This is a correction of the
announcement from 07:15 03.08.2017 CEST. Reason for the correction
- Page 5: In the U.S., Stationery market was slightly
declining YTD June 2017.
BIC Group - Press Release
Clichy - 03 August 2017
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Second Quarter and first half 2017 Results
[1]
Good Second-Quarter Performance both in terms of Net Sales
and Profitability
· First Half Net Sales: 1,062.9 million euros, up 3.0% as
reported and up 0.3% on a comparative basis[2]
o Second Quarter Net Sales: 593.7
million euros, up 5.6% as reported and up 3.9% on a comparative
basis2
· First Half Normalized[3] IFO: 219.4
million euros - Normalized3 IFO margin:
20.6%
o Q2 Normalized3
IFO: 138.2 million euros - Normalized3 IFO margin:
23.3%
· First Half Net Income Group Share: 129.6 million euros,
down 7.5%
o EPS Group Share: 2.78 euros, down
6.7%
o Normalized EPS Group Share: 3.23
euros, up 6.3%
· Net cash position at the end of June
2017: 87.2 million euros
Q2 and H1 2017 Key operational
figures |
|
Change in Net Sales on a comparative basis2 |
Normalized3 IFO margin |
|
Q2 |
H1 |
Q2 |
H1 |
Group |
+3.9% |
+0.3% |
23.3% |
20.6% |
Stationery |
+9.1% |
+3.3% |
16.0% |
11.3% |
Lighters |
+2.0% |
+0.8% |
41.7% |
39.6% |
Shavers |
-0.9% |
-4.3% |
14.1% |
13.4% |
Commenting on the
First Half 2017 results, Bruno Bich, Chairman and Chief Executive
Officer, said: "With a good Second Quarter
performance, H1 2017 Net Sales were flat on a comparative basis.
Supported by new product launches, the Stationery early
Back-to-School sell-in was strong. Lighters continued to perform
well in Europe and sell-in rebounded in the U.S. In Shavers, Net
Sales were driven by a solid performance in Europe and Developing
Markets but down in North America, reflecting the continued highly
competitive environment and disruption of the category in the
U.S.
As markets remain
volatile for the balance of the year, coupled with recent signs of
lower consumption in Brazil, we now expect to trend between 3% to
4% Full Year Organic Net Sales growth.
While we continue
to invest for the long term, we are adjusting our 2017 Brand
support due to market dynamics. Therefore, we
expect the decrease in 2017 Normalized Income from Operations
margin to be less than the - 100 basis points initially
expected."
Key figures (in millions
euros) |
|
|
Q2 2017 vs. Q2
2016 |
|
|
H1 2017 vs. H1
2016 |
|
Q2 2016 |
Q2 2017 |
As
reported |
Constant currency basis |
Compa-rative
basis |
H1 2016 |
H1 2017 |
As
reported |
Constant currency basis |
Compa-rative
basis |
Group |
|
|
|
|
|
|
|
|
|
|
Net Sales |
562.2 |
593.7 |
+5.6% |
+3.6% |
+3.9% |
1,031.5 |
1,062.9 |
+3.0% |
+0.1% |
+0.3% |
Gross Profit |
292.2 |
304.5 |
|
|
|
529.0 |
550.2 |
|
|
|
Income From Operations |
127.9 |
120.6 |
-5.7% |
|
|
209.3 |
194.9 |
-6.9% |
|
|
IFO margin |
22.7% |
20.3% |
|
|
|
20.3% |
18.3% |
|
|
|
Normalized Income From Operations |
132.1 |
138.2 |
+4.6% |
|
|
213.6 |
219.4 |
+2.7% |
|
|
Normalized IFO margin |
23.5% |
23.3% |
|
|
|
20.7% |
20.6% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
23.5% |
23.3% |
|
|
|
21.6% |
20.6% |
|
|
|
Net Income Group Share |
89.1 |
79.9 |
-10.3% |
|
|
140.1 |
129.6 |
-7.5% |
|
|
Earnings Per Share Group Share (in
euros) |
