BB Societe BIC SA

BIC: Third Quarter and Nine Months 2019 Results

BIC Group – Press ReleaseClichy – 23 October 2019          

Third Quarter and Nine Months 2019 Results

• Continued challenging trading environment
• Q3 2019 impacted by the deterioration of u.s. lighters market and soft stationery performance
• Execution of “BIC 2022 - Invent the future” transformation plan on track

“Performance was softer than expected during the Third Quarter 2019 as our markets remain volatile and challenging. In Lighters, the deterioration of the U.S. Pocket Lighters’ market accelerated. In Stationery, our Back-to-School sell-out was soft in the U.S. and Mexico, while in India, the recovery is slower than anticipated. Performance remained robust in other areas. In Shavers, our teams delivered solid results reflected by further market share gains. We also continued to grow e-commerce Net Sales, up 17% year-to-date.The Third Quarter results, coupled with our Year-to-Go projections, led us to adjust our Full Year 2019 Outlook on 11th October. We now expect Net Sales evolution to be between flat and -2.0% on a comparative basis and Normalized Income from Operations margin in the lower end of the 16.5% to 18% initial range.We continue to execute on our “BIC-2022 Invent the Future” transformation plan and I remain convinced that our solid business foundations, combined with a more consumer-centric organization, will enable BIC to resume long-term growth momentum, drive cash flow generation, creating sustainable value for all our stakeholders.”

Gonzalve Bich, Chief Executive Officer

Q3 & 9M 2019 KEY GROUP FIGURES

 

in million euros	Q3 2018(restated from IAS 29)	Q3 2019	9M 2018(restated from IAS 29)	9M 2019
Group Net Sales	479.5	488.0	1,438.8	1,448.2
Change as reported	+1.6%	+1.8%	-6.8%	+0.7%
Change on a comparative basis	+5.2%	(0.5)%	+0.3%	(1.2)%
Normalized Income From Operations1	77.0	88.0	265.3	241.1
Normalized IFO margin	16.1%	18.0%	18.4%	16.6%
Net Income Group Share	52.7	63.0	123.5	152.6
Normalized Net Income Group Share2	56.9	66.9	196.4	177.3
EPS (in euros)	1.15	1.40	2.70	3.39
Normalized EPS (in euros)	1.25	1.48	4.30	3.93
Net Cash Position	144.8	118.7	144.8	118.7

 

2019 OUTLOOK3 as adjusted on October 11th

 

In million euros	Outlook 2019
Net Sales on a comparative basis	Flat to -2.0%	In a continued challenging trading environment, overall Full Year Net Sales performance will continue to be subject to macro-economic uncertainties and continued competitive pressure.
Normalized IFO margin	Expected to be in the lower end of the 16.5% to 18% initial range	Despite lower volumes than anticipated and continued unfavorable Foreign exchange trends, the NIFO margin for the balance of the year should benefit from lower Costs of Production and lower Brand Support Investments compared to the first Half 2019

 

Group operational trends

 

Net Sales

in million euros	3Q 2018(restated from IAS 29)	3Q 2019	As reported	On a Comparative  basis	9M 2018(restated from IAS 29)	9M 2019	As reported	On a Comparative  basis
Group	479.5	488.0	+1.8%	(0.5)%	1,438.8	1,448.2	+0.7%	(1.2)%
Europe	138.0	143.5	+4.0%	+6.2%	438.3	434.3	(0.9)%	+2.1%
North America	196.3	196.9	+0.3%	(3.4)%	576.1	586.1	+1.7%	(2.7)%
Developing Markets	145.2	147.6	+1.7%	(2.9)%	424.4	427.9	+0.8%	(2.7)%

The favorable impact of currency fluctuations of +2.7% was mainly due to the strong U.S. dollar against the euro4.

