Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — Q1 2023 Earnings Presentation
30 slides from Societe Bic Sa's earnings presentation, Apr 25, 2023
Slide 1: BIC First Quarter 2023 Results Presentation
April 25, 2023 BIC First Quarter 2023 Results Presentation 1
Slide 2: First Quarter 2023 Key Takeaways
First Quarter 2023 Key Takeaways Gonzalve Bich Chief Executive Officer 2
Slide 3: First Quarter 2023 Key Takeaways
First Quarter 2023 Key Takeaways ▪ Topline growth slightly lower than full year guidance, as expected ▪ Exemplary omnichannel execution from our teams worldwide ▪ Success of new consumer centric products and compelling new advertising campaigns ▪ Choiceful investments in our operations and brand sup
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, mix improve adjusted fifth year in a row and volumes EBIT and adjusted EBIT margin in Ful
Slide 5: Operational and Consolidated Results
First Quarter 2023 Operational and Consolidated Results Chad Spooner Chief Financial Officer 5 5
Slide 6: Q1 2023 Key Financial Figures
Q1 2023 Key Financial Figures Net Sales Adjusted EBIT Adjusted EPS Free Cash Flow* €538.7m €70.0m €1.17 €(33.8)m Change at Constant Change as reported Change as reported Net Cash Position Currencies (31.2)% (26.9)% €297.1m +4.3% Change on a aEBIT Margin Comparative basis 13.0% +0.9% * Free Cash Flow
Slide 7: Q1 2023 Division Snapshot
Q1 2023 Division Snapshot Human Expression Flame for Life Blade Excellence €177.5m Net Sales €228.5m Net Sales €124.7m Net Sales +8.5%* (1.3)%* +9.0%* €2.4m aEBIT €83.9m aEBIT €5.7m aEBIT 1.4% margin 36.7% margin 4.5% margin Double-digit Net Sales Strong performance for Strong Net Sales growth Net S
Slide 8: Q1 2023 Net Sales Evolution
Q1 2023 Net Sales Evolution in million euros +0.8 pts 538.7 +0.4 pts 4.1 +2.4 pts 2.3 12.0 +0.9 pts 515.7 4.5 +4.5% growth as reported Q1 2022 Net Sales Change on a FX impact Perimeter impact Argentina Q1 2023 Net Sales as reported comparative basis as reported 8
Slide 9: Q1 2023: Key Components of Change in Adjusted EBIT
Q1 2023: Key Components of Change in Adjusted EBIT 19.8% 2.0 pts 1.2 pts 13.0% 3.6 pts Q1 2022 Adjusted EBIT Change in Gross Profit Increase in Brand Support Increase in OPEX and Other Q1 2023 Adjusted EBIT Expenses 9
Slide 10: Q1 2023 From Adjusted EBIT to Net Income
Q1 2023 From Adjusted EBIT to Net Income in million euros Q1 2022 Q1 2023 Adjusted EBIT* 101.9 70.0 Q1 2023 Non-recurring items included: Non-recurring items 4.0 (1.8) €(1.4)m related to Lucky Stationary Ltd (Nigeria) earnout EBIT 97.9 71.9 +€3.2m related to Rocketbook earnout Finance revenues/costs
Slide 11: Working Capital
Working Capital in million euros 9.4 5.2 669.5 48.9 5.6 9.2 Receivables in Days* 50.2 562.6 66 61 60 Mar-22 Dec-22 Mar-23 Inventories in Days** 215 212 186 Dec-22 Net Inventory Trade & other Trade & other Other Investing FX & others Mar-23 Mar-22 Dec-22 Mar-23 Receivables Payables receivables Activi
Slide 12: Q1 2023 Net Cash Position
Q1 2023 Net Cash Position in million euros 105.4 117.6 359.9 21.6 Net Cash 27.5 297.1 from Operating 1.5 Activities €(12.2)m Free Cash Flow: €(33.8)m December 2022 Net Operating cash flow Change in working CAPEX Share buyback net from Others March 2023 Net Cash Cash Position capital and others* Liqu
Slide 13: Thank You
THANK YOU 13
Slide 14: Appendix
APPENDIX 14
Slide 15: 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 16: 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 & (Price, Mix and Market Share Gains Volumes New Products Promotions) Net Sales Gross Profit Adjusted EBIT ✓ Price and Mix increases Increase in Brand Support to drive Net Sales growth ✓ Increase in vo
Slide 17: Q1 2023 Net Sales Breakdown
Q1 2023 Net Sales Breakdown By Category By Geography Other products Blade 2% Human North America Excellence Expression Europe 40% 23% 33% 28% Asia & Oceania Latin America Flame for Life (Including Middle East 20% 42% India) & Africa 4% 8% 17
Slide 18: 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 1.7% 0.9% 18
Slide 19: Q1 2023 Foreign Currencies Impact on Net Sales
Q1 2023 Foreign Currencies Impact on Net Sales 1.8 Total impact: +2.4 pts 0.6 0.5 0.3 USD BRL MXN RUB/UAH Other -0.8 19
Slide 20: Main Exchange Rate Evolution vs. Euro
Q1 2023 Net Sales Main Exchange Rate Evolution vs. Euro Average rates % of sales Q1 2022 Q1 2023 % change US Dollar 40% 1.12 1.07 +4.5% Brazilian Real 10% 5.83 5.57 +4.6% Mexican Peso 5% 22.96 20.01 +14.7% Argentina Peso 3% 119.36 207.48 (42.5)% Canadian dollar 3% 1.42 1.45 (2.2)% Australian dollar
Slide 21: 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 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 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% YoY changes on a con
Slide 22: 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 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 YoY actual changes +5.2% +20.3% +5.6% +9.6% +10.3% +14.0% +11.0% +9.1% +13.0% +11.6% +6.1% YoY ch
Slide 23: 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 Net Sales 131.1 202.2 197.5 153.1 683.8 168.3 269.7 225.2 175.6 838.8 177.5 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% YoY changes on a constant +11.
Slide 24: 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 Net Sales 174.5 192.9 170.7 180.4 718.5 226.4 209.7 216.0 219.6 871.6 228.5 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% YoY changes on a constant +57.8%
Slide 25: 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 Net Sales 96.4 104.0 104.6 96.2 401.2 113.5 126.8 132.6 124.0 497.0 124.7 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% YoY change on a constant +5.0% +1
Slide 26: 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 Net Sales 9.0 6.6 5.7 7.1 28.4 7.6 5.2 6.3 7.5 26.6 8.1 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% YoY changes on a constant +29.7% +7.9% (15.5)% (3
Slide 27: 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 EBIT 146.8 (16.5) (16.3) (22.4) 91.6 (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) Adjusted EBIT (20.0) (16.5) (16.3) (26.2) (79.1) (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (*) See glossary 27
Slide 28: Capital and Voting Rights
Capital and Voting Rights As of March 31, 2023, the total number of issued shares of SOCIÉTÉ BIC is 43,952,226 shares, representing: • 64,845,783 voting rights • 64,170,805 voting rights excluding shares without voting rights Total number of treasury shares held at the end of March 2023: 674,978 28
Slide 29: 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 30: 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