BIC: FULL YEAR 2021 RESULTS
Clichy – France - February 15th, 2022
BIC -
FULL YEAR
2021
RESULTSBringing Horizon to Life
Robust Net Sales
Growth fueled by
Consumer-centricity and Commercial
Excellence
Full-Year 2021 Net
Sales: 1,831.9 million euros,
up 15.9% at constant
currencies and 12.2% on a
comparative basis
Human Expression: double-digit Net Sales
growth, driven by solid execution in Europe, Latin America, Middle
East & Africa, and India, alongside an outstanding 55% growth
for Rocketbook's reusable digital notebooks
Flame For Life: record performance fueled by
the U.S. Lighter market growth, the success of BIC EZ Reach Utility
Pocket Lighter, and solid growth in Latin America and Europe
Blade Excellence: continued success of
added-value 4 and 5-blade shavers, good performance in Latin
America & Europe
21% increase in E-commerce Net Sales, driven by all distribution
channels; accelerated growth in Latin America, Middle East &
Africa, and India
Resilience in the face of
external headwinds through
manufacturing and procurement
efficiencies
Full-year 2021 adjusted EBIT 279.8 million euros, up 22.1%,
15.3% adjusted EBIT marginFull-year 2021 Net Income: 314.2 million
euros, EPS: 7.02 euros, adjusted EPS: 4.29 euros, up 21.2%
Strong Cash Flow and
Solid Balance Sheet
Free Cash Flow before acquisitions and
disposals: 205.7
million euros Net Cash Position: 400.1 million
euros
Invent the Future Plan targets achieved at the end of
2021, one year ahead of schedule
Effectiveness: 50 million euros annual savings compared to
December 2018Innovation: +21% new patent submissions in
2021Consumer-centric brands: 83% of Brand Support investments
allocated to Digital Media Omnichannel Distribution: 10% of Total
Net Sales from e-commerce, including Rocketbook
Progress in our Sustainable Development
journey
New products with environmental benefits, including the BIC®
Cristal® Re'New™, and the BIC® BAMBOO shaverCO2 emission reduction
roadmap to be announced in May 2022
Sustained Shareholder Remuneration,
consistent with Horizon plan use of cash
policy
96 million euros proposed Ordinary Dividend for 2021 fiscal
year, paid in June 20221 - 2.15 euros per
share, up
19.4%40 million euros ESG Share
Buyback program launched in January 2022
"We delivered strong 2021 results, exceeding our
expectations and growing Net Sales high-single to double-digits in
all our markets, by being laser-focused on turning our Horizon
strategic plan into actions. Our passion for bringing simplicity
and joy to people all over the world drives us to reimagine what's
new today and what's next tomorrow. Our teams over-delivered on
what they can control, such as commercial excellence and new
product launches. More importantly, we demonstrated our
determination and agility to manage and mitigate external headwinds
and made progress in our Sustainable Development journey. The
recent acquisition of Inkbox, a leader in the fast-growing Skin
Creative industry, is a further step in BIC's transformation into a
fast-moving consumer-centric company, and I am convinced we are
driving toward achieving our goal of accelerated long-term
profitable growth" said Gonzalve Bich
– BIC’s Chief Executive
Officer
2022 Outlook
(based on current market
assumptions2)
Building on 2021's momentum and the execution of the
Horizon plan, we expect Full Year 2022 Net Sales to grow between
+7% and
+9% at constant
currencies. This includes 1 to 2 points growth from
Inkbox. All divisions will contribute to organic growth.
Consistent with our Horizon plan's target, 2022 Free
Cash Flow is expected to be above 200 million
euros.FY 2021 KEY GROUP FINANCIAL
FIGURES
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Group Net Sales |
410.1 |
436.8 |
1,627.9 |
1,831.9 |
Change as reported |
(18.2)% |
+6.5% |
(16.5)% |
+12.5% |
Change on a comparative basis |
(10.7)% |
+0.5% |
(12.6)% |
+12.2% |
Change on a constant currency basis |
(9.4)% |
+4.1% |
(11.8)% |
+15.9% |
EBIT Margin |
6.0% |
8.5% |
9.6% |
24.7% |
Adjusted EBIT Margin |
12.9% |
7.1% |
14.1% |
15.3% |
EPS (in euros) |
0.08 |
0.60 |
2.08 |
7.02 |
Adjusted EPS (in euros) |
0.57 |
0.48 |
3.54 |
4.29 |
Free Cash Flow before acquisitions and
disposals |
100.8 |
(26.6) |
274.5 |
205.7 |
Net Cash Position |
183.9 |
400.1 |
183.9 |
400.1 |
FY 2021 KEY GROUP NON-FINANCIAL
FIGURES
|
FY 2020 |
FY 2021 |
GHG Emissions (Scope 1, 2 - tCO2eq) – Market-basedGHG Emissions
(Scope 3 - tCO2eq) |
33,185785,000 |
35,310 805,000 |
% Renewable Electricity |
80% |
79% |
% of recycled or alternative materials in BIC® products% of
reusable, recyclable, or compostable plastic in packaging |
4.3%42.5% |
4.0%59.6% |
Workplace accidents |
50 accidents362 sites with zero-accident |
58 accidents340 sites with zero-accident |
Improved Children Learning Conditions |
118 million (cumulative) |
158 million(cumulative) |
FY 2021 KEY
MILESTONES
Innovation and New
Products |
[January] Launch of the BIC® Cristal®
Re'New™ rechargeable metallic Cristal Ball Pen
[March] Launch of our new Hybrid shaver range, with recycled
plastic handles[April] Launch of BIC® ReVolution, a range
eco-friendly Stationery line made of at least 50% recycled
plastic.[May] Launch of the BIC®
BAMBOO shaver, a five-blade Hybrid Flex with
handle made from bamboo [October] Development with
Avient of recycled material that will be incorporated into
the handle of the BIC Click Soleil 5 shaver |
Acquisitions and Disposals |
[February] PIMACO divestment completed[February] Sale of Clichy
Headquarters completed |
Corporate Responsibility and
Sustainability |
[May] Pledged to define and present a CO2 emissions reduction
roadmap by May 2022 Annual General Meeting [November]
Completion of BIC's first ESG Impact Share Buyback Program
and launch of the partnership with The Abdul Latif Jameel Poverty
Action Lab [December] Joining The United Nations (U.N.)
Global Compact[December] A- leadership 2021 CDP score on Climate
Change confirmed |
Governance |
[November] Nomination of Nikos
Koumettis for election to BIC Board of Directors and incoming
Non-Executive Chair of the Board |
2021 HIGHLIGHTS
Robust Net Sales Growth fueled by Consumer-centricity and
Commercial Excellence
Full-year 2021 Net Sales performance was driven by a rebound in
all regions amidst the gradual recovery from the 2020 COVID-19
crisis. All divisions contributed to the Net Sales growth.
