BIC: THIRD QUARTER & NINE MONTHS 2024 RESULTS
Clichy, France – October 23, 2024
THIRD QUARTER & NINE MONTHS 2024
RESULTS
Sequential improvement in Q3 Net
Sales growth
Robust adjusted EBIT margin, 2024 Margin Outlook
upgraded
Q3 2024 Net Sales of €540 million, up
0.2% at constant currency excl.
Argentina1 driven by
solid performance in Blade Excellence and return to growth in Flame
for Life, partially offset by Human Expression
-
Human Expression: Q3 Net Sales of €200 million,
down 4.3%1, impacted by a soft performance in most key
regions, except in Middle East and Africa
-
Flame for Life: Q3 Net Sales of €192 million, up
0.7%1, with continued strong growth in Europe and
sequential improvement in North America
-
Blade Excellence: Q3 Net Sales of €142 million, up
6.4%1, fueled by solid performance in North America,
Europe and Latin America
Strong Q3 2024 adjusted EBIT of €102
million, increasing 20% year-on-year. Adjusted
EBIT margin of 18.9% in Q3, up 3.7 points year-on-year
Q3 2024 Adjusted EPS of €1.77,
up 19% versus Q3 2023
Solid Free Cash Flow generation at €196
million during the first nine months 2024, growing 38%
year-on-year
2024 Margin Outlook upgraded:
the Group now expects an adjusted EBIT margin approaching 15.5% in
2024
Key Group financial figures
|
in million euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
560.3 |
539.7 |
1,737.3 |
1,679.1 |
|
Change as reported |
(3.4) % |
(3.7) % |
+1.8% |
(3.3) % |
|
Change on a constant currency basis
excl. Argentina |
+3.2% |
+0.2% |
+3.9% |
(0.3) % |
|
Change on a constant currency basis |
+7.2% |
+2.7% |
+7.1% |
+3.1% |
|
|
|
|
|
|
|
Adjusted EBIT |
85.3 |
102.2 |
260.4 |
272.4 |
|
Adjusted EBIT Margin |
15.2% |
18.9% |
15.0% |
16.2% |
|
|
|
|
|
|
|
EPS |
1.39 |
1.77 |
4.22 |
4.44 |
|
Adjusted EPS |
1.49 |
1.77 |
4.43 |
4.73 |
|
|
|
|
|
|
|
Free Cash Flow (before acquisitions and
disposals) |
139.7 |
159.4 |
142.2 |
196.3 |
|
Net Cash Position |
308.3 |
328.7 |
308.3 |
328.7 |
Gonzalve Bich, BIC’s Chief Executive Officer
commented:
“Our third quarter results demonstrated the
strong resilience of our operating model and our adaptability to
navigate a challenging macroeconomic environment.
Leveraging our commercial and financial
discipline, we saw sequential net sales improvement while
delivering robust margins and free cash flow generation. This
enabled us to raise our adjusted EBIT margin outlook for the year,
and we now expect an adjusted EBIT margin approaching 15.5% for
2024.
Performance was driven by gradual
improvement in our Flame for Life division in the US and continued
growth across the rest of the Group, through solid execution,
notably in Blade Excellence. In Human Expression, we gained market
share during the Back-to-School season in key geographies, despite
the ongoing softness in consumption negatively impacting market
trends.
As we get closer to 2025, we will continue
leveraging the transformational capabilities developed over the
last years under our Horizon strategic plan, focusing on what we
can control to deliver on our objectives of long-term profitable
growth and solid cash generation.”
2024 Margin Outlook upgraded (based on current market
assumptions2)
Full Year 2024 Net Sales are
expected to grow low single digit at constant
currency3.
We now expect stronger profitability in 2024
with an adjusted EBIT margin approaching 15.5%
(compared to a slight improvement versus 2023). We will continue to
drive EBIT expansion to deliver long-term profitable growth.
Free Cash Flow is expected to
be above €220 million in 2024.
