BIC Group - Press Release
Clichy - 03 August 2017
Second Quarter and first half 2017 Results [1]
Good Second-Quarter Performance both in terms of Net Sales and Profitability
· First Half Net Sales: 1,062.9 million euros, up 3.0% as reported and up 0.3% on a comparative basis [2]
o Second Quarter Net Sales: 593.7 million euros, up 5.6% as reported and up 3.9% on a comparative basis 2
· First Half Normalized [3] IFO: 219.4 million euros - Normalized 3 IFO margin: 20.6%
o Q2 Normalized 3 IFO: 138.2 million euros - Normalized 3 IFO margin: 23.3%
· First Half Net Income Group Share: 129.6 million euros, down 7.5%
o EPS Group Share: 2.78 euros, down 6.7%
o Normalized EPS Group Share: 3.23 euros, up 6.3%
· Net cash position at the end of June 2017 : 87.2 million euros
Q2 and H1 2017 Key operational figures | ||||
Change in Net Sales on a comparative basis 2 | Normalized 3 IFO margin | |||
Q2 | H1 | Q2 | H1 | |
Group | +3.9% | +0.3% | 23.3% | 20.6% |
Stationery | +9.1% | +3.3% | 16.0% | 11.3% |
Lighters | +2.0% | +0.8% | 41.7% | 39.6% |
Shavers | -0.9% | -4.3% | 14.1% | 13.4% |
Commenting on the First Half 2017 results, Bruno Bich, Chairman and Chief Executive Officer, said: "With a good Second Quarter performance, H1 2017 Net Sales were flat on a comparative basis. Supported by new product launches, the Stationery early Back-to-School sell-in was strong. Lighters continued to perform well in Europe and sell-in rebounded in the U.S. In Shavers, Net Sales were driven by a solid performance in Europe and Developing Markets but down in North America, reflecting the continued highly competitive environment and disruption of the category in the U.S.
As markets remain volatile for the balance of the year, coupled with recent signs of lower consumption in Brazil, we now expect to trend between 3% to 4% Full Year Organic Net Sales growth.
While we continue to invest for the long term, we are adjusting our 2017 Brand support due to market dynamics. Therefore, we expect the decrease in 2017 Normalized Income from Operations margin to be less than the - 100 basis points initially expected."
Key figures (in millions euros) | Q2 2017 vs. Q2 2016 | H1 2017 vs. H1 2016 | ||||||||
Q2 2016 | Q2 2017 |
As
reported | Constant currency basis |
Compa-rative
basis | H1 2016 | H1 2017 |
As
reported | Constant currency basis |
Compa-rative
basis | |
Group | ||||||||||
Net Sales | 562.2 | 593.7 | +5.6% | +3.6% | +3.9% | 1,031.5 | 1,062.9 | +3.0% | +0.1% | +0.3% |
Gross Profit | 292.2 | 304.5 | 529.0 | 550.2 | ||||||
Income From Operations | 127.9 | 120.6 | -5.7% | 209.3 | 194.9 | -6.9% | ||||
IFO margin | 22.7% | 20.3% | 20.3% | 18.3% | ||||||
Normalized Income From Operations | 132.1 | 138.2 | +4.6% | 213.6 | 219.4 | +2.7% | ||||
Normalized IFO margin | 23.5% | 23.3% | 20.7% | 20.6% | ||||||
Normalized IFO margin excluding the special employee bonus | 23.5% | 23.3% | 21.6% | 20.6% | ||||||
Net Income Group Share | 89.1 | 79.9 | -10.3% | 140.1 | 129.6 | -7.5% | ||||
Earnings Per Share Group Share (in euros) | 1.89 | 1.71 | -9.5% | 2.98 | 2.78 | -6.7% | ||||
Stationery | ||||||||||
Net Sales | 241.1 | 264.7 | +9.8% | +8.3% | +9.1% | 408.2 | 428.1 | +4.9% | +2.8% | +3.3% |
IFO | 41.6 | 36.2 | 50.2 | 36.6 | ||||||
IFO margin | 17.3% | 13.7% | 12.3% | 8.6% | ||||||
Normalized IFO margin | 18.0% | 16.0% | 12.7% | 11.3% | ||||||