Human Expression Net Sales grew 13.6% on a comparative basis and
21.3% at constant currencies, driven by robust commercial execution
in Europe, Latin America, Middle-East & Africa, and India, and
the outstanding performance of Rocketbook’s reusable digital
notebooks, up 55% year-on-year. Core Stationery products growth was
driven by a rebound in overall consumption and schools' reopening
in most countries, while the Coloring and Markers segments
continued to be boosted by the shift in consumer attitudes towards
creativity and self-expression. Overall, BIC products' performance
was fueled by a significant improvement in in-store visibility.
Flame For Life Net Sales grew 18.2% on a comparative basis and
20.3% at constant currencies, driven by improved market dynamics in
the US, solid performance in Europe and Latin America, and the
success of our strategy to lean towards a more value-driven growth.
Thanks to the success of BIC EZ Reach in the US and the addition of
Djeep Lighters in Europe, added-value products accounted for almost
36% of total sales in 2021, on track to reach our 50% goal in
2025.
Blade Excellence Net Sales increased 2.5% on a comparative basis
and 3.0% at constant currencies, driven by the success of
added-value 4 and 5-blades and a good performance in Latin America
and Europe. Our B2B blade business, BIC Blade-Tech, started to ship
to its first customers in September 2021. We expect BIC Blade-Tech
sales to ramp up in 2022 and contribute substantially to the
division's growth.
E-commerce (excluding Rocketbook) delivered a
robust 21% growth, with a sustained and balanced performance
between Pure Player channels (+17%), Omniretailers (+23%), and
Direct-to-Consumer (+23%). Compared to last year, sales in
developing regions grew more than 60%, and BIC grew market share in
almost all measured markets and categories. Consistent with our
objective to engage directly with consumers, we invested 83% of
total Brand Support in online channels.
Resilience in the face of external headwinds through
manufacturing and procurement efficiencies
2021 operating performance was impacted by the increase in Raw
Materials and Packaging market prices and the disruption of global
Sea Freight. Total input costs headwinds weighed 130 basis points
(22 million euros) on Full-year 2021 Gross Profit margin. The
impact was -410 basis points in Q4, including 270 basis points from
Raw Materials and 140 basis points from Sea & Air Freight
import costs, higher than initially anticipated. The impact of
increased Customers' Freight and Distribution costs on adjusted
Full-year EBIT was -150 basis points.
These external headwinds were more than offset by the 25
million euros incremental benefits in manufacturing
efficiencies and procurement initiatives fueled by BIC's Invent the
Future plan.
Strong Cash Flow and Solid Balance Sheet
Full-year 2021 Free Cash Flow before
acquisitions and disposals totaled 205.7 million euros.
The increase in Working Capital was driven by the building of
strategic inventories to protect Raw Material Supply and Product
Delivery in 2022. CAPEX totaled 74.9 million euros. December 2021
Net Cash Position stood at 400.1 million euros; this includes 127.9
million euros net proceeds from the sale of BIC's Clichy
headquarters.
Invent the Future Plan operational targets achieved at the end
of 2021, one year ahead of schedule
One year ahead of schedule, we achieved the four operational
targets defined in 2019 in our Invent the Future plan.
Effectiveness: 50 million euros annual benefits compared to
December 2018
Innovation: +21% increase of new patent submissions in 2021
Consumer-centric brands: 83% of Brand Support investments
allocated to Digital Media in 2021
Omnichannel Distribution: 10% of total Net Sales from
e-commerce, including Rocketbook, in 2021
Progress in our Sustainable Development journey
In line with our Sustainable Development journey, we launched
several innovative products with reduced environmental impact
during 2021, including the BIC® Cristal® Re'New™, our first
rechargeable metallic Cristal Ball Pen, and the BIC® BAMBOO shaver,
a five-blade Hybrid Flex razor with a handle made from responsibly
sourced bamboo.
We continued to work on reducing our overall carbon footprint
with 79% renewable electricity usage. We also made progress in our
plastic commitments, with 59.6% of reusable, recyclable, or
compostable packaging (+17.1 points year-to-date) and continued to
invest in R&D and manufacturing to reduce the percentage of
non-virgin petroleum or alternative plastics in our products. As
pledged in May 2021, we will unveil a CO2 emission roadmap during
our next AGM on 18 May 2022.
Sustained Shareholder Remuneration, consistent with Horizon plan
use of cash policy
In line with Horizon Plan Capital Allocation Policy, the Board
will propose a 2.15 euros per share Ordinary Dividend to the next
AGM, a 50% payout ratio, and an increase of 19.4% compared to
2021.
In addition to the Ordinary Dividend, a 40 million euros ESG
Share Buyback program was launched on 24 January 2022. Like in
2021, part of the program will be allocated to the Abdul Latif
Jameel Poverty Action Lab (J-PAL), global research center, and the
BIC Corporation Foundation for Education. In 2021, the funds
allocated to J-PAL helped support research on innovative and more
inclusive education models aligned with BIC's long-term commitment
to improving lives through education.
Governance
On 19 November 2021, the Board of Directors announced it will
nominate Nikos Koumettis as an Independent
Director for election at BIC's next Annual General Meeting. Subject
to the Shareholders' approval, the Board intends to appoint him as
Independent Non-Executive Chair. Greek-Cypriot and President,
Europe Operating Unit at the Coca-Cola Company, Nikos Koumettis,
will bring over 30 years of international experience in the
Consumer-goods industry and knowledge of governance topics. He will
be able to guide the Board in support of BIC's management team in
the transformation of the Company. He has been a Member of the
Canada Goose International Advisory Board since 2016 and is a
member of the Board of Trustees of the American College of
Greece.
NET SALES,
EARNINGS
BEFORE
INTEREST AND TAXES
(EBIT), AND
ADJUSTED EBIT
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Net Sales |
410.1 |
436.8 |
1 627.9 |
1 831.9 |
Gross Profit |
197.2 |
214.0 |
782.4 |
930.8 |
Gross Profit margin |
48.1% |
49.0% |
48.1% |
50.8% |
EBITDA |
52.8 |
79.1 |
300.1 |
549.3 |
EBIT |
24.5 |
36.9 |
156.8 |
452.0 |
EBIT margin |
6.0% |
8.5% |
9.6% |
24.7% |
Non-recurring items |
28.4 |
(5.7) |
72.3 |
(172.2) |
Adjusted EBIT |
52.9 |
31.2 |
229.1 |
279.8 |
Adjusted EBIT margin |
12.9% |
7.1% |
14.1% |
15.3% |
FY 2021 Net Sales increased 12.5% as reported
and 15.9% at constant currencies. The unfavorable impact of
currency fluctuations (–2.8 points) was mainly due to the decrease
of the U.S. Dollar against the Euro4. Excluding the impact of
acquisitions and divestitures, growth on a comparative basis was
12.2%. Q4 Net Sales grew 6.5% as
reported, 4.1% at constant currencies, and 0.5% on a comparative
basis. The favorable impact of currency fluctuations (+2.9 points)
was driven by the increase of the U.S. dollar against the Euro.