1.89 |
1.71 |
-9.5% |
|
|
2.98 |
2.78 |
-6.7% |
|
|
Stationery |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
241.1 |
264.7 |
+9.8% |
+8.3% |
+9.1% |
408.2 |
428.1 |
+4.9% |
+2.8% |
+3.3% |
IFO |
41.6 |
36.2 |
|
|
|
50.2 |
36.6 |
|
|
|
IFO
margin |
17.3% |
13.7% |
|
|
|
12.3% |
8.6% |
|
|
|
Normalized IFO margin |
18.0% |
16.0% |
|
|
|
12.7% |
11.3% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
18.0% |
16.0% |
|
|
|
13.6% |
11.3% |
|
|
|
Lighters |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
177.2 |
185.5 |
+4.7% |
+2.0% |
+2.0% |
340.8 |
356.9 |
+4.7% |
+0.8% |
+0.8% |
IFO |
70.6 |
77.3 |
|
|
|
132.7 |
141.2 |
|
|
|
IFO
margin |
39.8% |
41.7% |
|
|
|
38.9% |
39.6% |
|
|
|
Normalized IFO margin |
40.5% |
41.7% |
|
|
|
39.3% |
39.6% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
40.5% |
41.7% |
|
|
|
40.0% |
39.6% |
|
|
|
Shavers |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
120.1 |
122.0 |
+1.6% |
-0.9% |
-0.9% |
237.9 |
236.4 |
-0.6% |
-4.3% |
-4.3% |
IFO |
15.4 |
17.2 |
|
|
|
28.0 |
31.5 |
|
|
|
IFO
margin |
12.8% |
14.1% |
|
|
|
11.8% |
13.3% |
|
|
|
Normalized IFO margin |
13.8% |
14.1% |
|
|
|
12.3% |
13.4% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
13.8% |
14.1% |
|
|
|
13.3% |
13.4% |
|
|
|
Other products |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
23.8 |
21.4 |
-10.2% |
-10.7% |
-10.0% |
44.6 |
41.5 |
-6.9% |
-7.7% |
-7.3% |
IFO |
0.3 |
-10.1 |
|
|
|
-1.6 |
-14.4 |
|
|
|
Normalized IFO |
0.4 |
1.3 |
|
|
|
-1.5 |
-1.8 |
|
|
|
Normalized IFO
excluding the special employee bonus |
0.4 |
1.3 |
|
|
|
-1.3 |
-1.8 |
|
|
|
H1 2017 Net Sales totaled 1,062.9
million euros, up 3.0% as reported and up 0.3% on a comparative
basis. The favorable impact of currency fluctuations (+2.9%) was
mainly due to the appreciation of the U.S. dollar and Brazilian
real against the euro. Europe and Developing markets grew by 3.7%
and 2.3%, respectively, while North America declined by 3.7% on a
comparative basis.
Income From Operations and Normalized Income From
Operations
H1 2017 Gross
Profit margin was 51.8%, compared to 51.3% in H1 2016.
H1 2017
Normalized IFO was 219.4 million euros.
Key components of the change in
Normalized IFO margin
(in points) |
H1 2016
vs. H1 2015[4] |
Q1 2017
vs. Q1 2016 |
Q2 2017
vs. Q2 2016 |
H1 2017
vs. H1 2016 |
|
-0.1 |
+0.8 |
-0.3 |
+0.3 |
|
-0.8 |
-0.8 |
+0.5 |
-0.1 |
|
-0.1 |
-0.1 |
-0.4 |
-0.3 |
|
-0.7 |
-0.7 |
+0.9 |
+0.2 |
|
-0.8 |
-1.9 |
-0.4 |
-1.2 |
Total change in Normalized IFO margin
excluding the special employee bonus |
-1.7 |
-1.9 |
-0.2 |
-1.0 |
Special employee bonus |
-1.1 |
+1.9 |
- |
+0.9 |
|
-0.7 |
+1.2 |
- |
+0.5 |
|
-0.4 |
+0.7 |
- |
+0.4 |
Total change in Normalized IFO
margin |
-2.8 |
0.0 |
-0.2 |
-0.1 |
Non-recurring items |
Q1 |
Q2 |
H1 |
(in million euros) |
2016 |
2017 |
2016 |
2017 |
2016 |
2017 |
Income From Operations |
81.4 |
74.3 |
127.9 |
120.6 |
209.3 |
194.9 |
As % of Net Sales |
17.3% |
15.8% |
22.7% |
20.3% |
20.3% |
18.3% |
Restructuring costs (related primarily to BIC Graphic
Europe and Developing Markets operations in
2017) |
- |
7.0 |
4.2 |
17.6 |
4.2 |
24.5 |
Normalized IFO |
81.4 |
81.3 |
132.1 |
138.2 |
213.6 |
219.4 |
As % of Net Sales |
17.3% |
17.3% |
23.5% |
23.3% |
20.7% |