Normalized IFO margin excluding the special employee bonus | 18.0% | 16.0% | 13.6% | 11.3% | ||||||
Lighters | ||||||||||
Net Sales | 177.2 | 185.5 | +4.7% | +2.0% | +2.0% | 340.8 | 356.9 | +4.7% | +0.8% | +0.8% |
IFO | 70.6 | 77.3 | 132.7 | 141.2 | ||||||
IFO margin | 39.8% | 41.7% | 38.9% | 39.6% | ||||||
Normalized IFO margin | 40.5% | 41.7% | 39.3% | 39.6% | ||||||
Normalized IFO margin excluding the special employee bonus | 40.5% | 41.7% | 40.0% | 39.6% | ||||||
Shavers | ||||||||||
Net Sales | 120.1 | 122.0 | +1.6% | -0.9% | -0.9% | 237.9 | 236.4 | -0.6% | -4.3% | -4.3% |
IFO | 15.4 | 17.2 | 28.0 | 31.5 | ||||||
IFO margin | 12.8% | 14.1% | 11.8% | 13.3% | ||||||
Normalized IFO margin | 13.8% | 14.1% | 12.3% | 13.4% | ||||||
Normalized IFO margin excluding the special employee bonus | 13.8% | 14.1% | 13.3% | 13.4% | ||||||
Other products | ||||||||||
Net Sales | 23.8 | 21.4 | -10.2% | -10.7% | -10.0% | 44.6 | 41.5 | -6.9% | -7.7% | -7.3% |
IFO | 0.3 | -10.1 | -1.6 | -14.4 | ||||||
Normalized IFO | 0.4 | 1.3 | -1.5 | -1.8 | ||||||
Normalized IFO excluding the special employee bonus | 0.4 | 1.3 | -1.3 | -1.8 |
Group operational trends
Net Sales
H1 2017 Net Sales totaled 1,062.9 million euros, up 3.0% as reported and up 0.3% on a comparative basis. The favorable impact of currency fluctuations (+2.9%) was mainly due to the appreciation of the U.S. dollar and Brazilian real against the euro. Europe and Developing markets grew by 3.7% and 2.3%, respectively, while North America declined by 3.7% on a comparative basis.
Income From Operations and Normalized Income From Operations
H1 2017 Gross Profit margin was 51.8%, compared to 51.3% in H1 2016.
H1 2017 Normalized IFO was 219.4 million euros.
Key components of the change in Normalized IFO margin
(in points) |
H1 2016
vs. H1 2015 [4] |
Q1 2017
vs. Q1 2016 |
Q2 2017
vs. Q2 2016 |
H1 2017
vs. H1 2016 |
| -0.1 | +0.8 | -0.3 | +0.3 |
| -0.8 | -0.8 | +0.5 | -0.1 |
| -0.1 | -0.1 | -0.4 | -0.3 |
| -0.7 | -0.7 | +0.9 | +0.2 |
| -0.8 | -1.9 | -0.4 | -1.2 |
Total change in Normalized IFO margin excluding the special employee bonus | -1.7 | -1.9 | -0.2 | -1.0 |
Special employee bonus | -1.1 | +1.9 | - | +0.9 |
| -0.7 | +1.2 | - | +0.5 |
| -0.4 | +0.7 | - | +0.4 |
Total change in Normalized IFO margin | -2.8 | 0.0 | -0.2 | -0.1 |
Non-recurring items | Q1 | Q2 | H1 | |||
(in million euros) | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
Income From Operations | 81.4 | 74.3 | 127.9 | 120.6 | 209.3 | 194.9 |
As % of Net Sales | 17.3% | 15.8% | 22.7% | 20.3% | 20.3% | 18.3% |
Restructuring costs (related primarily to BIC Graphic Europe and Developing Markets operations in 2017) | - | 7.0 | 4.2 | 17.6 | 4.2 | 24.5 |
Normalized IFO | 81.4 | 81.3 | 132.1 | 138.2 | 213.6 | 219.4 |
As % of Net Sales | 17.3% | 17.3% | 23.5% | 23.3% | 20.7% | 20.6% |
Special employee bonus | 8.8 | - | - | - | 8.8 | - |
Normalized IFO excluding the special employee bonus | 90.2 | 81.3 | 132.1 | 138.2 | 222.3 | 219.4 |
As % of Net Sales | 19.2 % | 17.3% | 23.5% | 23.3% | 21.6% | 20.6% |
Net Income and EPS
Income before tax fell back to 194.9 million euros, from 208.5 million euros in H1 2016. Net finance revenue was nil, compared to a negative 0.8 million euros in H1 2016. H1 2016 was negatively impacted by fair value adjustments to financial assets denominated in USD when compared to December 2015.