FY 2021 Gross Profit
margin increased by 2.7 points to 50.8% compared to 48.1%
in 2020. Excluding the 2020 under-absorption of fixed costs due to
the COVID-19 pandemic, the Gross Profit margin was flat , notably
driven by the increase in North America Lighter sales, a decrease
in Brand Support above Net Sales, manufacturing and procurement
efficiencies, offset by higher raw material costs and unfavorable
Forex from Latin American currencies against the U.S. Dollar.
FY 2021
adjusted EBIT
was favorably impacted by operating leverage from Net Sales growth.
Freight and Distribution costs were higher due to the increase in
customer demand. Q4 adjusted EBIT margin decrease
(-5.8 points) resulted from higher Raw Material and Sea and
Air Freight import costs, partially offset by manufacturing
efficiencies, timing in Brand Support investment and increase in
Freight and Distribution costs, and OPEX.
FY 2021 non-recurring items
included:
- 167.7 million euros from Clichy Headquarters sale gain in Q1
2021,
- 3.0 million euros from Pimaco divestiture gain in Q1 2021,
- (4.2) million euros of restructuring costs related to BIC's
transformation plan,
- (0.4) million euros of earn-out adjustment following Rocketbook
acquisition in 2020
- 6.9 million euros of pensions favorable adjustments
- (0.8) million euros of acquisition costs related to Inkbox
announced in January 2022
Key components of the change in Adjusted EBIT margin
(in points) |
Q1 2021vs. Q1 2020 |
Q2 2021vs. Q2 2020 |
Q3 2021vs. Q3 2020 |
Q4 2021vs. Q4 2020 |
FY 2021vs. FY 2020 |
|
+0.5 |
+2.6 |
(0.4) |
(2.1) |
+0.1 |
|
+1.2 |
(0.5) |
(0.4) |
(1.5) |
(0.3) |
|
+5.9 |
+2.7 |
(0.9) |
(2.2) |
+1.4 |
Total change in Adjusted EBIT margin |
+7.6 |
+4.8 |
(1.7) |
(5.8) |
+1.2 |
NET INCOME AND EPS
in millions of euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
EBIT |
24.5 |
36.9 |
156.8 |
452.0 |
Finance revenue/costs |
(8.5) |
0.5 |
(1.4) |
(4.2) |
Income before Tax |
16.0 |
37.4 |
155.3 |
447.8 |
Net Income Group share |
3.6 |
26.7 |
93.7 |
314.2 |
Adjusted Net Income Group Share |
25.6 |
21.5 |
159.4 |
191.7 |
Adjusted EPS Group Share (in euros) 7 |
0.57 |
0.48 |
3.54 |
4.29 |
EPS Group Share (in euros) |
0.08 |
0.60 |
2.08 |
7.02 |
FY 2021
finance revenue decrease is mainly due to 2020's
strong favorable impact of the fair value adjustments to financial
assets denominated in U.S. Dollar against the Brazilian
Real.FY 2021
effective tax rate was 29.8% vs.
39.7% in 2020. FY 2020 effective tax rate excluding Cello
impairment was 31.2%.
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 |
+357.6 |
+280.6 |
- Of which operating cash flow
|
+294.2 |
+410.3 |
- Of which change in working capital and others
|
+63.4 |
(129.7) |
CAPEX8 |
(83.1) |
(74.9) |
Dividend payment |
(110.2) |
(80.9) |
Share buyback program |
(7.4) |
(39.2) |
Net cash from the liquidity contract |
(0.1) |
+0.4 |
Net Proceeds from the sale of Clichy Headquarters |
- |
+127.9 |
Proceed from Pimaco divestiture |
- |
+4.6 |
Acquisitions9 |
(72.5) |
(7.2) |
Other items |
(47.3) |
+4.9 |
Net Cash position (end of period –
December) |
183.9 |
400.1 |
At the end of
December 2021,
the Group's Net Cash position was 400.1 million
euros, positively impacted by the sale of Clichy Headquarters. Net
Cash from operating activities was 280.6 million euros and driven
by improved operational performance partly offset by the increase
in inventory levels due to higher raw material and freight
costs.
SHAREHOLDERS'
REMUNERATION
- Ordinary dividend
of 1.80
euros per share paid in June 2021,
-
39.2
million euros in share buybacks were completed by
SOCIÉTÉ BIC at the end of December 2021. 717,928 shares were
purchased at an average price of 54.64 euros.
OPERATIONAL TRENDS BY
DIVISION
HUMAN EXPRESSION
Double-Digit Net
Sales growth,
driven by improved
understanding of consumers'
habits, a rebound
in
Europe, Latin
America, Middle-East
& Africa, and
India, alongside
the outstanding performance of
Rocketbook
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Volumes in million units |
|
|
4,888 |
5,839 |
Net Sales |
120.5 |
153.1 |
575.6 |
683.8 |
Change as reported vs. prior year |
(28.8)% |
+27.0% |
(25.7)% |
+18.8% |
Change on a comparative basis vs. prior year |
(21.8)% |
+14.2% |
(23.2)% |
+13.6% |
Change at constant currency vs. prior year |
(21.1)% |
+24.5% |
(22.4)% |
+21.3% |
Adjusted EBIT |
(0.5) |
(3.5) |
33.3 |
36.8 |
Adjusted EBIT Margin |
(0.4)% |
(2.3)% |
5.8% |
5.4% |
Human Expression Full-year Net Sales were
fueled by robust commercial execution in Europe, Latin America,
Middle-East & Africa, and India, where we gained or maintained
market share and the outstanding performance of Rocketbook. The
growth of Core Stationery products was driven by a rebound in
consumption and schools' reopening. Beyond traditional writing
instruments, Coloring and Markers segments continued to be
propelled by the shift of consumer attitudes towards creativity and
self-expression. We gained market share in strategic segments
thanks to an advanced understanding of consumers' changing
habits.