Key highlights
| in million
euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
560.3 |
539.7 |
1,737.3 |
1,679.1 |
|
Gross Profit |
295.6 |
284.3 |
876.4 |
846.6 |
|
Gross Profit margin |
52.8% |
52.7% |
50.4% |
50.4% |
|
EBITDA |
96.4 |
123.0 |
320.5 |
325.0 |
|
EBIT |
81.6 |
101.5 |
256.3 |
256.0 |
|
EBIT margin |
14.6% |
18.8% |
14.8% |
15.2% |
|
Non-recurring items |
3.7 |
0.7 |
4.1 |
16.4 |
|
Adjusted EBIT |
85.3 |
102.2 |
260.4 |
272.4 |
|
Adjusted EBIT margin |
15.2% |
18.9% |
15.0% |
16.2% |
Q3 2024 net sales were up 0.2%
at constant currency excl. Argentina, driven primarily by the
continued sequential improvement in the Flame for Life division,
which returned to growth in Q3 at +0.7% at constant currency excl.
Argentina. Solid performance in Blade Excellence in all key regions
also contributed to growth. This was partially offset by a softer
performance in Human Expression notably during back-to-school
season in the US, Europe and Mexico.
9M 2024 net sales decreased
0.3% at constant currency excl. Argentina, mainly due to soft
performance in North America with deteriorating consumption trends
impacting all three divisions. This was partially offset by solid
performance in Europe, Latin America and Middle East and Africa,
notably in the Blade Excellence division.
Q3 2024 gross profit margin was
relatively stable at 52.7%, with favorable price and mix, lower raw
material costs, and manufacturing efficiencies. This was offset by
negative impact from fixed cost absorption and currency
fluctuations.
Q3 2024 adjusted EBIT margin
was 18.9%, up 3.7 points year-on-year, mainly attributable to lower
operating and other expenses, as well as lower brand support.
Adjusted EBIT increased 20% year-on-year, reaching 102 million
euros.
9M 2024 gross profit margin was
stable at 50.4%. Excluding the special bonus4 and the
fair value adjustment on the Power Purchase Agreement5
in France, 9M 2024 gross profit margin increased 40 basis points to
50.8%, driven by favorable price and mix, manufacturing
efficiencies and currency fluctuations. This was partially offset
by unfavorable fixed cost absorption and higher raw material costs,
notably in the Flame for Life division.
9M 2024 adjusted EBIT
margin was up 1.2 points, at 16.2%, driven by
gross profit margin improvement as well as lower operating and
other expenses in Q3 2024 and lower brand support.
Key components of the change in adjusted
EBIT margin
| Key
components of the change in adjusted EBIT margin
(in points) |
Q1 2024 vs.
Q1 2023 |
Q2 2024 vs.
Q2 2023 |
Q3 2024 vs.
Q3 2023 |
9M 2024 vs.
9M 2023 |
|
|
+0.5 |
+0.8 |
(0.1) |
+0.4 |
|
|
(0.1) |
- |
+1.0 |
+0.3 |
- Operating expenses and other expenses*
|
(1.4) |
+0.1 |
+2.8 |
+0.5 |
|
Total change in Adjusted EBIT margin |
(1.0) |
+0.9 |
+3.7 |
+1.2 |
* Excluding the special bonus in Q1 and France PPA (power
purchase agreement) in Q2
Net income and earnings per share (EPS)
|
in million euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
EBIT |
81.6 |
101.5 |
256.3 |
256.0 |
|
Finance revenue/costs |
1.5 |
0.7 |
(4.0) |
1.0 |
|
Income before Tax |
83.1 |
102.3 |
252.3 |
257.0 |
|
Net Income Group share |
59.8 |
73.6 |
181.4 |
185.0 |
|
Adjusted Net Income Group Share |
64.0 |
85.9 |
190.7 |
197.3 |
|
Adjusted EPS Group Share (in euros) |
1.49 |
1.77 |
4.43 |
4.73 |
|
EPS Group Share (in euros) |
1.39 |
1.77 |
4.22 |
4.44 |
9M 2024 finance revenue/costs
was 1.0 million euros compared to (4.0) million euros last year,
mainly due to favorable impact of the fair value adjustments to
financial assets denominated in US Dollar against the Brazilian
Real.
9M 2024 effective tax rate was
28.0% vs. 28.1% in 9M 2023.
