BIC Group - Press
Release
Clichy - 26 October 2016
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Third quarter and nine months 2016 Results
· Nine months Net Sales: 1,692.9 million euros, up 0.6%
as reported and up 4.9% on a constant currency basis1
o Consumer business up 5.0% on a
constant currency basis
o BIC Graphic net sales up 4.1%
on a constant currency basis
· Nine months Normalized1 IFO: 313.1
million euros - Normalized1 IFO
margin: 18.5%
o Excluding the impact of the special employee
bonus2
- Normalized1 IFO:
324.5 million euros, down 5.5%
- Normalized1 IFO
margin: 19.2%
· Nine months Net Income Group Share: 213.7 million euros,
down 15.5%
o EPS Group Share: 4.55 euros,
down 15.1%
· Third Quarter Net Sales: 559.6 million euros, up 2.1% as
reported and up 3.8% on a constant currency basis1
Q3 Normalized1 IFO: 105.2
million euros - Normalized1 IFO
margin: 18.8%
· Net cash position at the end of September 2016: 208.1
million euros
Q3 and 9M 2016 Key operational
figures |
|
Net Sales growth on a constant currency
basis[1] |
Normalized1
IFO margin |
Normalized IFO margin
excluding the impact of the
special employee bonus2 |
|
Q3 |
9M |
Q3 |
9M |
Q3 |
9M |
Group |
+3.8% |
+4.9% |
18.8% |
18.5% |
18.8% |
19.2% |
Consumer business |
+3.2% |
+5.0% |
20.6% |
21.2% |
20.6% |
21.8% |
|
+2.4% |
+4.6% |
3.9% |
10.3% |
3.9% |
10.8% |
|
+6.5% |
+5.7% |
41.7% |
40.1% |
41.7% |
40.6% |
|
+1.4% |
+7.1% |
19.8 % |
14.7% |
19.8% |
15.4% |
Bic Graphic |
+7.2% |
+4.1% |
8.2% |
-0.2% |
8.2% |
1.2% |
Commenting on BIC Group's results
for the first nine months of 2016, Bruno Bich,
Chairman and Chief Executive Officer, said: "The strength of our "High Quality and
Value" positioning and increased investment in R&D, innovation
and the brand, supported by the engagement of BIC teams around the
world continued to fuel our growth across all
categories and geographies. Year-to-date
results reinforce our confidence that we will achieve our 2016
objectives."
For 2016 as a whole, we expect to
deliver mid-single digit growth in Net Sales
on a comparative basis. Excluding major macro-economic disruptions
or currency fluctuations, Normalized IFO
margin[2] should
decline by between 100 and 150 basis points as a result of
accelerated Brand Support and R&D investment aimed at fueling
profitable medium- and long-term growth while
we expect to maintain a strong Net Cash from
operating activities.
Unaudited figures
Key figures (in million
euros) |
|
|
Q3 2016 vs. Q3
2015 |
|
|
9M 2016 vs. 9M
2015 |
|
Q3 2015 |
Q3 2016 |
As reported |
Constant currency basis |
9M 2015 |
9M 2016 |
As reported |
Constant currency basis |
Group |
|
|
|
|
|
|
|
|
Net Sales |
548.3 |
559.6 |
+2.1% |
+3.8% |
1,682.3 |
1,692.9 |
+0.6% |
+4.9% |
Gross Profit |
272.8 |
287.1 |
|
|
842.6 |
845.9 |
|
|
Normalized Income From Operations |
104.2 |
105.2 |
+0.9% |
|
343.4 |
313.1 |
-8.8% |
|
Normalized IFO margin |
19.0% |
18.8% |
|
|
20.4% |
18.5% |
|
|
Normalized IFO
margin excluding the special employee bonus |
19.0% |