In Europe, growth was led by a
rebound in all distribution channels, including Office Suppliers
and Modern Mass Market, and a solid Back to School season. As we
continued to strengthen our offer with increasingly
consumer-centric products, we gained market share in both classic
and premium segments in key countries, notably France and the U.K.
(+0.9 points in France and +1.7 points in the U.K.). In
Latin America, following a soft start to the year, the
Mexican market grew more than 7% year-to-date10, boosted by a solid
Back to School season. We gained 0.8 points market share,
outperforming classic and added-value segments, such as coloring.
In Brazil, despite a gradual recovery throughout the year, the
market declined 8.5%, strongly affected by a weak Q1. As expected,
Q4 Net Sales were soft due to the high level of customers'
inventory at the end of September. In this volatile environment, we
reinforced our competitive positions, notably in the key Ball Pen
segment, and gained 2.6 points market share. Driven by improved
Indian domestic market conditions, Cello Net Sales
grew high double-digit, boosted by a solid performance in
e-commerce and successful investments in Brand Support. Morocco,
Nigeria, and Kenya were the main contributors to the Middle
East and Africa performance, a tribute to the successful
integration of our recent acquisitions and the deployment of a
direct route to market strategy in these countries.
In North America, product
shortages resulting from supply chain issues affected our shipments
to customers, notably during the Back-to-School season. While the
market grew 16.1%, we lost 1.1 points market share11 overall due to
product availability constraints, despite the success of innovative
launches such as the BIC® Prevaguard, and the eco-friendly BIC®
ReVolution line. Q4 performance improved
significantly, driven by a gradual return to supply chain
reliability, which will continue in 2022. A proof point to the
execution of Horizon strategic plan,
Rocketbook's reusable digital
notebooks Net Sales grew by 55%, exceeding expectations in all
channels, including Pure players and B2B, and boosted by solid
growth in international sales.
The
Full Year 2021 Human
Expression division adjusted EBIT
margin was 5.4% compared to 5.8% in
2020. The increase in Raw Material, Sea and Air Freight
import, and Freight and Distribution costs were partly offset
by Net Sales growth, combined with manufacturing and
procurement efficiencies. Q4 2021 adjusted EBIT
margin was (2.3)% compared
to (0.4)% in 2020. This decline was driven by a
sharp increase in Raw Material and Sea and Air
Freight costs, as well as Freight and Distribution, partly
offset by higher Net Sales.
FLAME FOR LIFE
Robust Net Sales
Growth fueled by improved market
dynamics in the
U.S.
Pocket Lighter market, solid performance
in Latin America and
Europe, combined
with the success of
innovative added-value
products
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Volumes in million units |
|
|
1,394 |
1, 571 |
Net Sales |
178.7 |
180.4 |
618.1 |
718.5 |
Change as reported vs. prior year |
(9.5)% |
+0.9% |
(9.0)% |
+16.2% |
Change on a comparative basis vs. prior year |
(3.0)% |
(2.3)% |
(4.7)% |
+18.2% |
Change at constant currency vs. prior year |
(0.6)% |
(1.6)% |
(3.5)% |
+20.3% |
Adjusted EBIT |
63.2 |
56.0 |
216.1 |
270.2 |
Adjusted EBIT Margin |
35.4% |
31.0% |
35.0% |
37.6% |
The outstanding performance of the Flame For
Life Division was driven by
improved market dynamics
in the US, where the Pocket Lighters12 market
declined 3.5% in volume and grew 4.4 % in value thanks to product
mix and price increases. We strengthened our leadership position,
gaining market share in both volumes (+2.5 points) and value (+1.2
points). This was fueled by further distribution gains in the
convenience channel, low-single-digit price increases in Pocket
Lighters, the execution of our Revenue Growth Management strategy,
and the success of the BIC EZ Reach Pocket Utility Lighter.
Launched in July 2020, BIC EZ Reach reached a 4.3% total market
share in less than two years, thanks to both customers and
consumers' enthusiasm for the product and the success of the online
advertising campaign featuring Snoop Dogg and Martha Stewart, which
was renewed in 2022.
The US Utility Lighters market growth slowed from a unique
performance in 2020 (+0.6% in value in 2021 compared to +28.7% in
2020). We lost 1.5 points of value share year-to-date due to lack
of product availability resulting from sea freight challenges and
longer lead times. Despite this market share loss in 2021, we
remain the leader in this segment, with over 50% market share in
value. As anticipated, Q4 Net Sales performance in North
America was softer, against the backdrop of a strong
nine-month performance.
Full-Year 2021 performance was also driven by
Net Sales rebound
in Europe and
Latin America. In Europe, growth was fueled by the
rebound in traditional channels and Modern Mass Market and
successful new listings in Eastern Europe. Overall, Latin
America Net Sales were driven by more demand for smoking
and non-smoking usages, with strong sell-out in both Brazil and
Mexico. In Brazil, Net Sales were also positively
impacted by lower imports of lighters due to cost increases in
international sea freight and adverse currency fluctuation
(devaluation of the Brazilian Real).
In line with BIC's strategy to lean towards a more value-driven
model in lighters, the portion of our added value lighters,
including Djeep lighters, increased by 1 point to reach almost 36%
of total Lighter Net sales in 2021.
The Full
Year 2021
Flame for Life division adjusted EBIT
margin improved to 37.6% compared
to 35.0% in 2020, boosted by the strong increase in
Net Sales and the favorable impact of price increases in U.S.
Lighters. This was partially offset by higher Brand Support
investments compared to last year and higher Freight and
Distribution costs. Q4 2021 adjusted EBIT
margin was 31.0% compared to 35.4% in
2020, explained by lower Gross Profit, due to higher
Raw Materials and Air Freight import costs, and an
increase in Brand Support.
BLADE EXCELLENCE
Net Sales Growth driven by
Added-value products in all
regions, and the
strong success of shavers
with environmental benefits
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Volumes in million units |
|
|
2,257 |
2,320 |
Net Sales |
100.6 |
96.2 |
404.2 |
401.2 |
Change as reported vs. prior year |
(18.5)% |
(4.4)% |
(12.7)% |
(0.7)% |
Change on a comparative basis vs. prior year |
(8.4)% |
(7.3)% |
(6.8)% |
+2.5% |
Change at constant currency vs. prior year |
(7.8)% |
(6.6)% |
(6.2)% |
+3.0% |
Adjusted EBIT |
10.7 |
6.5 |
50.1 |
57.4 |
Adjusted EBIT Margin |
10.6% |
6.8% |
12.4% |
14.3% |
The Blade Excellence division's performance was
driven by added-value 4 and 5-blades' continued success and good
performance in Latin America and Europe. Our B2B blade business,
BIC Blade-Tech, started to ship to its first customers in September
2021. We expect BIC Blade-Tech sales to ramp up in 2022 and
contribute substantially to the division's growth in 2022.
