BIC: FIRST QUARTER 2021 RESULTS
BIC FIRST
QUARTER
2021
RESULTS1
Clichy,
France,
April
27th,
2021
- Robust results driven by the
exceptional growth of U.S. Lighters in Q1, propelled by a shift in
market dynamics and trading environment in both Pocket and Utility
lighters
- Challenging underlying market trends
in core Writing Instruments, worsened by the pandemic in developing
countries
- Solid performance of Rocketbook in
Digital Writing
- Continued growth in e-commerce,
driven by all channels of trade, and share gains in key
markets
- Improved manufacturing costs driven
by procurement efficiencies
- Sustained Free Cash Flow and solid
Net Cash Position
in million euros |
Q1 2020 |
Q1 2021 |
Group Net Sales |
357.0 |
411.0 |
Change as reported |
(14.1)% |
15.1% |
Change on a comparative basis |
(13.8)% |
20.9% |
Change on a constant currency
basis |
(12.9)% |
25.6% |
EBIT Margin |
6.4% |
55.3%2 |
Adjusted EBIT Margin |
7.1% |
14.7% |
EPS (in euros) |
0.56 |
3.59 |
Adjusted EPS (in euros) |
0.60 |
0.96 |
Free Cash Flow before acquisitions and
disposals |
19.2 |
36.0 |
Net Cash Position |
143.2 |
393.6 |
“Our first-quarter performance was positively impacted by
exceptional results in our U.S. Lighter business. Rocketbook, our
digital writing business, doubled its sales vs the same period last
year, with strong results across all online channels. In Shavers,
we were able to grow in added-value products and in e-commerce
amidst underlying weak market trends. While we continue to
effectively navigate through a challenging trading environment, we
remain cautious for the balance of the year due to uncertainties
related to the pandemic, particularly in Latin America and India.
With our Horizon plan serving as our North Star, I am encouraged by
the direction that we are taking and the capabilities we are
building throughout our organization that will drive accelerated
profitable growth."
Gonzalve Bich, Chief Executive
Officer
2021 Outlook (based on current market
assumptions)3
Despite a better-than-expected start of the year and an
exceptional performance in Lighters, our Full-Year Net Sales
outlook remains unchanged, although we now expect to be at the high
end of our +5% to +7% growth objective at constant currencies. The
trading environment remains volatile in Latin America, Africa and
India, and the visibility of the upcoming Back-To-School is reduced
due to evolving consumer shopping habits. The Group will provide an
update on overall business trends alongside its half-year results
in July. Full Year 2021 operating margins should improve thanks to
tight management of input costs and further manufacturing
efficiencies. The Full Year 2021 Free Cash Flow is expected to be
above 200 million euros, driven by strict control of CAPEX and
Working Capital.
Q1 2021
OPERATIONAL
TRENDS
in million euros |
Q1 2020 |
Q1 2021 |
% As reported |
% at Constant Currencies |
% On a Comparative basis |
Group |
357.0 |
411.0 |
15.1% |
25.6% |
20.9% |
Europe |
119.1 |
125.2 |
5.2% |
8.0% |
4.9% |
North America |
140.4 |
184.1 |
31.1% |
42.4% |
33.4% |
Latin America |
54.6 |
58.2 |
6.6% |
36.0% |
34.0% |
Middle East and Africa |
20.1 |
22.0 |
9.7% |
18.7% |
18.7% |
Asia and Oceania (including India) |
22.8 |
21.5 |
(5.8) % |
(4.8)% |
0.8% |
First Quarter
2021 Net Sales
increased 25.6% at constant
currencies. The unfavorable impact of currency
fluctuations (–9.5 points) was mainly due to the decrease of the
U.S. dollar and BRL against the euro4. Excluding the impact of
acquisitions and divestitures, growth on a comparative basis was
20.9%.
