Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — Q3 2024 Earnings Presentation
28 slides from Societe Bic Sa's earnings presentation, Oct 24, 2024
Slide 1: BIC Q3 & 9M 2024 Results Presentation
BIC Q3 & 9M 2024 Results Presentation October 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: Q3 & 9M 2024 Key Takeaways
Q3 & 9M 2024 Key Takeaways Gonzalve Bich Chief Executive Officer 3
Slide 4: Third Quarter 2024 Key Takeaways
Third Quarter 2024 Key Takeaways • Continued sequential improvement in net sales growth in Q3, despite softness in consumer demand Flame for Life • Robust adjusted EBIT margin leading to FY 2024 outlook upgrade: BIC now expects an adjusted EBIT margin approaching 15.5% in 2024 Blade • Gradual improv
Slide 5: Operational and Consolidated Results
Q3 & 9M 2024 Operational and Consolidated Results Chad Spooner Chief Financial Officer 5
Slide 6: Q3 & 9M 2024 Key Financial Figures
Q3 & 9M 2024 Key Financial Figures Net Sales Adjusted1 EBIT Adjusted1 EPS Free Cash Flow2 €540m €102m €1.77 €159m Q3 2024 +0.2% at constant aEBIT Margin Change as reported Net Cash Position3 currency excl. Argentina 18.9% +18.8% €329m (0.3) % at constant aEBIT Margin Change as reported Net Cash Posi
Slide 7: Q3 2024 Category Performance Snapshot
Q3 2024 Category Performance Snapshot Human Expression Flame For Life Blade Excellence €200m €192m €142m Net Sales Net Sales Net Sales (4.3) %1 +0.7%1 +6.4%1 €11m aEBIT2 €69m aEBIT2 €40m aEBIT2 5.7% margin 35.9% margin 28.0% margin Challenging back-to- Market share Continued sequential Solid perform
Slide 8: Net Sales Evolution
Net Sales Evolution in million euros 560.3 1.2 15.1 6.7 539.7 +0.2 pts (2.7) pts (1.2) pts1 Q3 2024 Q3 2023 Net Sales Change on a comparative basis FX impact Argentina Q3 2024 Net Sales as reported as reported 1,737.3 4.3 37.4 16.5 1,679.1 (0.3) pts 9M (2.1) pts (0.9) pts2 2024 9M 2023 Net Sales Cha
Slide 9: Key Components of change in adjusted EBIT Margin
1 Key Components of change in adjusted EBIT Margin 18.9% (0.1) pts +1.0 pts +2.8 pts 15.2% Q3 2024 Q3 2023 Adjusted EBIT margin Change in Gross Profit 2 Decrease in Brand Support Decrease in OPEX and Other Q3 2024 Adjusted EBIT margin Expenses 3 +0.4 pts +0.3 pts +0.5 pts 16.2% 15.0% 9M 2024 9M 2023
Slide 10: Nine Months 2024 Profit & Loss Account
Nine Months 2024 Profit & Loss Account From adjusted EBIT to Net Income in million euros 9M 2023 9M 2024 Adjusted EBIT1 260.4 272.4 9M 2024 non-recurring items: €(7.8)m related to special bonus2 Non-recurring items (4.1) (16.4) €(5.9)m related to restructuring expenses €(2.7)m related to French PPA3
Slide 11: Working Capital
Working Capital in million euros 25.4 Receivables in Days1 1.1 578.2 560.0 18.3 24.1 73 72 72 13.8 98.7 Sep-22 Sep-23 Sep-24 Inventory in Days2 200 186 173 Sep-22 Sep-23 Sep-24 Dec-23 Net Inventory Trade & other Trade & other Other Investing FX & others Sep-24 Receivables Payables receivables Activi
Slide 12: Nine Months 2024 Net Cash Position
Nine Months 2024 Net Cash Position in million euros 112.0 56.6 364.9 178.0 385.4 50.8 Net Cash from Operating 328.7 24.2 Activities €253m Free Cash Flow €196m December 2023 Net Operating cash flow Change in working CAPEX Dividends paid Share buyback net Others September 2024 Net Cash Position capita
Slide 13: 2024 Margin Outlook upgraded