Change in net cash position
| Change
in net cash position (in million euros) |
9M 2023 |
9M 2024 |
|
Net Cash position (as of end of December) |
359.9 |
385.4 |
|
Net cash from operating activities |
+211.5 |
+252.9 |
- Of which operating cash flow
|
+359.3 |
+364.9 |
- Of which change in working capital
|
(90.6) |
(41.2) |
|
|
(57.2) |
(70.8) |
|
Capital expenditures7 |
(69.3) |
(56.6) |
|
Free Cash Flow (before acquisition and
disposals) |
142.2 |
196.3 |
|
Dividend payment |
(110.2) |
(178.0) |
|
Share buyback program net from liquidity
contract8 |
(97.3) |
(50.8) |
|
Other items |
+13.7 |
(24.2) |
|
Net Cash position (as of end of September) |
308.3 |
328.7 |
Operating Cash flow in 9M 2024 was 365
million euros, slightly increasing compared to 9M
2023. At the end of September 2024, net
cash position was 329 million euros, up nearly 20 million
euros year-on-year.
9M 2024 Free Cash Flow (before
acquisitions and disposals) was 196 million euros,
compared to 142 million euros last year, driven by efficient
working capital management and lower capital expenditures.
Update on the 2025 Horizon Strategic Plan
During our first 9 months 2024, the
Group made progress on its 2025 Horizon strategic
objectives:
- The Group continued its focus on
innovative advertising campaigns such as its partnership with
American singer Charlie Puth to promote the iconic 4-Color Pen in
the US during the back-to-school season, which yielded tremendous
results across print, broadcast and social media with more than 4.2
billion impressions. In Q3, BIC also launched the ‘Lit Games’
campaign with Snoop Dogg and Martha Stewart during the Olympics to
promote its added-value EZ Reach utility pocket lighter.
- The core eCommerce
sales grew strongly during the first 9 months of 2024,
fueled by all three divisions with strong performance in Europe and
North America. Key products contributing to growth included Ball
Pen and our 4-Color pen. BIC successfully continued to outpace the
market and gain share in Stationery in the US as well as in Shavers
in France9.
- The Revenue Growth
Management strategy continued to deliver value through
pricing and mix. With the aim of streamlining our product offerings
to better address the needs of its customers, drive cost savings,
and leaving space for innovation, BIC reduced its total SKUs by 11%
year to date with Human Expression delivering the most significant
reduction.
Operational Trends by Division
Human Expression
|
in million euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
214.7 |
199.6 |
675.0 |
652.2 |
|
Change as reported |
(4.7) % |
(7.0) % |
+1.8% |
(3.4) % |
|
Change on a constant currency basis
excluding Argentina |
+1.3% |
(4.3) % |
+4.0% |
+0.2% |
|
Change on a constant currency basis |
+4.5% |
(1.0) % |
+7.6% |
+3.9% |
|
|
|
|
|
|
|
Adjusted EBIT |
16.0 |
11.3 |
60.6 |
63.1 |
|
Adjusted EBIT Margin |
7.5% |
5.7% |
9.0% |
9.7% |
9M 2024 Human Expression net
sales were up 0.2% at constant currency excl. Argentina.
Q3 2024 Human Expression net
sales were down 4.3% at constant currency excl.
Argentina.
In Europe, Q3 net sales were
impacted by negative market trends. Despite this, core products
such as ball pens, and specifically the iconic 4-Color pen,
continued to be levers for net sales growth in the region. BIC
managed to gain market share during back-to-school season notably
in France (+1.3 points in value)10, illustrating its
strong value for money positioning.
In the US, soft back-to-school
sell-out affected Q3 net sales performance. However, in a declining
market (down 1.7%), BIC gained share (+40 basis points in
value)11 during the season driven by the strong
performance from core products such as highlighters, mechanical
pencils and correction. The iconic 4-Color pen performed well
thanks to successful advertising campaigns.
In Latin America, Q3
performance was soft, notably in Mexico resulting from the phasing
impact of back-to-school orders earlier in the year, as well as a
more aggressive pricing environment.
In Middle East and Africa,
performance was solid, growing double digits in Q3, driven by a
strong performance in North Africa and a solid start to the
back-to-school season in South Africa.
In Q3 2024, Human
Expression adjusted EBIT margin declined 1.8 points at
5.7%, due to unfavorable fixed cost absorption, higher raw material
and electricity costs, as well as negative net sales operating
leverage. This was partially offset by price and mix, lower
operating and other expenses and lower brand support.
In 9M 2024, the adjusted EBIT
margin increased 70 basis points to 9.7%, driven by
currency fluctuations, favorable price and mix, as well as lower
operating and other expenses and lower brand support. This was
partially offset by unfavorable fixed cost absorption and higher
electricity costs.
