Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — Q1 2022 Earnings Presentation
29 slides from Societe Bic Sa's earnings presentation, Apr 26, 2022
Slide 1: BIC First Quarter 2022 Results
BIC FIRST QUARTER 2022 RESULTS April 26, 2022 1
Slide 2: Q1 2022 Key Takeaways
Q1 2022 KEY TAKEAWAYS Strong Start to the Year driven by the execution of the Horizon Plan Growth in all divisions and regions, driven by increased volumes and active Revenue Growth Management Human Expression: excellent Back-to-School season in Brazil and South Africa, early 2022 Back-to-School shi
Slide 3: Q1 2022 Key Financial Figures
Q1 2022 KEY FINANCIAL FIGURES NET SALES ADJUSTED EBIT ADJUSTED EPS FREE CASH FLOW* 515.7 M€ 101.9 M€ 1.60€ (1.9) M€ Change at Constant Change at actual Net Cash Position aEBIT Margin aEBIT Margin Currencies +15.3% currencies 340.1M€ +20.4% 19.8% +66.7% Change on a Comparative basis +18.8% *Free Cash
Slide 4: Q1 2022 Category Snapshot
Q1 2022 CATEGORY SNAPSHOT HUMAN EXPRESSION FLAME FOR LIFE BLADE EXCELLENCE 168.3 M€ Net Sales 226.4 M€ Net Sales 113.5 M€ Net Sales + 25.4% at CC +22.9% at CC +12.5% at CC 11.4 M€ aEBIT 87.1 M€ aEBIT 25.4 M€ aEBIT 6.8% margin 38.5% margin 22.4% margin • Market share gains in most geographies • Outst
Slide 5: Q1 2022 Net Sales Evolution
Q1 2022 NET SALES EVOLUTION In million euros +5.4 pts +0.7 pts +0.6 pts 515.7 +18.8 pts 22.3 2.5 3.9 411.0 76.0 +25.5% as reported Q1 2021 Net Sales Change on a comparative FX impact Perimeter impact Argentina Q1 2022 Net Sales as reported basis as reported 5
Slide 6: Q1 2022 Key Components of Change in Adjusted EBIT
Q1 2022 KEY COMPONENTS OF CHANGE IN ADJUSTED EBIT 6.3 pts 0.8 pts 19.8% 14.7% -1.0 pts - 0.6 pts - 0.5 pts 0.1 pts 19.8% Of which: Price: +0.7 pts Raw Materials: -1.5 pts Air & Sea Freight: -1.5 pts Absorption: +2.7pts FX: -0.9 pts Q1 2021 Adjusted Change in GP Operating leverage Increase in Brand I
Slide 7: Input Cost Inflation
INPUT COST INFLATION Impact on Gross Profit in Q1 2022 Q4 21 / Q4 20 FY 21 / FY 20 Q1 22 / Q1 21 Raw Materials - 11 M€ - 8 M€ - 6 M€ Sea & Air Freight - 6 M€ - 14 M€ - 7 M€ Import Costs Total - 17 M€ - 22 M€ - 13M€ Approximately 100 million euros impact on adjusted EBIT for the FY, expected to be mo
Slide 8: Q1 2022 From Adjusted EBIT to Net Income
Q1 2022 FROM ADJUSTED EBIT TO NET INCOME In million euros Q1 2021 Q1 2022 Adjusted EBIT* 60.5 101.9 Q1 2022 non-recurring items included: Non-recurring items** (166.8) 4.0 - (1.0) million euros of acquisition costs related to Inkbox announced in January 2022, EBIT 227.3 97.9 - and (3.0) million euro
Slide 9: CAPEX – Depreciation & Amortization
CAPEX – DEPRECIATION & AMORTIZATION In million euros 0.77 0.72 0.68 Human Other Expression 17% 17% Q1 2022 98 CAPEX: 75 17.6 M€ Blade 24 25 Flame For Life 16 18 Excellence 23% 43% FY 2021 Q1 2021 Q1 2022 CAPEX Depreciation & Amortization CAPEX to D&A Ratio 99
Slide 10: Working Capital
WORKING CAPITAL In million euros 43.7 608.0 RECEIVABLES IN DAYS* 8.6 25.9 49.3 11.9 497.2 70 72 66 488.3 84.9 Mar-21 Dec-21 Mar-22 Operating activities: -102.4 M€ INVENTORIES IN DAYS** 215 191 199 Mar-21 Dec-21 Mar-22 Mar-21 Dec-21 Net Inventory Trade & other Trade & other Other Investing FX & other
Slide 11: Q1 2022 Net Cash Position
Q1 2022 NET CASH POSITION In million euros Operations 122.8 107.1 400.1 17.6 1.1 Net Cash From Operating activities 58.3 12.5 340.1 +15.7 M€ 13.1 0.3 December 2021 Operating cash Change in CAPEX Proceeds from Acquisitions of Share buyback Net cash from Others March 2022 Net Net Cash Position flow wo
Slide 12: 2022 Outlook
2022 OUTLOOK Given Q1 better-than-expected performance, we now expect to be at the high-end of our 7% to 9% Net Sales growth objective at constant currencies in 2022. The recent acceleration of input cost inflation is expected to have a negative impact on operating margins, and we are taking the nec
Slide 13: Thank You
THANK YOU 13
Slide 14: Appendix
APPENDIX 14
Slide 15: Update of 2022 Market Assumptions