2024 Margin Outlook upgraded Full Year 2024 Net Sales are Adjusted Free Cash Flow is expected to grow EBIT margin expected to be low-single digit at approaching above €220 constant currency 15.5% in 20241 million excluding Argentina 1 compared to a slight improvement versus 2023 13
Slide 14: Thank you
Thank you 14
Slide 15: Q&A Session
Q&A Session 15
Slide 16: Appendix
Appendix 16
Slide 17: 2024 Market Assumptions
2024 Market Assumptions1 North America Europe Mid to high-single digit decrease Mid to high-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 Flat to Low-single digit in
Slide 18: Nine Months 2024 Net Sales Breakdown
Nine Months 2024 Net Sales Breakdown By Category By Geography Human 37% Expression 39% North America 33% Europe Flame for Life 35% Blade Excellence 25% 19% Latin 7% America Middle East 4% & Africa Asia & Oceania Other (including India) products 1% 18
Slide 19: Nine Months 2024 Net Sales Main Exchange Rate Evolution vs Euro
Nine Months 2024 Net Sales Main Exchange Rate Evolution vs Euro Average rates % of sales % of change 9M 2023 9M 2024 US Dollar 37% 1.08 1.09 -0.3% Brazilian Real 9% 5.42 5.69 -4.8% Mexican Peso 6% 19.26 19.26 0.0% 1 Argentine Peso 1% 370.84 1,079.54 -65.6% Canadian Dollar 3% 1.46 1.48 -1.4% Australi
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 Q3 24 Net Sales 515.7 611.4 580.1 526.7 2,233.9 538.7 638.2 560.3 526.1 2,263.3 521.7 617.8 539.7 YoY actual changes +25.5% +20.9% +21.3% +20.6% +21.9% +4.5% +4.4% (3.4) % (0.1) % +1.3% (
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 Q3 24 Europe Net Sales 142.8 185.1 169.6 139.1 636.7 151.5 202.3 170.7 141.3 665.9 160.3 212.4 175.2 YoY actual changes +14.0% +11.0% +9.1% +13.0% +11.6% +6.1% +9.3% +0.6% +1
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 Q3 24 Net Sales 168.3 269.7 225.2 175.6 838.8 177.5 282.9 214.7 170.9 845.9 173.8 278.7 199.6 YoY actual changes +28.4% +33.4% +14.1% +14.7% +22.7% +5.4% +4.9% (4.7) % (2.7) %
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 Q3 24 Net Sales 226.4 209.7 216.0 219.6 871.6 228.5 205.8 200.1 217.1 851.5 207.1 195.0 191.5 YoY actual changes +29.7% +8.7% +26.5% +21.7% +21.3% +0.9% (1.8) % (7.3) % (1.1) % (
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 Q3 24 Net Sales 113.5 126.8 132.6 124.0 497.0 124.7 143.6 139.1 129.4 536.8 132.5 138.5 142.0 YoY actual changes +17.7% +22.0% +26.8% +28.9% +23.9% +9.9% +13.3% +4.9% +4.4% +8.
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 Q3 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 6.5 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) % +0.5
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 Q3 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) (16.7) Adjusted EBIT1 (20.3) (18.8) (21.1) (22.8) (83.0) (21.2) (21.1) (24.1) (1
Slide 27: Capital and Voting Rights
Capital and Voting Rights As of September 30, 2024, the total number of issued shares of Société BIC is 42,270,689 shares, representing: • 60,527,907 voting rights • 59,516,691 voting rights excluding shares without voting rights Total number of treasury shares held at the end of September 2024: 1,0
Slide 28: Glossary
Glossary • Organic change or Comparative basis: At constant currencies and constant perimeter. Figures at constant perimeter exclude the impact of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date. All Net Sales category