18.8% |
|
|
20.4% |
19.2% |
|
|
Income From Operations |
104.2 |
104.0 |
-0.2% |
|
345.7 |
307.7 |
-11.0% |
|
IFO margin |
19.0% |
18.6% |
|
|
20.5% |
18.2% |
|
|
Net Income Group Share |
76.3 |
73.6 |
-3.6% |
|
252.9 |
213.7 |
-15.5% |
|
Earnings Per Share Group Share
(in euros) |
1.62 |
1.57 |
-3.1% |
|
5.36 |
4.55 |
-15.1% |
|
Stationery |
|
|
|
|
|
|
|
|
Net
Sales |
184.3 |
184.4 |
+0.1% |
+2.4% |
574.6 |
571.1 |
-0.6% |
+4.6% |
IFO |
19.2 |
7.2 |
|
|
79.7 |
57.1 |
|
|
IFO
margin |
10.4% |
3.9% |
|
|
13.9% |
10.0% |
|
|
Normalized IFO margin |
10.4% |
3.9% |
|
|
14.0% |
10.3% |
|
|
Normalized IFO margin excluding the
special employee bonus |
10.4% |
3.9% |
|
|
14.0% |
10.8% |
|
|
Lighters |
|
|
|
|
|
|
|
|
Net
Sales |
158.8 |
167.6 |
+5.6% |
+6.5% |
500.7 |
508.5 |
+1.5% |
+5.7% |
IFO |
63.2 |
68.9 |
|
|
199.8 |
201.6 |
|
|
IFO
margin |
39.8% |
41.1% |
|
|
39.9% |
39.6% |
|
|
Normalized IFO margin |
39.8% |
41.7% |
|
|
39.7% |
40.1% |
|
|
Normalized IFO margin excluding the
special employee bonus |
39.8% |
41.7% |
|
|
39.7% |
40.6% |
|
|
Shavers |
|
|
|
|
|
|
|
|
Net
Sales |
113.0 |
111.8 |
-1.1% |
+1.4% |
343.2 |
349.7 |
+1.9% |
+7.1% |
IFO |
19.2 |
22.2 |
|
|
64.0 |
50.2 |
|
|
IFO
margin |
17.0% |
19.8% |
|
|
18.6% |
14.4% |
|
|
Normalized IFO margin |
17.0% |
19.8% |
|
|
19.1% |
14.7% |
|
|
Normalized IFO margin excluding the
special employee bonus |
17.0% |
19.8% |
|
|
19.1% |
15.4% |
|
|
Other Products |
|
|
|
|
|
|
|
|
Net Sales |
13.9 |
12.5 |
-10.0% |
-9.5% |
53.0 |
46.9 |
-11.6% |
-10.6% |
Total Consumer business |
|
|
|
|
|
|
|
|
Net
Sales |
470.0 |
476.3 |
+1.3% |
+3.2% |
1,471.5 |
1,476.0 |
+0.3% |
+5.0% |
IFO |
99.8 |
97.3 |
|
|
346.1 |
308.5 |
|
|
IFO
margin |
21.2% |
20.4% |
|
|
23.5% |
20.9% |
|
|
Normalized IFO margin |
21.2% |
20.6% |
|
|
23.5% |
21.2% |
|
|
Normalized IFO margin excluding the
special employee bonus |
21.2% |
20.6% |
|
|
23.5% |
21.8% |
|
|
BIC Graphic |
|
|
|
|
|
|
|
|
Net
Sales |
78.3 |
83.3 |
+6.3% |
+7.2% |
210.8 |
216.9 |
+2.9% |
+4.1% |
IFO |
4.3 |
6.7 |
|
|
-0.4 |
-0.8 |
|
|
IFO
margin |
5.6% |
8.1% |
|
|
-0.2% |
-0.4% |
|
|
Normalized IFO margin |
5.6% |
8.2% |
|
|
-0.9% |
-0.2% |
|
|
Normalized IFO margin excluding the
special employee bonus |
5.6% |
8.2% |
|
|
-0.9% |
1.2% |
|
|
9M 2016 Net Sales were 1,692.9
million euros, up 0.6% as reported and up 4.9% on a constant
currency basis. The strong negative impact of currency fluctuations
(-4.3%) was mainly due to the depreciation of Latin American
currencies against the euro.
- Consumer
business grew 5.0% on a constant currency basis (Europe +7.7%,
North America +1.8%, Developing Markets +7.0%).
- BIC Graphic
Net Sales increased by 4.1% on a constant currency basis.
Income From Operations and Normalized Income From
Operations
9M 2016 Gross
Profit margin came in at 50.0%, compared to 50.1% for 9M 2015.
Excluding the impact of the special employee bonus, Gross Profit
margin would have been 50.4%. Q3 2016 Gross Profit
margin was 51.3% compared to 49.8% in Q3 2015.