Income From Operations and Normalized Income From Operations

in million euros	3Q 2018(restated from IAS 29)	3Q 2019	9M 2018(restated from IAS 29)	9M 2019
Net Sales	479.5	488.0	1,438.8	1,448.2
Gross Profit	246.7	250.4	754.1	728.9
Gross Profit margin	51.4%	51.3%	52.4%	50.3%
Income From Operations	76.7	83.1	196.3	209.2
IFO margin	16.0%	17.0%	13.6%	14.4%
·Restructuring costs (transformation plan)	-	4.9	-	31.9
·Cello goodwill impairment in 2018	-	-	68.7	-
·Argentina hyperinflationary accounting (IAS29)	0.3	-	0.3	-
Normalized IFO	77.0	88.0	265.3	241.1
Normalized IFO margin	16.1%	18.0%	18.4%	16.6%

9M 2019 restructuring costs amounted to 31.9 million euros and are associated with the transformation plan “BIC-2022 Invent The Future”.

9M 2019 Normalized IFO decline was impacted by lower Gross Profit margin and increase in Brand Support, mainly in Lighters, partially offset by a decrease in OPEX.

Key normalized components of the change in Normalized IFO margin  (in points)	H1 2019 vs H1 2018	Q3 2019 vs. Q3 2018	9M 2019 vs. 9M 2018
·Change in Gross Profit (Cost of Production)	(3.1)	+0.1	(2.0)
·Brand Support	(1.2)	+0.8	(0.6)
·OPEX and other expenses	+0.6	+1.0	+0.8
Total change in Normalized IFO margin	(3.7)	1.9	(1.8)

 

Net Income and EPS

in million euros	3Q 2018(restated from IAS 29)	3Q 2019	9M 2018(restated from IAS 29)	9M 2019
IFO	76.7	83.1	196.3	209.2
Finance revenue/costs	(0.7)	4.4	5.1	2.8
Income before Tax	76.1	87.5	201.4	212.0
Effective tax rate	28.1%	28.0%	28.1%	28.0%
Net Income Group share	52.7	63.0	123.5	152.6
Adjusted Net Income Group Share5	56.9	66.9	196.4	177.3
Normalized EPS Group Share (in euros)	1.25	1.48	4.30	3.93
EPS Group Share (in euros)	1.15	1.40	2.70	3.39

9M 2019 finance revenue decrease is explained by 2018 higher favorable impact of the fair value adjustments to financial assets denominated in USD (versus BRL).

Net cash position

Change in net cash position in million euros	2018	2019
Net Cash position (beginning of period – December)	204.9	161.5
Net cash from operating activities	+237.5	+229.7
·Of which operating cash flow	+284.1	+250.3
·Of which change in working capital and others	(46.6)	(20.6)
CAPEX	(82.6)	(67.9)
Dividend payment	(157.8)	(155.2)
Share buyback program	(54.1)	(39.2)
Net cash from the exercise of stock options and the liquidity contract	+1.6	(0.7)
Haco Industries Ltd acquisition	-	(2.4)
Proceeds from the sale of BIC Graphic North America and Asian Sourcing	+9.2	-
Others	(13.9)	(7.1)
Net Cash position (end of period – September)	144.8	118.7

At the end of September 2019, the Group’s net cash position stood at 118.7 million euros. The negative change in working capital and others was mainly driven by accounts receivables and inventories increase, when compared to December 2018. Net cash was also negatively impacted by CAPEX, as well as the dividend payments and share buybacks.

Shareholders’ remuneration

• Ordinary dividend of 3.45 euros per share paid in June 2019.
• 39.2 million euros in share buy-backs by Société BIC at the end of September 2019 (478,667 shares purchased at an average price of 81.83 euros).

 

Operational trends by category

Stationery

in million euros	Q3 2018(restated from IAS 29)	Q3 2019	9M 2018(restated from IAS 29)	9M 2019
Net Sales	200.2	204.3	601.5	605.1
Change as reported	+2.9%	+2.0%	-4.2%	+0.6%
Change on a comparative basis	+6.8%	(1.7)%	+2.0%	(3.0)%
Normalized Income From Operations	10.4	14.5	57.3	48.7
Normalized IFO margin	5.2%	7.1%	9.5%	8.0%
Income From Operations	10.3	12.6	(11.5)	36.3
Income From Operations Margin	5.1%	6.2%	(1.9%)	6.0%

In Stationery, while markets continued to be challenging and competitive, BIC pursued its growth in e-commerce and invested in innovative products such as BIC® BodyMark tattoo pen and the BIC® Gelocity range. BIC is now the #1 in Stationery with 9% global value market share6 thanks to our historical leadership in Ball Pen, Mechanical Pencils and Correction.

