BIC: Update on Covid-19 Impacts
March 23 2020 - 3:01PM
BIC: Update on Covid-19 Impacts
FOR IMMEDIATE
RELEASE
BIC – UPDATE ON COVID-19
IMPACTS
CLICHY – 23 MARCH 2020 - In the
current environment of the Covid-19 outbreak, the health and safety
of BIC’s team members, customers, suppliers, and consumers remain
an absolute priority, and the Group supports all the preventive
governmental decisions implemented to fight the pandemic.
A dedicated crisis team, comprised of all key
functions within the organization monitors the situation daily and
has taken all the necessary measures to protect all our employees
and stakeholders.
Around the world, BIC teams are working
relentlessly to enable business continuity by adapting commercial
activities to maintain customer service and meet consumer demand
for everyday essentials such as Shavers, Lighters, and Writing
Instruments. To date, four Writing Instrument factories have halted
operations to comply with local government guidelines (two in
India, one in Tunisia and one in Ecuador). We are staying close to
national and local authorities and will support their decisions
related to the ongoing organization of work.
With respects to the economic and financial
risks associated with the outbreak, the Group could be potentially
exposed in several ways, such as:
- Disruption in BIC’s Global Supply Chain in the event of further
factory closures, as well as the discontinuation of the activity of
some of our suppliers and subcontractors,
- Negative impact on Net Sales due to customers’ reduced activity
or store closures, particularly in the Traditional and Convenience
channels. BIC realizes approximately 50% of its Net Sales in the
US, France, Italy, Spain, which are among the most affected
countries as of today,
- Impacts on the cost base with significant deterioration of
fixed cost absorption.
BIC is working closely with all its business
partners to leverage its integrated business model, off-line and
on-line distribution, and strong balance sheet to mitigate the
situation and minimize the long-term financial impact of the
epidemic.
In this context, and although it is still too
early to assess the full impact of the outbreak, the 2020 outlook
and market assumptions communicated on 12 February 2020 are
suspended until further notice.
As of the end of last week, BIC Net Cash
position was slightly above 170 million euros. The Group maintains
close contact with its banking pool and has confirmed its access to
liquidity with its historical financial partners if needed.
BIC will release its Q1 2020 results and provide
an update of the Covid-19 impacts on the business on 23 April
2020.
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
– +33 6 87 89 33 51sophie.palliez@bicworld.com |
Investor Relations Contact |
Press Contacts |
Michèle Ventura +33 1 45 19 52 98michele.ventura@bicworld.com |
Albane
de La Tour d’Artaise +33 1 45 19 51 51
Albane.DeLaTourDArtaise@bicworld.com |
|
Isabelle de Segonzac : +33 1 53 70 74 85isegonzac@image7.fr |
- BIC_Covid-19 impact_Press Release_23MAR20
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