20.6% |
Special employee bonus |
8.8 |
- |
- |
- |
8.8 |
- |
Normalized IFO excluding the special employee
bonus |
90.2 |
81.3 |
132.1 |
138.2 |
222.3 |
219.4 |
As % of Net Sales |
19.2 % |
17.3% |
23.5% |
23.3% |
21.6% |
20.6% |
Income before
tax fell back to 194.9 million euros, from 208.5 million euros
in H1 2016. Net finance revenue was nil, compared to a negative 0.8
million euros in H1 2016. H1 2016 was negatively impacted by fair
value adjustments to financial assets denominated in USD when
compared to December 2015.
Net income
Group Share was 129.6 million euros,
a 7.5% drop as reported. The effective tax rate was 30.0% excluding
the impact of the sale of BIC Graphic North America and Asian
Sourcing.
- Net Income From Continuing
Operations was 136.3 million euros;
- Net Income From Discontinued
Operations was a negative 6.7 million euros and included the net
loss related to the sale of BIC Graphic North America and Asian
Sourcing.
EPS Group
share was 2.78 euros, compared to 2.98 euros in H1 2016, i.e.
down by 6.7%. Normalized EPS Group share increased 6.3% to 3.23
euros, compared to 3.04 euros in H1 2016. EPS Group Share in Q2
2017 was 1.71 euros compared to 1.89 euros in Q2 2016, down by
9.5%.
At the end of June 2017, the
Group's net cash position stood at 87.2 million euros.
Change in net cash position
(in million euros) |
2016 |
2017 |
Net Cash position (beginning of period - December) |
448.0 |
222.2 |
|
+61.6 |
+77.0 |
- Of which
operating cash flow
|
+196.1 |
+198.1 |
- Of which change
in working capital and others
|
-134.5 |
-121.1 |
|
-74.4 |
-74.7 |
|
-277.0 |
-161.0 |
|
-60.7 |
-18.0 |
|
+0.8 |
+0.6 |
|
- |
+55.7 |
|
-0.1 |
-14.6 |
Net Cash position (end of period - June) |
98.2 |
87.2 |
Net cash from operating activities
was +77.0 million euros, including +198.1 million euros in
operating cash flow. The negative change in working capital and
other items of 121.1 million euros was mainly related to the
seasonality of trade receivables. Net cash was also impacted by
investments in CAPEX as well as the dividend payments and share
buybacks. Net cash was positively impacted by the proceeds from the
sale of BIC Graphic North America and Sourcing Asia.
Shareholders' remuneration
-
Ordinary dividend of 3.45 euros per share paid
in May 2017.
-
18.0 million euros in share buy-backs at the end
of June 2017 (160,577 shares purchased at an average price of
111.98 euros).
Operational trends by category
Stationery H1
2017 Net Sales increased by 4.9% as reported and by 3.3% on a
comparative basis. Second quarter 2017 Net
Sales were up 9.8% as reported and up 9.1% on a comparative
basis.
Developed
markets
- In Europe,
Net Sales grew mid-single digit thanks to a good Back-to-School
sell-in in both Western and Eastern Europe. We recorded strong
initial sell-in for our new products, most notably the BIC®
Gelocity Illusion erasable gel pen, the BIC® Intensity Writing Felt
pen and the BIC® 4-color 3+1 pen.
- In North
America, Net Sales grew low-single digit. In a slightly
declining market (YTD June 2017), we reinforced our leadership in
Ball Pens, Mechanical Pencils and Correction products. We also
benefited from the success of new products: BIC® Gelocity Quick Dry
and BIC® Velocity Max Mechanical Pencil.
