit/(loss) on operational foreign currency translation

(2,917)

(15,137)

TOTAL

1,439,822

1,552,152

Research and development costs recognized under “Other operating expenses” for 2021 amounted to 25.7 million euros, versus 24.2 million euros during 2020. They include the French research tax credit for 1.5 million euros, same as 2020.

Other income and expenses are not included in the total amount and are disclosed in Note 5. Other operating expenses mainly include outside services.

NOTE 5

OTHER INCOME AND EXPENSES

As of December 31, 2021

As of December 31, 2020

(in thousand euros)

Royalty income

95

5

Gain on sale of Clichy’s headquarters

-

167,711

Gain on disposal of fixed assets

128

2,038

France and UK favorable pensions adjustement

-

7,040

Favorable Pensions adjustment in the U.S.

44,059

-

PIMACO divestiture gain

-

3,027

Other

6,726

551

Other income

51,007

180,372

Impairment on property, plant & equipment and trademark – Cello

(41,729)

-

Other impairment

(2,374)

-

Cost reduction plans

(27,153)

(4,248)

Other

(8,686)

(3,860)

Other expenses

(79,942)

(8,108)

TOTAL

(28,935)

172,264

217

• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •