BIC Group - Press
Release
Clichy - 25 October 2017
Third quarter and nine months 2017
Results[1]
· Nine month Net Sales: 1,528.7 million euros, up 0.4% as
reported and down 0.1% on a comparative basis[2]
o Third Quarter Net Sales: 465.8
million euros, down 5.0% as reported and down 0.9% on a comparative
basis2
· Nine month Normalized[3] IFO: 302.9 million euros - Normalized3 IFO
margin: 19.8%
o Q3 Normalized3
IFO: 83.5 million euros - Normalized3 IFO margin:
17.9%
· Nine month Net Income Group Share: 187.3 million euros,
down 12.3%
o EPS Group Share: 4.02 euros, down
11.6%
o Normalized EPS Group Share: 4.47
euros, down 3.5%
· Net cash position at the end of September 2017: 181.6
million euros
Q3 and 9M 2017 Key operational
figures |
|
Change in Net Sales on a comparative basis2 |
Normalized3 IFO margin |
|
Q3 |
9M |
Q3 |
9M |
Group |
-0.9% |
-0.1% |
17.9% |
19.8% |
Stationery |
+2.6% |
+3.1% |
3.6% |
8.9% |
Lighters |
-1.7% |
0.0% |
40.9% |
40.0% |
Shavers |
-5.1% |
-4.5% |
13.8 % |
13.5% |
Commenting on BIC Group's results
for the first nine months of 2017, Bruno Bich,
Chairman and Chief Executive Officer, said: "2017 is a challenging year in many of our markets. Nine
month Net Sales were solid in Europe across our 3 categories,
driven by our momentum in Eastern European countries. North
America's performance reflects unprecedented market disruption in
the U.S. Wet Shave category as well as unexpected customer
inventory reductions in Lighters. Our softness in Developing
Markets is mostly due to Brazil, where retailers are cutting
inventories in all 3 categories.
In this
increasingly volatile market environment, we remain committed to
managing our business on a long-term basis and leveraging BIC's
core strengths: strong manufacturing skills, high-quality products
sold at the right price, recognized Brands and ingenious teams.
While managing short-term headwinds by adjusting Brand Support
Investments and Operating Expenses,
we continue to set the course for the future,
investing in R&D to accelerate the pace of new product
launches."
Net Sales Organic Growth is
expected to be slightly below 2%, as communicated on 29-SEPT-2017.
At this sales growth level, we expect 2017 Normalized Income from
Operations margin to decline by less than 100 basis points.
Unaudited figures
Key figures (in millions
euros) |
|
|
Q3 2017 vs. Q3
2016 |
|
|
9M 2017 vs. 9M
2016 |
|
Q3 2016 |
Q3 2017 |
As
reported |
Constant currency basis |
Compa-rative
basis |
9M 2016 |
9M 2017 |
As
reported |
Constant currency basis |
Compa-rative
basis |
Group |
|
|
|
|
|
|
|
|
|
|
Net Sales |
490.5 |
465.8 |
-5.0% |
-2.2% |
-0.9% |
1,522.0 |
1,528.7 |
+0.4% |
-0.7% |
-0.1% |
Gross Profit |
263.4 |
235.2 |
|
|
|
792.4 |
785.4 |
|
|
|
Income From Operations |
96.2 |
83.3 |
-13.4% |
|
|
305.5 |
278.2 |
-8.9% |
|
|
IFO margin |
19.6% |
17.9% |
|
|
|
