Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — H1 2024 Earnings Presentation
28 slides from Societe Bic Sa's earnings presentation, Jul 31, 2024
Slide 1: BIC Q2 & H1 2024 Results Presentation
BIC Q2 & H1 2024 Results Presentation July 31, 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: Q2 & H1 2024 Key Takeaways
Q2 & H1 2024 Key Takeaways Gonzalve Bich Chief Executive Officer 3
Slide 4: H1 2024 Key Takeaways
H1 2024 Key Takeaways • Challenging macroeconomic and geopolitical environment affecting consumer demand globally • Deteriorating market environment in the US impacting Net Sales performance in the region • Capitalizing on growth opportunities across the rest of the Group, with strong growth at cons
Slide 5: Operational and Consolidated Results
Q2 & H1 2024 Operational and Consolidated Results Chad Spooner Chief Financial Officer 5
Slide 6: H1 2024 Key Financial Figures
H1 2024 Key Financial Figures Net Sales Adjusted1 EBIT Adjusted1 EPS Free Cash Flow2 €1,139m €170m €2.95 €37m -0.5% at constant aEBIT Margin Change as reported Net Cash Position currency excl. 14.9% +0.7% €262m Argentina 1 See glossary in appendix 2 Free Cash Flow: before acquisitions and disposals
Slide 7: H1 2024 Category Performance Snapshot
H1 2024 Category Performance Snapshot Human Expression Flame For Life Blade Excellence €453m €402m €271m Net Sales Net Sales Net Sales +2.3%1 -5.8%1 +3.5%1 €52m aEBIT2 €127m aEBIT2 €38m aEBIT2 11.4% margin 31.5% margin 14.1% margin Strong distribution Solid performance Higher than expected Positive
Slide 8: Net Sales Evolution
Net Sales Evolution in million euros 638.2 5.3 9.2 5.9 617.8 (0.9) pts (1.5) pts (0.8) pts1 Q2 2024 (3.2)% as reported Q2 2023 Net Sales Change on a comparative basis FX impact Argentina Q2 2024 Net Sales as reported as reported 1,176.9 5.5 22.2 9.8 1,139.4 (0.5) pts (1.9) pts (0.8) pts2 H1 2024 (3.
Slide 9: Key Components of Change in Adjusted EBIT Margin
1 Key Components of Change in adjusted EBIT Margin 16.5% 17.4% +0.8 pts +0.0 pts +0.1pts Q2 2024 Q2 2023 Adjusted EBIT margin Change in Gross Profit 2 Increase in Brand Support Increase in OPEX and Other Q2 2024 Adjusted EBIT margin Expenses 3 14.9% 14.9% +0.6 pts 0.0pts (0.6)pts H1 2024 H1 2023 Adj
Slide 10: H1 2024 Profit & Loss Account
H1 2024 Profit & Loss Account From adjusted EBIT to Net Income in million euros H1 2023 H1 2024 Adjusted EBIT1 175.1 170.2 H1 2024 non-recurring items: €(7.8)m related to special bonus2 Non-recurring items (0.4) (15.6) €(5.1)m related to restructuring €(2.7)m related to French PPA3 EBIT 174.7 154.5
Slide 11: CAPEX and Depreciation & Amortization
CAPEX and Depreciation & Amortization Human in million euros Other Expression (including IT) 21% 28% 105 101 H1 2024 58 57 CAPEX: 43 €32m 32 Flame For Blade Life FY 2023 H1 2023 H1 2024 29% Excellence CAPEX Depreciation & Amortization 22% 11
Slide 12: Working Capital
Working Capital in million euros 38.9 Receivables in Days1 662.9 19.6 1.0 3.3 78 67 70 560.0 162.3 1.4 Jun-22 Jun-23 Jun-24 Inventory in Days2 200 182 176 Jun-22 Jun-23 Jun-24 Dec-23 Net Inventory Trade & other Trade & other Other Investing FX & others Jun-24 Receivables Payables receivables Activit
Slide 13: H1 2024 Net Cash Position
H1 2024 Net Cash Position in million euros 228.0 159.5 385.4 31.6 Net Cash from Operating Activities €68.5m 119.1 261.8 29.7 11.7 Free Cash Flow €36.9m December 2023 Net Operating cash flow Change in working CAPEX Dividends paid Share buyback net Others June 2024 Net Cash Cash Position capital and o
Slide 14: 2024 Outlook
2024 Outlook Full Year 2024 Net Sales are expected Free Cash Flow is to grow low-single expected to be digit at constant above €220 million currency excluding Slight Argentina improvement in adjusted EBIT margin 14
Slide 15: Thank you
Thank you 15
Slide 16: Appendix
Appendix 16
Slide 17: 2024 Market Assumptions
2024 Market Assumptions1 North America Europe Low to mid-single digit decrease Low to mid-single digit decrease 2 Mid to high-single digit decrease Low to mid-single digit decrease 3 Flat to Low-single digit decrease Flat to Low single digit increase Latin America India Low to mid-single digit incre
Slide 18: H1 2024 Net Sales Breakdown
H1 2024 Net Sales Breakdown By Category By Geography Human 37% Expression 40% North America 33% Europe Flame for Life 35% Blade Excellence 24% 19% Latin 7% America Middle East 4% & Africa Asia & Oceania Other (including India) products 1% 18
Slide 19: H1 2024 Net Sales Main Exchange Rate Evolution vs Euro
H1 2024 Net Sales Main Exchange Rate Evolution vs Euro Average rates % of sales % of change H1 2023 H1 2024 US Dollar 37% 1.08 1.08 -0.1% Brazilian Real 9% 5.48 5.50 -0.3% Mexican Peso 6% 19.61 18.52 5.9% 1 Argentine Peso 1% 278.98 975.76 -71.4% Canadian Dollar 3% 1.46 1.47 -0.8% Australian Dollar 1
Slide 20: 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 Q2 24 Net Sales 515.7 611.4 580.1 526.7 2,233.9 538.7 638.2 560.3 526.1 2,263.3 521.7 617.8 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) % (3.2)
Slide 21: 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 Q2 24 Europe Net Sales 142.8 185.1 169.6 139.1 636.7 151.5 202.3 170.7 141.3 665.9 160.3 212.4 YoY actual changes +14.0% +11.0% +9.1% +13.0% +11.6% +6.1% +9.3% +0.6% +1.6% +4.6% +5
Slide 22: 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 Q2 24 Net Sales 168.3 269.7 225.2 175.6 838.8 177.5 282.9 214.7 170.9 845.9 173.8 278.7 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)
Slide 23: 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 Q2 24 Net Sales 226.4 209.7 216.0 219.6 871.6 228.5 205.8 200.1 217.1 851.5 207.1 195.0 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)
Slide 24: 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 Q2 24 Net Sales 113.5 126.8 132.6 124.0 497.0 124.7 143.6 139.1 129.4 536.8 132.5 138.5 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% (3.
Slide 25: 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 Q2 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 5.6 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% (6.0) % YoY changes on
Slide 26: 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 Q2 24 EBIT (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) (24.1) (19.1) (85.5) (23.2) (21.6) Adjusted EBIT1 (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) (24.1) (19.1) (85.5) (
Slide 27: Capital and Voting Rights
Capital and Voting Rights As of June 30, 2024, the total number of issued shares of Société BIC is 42,270,689 shares, representing: • 60,460,965 voting rights • 59,804,480 voting rights excluding shares without voting rights Total number of treasury shares held at the end of June 2024: 656,485 27
Slide 28: 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