Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — FY2018 Earnings Presentation
81 slides from Societe Bic Sa's earnings presentation, Feb 13, 2019
Slide 1: Analyst and Investor Presentation
ANALYST AND INVESTOR PRESENTATION 13 FEBRUARY 2019
Slide 2: Today's Agenda
TODAY’S AGENDA FULL YEAR 2018 RESULTS AND 2019 OUTLOOK Gonzalve BICH Jim DIPIETRO BIC 2022 – INVENT THE FUTURE Gonzalve BICH Thomas BRETTE Peter DALSBERG François CLEMENT-GRANDCOURT Benoit MAROTTE 13 February 2019 Presentation 2
Slide 3: Full Year 2018 Results
FULL YEAR 2018 RESULTS Gonzalve BICH Jim DIPIETRO
Slide 4: BIC in 2018 – Key Takeaways
BIC IN 2018 – KEY TAKEAWAYS Ongoing investments 2018 Outlook in growth Achieved Continued 3.45 euros per opportunities challenging trading share proposed environment dividend for 2018* (*) Payable from 30 May 2019 and subject to the approval of 22 May 2019 AGM 13 February 2019 Presentation 4
Slide 5: 2018 Group Financial Performance
2018 GROUP FINANCIAL PERFORMANCE NET SALES NORMALIZED IFO NORMALIZED EPS NET CASH POSITION Change on Margin a comparative basis 511.0 M€ 87.1 M€ Q4 2018 1.66 € +5.4% 17.0% 1,949.8 M€ 352.4 M€ FY 2018 5.87 € 161.5 M€ +1.5% 18.1% 13 February 2019 Presentation 5
Slide 6: Shareholders' Remuneration
SHAREHOLDERS’ REMUNERATION Proposal of 3.45 euros ordinary dividend per share In euros 6.89 6.26 5.57 5.87 5.48 5.13 5.32 5.00 4.29 3.43 3.51 3.15 3.40 3.45 3.45 3.45 3.11 3.00 2.85 2.50 2.56 2.60 2.20 1.80 1.90 1.35 1.35 1.40 1.80 1.3 1.15 37% 38% 38% 45% 44% 44% 44% 47% 51% 51% 49% 65% 55% 59% Pay
Slide 7: 2018 Highlights on Stationery
2018 HIGHLIGHTS MARKET & BIC PERFORMANCE ON STATIONERY U.S.** EUROPE** FINANCIAL PERFORMANCE 0.3% 0.2% BIC market share Net Sales 2017 December 2018 +0.3 pts Q4 170.4 M€ + 0.6%* 2017 2018 BIC market FY 771.9 M€ + 1.7%* share -0.8% +0.4 pts NIFO Margin -1.2% Q4 5.4 M€ 3.2% • Strong Back-to-School sea
Slide 8: 2018 Highlights on Lighters
2018 HIGHLIGHTS MARKET & BIC PERFORMANCE DECORATED LIGHTERS ON LIGHTERS U.S. None-Refillable U.S. Sleeves lighters Pocket Lighter** as % of Net Sales FINANCIAL PERFORMANCE 33.6% 2017 2018 Net Sales 1.9% 23.1% Q4 204.3 M€ + 9.0%* BIC market share FY 685.8 M€ + 2.4%* +0.2 pts 2012 2018 -0.8% NIFO Marg
Slide 9: 2018 Highlights on Shavers
2018 HIGHLIGHTS BIC’s MARKET SHARE / One Piece segment** in value 0.7 ON SHAVERS Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 -0.2 -0.4 -0.5 -0.5 -0.5 FINANCIAL PERFORMANCE -0.8 -0.8 Q4 18 -1.3 -1.3 -1.5 -1.5 -1.5 BIC Market Share change - YTD Net Sales -2.1 BIC Market Share change - 13 weeks -2.6 Q4 1
Slide 10: Net Sales Evolution Q4 and FY 2018
Q4 AND FY 2018 NET SALES EVOLUTION FX TRANSLATION IMPACT +5.4% -1.8% -0.9% 0% -9.1 M€: -4.4 M€ In M€ USD +6 BRL -8 Q4 2018 497.4 INR -1 511.0 AUD -0.5 MXN -0.3 RUB UAH -1 Others -5 Q4 2017 Net Sales* Perimeter impact Change on a FX translation impact Argentina** Q4 2018 Net Sales comparative basis -
Slide 11: From Net Sales to IFO
FY 2018 FROM NET SALES TO IFO Change on Change on BIC Group Change a constant a comparative In million euros FY 17* FY 18 as reported currency basis* basis* Net Sales 2,041.4 1,949.8 -4.5% +0.9% +1.5% Gross Profit 1,069.5 1,014.3 -5.2% Normalized Income 399.6 352.4 -11.8% from Operations Income from
Slide 12: Key Components of Normalized IFO Margin
Q4 AND FY 2018 KEY COMPONENTS OF NORMALIZED* INCOME FROM OPERATIONS MARGIN -2.7% -1.0% +1.0% Q4 2018 Of which: Promotion and investments 19.7% related to consumer and -0.2 17.0% business development Support Advertising, consumer -0.8 and trade support Q4 2017 Normalized* IFO Change in cost of produc