Flame for Life
|
in million euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
200.1 |
191.5 |
634.4 |
593.6 |
|
Change as reported |
(7.3) % |
(4.3) % |
(2.7) % |
(6.4) % |
|
Change on a constant currency basis
excluding Argentina |
(1.3) % |
+0.7% |
(1.0) % |
(3.8) % |
|
Change on a constant currency basis |
+3.9% |
+1.3% |
+1.7% |
(2.2) % |
|
|
|
|
|
|
|
Adjusted EBIT |
68.3 |
68.8 |
221.4 |
195.3 |
|
Adjusted EBIT Margin |
34.1% |
35.9% |
34.9% |
32.9% |
9M 2024 Flame for Life net
sales decreased 3.8% at constant currency excl. Argentina.
Q3 2024 Flame for Life net sales were up 0.7% at
constant currency excl. Argentina.
In Europe, Q3 net sales growth
was solid with good performance coming from both Western and
Eastern Europe countries notably driven by the modern mass market
and new listings in discounters. In line with our trade up
strategy, our premium Djeep lighters performed well and the EZ
Reach utility pocket lighter continued to ramp up and gain
distribution across the region.
In the US, net sales
performance improved on a sequential basis in Q3. The US total
lighter market continued to be impacted by lower consumption trends
but stabilized versus the end of June, with a 5.1% decline in value
year-to-date. In this context, BIC outpaced the market gaining
share in value (+40 basis points)12 driven by its
added-value products such as the BIC EZ Reach lighter which
continued to perform well.
In Latin America, Q3 net sales
growth was robust fueled by strong performance in both Mexico and
Brazil. In Mexico, product mix improved with growth in decorated
lighters and in Brazil, the recent launch of BIC EZ Reach utility
pocket lighter continued to bear fruit.
In Q3 2024, Flame for Life adjusted EBIT
margin increased 1.8 points to 35.9%, mainly driven by
lower raw material costs as well as lower operating and other
expenses. This was partially offset by unfavorable fixed cost
absorption.
During the first nine months, the adjusted EBIT
margin improved sequentially, quarter after quarter. In 9M
2024, the adjusted EBIT margin was 32.9%, compared to
34.9% last year, mainly due to higher raw material costs,
unfavorable fixed cost absorption and negative net sales operating
leverage in the US.
Blade Excellence
|
in million euros |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
139.1 |
142.0 |
407.4 |
413.0 |
|
Change as reported |
+4.9% |
+2.1% |
+9.2% |
+1.4% |
|
Change on a constant currency basis
excluding Argentina |
+13.9% |
+6.4% |
+12.6% |
+4.5% |
|
Change on a constant currency basis |
+17.3% |
+10.5% |
+15.6% |
+10.2% |
|
|
|
|
|
|
|
Adjusted EBIT |
26.0 |
39.8 |
46.5 |
78.1 |
|
Adjusted EBIT Margin |
18.7% |
28.0% |
11.4% |
18.9% |
9M 2024 Blade Excellence net
sales grew 4.5% at constant currency excl. Argentina.
Q3 2024 Blade Excellence net sales were up 6.4% at
constant currency excl. Argentina.
In Europe, following a strong
performance in H1 where BIC became the number 2 player in the wet
shave market13, net sales growth was again solid in Q3.
BIC’s added-value products such as Hybrid Flex (3 and 5 blades) as
well as its latest innovations such as Soleil Escape (now launched
in 6 countries and supported by digital campaigns) were key
contributors to growth.
In the US, net sales increased
over the third quarter. In a declining disposable shaver market
(down 2.8% in value)14, BIC faced aggressive competition
in the female segment. However, performance was solid in the male
segment where BIC gained 80 basis points in market share in value,
driven by added-value products such as the BIC Flex 5 shaver. The
new female shaver Soleil Escape also performed well.
In Latin America, Q3 net sales
growth was solid, driven by continued trade-up strategy. BIC’s
performance was robust in both Mexico and Brazil fueled by
distribution gains in its 3 blade-offering such as BIC Comfort 3
and Soleil brands.
In Q3 2024, Blade Excellence adjusted
EBIT margin was 28.0%, versus 18.7% in Q3
2023, driven by a strong gross profit margin improvement with
favorable price and mix, as well as manufacturing efficiencies and
lower electricity costs in Greece. This significant improvement was
also driven by lower operating and other expenses, lower brand
support and positive net sales operating leverage.