Developing
Markets
H1 2017 Net Sales grew low-single-digit with a strong second
quarter.
- In Latin
America, we grew low-single digit. In Brazil, we continued to
gain market share thanks to both core and new products (BIC®
Cristal Fashion and BIC® Cristal Up) as well as distribution gains.
Mexico registered positive growth on the back of a successful
back-to-school sell-in across the entire range driven by our core
products, including BIC® Cristal and the BIC® Evolution® coloring
range.
- In the Middle-East and Africa, sales increased double-digit
with growth across all regions. South Africa back-to-school was
solid, with significant market share gains. In North-West Africa,
our Proximity strategy helped us to gain distribution with a
broader range of products.
- Cello Pens
Domestic Sales grew mid-single digit, thanks to our Champion brands
strategy with successful new product launches in the
ButterflowTM and GelTech
ranges. We also benefited from targeted brand support
investments.
H1 2017
Normalized IFO margin for Stationery was
11.3%, compared to 12.7% in H1 2016 (13.6% excluding the impact
of the special employee bonus). This decline is mainly due to the
reinforcement of our brand support investment plan, particularly in
developing markets, and the increase in OPEX. Q2
2017 Normalized IFO margin was 16.0%, compared to 18.0% in Q2
2016, due to higher operating expenses.
H1 2017
Net Sales of Lighters increased by 4.7% as
reported and by 0.8% on a constant currency basis. Second quarter 2017 Net Sales were up 4.7% as reported and
up 2.0% on a constant currency basis.
Developed
Markets
Europe
delivered mid-single-digit growth in Net Sales, driven by good
performance in both Western and Eastern Europe. North American Net Sales were stable. We gained market
share in the U.S..
Developing
Markets
In H1 2017, Net Sales declined at
a low single-digit rate, with a good performance in Mexico, in the
Middle-East and in Africa.
H1 2017
Normalized IFO margin for Lighters was 39.6%, compared to 39.3%
in H1 2016 (40.0% excluding the impact of the special employee
bonus), due to lower Gross Profit. The increase in operating
expenses was more than offset by lower Brand Support investment.
Q2 2017 Normalized IFO margin was 41.7%,
compared to 40.5% in Q2 2016, due to lower Brand Support investment
compared to Q2 2016.
H1 2017 Net Sales
of Shaver's decreased by 0.6% as reported, and by 4.3%
on a constant currency basis.
Second quarter 2017 Net Sales grew by 1.6% as reported but
decreased by 0.9% on a constant currency basis.
Developed Markets
- In Europe,
Net Sales increased mid-single-digit, with high-single digit
performance in Q2 2017. The solid growth in Eastern Europe was
driven by the success of both core and value-added products such as
the BIC® 3, the BIC® Flex 3 Hybrid and the BIC® Miss Soleil®
shavers.
-
In North America, Net Sales
declined double-digit, with an improved trend in the second quarter
compared to the first quarter. At the end of June 2017, the total
U.S. wet shave market[8] declined by
9.5% (-4.5% for the one-piece segment). Continued disruption in the
refillable segment has led to increased competitive activity and
unprecedented levels of pricing and promotional pressure in the
one-piece segment, in addition to increased activity from Private
labels. BIC's market share in the one-piece segment was 26.9% at
end-June, representing a 2.1-point drop on our 29.0% record market
share achieved in H1 2016. Focusing on our value/performance
positioning, we continued to gain market share in the 5-blade men's
one-piece segment, thanks notably to the launch of the BIC® Hybrid
5 shaver: we achieved a market share of 34.8%8, in H1
2017, up 6.4 points on H1 2016.
Developing
Markets
In H1 2017 the increase in Net Sales grew mid-single-digit.
- In Latin
America, we recorded high-single digit growth in Net Sales with
all product ranges contributing, especially the BIC® Flex 3 shaver
and the BIC® Soleil® range.
- In the Middle-East and Africa, Net Sales were stable thanks to
a strong Q2 (orders shifted from Q1 to Q2).