Slide 13: From NIFO to Group Net Income
FY 2018 FROM NIFO TO GROUP NET INCOME In million euros FY 2017* FY 2018 Normalized IFO 399.6 352.4 Restructuring costs related primarily to BIC Graphic (24.7) - Cello Goodwill Impairment and Pimaco - (74.2) Restructuring expenses - (15.4) BIC Sport Divestiture - (4.9) Argentina Restatement (IAS29) -
Slide 14: Capex – Depreciation & Amortization
2018 CAPEX – DEPRECIATION & AMORTIZATION 29% 11% Stationery Others 186 125.4 M€ In million euros 181 27% Shavers 33% 125 125.4 Lighters 121 112 107 90 94 93 93 89 77 81 75 71 72 75 63 53 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CAPEX D&A 13 February 2019 Presentation 14
Slide 15: Working Capital
WORKING CAPITAL BIC Group In million euros December 2017* December 2018 225.2 Stationery 194.9 Total Working Capital 580.0 621.2 119.8 Of which inventories 429.0 449.2 Lighters 119.3 Of which Trade 477.1 534.7 97.6 and other receivables Shavers 99.3 Of which Trade December 2018 (125.5) (137.7) and o
Slide 16: Net Cash Position
NET CASH POSITION Operations +394.6 -90.7 In million euros -125.4 -157.8 -49.9 -14.2 Net Cash From Operating activities 204.9 +303.9 M€ 161.5 December 2017 Net Operating cash flow Change in working CAPEX Dividend payment Share buyback, Others* December 2018 Cash Position capital and others exercise
Slide 17: 2019 Outlook
2019 OUTLOOK NET SALES NORMALIZED IFO MARGIN We expect Group Net Sales We expect Normalized IFO margins to increase slightly to be between 16.5% and 18% on a comparative basis 13 February 2019 Presentation 17
Slide 18: BIC 2022 Invent the Future
BIC 2022 INVENT THE FUTURE Gonzalve BICH Thomas BRETTE Peter DALSBERG François CLEMENT-GRANDCOURT Benoit MAROTTE
Slide 19: Business Environment Changing at an Accelerated Pace
BUSINESS ENVIRONMENT CHANGING AT AN ACCELERATED PACE 13 February 2019 Presentation 19
Slide 20: Business Models
BUSINESS MODELS NON MANUFACTURER AND DIRECT CLICK AND COLLECT CIRCULAR ECONOMY DIGITAL NATIVE BRANDS TO CONSUMERS THE CIRCULAR ECONOMY 13 February 2019 Presentation 20
Slide 21: Resources
RESOURCES SCARCITY INCREASED PRICE VOLATILITY MARKET CAPACITY CONSTRAINTS REGULATION 13 February 2019 Presentation 21
Slide 22: Distribution
DISTRIBUTION E-COMMERCE RETAILERS’ PURCHASING TRADITIONAL STORES & PROXIMITY ALLIANCES 17.5% 15.5% 13.7% 11.9% 10.2% 9.6% 7.4% 4,878 1,548 2015 2016 2017 2018 2019 2020 2021 Retail E-Commerce (Bn USD) Share of total global sales 13 February 2019 Presentation 22
Slide 23: Consumers
CONSUMERS AWARENESS PERSONALIZATION PURPOSE 89% 36% Consumer 66% Your text or picto here 1993 2017 Consumers likely to switch 36% of consumers brands to one associated interested in buying with a good cause, given personalized products similar price and quality Source: Deloitte “Made-to-Order: the r
Slide 24: Strong Foundations to Meet Current Challenges
STRONG FOUNDATIONS TO MEET CURRENT CHALLENGES 13 February 2019 Presentation 24
Slide 25: Efficient Business Model
EFFICIENT BUSINESS MODEL TECHNOLOGY PRODUCTION PROCESS MASS PRODUCTION Quality Consistency + + & Right Cost 13 February 2019 Presentation 25
Slide 26: International Manufacturing Footprint
INTERNATIONAL MANUFACTURING FOOTPRINT 2009 2019 92% of BIC® consumer products are produced in BIC-owned factories Stationery Lighters Shavers 13 February 2019 Presentation 26