Net income Group Share was 129.6 million euros, a 7.5% drop as reported. The effective tax rate was 30.0% excluding the impact of the sale of BIC Graphic North America and Asian Sourcing.
EPS Group share was 2.78 euros, compared to 2.98 euros in H1 2016, i.e. down by 6.7%. Normalized EPS Group share increased 6.3% to 3.23 euros, compared to 3.04 euros in H1 2016. EPS Group Share in Q2 2017 was 1.71 euros compared to 1.89 euros in Q2 2016, down by 9.5%.
Net cash position
At the end of June 2017, the Group's net cash position stood at 87.2 million euros.
Change in net cash position
(in million euros) | 2016 | 2017 |
Net Cash position (beginning of period - December) | 448.0 | 222.2 |
| +61.6 | +77.0 |
| +196.1 | +198.1 |
| -134.5 | -121.1 |
| -74.4 | -74.7 |
| -277.0 | -161.0 |
| -60.7 | -18.0 |
| +0.8 | +0.6 |
| - | +55.7 |
| -0.1 | -14.6 |
Net Cash position (end of period - June) | 98.2 | 87.2 |
Net cash from operating activities was +77.0 million euros, including +198.1 million euros in operating cash flow. The negative change in working capital and other items of 121.1 million euros was mainly related to the seasonality of trade receivables. Net cash was also impacted by investments in CAPEX as well as the dividend payments and share buybacks. Net cash was positively impacted by the proceeds from the sale of BIC Graphic North America and Sourcing Asia.
Shareholders' remuneration
Operational trends by category
Stationery
Stationery H1 2017 Net Sales increased by 4.9% as reported and by 3.3% on a comparative basis. Second quarter 2017 Net Sales were up 9.8% as reported and up 9.1% on a comparative basis.
Developed markets
Developing Markets
H1 2017 Net Sales grew low-single-digit with a strong second quarter.
H1 2017 Normalized IFO margin for Stationery was 11.3%, compared to 12.7% in H1 2016 (13.6% excluding the impact of the special employee bonus). This decline is mainly due to the reinforcement of our brand support investment plan, particularly in developing markets, and the increase in OPEX. Q2 2017 Normalized IFO margin was 16.0%, compared to 18.0% in Q2 2016, due to higher operating expenses.
Lighters
H1 2017 Net Sales of Lighters increased by 4.7% as reported and by 0.8% on a constant currency basis. Second quarter 2017 Net Sales were up 4.7% as reported and up 2.0% on a constant currency basis.
Developed Markets
Europe delivered mid-single-digit growth in Net Sales, driven by good performance in both Western and Eastern Europe. North American Net Sales were stable. We gained market share in the U.S..
Developing Markets
In H1 2017, Net Sales declined at a low single-digit rate, with a good performance in Mexico, in the Middle-East and in Africa.