H1 2017
Normalized IFO margin for Shaver's was 13.4%
compared to 12.3% in H1 2016 (13.3% excluding the impact of the
special employee bonus). The margin change mainly reflected the
decline in North American Net Sales and higher operating expenses
(including continued investments in R&D), which were offset by
lower cost of production and Brand Support compared to H1 2016.
Q2 2017 Normalized IFO margin was 14.1%,
compared to 13.8% in Q2 2016 as a result of the same impacts as
those described previously.
H1 2017 Net Sales
of Other Products decreased by 6.9% as reported and by -7.3%
on a comparative
basis.
BIC Sport posted a
mid-single-digit decrease in its Net Sales on a comparative
basis.
H1 2017
Normalized IFO for Other Products was a
negative 1.8 million euros, compared to a
negative 1.5 million euros in H1 2016. Q2 2017
Normalized IFO for Other Products was
a positive 1.3 million euros, compared with a
positive 0.4 million euros in Q2 2016.
As markets remain volatile for the
balance of the year, coupled with recent signs of lower consumption
in Brazil, we now expect to trend between 3% to 4% Full Year
Organic Net Sales growth.
While we continue to invest for
the long term, we are adjusting our 2017 Brand support due to
market dynamics. Therefore, we expect the decrease in 2017
Normalized Income from Operations margin to be less than the - 100
basis points initially expected.
ACQUISITIONS - DISPOSALS - MISCELLANEOUS
BIC
GRAPHIC
BIC Group announced on June 30,
2017 that following the Asset and Share Purchase Agreement signed
on June 6, 2017, BIC Graphic North America and Asian Sourcing
operations had been sold to H.I.G. Capital.
BIC Graphic North America and Asian Sourcing Assets and Liabilities
have been accounted for as "Non-Current Assets Held For Sale" and
"Discontinued Operations" since 31 December 2016, in accordance
with IFRS 5[9].
BIC Group Net Sales by
geography
(in million euros) |
Q2 2017 vs. Q2 2016 |
|
|
H1 2017 vs. H1 2016 |
|
Q2 2016 |
Q2 2017 |
As reported |
Comparative
basis |
H1 2016 |
H1 2017 |
As reported |
Comparative
basis |
Group |
|
|
|
|
|
|
|
|
Net Sales |
562.2 |
593.7 |
+5.6% |
+3.9% |
1,031.5 |
1,062.9 |
+3.0% |
+0.3% |
Europe |
|
|
|
|
|
|
|
|
Net
Sales |
170.0 |
177.5 |
+4.4% |
+4.8% |
296.5 |
307.1 |
+3.5% |
+3.7% |
North America |
|
|
|
|
|
|
|
|
Net
Sales |
236.4 |
242.1 |
+2.4% |
+0.7% |
424.4 |
419.7 |
-1.1% |
-3.7% |
Developing Markets |
|
|
|
|
|
|
|
|
Net Sales |
155.8 |
174.0 |
+11.7% |
+7.9% |
310.6 |
336.1 |
+8.2% |
+2.3% |
Impact of change in perimeter and
currency fluctuations on Net Sales
(in %) |
Q2 2016 |
Q2 2017 |
H1 2016 |
H1 2017 |
Perimeter |
- |
-0.3 |
- |
-0.2 |
Currencies |
-5.3% |
+2.0% |
-5.5% |
+2.9% |
Of which USD |
-1.0% |
+0.8% |
-0.1% |
+1.1% |
Of which BRL |
-1.0% |
+0.8% |
-1.7% |
+1.4% |
Of which ARS |
-0.6% |
-0.1% |
-1.1% |
-0.1% |
Of which INR |
-0.2% |
+0.2% |
-0.2% |
+0.2% |
Of which MXN |
-1.1% |
+0.0% |
-1.0% |
-0.2% |
Of which RUB and UAH |
-0.3% |
+0.2% |
-0.3% |
+0.2% |
IFO and Normalized IFO by
category
(in million euros) |
Q2 2016 |
Q2 2017 |
H1 2016 |
H1 2017 |
Group |
|
|
|
|
Income From Operations |
127.9 |
120.6 |
209.3 |
194.9 |
Normalized Income From operations |
132.1 |
138.2 |
213.6 |
219.4 |
Stationery |
|
|
|
|
Income From Operations |
41.6 |
36.2 |
50.2 |
36.6 |
Normalized Income From operations |
43.4 |
42.3 |