20.1% |
18.2% |
|
|
|
Normalized Income From Operations |
97.4 |
83.5 |
-14.3% |
|
|
311.0 |
302.9 |
-2.6% |
|
|
Normalized IFO margin |
19.9% |
17.9% |
|
|
|
20.4% |
19.8% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
19.9% |
17.9% |
|
|
|
21.0% |
19.8% |
|
|
|
Net Income Group Share |
73.6 |
57.8 |
-21.5% |
|
|
213.7 |
187.3 |
-12.3% |
|
|
Earnings Per Share Group Share (in
euros) |
1.57 |
1.24 |
-21.0% |
|
|
4.55 |
4.02 |
-11.6% |
|
|
Stationery |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
193.9 |
191.3 |
-1.3% |
+1.2% |
+2.6% |
602.1 |
619.4 |
+2.9% |
+2.3% |
+3.1% |
IFO |
7.6 |
6.9 |
|
|
|
57.8 |
43.5 |
|
|
|
IFO
margin |
3.9% |
3.6% |
|
|
|
9.6% |
7.0% |
|
|
|
Normalized IFO |
7.7 |
6.9 |
|
|
|
59.7 |
55.1 |
|
|
|
Normalized IFO margin |
4.0% |
3.6% |
|
|
|
9.9% |
8.9% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
4.0% |
3.6% |
|
|
|
10.5% |
8.9% |
|
|
|
Lighters |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
167.6 |
157.9 |
-5.8% |
-2.3% |
-1.7% |
508.5 |
514.8 |
+1.2% |
-0.2% |
0.0% |
IFO |
68.9 |
64.5 |
|
|
|
201.6 |
205.7 |
|
|
|
IFO
margin |
41.1% |
40.8% |
|
|
|
39.6% |
40.0% |
|
|
|
Normalized IFO |
70.0 |
64.6 |
|
|
|
203.8 |
206.0 |
|
|
|
Normalized IFO margin |
41.7% |
40.9% |
|
|
|
40.1% |
40.0% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
41.7% |
40.9% |
|
|
|
40.6% |
40.0% |
|
|
|
Shavers |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
111.8 |
102.9 |
-7.9% |
-5.1% |
-5.1% |
349.7 |
339.3 |
-3.0% |
-4.5% |
-4.5% |
IFO |
22.2 |
14.1 |
|
|
|
50.2 |
45.6 |
|
|
|
IFO
margin |
19.8% |
13.7% |
|
|
|
14.4% |
13.5% |
|
|
|
Normalized IFO |
22.2 |
14.2 |
|
|
|
51.4 |
45.8 |
|
|
|
Normalized IFO margin |
19.8% |
13.8% |
|
|
|
14.7% |
13.5% |
|
|
|
Normalized IFO margin excluding the
special employee bonus |
19.8% |
13.8% |
|
|
|
15.4% |
13.5% |
|
|
|
Other products |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
17.2 |
13.7 |
-20.4% |
-19.8% |
-5.0% |
61.8 |
55.2 |
-10.7% |
-11.0% |
-6.7% |
IFO |
-2.4 |
-2.2 |
|
|
|
-4.1 |
-16.6 |
|
|
|
Normalized IFO |
-2.4 |
-2.2 |
|
|
|
-3.9 |
-4.0 |
|
|
|
Normalized IFO
excluding the special employee bonus |
-2.4 |
-2.2 |
|
|
|
-3.7 |
-4.0 |
|
|
|
9M 2017 Net Sales were 1,528.7
million euros, up 0.4% as reported and down 0.1% on a comparative
basis. The favorable impact of currency fluctuations (+1.1%) was
mainly due to the appreciation of the Brazilian real against the
euro. Europe and Developing Markets grew by 4.5% and 0.8%,
respectively, while North America declined by 3.9% on a comparative
basis.
Income From Operations and Normalized Income From
Operations
9M 2017 Gross
Profit margin came in at 51.4%, compared to 52.1% for 9M
2016.
9M 2017
Normalized IFO was 302.9 million euros (i.e., a Normalized IFO
margin of 19.8%). Q3 2017 Normalized IFO was
83.5 million euros (i.e., a Normalized IFO margin of 17.9%).