9M 2016
Normalized IFO was 313.1 million euros (i.e., a Normalized IFO
margin of 18.5% or 19.2% excluding the impact of the special
employee bonus). Q3 2016 Normalized IFO was
105.2 million euros.
- Consumer
business Normalized IFO margin stood at 21.2% for 9M 2016, a
decline of 2.3 points on 9M 2015 (down 1.7 points excluding the
impact of the special employee bonus), attributable to increased
investment in brand support and research and development. Q3 2016
Normalized IFO margin was 20.6% compared to 21.2% in Q3 2015.
- BIC Graphic
Normalized IFO margin improved by 0.7 points for 9M 2016 to a
negative 0.2% (if the impact of the special employee bonus is
excluded, it actually increased by 2.1 points to a positive 1.2%).
Q3 2016 Normalized IFO margin was 8.2%, compared to 5.6% in Q3
2015.
Key components of the change in
Normalized IFO margin
(in % points) |
9M 2015
vs. 9M 2014 |
H1 2016
vs. H1 2015 |
Q3 2016
vs. Q3 2015 |
9M 2016
vs. 9M 2015 |
|
+0.9 |
-0.1 |
+1.9 |
+0.5 |
|
-0.1 |
-0.8 |
-1.4 |
-1.0 |
|
-0.2 |
-0.1 |
-0.4 |
-0.2 |
|
+0.1 |
-0.7 |
-1.0 |
-0.8 |
|
+0.5 |
-0.8 |
-0.7 |
-0.7 |
Total change in Normalized IFO margin
excluding the special employee bonus |
+1.3 |
-1.7 |
-0.2 |
-1.2 |
Special employee bonus |
- |
-1.1 |
- |
-0.7 |
|
- |
-0.7 |
- |
-0.4 |
|
- |
-0.4 |
- |
-0.3 |
Total change in Normalized IFO
margin |
+1.3 |
-2.8 |
-0.2 |
-1.9 |
Non-recurring items |
H1 |
Q3 |
9M |
(in million euros) |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
Income From Operations |
241.5 |
203.7 |
104.2 |
104.0 |
345.7 |
307.7 |
IFO margin |
21.3% |
18.0% |
19.0% |
18.6% |
20.5% |
18.2% |
Restructuring costs |
+4.5 |
+4.2 |
- |
+1.2 |
+4.5 |
+5.4 |
Divestment of Fuel Cell business (net of restructuring
costs) |
-2.2 |
- |
- |
- |
-2.2 |
- |
Impact of lump sum election for terminated vested pension
participants in the U.S. |
-4.6 |
- |
- |
- |
-4.6 |
- |
Normalized IFO |
239.2 |
207.9 |
104.2 |
105.2 |
343.4 |
313.1 |
Normalized IFO margin |
21.1% |
18.3% |
19.0% |
18.8% |
20.4% |
18.5% |
Special employee bonus |
- |
+11.4 |
- |
- |
- |
+11.4 |
Normalized IFO excluding the special employee
bonus |
239.2 |
219.3 |
104.2 |
105.2 |
343.4 |
324.5 |
Normalized IFO margin excluding the
special employee bonus |
21.1% |
19.4% |
19.0% |
18.8% |
20.4% |
19.2% |
Income before
tax fell back to 305.4 million euros, compared to 363.6 million
euros for 9M 2015. Net finance revenue decreased to a negative 2.2
million euros (compared to a positive amount of 17.9 million euros
for 9M 2015) due to unfavorable 9M 2016 fair value adjustments to
U.S. dollar denominated financial assets when compared to December
2015 (fair value adjustments booked in 9M 2015 were favorable). In
Q3 2016, net finance revenue decreased to a positive
1.2 million euros down from a positive 6.1 million euros in Q3
2015.
Net income
Group Share was 213.7 million euros
in 9M 2016, a 15.5% drop as reported. Q3 2016 net income Group
Share was 73.6 million euros, down by 3.6% on a reported basis. The
effective tax rate in 9M 2016 was 30.0%.
EPS Group
Share was 4.55 euros compared to 5.36 euros in 9M 2015, down by
15.1%. Normalized EPS Group Share decreased by 13.1% period on
period, from 5.33 euros in 9M 2015 to 4.63 euros for the first nine
months of 2016. EPS Group Share in Q3 2016 was 1.57 euros compared
to 1.62 euros in Q3 2015, i.e., a 3.1% drop.