52.0 |
48.2 |
Lighters |
|
|
|
|
Income From Operations |
70.6 |
77.3 |
132.7 |
141.2 |
Normalized Income From operations |
71.7 |
77.3 |
133.9 |
141.4 |
Shavers |
|
|
|
|
Income From Operations |
15.4 |
17.2 |
28.0 |
31.5 |
Normalized Income From operations |
16.6 |
17.2 |
29.2 |
31.7 |
Other Products |
|
|
|
|
Income From Operations |
0.3 |
-10.1 |
-1.6 |
-14.4 |
Normalized Income From operations |
0.4 |
1.3 |
-1.5 |
-1.8 |
Condensed profit and loss
account
(in million euros) |
|
Q2 2017 vs. Q2 2016 |
|
|
H1 2017 vs. H1 2016 |
|
Q2 2016 |
Q2 2017 |
As reported |
Comparative basis |
H1 2016 |
H1 2017 |
As reported |
Comparative basis |
Net sales |
562.2 |
593.7 |
+5.6% |
+3.9% |
1,031.5 |
1,062.9 |
+3.0% |
+0.3% |
Cost of
goods |
270.0 |
289.2 |
|
|
502.5 |
512.7 |
|
|
Gross Profit |
292.2 |
304.5 |
+4.2% |
|
529.0 |
550.2 |
+4.0% |
|
Administrative & other operating expenses |
164.3 |
183.9 |
|
|
319.7 |
355.3 |
|
|
Income from operations |
127.9 |
120.6 |
-5.7% |
|
209.3 |
194.9 |
-6.9% |
|
Finance
revenue/costs |
1.2 |
-0.8 |
|
|
-0.8 |
0.0 |
|
|
Income before tax |
129.1 |
119.9 |
-7.2% |
|
208.5 |
194.9 |
-6.6% |
|
Income
tax expense |
-38.8 |
-36.0 |
|
|
-62.6 |
-58.5 |
|
|
Net
Income From Continuing Operations |
90.3 |
83.8 |
|
|
145.9 |
136.3 |
|
|
Net
Income From Discontinued Operations |
-1.3 |
-3.9 |
|
|
-5.8 |
-6.7 |
|
|
NET INCOME GROUP SHARE |
89.1 |
79.9 |
-10.3% |
|
140.1 |
129.6 |
-7.5% |
|
Earnings Per Share From Continuing Operations (in euros) |
1.92 |
1.80 |
|
|
3.10 |
2.92 |
|
|
Earnings Per Share From Discontinued Operations (in
euros) |
-0.03 |
-0.09 |
|
|
-0.12 |
-0.14 |
|
|
Earnings per share Group share (in
euros) |
1.89 |
1.71 |
-9.5% |
|
2.98 |
2.78 |
-6.7% |
|
Average number of shares outstanding (net of treasury
shares) |
47,029,831 |
46,683,913 |
|
|
47,029,831 |
46,683,913 |
|
|
Condensed balance sheet
(in million euros) |
December 31,
2016 |
June 30,
2017 |
Assets |
|
|
Property, plant &
equipment |
564.4 |
586.5 |
Investment
properties |
2.1 |
1.9 |
Goodwill and
intangible assets |
372.7 |
359.1 |
Other non-current
assets |
204.2 |
233.1 |
Non-current assets |
1,143.4 |
1.180.6 |
Inventories |
468.1 |
469.6 |
Trade and other
receivables |
483.1 |
614.9 |
Other current
assets |
51.5 |
37.4 |
Other current
financial assets and derivative instruments |
31.1 |
12.6 |
Cash and cash
equivalents |
243.8 |
291.2 |
Current assets |
1,277.6 |
1,425.7 |
Assets Held For Sale |
152.7 |
- |
TOTAL ASSETS |
2,573.7 |
2,606.3 |
Liabilities & shareholders' equity |
|
|
Shareholders' equity |
1,792.6 |
1,708.9 |
Non-current
borrowings |
1.4 |
0.2 |
Other non-current
liabilities |
297.8 |
271.7 |
Non-current liabilities |
299.2 |
271.9 |
Trade and other
payables |
118.7 |
136.8 |
Current
borrowings |
49.6 |
208.5 |
Other current
liabilities |
261.3 |
280.2 |
Current liabilities |
429.6 |
625.5 |
Liabilities Held For Sale |
52.3 |
- |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
2,573.7 |
2,606.3 |
Cash flow statement (in million
euros) |
FY 2016 |
H1 2017 |
Group Net
income |
249.7 |
129.6 |
Net
income from discontinued operations |
-35.8 |
-6.7 |
Net income from continuing operations |
285.5 |
136.3 |
Amortization and
provisions |
165.4 |
61.8 |
(Gain)/Loss from
disposal of fixed assets |
-0.2 |
10.2 |
Others |
2.3 |
-3.5 |
CASH FLOW FROM OPERATIONS |
417.2 |
198.1 |
