BIC: FIRST QUARTER 2022 RESULTS
Clichy – France - April 26th, 2022
BIC –
FIRST QUARTER 2022
RESULTS0F1
Strong start to the year driven by the execution
of the Horizon Plan
Growth in all divisions and regions, driven by increased volumes
and active Revenue Growth Management
- Human Expression: excellent Back-to-School
season in Brazil and South Africa, early 2022 Back-to-School
shipments in Europe and North America
- Flame for Life: outstanding growth of the US
Pocket Lighters sales, fueled by solid commercial execution and
catch-up on orders on the back of a soft Q4 2021
- Blade Excellence: rapidly increasing
contribution of BIC Blade-Tech B2B business on Net Sales and
Profitability
- Market share
increased or maintained in 70% of the countries we operate in
The positive impact of Net Sales operating leverage on adjusted
EBIT margin more than offset input cost inflation
Sustained Operating Cash Flow (+122.8 million euros)Working
Capital impacted by an increase in Inventory, driven by 2022
Back-to-school sell-in stock building
KEY FIGURES:
- Net Sales: 515.7 M€, +20.4% at constant currencies
- adjusted EBIT: 101.9M€ , +68.3%
- adjusted EBIT margin: 19.8%
- adjusted EPS : 1.60 €, +66.7%
- Free Cash Flow: (1.9) M€
- Net Cash Position (End of March): 340.1M€
“We have begun 2022 with strong momentum, delivering
double-digit growth across all divisions, driven by a relentless
focus on consumers. Performance gains were fueled by strong
commercial execution and the continued implementation of our
Horizon Plan, yielding long-term sustainable results. The
outstanding Back-to-School results in Brazil, and innovations
including the BIC EZ Reach lighter and our new BIC Soleil Escape
shaver, delivered significant share in strategic segments. As
planned, BIC Blade-Tech, our B2B shaver business, contributed
significantly to the growth and profitability of our Blade
Excellence division. For the balance of the year, I am fully
confident in our teams’ ability to mitigate the multiple headwinds
ahead and achieve our 2022 objectives.”
said Gonzalve Bich, Chief Executive
Officer.
2022 Outlook (based on current market
assumptions1F2)
Given Q1 better-than-expected performance, we now expect to be
at the high-end of our 7% to 9% Net Sales growth objective at
constant currencies in 2022.The recent acceleration of input cost
inflation is expected to have a negative impact on operating
margins, and we are taking the necessary actions to mitigate this
impact. We nonetheless expect FY 2022 adjusted EBIT to grow
year-on-year in absolute terms, driven by higher volumes and
positive price impact. We maintain our target of over 200 million
euros Free Cash Flow.
Q1 2022 KEY GROUP FINANCIAL FIGURES
in million euros |
Q1 2021 |
Q1 2022 |
Group Net Sales |
411.0 |
515.7 |
Change as reported |
+15.1% |
+25.5% |
Change on a comparative basis |
+20.9% |
+18.8% |
Change on a constant currency basis |
+25.6% |
+20.4% |
EBIT Margin |
55.3% |
19.0% |
Adjusted EBIT Margin |
14.7% |
19.8% |
EPS (in euros) |
3.59 |
1.53 |
Adjusted EPS (in euros) |
0.96 |
1.60 |
Free Cash Flow before acquisitions and
disposals |
36.0 |
(1.9) |
Net Cash Position |
393.6 |
340.1 |
Q1
2022 KEY
HIGHLIGHTS
Top-Line
Growth
First Quarter 2022 Net
Sales increased 20.4% at constant currencies and
18.8% on a comparative
basis.
Flame For Life was the main contributor to
organic growth, with US Lighters contributing to 37% of the Group
Net Sales growth on a comparative basis. The outstanding
performance of Lighters’ Sell-in in the US (+29% growth) was fueled
by the shipment of orders that could not be completed in Q4 2021
(approximately 17 pts of the growth), and by significant
distribution gains driven by strong commercial execution, the
continued success of BIC EZ Reach Utility Pocket Lighter, and price
impact (approximately 13 pts of the growth in total).