Net Sales in Europe were affected by global
supply chain issues, notably in France, the U.K., and Italy, where
product availability issues negatively impacted performance, which
was partially offset by solid growth in Eastern Europe. Despite
these headwinds, we successfully launched our new Hybrid range in
France, and we introduced our first shaver with a handle made from
responsibly sourced bamboo.
A challenging competitive environment impacted performance
in the US, where
the in-store Disposable market declined 0.7% in value13 with
aggressive promotional activity and new products launched by
competition since the beginning of 2021, including value
positioning items. BIC lost 2.1 points market share. In line with
the Horizon strategy, we focused on premium segments and
successfully gained 2.7 points in value in the 4-blade segment. We
gained +0.4 points value market share in e-commerce.
We pursued our successful
trade-up strategy in Latin
America. Brazil's market grew 2.7% in value14, and we
maintained our market share. We gained market share in the 3-blade
segment, driven by male and female products, including our flagship
BIC® Soleil range. In Mexico, we were flat in value in a growing
market and successfully gained in the female segment with +1.8
points for the BIC® Soleil range. Q4 Net Sales performance was
softer on the back of a strong sell-in in Q4 2020 as businesses
reopened.
FY 2021 Blade Excellence division
adjusted EBIT margin improved
to 14.3% compared to 12.4% in 2020, positively impacted
by manufacturing and raw material procurement efficiencies, and
more efficient Brand Support, notably in the US.
Q4 2021 adjusted EBIT
margin was 6.8% compared to 10.6% in 2020,
driven by higher Raw Material and Freight and Distribution costs
and timing in Brand Support investments, partly offset by
manufacturing and procurement efficiencies.
OTHER PRODUCTS
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Net Sales |
10.3 |
7.1 |
30.0 |
28.4 |
Change as reported |
(6.3)% |
(31.1)% |
(9.4)% |
(5.3)% |
Change on a comparative basis |
(5.4)% |
(31.3)% |
(8.4)% |
(5.6)% |
Change at constant currency |
(5.6)% |
(31.3)% |
(8.6)% |
(5.6)% |
Adjusted EBIT |
0.6 |
(1.5) |
(1.9) |
(5.5) |
EBIT |
0.1 |
(1.3) |
(5.2) |
(5.2) |
UNALLOCATED COSTS
in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Adjusted EBIT |
(21.0) |
(26.2) |
(68.4) |
(79.1) |
EBIT |
(30.5) |
(22.4) |
(84.0) |
91.6 |
FY 2021 unallocated
costs are mainly related to Corporate
headquarters costs and Clichy Headquarters sales
capital gain amounting to 167.7 million
euros. The decrease in 2021
adjusted EBIT is due to the costs of
implementing the transformation plan.
BIC'S SUSTAINABLE DEVELOPMENT JOURNEY
- UPDATE ON THE WRITING THE
FUTURE, TOGETHER 2025
COMMITMENTS
Creating
long-term value for the benefit of all
stakeholders.
|
2025 targets |
2021 achievements |
FOSTERING SUSTAINABLE INNOVATION IN
BIC® PRODUCTS |
Improve the environmental and/or societal footprint of BIC®
products |
59,6% Reusable, Recycable, or Compostable plastics in BIC's
products packaging4% non-virgin petroleum, or alternative plastic
in BIC's products |
ACTING AGAINST CLIMATE CHANGE |
100% renewable electricity |
79% renewable electricity |
COMMITTING TO A SAFE WORK ENVIRONMENT |
Zero accidents across all operations |
58 reportable accidents1540 sites reached a zero-accident
level |
PROACTIVELY INVOLVING SUPPLIERS |
Work responsibly with its strategic suppliers to ensure the most
secure, innovative, and efficient sourcing |
As of the end of 2021, 52.3% of strategic suppliers have integrated
the responsible purchasing program |
IMPROVING LIVES THROUGH EDUCATION |
Improve learning conditions for 250 million children
globally |
158 million children (cumulative) |
In line with our Sustainable Development journey, we launched
several innovative products with environmental benefits during 2021
and moved a step forward to reducing our overall carbon
footprint:
- The BIC® Cristal® Re'New™, our first
rechargeable metallic Cristal Ball Pen, was introduced in Europe in
January. This refillable premium ball pen completes BIC's iconic
Cristal® range, offering a metal body and a recycled plastic
cap.
- In April, BIC launched BIC®
ReVolution in the US, a full range eco-friendly Stationery line
made of at least 50% recycled plastic.
- In May, we launched the BIC® BAMBOO
shaver. This five-blade Hybrid Flex with a movable head has a
handle made from a natural raw material, namely responsibly sourced
bamboo. BIC® Bamboo comes in 100% recyclable cardboard packaging
made of 50% recycled paper, including refills in 95% recycled paper
packaging.
- We introduced our new Hybrid shaver
range in Europe. Made with recycled plastic handles, this range of
innovative shavers with recyclable packaging was also deployed in
North America and Latin America in the third quarter.
- In May, we upgraded our renewable
electricity target and committed to achieving 100% by 2025. We also
pledged to define a CO2 emissions reduction roadmap by our 2022
Annual General Meeting.
- In July, we expanded our partnership
with TerraCycle® launching our first razor recycling program in
Spain.
- Our future headquarters in Clichy
(France) will be certified BREEAM (Building Research Establishment
Environmental Assessment Method), meeting the highest requirements
for environmental performance and energy consumption
efficiency.
- On October 19, we announced the
development with Avient of a new recycled material incorporated
into the handle of the future refillable BIC Click Soleil 5 shaver,
with a launch planned in the second quarter of 2022. The handle
will be made of more than 40% recycled material by using this new
material.
- In 2021, as part of its commitment
to improving children's learning conditions globally, BIC launched
a 40 million euros ESG Impact Share Buyback program. The
outperformance over the program's execution was allocated to the
BIC Corporate Foundation and to the Abdul Latif Jameel Poverty
Action Lab's (J-PAL) tutoring and parental programs in Europe and
the U.S.
- In 2021, non-financial ratings
included:
- an AAA MSCI rating
- an overall ESG risk reduction of 0.8 points in the
Sustainalytics 2021 ESG Risk rating
- a robust Vigeo score of 56
- an ISS ESG's Environmental Category "1" Quality Score.