At the end of September 2016, the
Group's net cash position stood at 208.1 million euros.
Change in net cash position
(in million euros) |
2015 |
2016 |
Net Cash position (beginning of the period -
December) |
320.2 |
448.0 |
|
+265.1 |
+218.3 |
- Of which
operating cash flow
|
+345.7 |
+297.4 |
- Of which change
in working capital and others
|
-80.6 |
-79.1 |
|
-76.1 |
-120.6 |
|
-134.8 |
-277.0 |
|
-26.3 |
-62.3 |
|
+8.9 |
+1.5 |
|
+14.0 |
- |
|
-10.7 |
+0.2 |
Net Cash position (end of the period - September) |
360.3 |
208.1 |
Net cash from operating activities
was +218.3 million euros with +297.4 million euros generated in
operating cash flow. The negative 79.1 million euros change in
working capital and other items was mainly related to seasonal
fluctuations in trade receivables. Net cash was also negatively
impacted by increased investments in CAPEX as well as dividend
payment (including the special dividend) and share buybacks.
Shareholders' remuneration
-
Ordinary dividend of 3.40 euros per share and
special dividend of 2.50 euros per share paid in June 2016.
-
62.3 million euros in share buy-backs at the end
of September 2016 (499,046 shares purchased at an average price of
124.76 euros).
Operational trends by category
Stationery
Stationery 9M
2016 Net Sales decreased by 0.6% as reported but grew by 4.6% on a
constant currency basis. Third quarter 2016
Net Sales were up 0.1% as reported and by 2.4% on a constant
currency basis.
Developed
Markets
- In Europe,
the increase in 9M Net Sales was in the high single-digits. The
back-to-school sell-out was good, especially in France (where we
gained market share for the 12th year in a
row) and in UK.
- In North
America, we delivered low-single digit growth in 9M 2016.
Market growth during Back-to-School was in the mid-single digits
(in value terms) and we gained market share thanks notably to the
performance of our "Champion brands", Cristal® ball pen, Atlantis®
retractable ball pen, Gelocity® gel pens and Xtra Fun® graphite
pencils.
Developing
Markets
9M 2016 Net Sales growth was in
the low-single digits.
-
In Latin America, 1 HH9M
2016 Net Sales registered low-single digit growth on the back of a
strong Q3. In Brazil, we continued to gain market share in all
segments thanks to increased brand support investment. In Mexico, a
strong Q3 reflected both the timing of the Back-to-School sell-in
(i.e., shipments were switched from Q2 to Q3 in the consumer retail
trade) and a good Back-to-School sell-out.
-
In the Middle-East and
Africa, we delivered very strong growth along with market share
gains in South Africa and a good performance in Morocco.
-
In a competitive environment, 9M 2016 Domestic
Sales of Cello Pens were stable as we continue
to rationalized our product portfolio and to focus on more
value-added items.
9M 2016
Normalized IFO margin for Stationery was 10.3%, compared to
14.0% in 9M 2015. Excluding the impact of the special employee
bonus, Normalized IFO margin for Stationery would
have been 10.8%. Q3 2016 Normalized IFO margin
was 3.9% compared to 10.4% in Q3 2015. The year-on-year and Q3
drop was attributable to the impact of continued investment in
Brand Support in Europe and North America and an increase in
operating expenses.
Lighters
9M 2016 Net Sales
of Lighters grew by 1.5% as reported and by 5.7% on a constant
currency basis. Third quarter 2016 Net Sales were up 5.6% as
reported and up 6.5% on a constant currency basis.
Developed
markets
- Europe
delivered growth of nearly 10% in 9M Net Sales with good
performances in Western Europe, especially in Germany and Austria.
Eastern European countries continued to show very dynamic trends on
the back of distribution gains.
- North
America achieved low single-digit growth in 9M 2016 thanks
notably to the continued success of our added-value sleeved
lighters.
Developing
Markets
In 9M 2016, growth in Net Sales
was in the high single-digits.
- In Latin
America, growth in 9M Net Sales was in the high single-digits
driven by distribution gains in Mexico.
- In the Middle-East and Africa, we enjoyed double-digit growth
in our 9M 2016 sales.
9M 2016
Normalized IFO for Lighters was 40.1% compared to 39.7% in 9M
2015. Excluding the impact of the special employee bonus, Normalized IFO margin for Lighters would have been
40.6%, thanks notably to a higher Gross Profit margin.