In 9M 2024, adjusted EBIT
margin reached 18.9%, versus 11.4% in 9M 2023, with a
strong gross profit margin improvement driven by favorable price
and mix, fixed cost absorption as well as manufacturing
efficiencies.
Governance
The Board of Directors meeting held today
acknowledged the appointment of Sébastien Drecq as Director
representing the employees to the Board of Directors of Société
BIC.
He was nominated by the Group’s Works Council on
October 3rd, 2024. Sébastien Drecq becomes the second
Director representing the employees, alongside Héla Madiouni. He
was appointed to replace Pascal Chevallier who resigned on August
31st, 2024, and will serve a three-year term.
Appendix
2024 Market
Assumptions
Our 2024 outlook is based on the
following market
assumptions215:
Market trends (in value):
-
Europe:
- Mid to
high-single digit decrease in Stationery market;
- Low to
mid-single digit decrease in Lighter market;
- Flat to Low
single digit increase in Shavers market;
- US:
- Mid to high-single digit decrease in
Stationery market;
- Mid to high-single digit decrease
in pocket Lighter market16;
- Flat to Low-single digit decrease
in the total one-piece Shaver market;
- Latin
America:
- Flat to
Low-single digit increase in Stationery market;
- Mid to
high-single digit increase in Lighter market;
- Mid to
high-single digit increase in Shavers market;
-
India: Mid to high-single-digit increase in
Stationery market.
Currency: 2024 EUR/USD hedging
rate: 1.08
Net sales by geography
Q3 net
sales by geography
(in million euros) |
Q3 2023 |
Q3 2024 |
% As reported |
% at constant currency |
% On a comparative basis |
|
Group |
560.3 |
539.7 |
(3.7) % |
+2.7% |
+0.2% |
|
Europe |
170.7 |
175.2 |
+2.6% |
+2.7% |
+2.7% |
|
North America |
207.6 |
198.3 |
(4.5) % |
(3.6) % |
(3.6) % |
|
Latin America |
116.4 |
99.4 |
(14.6) % |
+12.1% |
+0.1% |
|
Middle East and Africa |
42.0 |
44.8 |
+6.7% |
+13.2% |
+13.2% |
|
Asia and Oceania (including India) |
23.6 |
22.0 |
(6.8) % |
(6.3) % |
(6.3) % |
9M net
sales by geography
(in million euros) |
9M 2023 |
9M 2024 |
% As reported |
% at constant currency |
% On a comparative basis |
|
Group |
1,737.3 |
1,679.1 |
(3.3) % |
+3.1% |
(0.3) % |
|
Europe |
524.6 |
547.9 |
+4.4% |
+6.8% |
+6.8% |
|
North America |
684.2 |
622.2 |
(9.1) % |
(8.7) % |
(8.7) % |
|
Latin America |
333.3 |
317.5 |
(4.7) % |
+19.8% |
+2.7% |
|
Middle East and Africa |
125.0 |
126.1 |
+0.9% |
+12.7% |
+12.7% |
|
Asia and Oceania (including India) |
70.1 |
65.3 |
(6.9) % |
(5.2) % |
(5.2) % |
Net sales by division
Q3 net
sales by division
(in million euros) |
Q3 2023 |
Q3 2024 |
% As reported |
FX impact (in points) |
Change in Perimeter (in points) |
Argentina impact (in points) |
% On a comparative basis |
|
Group |
560.3 |
539.7 |
(3.7) % |
(2.7) |
(0.0) |
(1.2) |
+0.2% |
|
Stationery- Human Expression |
214.7 |
199.6 |
(7.0) % |
(2.1) |
(0.0) |
(0.6) |
(4.3) % |
|
Lighters- Flame for Life |
200.1 |
191.5 |
(4.3) % |
(3.0) |
(0.0) |
(2.0) |
+0.7% |
|
Shavers- Blade Excellence |
139.1 |
142.0 |
+2.1% |
(3.4) |
(0.0) |
(0.8) |
+6.4% |
|
Other Products |
6.5 |
6.5 |
+0.5% |
+0.1 |
(0.0) |
(0.0) |
+0.4% |
9M net
sales by division