APPENDIX
2022 OUTLOOK
ASSUMPTIONS
Our 2022 outlook is based on the following market
assumptions26F16:
Market trends
(in value):
- Europe: Low to mid-single-digit decrease in
Stationery, flat to low single-digit increase in Lighters, flat to
low-single-digit increase in Shavers
- North America:
- Slight decrease to flat in U.S. Stationery market
- Low-single digit to mid-single decrease for total U.S. pocket
Lighter market
- Slight decrease in the total U.S. one-piece Shaver market
- Latin America: double-digit increase in
Stationery; low-single-digit decrease in Lighters and low to
mid-single-digit increase in Shavers
- India: double-digit increase in
Stationery
EBIT drivers:
- Gross Profit:
- Increase in volumes and prices
- Higher Raw Materials and Sea and Air Freight costs
- Slightly unfavorable FX impact (Negative USD-Euro hedging /
Positive USD-MXN)
- Positive contribution from Inkbox
- Adjusted EBIT:
- Increase in Brand Support to support Net Sales growth –
increase in R&D and OPEX to support long-term growth and
innovation
- Additional savings
- Negative impact on 2022 EBIT from Inkbox's investments in
growth
Free Cash Flow before Acquisitions and
Disposals drivers
- Approximately 100 million euros in CAPEX
Currency: 2022 USD-Euro hedging rate:
1.1750
2021 MISCELLANEOUS EVENTS AND GOVERNANCE
February 11: completion of the sale of its
Clichy-La-Garenne-based (France) Headquarters
February 26: completion of the divestiture of
PIMACO
March 12: launch BIC's 40 million euros ESG
Impact Share Buyback program.
March 25: appointment of Interim Non-Executive
Chair John Glen and Independent Lead-Director Elizabeth Bastoni
November 3: completion of BIC's ESG Impact
Share Buyback program.
November 16: Partership with the Abdul Latif
Jameel Poverty Action Lab's Tutoring and Parental Program
November 19: nomination of Nikos Koumettis for
election to BIC Board of Directors and upcoming Non-Executive Chair
of the Board.
December 6: Elizabeth Maul
appointed Group Insights, Innovation & Sustainability Officer,
Thomas Brette appointed Group Partnerships & New Business
Officer, and Gary Horsfield named Group Supply Chain
Officer.
December 17: joining of the
United Nations Global Compact, the world's largest corporate
sustainability initiative.
SUBSEQUENT EVENTS
BIC announced on February 1st that it has completed the
acquisition of Inkbox, the leading Do-It-Yourself Skin Creative
Brand, for 65 million euros (57 million euros), and a deferred
consideration based on Inkbox’s future sales and profitability.
Inkbox will be consolidated started 01 February 2022.
Q4 NET SALES BY GEOGRAPHY in million euros |
Q4 2020 |
Q4 2021 |
% As reported |
% at constant currencies |
% On a comparative basis |
Group |
410.1 |
436.8 |
+6.5% |
+4.1% |
+0.5% |
Europe |
112.3 |
123.1 |
+9.6% |
+8.6% |
+8.6% |
North America |
163.6 |
177.9 |
+8.7% |
+4.4% |
(3.9)% |
Latin America |
79.1 |
77.4 |
(2.2)% |
(1.8)% |
(5.5)% |
Middle East and Africa |
28.7 |
29.2 |
+1.7% |
(1.6)% |
(1.6)% |
Asia and Oceania (including India) |
26.3 |
29.2 |
+11.0% |
+7.4% |
+11.8% |
FY NET SALES BY GEOGRAPHY in million euros |
FY 2020 |
FY 2021 |
% As reported |
% at constant currencies |
% On a comparative basis |
Group |
1 627.9 |
1 831.9 |
+12.5% |
+15.9% |
+12.2% |
Europe |
517.3 |
570.6 |
+10.3% |
+11.1% |
+9.4% |
North America |
703.1 |
779.0 |
+10.8% |
+15.1% |
+8.6% |
Latin America |
230.1 |
275.9 |
+19.9% |
+28.7% |
+26.0% |
Middle East and Africa |
87.2 |
111.7 |
+28.0% |
+29.2% |
+29.2% |
Asia and Oceania (including India) |
90.2 |
94.8 |
+5.1% |
+3.8% |
+9.1% |
Q4 NET SALES BY CATEGORY in million euros |
Q4 2020 |
Q4 2021 |
Change as reported |
F.X.
impact17(in points) |
Change in Perimeter18(in
points) |
Argentina impact19(in
points) |
Change on a Comparativebasis |
Group |
410.1 |
436.8 |
+6.5% |
+2.9 |
+2.6 |
+0.5 |
+0.5% |
Stationery- Human Expression |
120.5 |
153.1 |
+27.0% |
+3.2 |
+9.3 |
+0.3 |
+14.2% |
Lighters- Flame for Life |
178.7 |
180.4 |
+0.9% |
+2.9 |
(0.1) |
+0.4 |
(2.3)% |
Shavers- Blade Excellence |
100.6 |
96.2 |
(4.4)% |
+2.7 |
(0.2) |
+0.4 |
(7.3)% |
Other Products |
10.3 |
7.1 |
(31.1)% |
+0.2 |
- |
- |
(31.3)% |
FY NET SALES BY CATEGORY in million euros |
FY 2020 |
FY 2021 |
Change as reported |
F.X. impact(in points) |
Change in Perimeter(in points) |
Argentina impact(in points) |
Change on a Comparativebasis |
Group |
1 627.9 |
1 831.9 |
+12.5% |
(2.8) |
+2.9 |
+0.2 |
+12.2% |
Stationery- Human Expression |
575.6 |
683.8 |
+18.8% |
(1.8) |
+6.9 |
+0.1 |
+13.6% |
Lighters- Flame for Life |
618.1 |
718.5 |
+16.2% |
(3.5) |
+1.1 |
+0.4 |
+18.2% |
Shavers- Blade Excellence |
404.2 |
401.2 |
(0.7)% |
(3.2) |
(0.2) |
+0.2 |
+2.5% |
Other Products |
30.0 |
28.4 |
(5.3)% |
+0.3 |
- |
- |
(5.6)% |
IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS ON NET
SALES (EXCLUDES ARS) (in %) |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Perimeter |
+0.4 |
+2.6 |
+0.2 |
+2.9 |
Currencies |
(8.1) |
+2.9 |
(4.2) |
(2.8) |
Of which USD |
(2.4) |
+1.6 |
(0.7) |
(2.1) |
Of which BRL |
(3.2) |
+0.1 |
(2.0) |
(0.7) |
Of which MXN |
(0.6) |
+0.2 |
(0.4) |
+0.1 |
Of which CAD |
(0.2) |
+0.2 |
(0.1) |
+0.1 |
Of which ZAR |