Key components of the change in
Normalized IFO margin
(in % points) |
H1 2017
vs. H1 2016 |
Q3 2017
vs. Q3 2016 |
9M 2017
vs. 9M 2016 |
|
+0.3 |
-1.9 |
-0.5 |
|
-0.1 |
-0.7 |
-0.2 |
|
-0.3 |
-1.3 |
-0.6 |
|
+0.2 |
+0.6 |
+0.4 |
|
-1.2 |
+0.6 |
-0.5 |
Total change in Normalized IFO margin
excluding the special employee bonus |
-1.0 |
-2.0 |
-1.2 |
Special employee bonus |
+0.9 |
- |
+0.6 |
|
+0.5 |
- |
+0.4 |
|
+0.4 |
- |
+0.2 |
Total change in Normalized IFO
margin |
-0.1 |
-2.0 |
-0.6 |
Non-recurring items |
H1 |
Q3 |
9M |
(in million euros) |
2016 |
2017 |
2016 |
2017 |
2016 |
2017 |
Income From Operations |
209.3 |
194.9 |
96.2 |
83.3 |
305.5 |
278.2 |
IFO margin |
20.3% |
18.3% |
19.6% |
17.9% |
20.1% |
18.2% |
Restructuring costs (related primarily to BIC Graphic
Europe and Developing Markets operations in
2017) |
4.2 |
24.5 |
1.2 |
0.2 |
5.5 |
24.7 |
Normalized IFO |
213.6 |
219.4 |
97.4 |
83.5 |
311.0 |
302.9 |
Normalized IFO margin |
20.7% |
20.6% |
19.9% |
17.9% |
20.4% |
19.8% |
Special employee bonus |
8.8 |
- |
- |
- |
8.8 |
- |
Normalized IFO excluding the special employee
bonus |
222.3 |
219.4 |
97.4 |
83.5 |
319.7 |
302.9 |
Normalized IFO margin excluding the
special employee bonus |
21.6% |
20.6% |
19.9% |
17.9% |
21.0% |
19.8% |
Income before
tax for 9 months 2017 was 277.4 million euros, down from 307.3
million euros for the first nine months of 2016. Net finance
revenue was a negative 0.8 million euros, compared to a positive
1.7 million euros for 9M 2016.
Net income
Group Share was 187.3 million euros,
down 12.3% 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 194.1 million euros;
- Net Income From Discontinued
Operations was a negative 6.7 million euros and included the net
loss related to the disposal of BIC Graphic North America and Asian
Sourcing.
9M 2017 EPS Group
share was 4.02 euros, compared to 4.55 euros for the same
period last year, down 11.6%. Normalized EPS Group share decreased
by 3.5% to 4.47 euros, compared to 4.63 euros. EPS Group Share in
Q3 2017 was 1.24 euros, compared to 1.57 euros in Q3 2016, down
21.0%.
At the end of September 2017, the
Group's net cash position stood at 181.6 million euros.
Change in net cash position
(in million euros) |
2016 |
2017 |
Net Cash position (beginning of the period -
December) |
448.0 |
222.2 |
|
+218.3 |
+272.1 |
- Of which
operating cash flow
|
+297.4 |
+275.4 |
- Of which change
in working capital and others
|
-79.1 |
-3.3 |
|
-120.6 |
-133.2 |
|
-277.0 |
-161.0 |
|
-62.3 |
-55.0 |
|
+1.5 |
+2.0 |
|
- |
+55.7 |
|
+0.2 |
-21.2 |
Net Cash position (end of the period - September) |
208.1 |
181.6 |
Net Cash from operating activities
was +272.1 million euros, including +275.4 million euros in
Operating Cash Flow. Net Cash was also impacted by investments in
CAPEX, dividend payments and share buy-backs as well as 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.
-
55.0 million euros in share buy-backs at the end
of September 2017 (525,320 shares purchased at an average price of
104.78 euros).
Operational trends by category
Stationery 9M
2017 Net Sales grew by 2.9% as reported and by 3.1% on a
comparative basis. Third-quarter 2017 Net
Sales were down 1.3% as reported but grew by 2.6% on a comparative
basis.
Developed
Markets
- In Europe,
9M Net Sales recorded mid-single digit growth. While markets
remained soft, the back-to-school sell-out was good across all
European countries. We gained market share across the board,
notably in France for the 14th consecutive
year in a row, and in the UK. This performance has been driven by
reinforcing relationship with customers, targeting Brand Support
investment and the success of New Products such as the BIC® 4-color
3+1 pen and the BIC® Intensity Writing felt pen.
- In North
America, 9M Net Sales grew low-single digit in a slightly
declining market. The market was flat during the Back-to-School (in
value terms) and we gained share notably through the success of new
product launches such as Gelocity® Quick Dry in the gel segment and
the Velocity® Max Mechanical Pencil.
Developing
Markets
-
In Latin America, 1 HHthe
9M Net Sales increased low-single digit and we reinforced our
overall market leadership thanks to the success of the Cristal
Colors range and Cristal Up. In Brazil, we continued to gain market
share in a softening market. We outperformed the market in Mexico,
where we enjoyed a good Back-to-School sell-out.
-
In the Middle-East and
Africa, we delivered robust growth along with market share
gains across the region, particularly in South Africa.
-
9M Domestic Sales of Cello
Pens increased high-single digit with market share gains in our
2 main product segments: Ball Pens and Gels.