Human Expression organic growth was notably
driven by a solid Back-to-school Season in Brazil, where the
Stationery market increased 72%3, driven by the coloring segment.
We gained 0.5 pts of market share in value thanks to robust Point
of Sales execution. The Core Stationery business performance in
Europe and North America was notably driven by early Back-to-school
orders (approximately 5 million euros impact on Q1 Net Sales).
Mexico, South Africa, and India, which were strongly hit by the
pandemic, recovered sharply, with high double-digit to triple-digit
growth on a comparative basis.
In Blade Excellence, value-added products
continued to drive the performance of our one-piece business,
accounting for more than 70% of the segment's growth in Q1. As
anticipated, BIC Blade-Tech B2B business gathered momentum and
contributed to around 30% of the total Blade Excellence
year-to-date Net Sales growth.
Profitability
Q1 2022 Gross Profit margin increased by 0.2
points to 51.8%. The impact of input cost inflation (-3 pts
compared to Q1 2021) was more than offset by favorable fixed cost
absorption (+2.7 pts) and a positive pricing (+0.7
pts).
Adjusted EBIT
grew 68.3%, and
adjusted EBIT margin was
19.8%, driven by strong Net Sales operating leverage (+6.3
pts), which more than offset the increase in Freight and
Distribution (-0.6 pts) and Brand Support (-1.0 pts). For the Full
Year, and based on current market assumptions, total input cost
inflation should weigh approximately 100 million euros on adjusted
EBIT. This negative impact is expected to be more than offset by
volume increase and and price adjustments.
Cash Flow
Operating Cash Flow reached 122.8 million
euros, fueled by strong business performance. The -107.1 million
euros change in Working Capital and others was driven by Trade and
other Receivables (-49.3M€), as a result of strong Net Sales
growth, an increase in Inventory levels (- 84.9M€) due primarily to
2022 Back-to-school sell-in stock building to ensure supply to
customers, and to a lesser extent, input cost inflation (Raw
Material, Freight and Electricity). Q1
2022 Free Cash
Flow before acquisitions and disposals was -1.9 million
euros. The end of March Net Cash
position was 340.1 million euros, and included 58.3
million euros used for the acquisition of Inkbox.
UPDATE ON HORIZON
PLAN EXECUTION
Consumer-centricity and
Innovation
Consistent with our Horizon Plan, Q1 Net Sales performance was
fueled by a consumer-centric and strong innovation pipeline.
Intensity Color Change, our new
writing Felt Pen, was launched in most
geographies, transforming everyday writing into a creative
opportunity. BIC EZ Reach Utility Pocket Lighter
reached a 5.7% market share in value in the US4, thanks to extended
distribution, notably in convenience stores, and the support of the
second edition of the advertising campaign featuring Snoop Dogg and
Martha Stewart. BIC
Soleil Escape,
our new female razor offering a sensorial experience, and the
disposable version of Us, our
gender-neutral shaver, were among the key drivers of year-to-date
Blade Excellence's performance in the US.
E-commerce
Total e-commerce sales were driven by double digit growth from
Omniretailers, offsetting the slowdown of Pure Players, on the back
of a strong Q1 2021, which was driven by post-pandemic inventory
replenishment. Sales in developing markets grew more than 50%,
driven by a triple-digit growth in India, and a strong performance
from retail customers in Brazil. Our shaver business saw a strong
start to the year with over 50% of Net Sales growth, driven by
North America.
Revenue Growth Management
As we continued our focus to drive complexity reduction across
our portfolio, we achieved a 10% SKU reduction in Q1 2022. We
are on track to achieve our targets of 11% increase in average Net
Sales per SKU in 2022.
External Growth
Completed on 01-February-2022, the acquisition of
Inkbox, the leading brand of high-quality semi-permanent
tattoos, was a further milestone in BIC's targeted acquisitions
strategy to strengthen existing activities and develop into
adjacent high growth business. This acquisition is a further step
into BIC's transformation into a fast-moving consumer-centric
company.
Path to Sustainability
We continued to progress on our Sustainable Development journey,
focusing on the reduction of virgin plastic in our products and
packaging, and launching innovative products with reduced
environmental impact, such as our new BIC Click Soleil 5 for women.