Slide 27: Universal Brands
UNIVERSAL BRANDS Stationery Lighters Shavers Women 77% 99% 100% Men 74% Women 64% 97% 93% Men 66% Women 75% 98% 94% Men 75% 94% Aided awareness (%) 13 February 2019 Presentation 27
Slide 28: Solid Financial Performance
SOLID FINANCIAL PERFORMANCE NET SALES ORGANIC GROWTH ADJUSTED EBIT MARGIN 6.2% 20.2% 19.8% 4.9% 18.7% 18.2% 18.1% 18.2% 17.3% 4.2% 16.3% 15.9% 15.1% 1.4% 1.5% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 BIC Peer Average * Average: +3.6% (*) Beiersdorf, P&G, Edgewell, Pilot, Unilever, Newell Br
Slide 29: Solid Financial Performance
SOLID FINANCIAL PERFORMANCE CASH FLOW TOTAL SHAREHOLDERS’ REMUNERATION 381 367 349 329 299 304 359 264 239 226 208 258 181 186 180 212 125 161 112 121 120 107 132 2013 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Cash from Operating Activities CAPEX Free Cash Flow Before Acquisition Share b
Slide 30: Growth Potential in Three Categories
GROWTH POTENTIAL IN THREE CATEGORIES 13 February 2019 Presentation 30
Slide 31: Stationery
STATIONERY Leader in: Total Market: 10 years CAGR: 5 years CAGR: 16Bn Euros Value +4.5% +5.2% Europe, Latin America, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Africa & India #2 6% manufacturer 9% Fountain Pen Correction & Accessories 24% Ball Pen 9% Global 18% Market Share Marking 20.2 15% R
Slide 32: Stationery Strategic Pillars
STATIONERY STRATEGIC PILLARS Consolidate leadership in Ball Pen and strengthen positions in Gel Pen 5 years CAGR: BIC’s +4.8% Ball Pen position #1 18.5% Ball Pens Roller & Gel 6.9% +5.4% +7.6% Strengthen positions in Coloring Roller & Gel Coloring Coloring 4.1% 2008 2009 2010 2011 2012 2013 2014 201
Slide 33: Breakthrough Product Innovation
BREAKTHROUGH PRODUCT INNOVATION TATTOO MARKER 13 February 2019 Presentation 33
Slide 34: Lighters
LIGHTERS MARKET OUTSIDE ASIA in volume in value 13% 18% The Global 13.2 bn 57% 5.0 bn 32% Branded cc. 30% Units* Euros Leader cc. 50% #1 Branded BIC Asian manufacturers Other branded Lighters manufacturer cc. 50% BIC MARKET SHARE Global in value Market Share > 70% 4.4 cc. 50% cc. 65% million BIC® cc
Slide 35: Lighters Strategic Pillars: Geographical Footprint
LIGHTERS STRATEGIC PILLARS GEOGRAPHICAL FOOTPRINT BIC Value Market Share >40% Between 5% & 40% <5% or no information available on BIC Market Share 13 February 2019 Presentation 35
Slide 36: Safety – Differentiation - Flexibility
LIGHTERS STRATEGIC PILLARS SAFETY – DIFFERENTIATION - FLEXIBILITY All BIC® Lighters Standardized meet or exceed offer ISO 9994 safety specifications All BIC® child- resistant lighters January 2019 comply with Personalized offer A new production site dedicated to personalization child-resistant and s
Slide 37: Traditional Distribution
LIGHTERS STRATEGIC PILLARS TRADITIONAL DISTRIBUTION Lighters’ Distribution Channels (Shop number %) Traditional trade Modern trade Ethiopia Pakistan India Vietnam Indonesia Philippines Brazil Mexico China Russia France USA 0% 20% 40% 60% 80% 100% 13 February 2019 Presentation 37
Slide 38: Shavers
SHAVERS TOTAL WET SHAVE** 59% 35% 25% The EUROPE USA Global Shavers Challenger: 12 Billion euros USA, Europe 15% LATIN AMERICA & Latin America #2 38% 25% 3% OTHERS One-piece manufacturer Double edge One-piece Refillable with cc.20% 60% 40% 71% 29% 73% Market Share* 6.8 Million BIC® Shavers 27% sold
Slide 39: Shaver Market