(in million euros) |
9M 2023 |
9M 2024 |
% As reported |
FX impact (in points) |
Change in Perimeter (in points) |
Argentina impact (in points) |
% On a comparative basis |
|
Group |
1,737.3 |
1,679.1 |
(3.3) % |
(2.1) |
(0.0) |
(0.9) |
(0.3) % |
|
Stationery- Human Expression |
675.0 |
652.2 |
(3.4) % |
(2.4) |
(0.0) |
(1.2) |
+0.2% |
|
Lighters- Flame for Life |
634.4 |
593.6 |
(6.4) % |
(1.6) |
(0.0) |
(1.1) |
(3.8) % |
|
Shavers- Blade Excellence |
407.4 |
413.0 |
+1.4% |
(2.7) |
(0.0) |
(0.5) |
+4.5% |
|
Other Products |
20.5 |
20.3 |
(0.7) % |
(0.0) |
(0.0) |
(0.0) |
(0.7) % |
Impact of Change in Perimeter and Currency Fluctuations
on Net Sales
| Impact
of Change in Perimeter and Currency Fluctuations on Net Sales
(excludes ARS) (in %) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Perimeter |
- |
- |
+0.1 |
- |
|
Currencies |
(6.9) |
(2.7) |
(2.6) |
(2.1) |
|
of which USD |
(2.9) |
(0.3) |
(0.8) |
(0.1) |
|
of which BRL |
(0.1) |
(1.3) |
+0.1 |
(0.4) |
|
of which MXN |
+0.5 |
(0.6) |
+0.6 |
- |
|
of which CAD |
(0.2) |
(0.1) |
(0.2) |
- |
|
of which ZAR |
(0.3) |
- |
(0.2) |
- |
|
of which NGN |
(0.7) |
(0.6) |
(0.3) |
(0.8) |
|
of which TRY |
(0.7) |
(0.2) |
(0.5) |
(0.6) |
|
of which INR |
(0.2) |
- |
(0.2) |
- |
|
of which RUB and UAH |
(1.6) |
+0.1 |
(0.7) |
(0.3) |
|
Sensitivity to Net Sales and Income Before Tax (IBT) of
USD-EUR fluctuation (in %) |
9M 2023 |
9M 2024 |
|
+/- 5% change in USD impact on Net Sales |
2.0 |
1.8 |
|
+/- 5% change in USD impact on IBT |
1.0 |
0.5 |
EBIT by division
| EBIT by
division (in million euros) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Group |
81.6 |
101.5 |
256.3 |
256.0 |
|
Margin |
14.6% |
18.8% |
14.8% |
15.2% |
|
Stationery- Human Expression |
12.4 |
11.0 |
57.2 |
56.3 |
|
Margin |
5.8% |
5.5% |
8.5% |
8.6% |
|
Lighters- Flame for Life |
68.2 |
68.6 |
221.0 |
189.7 |
|
Margin |
34.1% |
35.8% |
34.8% |
32.0% |
|
Shavers- Blade Excellence |
26.0 |
39.6 |
46.2 |
74.8 |
|
Margin |
18.7% |
27.9% |
11.3% |
18.1% |
|
Other Products |
(0.9) |
(1.0) |
(1.7) |
(3.3) |
|
Unallocated costs |
(24.1) |
(16.7) |
(66.4) |
(61.4) |
Adjusted EBIT by division
|
Adjusted EBIT by division (in million euros) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Group |
85.3 |
102.2 |
260.4 |
272.4 |
|
Margin |
15.2% |
18.9% |
15.0% |
16.2% |
|
Stationery- Human Expression |
16.0 |
11.3 |
60.6 |
63.1 |
|
Margin |
7.5% |
5.7% |
9.0% |
9.7% |
|
Lighters- Flame for Life |
68.3 |
68.8 |
221.4 |
195.3 |
|
Margin |
34.1% |
35.9% |
34.9% |
32.9% |
|
Shavers- Blade Excellence |
26.0 |
39.8 |
46.5 |
78.1 |
|
Margin |
18.7% |
28.0% |
11.4% |
18.9% |
|
Other Products |
(0.9) |
(1.0) |
(1.7) |
(3.3) |
|
Unallocated costs |
(24.1) |
(16.7) |
(66.4) |
(60.9) |
Condensed Profit & Loss
|
Condensed Profit and Loss (in million euros) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
Net Sales |
560.3 |
539.7 |
1,737.3 |
1,679.1 |
|
Cost of goods |
264.7 |
255.4 |
860.9 |
832.5 |
|
Gross profit |
295.6 |
284.3 |
876.4 |
846.6 |
|
Administrative & net other operating expenses/ (gain) |
214.0 |
182.8 |
620.1 |
590.6 |
|
EBIT |
81.6 |
101.5 |
256.3 |
256.0 |
|
Finance revenue/costs |
1.5 |
0.7 |
(4.0) |
1.0 |