Available since the end of Q1, this razor comes with a new recycled
material developed by Avient, and reaches over 40% recycled content
in its handle.
UKRAINE AND RUSSIA
UPDATE
The Group is closely monitoring the situation and our first and
ongoing priority is the health and safety of the people who are
directly connected to our operations. We do not manufacture
products in or source Raw Materials from Ukraine or Russia. At the
end of 2021, Ukraine and Russia represented 2.4% of total Net Sales
(1.8% in Russia and 0.6% in Ukraine). A 3.0 million euros
impairment of assets has been booked to reflect the situation in
Ukraine.
NET SALES,
EARNINGS
BEFORE
INTEREST AND TAXES
(EBIT), AND
ADJUSTED EBIT
in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
411.0 |
515.7 |
Gross Profit |
212.1 |
267.1 |
Gross Profit margin |
51.6% |
51.8% |
EBITDA |
250.9 |
123.6 |
EBIT |
227.3 |
97.9 |
EBIT margin |
55.3% |
19.0% |
Non-recurring items |
(166.8) |
4.0 |
Adjusted EBIT |
60.5 |
101.9 |
Adjusted EBIT margin |
14.7% |
19.8% |
Q1 2022
Gross Profit margin increased by 0.2 points to
51.8% compared to 51.6% in 2021. Q1
2022
adjusted EBIT
was favorably impacted by operating leverage from Net Sales
growth.
Q1 2022 non-recurring items include:
- (1.0) million euros of acquisition
costs related to Inkbox acquired in January 2022,
- (3.0) million euros related to
Ukraine operations impairment.
Q1 2021
non-recurring items included:
- 167.7 million euros from Clichy Headquarters sale gain,
- 3.0 million euros from Pimaco divestiture gain,
- (3.9) million euros of restructuring costs related to BIC's
transformation plan.
Key components of the change in Adjusted EBIT margin
(in points) |
Q1 2021vs. Q1 2020 |
Q1 2022vs. Q1 2021 |
|
+0.5 |
+0.2 |
|
+1.2 |
-0.5 |
- OPEX and other expenses2F5
|
+5.9 |
+5.4 |
Total change in Adjusted EBIT margin |
+7.6 |
+5.1 |
NET INCOME AND EPS
in millions of euros |
Q1 2021 |
Q1 2022 |
EBIT |
227.3 |
97.9 |
Finance revenue/costs |
0.8 |
(2.6) |
Income before Tax |
228.2 |
95.2 |
Net Income Group share |
161.6 |
67.6 |
Adjusted Net Income Group Share |
43.0 |
71.0 |
Adjusted EPS Group Share (in euros) 3F6 |
0.96 |
1.60 |
EPS Group Share (in euros) |
3.59 |
1.53 |
Q1 2022
finance revenue decrease is mainly due to 2022
unfavorable impact of the fair value adjustments to financial
assets denominated in U.S. Dollar against the Brazilian
Real.Q1 2022
effective tax rate was 29.0% vs.
29.8% for FY 2021.
NET CASH POSITION
CHANGE IN NET CASH POSITION in million euros |
2021 |
2022 |
Net Cash position (beginning of period –
December) |
183.9 |
400.1 |
Net cash from operating activities |
+51.9 |
+15.7 |
- Of which operating cash flow
|
+91.1 |
+122.8 |
- Of which change in working capital and others
|
(39.2) |
(107.1) |
CAPEX4F7 |
(15.9) |
(17.6) |
Share buyback program |
(3.2) |
(13.1) |
Net cash from the liquidity contract |
+0.5 |
(0.3) |
Net Proceeds from the sale of Clichy Headquarters |
+173.9 |
- |
Proceed from Pimaco divestiture |
+3.4 |
+1.1 |
Acquisitions5F8 |
(4.2) |
(58.3) |
Other items |
+3.3 |
+12.5 |
Net Cash position (end of period – March) |
393.6 |
340.1 |
At the end of March
2022, Net Cash position was 340.1
million euros. Net Cash from operating activities was affected by
an unfavorable change in working capital due to increased accounts
receivables following strong Q1 Net Sales, inventory building, and
increased inventory levels due to higher raw material and freight
costs. Net cash was also impacted by the Inkbox acquisition.