(0.3) |
+0.2 |
(0.2) |
+0.1 |
Of which INR |
(0.2) |
+0.1 |
(0.1) |
(0.1) |
Of which RUB and UAH |
(0.5) |
+0.2 |
(0.3) |
(0.2) |
EBIT BY CATEGORY in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Group |
24.5 |
36.9 |
156.8 |
452.0 |
Margin |
6.0 % |
8.5% |
9.6 % |
24.7% |
Stationery- Human Expression |
(14.6) |
(0.9) |
(31.1) |
41.0 |
Margin |
(12.1)% |
(0.6)% |
(5.4) % |
6.0% |
Lighters- Flame for Life |
61.8 |
56.1 |
226.4 |
268.5 |
Margin |
34.6 % |
31.1% |
36.6 % |
37.4% |
Shavers- Blade Excellence |
7.7 |
5.4 |
50.6 |
56.2 |
Margin |
7.7 % |
5.6% |
12.5 % |
14.0% |
Other Products |
0.1 |
(1.3) |
(5.2) |
(5.2) |
Unallocated costs |
(30.5) |
(22.4) |
(84.0) |
91.6 |
ADJUSTED EBIT BY CATEGORY in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Group |
52.9 |
31.2 |
229.1 |
279.8 |
Margin |
12.9 % |
7.1% |
14.1 % |
15.3% |
Stationery- Human Expression |
(0.5) |
(3.5) |
33.3 |
36.8 |
Margin |
(0.4)% |
(2.3)% |
5.8 % |
5.4% |
Lighters- Flame for Life |
63.2 |
56.0 |
216.1 |
270.2 |
Margin |
35.4 % |
31.0% |
35.0 % |
37.6% |
Shavers- Blade Excellence |
10.7 |
6.5 |
50.1 |
57.4 |
Margin |
10.6 % |
6.8% |
12.4 % |
14.3% |
Other Products |
0.6 |
(1.5) |
(1.9) |
(5.5) |
Unallocated costs |
(21.0) |
(26.2) |
(68.4) |
(79.1) |
CONDENSED PROFIT AND LOSS in million euros |
Q4 2020 |
Q4 2021 |
FY 2020 |
FY 2021 |
Net Sales |
410.1 |
436.8 |
1,627.9 |
1,831.9 |
Cost of goods |
212.9 |
222.8 |
845.5 |
901.1 |
Gross profit |
197.2 |
214.0 |
782.4 |
930.8 |
Administrative & net other operating expenses/ (gain) |
172.7 |
177.1 |
625.6 |
478.8 |
EBIT |
24.5 |
36.9 |
156.8 |
452.0 |
Finance revenue/costs |
(8.5) |
0.5 |
(1.4) |
(4.2) |
Income before tax |
16.0 |
37.4 |
155.3 |
447.8 |
Income tax expense |
(12.4) |
(10.7) |
(61.6) |
(133.6) |
Net Income Group Share |
3.6 |
26.7 |
93.7 |
314.2 |
Earnings per Share Group Share (in euros) |
0.08 |
0.60 |
2.08 |
7.02 |
Average number of shares outstanding (net of treasury shares) |
44,975,070 |
44,778,191 |
44,975,070 |
44,778,191 |
CONDENSED BALANCE SHEET in million euros |
December 31, 2020 |
December 31, 2021 |
ASSETS |
|
|
- Property, plant & equipment
|
613.4 |
588.8 |
|
1.5 |
1.9 |
- Goodwill and intangible assets
|
309.8 |
322.1 |
|
138.9 |
157.3 |
Non-current assets |
1, 063.6 |
1,070.1 |
|
379.0 |
490.2 |
- Trade and other receivables
|
409.6 |
418.2 |
|
25.3 |
46.7 |
- Other current financial assets and derivative instruments
|
26.1 |
1.7 |
- Cash and cash equivalents
|
265.7 |
468.9 |
Current assets |
1, 105.8 |
1,425.7 |
TOTAL ASSETS |
2, 169.4 |
2,495.8 |
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
Shareholders’ equity |
1, 456.4 |
1,723.8 |
|
28.0 |
23.8 |
- Other non-current liabilities
|
222.2 |
181.9 |
Non-current liabilities |
250.2 |
205.7 |
|
99.5 |
149.1 |
|
90.0 |
76.3 |
- Other current liabilities
|
273.4 |
340.9 |
Current liabilities |
462.8 |
566.3 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
2, 169.4 |
2,495.8 |
WORKING CAPITALin million euros |
December 31, 2020 |
December 31, 2021 |
Total Working Capital |
458.0 |
488.3 |
Of which, inventories |
379.0 |
490.2 |
Of which, Trade and other receivables |
409.6 |
418.2 |
Of which, Trade and other payables |
(99.5) |
(149.1) |
CASH FLOW STATEMENTin million euros |
FY 2020 |
FY 2021 |
Group Net income |
93.7 |
314.2 |
- Argentina hyperinflationary accounting (IAS29)
|
1.6 |
1.9 |
- Amortization and provisions
|
136.4 |
113.3 |
- (Gain)/Loss from disposal of fixed assets
|
(0.1) |
(170.6) |
|
62.6 |
151.4 |
CASH FLOW FROM OPERATIONS |
294.2 |
410.3 |
- (Increase)/decrease in net current working capital
|
129.7 |
(20.0) |
|
(66.3) |
(109.7) |
NET CASH FROM OPERATING ACTIVITIES (A) |
357.6 |
280.6 |
Capital expenditure20 |
(83.1) |
(74.9) |
(Purchase)/Sale of other current financial assets |
3.9 |
- |
Proceed from the sale of Clichy Headquarters (net of tax) |
- |
127.9 |
Haco Industries Ltd acquisition |
(2.7) |
(2.3) |
Djeep acquisition |
(35.3) |
(3.0) |
Rocketbook acquisition |
(34.5) |
(1.9) |
Proceed from Pimaco divestiture |
- |
4.6 |
Others |
2.4 |
7.0 |
NET CASH FROM INVESTING ACTIVITIES (B) |
(149.3) |
57.6 |
Dividends paid |
(110.2) |
(80.9) |
Borrowings/(Repayments)/(Loans) |
77.2 |
(12.0) |
Share buy-back program net of stock-options exercised |
(7.5) |
(38.8) |
Others |
(20.6) |
(16.6) |
NET CASH FROM FINANCING ACTIVITIES (C) |
(61.1) |
(148.3) |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS NET OF BANK
OVERDRAFTS (A+B+C) |
147.2 |
189.9 |
OPENING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS |
146.8 |
264.7 |
Net increase/decrease in cash and cash equivalents net of bank
overdrafts (A+B+C) |
147.2 |
189.9 |
Foreign Exchange difference |
(29.3) |
13.8 |
CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS |
264.7 |
468.4 |
RECONCILIATION WITH ALTERNATIVE PERFORMANCE
MEASURES
ADJUSTED EBIT RECONCILIATIONin million euros |
FY 2020 |
FY 2021 |
EBIT |
156.8 |
452.0 |
Restructuring costs (Transformation plan) and Ecuador factory
closure in Q2 2020 and LAM commercial operations restructuring in
Q3 2020 |
+27.2 |
+4.2 |
Cello impairment |
+41.7 |
- |
Some Expenses related to the COVID-19 epidemic mainly under
absorption of fixed costs |