H1 2017 Normalized IFO margin for Lighters was 39.6%, compared to 39.3% in H1 2016 (40.0% excluding the impact of the special employee bonus), due to lower Gross Profit. The increase in operating expenses was more than offset by lower Brand Support investment. Q2 2017 Normalized IFO margin was 41.7%, compared to 40.5% in Q2 2016, due to lower Brand Support investment compared to Q2 2016.
Shavers
H1 2017 Net Sales of Shaver's decreased by 0.6% as reported, and by 4.3% on a constant currency basis . Second quarter 2017 Net Sales grew by 1.6% as reported but decreased by 0.9% on a constant currency basis.
Developed Markets
Developing Markets
In H1 2017 the increase in Net Sales grew mid-single-digit.
H1 2017 Normalized IFO margin for Shaver's was 13.4% compared to 12.3% in H1 2016 (13.3% excluding the impact of the special employee bonus). The margin change mainly reflected the decline in North American Net Sales and higher operating expenses (including continued investments in R&D), which were offset by lower cost of production and Brand Support compared to H1 2016. Q2 2017 Normalized IFO margin was 14.1%, compared to 13.8% in Q2 2016 as a result of the same impacts as those described previously.
Other Products
H1 2017 Net Sales of Other Products decreased by 6.9% as reported and by -7.3% on a comparative basis .
BIC Sport posted a mid-single-digit decrease in its Net Sales on a comparative basis.
H1 2017 Normalized IFO for Other Products was a negative 1.8 million euros , compared to a negative 1.5 million euros in H1 2016. Q2 2017 Normalized IFO for Other Products was a positive 1.3 million euros , compared with a positive 0.4 million euros in Q2 2016.
Full Year 2017 Outlook
As markets remain volatile for the balance of the year, coupled with recent signs of lower consumption in Brazil, we now expect to trend between 3% to 4% Full Year Organic Net Sales growth.
While we continue to invest for the long term, we are adjusting our 2017 Brand support due to market dynamics. Therefore, we expect the decrease in 2017 Normalized Income from Operations margin to be less than the - 100 basis points initially expected.
ACQUISITIONS - DISPOSALS - MISCELLANEOUS
BIC GRAPHIC
BIC Group announced on June 30, 2017 that following the Asset and Share Purchase Agreement signed on June 6, 2017, BIC Graphic North America and Asian Sourcing operations had been sold to H.I.G. Capital.
BIC Graphic North America and Asian Sourcing Assets and Liabilities have been accounted for as "Non-Current Assets Held For Sale" and "Discontinued Operations" since 31 December 2016, in accordance with IFRS 5
[9]
.
BIC Group Net Sales by geography
(in million euros) | Q2 2017 vs. Q2 2016 | H1 2017 vs. H1 2016 | ||||||
Q2 2016 | Q2 2017 | As reported |
Comparative
basis | H1 2016 | H1 2017 | As reported |
Comparative
basis | |
Group | ||||||||
Net Sales | 562.2 | 593.7 | +5.6% | +3.9% | 1,031.5 | 1,062.9 | +3.0% | +0.3% |
Europe | ||||||||
Net Sales | 170.0 | 177.5 | +4.4% | +4.8% | 296.5 | 307.1 | +3.5% | +3.7% |
North America | ||||||||
Net Sales | 236.4 | 242.1 | +2.4% | +0.7% | 424.4 | 419.7 | -1.1% | -3.7% |
Developing Markets | ||||||||
Net Sales | 155.8 | 174.0 | +11.7% | +7.9% | 310.6 | 336.1 | +8.2% | +2.3% |
Impact of change in perimeter and currency fluctuations on Net Sales
(in %) | Q2 2016 | Q2 2017 | H1 2016 | H1 2017 |
Perimeter | - | -0.3 | - | -0.2 |
Currencies | -5.3% | +2.0% | -5.5% | +2.9% |