SHAREHOLDERS'
REMUNERATION
- Ordinary dividend
of 2.15 euros per share
to be paid in June 2022,
-
13.1
million euros in share buybacks were completed by
SOCIÉTÉ BIC at the end of March 2022. 277,565 shares were purchased
at an average price of 47.29 euros.
OPERATIONAL TRENDS BY
DIVISION
HUMAN EXPRESSION
in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
131.1 |
168.3 |
Change as reported vs. prior year |
+3.3% |
+28.4% |
Change on a comparative basis vs. prior year |
+1.3% |
+21.4% |
Change at constant currency vs. prior year |
+11.2% |
+25.4% |
Adjusted EBIT |
3.4 |
11.4 |
Adjusted EBIT Margin |
2.6% |
6.8% |
The Human Expression division
strong performance was driven by almost all geographies with
double-digit growth in Europe, Latin America, the Middle East,
Africa, and India.
In Europe and North America, early orders were shipped to
customers for the 2022 Back-to-School season for a total of
approximately 5 million euros. In Europe,
performance was driven by Western Europe (France, Germany, Italy,
and UK). In the US, the Stationery market grew
mid-single-digit in value9, driven by premium-priced products such
as Gel. BIC gained +0.2 pts market share fueled by core stationery
products, including Mechanical Pencil and Correction. On the back
of a very strong Q1 2021, boosted by strong customers'
replenishment, Rocketbook's Q1 performance was
negatively impacted by a slow start to the year.
Back-to-School performance in the Southern
Hemisphere was robust. In Brazil, the
market grew double-digit driven by a strong recovery versus LY, and
BIC gained 0.5 pts in value10, benefitting from solid in-store
execution. In line with our goal to increase share in Creative
Expression, Coloring was the main growth contributor, and we gained
2 pts of market share in value in this segment.
In Mexico, the market grew over
30% in value11, driven by the return to schools and offices. BIC
lost 0.7 pts of share overall due to the weight of Ball Pen in our
portfolio, but successfully outperformed the market in added-value
segments such as Coloring. In the
Middle East and Africa, Net Sales grew high
double-digit fueled by a good Back-to-School season in South Africa
and Kenya. Cello Net Sales in India grew
double-digit, boosted by a continued recovery of the market and
solid performance in e-commerce.
Q1 2022
Human Expression division adjusted EBIT
margin was 6.8% compared to 2.6% in Q1 2021.
This increase was driven by Net Sales operating leverage, and
favorable fixed cost absorption, partly offset by increase
in Raw Material and Freight costs and Inkbox’s investment
in growth.
FLAME FOR LIFE
in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
174.5 |
226.4 |
Change as reported vs. prior year |
+44.2% |
+29.7% |
Change on a comparative basis vs. prior year |
+54.2% |
+22.4% |
Change at constant currency vs. prior year |
+57.8% |
+22.9% |
Adjusted EBIT |
65.1 |
87.1 |
Adjusted EBIT Margin |
37.3% |
38.5% |
The Flame for Life division was driven by solid
performance in North America. In the US, the
Pocket lighter market declined -12.2% in volume and -5.3% in
value12, compared to a strong Q1 2021. BIC maintained its
leadership position, gaining share in both volume (+ 2.7 pts) and
value (+ 0.8 pts ). This was fueled by solid execution in the
Modern Mass channel and positive price and mix, driven by the
robust growth of added-value lighters. BIC EZ Reach continued to be
successful and reached 5.7% of the market in value. Q1 Net Sales
performance in the US was positively impacted by delayed shipments
from Q4 2021, which were carried over in Q1, a mid-single-digit
price adjustment notably in Convenience stores and distribution
gains.
The US Utility Lighters market continued to
decline, down 13.6% in value13. BIC lost 2.1 pts due to the lack of
product availability resulting from sea freight challenges and
longer lead times.
In Europe, Net Sales grew double-digit, driven
by price increases, the continued recovery in traditional channels,
and the success of added-value products such as Djeep and sleeve
lighters.
