Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — Q1 2024 Earnings Presentation
27 slides from Societe Bic Sa's earnings presentation, Apr 24, 2024
Slide 1: BIC First Quarter 2024 Results Presentation
BIC First Quarter 2024 Results Presentation April 24, 2024
Slide 2: 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 Management of BIC’s 2023 Universal
Slide 3: First Quarter 2024 Key Takeaways
First Quarter 2024 Key Takeaways Gonzalve Bich Chief Executive Officer 3
Slide 4: First Quarter 2024 Key Takeaways
First Quarter 2024 Key Takeaways • As expected, slow start to the year: Q1 Net sales growth flat at constant currency excluding Argentina • Expansion of innovative products across geographies through solid omnichannel distribution • Continued focus on operational excellence • Disciplined execution o
Slide 5: Operational and Consolidated Results
First Quarter 2024 Operational and Consolidated Results Chad Spooner Chief Financial Officer 5
Slide 6: Q1 2024 Key Financial Figures
Q1 2024 Key Financial Figures Net Sales Adjusted1 EBIT Adjusted1 EPS Free Cash Flow2 €522m €63m €1.04 €24m Flat at constant aEBIT Margin Change as reported Net Cash Position currency excl. 12.0% (11.1)% €393m Argentina 1 See glossary in appendix 2 Free Cash Flow: before acquisitions and disposals 6
Slide 7: Q1 2024 Category Performance Snapshot
Q1 2024 Category Performance Snapshot Human Expression Flame For Life Blade Excellence €173.8m €207.1m €132.5m Net Sales Net Sales Net Sales +3.9%1 (7.8)%1 +8.8%1 €9.2m aEBIT2 €63.4m aEBIT2 €13.8m aEBIT2 5.3% margin 30.6% margin 10.4% margin Strong eCommerce net Iconic 4-Color pen as a US lighters’
Slide 8: Q1 2024 Net Sales Evolution
in million euros Q1 2024 Net Sales Evolution 538.7 0.1 13.0 3.9 521.7 (0.0) pts (2.5) pts (0.7) pts1 (3.2)% as reported Q1 2023 Net Sales Change on a comparative basis FX impact Argentina Q1 2024 Net Sales as reported as reported 1 Argentina increase at constant currency +5.9 pts and FX impact (ARS)
Slide 9: Q1 2024: Key Components of Change in adjusted EBIT Margin
1 Q1 2024: Key Components of Change in adjusted EBIT Margin 13.0% 12.0% +0.5 pts (0.1)pts (1.4)pts Q1 2023 Adjusted EBIT margin Change in Gross Profit 2 Increase in Brand Support Increase in OPEX and Other Q1 2024 Adjusted EBIT margin Expenses 2 1 See glossary in appendix 2 Excluding special team me
Slide 10: Q1 2024 Profit & Loss Account
Q1 2024 Profit & Loss Account From adjusted EBIT to Net Income in million euros Q1 2023 Q1 2024 Adjusted EBIT1 70.0 62.8 Q1 2024 non-recurring items: Non-recurring items 1.8 (7.8) €(7.8)m related to special bonus2 EBIT 71.9 55.0 Finance revenues (costs) mainly due to Finance revenues (costs) (1.2) (
Slide 11: Working Capital
Working Capital in million euros 34.0 598.5 Receivables in Days1 5.0 560.0 40.6 1.2 3.9 21.8 66 60 60 Mar-22 Mar-23 Mar-24 Inventory in Days2 215 212 202 Mar-22 Mar-23 Mar-24 Dec-23 Net Inventory Trade & other Trade & other Other Investing FX & others Mar-24 Receivables Payables receivables Activite
Slide 12: Q1 2024 Net Cash Position
Q1 2024 Net Cash Position in million euros 91.3 385.4 48.5 392.6 19.1 14.2 2.3 Net Cash from Operating Activities €42.8m Free Cash Flow €23.7m December 2023 Net Cash Operating cash flow Change in working capital CAPEX Share buyback net from Others March 2024 Net Cash Position and others 1 Liquidity
Slide 13: 2024 Outlook confirmed
2024 Outlook confirmed Full Year 2024 Net Sales are expected Free Cash Flow is to grow between expected to be +5% and +7% at above €220 million constant currency1 Slight in 2024 driven by volumes, improvement in price and mix adjusted EBIT margin in Full Year 2024 1 excluding Argentina net sales due