Of which USD | -1.0% | +0.8% | -0.1% | +1.1% |
Of which BRL | -1.0% | +0.8% | -1.7% | +1.4% |
Of which ARS | -0.6% | -0.1% | -1.1% | -0.1% |
Of which INR | -0.2% | +0.2% | -0.2% | +0.2% |
Of which MXN | -1.1% | +0.0% | -1.0% | -0.2% |
Of which RUB and UAH | -0.3% | +0.2% | -0.3% | +0.2% |
IFO and Normalized IFO by category
(in million euros) | Q2 2016 | Q2 2017 | H1 2016 | H1 2017 |
Group | ||||
Income From Operations | 127.9 | 120.6 | 209.3 | 194.9 |
Normalized Income From operations | 132.1 | 138.2 | 213.6 | 219.4 |
Stationery | ||||
Income From Operations | 41.6 | 36.2 | 50.2 | 36.6 |
Normalized Income From operations | 43.4 | 42.3 | 52.0 | 48.2 |
Lighters | ||||
Income From Operations | 70.6 | 77.3 | 132.7 | 141.2 |
Normalized Income From operations | 71.7 | 77.3 | 133.9 | 141.4 |
Shavers | ||||
Income From Operations | 15.4 | 17.2 | 28.0 | 31.5 |
Normalized Income From operations | 16.6 | 17.2 | 29.2 | 31.7 |
Other Products | ||||
Income From Operations | 0.3 | -10.1 | -1.6 | -14.4 |
Normalized Income From operations | 0.4 | 1.3 | -1.5 | -1.8 |
Condensed profit and loss account
(in million euros) | Q2 2017 vs. Q2 2016 | H1 2017 vs. H1 2016 | ||||||
Q2 2016 | Q2 2017 | As reported | Comparative basis | H1 2016 | H1 2017 | As reported | Comparative basis | |
Net sales | 562.2 | 593.7 | +5.6% | +3.9% | 1,031.5 | 1,062.9 | +3.0% | +0.3% |
Cost of goods | 270.0 | 289.2 | 502.5 | 512.7 | ||||
Gross Profit | 292.2 | 304.5 | +4.2% | 529.0 | 550.2 | +4.0% | ||
Administrative & other operating expenses | 164.3 | 183.9 | 319.7 | 355.3 | ||||
Income from operations | 127.9 | 120.6 | -5.7% | 209.3 | 194.9 | -6.9% | ||
Finance revenue/costs | 1.2 | -0.8 | -0.8 | 0.0 | ||||
Income before tax | 129.1 | 119.9 | -7.2% | 208.5 | 194.9 | -6.6% | ||
Income tax expense | -38.8 | -36.0 | -62.6 | -58.5 | ||||
Net Income From Continuing Operations | 90.3 | 83.8 | 145.9 | 136.3 | ||||
Net Income From Discontinued Operations | -1.3 | -3.9 | -5.8 | -6.7 | ||||
NET INCOME GROUP SHARE | 89.1 | 79.9 | -10.3% | 140.1 | 129.6 | -7.5% | ||
Earnings Per Share From Continuing Operations (in euros) | 1.92 | 1.80 | 3.10 | 2.92 | ||||
Earnings Per Share From Discontinued Operations (in euros) | -0.03 | -0.09 | -0.12 | -0.14 | ||||
Earnings per share Group share (in euros) | 1.89 | 1.71 | -9.5% | 2.98 | 2.78 | -6.7% | ||
Average number of shares outstanding (net of treasury shares) | 47,029,831 | 46,683,913 | 47,029,831 | 46,683,913 |
Condensed balance sheet
(in million euros) |
December 31,
2016 |
June 30,
2017 |
Assets | ||
Property, plant & equipment | 564.4 | 586.5 |
Investment properties | 2.1 | 1.9 |
Goodwill and intangible assets | 372.7 | 359.1 |
Other non-current assets | 204.2 | 233.1 |
Non-current assets | 1,143.4 | 1.180.6 |
Inventories | 468.1 | 469.6 |
Trade and other receivables | 483.1 | 614.9 |
Other current assets | 51.5 | 37.4 |
Other current financial assets and derivative instruments | 31.1 | 12.6 |
Cash and cash equivalents | 243.8 | 291.2 |
Current assets | 1,277.6 | 1,425.7 |
Assets Held For Sale | 152.7 | - |
TOTAL ASSETS | 2,573.7 | 2,606.3 |
Liabilities & shareholders' equity | ||
Shareholders' equity | 1,792.6 | 1,708.9 |
Non-current borrowings | 1.4 | 0.2 |
Other non-current liabilities | 297.8 | 271.7 |
Non-current liabilities | 299.2 | 271.9 |
Trade and other payables | 118.7 | 136.8 |
Current borrowings | 49.6 | 208.5 |
Other current liabilities | 261.3 | 280.2 |