In Latin America, we performed strongly in
Brazil, driven by the continued demand for smoking and non-smoking
usages, high barriers for imported lighters, and price increase
implementations.
Q1
2022 Flame for Life
division adjusted EBIT margin was 38.5%
compared to 37.3% in Q1 2021, explained by favorable Net
Sales operating leverage, and favorable fixed cost absorption. This
was partly offset by higher Raw Materials and Air and Sea Freight
import costs, and an increase in Brand Support,
driven notably by the BIC EZ Reach advertising campaign in the
US.
BLADE EXCELLENCE
in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
96.4 |
113.5 |
Change as reported vs. prior year |
(5.5)% |
+17.7% |
Change on a comparative basis vs. prior year |
+4.5% |
+12.2% |
Change at constant currency vs. prior year |
+5.0% |
+12.5% |
Adjusted EBIT |
12.2 |
25.4 |
Adjusted EBIT Margin |
12.7% |
22.4% |
The Blade Excellence division's performance was
driven by added-value products in Europe, solid growth in Latin
America, and the successful ramp-up of our B2B blade business, BIC
Blade-Tech which contributed to around 30% of the division's
growth.In Europe, BIC gained market share in both
France (+3.1 pts in value) and UK (+1.6 pts in value)14 fueled by
the success of 3 blade products in both female and male segments.
Net Sales were driven by France, the UK, Poland and Turkey. In line
with our Horizon goals, our added-value products, such as the Flex
and Soleil ranges, contributed successfully to growth. In
the US, performance was driven by the success of our new
innovation BIC Soleil Escape shaver, partially offset by the
underperformance of Hybrid range shavers. We pursued our successful
trade-up strategy in Latin America. Both Brazil
and Mexico saw solid double-digit growth. In Brazil, we gained
share (+0.3 pts in value)15 thanks to premium products such as
Comfort 3 and Simply Soleil, while in Mexico, we outpaced the
market (+0.3 pts in value) in both Traditional and Modern trade
channels.
Q1
2022 Blade Excellence
division adjusted EBIT margin was 22.4%
compared to 12.7% in Q1 2021, driven by Net Sales operating
leverage, favorable fixed cost absorption, and the positive
contribution from BIC Blade-Tech B2B business.
OTHER PRODUCTS
in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
9.0 |
7.6 |
Change as reported |
+29.4% |
(16.5)% |
Change on a comparative basis |
+29.7% |
(16.4)% |
Change at constant currency |
+29.7% |
(16.4)% |
Adjusted EBIT |
(0.2) |
(1.8) |
EBIT |
(0.2) |
(1.8) |
UNALLOCATED COSTS
in million euros |
Q1 2021 |
Q1 2022 |
Adjusted EBIT |
(20.0) |
(20.3) |
EBIT |
146.8 |
(20.3) |
Unallocated costs are
mainly related to corporate headquarters costs and Clichy
Headquarters sale capital gain amounting to 167.7 million
euros in Q1 2021.
APPENDIX
2022 OUTLOOK
ASSUMPTIONS
Our 2022 outlook is based on the following market
assumptions26F6F16:
Market trends
(in value):
- Europe: Low to mid-single-digit decrease in
Stationery, flat to low single-digit decrease in Lighters, flat to
low-single-digit decrease in Shavers
- North America:
- Low to mid-single-digit decrease in U.S. Stationery market
- Low to mid-single-digit 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 to mid-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
Q1 NET SALES BY GEOGRAPHY
in million euros |
Q1
2021 |
Q1
2022 |
% As reported |
% at constant currencies |
% On a comparative basis |
Group |
411.0 |
515.7 |
+25.5 % |
+20.4 % |
+18.8 % |
Europe |
125.2 |
146.5 |
+17.0 % |
+18.9 % |
+18.9 % |
North America |
184.1 |
233.5 |
+26.8 % |
+18.1 % |
+16.5 % |
Latin America |
58.2 |
84.3 |
+44.7 % |
+35.3 % |
+31.0 % |
Middle East and Africa |
22.0 |
28.4 |
+29.1 % |
+23.2 % |
+23.2 % |
Asia and Oceania (including India) |
21.5 |
23.1 |
+7.6 % |
+4.9 % |
+4.9 % |
Q1 NET SALES BY CATEGORY in million euros |
Q1 2021 |
Q1 2022 |
Change as reported |
F.X.