Growth was driven by the Flame For
Life division, with a favorable comparison base,
and U.S Lighters contributing approximately 13.5 points to the
Group's Net Sales growth on a comparative basis. This exceptional
performance was driven by a shift in market trends (U.S Lighter
market grew 11.1% in value YTD March5) and customers calibrating Q1
orders to meet unexpected consumers’ demand. BIC's overall
performance was also boosted by increased pricing vs. Q1 2020,
additional distribution, and some customers' pre-buys ahead of the
May 2021 price increase. Our new E.Z. Reach Utility Pocket Lighter
continues to be a success, reaching 3.2% of the total Pocket
Lighter market at the end of March5.
In Human
Expression, Rocketbook more than doubled
its Net Sales compared to Q1 2020, growing in all online channels,
and propelled by efficient promotional activities on Amazon.
Nevertheless, the overall Stationery category remains highly
challenging, and BIC's core Writing Instrument business continues
to be hit hard by home-schooling and consumers' evolving shopping
habits.
The Blade Excellence division performance was
driven by our added-value 5 blades and Hybrid Flex ranges. While
the underlying Shaver markets remained weak in the U.S., we held
in-store market share globally and outpaced the online market,
gaining +2.2 points market share year-to-date March6.
E-commerce (excluding
Rocketbook) delivered a solid +42% growth
compared to the same period last year, propelled by a continued
outstanding performance in Pure Players channels (+82%
year-on-year) and the rebound of Omniretailers (+20%). Sales grew
in most regions, and we continued to gain or hold market share in
key markets, supported by increased digital brand support.
In line with the "Invent the Future" roadmap, we
achieved 7.0 million
euros incremental
benefit in Q1, of which
2.3 million euros in direct and indirect procurement. We
continued to adapt our organization by further streamlining our
Stationery manufacturing footprint in India from five to four
factories.
The impacts from Raw Materials price increases were negligible
in Q1 (-0.1 pts on Gross Profit). However, despite improved
procurement efficiencies and active mitigation plans, including
alternative material sourcing and the use of recycled materials, we
expect the current challenging feedstock market conditions to
persist in Q2, and weigh on Full Year 2021 Gross Profit margin.
Q1
2021 Free Cash Flow before acquisitions
and disposals totaled 36.0
million euros, including 15.9 million euros of
CAPEX. Net Cash Position was 393.6 million euros, positively
impacted by 173.9 million euros of proceeds from our headquarters'
sale.
EARNINGS
BEFORE
INTEREST AND TAXES
(EBIT) AND
ADJUSTED EBIT
in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
357.0 |
411.0 |
Gross Profit |
182.4 |
212.1 |
Gross Profit margin |
51.1% |
51.6% |
EBITDA |
47.8 |
250.9 |
EBIT |
23.0 |
227.3 |
EBIT margin |
6.4% |
55.3% |
Non-recurring items |
2.3 |
(166.8) |
Adjusted EBIT |
25.3 |
60.5 |
Adjusted EBIT margin |
7.1% |
14.7% |
The Q1
Gross Profit margin improvement was driven by the
strong increase in North America Lighter sales, a decrease in Brand
Support above Net Sales and savings linked to manufacturing
efficiencies. This was partly offset by adverse forex from Latin
American currencies against the U.S. dollar. The strong
increase in Net Sales positively impacted Q1 2021 Adjusted
EBIT.
Q1 2021 non-recurring
items included 167.7 million euros from Clichy
Headquarters sale gain, 3.0 million euros from Pimaco divestiture
gain, and 3.9 million euros of restructuring costs related to the
transformation plan.
Key components of the change in Adjusted ebit margin
(in points) |
Q1 2020vs. Q1 2019 |
Q1 2021vs. Q1 2020 |
|
+0.2 |
+0.5 |
|
(0.2) |
+1.2 |
|
(6.0) |
+5.9 |
Total change in Adjusted EBIT margin |
(6.0) |
+7.6 |
NET INCOME AND EPS
in million euros |
Q1 2020 |
Q1 2021 |
EBIT |
23.0 |
227.3 |
Finance revenue/costs |
11.8 |
0.8 |
Income before Tax |
34.8 |
228.2 |
Net Income Group share |
25.0 |
161.6 |
Adjusted Net Income Group Share7 |
26.9 |
43.0 |
Adjusted EPS Group Share (in euros) |
0.60 |
0.96 |
EPS Group Share (in euros) |
0.56 |
3.59 |
Q1 2021
finance revenue decrease is due to 2020's strong
favorable impact of the fair value adjustments to financial assets
denominated in USD (versus BRL and MXN).Q1
2021 effective tax
rate was 29.2%, whereas Q1 2020 effective tax rate,
excluding Cello impairment, was 31.2%. The decline is primarily due
to the decrease in the statutory French tax rate in 20218.