Current liabilities | 429.6 | 625.5 |
Liabilities Held For Sale | 52.3 | - |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 2,573.7 | 2,606.3 |
Cash flow statement (in million euros) | FY 2016 | H1 2017 |
Group Net income | 249.7 | 129.6 |
Net income from discontinued operations | -35.8 | -6.7 |
Net income from continuing operations | 285.5 | 136.3 |
Amortization and provisions | 165.4 | 61.8 |
(Gain)/Loss from disposal of fixed assets | -0.2 | 10.2 |
Others | 2.3 | -3.5 |
CASH FLOW FROM OPERATIONS | 417.2 | 198.1 |
(Increase) / decrease in net current working capital | -62.8 | -125.1 |
Others | -55.7 | 4.0 |
Net Cash from operating activities from continuing operations | 276.2 | 70.9 |
Net Cash from operating activities from discontinued operations | 22.5 | 6.1 |
NET CASH FROM OPERATING ACTIVITIES (A) | 298.7 | 77.0 |
Net capital expenditure | -178.9 | -73.9 |
(Purchase)/Sale of other current financial assets | 46.1 | 24.7 |
Divestiture of BIC Graphic North America and Asian Sourcing | 0 | 55.7 |
Other Investments | 0.3 | -0.4 |
Net Cash from investing activities from continuing operations | -127.2 | 9.5 |
Net Cash from investing activities from discontinued operations | -5.3 | -3.4 |
NET CASH FROM INVESTING ACTIVITIES (B) | -132.5 | 6.1 |
Dividends paid | -277.0 | -161.0 |
Borrowings/(Repayments)/(loans) | 19.8 | 130.6 |
Share buy-back program net of stock-options exercised | -79.1 | -17.4 |
Others | -3.2 | -2.7 |
Net Cash from financing activities from continuing operations | -291,5 | -48.2 |
Net Cash from financing activities from discontinued operations | -48,0 | -2.3 |
NET CASH FROM FINANCING ACTIVITIES (C) | -339.5 | -50.5 |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS (A+B+C) | -173.2 | 32.6 |
OPENING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 380.6 | 217.4 |
Net increase / decrease in cash and cash equivalents net of bank overdrafts (A+B+C) | -173.2 | 32.6 |
Exchange difference | 10.0 | -14.7 |
CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 217.4 | 235.3 |
Share buy-back program |
Number of shares
acquired | Average weighted price in € |
Amount
in M€ |
February 2017 | 38,433 | 117.49 | 4.5 |
March 2017 | 42,144 | 115.05 | 4.9 |
April 2017 | - | - | - |
May 2017 | 40,000 | 106.28 | 4.2 |
June 2017 | 40,000 | 109.14 | 4,4 |
Total | 160,577 | 111.98 | 18.0 |
Reconciliation with Alternative Performance Measures
Normalized IFO reconciliation | ||
(in million euros) | FY 2016 | H1 2017 |
Income From Operations | 403.4 | 194.9 |
Restructuring costs (related primarily to BIC Graphic Europe and Developing Markets operations in 2017) | +6.6 | +24.5 |
Retiree Medical Adjustment in the U.S. | -0.9 | - |
Normalized IFO | 409.1 | 219.4 |
Special employee bonus | 8.8 | - |
Normalized IFO excluding the special employee bonus | 417.9 | 219.4 |
Normalized EPS reconciliation | ||
(in euros) | FY 2016 | H1 2017 |
EPS | 5.32 | 2.78 |
Impairment recognized for BIC Graphic North America and Asian sourcing | +0.78 | - |
Net loss from divestiture of BIC Graphic North America and Asian Sourcing | - | +0.09 |
Restructuring costs (related primarily to BIC Graphic Europe and Developing Markets operations in 2017) | +0.15 | +0.36 |
Retiree Medical Adjustment in the U.S. | -0.01 | - |
Normalized EPS | 6.24 | 3.23 |
Net cash reconciliation (in million euros - rounded figures) |
December 31,
2016 |
June 30,
2017 |
Cash and cash equivalents (1) | 243.8 | 291.2 |