impact7F17(in
points) |
Change in
Perimeter8F18(in
points) |
Argentina
impact9F19(in
points) |
Change on a Comparativebasis |
Group |
411.0 |
515.7 |
+25.5 % |
+5.4 |
+0.7 |
+0.6 |
+18.8 % |
Stationery- Human Expression |
131.1 |
168.3 |
+28.4 % |
+3.7 |
+1.8 |
+1.5 |
+21.4 % |
Lighters- Flame for Life |
174.5 |
226.4 |
+29.7 % |
+7.1 |
- |
+0.2 |
+22.4 % |
Shavers- Blade Excellence |
96.4 |
113.5 |
+17.7 % |
+5.4 |
+0.1 |
(0.1) |
+12.2 % |
Other Products |
9.0 |
7.6 |
(16.5) % |
(0.1) |
- |
- |
(16.4) % |
IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS ON NET
SALES (EXCLUDES ARS) (in %) |
Q1 2021 |
Q1 2022 |
Perimeter |
+4.0 |
+0.7 |
Currencies |
(9.5) |
+5.4 |
Of which USD |
(4.5) |
+3.9 |
Of which BRL |
(2.7) |
+1.1 |
Of which MXN |
(0.6) |
+0.3 |
Of which AUD |
+0.2 |
+0.0 |
Of which ZAR |
(0.1) |
+0.1 |
Of which RUB and UAH |
(0.6) |
(0.1) |
EBIT BY CATEGORY in million euros |
Q1 2021 |
Q1 2022 |
Group |
227.3 |
97.9 |
Margin |
55.3 % |
19.0 % |
Stationery- Human Expression |
5.2 |
10.2 |
Margin |
4.0 % |
6.1 % |
Lighters- Flame for Life |
63.4 |
86.6 |
Margin |
36.3 % |
38.2 % |
Shavers- Blade Excellence |
12.2 |
23.2 |
Margin |
12.7 % |
20.4 % |
Other Products |
(0.2) |
(1.8) |
Unallocated costs |
146.8 |
(20.3) |
|
|
|
ADJUSTED EBIT BY CATEGORY in million euros |
Q1 2021 |
Q1 2022 |
Group |
60.5 |
101.9 |
Margin |
14.7 % |
19.8 % |
Stationery- Human Expression |
3.4 |
11.4 |
Margin |
2.6 % |
6.8 % |
Lighters- Flame for Life |
65.1 |
87.1 |
Margin |
37.3 % |
38.5 % |
Shavers- Blade Excellence |
12.2 |
25.4 |
Margin |
12.7 % |
22.4 % |
Other Products |
(0.2) |
(1.8) |
Unallocated costs |
(20.0) |
(20.3) |
CONDENSED PROFIT AND LOSS in million euros |
Q1 2021 |
Q1 2022 |
Net Sales |
411.0 |
515.7 |
Cost of goods |
198.9 |
248.6 |
Gross profit |
212.1 |
267.1 |
Administrative & net other operating expenses/ (gain) |
(15.2) |
169.2 |
EBIT |
227.3 |
97.9 |
Finance revenue/costs |
0.8 |
(2.6) |
Income before tax |
228.2 |
95.2 |
Income tax expense |
(66.6) |
(27.6) |
Net Income Group Share |
161.6 |
67.6 |
Earnings per Share Group Share (in euros) |
3.59 |
1.53 |
Average number of shares outstanding (net of treasury shares) |
44,994,288 |
44,318,110 |
CONDENSED BALANCE SHEET in million euros |
March 31, 2021 |
March 31, 2022 |
ASSETS |
|
|
Non-current assets |
1,062.1 |
1,181.8 |
Current assets |
1,370.7 |
1,517.5 |
- Of which Cash and cash equivalents
|
464.7 |
413.0 |
TOTAL ASSETS |
2,432.8 |
2,699.3 |
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
Shareholders' equity |
1,622.7 |
1,835.5 |
Non-current liabilities |
249.3 |
209.1 |
Current liabilities |
560.8 |
654.7 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
2,432.8 |
2,699.3 |
RECONCILIATION WITH ALTERNATIVE PERFORMANCE
MEASURES
ADJUSTED EBIT RECONCILIATIONin million euros |
Q1 2021 |
Q1 2022 |
EBIT |
227.3 |
97.9 |
Restructuring costs (Transformation plan) |
3.9 |
- |
Clichy Headquarters sales capital gain |
(167.7) |
- |
Pimaco divestiture capital gain |
(3.0) |
- |
Acquisition costs |
|
1.0 |
