Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — H1 2023 Earnings Presentation
32 slides from Societe Bic Sa's earnings presentation, Jul 27, 2023
Slide 1: BIC Q2 & H1 2023 Results Presentation
JULY 27, 2023 BIC Q2 & H1 2023 Results Presentation 1
Slide 2: Key Takeaways
Q2 & H1 2023 Key Takeaways Gonzalve Bich Chief Executive Officer 2
Slide 3: Introduction and Outlook
Introduction and Outlook Robust net sales growth +7%* Continued momentum through market share gains across key markets Strong 2Q margins: delivered through solid Revenue Growth Management (RGM) execution Launching compelling consumer campaigns Consumer centric and data driven R&D, deliveri
Slide 4: 2023 Outlook Confirmed
2023 Outlook Confirmed Full Year 2023 Net Sales are expected Free Cash Flow is to grow between expected to be +5% and +7% at above €200 million constant currencies We expect to in 2023, for the driven by price and improve adjusted fifth year in a row mix EBIT and adjusted EBIT margin in Full Year 20
Slide 5: Operational and Consolidated Results
Q2 & H1 2023 Operational and Consolidated Results Chad Spooner Chief Financial Officer 5 5
Slide 6: H1 2023 Key Financial Figures
H1 2023 Key Financial Figures Net Sales Adjusted EBIT Adjusted EPS Free Cash Flow* €1,176.9m €175.1m €2.93 €2.5m Change at Constant Change as reported Change as reported Net Cash Position Currencies (13.7)% (13.6)% €197.6m +7.0% Change on a aEBIT Margin Comparative basis 14.9% +4.1% * Free Cash Flow
Slide 7: H1 2023 Division Snapshot
H1 2023 Division Snapshot Human Expression Flame for Life Blade Excellence €460.3m Net Sales €434.3m Net Sales €268.3m Net Sales +9.1%* +0.6%* +14.7%* €44.6m aEBIT €153.1m aEBIT €20.5m aEBIT 9.7% margin 35.3% margin 7.6% margin Double-digit net sales Market share gains in all Double digit net sales
Slide 8: Q2 2023 Net Sales Evolution
Q2 2023 Net Sales Evolution in million euros -2.9 pts +6.9 pts +0.0 pts +0.4 pts* 17.9 638.2 0.7 2.8 41.3 611.4 +4.4% growth as reported Q2 2022 Net Sales Change on a FX impact Perimeter impact Argentina Q2 2023 Net Sales as reported comparative basis as reported * Argentina increase at Constant Cur
Slide 9: H1 2023 Net Sales Evolution
H1 2023 Net Sales Evolution in million euros +0.5 pts* 11,176.8 176.8 +4.1 pts -0.5 pts +0.3 pts 6.9 5.8 3.0 45.7 +0.9 pts 1,127.2 1 127.2 +4.4% growth as reported H1 2022 Net Sales Change on a FX impact Perimeter impact Argentina H1 2023 Net Sales as reported comparative basis as reported * Argenti
Slide 10: Q2 2023: Key Components of Change in Adjusted EBIT
Q2 2023: Key Components of Change in Adjusted EBIT 16.5% 16.5% 1.1 pts 0.3 pts 1.4 pts Q2 2022 Adjusted EBIT Change in Gross Profit Increase in Brand Support Increase in OPEX and Other Q2 2023 Adjusted EBIT Expenses 10
Slide 11: H1 2023: Key Components of Change in Adjusted EBIT
H1 2023: Key Components of Change in Adjusted EBIT 18.0% 0.4 pts 0.4 pts 14.9% 2.3 pts H1 2022 Adjusted EBIT Change in Gross Profit Increase in Brand Support Increase in OPEX and Other H1 2023 Adjusted EBIT Expenses 11
Slide 12: H1 2023 from Adjusted EBIT to Net Income
H1 2023 from Adjusted EBIT to Net Income in million euros H1 2022 H1 2023 Adjusted EBIT* 202.9 175.1 H1 2023 Non-recurring items included: Non-recurring items (5.2) (0.4) €(0.4)m related to Lucky Stationary Ltd (Nigeria) and Rocketbook earnout and EBIT 197.7 174.7 acquisition costs Finance revenues/
Slide 13: Working Capital
Working Capital in million euros 162.8 5.3 17.2 707.9 Receivables in Days* 1.0 3.8 78 61 67 557.0 14.4 Jun‐22 Dec‐22 Jun‐23 Inventories in Days** 200 186 182 Jun‐22 Dec‐22 Jun‐23 Dec-22 Net Inventory Trade & other Trade & other Other Investing FX & others Jun-23 Receivables Payables receivables Acti
Slide 14: H1 2023 Net Cash Position
H1 2023 Net Cash Position in million euros 195.3 240.6 359.9 Net Cash 42.8 from Operating Activities €45.3m 110.2 6.6 Free Cash Flow: €2.5m 61.2 197.6 December 2022 Net Operating cash flow Change in working CAPEX Dividend paid Share buyback net Others June 2023 Net Cash Cash Position capital and oth
Slide 15: Thank You
THANK YOU 15
Slide 16: Appendix
APPENDIX 16
Slide 17: 2023 Market Assumptions