(Increase) / decrease
in net current working capital |
-62.8 |
-125.1 |
Others |
-55.7 |
4.0 |
Net
Cash from operating activities from continuing operations |
276.2 |
70.9 |
Net
Cash from operating activities from discontinued
operations |
22.5 |
6.1 |
NET CASH FROM OPERATING ACTIVITIES (A) |
298.7 |
77.0 |
Net capital
expenditure |
-178.9 |
-73.9 |
(Purchase)/Sale of
other current financial assets |
46.1 |
24.7 |
Divestiture of BIC
Graphic North America and Asian Sourcing |
0 |
55.7 |
Other
Investments |
0.3 |
-0.4 |
Net
Cash from investing activities from continuing
operations |
-127.2 |
9.5 |
Net
Cash from investing activities from
discontinued operations |
-5.3 |
-3.4 |
NET CASH FROM INVESTING ACTIVITIES (B) |
-132.5 |
6.1 |
Dividends paid |
-277.0 |
-161.0 |
Borrowings/(Repayments)/(loans) |
19.8 |
130.6 |
Share buy-back program
net of stock-options exercised |
-79.1 |
-17.4 |
Others |
-3.2 |
-2.7 |
Net
Cash from financing activities from continuing
operations |
-291,5 |
-48.2 |
Net
Cash from financing activities from
discontinued operations |
-48,0 |
-2.3 |
NET CASH FROM FINANCING ACTIVITIES (C) |
-339.5 |
-50.5 |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS
NET OF BANK OVERDRAFTS (A+B+C) |
-173.2 |
32.6 |
OPENING CASH AND CASH EQUIVALENTS NET OF BANK
OVERDRAFTS |
380.6 |
217.4 |
Net increase /
decrease in cash and cash equivalents net of bank overdrafts
(A+B+C) |
-173.2 |
32.6 |
Exchange
difference |
10.0 |
-14.7 |
CLOSING CASH AND CASH EQUIVALENTS NET OF BANK
OVERDRAFTS |
217.4 |
235.3 |
Share buy-back program |
Number of shares
acquired |
Average weighted price in € |
Amount
in M€ |
February
2017 |
38,433 |
117.49 |
4.5 |
March
2017 |
42,144 |
115.05 |
4.9 |
April
2017 |
- |
- |
- |
May
2017 |
40,000 |
106.28 |
4.2 |
June
2017 |
40,000 |
109.14 |
4,4 |
Total |
160,577 |
111.98 |
18.0 |
Reconciliation with
Alternative Performance Measures
Normalized IFO reconciliation |
|
(in million euros) |
FY 2016 |
H1 2017 |
Income From Operations |
403.4 |
194.9 |
Restructuring costs (related primarily to BIC Graphic
Europe and Developing Markets operations in 2017) |
+6.6 |
+24.5 |
Retiree Medical Adjustment in the U.S. |
-0.9 |
- |
Normalized IFO |
409.1 |
219.4 |
Special employee bonus |
8.8 |
- |
Normalized IFO excluding the special employee
bonus |
417.9 |
219.4 |
Normalized EPS reconciliation |
|
(in euros) |
FY 2016 |
H1 2017 |
EPS |
5.32 |
2.78 |
Impairment recognized
for BIC Graphic North America and Asian sourcing |
+0.78 |
- |
Net loss from
divestiture of BIC Graphic North America and Asian Sourcing |
- |
+0.09 |
Restructuring costs
(related primarily to BIC Graphic Europe and Developing Markets
operations in 2017) |
+0.15 |
+0.36 |
Retiree Medical
Adjustment in the U.S. |
-0.01 |
- |
Normalized EPS |
6.24 |
3.23 |
Net cash reconciliation
(in million euros - rounded figures) |
December 31,
2016 |
June 30,
2017 |
Cash and cash
equivalents (1) |
243.8 |
291.2 |
Other current
financial assets (2)[10] |
29.4 |
4.7 |
Current borrowings
(3) |
-49.6 |
-208.5 |
Non-current borrowings
(4) |
-1.4 |
-0.2 |
NET CASH POSITION (1) + (2) + (3) + (4) |
222.2 |
87.2 |
Capital and voting rights, June 30, 2017
As of June 30, 2017, the total
number of issued shares of SOCIÉTÉ BIC was 47,582,472 shares,
representing:
-
69,159,383 voting rights,
-
68,210,891 voting rights excluding shares
without voting rights.