Ukraine operations impairment |
|
3.0 |
Adjusted EBIT |
60.5 |
101.9 |
ADJUSTED EPS RECONCILIATIONin million euros |
Q1 2021 |
Q1 2022 |
EPS |
3.59 |
1.53 |
Restructuring costs (Transformation plan) |
+0.06 |
- |
Argentina hyperinflationary accounting (IAS29) |
+0.02 |
- |
Clichy Headquarters sales capital gain |
(2.67) |
- |
Pimaco divestiture capital gain |
(0.04) |
- |
Acquisition costs |
|
+0.01 |
Ukraine operations impairment |
|
+0.06 |
Adjusted EPS |
0.96 |
1.60 |
Free Cash Flow reconciliationin million euros - rounded
figures |
Q1 2021 |
Q1 2022 |
Net cash from operating activities (1) |
+51.9 |
+15.7 |
Capital expenditure (2) |
(15.9) |
(17.6) |
Free Cash Flow before acquisition and disposals (1) - (2) |
36.0 |
(1.9) |
SHARE BUYBACK
PROGRAM
SOCIETE BIC |
Number of sharesacquired |
Average weighted price (in €) |
Amount(in M€) |
January 2022 |
23,100 |
50.19 |
1.2 |
February 2022 |
113,568 |
47.70 |
5.4 |
March 2022 |
140,897 |
46.48 |
6.5 |
Total |
277,565 |
47.29 |
13.1 |
CAPITAL AND VOTING RIGHTS
As of March 31, 2022, the total number of issued shares of
SOCIÉTÉ BIC is 44,677,929 shares, representing:
- 65,721,553 voting rights,
- 65,278,598 voting rights excluding shares without voting
rights
Total number of treasury shares held at the end
of March 2022: 442,955.
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 2021 and
2022.
- 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 March 31,
2022, were approved by the Board of Directors on April 26,
2022. A presentation related to this announcement is also available
on the BIC website (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 2021
Universal Registration Document filed with the French financial
markets authority (AMF) on March 25, 2022.
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.
CONTACTS
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 AGENDAALL DATES TO BE
CONFIRMED
2022
Annual General Meeting |
18 May, 2022 |
1st Half
2022 Results |
August 2, 2022 |
3rd Quarter 2022
Results |
October 27, 2022 |
1 Unaudited figures2 See market assumptions page 93 YTD February
– Nielsen, estimated 16% coverage4 Period ending 3 April 2022 –
IRI, estimated 70% market coverage5 Other expenses include notably
Freight & Distribution and R&D 6 See page 127 Including
-5.6 million euros in 2022 and -1.7 million euros in 2021 related
to assets payable change 8Inkbox in 2022, Haco Industries Ltd,
Rocketbook and Djeep in 20219 Period ending 02-APR-22, NPD data10
YTD February – Nielsen, estimated 16% coverage11 YTD February –
Nielsen, estimated 24% coverage12 Period ending 3 April 2022 – IRI,
estimated 70% market coverage13 Period ending 3 April 2022 – IRI,
estimated 70% market coverage14 YTD March 2022, Nielsen15 YTD
February – Nielsen, estimated 62% coverage16 Euromonitor and BIC
estimates 17 Forex impact excluding Argentinian Peso (ARS)18
Acquisitions of Inkbox in 2022 and divestiture of Pimaco in Q1
202119 See glossary
- BIC_Q1 2022 results_Press Release
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