|
Income before tax |
83.1 |
102.3 |
252.3 |
257.0 |
|
Income tax expense |
(23.4) |
(28.6) |
(70.9) |
(72.0) |
|
Net Income Group Share |
59.8 |
73.6 |
181.4 |
185.0 |
|
Earnings per Share Group Share (in euros) |
1.39 |
1.77 |
4.22 |
4.44 |
|
Average number of shares outstanding (net of treasury shares) |
43,006,898 |
41,673,086 |
43,006,898 |
41,673,086 |
Condensed Balance Sheet
|
Balance Sheet (in million euros) |
September 30, 2023 |
September 30, 2024 |
Assets
|
|
Non-current assets |
1,154.8 |
1,083.3 |
|
Current assets |
1,546.9 |
1,520.9 |
|
Total Assets |
2,701.7 |
2,604.2 |
Liabilities & Shareholders' Equity
|
|
Shareholders' equity |
1,852.1 |
1,761.9 |
|
Non-current liabilities |
206.2 |
195.6 |
|
Current liabilities |
643.4 |
646.7 |
|
Total Liabilities & Shareholders' Equity |
2,701.7 |
2,604.2 |
Reconciliation with Alternative Performance
Measures
|
Adjusted EBIT Reconciliation (in million
euros) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
EBIT |
81.6 |
101.5 |
256.3 |
256.0 |
|
Lucky Stationary and Rocketbook earnout (2023) |
- |
- |
(0.5) |
- |
|
Special team member bonus* |
- |
- |
- |
7.8 |
|
Other acquisition costs (2023) |
0.2 |
- |
1.1 |
- |
|
US supply chain relocation plan |
3.5 |
- |
3.5 |
- |
|
Restructuring expenses |
- |
0.7 |
- |
5.9 |
|
Power Purchase Agreement in France |
- |
- |
- |
2.7 |
|
Adjusted EBIT |
85.3 |
102.2 |
260.4 |
272.4 |
* Special bonus that will be awarded to team members who have
not been granted shares under our regular long term incentive
plans
|
Adjusted EPS Reconciliation (in euros) |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
EPS |
1.39 |
1.77 |
4.22 |
4.44 |
|
Lucky Stationary and Rocketbook earnout (2023) |
- |
- |
(0.01) |
- |
|
Argentina hyperinflationary accounting (IAS29) |
0.03 |
- |
0.09 |
- |
|
Special team member bonus* |
- |
- |
- |
0.14 |
|
Other acquisition costs (2023) |
0.01 |
- |
0.01 |
- |
|
US supply chain relocation plan |
0.06 |
- |
0.06 |
- |
|
Restructuring expenses |
- |
0.01 |
- |
0.10 |
|
Virtual Power Purchase Agreement in Greece and Power Purchase
Agreement in France |
- |
(0.01) |
0.06 |
0.05 |
|
Adjusted EPS |
1.49 |
1.77 |
4.43 |
4.73 |
* Special bonus that will be awarded to team members who have
not been granted shares under our regular long term incentive
plans
Share Buyback Program
Société BIC
|
Number of shares acquired
|
Average weighted price (in €)
|
Amount (in €m)
|
|
|
|
|
January 2024 |
- |
- |
- |
|
|
February 2024 |
- |
- |
- |
|
|
March 2024 |
216,251 |
65.50 |
14.2 |
|
|
April 2024 |
81,948 |
66.00 |
5.4 |
|
|
May 2024 |
11,353 |
65.37 |
0.7 |
|
|
June 2024 |
159,340 |
56.84 |
9.1 |
|
|
July 2024 |
80,502 |
56.22 |
4.5 |
|
|
August 2024 |
80,831 |
58.11 |
4.7 |
|
|
September 2024 |
203,793 |
61.13 |
12.5 |
|
|
Total |
834,018 |
61.21 |
51.1 |
|
Capital and Voting Rights
As of September 30, 2024, the total number of issued shares of
Société BIC is 42,270,689 shares, representing:
- 60,527,907
voting rights
- 59,516,691
voting rights excluding shares without voting rights
Total number of treasury shares held at the end
of September 2024: 1,011,216
Glossary
- 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.