9M 2017
Normalized IFO margin for Stationery was
8.9%, compared to 9.9% in 9M 2016 (10.5% excluding the impact
of the special employee bonus). Q3 2017 Normalized
IFO margin was 3.6%, compared to 4.0% in Q3 2016. The decline
in both Q3 and 9M 2017 margins was mainly due to the increase in
Brand Support investment.
Lighters 9M 2017
Net Sales increased by 1.2% as reported and were stable on a
comparative basis. Third-quarter 2017 Net Sales decreased by 5.8%
as reported and by 1.7% on a comparative basis.
Developed
Markets
- In Europe,
9M Net Sales recorded mid-single-digit growth. Eastern European
countries continued their solid momentum, supported by distribution
gains.
- In North
America, 9M Net Sales were stable. Through mid-September 2017,
our market share (in value terms) was stable in a slightly growing
market. The Q3 sell-in was affected by several customers reducing
their inventories.
Developing
Markets
9M Net Sales declined
mid-single-digit mainly due to Brazil where retailers are reducing
their inventories.
9M 2017
Normalized IFO margin for Lighters was 40.0%, compared to 40.1%
in 9M 2016 (40.6% excluding the impact of the special employee
bonus), due to higher costs of production. The increase in
operating expenses was more than offset by lower Brand Support
investment. Q3 2017 Normalized IFO margin was
40.9%, compared to 41.7% in Q3 2016.
Shavers 9M 2017
Net Sales declined by 3.0% as reported and by 4.5% on a constant
currency basis. Third-quarter 2017 Net Sales were down 7.9% as
reported and by 5.1% on a constant currency basis.
Developed Markets
- In Europe,
9M Net Sales grew high-single-digit. We gained market share across
the whole region. Eastern Europe's performance was driven by the
success of the BIC® Flex 3 Hybrid and Miss Soleil shavers. The BIC
Shave Club online subscription offer for refillable shavers,
available in France since March, is performing well. Building on
this initial success, we will extend the BIC Shave Club in the UK
before the end of 2017.
- In North
America, 9M Net Sales declined double-digit. At the end of
September 2017, the total U.S. Wet Shave market[7]
declined by 8.9% (by 3.8% for the one-piece segment). The market
continued to be heavily disrupted with increased competitive
activity, unprecedented levels of pricing and promotional pressure
in the one-piece segment and increased activity from Private
labels. BIC's one-piece segment market share was 27.0%7
at the end of September, a 1.5-point drop compared to September
2016. In this context, we continue to focus on our strategy to
offer improved performance at the right price. With BIC® Flex 5
Hybrid launched early 2017, we remain n°1 in the 5-blade men's
one-piece segment with 36.8%7 market share
in September 2017 (up 7.5 points on September 2016). In 2018, we
will launch the BIC Soleil® BalanceTM, our new
5-blades disposable shaver for women offering BIC's best technology
to women at an affordable price.
Developing
Markets
9M Net Sales increased
low-single-digit.
- In Latin
America, we delivered mid-single-digit growth. The third
quarter was impacted by inventory reduction in Brazil as well as by
pricing pressure and increased competitive pressure in Mexico.
- In the Middle-East and Africa, Net Sales were stable.
9M 2017
Normalized IFO margin for Shaver's was 13.5% compared to 14.7%
in 9M 2016 (15.4% excluding the impact of the special employee
bonus) due to North American Net Sales and higher operating costs.
Q3 2017 Normalized IFO margin was 13.8%, compared
to 19.8% in Q3 2016, reflecting the evolution of North American
Net Sales and the continued investments in the long-term
development of the category.
9M 2017 Net Sales
of Other Products declined by 10.7% as reported and by 6.7% on a
comparative basis. Third-quarter 2017 Net Sales were down 20.4% as
reported and by 5.0% on a comparative basis.
9M Net Sales for BIC Sport
declined high-single digit on a comparative basis, mainly due to an
increasingly competitive environment in the U.S.
9M 2017
Normalized IFO for Other Products was a negative 4.0 million
euros compared to a negative 3.9 million euros in 9M 2016.
Q3 2017 Normalized IFO for Other Products
amounted to a negative 2.2 million euros, compared to a negative
2.4 million euros in Q3 2016.