Q3 2016 Normalized IFO margin was 41.7%
compared to 39.8% in Q3 2015 due to more favourable absorption of
operating expenses.
Shavers
9M 2016 Net Sales
of Shavers grew by 1.9% as reported and by 7.1% on a constant
currency basis. Third quarter 2016 Net Sales were down 1.1% as
reported but they actually rose 1.4% on a constant currency
basis.
Developed Markets
- In Europe,
9M Net Sales growth was in the high single-digits, driven by a good
performance in Eastern Europe.
- In North
America, net sales were stable during the first nine months of
2016. The total US wet shave market declined 4.6% at the end of
September 2016. The one-piece segment declined by 5.8%, reflecting
consumers' attrition due to less promotional activity and good
performance by Private Labels. In this context, BIC increased its
market share by 1.9 points to 28.6%[5] (in value
terms) thanks to successful new products launches and our "best
value for money" positioning strategy.
Developing
Markets
We registered double-digit growth
in our 9M 2016 sales.
- In Latin
America, we delivered double-digit growth thanks to the
contribution of all product ranges (BIC® 3, BIC® Comfort 3 and
BIC® Soleil).
- The Middle-East
and Africa achieved high-single digit growth.
9M 2016
Normalized IFO margin for Shavers was 14.7% compared to 19.1%
in 9M 2015. Excluding the impact of the special employee bonus,
Normalized IFO margin for Shavers would have been
15.4%. This year-on-year decrease was due to increased
investment in research and development and in brand support,
notably in Europe (acceleration in Eastern countries and commercial
radio in France for the BIC® 3 shaver), in the U.S. (launch of the
new BIC® Soleil Shine shaver and continued investment in the BIC®
Flex 5 shaver) and in Latin America (TV campaigns to promote the
BIC® Comfort 3 shaver). Q3 2016 Normalized IFO
margin was 19.8%, compared to 17.0% in Q3 2015, due to a
positive FX impact on Gross Profit margin partially offset by
continued investment in research and development and in brand
support, mainly in Europe.
Other Consumer
Products
9M 2016 Net Sales
of Other Consumer Products decreased by 11.6% as reported and by
10.6% on a constant currency basis. Third quarter 2016 Net Sales
were down 10.0% as reported and by 9.5% on a constant currency
basis.
BIC Sport registered a
double-digit decline in its 9M Net Sales on a constant currency
basis notably due to an increasingly competitive environment in the
U.S.
9M 2016
Normalized IFO for Other Consumer Products was a negative 0.2
million euros (0.0 million euros excluding the impact of the
special employee bonus), compared to a positive 0.4 million euros
in 9M 2015. Q3 2016 Normalized IFO for Other
Consumer Products amounted to a negative 1.0 million euros,
compared to a negative 1.8 million euros in Q3 2015.
BIC Graphic Net
Sales for 9M 2016 increased by 2.9% as reported and by 4.1% on a
constant currency basis. Third quarter 2016 Net Sales were up 6.3%
as reported and by 7.2% on a constant currency basis.
While sales of Writing Instruments
and Hard Goods continued to be buoyed by our "Good Value" line and
by new products, Q3 2016 net sales were helped by a favourable
timing impact in Calendars (i.e., earlier shipments when compared
to last year).
9M 2016 Normalized IFO margin for BIC Graphic was
a negative 0.2% compared to a negative 0.9% in 2015. Excluding
the impact of the special employee bonus, its
Normalized IFO margin would have been a positive 1.2%, thanks
to lower operating expenses compared to 9M 2015. Q3 2016 Normalized
IFO margin for BIC Graphic was 8.2% compared to 5.6% in Q3 2015,
benefiting from lower costs of production and operating
expenses.
The review of the strategic
alternatives for BIC Graphic is proceeding as planned.
POLYFLAME
In the court procedure Société BIC
vs Polyflame Europe (a pocket lighter importer), on 22 October 2014
the Paris Court of Appeal had forbidden Polyflame Europe to claim
conformity to the ISO 9994 safety standard for the eight lighter
models involved in this procedure on the grounds that such a
conformity claim constitutes false advertising and consequently
unfair competition. On 20 September 2016, the "Cour de Cassation" (French Supreme Civil court) has
rejected Polyflame's ultimate legal arguments, making the
prohibition final.