9M 2019 Normalized IFO margin decline is explained by higher Raw Materials and unfavorable forex trends. 3M 2019 NIFO margin increased thanks to lower Brand Support Investments and lower OPEX.

By Geography	9M 2019 Net Sales evolution (on a comparative basis)
EUROPE	flat
NORTH AMERICA	Increased low single digit
DEVELOPING MARKETS	Decreased low double-digit

      ·In France, BIC gained share in a declining market (down 4.5% in value7) during Back-to-School for the 16th consecutive year in a row, gaining 1.4 points in value market share. BIC sell-in performance was solid in Southern Europe, notably Iberia during Back-to-School season.

• In the U.S., the total Stationery market grew +3.0% in value8 during the Back-to-School season. The Ball Pen segment declined by 5.0% in value, while the Gel/Roller Segment grew by 6.0%. Overall, BIC lost 0.5 points market share in value, underperforming in Ball Pen, and outperforming in the added-value Gel Pen segment. BIC continued to grow in e-commerce, gaining 1.0 point year-to-date, reaching 13.4% market share in value9 driven by Gel and Mechanical Pencil. BIC also grew in Permanent Marker thanks to the success of Bodymark tattoo pen.
• In Latin America, 9M Net Sales decreased high single-digit due to a soft Back-to-School season in Mexico, where BIC lost 2.6 points in value10 due to the poor performance of Ball Pen and Graphite segments in a highly competitive environment.
• Cello Pens 9M Domestic Sales decreased double-digit on a comparative basis impacted by the level of superstockists’ inventories, as well as our on-going strategy of portfolio streamlining.

Lighters

in million euros	Q3 2018(restated from IAS 29)	Q3 2019	9M 2018(restated from IAS 29)	9M 2019
Net Sales	163.8	161.9	481.5	481.6
Change as reported	+2.8%	(1.1)%	(7.0)%	0.0%
Change on a comparative basis	+5.8%	(4.2)%	0.0%	(3.2)%
Normalized Income From Operations	58.3	54.3	176.1	159.6
Normalized IFO margin	35.6%	33.5%	36.6%	33.1%
Income From Operations	58.3	52.6	176.1	148.5
Income From Operations Margin	35.6%	32.5%	36.6%	30.8%

The Lighter category continued to be challenged by the declining US Pocket Lighters market, down -8.5% in volume, and - 6.0% in value year-to-date11 and affecting BIC’s sell-in performance. In Europe, BIC benefited from the positive impact of the price adjustment implementation.

9M 2019 Normalized IFO margin decrease is explained by unfavorable forex trend and higher Brand Support investments, in particular, with the Lighter advertising campaign in Europe during the First Half of 2019. 

By Geography	9M 2019 Net Sales evolution (on a comparative basis)
EUROPE	Increased mid single digit
NORTH AMERICA	Decreased high single digit
DEVELOPING MARKETS	Increased low single digit

• In Europe, the implementation of the price adjustment across the region showed positive results during the third quarter. Our advertising campaign, to address our consumers directly, continued to show positive results reinforcing BIC’s brand image of quality and safety.
• In North America, while the U.S. pocket Lighter market saw further deterioration in the third quarter (down -9.5% in volume and -8.1% in value11), BIC maintained market share in both volume and value. The Utility market in the U.S continued to grow, and BIC outperformed the market, gaining 3.3 points in value share11 driven by new distribution in the Modern Mass channel.
• In Latin America, 9M Net Sales increased low single digit driven by Brazil, wherein a flat market, BIC was in line with the market thanks to promotional activities across the country.