CAPEX
- ACQUISITIONS - DISPOSALS - MISCELLANEOUS
BIC
GRAPHIC
Following the Asset and Share
Purchase Agreement signed on June 6, 2017, BIC Graphic North
America and Asian Sourcing operations were sold to H.I.G. Capital
on June 30, 2017.
Assets and Liabilities of BIC Graphic North America and Asian
Sourcing have been accounted for in "Non-Current Assets Held For
Sale" and "Discontinued Operations" since 31 December 2016, in
accordance with IFRS 5[8].
BIC TO INVEST
APPROXIMATELY 28 MILLION EUROS IN A NEW WRITING INSTRUMENTS
FACILITY IN INDIA
BIC's Indian subsidiary BIC Cello
(India), has acquired land and building for the construction of a
new writing instrument facility in Vapi (Gujarat state).
Total investment in this project is estimated at around 28 million
euros (i.e. INR 210 crore) through December 2018 including the
purchase of land and building for approximately 18 million euros in
2017. This investment will enhance the Group's manufacturing
footprint in India, and enable it to meet consumer demand more
effectively in this rapidly-growing market.
This new facility is expected to be operational by the end of
2018.
Impact of change in perimeter and
currency fluctuations on Net Sales
(in %) |
Q3 2016 |
Q3 2017 |
9M 2016 |
9M 2017 |
Perimeter |
- |
-1.3 |
- |
-0.6 |
Currencies |
-1.7 |
-2.8 |
-4.3 |
+1.1 |
Of which USD |
-0.2 |
-1.8 |
-0.1 |
+0.1 |
Of which BRL |
+0.6 |
-0.2 |
-0.9 |
+0.9 |
Of which ARS |
-0.6 |
-0.2 |
-0.9 |
-0.1 |
Of which INR |
-0.1 |
0.0 |
-0.2 |
+0.1 |
Of which MXN |
-0.7 |
0.0 |
-0.9 |
-0.1 |
Of which RUB and UAH |
-0.1 |
0.0 |
-0.2 |
+0.2 |
|
|
|
|
|
BIC Group Net Sales by
geography
(in million euros) |
Q3 2017 vs. Q3 2016 |
|
|
9M 2017 vs. 9M 2016 |
|
Q3 2016 |
Q3 2017 |
As reported |
Comparative basis |
9M 2016 |
9M 2017 |
As reported |
Comparative basis |
Group |
|
|
|
|
|
|
|
|
Net Sales |
490.5 |
465.8 |
-5.0% |
-0.9% |
1,522.0 |
1,528.7 |
+0.4% |
-0.1% |
Europe |
|
|
|
|
|
|
|
|
Net
Sales |
131.4 |
135.3 |
+2.9% |
+6.4% |
428.0 |
442.4 |
+3.4% |
+4.5% |
North America |
|
|
|
|
|
|
|
|
Net
Sales |
201.9 |
184.0 |
-8.9% |
-4.5% |
626.3 |
603.6 |
-3.6% |
-3.9% |
Developing Markets |
|
|
|
|
|
|
|
|
Net Sales |
157.1 |
146.5 |
-6.7% |
-2.2% |
467.7 |
482.7 |
+3.2% |
+0.8% |
Condensed profit and loss
account
(in million euros) |
|
Q3 2017 vs. Q3 2016 |
|
|
9M 2017 vs. 9M 2016 |
|
Q3 2016 |
Q3 2017 |
As reported |
Comparative basis |
9M 2016 |
9M 2017 |
As reported |
Comparative basis |
Net sales |
490.5 |
465.8 |
-5.0% |
-0.9% |
1,522.0 |
1,528.7 |
+0.4% |
-0.1% |
Cost of
goods |
227.1 |
230.6 |
|
|
729.6 |
743.3 |
|
|
Gross Profit |
263.4 |
235.2 |
-10.7% |
|
792.4 |
785.4 |
-0.9% |
|
Administrative & other operating expenses |
167.2 |
151.9 |
|
|
486.9 |
507.2 |
|
|
Income from operations |
96.2 |
83.3 |
-13.4% |
|
305.5 |
278.2 |
-8.9% |
|
Finance
revenue/costs |
2.5 |
-0.8 |
|
|
1.7 |
-0.8 |
|
|
Income before tax |
98.7 |
82.5 |
-16.4% |
|
307.3 |
277.4 |
-9.7% |
|
Income
tax expense |
29.6 |
24.8 |
|
|
92.3 |
83.3 |
|
|
Net
Income From Continuing Operations |
69.1 |
57.7 |
|
|
215.0 |
194.1 |
|
|
Net
Income From Discontinued Operations |
4.5 |
- |
|
|
-1.3 |
-6.7 |
|
|
NET INCOME GROUP SHARE |
73.6 |
57.7 |
-21.5% |
|
213.7 |
187.3 |
-12.3% |
|
Earnings
Per Share From Continuing Operations (in euros) |
1.47 |
1.24 |
|
|
4.58 |
4.16 |
|
|
Earnings Per Share From Discontinued Operations (in
euros) |
0.10 |
- |