BIC Group Net Sales by
geography
(in million euros) |
Q3 2016 vs. Q3 2015 |
|
|
9M 2016 vs. 9M 2015 |
|
Q3 2015 |
Q3 2016 |
As reported |
Constant
currency basis |
9M 2015 |
9M 2016 |
As reported |
Constant
currency basis |
Group |
|
|
|
|
|
|
|
|
Net Sales |
548.3 |
559.6 |
+2.1% |
+3.8% |
1,682.3 |
1,692.9 |
+0.6% |
+4.9% |
Europe |
|
|
|
|
|
|
|
|
Net
Sales |
131.4 |
131.4 |
+0.1% |
+2.6% |
408.9 |
428.0 |
+4.7% |
+6.8% |
North America |
|
|
|
|
|
|
|
|
Net
Sales |
268.7 |
271.1 |
+0.9% |
+1.3% |
780.2 |
797.2 |
+2.2% |
+2.8% |
Developing Markets |
|
|
|
|
|
|
|
|
Net Sales |
148.3 |
157.1 |
+6.0% |
+9.2% |
493.2 |
467.7 |
-5.2% |
+6.6% |
|
|
|
|
|
|
|
|
|
Impact of change in perimeter and
currency fluctuations on Net Sales
(in %) |
Q3 2015 |
Q3 2016 |
9M 2015 |
9M 2016 |
Perimeter |
-0.7 |
- |
-0.7 |
- |
Currencies |
+6.3 |
-1.7 |
+9.7 |
-4.3 |
Of which USD |
+8.8 |
-0.2 |
+9.5 |
-0.1 |
Of which BRL |
-2.3 |
+0.6 |
-1.1 |
-0.9 |
Of which ARS |
+0.1 |
-0.6 |
+0.2 |
-0.9 |
Of which INR |
+0.4 |
-0.1 |
+0.6 |
-0.2 |
Of which MXN |
-0.2 |
-0.7 |
+0.2 |
-0.9 |
Of which RUB and UAH |
-0.6 |
-0.1 |
-0.5 |
-0.2 |
IFO and Normalized IFO by
category
(in million euros) |
Q3 2015 |
Q3 2016 |
9M 2015 |
9M 2016 |
Group |
|
|
|
|
Income From Operations |
104.2 |
104.0 |
345.7 |
307.7 |
Normalized Income From operations |
104.2 |
105.2 |
343.4 |
313.1 |
Stationery |
|
|
|
|
Income From Operations |
19.2 |
7.2 |
79.7 |
57.1 |
Normalized Income From operations |
19.2 |
7.2 |
80.4 |
58.6 |
Lighters |
|
|
|
|
Income From Operations |
63.2 |
68.9 |
199.8 |
201.6 |
Normalized Income From operations |
63.2 |
70.0 |
198.8 |
203.8 |
Shavers |
|
|
|
|
Income From Operations |
19.2 |
22.2 |
64.0 |
50.2 |
Normalized Income From operations |
19.2 |
22.2 |
65.6 |
51.4 |
Other Products |
|
|
|
|
Income From Operations |
-1.8 |
-1.0 |
2.6 |
-0.3 |
Normalized Income From operations |
-1.8 |
-1.0 |
0.4 |
-0.2 |
Total Consumer business |
|
|
|
|
Income From Operations |
99.8 |
97.3 |
346.1 |
308.5 |
Normalized Income From operations |
99.8 |
98.4 |
345.3 |
313.6 |
BIC Graphic |
|
|
|
|
Income From Operations |
4.3 |
6.7 |
-0.4 |
-0.8 |
Normalized Income From operations |
4.3 |
6.8 |
-1.9 |
-0.4 |
Condensed profit and loss
account
(in million euros) |
|
Q3 2016 vs. Q3 2015 |
|
|
9M 2016 vs. 9M 2015 |
|
Q3 2015 |
Q3 2016 |
As reported |
Constant
currency basis |
9M 2015 |
9M 2016 |
As reported |
Constant
currency basis |
Net sales |
548.3 |
559.6 |
+2.1% |
+3.8% |
1,682.3 |
1,692.9 |
+0.6% |
+4.9% |
Cost of
goods |
-275.5 |
-272.5 |
|
|
-839.7 |
-847.0 |
|
|
Gross Profit |
272.8 |
287.1 |
+5.2% |
|
842.6 |
845.9 |
+0.4% |
|
Administrative & other operating expenses |
-168.6 |
-183.1 |
|
|
-496.9 |
-538.2 |
|
|
Income from operations |
104.2 |
104.0 |
-0.2% |
|
345.7 |
307.7 |
-11.0% |
|
Finance
revenue/costs |
+6.1 |
+1.2 |
|
|
+17.9 |
-2.2 |
|
|
Income before tax |
110.3 |
105.2 |
-4.7% |
|
363.6 |
305.4 |
-16.0% |
|
Income
tax expense |
-33.1 |
-31.6 |
|
|
-109.2 |
-91.7 |
|
|
Income
from associates |
- |
- |
|
|
|
- |
|
|
Group net income |
77.2 |
73.6 |
-4.7% |
|
254.4 |
213.7 |
-16.0% |
|