2023 Market Assumptions* Stationery Lighters Shavers (pocket) (disposable) Flat to low-single-digit EUROPE Low to mid-single-digit decrease increase NORTH AMERICA Low to mid-single-digit decrease LATIN AMERICA Low to mid-single-digit increase INDIA Mid to high-single-digit increase * In value: Based
Slide 18: 2023 Main Net Sales, Adjusted EBIT and Free Cash Flow Drivers
2023 Main Net Sales. Adjusted EBIT and Free Cash Flow Drivers Organic Growth RGM Line Extensions & Market Share Gains (Price. Mix and Promotions) New Products Net Sales Gross Profit Adjusted EBIT Price and Mix increases Growth margin expansion Manufacturing efficiencies Increase in Brand Sup
Slide 19: H1 2023 Net Sales Breakdown
H1 2023 Net Sales Breakdown By Category By Geography Other products Blade 1% North America Excellence Human Europe 39% 23% Expression 30% 40% Asia & Oceania Latin America Flame for Life (Including Middle East 19% 36% India) & Africa 5% 7% 19
Slide 20: Sensitivity To Net Sales and Income before Tax: USD/EUR Fluctuation
Sensitivity To Net Sales and Income before Tax: USD/EUR Fluctuation Sensitivity to Net Sales and Income Before Tax: Q1 2022 Q1 2023 USD/EUR Fluctuation +/- 5% change in USD impact on Net Sales 2.2% 2.0% +/- 5% change in USD impact on Income before Tax 1.3% 1.1% 20
Slide 21: H1 2023 Foreign Currencies Impact on Net Sales
H1 2023 Foreign Currencies Impact on Net Sales Total impact: -0.5 pts* 0.6 0.3 0.1 USD BRL MXN CAD NGN TRY RUB/UAH Other -0.1 -0.2 -0.2 -0.3 -0.7 * Excluding ARS 21
Slide 22: Main Exchange Rate Evolution vs Euro
H1 2023 Net Sales Main Exchange Rate Evolution vs Euro Average rates % of sales H1 2022 H1 2023 % of change US Dollar 40% 1.09 1.08 1.06% Brazilian Real 8% 5.54 5.48 1.10% Mexican Peso 5% 22.13 19.61 12.84% Argentina Peso 2% 122.70 230.91 ‐46.86% Canadian dollar 3% 1.39 1.46 ‐4.65% Australian dollar
Slide 23: Group Quarterly Figures
Group Quarterly Figures In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 ** FY 22 ** Q1 23 Q2 23 Net Sales 411.0 505.7 478.4 436.8 1,831.9 515.7 611.4 580.1 526.7 2,233.9 538.7 638.2 YoY actual changes +15.1% +20.7% +8.2% +6.5% +12.5% +25.5% +20.9% +21.3% +20.6% +21.9% +4.5% +4
Slide 24: Group Quarterly Figures By Geography
Group Quarterly Figures By Geography In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Europe Net Sales 125.2 166.8 155.4 123.1 570.6 142.8 185.1 169.6 139.1 636.7 151.5 202.3 YoY actual changes +5.2% +20.3% +5.6% +9.6% +10.3% +14.0% +11.0% +9.1% +13.0% +11.6%
Slide 25: Human Expression
Human Expression In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Net Sales 131.1 202.2 197.5 153.1 683.8 168.3 269.7 225.2 175.6 838.8 177.5 282.9 YoY actual changes +3.3% +21.2% +22.4% +27.0% +18.8% +28.4% +33.4% +14.1% +14.7% +22.7% +5.4% +4.9% YoY changes
Slide 26: Flame For Life
Flame For Life In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Net Sales 174.5 192.9 170.7 180.4 718.5 226.4 209.7 216.0 219.6 871.6 228.5 205.8 YoY actual changes +44.2% +31.0% (0.2) % +0.9% +16.2% +29.7% +8.7% +26.5% +21.7% +21.3% +0.9% (1.8) % YoY changes
Slide 27: Blade Excellence
Blade Excellence In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Net Sales 96.4 104.0 104.6 96.2 401.2 113.5 126.8 132.6 124.0 497.0 124.7 143.6 YoY actual changes (5.5) % +5.4% +1.6% (4.4) % (0.7) % +17.7% +22.0% +26.8% +28.9% +23.9% +9.9% +13.3% YoY change
Slide 28: Other Products
Other Products In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Net Sales 9.0 6.6 5.7 7.1 28.4 7.6 5.2 6.3 7.5 26.6 8.1 5.9 YoY actual changes +29.4% +8.7% (14.9) % (31.1) % (5.3) % (16.5) % (21.1) % +11.5% +5.9% (6.4) % +6.8% +13.2% YoY changes on a constant
Slide 29: Unallocated Costs
Unallocated Costs In million euros Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 EBIT 146.8 (16.5) (16.3) (22.4) 91.6 (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) Adjusted EBIT (20.0) (16.5) (16.3) (26.2) (79.1) (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) 29
Slide 30: Capital and Voting Rights
Capital and Voting Rights As of June 30, 2023 the total number of issued shares of SOCIÉTÉ BIC is 43,952,226 shares representing: • 64,832,149 voting rights. • 63,551,745 voting rights excluding shares without voting rights Total number of treasury shares held at the end of June 2023: 1,280,404 30
Slide 31: 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
Slide 32: 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 2022 Universal