UPDATE OF 2022 MARKET ASSUMPTIONS* LIGHTERS STATIONERY SHAVERS (pocket) Low to mid-single digit Flat to low-single digit Flat to low-single digit EUROPE decrease decrease decrease Low to mid-single-digit Low to mid-single digit NORTH AMERICA Slight decrease decrease decrease Low to mid-single-digit
Slide 16: 2022 Main Net Sales, Adjusted EBIT and Free Cash Flow Drivers
2022 MAIN NET SALES, ADJUSTED EBIT AND FREE CASH FLOW DRIVERS Organic Growth New businesses Line Extensions & RGM Volumes New Products Market Share Gains Inkbox (Price and Promotions) Net Sales Gross Profit Adjusted EBIT Increase in volume Price increases Increase in Brand Support to support 2022 Ne
Slide 17: Q1 2022 Net Sales Breakdown
Q1 2022 NET SALES BREAKDOWN BY CATEGORY BY GEOGRAPHY North America Other products Human 45% 1% Expression Blade Excellence 33% Europe 28% 22% Asia & Oceania (Including India) Latin America 5% Middle East 16% Flame for Life & Africa 44% 6% 17
Slide 18: Q1 2022 Foreign Currencies Impact on Net Sales
Q1 2022 FOREIGN CURRENCIES IMPACT ON NET SALES 3.9 Total impact: + 5.4 pts 1.1 0.3 0.1 0.1 BRL USD MXN RUB/UAH ZAR OTHERS -0.1 18
Slide 19: Main Exchange Rate Evolution vs. Euro
Q1 2022 NET SALES MAIN EXCHANGE RATE EVOLUTION VS. EURO Average rates % of sales Q1 2021 Q1 2022 % of change US Dollar 45% 1.20 1.12 7.4% Brazilian Real 8% 6.61 5.83 13.4% Mexican Peso 4% 24.54 22.96 6.9% Argentina Peso 2% 107.01 119.36 -10.3% Canadian dollar 3% 1.52 1.42 7.3% Australian dollar 2% 1
Slide 20: Group Quarterly Figures
GROUP QUARTERLY FIGURES In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Net Sales 357.0 418.9 441.9 410.1 1,627.9 411.0 505.7 478.4 436.8 1,831.9 515.7 YoY actual changes -14.1% -23.1% -9.4% -18.2% -16.5% +15.1% +20.7% +8.2% +6.5% +12.5% +25.5% YoY changes on a con
Slide 21: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Europe Net Sales 119.1 138.6 147.2 112.3 517.3 125.2 166.8 155.4 123.1 570.6 146.5 YoY actual changes -3.0% -17.4% +2.6% -9.9% -7.5% +5.2% +20.3% +5.6% +9.6% +10.3% +17.0% YoY chan
Slide 22: Human Expression
HUMAN EXPRESSION In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Net Sales 126.9 166.9 161.3 120.5 575.6 131.1 202.2 197.5 153.1 683.8 168.3 YoY actual changes -14.4% -33.9% -21.1% -28.8% -25.7% +3.3% +21.2% +22.4% +27.0% +18.8% +28.4% YoY changes on a constant cur
Slide 23: Flame for Life
FLAME FOR LIFE In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Net Sales 121.0 147.3 171.1 178.7 618.1 174.5 192.9 170.7 180.4 718.5 226.4 YoY actual changes -19.2% -13.3% +5.7% -9.5% -9.0% +44.2% +31.0% -0.2% +0.9% +16.2% +29.7% YoY changes on a constant currency
Slide 24: Blade Excellence
BLADE EXCELLENCE In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Net Sales 102.0 98.6 102.9 100.6 404.2 96.4 104.0 104.6 96.2 401.2 113.5 YoY actual changes -6.4% -14.6% -10.4% -18.5% -12.7% -5.5% +5.4% +1.6% -4.4% -0.7% +17.7% YoY change on a constant currency -5.
Slide 25: Other Products
OTHER PRODUCTS In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Net Sales 7.0 6.1 6.6 10.3 30.0 9.0 6.6 5.7 7.1 28.4 7.6 YoY actual changes -15.7% -12.3% -3.8% -6.3% -9.4% +29.4% +8.7% -14.9% -31.1% -5.3% -16.5% YoY changes on a constant currency basis* -15.2% -11.5
Slide 26: Unallocated Costs
UNALLOCATED COSTS In million euros Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 EBIT -18.8 -20.1 -14.5 -30.5 -84.0 146.8 -16.5 -16.3 -22.4 -91.6 -20.3 Adjusted EBIT -17.0 -17.2 -13.2 -21.0 -68.4 -20.0 -16.5 -16.3 -26.2 -79.1 -20.3 (*) See glossary 26
Slide 27: Capital and Voting Rights
CAPITAL AND VOTING RIGHTS As of March 31, 2022, the total number of issued shares of SOCIÉTÉ BIC is 44,677,929 shares, representing: • 65,721,553 voting rights • 65,278,598 voting rights excluding shares without voting rights Total number of treasury shares held at the end of March 2022: 442,955. 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
Slide 29: 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 2021 Universal