BIC_Registration_Document_2017
FINANCIAL STATEMENTS Consolidated financial statements
NOTE 4
OPERATING EXPENSES
Accounting policies Government grants are recognized systemically in profit or loss over the periods necessary to match them with the associated costs ● and presented as a reduction to the related expenses. The research and development tax credit is deducted from operating expenses and the French tax credit for competitiveness and ● employment is deducted from labor costs. Research expenses are recognized as expenses in the period in which they were incurred. ●
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Raw materials, consumables used and change in inventory
516,279 532,026
525,962 524,648
Staff costs
Depreciation and amortization expenses
83,949
88,095
Other operating expenses
487,585
484,429
Loss on operational foreign currency translation
(2,578)
(90)
TOTAL
1,617,261
1,623,044
Other income and expenses are not included in the total amount and are disclosed in Note 5. As of December 31, 2016, staff costs include special premiums for 8.8 million euros in 2016. Other operating expenses mainly include outside services.
Research and development costs recognized under operating expenses for 2017 amounted to 36.4 million euros, versus 35.4 million euros for 2016. They include the French research tax credit for 1.3 million euros, versus 1.1 million euros for 2016. The tax credit for competitiveness and employment (CICE) amounted to 2.6 million euros in 2017, versus 1.8 million euros in 2016.
NOTE 5
OTHER INCOME AND EXPENSES
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Royalties income
24
8
Gain on disposal of fixed assets
209 905
940
U.S. Retiree Medical Plan
-
Other
4,269 5,407
8,845 9,793
Other income
Impairment loss
(33)
(837)
Restructuring costs related to distribution reorganization in the Middle East and Africa regions
(1,864) (1,658) (1,380) (1,688) (3,902)
- -
Cost reduction plans – U.S. Graphic restructuring costs Cost reduction plans - Other
(23,742)
(967)
Other
(5,227)
Other expenses
(10,525)
(30,773) (20,980)
TOTAL
(5,118)
181
BIC GROUP - 2017 REGISTRATION DOCUMENT
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