SHAVER MARKET US WET SHAVE MEN SEGMENT US WET SHAVE (Average Price per unit System vs Disposable) (Volumes Sales Evolution vs LY %) $2.70 1.2% Men System 3 blade $2.25 -0.5% 1.38 Price gap: -1.9% -2.5% -2.4% -2.8% -2.8% -21.8% 1.08 -3.2% -3.4% -3.8% -4.2% -4.9% -4.6% -5.7% $1.32 Men Dispo 3 blade -7
Slide 40: Shavers Strategic Pillars
SHAVERS STRATEGIC PILLARS Systems Recruit System users 6.6B€ Fuel Trade Up Disposable on Premium Disposable 4.2B€ Recruit two-blades users Euromonitor FY2017 13 February 2019 Presentation 40
Slide 41: Recruit Two-Blades Users
RECRUIT TWO-BLADES USERS Launch Flex 2 Hybrid in the US Probably the best Twin-Blade shaver in the world at a great price 30% Value Share The biggest disposable volume opportunity (US) 47% Volume Share IRI MULO US FY2018 13 February 2019 Presentation 41
Slide 42: Fuel Trade Up on Premium Disposable
FUEL TRADE UP ON PREMIUM DISPOSABLE PREMIUM Bic Flex Bic Soleil Bic Comfort Bic 1-2-3 BASIC 13 February 2019 Presentation 42
Slide 43: BIC 2022 Invent the Future: Increase Operational Effectiveness
BIC 2022 INVENT THE FUTURE INCREASE OPERATIONAL EFFECTIVENESS 13 February 2019 Presentation 44
Slide 44: Organizational Priorities
ORGANIZATIONAL PRIORITIES GROUP INSIGHTS GROUP COMMERCIAL LIGHTERS & INNOVATION SUPPLY CHAIN OPERATIONS Reinvigorate our Enhance efficiency Driving an omnichannel Securing Lighters’ unique Innovation eco-system throughout manufacturing go-to-market strategy, manufacturing processes, and Brands, plac
Slide 45: Organizational Update
ORGANIZATIONAL UPDATE GROUP INSIGHTS GROUP COMMERCIAL LIGHTERS & INNOVATION SUPPLY CHAIN OPERATIONS Thomas Peter Benoit François BRETTE DALSBERG MAROTTE CLEMENT-GRANDCOURT 13 February 2019 Presentation 46
Slide 46: An Agile and Focused Executive Committee
AN AGILE AND FOCUSED EXECUTIVE COMMITTEE Group Insights & Innovation Officer Thomas BRETTE Chief Finance Officer – Executive Vice-President Group Lighters General Jim DIPIETRO Manager François CLEMENT-GRANDCOURT CEO Chief Human Resources Alison JAMES Gonzalve BICH Group Supply Chain Officer Peter DA
Slide 47: Four Strategic Pillars
FOUR STRATEGIC PILLARS Effectiveness Innovation Consumer-centric Omnichannel Brands Distribution 13 February 2019 Presentation 48
Slide 48: Four Strategic Pillars
FOUR STRATEGIC PILLARS Effectiveness Innovation Consumer centric Omnichannel Brands Distribution 13 February 2019 Presentation 49
Slide 49: Cost-Effective, Data-Centric and Responsible Enhanced Production Model
COST‐EFFECTIVE, DATA-CENTRIC AND RESPONSIBLE ENHANCED PRODUCTION MODEL GROUP SUPPLY CHAIN PLAN - PURCHASE – MAKE - DELIVER GLOBAL PROCUREMENT RESPONSIBLE MANUFACTURING 4.0 DELIVERY COST PROCUREMENT Cobot Digital Automated printing Guided Vehicle QUALITY DELIVERY 13 February 2019 Presentation 50
Slide 50: Global Procurement
GLOBAL PROCUREMENT Packaging At least 20 million euros Indirect Raw Materials annualized initial savings by 2022 Transportation 13 February 2019 Presentation 51
Slide 51: Advanced Go-to-Market
ADVANCED GO-TO-MARKET COMMERCIAL OPERATIONS COMMERCIAL STRATEGY & ANALYTICS E-RETAIL AND DIGITAL GEOGRAPHIES ONLINE Digital Marketing MULTICHANNEL & Operations DIGITAL PRINT Europe Brick & North Mortar America India Revenue Growth Channel strategy Market s Place Management Brick e-Retail & Mortars P
Slide 52: Four Strategic Pillars
FOUR STRATEGIC PILLARS Effectiveness Innovation Consumer centric Omnichannel Brands Distribution 13 February 2019 Presentation 53
Slide 53: Grow Our Brand with the Consumer at the Center