+45.4 |
- |
Pensions adjustment favorable in the U.S. in 2020 and favorable in
France, UK and unfavorable in Greece in 2021 |
(44.1) |
(6.9) |
Clichy Headquarters sales capital gain |
- |
(167.7) |
Pimaco divestiture capital gain |
- |
(3.0) |
Acquisition costs |
+2.1 |
+1.2 |
Adjusted EBIT |
229.1 |
279.8 |
ADJUSTED EPS RECONCILIATIONin million euros |
FY 2020 |
FY 2021 |
EPS |
2.08 |
7.02 |
Restructuring costs (Transformation plan) and Ecuador factory
closure in Q2 2020 and LAM commercial operations restructuring in
Q3 2020 |
+0.44 |
+0.07 |
Cello impairment |
+0.93 |
- |
Some Expenses related to the COVID-19 epidemic mainly under
absorption of fixed costs |
+0.78 |
- |
Argentina hyperinflationary accounting (IAS29) |
+0.03 |
+0.04 |
Pensions adjustment favorable in the U.S. in 2020 favorable in
France, and unfavorable in Greece in 2021 |
(0.77) |
(0.11) |
Clichy Headquarters sales capital gain |
- |
(2.72) |
Pimaco divestiture capital gain |
- |
(0.04) |
Acquisition costs |
+0.05 |
+0.03 |
Adjusted EPS |
3.54 |
4.29 |
Net cash reconciliationin millions of euros - rounded figures |
December 31, 2020 |
December 31, 2021 |
Cash and cash equivalents (1) |
+265.7 |
+468.9 |
Other current financial assets (2)31F21 |
- |
- |
Current borrowings (3)32F22 |
(77.2) |
(63.9) |
Non-current borrowings (4) |
(4.7) |
(4.9) |
Net Cash Position (1) + (2) – (3) – (4) |
183.9 |
400.1 |
Free Cash Flow reconciliationin million euros - rounded
figures |
December 31, 2020 |
December 31, 2021 |
Net cash from operating activities (1) |
+357.6 |
280.6 |
Capital expenditure (2) |
(83.1) |
(74.9) |
Free Cash Flow before acquisition and disposals (1) - (2) |
274.5 |
205.7 |
SHARE BUYBACK
PROGRAM
SOCIETE BIC |
Number of sharesacquired |
Average weighted price (in €) |
Amount(in M€) |
March 2021 |
62,600 |
50.46 |
3.2 |
April 2021 |
77,005 |
53.35 |
4.1 |
May 2021 |
65,770 |
62.93 |
4.1 |
June 2021 |
72,459 |
59.57 |
4.3 |
July 2021 |
85,175 |
56.76 |
4.8 |
August 2021 |
82,975 |
57.11 |
4.8 |
September 2021 |
109,917 |
54.10 |
5.9 |
October 2021 |
158,610 |
49.29 |
7.8 |
November 2021 |
3,417 |
49.96 |
0.2 |
December 2021 |
- |
- |
- |
Total |
717,928 |
54.64 |
39.2 |
CAPITAL AND VOTING RIGHTS
As of December 31, 2021, the total number of issued shares of
SOCIÉTÉ BIC is 44,677,929 shares, representing:
- 65,654,533 voting rights,
- 65,391,627 voting rights excluding shares without voting
rights
Total number of treasury shares held at the end
of December 2021: 262,906.
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 2020 and
2021.
- EBITDA: EBIT before
Depreciation and Amortization (excluding amortization of right of
use under IFRS 16 standard), and impairment.
- 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 December 31,
2021, were approved by the Board of Directors on February 15, 2022.
A presentation related to this announcement is also available on
the BIC website (www.bic.com). The Group's Statutory Auditors have
substantially completed their audit procedures on these
consolidated financial statements and the audit report relating to
the certification of these financial statements will be issued upon
completion of the procedures required for the filing of the
universal registration document. 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 BIC
A 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®, Inkbox and more. In 2021, BIC Net
Sales were 1,831.9 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 48Albane.DeLaTourDArtaise@bicworld.com
Isabelle de Segonzac Image 7+ 33 6 89 87 61
39isegonzac@image7.fr |
2022 AGENDA
ALL DATES TO BE CONFIRMED
1st
Quarter 2022 Results |
April 26, 2022 |
2022
Annual General Meeting |
18 May, 2022 |
1st Half
2022 Results |
August 2, 2022 |
3rd Quarter 2022
Results |
October 27, 2022 |
1 Payable on 01 June 2022, subject to the 18 May 2022 AGM
approval – Based on 44,677,929 shares2 See market ssumptions page
123 BIC employees and external temporaries4 This excludes the
Argentinian Peso5 Excluding in 2020 under absorption of fixed costs
due to COVID-19 pandemic for the Gross Profit6 Other expenses
include notably Freight & Distribution and R&D 7 See page
188 Including -12.8 million euros in 2020 and +6.0 million euros in
2021 related to assets payable change 9 Haco Industries Ltd in 2020
& 2021, Rocketbook and Djeep in 202110 Nielsen data – YTD
December 202111 NPD Data – YTD December 202112 For the US: IRI data
YTD December 2021 13 IRI YTD December 2021 14 Nielsen YTD December
2021 for both Brazil and Mexico data15 BIC employees and external
temporaries16 Euromonitor and BIC estimates 17 Forex impact
excluding Argentinian Peso (ARS)18 Mainly acquisitions of Djeep and
Rocketbook19 See glossary 20 Including respectively +6.0 million
euros and -12.8 million euros in 2021 and 2020 related to assets
payable change. 21 In the balance sheet at December 31, 2021 and
2020, the “Other current financial assets and derivative
instruments” line also includes respectively 1.7M€ and 26.1M€ worth
of derivative instruments.22 Excluding financial liabilities
following IFRS16 implementation
- BIC_Q4 & FY 2021 results_Press Release
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