NET CASH POSITION
CHANGE IN NET CASH POSITION in million euros |
2020 |
2021 |
Net Cash position (beginning of period –
December) |
146.9 |
183.9 |
Net cash from operating activities |
+35.1 |
+51.9 |
- Of which operating cash flow
|
+46.1 |
+91.1 |
- Of which change in working capital and others
|
(11.0) |
(39.2) |
CAPEX |
(15.9) |
(15.9) |
Share buyback program |
(7.4) |
(3.2) |
Net cash from the liquidity contract |
(0.4) |
+0.5 |
Proceed from the sale of Clichy Headquarters |
- |
+173.9 |
Proceed from Pimaco divestiture |
- |
+3.4 |
Acquisitions9 |
(2.7) |
(4.2) |
Other items |
(12.4) |
+3.3 |
Net Cash position (end of period – March) |
143.2 |
393.6 |
At the end of March
2021,
the Group's Net Cash position stood at
393.6 million euros, impacted by the sale of Clichy
Headquarters and Pimaco. The tax related to the H.Q. sale (46
million euros) will be paid later in the year. Cash from operating
activities was affected by an unfavorable change in working capital
due to increased accounts receivables following strong Q1 Net Sales
and inventory building ahead of the Back-to-School season in the
Northern Hemisphere. CAPEX and share buybacks also negatively
impacted Net Cash position.
SHAREHOLDERS'
REMUNERATION
- Ordinary dividend of
1.80 euros per
share to be paid in June 2021, subject to the approval by the 19
May 2021 Annual General Meeting.
- 3.2 million euros in share
buy-backs by Société BIC at the end of March 2021 (62,600
shares purchased at an average price of 50.46 euros).
OPERATIONAL TRENDS BY
DIVISION
HUMAN EXPRESSION
(STATIONERY)
in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
126.9 |
131.1 |
Change as reported vs. prior year |
(14.4)% |
3.3% |
Change on a comparative basis vs. prior year |
(14.8)% |
1.3% |
Change at constant currency vs. prior year |
(12.9)% |
11.2% |
Adjusted EBIT |
0.8 |
3.4 |
Adjusted EBIT Margin |
0.7% |
2.6% |
EBIT |
0.8 |
5.2 |
EBIT Margin |
0.6% |
4.0% |
The Stationery category continued to be strongly affected by
ongoing school and office closures and evolving consumer shopping
habits. Latin America, Africa and India, with traditional trade
highly impacted by the pandemic remained the hardest hit.
In Europe and North America, sell-out was
negatively impacted by the decline in core Writing Instruments
segments, such as Ball Pens, at the expense of more positive trends
in Coloring. In Europe, while we lost share in
value due to headwinds in core segments, we gained a 0.5-point
market share in France10 and 2.1 points in the U.K11 in Coloring.
Sell-in performance was driven by a rebound in demand from Office
suppliers in France and Italy and robust e-commerce growth.
In North America, after a weak start to the year,
the market rebounded in March and reached 6.2% growth in Q112,
driven by Gel and Coloring. We lost 1.1 points market share in
value in total Stationery, though we continued to gain share in
both Coloring Markers and Coloring Pencils12. In line with our
Horizon strategy, we continued to pave our way in the Digital
Writing segment with Rocketbook's integration well underway and
outstanding performance, as sales more than doubled versus the same
period last year.
Back-to-School seasons in the Southern Hemisphere were heavily
disrupted in most countries. In Latin
America, Brazils' market was down 49.3% in value due to
the lockdown measures13. Yet, we gained 2.3 points value share,
thanks to gains in both Ball Pens and Coloring markers13.
