BIC_Registration_Document_2017
FINANCIAL STATEMENTS Consolidated financial statements
As of December 31, 2017, the Group used a deferred tax rate of 22.77% for the U.S. following the enactment of the new tax reform in December 2017. Origin of deferred tax
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Pension and other employee benefits
86,742 37,154
45,300 35,676
Intra-Group profit elimination
Tax losses carried forward
2,215
5,505
Cello trademark
(16,939)
(15,830) 21,393 92,044
Other temporary differences
14,139
NET DEFERRED TAX
123,311
CHANGE IN NET WORKING CAPITAL NOTE 14
Accounting policies Inventories are stated at the lower of cost and net realizable value. Cost comprises direct raw material costs and, where applicable, direct labor costs, as well as those overheads that have been directly incurred in bringing the inventories to their present location and condition. Cost is generally calculated using the weighted average cost method. Net realizable value represents the estimated selling price in the normal course of business less all estimated costs of completion and costs to be incurred in the sale (marketing, selling and distribution). Trade receivables are measured at initial recognition at fair value. Impairment losses are recognized in profit or loss when there is an indication of impairment. The amount of the impairment loss recognized is equal to the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate calculated at initial recognition of the receivables. Trade payables are initially measured at fair value.
Reintegration of assets/liabilities held for sale at December 31, 2016 not sold in 2017
Foreign exchange and others
Cash flows impact
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Net inventory
468,142
(16,556) (15,723)
(31,461) (32,272)
8,852
428,977
Inventory - Gross value • Inventory - Impairment •
483,629 (15,487) 483,099 (118,676) (190,360) 642,205
9,060
444,694 (15,717) 476,745 (125,539) (198,050) 582,133
(833)
811
(208)
Trade and other receivables Trade and other payables Other assets and liabilities NET WORKING CAPITAL
25,425
(35,431) (11,937)
3,652
5,954
(881)
(12,637)
6,645
(1,698)
CF
2,186
(72,183)
9,925
CF: See consolidated cash flow statement.
The working capital is used to finance the Group’s operating cycle. Details of the elements used in the calculation are presented above.
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BIC GROUP - 2017 REGISTRATION DOCUMENT
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