GROW OUR BRAND WITH THE CONSUMER AT THE CENTER GROUP INSIGHT AND INNOVATION - STATIONERY AND SHAVERS AMBITION APPROACH ORGANIZATION Delighting consumers’ lives Consumer at the center Center of expertise (Consumer, Technologies, Brands) Agile Teams End-to-end Innovation Sustainable Development Increa
Slide 54: Four Strategic Pillars
FOUR STRATEGIC PILLARS Effectiveness Innovation Consumer centric Omnichannel Brands Distribution 13 February 2019 Presentation 55
Slide 55: Tailored and Strengthened Digital Communication Infrastructure
TAILORED AND STRENGTHENED DIGITAL COMMUNICATION INFRASTRUCTURE 13 February 2019 Presentation 56
Slide 56: Personalization
PERSONALIZATION No Probably not Maybe Probably 70% of young » American consumers asked were “with no doubt” or “probably” With no doubt ready to buy personalized lighters Total 35 years and less Survey by BIC Corp. done in 2017 with 546 consumers from shopbic.com 13 February 2019 Presentation 57
Slide 57: Four Strategic Pillars
FOUR STRATEGIC PILLARS Effectiveness Innovation Consumer centric Omnichannel Brands Distribution 13 February 2019 Presentation 58
Slide 58: Off-line: Always Available
OFF-LINE: ALWAYS AVAILABLE 13 February 2019 Presentation 59
Slide 59: On-line Deployment
ON-LINE DEPLOYMENT E-COMMERCE AS % OF NET SALES 2018 5% 2022 10% 18% CAGR 13 February 2019 Presentation 60
Slide 60: Enhanced Skills and Capabilities
ENHANCED SKILLS AND CAPABILITIES Continuous Improvement Product innovation Operational Excellence Process innovation Robotics Consumer insight 3D printing E-commerce Brand management Modern mass market Offline marketing Traditional trade Digital marketing Advanced Analytics CRM 13 February 2019 Pres
Slide 61: Commitment to Sustainable Development
COMMITMENT TO SUSTAINABLE DEVELOPMENT 13 February 2019 Presentation 62
Slide 62: BIC 2022 Invent the Future: Conclusion
BIC 2022 INVENT THE FUTURE CONCLUSION 13 February 2019 Presentation 63
Slide 63: Clear Messages
BIC 2022 - INVENT THE FUTURE CLEAR MESSAGES ► We are operating in a challenging business environment that is changing at an accelerated pace ► Our Business Model, Manufacturing Footprint and Brands are solid foundations ► We are innovating across our operations and our product portfolio ► We are cha
Slide 64: Clear Roadmap
BIC 2022 - INVENT THE FUTURE CLEAR ROADMAP 2019 2020-2021 2022+ SET THE FOUNDATIONS ROLL-OUT FULL IMPACT • Operational Effectiveness • Engaged Consumers • Inclusive Company • Accelerated Growth • Strengthen market positions • Extend brand leadership • Expand in e-commerce • Speed-up product launches
Slide 65: Clear Targets
BIC 2022 - INVENT THE FUTURE CLEAR TARGETS Achieve at least 20 million Increase the number of new euros original annualized patent submissions by savings reinvested to drive Growth 20% per year Engage Directly with 20% Reach 10% of Net Sales of our consumers from e-commerce 13 February 2019 Presenta
Slide 66: Clear and Unchanged Capital Allocation
BIC 2022 - INVENT THE FUTURE CLEAR AND UNCHANGED CAPITAL ALLOCATION 1 2 3 4 Exceptional CAPEX Ordinary Regular share dividend Selected M&A dividend buybacks from excess net cash (2 years’ annual Cash Flow generation) 13 February 2019 Presentation 67
Slide 67: Mission and Purpose
MISSION AND PURPOSE LONG-TERM AMBITION Offer High quality, inventive and reliable products Profitable Growth and solutions, respectful to our environment Continuous Investments in our people, Create Long-Term Value for all stakeholders R&D, new products and Brands Improve equality in education for a