|
|
-0.03 |
-0.14 |
|
|
Earnings per share Group share (in
euros) |
1.57 |
1.24 |
-21.0% |
|
4.55 |
4.02 |
-11.6% |
|
Average number of shares outstanding (net of treasury
shares) |
46,955,299 |
46,635,853 |
|
|
46,955,299 |
46,635,853 |
|
|
Condensed balance sheet
(in million euros) |
December 31,2016 |
September 30, 2017 |
Non-current assets |
1,143.4 |
1,179.5 |
Current assets |
1,277.6 |
1,224.8 |
Of
which, Cash and cash equivalents |
243.8 |
221,2 |
Assets Held For Sale |
152.7 |
- |
TOTAL ASSETS |
2,573.7 |
2,404.3 |
Shareholders' equity |
1,792.6 |
1,700.0 |
Non-current liabilities |
299.2 |
259.5 |
Current liabilities |
429.6 |
444.8 |
Liabilities Held For Sale |
52.3 |
- |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
2,573.7 |
2,404.3 |
Reconciliation with
Alternative Performance Measures
Normalized IFO reconciliation |
Q3 |
9M |
(in million euros) |
2016 |
2017 |
2016 |
2017 |
Income From Operations |
96.2 |
83.3 |
305.5 |
278.2 |
IFO margin |
19.6% |
17.9% |
20.1% |
18.2% |
Restructuring costs (related primarily to BIC Graphic
Europe and Developing Markets operations in 2017) |
1.2 |
0.2 |
5.5 |
24.7 |
Normalized IFO |
97.4 |
83.5 |
311.0 |
302.9 |
Normalized IFO margin |
19.9% |
17.9% |
20.4% |
19.8% |
Special employee bonus |
- |
- |
8.8 |
- |
Normalized IFO excluding the special employee
bonus |
97.4 |
83.5 |
319.7 |
302.9 |
Normalized IFO margin excluding the
special employee bonus |
19.9% |
17.9% |
21.0% |
19.8% |
Normalized EPS reconciliation |
Q3 |
9M |
(in euros) |
2016 |
2017 |
2016 |
2017 |
EPS |
1.57 |
1.24 |
4.55 |
4.02 |
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) |
+0.01 |
- |
+0.08 |
0.36 |
Normalized EPS |
1.58 |
1.24 |
4.63 |
4.47 |
|
Number of shares
acquired |
Weighted average 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 |
July
2017 |
- |
- |
- |
August
2017 |
102,322 |
100.80 |
10.3 |
September
2017 |
262,421 |
101.92 |
26.7 |
Total |
525,320 |
104.78 |
55.0 |
Capital and voting rights, September 30, 2017
As of September 30, 2017, the
total number of issued shares of SOCIÉTÉ BIC was 47,595,062 shares,
representing:
-
69,044,905 voting rights,
-
67,739,504 voting rights excluding shares
without voting rights.
Total number of treasury shares
held at the end of September 2017: 1,305,401.
-
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, 2017 were approved by the Board of
Directors on October 24, 2017. 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 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 |
Isabelle de
Segonzac: +33 1 53 70 74 70
idesegonzac@image7.fr |
Katy
Bettach
katy.bettach@bicworld.com |
|
For more information, please consult the corporate
website: www.bicworld.com
2018
Agenda (all dates to be confirmed)
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 |
First Half
2018 results |
1st August
2018 |
Conference
call |
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] Third quarter and Nine month 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 10.
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.
[6] Excluding 8.8 million euros of subordinated loan.
[7] Source: IRI total market YTD ending 01-OCT-2017 - in value
terms
[8] Please refer to BIC Q1 2017 press release issued on April
26, 2017.
BIC_Q3 2017 Results_Press
Release_25OCT2017
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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