Other current financial assets (2) [10] | 29.4 | 4.7 |
Current borrowings (3) | -49.6 | -208.5 |
Non-current borrowings (4) | -1.4 | -0.2 |
NET CASH POSITION (1) + (2) + (3) + (4) | 222.2 | 87.2 |
Capital and voting rights, June 30, 2017
As of June 30, 2017, the total number of issued shares of SOCIÉTÉ BIC was 47,582,472 shares, representing:
Total number of treasury shares held at the end of June 2017: 948,492.
Glossary
SOCIETE BIC consolidated financial statements as of June 30, 2017, were approved by the Board of Directors on August 2, 2017. A presentation related to this announcement is also available on the
BIC
website (at
www.bicworld.com
).
This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk Factors" in BIC's 2016 Registration Document filed with the French financial markets authority (AMF) on March 22, 2017.
Contacts
Investor Relations : +33 1 45 19 52 26 | Press Contacts |
Sophie Palliez-Capian
sophie.palliez@bicworld.com |
Priscille Reneaume: +33 1 53 70 74 70
preneaume@image7.fr |
Katy Bettach
katy.bettach@bicworld.com |
For more information, please consult the corporate website: www.bicworld.com
2017-2018 Agenda (all dates to be confirmed)
3 rd Quarter 2017 results | 25 October 2017 | Conference call |
Full Year 2017 results | 14 February 2018 | Meeting - BIC Headquarters |
First Quarter 2018 results | 25 April 2018 | Conference call |
2018 AGM | 16 May 2018 | Meeting - BIC Headquarters |
About BIC
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication and thanks to everyday efforts and investments, BIC has become one of the most recognized brands and is a trademark registered worldwide for identifying BIC products which are sold in more than 160 countries around the world. In 2016, BIC recorded Net Sales of 2,025.8 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes: CDP's Climate A List, CDP's Supplier Climate A List, CDP Supplier Engagement Leader Board, FTSE4Good indexes, Ethibel Sustainability Index (ESI) Excellence Europe, Euronext Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, Stoxx Global ESG Leaders Index.
[1] Second quarter and First Half 2016 and 2017 results are accounted for and presented in accordance with IFRS 5; BIC Graphic is no longer considered as a separate category or reporting segment. BIC Graphic Europe reports to European BIC Consumer Product management. In Developing Markets, BIC Graphic operations report to their respective country's Consumer Product management. On June 30, 2017, BIC Graphic North America and Asian Sourcing operations were sold to H.I.G. Capital.
[2] During the First Half of 2017, certain BIC Graphic operations in Developing Markets without a sustainable business model, were stopped.
[3] See glossary page 12.
[4] Non-restated from IFRS 5
[5] Gross Profit margin excluding promotions and investments related to consumer and business development support.
[6] Total Brand Support: consumer and business development support + advertising, consumer and trade support.
[7] Excluding 8.8 million euros of subordinated loan.
[8] Source: IRI total market YTD ending 02-JULY-2017 - in value terms
[9] Please refer to BIC Q1 2017 press release issued on April 26, 2017.
[10] In the balance sheet, the line "Other current financial assets and derivative instruments" also includes 7.9 million euros and 1.7 million euros worth of derivative instruments, respectively at June 30, 217 and at December 31, 2016.