Shavers

in million euros	Q3 2018(restated from IAS 29)	Q3 2019	9M 2018(restated from IAS 29)	9M 2019
Net Sales	104.4	114.9	314.9	339.4
Change as reported	+0.2%	+10.1%	-8.2%	+7.8%
Change on a comparative basis	+4.1%	+7.0%	-0.9%	+5.1%
Normalized Income From Operations	10.5	20.8	35.1	37.0
Normalized IFO margin	10.1%	18.1%	11.1%	10.9%
Income From Operations	10.4	19.6	34.9	28.9
Income From Operations Margin	9.9%	17.0%	11.1%	8.5%

In Shavers, the performance was robust as we gained market share in most of our markets and grew Net Sales from mid to high single digits throughout our main geographies, fueled by the success of both added-value and new products.

9M 2019 Normalized IFO margin slight decrease is due to unfavorable foreign exchange trends and higher Raw Material costs offsetting Net Sales increase. 3Q 2019 Normalized IFO margin increase was driven by lower OPEX as % of Net Sales, higher Gross Profit margin, as well as lower Brand Support investments.

By Geography	9M 2019 Net Sales evolution (on a comparative basis)
EUROPE	Increased mid single digit
NORTH AMERICA	Increased mid single digit
DEVELOPING MARKETS	Increased mid single digit

• In Western Europe, performance was fueled by both added-value products such as BIC® Flex 3, BIC® Miss Soleil and BIC® Flex 5, as well as by recent launches with BIC® Miss Soleil Sensitive. In Russia, we continued to outperform a flat market, gaining 0.8 points in share value12 driven by further distribution gains, the on-going success of BIC® Flex 3 Hybrid, and the effective launch of BIC® Flex 5 Hybrid.
• While the U.S. one-piece market continues to be highly competitive and declined 4.7% in value13, BIC showed robust results gaining 1.9 points in value to reach 28.1% in market share value, fueled by the outperformance in the Women one-piece segment (+3.3 points of value share gains). This was driven by the expanded distribution of BIC® Silky Touch, the success of the BIC® Soleil franchise, coupled with our new product BIC® Soleil Click 5.
• In Latin America, 9M Net Sales increased mid single digit driven by Mexico wherein a highly competitive market, BIC outperformed gaining 1.1 points in share value14, driven by the performance of premium products such as BIC® Comfort 3, BIC® Miss Soleil Sensitive and BIC® Flex 3. In Brazil,  BIC outperformed the market and reached a historical record in market share with 27.8% in volume and 21.5% in value share14. The success of BIC’s trade-up strategy boosted the performances of our three-blade offering.

Other Products

in million euros	Q3 2018(restated from IAS 29)	Q3 2019	9M 2018(restated from IAS 29)	9M 2019
Other Products Net Sales	11.1	6.9	40.9	22.2
Change as reported	(19.2)%	(37.8)%	(26.2)%	(45.8)%
Change on a comparative basis	(14.7)%	+11.4%	(11.6)%	(0.4)%
Normalized Income From Operations	(2.2)	(1.6)	(3.2)	(4.1)
Of which BIC Sport	-0.6	-	+0.4	-
Income From Operations	(2.2)	(1.7)	(3.2)	(4.6)

 

Update on “BIC 2022- invent the future” plan progress

 For the First Nine Months of this year, we have started to execute our transformation plan and put in place several initiatives to support our four strategic pillars.  We now expect a total of 45 million euros of annualized savings by 2022 to be re-invested in growth and to help protect margin sustainability during the plan.

• Effectiveness – that increases efficiency throughout our global manufacturing operations, while maintaining product Safety, Quality, and Affordability with:
  • A new Procurement organization with global scale to build a more flexible and cost‐effective production model while maintaining high-Quality Standards.
  • The implementation of End-to-End planning and integrated Sales & Operating Planning processes across the Group will enable the optimization of SKUs, logistics and working capital.
• Innovation – to enhance our consumer insights capabilities and increase the pace of innovative New Product launches with:
  • The creation of a Global Market and Consumer Insights Team responsible for leveraging Market and Consumer Intelligence that will enable us to design new products and services in line with our consumers’ expectations.
  • The recruitment of dedicated new skills and capabilities, such as Data Analysts and Digital Marketing Specialists focusing on the development of consumer-driven innovation.
• Consumer-centric brands – to connect and engage more effectively with all consumers with:
  • The implementation of a Global Customer Relationship Management (CRM) platform aimed at enhancing direct relationships with BIC consumers (over 1 million consumers already engaged) to accelerate growth.