Slide 14: Thank you
Thank you 14
Slide 15: Appendix
Appendix 15
Slide 16: 2024 Market Assumptions
2024 Market Assumptions1 North America Europe Low to mid-single digit decrease Low to mid-single digit decrease 2 Low to mid-single digit decrease Low single digit increase 3 Flat to Low-single digit decrease Low to mid-single digit increase Latin America India Low to mid-single digit increase Mid t
Slide 17: Q1 2024 Net Sales Breakdown
Q1 2024 Net Sales Breakdown By Category By Geography Human 36% Expression 33% North America 31% Europe Flame for Life 40% Blade Excellence 25% 21% Latin 8% America Middle East 4% & Africa Asia & Oceania Other (including India) products 2% 17
Slide 18: Q1 2024 Net Sales Main Exchange Rate Evolution vs Euro
Q1 2024 Net Sales Main Exchange Rate Evolution vs Euro Average rates % of sales % of change Q1 2023 Q1 2024 US Dollar 37% 1.07 1.09 -1.2% Brazilian Real 11% 5.57 5.38 3.7% Mexican Peso 5% 20.01 18.43 8.5% Argentina Peso1 2% 227.29 927.58 -75.5% Canadian dollar 3% 1.45 1.46 -0.9% Australian dollar 1%
Slide 19: Group Quarterly Figures
Group Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Net Sales 515.7 611.4 580.1 526.7 2,233.9 538.7 638.2 560.3 526.1 2,263.3 521.7 YoY actual changes +25.5% +20.9% +21.3% +20.6% +21.9% +4.5% +4.4% (3.4) % (0.1) % +1.3% (3.2) % YoY changes on a
Slide 20: Group Quarterly Figures by Geography
Group Quarterly Figures by Geography In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Europe Net Sales 142.8 185.1 169.6 139.1 636.7 151.5 202.3 170.7 141.3 665.9 160.3 YoY actual changes +14.0% +11.0% +9.1% +13.0% +11.6% +6.1% +9.3% +0.6% +1.6% +4.6% +5.8% YoY chan
Slide 21: Human Expression Quarterly Figures
Human Expression Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Net Sales 168.3 269.7 225.2 175.6 838.8 177.5 282.9 214.7 170.9 845.9 173.8 YoY actual changes +28.4% +33.4% +14.1% +14.7% +22.7% +5.4% +4.9% (4.7) % (2.7) % +0.8% (2.0) % YoY change
Slide 22: Flame For Life Quarterly Figures
Flame For Life Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Net Sales 226.4 209.7 216.0 219.6 871.6 228.5 205.8 200.1 217.1 851.5 207.1 YoY actual changes +29.7% +8.7% +26.5% +21.7% +21.3% +0.9% (1.8) % (7.3) % (1.1) % (2.3) % (9.4) % YoY chang
Slide 23: Blade Excellence Quarterly Figures
Blade Excellence Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Net Sales 113.5 126.8 132.6 124.0 497.0 124.7 143.6 139.1 129.4 536.8 132.5 YoY actual changes +17.7% +22.0% +26.8% +28.9% +23.9% +9.9% +13.3% +4.9% +4.4% +8.0% +6.2% YoY changes on
Slide 24: Other Products Quarterly Figures
Other Products Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Net Sales 7.6 5.2 6.3 7.5 26.6 8.1 5.9 6.5 8.6 29.1 8.3 YoY actual changes (16.5) % (21.1) % +11.5% +5.9% (6.4) % +6.8% +13.2% +2.9% +14.6% +9.3% +2.3% YoY changes on a constant curren
Slide 25: Unallocated Costs Quarterly Figures
Unallocated Costs Quarterly Figures In million euros Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 EBIT (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) (24.1) (19.1) (85.5) (23.2) Adjusted EBIT1 (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) (24.1) (19.1) (85.5) (22.7) 1 See g
Slide 26: Capital and Voting Rights
Capital and Voting Rights As of March 31, 2024, the total number of issued shares of Société BIC is 42,270,689 shares representing: • 62,729,307 voting rights • 62,060,808 voting rights excluding shares without voting rights Total number of treasury shares held at the end of March 2024: 668,499 26
Slide 27: Glossary
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