In South Africa, while the overall market was also
challenging, declining 9.8%, we grew share by 1.6 points in value
in Coloring14. In Nigeria, Net Sales more than doubled,
underpinning the continued positive momentum in our acquisition of
Lucky Stationery and BIC's efficient route-to-market strategy in
the region. In India, Cello Net Sales grew
double-digit thanks to improving domestic market conditions in Q1
and positive momentum in e-commerce.
Q1 2021 Human
Expression division
adjusted EBIT
margin was 2.6% compared to 0.7% in 2020. This
increase was driven by higher Net Sales (including Rocketbook's),
lower Brand Support investments and manufacturing costs savings
linked to Procurement efficiencies, which more than offset
unfavorable Forex (from Latin American currencies versus USD).
FLAME FOR LIFE (LIGHTERS)
in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
121.0 |
174.5 |
Change as reported vs. prior year |
(19.2)% |
44.2% |
Change on a comparative basis vs. prior year |
(18.7)% |
54.2% |
Change at constant currency vs. prior year |
(18.6)% |
57.8% |
Adjusted EBIT |
34.7 |
65.1 |
Adjusted EBIT margin |
28.7% |
37.3% |
EBIT |
34.5 |
63.4 |
EBIT Margin |
28.5% |
36.3% |
Growth was boosted by the exceptional Q1
performance in the U.S. and solid results in Latin America. Djeep’s
integration is well underway.
In Europe, Net Sales growth was driven by good
performance in France, Spain and Italy, and distribution gains in
Russia. In the
U.S., the Pocket
Lighter market was flat in volume and up 8.5% in value15. The
Utility market increased 23.4% in volume and 28.9% in value,
boosted by the rise of non-tobacco lighting occasions, with candles
leading the way, growing over 40%16 in value. We continued to
outperform both the Pocket Lighter segment, growing 3.5% in volume
and 10.5% in value (+1.7 points in value) and the Utility segment
(+0.7 points in value15). Q1 U.S. Lighter sell-in grew more than
75%. The shift in market trends and customers calibrating Q1 orders
to meet consumers' demand contributed approximately 50 points to
the growth. BIC's overall performance was boosted by increased
pricing (approximately 8 points of the growth vs. Q1 2020),
additional distribution notably from our new successful product
E.Z. Reach (approximately 12 points), and others, including some
customers' pre-buys ahead of the May 2021 price increase
(approximately 7 points). Based on the Q1 performance, we now
expect the U.S. pocket Lighter market to be in the range of flat to
low-single digit increase in value in 2021 (versus flat).
In Latin America, Net Sales in
Brazil were driven by the low level of customers' inventory at the
end of 2020 and higher demand driven by both smoking and
non-smoking usage, combined with lower importations of lighters
triggered by adverse currency fluctuations (devaluation of the
BRL).
Q1 2021 Flame For
Life division
adjusted EBIT
margin was 37.3% compared to 28.7% in 2020, driven
by the strong increase in Net Sales and the favorable impact of the
June 2020 price adjustment in U.S. Lighters. This was partially
offset by unfavorable Forex (from BRL versus USD) and higher Brand
Support investments compared to the same period last year.
BLADE EXCELLENCE
(SHAVERS)
in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
102.0 |
96.4 |
Change as reported vs. prior year |
(6.4)% |
(5.5)% |
Change on a comparative basis vs. prior year |
(5.9)% |
4.5% |
Change at constant currency vs. prior year |
(5.0)% |
5.0% |
Adjusted EBIT |
7.7 |
12.2 |
Adjusted EBIT Margin |
7.5% |
12.7% |
EBIT |
7.5 |
12.2 |
EBIT Margin |
7.3% |
12.7% |
Overall performance was driven by the success of our added-value
products and robust growth in e-commerce, despite challenging
market trends in most geographies.
In Europe, performance was negatively impacted
by declining markets, down high single-digit in value (notably in
France, the U.K. and Italy), partially offset by market share gains
in Russia.
