BIC is Transforming for Growth
20 Mai 2020 - 8:00AM
BIC is Transforming for Growth
FOR IMMEDIATE
RELEASE
BIC IS TRANSFORMING FOR
GROWTH
Five actions to improve short-term resilience and
accelerate long-term growth
Clichy -20 May 2020 - Today, BIC
announces five actions to improve short-term resilience in the
context of the COVID-19 crisis and strengthen its “BIC 2022 -
Invent the Future” transformation plan to accelerate long-term
growth.
Launched in February 2019, “BIC 2022 – Invent the Future” aims
to enhance BIC’s agility and effectiveness and consolidate the
Group’s leading positions in its three categories. The plan is on
track, and several initiatives have already been implemented to
achieve our operational targets.
These five actions aim to drive Net Sales performance, and
mitigate the impact of the current crisis on cash generation for
the balance of the year:
- Managing OPEX by investing at the right levels
and in the right places:
- In 2020, the negative impact of Net Sales
decrease on Normalized Income From Operations margin will be
partially offset by 15 to 20 million euros OPEX
savings.
- Protecting Cash Flow by managing CAPEX and
reducing inventory levels:
- We expect 2020 inventories to decrease by approximately
15 to 30 million euros vs. the end of 2019, the coming
Back-to-School season will be determinant in achieving this
goal.
- 2020 CAPEX will be reduced to around 80 million euros
vs. 114 million euros in 2019.
- Net Cash Position remains healthy at
127.6 million euros on May 10th
before payment of the 2019 dividend.
- Launching Innovation with a focus on consumer
centricity, sustainable products, and commercial partnerships:
- Several new product introductions are scheduled, including the
new multipurpose pocket lighter BIC® EZ-Reach in the
US in the second half of the year, and
our refillable BIC® Cristal® with a metal barrel
at the end of the year.
- Scaling Operations by reducing complexity and
driving process efficiency and speed:
- “BIC 2022 – Invent the Future” plan will be strengthened
with additional savings from procurement efficiencies,
leading to a total of 50 million euros in annualized savings by the
end of 2022.
- Driving Growth by leveraging new commercial
capabilities and reinforcing existing businesses through
targeted external Growth, while upskilling our people:
- As governments begin to ease confinement, we will seize the
opportunity of the upcoming back-to-school period to
enhance Stationery sales in partnership with key
retailers, in stores and online
- We will implement targeted price increases in the
US pocket lighters in H2
- Our objective is to grow e-commerce Net Sales by
approximately 20% in 2020.
“BIC has a strong business model and a sound balance sheet.
While this pandemic creates unprecedented challenges for the
business, it also offers opportunities to accelerate our
transformation into a more agile and consumer-centric company, and
we expect to emerge stronger from this crisis. Increasing focus on
these five actions in support of our long-term strategic pillars
will enable us to meet those challenges head-on and put us in a
position of strength when the economy recovers.” said
Gonzalve Bich, BIC’s Chief Executive Officer.
Pierre Vareille, BIC’s Chairman, and Gonzalve
Bich will comment on these initiatives during BIC’s 2020
Annual General Meeting this afternoon at 04:00 pm CET. The AGM will
be held closed and will be audio-broadcasted live on BIC’s
website.
ABOUT BIC
BIC is a world leader in stationery, lighters, and shavers. For
more than 75 years, the Company 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. Today, BIC products are sold in more than 160 countries
around the world and feature iconic brands such as Cello®, Conté®,
BIC FlexTM, Lucky Stationery, Made For YOUTM, Soleil®, Tipp-Ex®,
Wite-Out® and more. In 2019, BIC Net Sales were 1,949.4 million
euros. The Company is listed on “Euronext Paris,” is part of the
SBF120 and CAC Mid 60 indexes and is recognized for its commitment
to sustainable development and education. It received an A-
Leadership score from CDP. For more, visit www.bicworld.com or
follow us on LinkedIn, Instagram, Twitter, or YouTube.
CONTACTS
Sophie Palliez-Capian – VP, Corporate Stakeholder
Engagement |
Investor Relations Contact: |
Press Contacts |
Sophie Palliez-Capian + 33 6 87 89 33 51
sophie.palliez@bicworld.com |
Albane
de La Tour d’Artaise + 33 7 85 88 19 48
Albane.DeLaTourDArtaise@bicworld.com |
|
Isabelle de Segonzac : + 33 6 89 87 61 39 isegonzac@image7.fr |
2020 AGENDA – ALL DATES TO BE CONFIRMED
First Half 2020 results |
July 29th 2020 |
Conference call and Webcast |
Third Quarter 2020 results |
October 28th 2020 |
Conference call and Webcast |
Full Year 2020 results |
17 February 2021 |
Meeting and webcast |
- BIC_Transforming for Growth_Press Release_20MAY20
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