• Omnichannel Distribution – to sharpen our commercial operations to become a genuine omnichannel specialist with:

• The creation of two Centers of Expertise (Commercial Strategy & Analytics, E-Retail & Digital) to strengthen our day-to-day commercial performance, go-to-market strategies, and bring new skills and capabilities to the organization, such as Advanced Analytics, Revenue Growth Management, and E-Commerce expertise.
• Accelerated progress in e-commerce with +17% Net Sales growth Year-to-Date, across all channels. BIC products are now available on wish.com, an innovative 15 million daily active users’ marketplace platform.

Update on “Writing The Future together” 2025 sustainable development plan

Improved BIC® products environmental and/or societal footprint:

• 2025 Goal:  deploy a comprehensive eco-design process within each of our categories through a rating tool integrating criteria such as the use of alternative materials or low plastic consumption
• 9 Months 2019 update: the scoring methodology aligned across all categories is now being supported by a dedicated Group IT solution and will support our current portfolio and any future product development.

 80% of renewable electricity :

• 2025 Goal: reduce the Group’s greenhouse gas emissions by purchasing renewable energy, studying the potential production of renewable electricity on-site and improving energy efficiency in our operations
• 9 Months 2019 update: all our Lighters’ plants are using 100% renewable electricity since the beginning of 2019.

Zero accidents across all operations:

• 2025 Goal: integrate the dimensions of safety, health, and well-being at work, at every level.
• Q3-2019 update: Training and communication actions being deployed across the Group.

Work responsibly with BIC’s strategic suppliers to ensure we have the most secure, innovative, and efficient sourcing:

• 2025 Goal: identify “strategic suppliers” and implement action plans to control and mitigate any major risk while strengthening supplier relationships.
•  9 Months 2019 update: our new Strategic Procurement organization designed at global, regional, and local level is assessing top 100 strategic suppliers.  

 Improve learning conditions for 250 million children globally:

• 2025 Goal: help children succeed in their education by providing improved learning conditions and promoting the developmental benefits of handwriting.
• 9 Months 2019 update: BIC led education actions in 26 countries, including the opening of its very 1st vocational training center in Karembeli, India, on January 2019.

Miscellaneous

On 30 July 2019, SOCIETE BIC filed a complaint with the European Ombudsman claiming maladministration by the European Commission of the infringement procedure initiated in 2010 against the Netherlands due to their lack of actions to impose lighter safety standards compliance (CHAP(2010)02783 - NETHERLANDS). The infringement procedure led to formal notices being sent by the Commission to the Netherlands in 2012 and 2014 but has since neither developed nor reached an outcome. In its complaint of 30 July to the Ombudsman, SOCIETE BIC notably pointed out the unreasonable delay in processing the file by the European Commission.

 Appendix

 

Net Sales per Category   in million euros	Q3 2018(restated from IAS 29)	Q3 2019	Change as reported	FX impact15(in pts)	Change in Perimeter16(in pts)	Argentina impact17(in pts)	Change on a Comparativebasis
Group	479.5	488.0	+1.8%	+2.7	(0.2)	(0.2)	(0.5)%
Stationery	200.2	204.3	+2.0%	+2.2	+1.9	(0.4)	(1.7)%
Lighters	163.8	161.9	(1.1)%	+3.1	(0.1)	-	(4.2)%
Shavers	104.4	114.9	+10.1%	+3.4	+0.2	(0.5)	+7.0%
Other Products	11.1	6.9	(37.8)%	-	(49.2)	-	+11.4%

Net Sales per Category   in million euros	9M 2018(restated from IAS 29)	9M 2019	Change as reported	FX impact15(in pts)	Change in Perimeter16 (in pts)	Argentina impact17(in pts)	Change on a Comparativebasis
Group	1,438.8	1,448.2	+0.7%	+2.7	(0.7)	(0.1)	(1.2)%
Stationery	601.5	605.1	+0.6%	+2.2	+1.6	(0.2)	(3.0)%
Lighters	481.5	481.6	0.0%	+3.2	-	-	(3.2)%
Shavers	314.9	339.4	+7.8%	+2.7	+0.2	(0.2)	+5.1%
Other Products	40.9	22.2	(45.8)%	(0.1)	(45.3)	-	(0.4)%