Non-controlling interests |
-0.9 |
- |
|
|
-1.5 |
- |
|
|
NET INCOME GROUP SHARE |
76.3 |
73.6 |
-3.6% |
|
252.9 |
213.7 |
-15.5% |
|
Earnings per share Group share (in
euros) |
1.62 |
1.57 |
-3.1% |
|
5.36 |
4.55 |
-15.1% |
|
Average number of shares outstanding (net of treasury
shares) |
47,180,102 |
46,955,299 |
|
|
47,180,102 |
46,955,299 |
|
|
Condensed balance sheet
(in million euros) |
September 30, 2015 |
December 31,2015 |
September 30, 2016 |
Assets |
|
|
|
Current assets |
1,449 |
1,411 |
1,344 |
Of
which, Cash and cash equivalents |
378 |
385 |
262 |
Non-current assets |
1,081 |
1,125 |
1,189 |
TOTAL ASSETS |
2,530 |
2,536 |
2,533 |
Liabilities & shareholders' equity |
|
|
|
Current liabilities |
480 |
380 |
485 |
Non-current liabilities |
292 |
307 |
342 |
Shareholders' equity |
1,758 |
1,849 |
1,706 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
2,530 |
2,536 |
2,533 |
Working capital
(in million euros) |
December
31,
2014 |
September
30,
2015 |
December
31,
2015 |
September
30,
2016 |
Total Working Capital |
594.7 |
629.0 |
605.2 |
672.1 |
Of
which, inventories |
441.1 |
463.6 |
478.4 |
507.4 |
Of
which, Trade and other receivables |
453.8 |
501.1 |
440.0 |
499.6 |
Of which, Trade and other payables |
-119.1 |
-125.3 |
-124.9 |
-126.7 |
Reconciliation with
Alternative Performance Measures
Normalized IFO reconciliation |
Q3 |
9M |
(in million euros) |
2015 |
2016 |
2015 |
2016 |
Income From Operations |
104.2 |
104.0 |
345.7 |
307.7 |
IFO margin |
19.0% |
18.6% |
20.5% |
18.2% |
Restructuring costs |
- |
+1.2 |
+4.5 |
+5.4 |
Divestment of Fuel Cell business (net of restructuring
costs) |
- |
- |
-2.2 |
- |
Impact of lump sum election for terminated vested pension
participants in the U.S. |
- |
- |
-4.6 |
- |
Normalized IFO |
104.2 |
105.2 |
343.4 |
313.1 |
Normalized IFO margin |
19.0% |
18.8% |
20.4% |
18.5% |
Special employee bonus |
- |
- |
- |
+11.4 |
Normalized IFO excluding the special employee
bonus |
104.2 |
105.2 |
343.4 |
324.5 |
Normalized IFO margin excluding the
special employee bonus |
19.0% |
18.8% |
20.4% |
19.2% |
Normalized EPS reconciliation |
Q3 |
9M |
(in euros) |
2015 |
2016 |
2015 |
2016 |
EPS |
1.62 |
1.57 |
5.36 |
4.55 |
Restructuring costs |
- |
+0.01 |
+0.07 |
+0.08 |
Divestment of Fuel Cell business (net of restructuring
costs) |
- |
- |
-0.03 |
- |
Impact of lump sum election for terminated vested pension
participants in the U.S. |
- |
- |
-0.07 |
- |
Normalized EPS |
1.62 |
1.58 |
5.33 |
4.63 |
|
Number of shares
acquired |
Weighted average price in € |
Amount
in M€ |
February
2016 |
117,908 |
126.78 |
14.9 |
March
2016 |
115,379 |
130.22 |
15.0 |
April
2016 |
8,400 |
122.42 |
1.0 |
May
2016 |
91,678 |
124.14 |
11.4 |
June
2016 |
153,660 |
119.11 |
18.3 |
July
2016 |
- |
- |
- |
August
2016 |
- |
- |
- |
September
2016 |
12,021 |
130.98 |
1.6 |
Total |
499,046 |
124.76 |
62.3 |
Capital and voting rights, September 30, 2016
As of September 30, 2016, the
total number of issued shares of SOCIÉTÉ BIC was 47,971,871 shares,
representing:
-
69,532,912 voting rights,
-
68,368,413 voting rights excluding shares
without voting rights.