Slide 68: Analyst and Investor Presentation
ANALYST AND INVESTOR PRESENTATION 13 FEBRUARY 2019
Slide 69: Appendix
APPENDIX 13 February 2019 Presentation 70
Slide 70: Net Sales by Geography
Q4 AND FY2018 NET SALES BY GEOGRAPHY Q4 net sales FY18 net sales +5.4% on a comparative basis +1.5% on a comparative basis EUROPE 2.9% EUROPE 1.8% NORTH NORTH 1.4% 1.4% AMERICA AMERICA DEVELOPING DEVELOPING 1.5% MARKETS 10.7% MARKETS (*) 2017 figures restated from IFRS15 13 February 2019 Presentatio
Slide 71: FY 2018 Net Sales Breakdown
FY 2018 NET SALES BREAKDOWN BY CATEGORY BY GEOGRAPHY 3% Other products 29% 22% 40% 32% Europe Shavers Stationery Developing markets 35% Lighters 39% North America 13 February 2019 Presentation 72
Slide 72: Group Quarterly Figures
GROUP QUARTERLY FIGURES Restated Restated for IFRS 15 for IAS 29 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Net Sales 469.3 562.2 490.5 503.8 2,025.8 469.2 593.7 465.8 491.6 2,020.3 473.2 599.0 471.7 497.4
Slide 73: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY Restated Restated for IFRS 15 for IAS 29 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Europe 126.6 170.0 131.4 116.8 544.8 129.5 177.5 135.3 116.9 559.3 131.5 181.2 137.7
Slide 74: Stationery
STATIONERY Restated for IFRS 15 Restated for IAS 29 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Net Sales 167.1 241.1 193.9 178.2 780.3 163.4 264.7 191.3 172.4 791.8 165.5 267.8 194.6 176.3 804.2 151.8 249.5
Slide 75: Lighters
LIGHTERS Restated Restated for IFRS 15 for IAS 29 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Net Sales 163.6 177.2 167.6 187.9 696.4 171.3 185.5 157.9 189.1 703.9 172.2 186.4 159.2 189.6 707.4 152.7 165.0 1
Slide 76: Shavers
SHAVERS Restated Restated for IFRS 15 for IAS 29 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Net Sales 117.8 120.1 111.8 117.3 467.0 114.4 122.0 102.9 115.1 454.4 115.3 123.4 104.2 116.5 459.4 97.0 113.5 104
Slide 77: Other Products
OTHER PRODUCTS Restated for IFRS 15 In million euros Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Q1 18 Q2 18 Q3 18 Q4 18 FY 18 Net Sales 20.8 23.8 17.2 20.3 82.1 20.1 21.4 13.7 15.0 70.2 20.2 21.5 13.7 15.0 70.4 13.8 15.9 11.1 13.2 54.0 YoY actual change
Slide 78: Main Exchange Rate Evolution vs. Euro
FY 2018 NET SALES MAIN EXCHANGE RATE EVOLUTION VS. EURO Average rates Average rates % of % of % of sales Q4 2017 Q4 2018 change % of sales FY 2017 FY 2018 change US Dollar 37% 1.18 1.14 +3.2% US Dollar 39% 1.13 1.18 -4.3% Brazilian Real 12% 3.83 4.35 -12.0% Brazilian Real 8% 3.61 4.31 -16.3% Mexican
Slide 79: Capital and Voting Rights
CAPITAL AND VOTING RIGHTS As of December 31, 2018, the total number of issued shares of SOCIÉTÉ BIC was 46,010,907 shares, representing: • 67,352,060 voting rights, • 66,699,647 voting rights excluding shares without voting rights. Total number of treasury shares held at the end of December 2018: 65
Slide 80: Glossary
GLOSSARY Constant currency basis Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates. Organic growth At constant currencies and constant perimeter. Figures at constant perimeter exclude or Comparative basis the impacts of acqu
Slide 81: Disclaimer
DISCLAIMER This document contains forward-looking statements. Although BIC believes its estimates are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in section “Risks and Opportunities” of BIC “Regist