BIC_Registration_Document_2017
FINANCIAL STATEMENTS Consolidated financial statements
OTHER CURRENT LIABILITIES NOTE 19
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Social liabilities
98,104 12,123 121,884 232,111
96,470 10,893 131,569 238,932
Other tax liabilities
Other current liabilities
OTHER CURRENT LIABILITIES
DISCONTINUED OPERATIONS NOTE 20
BIC Graphic North America and Asia were classified as discontinued operations at December 31, 2016 following the planned disposal of these activities, which represented almost all the assets and liabilities of BIC Graphic (operating segment). As a consequence these assets and liabilities (including the Norwood goodwill) were measured at December 31, 2016 in accordance with IFRS 5, Non-Current Assets Held For Sale And Discontinued Operations at the lower of their carrying amount and fair value less costs to sell.
On June 6, 2017, the BIC Group was announced that it had signed an Asset and Share Purchase Agreement to sell its BIC Graphic North America and Asian Sourcing operations to H.I.G. Capital, a global U.S. private equity firm. The closing was effective as of June 30, 2017. The net disposal price amounted to 73.6 million U.S. dollars, including 10 million U.S. dollars through a six-year subordinated note bearing a 7% per annum capitalized interest. The related loss net of tax amounted to 4.0 million euros, subject to final adjustments. These activities have been subject to a restatement in the income statement and the cash flow statement, given their significance, and break down as follows:
Consolidated income statement
Notes
Dec. 31, 2016
Dec. 31, 2017
(in thousand euros)
Net sales
2-2
246,673
100,291 (69,033)
Cost of goods Gross profit
4
(167,261)
79,412
31,258
Distribution costs
4 4 4 5 5
(38,325) (24,463)
(18,246) (13,115)
Administrative expenses
Other operating expenses
(4,274)
(2,738)
Other income
215
11
Other expenses
(60,908)
(1,156)
Income from operations
(48,343)
(3,986)
Income from cash and cash equivalents Net finance income/(Net finance costs)
6 6
66
91
(5,637)
(41)
Income before tax
(53,914)
(3,935)
Income tax expense
7
18,060
1,184
Net income from consolidated entities
(35,854)
(2,751)
Net income from discontinued operations amounts to -6.8 million euros including the net loss on disposal of -4.0 million euros and the 2017 net income of -2.8 million euros.
203
BIC GROUP - 2017 REGISTRATION DOCUMENT
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