In the U.S., the in-store Disposable market
declined 10.1% in value17. We underperformed by -0.9 pts as a
result of intense competition in the Female segment17.
Nevertheless, we gained +0.3 points market share in the male
segment led by the success of Flex 5 and Hybrid Flex ranges, and we
outpaced the online market, gaining 2.2 points market share
year-to-date March17.
In Latin America, Brazil's
market grew +3.9 points in value, and we gained +0.3 share points,
driven by the Female segment and Male Hybrid products18. In Mexico,
the market continued to be impacted by pandemic restrictions and
declined 4.4% in value. BIC lost 0.7 points in share yet gained
significantly in Female with the BIC Soleil range up +3.9
points18.
Q1 2021 Blade
Excellence division
adjusted EBIT
margin was 12.7% compared to 7.5% in 2020,
impacted positively by lower Brand Support investments, lower
Operating Expenses and manufacturing costs savings linked to
Procurement efficiencies, which more than offset unfavorable
Forex.
OTHER PRODUCTS
in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
7.0 |
9.0 |
Change as reported |
(15.7)% |
29.4% |
Change on a comparative basis |
(15.2)% |
29.7% |
Change at constant currency |
(15.2)% |
29.7% |
Adjusted EBIT |
(0.9) |
(0.2) |
EBIT |
(0.9) |
(0.2) |
UNALLOCATED COSTS
in million euros |
Q1 2020 |
Q1 2021 |
Adjusted EBIT |
(17.0) |
(20.0) |
EBIT |
(18.8) |
146.8 |
Q1 2021 unallocated costs are
mainly related to Corporate headquarters costs, and
Clichy Headquarters sales capital gain amounting 167.7 million
euros. The decrease in Adjusted
EBIT is due to the costs of the
implementation of the transformation plan.
APPENDIX
2021 OUTLOOK ASSUMPTIONS
Our 2021 outlook is based on the following market
assumptions26F19:
- Market Trends (in value):
- Europe: Flat to slight increase in Stationery
and Lighters, flat in Shavers (vs flat to slight increase)
- North America:
- Low to mid-single digit increase in U.S. Stationery
market,
- Flat to low-single digit increase for total U.S. pocket
Lighters' market (vs flat),
- Low to mid-single-digit decrease in total U.S. one-piece
Shavers market,
- Latin America: low to mid-single digit
decrease (vs low to mid-single increase) in Stationery, low to
mid-single digit increase in Lighters and Shavers,
- India: double-digit increase in
Stationery.
- EBIT and Free Cash Flow
drivers:
- Flat Gross Profit Margin with increased volumes and positive
price impact offset by higher Raw Materials costs, adverse F.X.
from Latin American and Indian currencies, and negative mix due to
Net Sales Growth in India
- Increase in Brand Support, R&D and Innovation to support
Net Sales growth
- Lower OPEX as % of Net Sales
- Approximately 100 million euros in CAPEX
- Improved Working Capital
- Currency: 2021 USD-Euro hedging rate:
1.13
NET SALES BY CATEGORY in million euros |
Q1
2020 |
Q1 2021 |
Change as reported |
F.X.