- Constant
currency basis: Constant currency figures are calculated
by translating the current year figures at prior year monthly
average exchange rates.
-
EBITDA: EBIT before Depreciation, 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)
Société BIC consolidated financial
statements as of September 30, 2024, were approved by the Board of
Directors on October 23, 2024. 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, "Risk Management" in BIC's 2023
Universal Registration Document (URD) filed with the French
financial markets authority (AMF) on March 28, 2024.
About BIC
A global leader in stationery, lighters, and
shavers, BIC brings simplicity and joy to everyday life. For 80
years, BIC’s commitment to delivering high-quality, affordable, and
trusted products has established BIC as a symbol of reliability and
innovation. With a presence in over 160 countries, and over 14,000
team members worldwide, BIC’s portfolio includes iconic brands and
products such as BIC® 4-Color™, BodyMark®, Cello®, Cristal®,
Inkbox®, BIC Kids®, Lucky™, Rocketbook®, Tattly®, Tipp-Ex®,
Wite-Out®, Djeep®, EZ Load™, EZ Reach®, BIC® Flex™, Soleil®
and more. Listed on Euronext Paris and included in the SBF120
and CAC Mid 60 indexes, BIC is also recognized for its steadfast
commitment to sustainability and education. For more, visit
www.corporate.bic.com and to see BIC’s full range
of products visit www.bic.com. Follow BIC
on LinkedIn, Instagram,
YouTube and TikTok.
BIC's Q3 and 9M 2024 earnings conference
call and webcast will be hosted by Gonzalve Bich, CEO, and
Chad Spooner, CFO on Thursday, October 24, 2024 at 8:30 AM
CET:
- To participate to the webcast:
https://channel.royalcast.com/landingpage/bic/20241024_1/
- To participate to the conference
call:
| From France: |
+33 (0) 1 70 37
71 66 |
| From the UK: |
+44 (0) 33 0551
0200 |
| From the USA: |
+1 786 697 3501 |
| Vocal access
code: |
BIC
|
Contacts
Investor Relations
team
investors.info@bicworld.com
Brice Paris
VP Investor Relations
+33 1 45 19 55 28
brice.paris@bicworld.com |
Apolline
Celeyron
Senior Communications Manager
+33 1 45 19 56 09
apolline.celeyron@bicworld.com
Isabelle de Segonzac
Image 7, Press Relations contact
+33 6 89 87 61 39
isegonzac@image7.fr |
Agenda
All dates to be confirmed
|
Full Year 2024 Results |
February 18, 2025
(post market close) |
|
First Quarter 2025 Results |
April 23, 2025
(post market close) |
1 at constant currency excluding Argentina
2 See market assumptions page in Appendix
3 Excluding Argentina net sales due to hyperinflationary
context
4 Special bonus that will be awarded to team members who have not
been granted shares under our regular long term incentive plans
5 In November 2023, BIC signed a physical Power Purchasing
Agreement as part of our sustainability strategy.
6 Others include income tax paid and pensions contribution
7 Including €(1) million in 2024 and €(4) million in 2023 related
to capital expenditures payable change
8 Includes in 2024 €35.4 million of share buyback for cancellation
and €15.7 million of free shares to be granted (long term
incentives)
9 NPD YTD AUG 24 for the US & Profitero YTD SEP 2024 for
France
10 Circana – Jun 24, 2024 – Sep 8, 2024
11 Total US NPD -Jun 30, 2024 – Sep 21, 2024
12 Year to date September 2024: IRI, estimated total lighter
measured market (c.70% total market coverage)
13 NielsenIQ (France, Spain, Italy, Poland, Romania, Greece,
Portugal, Sweden, Norway, Denmark, Switzerland), Circana (UK);
Value sales Year to Date as of April 2024
14 IRI YTD September 24
15 Euromonitor and BIC estimates
16 IRI data: channels covered are Multi-Outlet + Convenience
stores
- BIC_Q39M2024_Results_PressRelease_FINAL
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