Impact of change in perimeter and currency fluctuations on Net Sales (Excludes ars)(in %)	Q3 2018	Q3 2019	9M 2018	9M 2019
Perimeter	(0.1)	(0.2)	(0.9)	(0.7)
Currencies	(3.9)	+2.7	(6.3)	+2.7
Of which USD	+0.4	+1.7	(2.4)	+2.3
Of which BRL	(2.0)	+0.4	(1.5)	(0.1)
Of which INR	(0.3)	+0.1	(0.4)	+0.1
Of which MXN	(0.4)	+0.1	(0.5)	+0.3
Of which RUB and UAH	(0.2)	+0.2	(0.2)	+0.1

 

Condensed profit and loss accountin million euros	3Q 2018(restated from IAS 29)	3Q 2019	As reported	Comparative basis	9M 2018(restated from IAS 29)	9M 2019	As reported	Comparative basis
Net Sales	479.5	488.0	+1.8%	(0.5)%	1,438.8	1,448.2	+0.7%	(1.2)%
Cost of goods	(232.8)	(237.6)			(684.7)	(719.3)
Gross profit	246.7	250.4			754.1	728.9
Administrative & other operating expenses (incl. Cello goodwill impairment in 2018)	(170.0)	(167.3)			(557.8)	(519.7)
Income from Operations	76.7	83.1			196.3	209.2
Finance revenue/costs	(0.7)	4.4			5.1	2.8
Income before tax	76.1	87.5			201.4	212.0
Income tax expense	(23.4)	(24.5)			(77.9)	(59.4)
NET INCOME GROUP SHARE	52.7	63.0			123.5	152.6
Earnings per share Group share (in euros)	1.15	1.40			2.70	3.39
Average number of shares outstanding (net of treasury shares)	45,684,562	45,076,557			45,684,562	45,076,557

Condensed balance sheet in million euros	September 30, 2018	January 1, 2019(restated from IFRIC 23)	September 30, 2019
ASSETS
·Non-current assets	1,116.4	1,158.0	1,169.3
·Current Assets	1,177.3	1,209.0	1,279.3
TOTAL ASSETS	2,293.7	2,367.0	2,448.6
LIABILITIES & SHAREHOLDERS’ EQUITY
·Shareholders’ equity	1,581.3	1,624.7	1,599.0
·Non-current liabilities	257.4	295.5	314.0
·Current liabilities	455.0	446.7	535.6
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	2,293.7	2,367.0	2,448.6

Reconciliation with Alternative Performance Measures

 

Normalized IFO reconciliationin million euros	9M 2018(restated from IAS 29)	FY 2018	9M 2019
Income from Operations	196.3	258.8	209.2
Cello and Pimaco goodwill impairment	+68.7	+74.2	-
Restructuring costs (Stationery and Lighters manufacturing reorganization, transformation plan, Haco Industries acquisition related costs, transformation plan)	-	+15.4	+31.9
BIC Sport Divestiture	-	+4.9	-
Argentina hyperinflationary accounting (IAS29)	+0.3	(0.9)	-
Normalized IFO	265.3	352.4	241.1

Normalized EPS reconciliationin million euros	9M 2018(restated from IAS 29)	FY 2018	9M 2019
EPS	2.70	3.80	3.39
Cello and Pimaco goodwill impairment	+1.50	+1.62	-
Restructuring costs (Stationery and Lighters manufacturing reorganization, transformation plan, Haco Industries acquisition related costs, transformation plan)	-	+0.23	+0.49
BIC Sport Divestiture	-	+0.10	-
Argentina hyperinflationary accounting (IAS29)	+0.10	+0.12	+0.05
Normalized EPS	4.30	5.87	3.93

 

Share repurchase program

 