impact20(in pts) |
Change in Perimeter21(in
pts) |
Argentina impact22(in pts) |
Change on a ComparativeBasis |
Group |
357.0 |
411.0 |
15.1% |
(9.5)% |
4.0% |
(0.3)% |
20.9% |
Stationery – Human
Expression |
126.9 |
131.1 |
3.3% |
(6.7)% |
9.3% |
(0.6)% |
1.3% |
Lighters- Flame for Life |
121.0 |
174.5 |
44.2% |
(12.7)% |
2.4% |
0.3% |
54.2% |
Shavers- Blade Excellence |
102.0 |
96.4 |
(5.5)% |
(9.6)% |
(0.4)% |
(0.1)% |
4.5% |
Other Products |
7.0 |
9.0 |
29.4% |
(0.3)% |
- |
- |
29.7% |
IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS ON NET
SALES (EXCLUDES ARS) in % |
Q1 2020 |
Q1 2021 |
Perimeter |
+0.1 |
4.0 |
Currencies |
(0.4) |
(9.5) |
Of which USD |
+0.9 |
(4.5) |
Of which BRL |
(1.0) |
(2.7) |
Of which MXN |
(0.1) |
(0.6) |
Of which AUD |
(0.1) |
+0.2 |
Of which ZAR |
(0.1) |
(0.1) |
Of which RUB and UAH |
+0.1 |
(0.6) |
EBIT BY CATEGORY in million euros |
Q1 2020 EBIT
|
Q1 2021 EBIT |
Q1 2020 Adjusted
EBIT |
Q1 2021 Adjusted
EBIT |
Group |
23.0 |
227.3 |
25.3 |
60.5 |
Margin |
6.4% |
55.3% |
7.1% |
14.7% |
Stationery- Human Expression |
0.8 |
5.2 |
0.8 |
3.4 |
Margin |
0.6% |
4.0% |
0.7% |
2.6% |
Lighters- Flame for Life |
34.5 |
63.4 |
34.7 |
65.1 |
Margin |
28.5% |
36.3% |
28.7% |
37.3% |
Shavers- Blade Excellence |
7.5 |
12.2 |
7.7 |
12.2 |
Margin |
7.3% |
12.7% |
7.5% |
12.7% |
Other Products |
(0.9) |
(0.2) |
(0.9) |
(0.2) |
Unallocated costs |
(18.8) |
146.8 |
(17.0) |
(20.0) |
CONDENSED PROFIT AND LOSS in million euros |
Q1 2020 |
Q1 2021 |
Net Sales |
357.0 |
411.0 |
Cost of goods |
174.6 |
198.9 |
Gross profit |
182.4 |
212.1 |
Administrative & net other operating expenses/ (gain) |
159.4 |
(15.2) |
EBIT |
23.0 |
227.3 |
Finance revenue/costs |
11.8 |
0.8 |
Income before tax |
34.8 |
228.2 |
Income tax expense |
(9.7) |
(66.6) |
Net Income Group Share |
25.0 |
161.6 |
Earnings per Share Group Share (in euros) |
0.56 |
3.59 |
Average number of shares outstanding (net of treasury shares) |
44,967,372 |
44,994,288 |
CONDENSED BALANCE SHEET in million euros |
March 31, 2020 |
March 31, 2021 |
ASSETS |
|
|
Non-current assets |
1,120.5 |
1,062.1 |
Current assets |
1,295.0 |
1,370.7 |
- Of which Cash and cash equivalents
|
268.3 |
464.7 |
TOTAL ASSETS |
2,415.5 |
2,432.8 |
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
Shareholders' equity |
1,547.5 |
1,622.7 |
Non-current liabilities |
283.2 |
249,3 |
Current liabilities |
584.8 |
560,8 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
2,415.5 |
2,432.8 |
RECONCILIATION WITH ALTERNATIVE PERFORMANCE
MEASURES
ADJUSTED EBIT RECONCILIATIONin million euros |
Q1 2020 |
Q1 2021 |
EBIT |
23.0 |
227.3 |
Clichy Headquarters sales capital gain |
- |
(167.7) |
Pimaco divestiture capital gain |
- |
(3.0) |
Restructuring costs (Transformation plan) |
2.3 |
3.9 |
Adjusted EBIT |
25.3 |
60.5 |
ADJUSTED EPS RECONCILATION in euros |
Q1 2020 |
Q1 2021 |
EPS |
0.56 |
3.59 |
Clichy Headquarters sales net capital gain |
- |
(2.67) |
Pimaco divestiture net capital gain |
- |
(0.04) |
Restructuring costs (Transformation plan) |
0.03 |
0.06 |
Argentina hyperinflationary accounting (IAS29) |
0.01 |
0.02 |
Adjusted EPS |
0.60 |
0.96 |
SHARE BUYBACK
PROGRAM
SOCIETE BIC |
Number of sharesacquired |
Average weighted price (in €) |
Amount(in M€) |
March 2021 |
62,600 |
50.46 |
3.2 |
Total |
62,600 |
50.46 |
3.2 |
CAPITAL AND VOTING RIGHTS
As of March 31, 2021, the total number of issued
shares of SOCIÉTÉ BIC was 45,395,857 shares, representing:
- 66,790,746 voting rights,
- 66,395,723 voting rights, excluding
shares without voting rights.