Total number of treasury shares
held at the end of September 2016: 1,164,499.
-
Constant currency basis:
constant currency figures are calculated by translating the current
year figures at prior year monthly average exchange rates.
-
Comparative basis: at
constant currencies and constant perimeter. Figures at constant
perimeter exclude the impacts of acquisitions and/or disposals that
occurred during the current year and/or during the previous year,
until their anniversary date. All Net Sales category comments are
made on a comparative basis.
-
Normalized IFO: normalized
means excluding non-recurring items as detailed on page 3.
-
Normalized IFO margin:
Normalized IFO divided by net sales.
-
Free cash flow before
acquisitions and disposals: Net cash from operating activities
- net capital expenditures +/- other investments.
-
Free cash flow after
acquisitions and disposals: Net cash from operating activities
- net capital expenditures +/- other investments -
acquisitions/disposals of equity investments / subsidiaries /
business lines.
-
Net cash from operating
activities: principal revenue-generating activities of the
entity and other activities that are not investing or financing
activities
-
Net cash position: Cash and
cash equivalents + Other current financial assets - Current
borrowings - Non-current borrowings.
*
*
*
SOCIETE BIC consolidated and statutory financial
statements as of September 30, 2016 were approved by the Board of
Directors on October 25, 2016. A presentation related to this
announcement is also available on the BIC website
(www.bicworld.com).
This document contains forward-looking statements.
Although BIC believes its estimates are based on reasonable
assumptions, these statements are subject to numerous risks and
uncertainties. A description of the risks borne by BIC appears in
the section, "Risk factors" in BIC's 2015 Registration Document
filed with the French financial markets authority (AMF) on March
23, 2016.
Investor Relations: +33 1 45 19 52 26 |
Press Contacts |
Sophie
Palliez-Capian
sophie.palliez@bicworld.com |
Albane de
La Tour d'Artaise albane.delatourdartaise@bicworld.com |
Katy
Bettach
katy.bettach@bicworld.com |
Priscille
Reneaume: +33 1 53 70 74 70
preneaume@image7.fr |
For more information, please consult the corporate
website: www.bicworld.com
2016
Agenda (all dates to be confirmed)
Full Year
2016 results |
15
February 2017 |
Meeting -
BIC Headquarters |
First
quarter 2017 results |
26 April
2017 |
Conference
call |
2016
AGM |
10 May
2017 |
Meeting -
BIC Headquarters |
BIC is a world
leader in stationery, lighters, shavers and promotional products.
For more than 60 years, BIC has honored the tradition of providing
high-quality, affordable products to consumers everywhere. Through
this unwavering dedication, BIC has become one of the most
recognized brands in the world. BIC products are sold in more than
160 countries around the world. In 2015, BIC recorded Net Sales of
2,241.7 million euros. The Company is listed on "Euronext Paris"
and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part
of the following SRI indexes: FTSE4Good Europe, Euronext Vigeo
Europe 120, Ethibel Sustainability Excellence Europe, STOXX ESG
Leaders and Gaia Index.
[1] See glossary on page 11
[2] Excluding the special bonus awarded to employees who were
not granted shares under our performance share plan.
[3] Gross Profit margin excluding promotions and investments
related to consumer and business development support.
[4] Total Brand Support: consumer
and business development support + advertising, consumer and trade
support.
[5] Source: IRI total market YTD through 25-SEPTEMBER-2016
(one-piece shavers) - in value terms.
BIC_Q3-9M 2016 Results_Press
Release_26OCT2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BIC via Globenewswire
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