Share buy-back program – Societe BIC	Number of sharesacquired	Average weighted price (in €)	Amount(in M€)
February 2019	272,388	83.24	22.7
March 2019	126,408	82.41	10.4
April 2019	44,871	76.63	3.4
May 2019	35,000	75.42	2.6
June 2019	31,923	79.74	2.6
July 2019	-	-	-
August 2019	-	-	-
September 2019	-	-	-
Total	478,667	81.83	39.2

 

Capital and voting rights

 

As of September 30, 2019, the total number of issued shares of SOCIÉTÉ BIC was 46,010,907 shares, representing:

• 67,594,876 voting rights,
• 66,584,956 voting rights excluding shares without voting rights.

Total number of treasury shares held at the end of September 2019: 1,009,920.

Glossary

 

• Constant currency basis: constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates.
• Organic change or 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. Organic change excludes Argentina Net Sales for both 2018 and 2019.
• Gross profit is the margin that the Group realizes after deducting its manufacturing costs. 
• Normalized IFO: normalized means excluding non-recurring items.
• 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 (except financial liabilities following IFRS 16 implementation

 

SOCIETE BIC consolidated financial statements as of September 30, 2019 were approved by the Board of Directors on October 22, 2019. 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, “Risks” in BIC’s 2018 Registration Document filed with the French financial markets authority (AMF) on March 20, 2019.

Contacts

 

Sophie Palliez-Capian – VP, Corporate Stakeholder Engagement - sophie.palliez@bicworld.com
Investor Relations Contact: +33 1 45 19 52 00	Press Contacts
Michèle Ventura michele.ventura@bicworld.com	Albane de La Tour d’Artaise Albane.DeLaTourD'Artaise@bicworld.com
	Isabelle de Segonzac : +33 1 53 70 74 85isegonzac@image7.fr

For more information, please consult the corporate website: www.bicworld.com

 

2019/2020 Agenda  - All dates to be confirmed

 

Full Year 2019 results	12 February 2020	Meeting and Webcast
First Quarter 2020 results	23 April 2020	Conference call and Webcast
2020 AGM	20 May 2020	Meeting
First Half 2020 results	29 July 2020	Conference call and Webcast

About BIC

 

BIC is a world leader in stationery, lighters and shavers. For more than 70 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 and is a trademark registered worldwide for identifying BIC products which are sold in more than 160 countries around the world. In 2018, BIC Net Sales were 1,949.8 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 A list and CDP “Supplier Engagement rating Leader board”, Euronext Vigeo – Eurozone 120, Euronext Vigeo – Europe 120, FTSE4Good indexes, Ethibel Pioneer and Ethibel Excellence Investment Registers, Ethibel Sustainability Index (ESI) Excellence Europe, Stoxx Global ESG Leaders Index.

 

1 See glossary page 122 Excluding 2018 Cello Goodwill Impairment & 2019 restructuring cost & 2018 Argentina hyperinflationary accounting3 See 11-OCT-2019 Press Release on www.bicworld.com 4 this excludes the Argentinian peso.5  Excluding 2018 Cello Goodwill Impairment & 2019 restructuring cost & 2018 Argentina hyperinflationary accounting6 Euromonitor 2019 edition: Stationery excl.  Pen/Pencil Refills – 2018 Retail Value – 2019 Fixed Exchange Rates –  Current Prices7 IRI – period from 01-JUL to 15-SEP-2019 – Hypermarket + Supermarket – Total Stationery segment only - in value8 NPD - BTS through 28-SEP-2019 (W12) – Brick & Mortar, Food & Drug & Ecommerce – in value9 NPD – YTD AUG 2019 – in value10 Nielsen – YTD AUG 201911 IRI – YTD period ending 29-SEPT-2019 – in value12 Nielsen – YTD AUG 2019 – total wet shave market - in value13 IRI – Period ending 29-Sep-19 – in value14 Nielsen – Shaver Disposable – YTD AUG 2019 in value15 Forex impact excluding Argentinian Peso (ARS)16 Haco Industries Ltd and BIC Sport17 See glossary page 12

 

 

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• BIC_Q32019Results_PressRelease_23OCT2019