Total number of treasury shares held at the end
of March 2021: 395,023.
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 impact 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 2019 and
2020.
- EBITDA: EBIT before
Depreciation and Amortization
- Adjusted EBIT:
adjusted means excluding normalized items.
- Adjusted EBIT margin:
adjusted EBIT as a percentage of Net Sales.
- Net Cash from operating
activities: Cash generated from principal activities of
the entity and other activities that are not investing or financing
activities.
- Free Cash Flow: Net
cash flow from operating activities less capital expenditures
(CAPEX). Free cash flow does not include acquisitions and proceeds
from the sale of businesses.
- 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 March 31, 2021, were approved by the Board of Directors on April
27, 2021. A presentation related to this announcement is also
available on the BIC website (at www.bic.com). This document
contains forward-looking statements. Although BIC believes its
expectations are based on reasonable assumptions, these statements
are subject to many risks and uncertainties. A description of the
risks borne by BIC appears in the section, "Risks Management" in
BIC's 2020 Universal Registration Document filed with the French
financial markets authority (AMF) on April 1, 2021.
ABOUT BICA world leader in stationery, lighters
and shavers, BIC brings simplicity and joy to everyday life. For
more than 75 years, the Company has honored the tradition of
providing high-quality, affordable, essential 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 BIC Kids™, BIC
FlexTM, BodyMark by BICTM, Cello®, Djeep, Lucky Stationery,
Rocketbook, Soleil®, Tipp-Ex®, Us. TM, Wite-Out® and more. In 2020,
BIC Net Sales were 1,627.9 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.bic.com or follow us on LinkedIn, Instagram, Twitter, or
YouTube.
CONTACT
Sophie Palliez-CapianVP, Corporate Stakeholder Engagement+33 1
45 19 55 28+ 33 87 89 3351Sophie.palliez@bicworld.com
Michèle VenturaSenior Manager, Investor Relations+ 33 1 45 19 52
98Michele.ventura@bicworld.com
Albane de La Tour d’Artaise Senior Manager, Institutional Press
Relations+ 33 1 45 19 51 51+ 33 7 85 88 19 48
Albane.DeLaTourDArtaise@bicworld.com
Isabelle de Segonzac Image 7+ 33 6 89 87 61
39isegonzac@image7.fr
2021 AGENDAALL DATES TO BE CONFIRMED
2021 AGM |
May 19, 2021 |
First Half 2021 Results |
July 28, 2021 |
3rd Quarter 2021 Results |
October 26,
2021 |
1 Non audited figures2 Including Clichy headquarters capital
gain3 See page 8 for main market assumptions.4 this excludes the
Argentinian peso.5 IRI YTD 28MAR216 Shaver data source Amazon OCR
Total Wet Shave 27-Mar-2021, 1P only – YTD7 Excluding Clichy
Headquarters net capital gain, Pimaco divestiture, restructuring
costs & Argentina hyperinflationary accounting for 2021 and
restructuring costs & Argentina hyperinflationary accounting
for 20208 28.41% in 2021 vs 32.02% in 20209 Haco Industries Ltd in
2020 & 2021, Rocketbook in 202110 IRI YTD 28MAR21 coloring
segment11 IRI YTD 20MAR21 coloring segment12 NPD YTD 03APR21 with
coloring13 Nielsen YTD FEB 202114 IRI YTD FEB 202115 IRI YTD
28MAR2116 IRI 202017 IRI YTD 28MAR2118 Nielsen YTD FEB 202119
Euromonitor and BIC estimates 20 Forex impact excluding Argentinian
Peso (ARS)21 Mainly Djeep and Rocketbook acquisition 22 See
glossary
- BIC_Q1 2021_Results_PressRelease
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