Total number of treasury shares
held at the end of June 2017: 948,492.
-
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 as a percentage of Net Sales.
-
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 financial statements as of June 30, 2017, were
approved by the Board of Directors on August 2, 2017. A
presentation related to this announcement is also available on
the BIC website (at
www.bicworld.com).
This document contains forward-looking statements.
Although BIC believes its expectations 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 2016 Registration Document
filed with the French financial markets authority (AMF) on March
22, 2017.
Investor Relations: +33 1 45 19 52 26 |
Press Contacts |
Sophie
Palliez-Capian
sophie.palliez@bicworld.com |
Priscille
Reneaume: +33 1 53 70 74 70
preneaume@image7.fr |
Katy
Bettach
katy.bettach@bicworld.com |
|
For more information, please consult the corporate
website: www.bicworld.com
2017-2018 Agenda (all dates to be confirmed)
3rd Quarter 2017
results |
25 October
2017 |
Conference
call |
Full Year
2017 results |
14 February
2018 |
Meeting -
BIC Headquarters |
First
Quarter 2018 results |
25 April
2018 |
Conference
call |
2018
AGM |
16 May
2018 |
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 and thanks to everyday efforts and
investments, BIC has become one of the most recognized brands and
is a trademark registered worldwide for identifying BIC products
which are sold in more than 160 countries around the world. In
2016, BIC recorded Net Sales of 2,025.8 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 Socially Responsible
Investment indexes: CDP's Climate A List, CDP's Supplier Climate A
List, CDP Supplier Engagement Leader Board, FTSE4Good indexes,
Ethibel Sustainability Index (ESI) Excellence Europe, Euronext
Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, Stoxx Global ESG
Leaders Index.
[1] Second quarter and First Half 2016 and 2017 results are
accounted for and presented in accordance with IFRS 5; BIC Graphic
is no longer considered as a separate category or reporting
segment. BIC Graphic Europe reports to European BIC Consumer
Product management. In Developing Markets, BIC Graphic operations
report to their respective country's Consumer Product management.
On June 30, 2017, BIC Graphic North America and Asian Sourcing
operations were sold to H.I.G. Capital.
[2] During the First Half of 2017, certain BIC Graphic
operations in Developing Markets without a sustainable business
model, were stopped.
[3] See glossary page 12.
[4] Non-restated from IFRS 5
[5] Gross Profit margin excluding promotions and investments
related to consumer and business development support.
[6] Total Brand Support: consumer and
business development support + advertising, consumer and trade
support.
[7] Excluding 8.8 million euros of subordinated loan.
[8] Source: IRI total market YTD ending 02-JULY-2017 - in value
terms
[9] Please refer to BIC Q1 2017 press release issued on April
26, 2017.
[10] In the balance sheet, the line "Other current financial
assets and derivative instruments" also includes 7.9 million euros and 1.7 million euros worth of derivative
instruments, respectively at June 30, 217 and at December 31,
2016.
BIC_Q22017Results_PressRelease_03AUG2017
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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