Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — Shareholder Meeting (May 2024)
43 slides from Societe Bic Sa's shareholder meeting presentation, May 29, 2024
Slide 1: Combined General Meeting
Combined General Meeting MAY 29, 2024 ASSEMBLÉE GÉNÉRALE 1 MIXTE
Slide 2: Legal Opening Statement
Legal Opening Statement LAURA VANHOUTTE DIRECTOR OF CORPORATE & SECURITIES AND BOARD SECRETARY COMBINED GENERAL MEETING May 29, 2024 2
Slide 3: Agenda
• 2023: Highlights • 2023 Performance and Horizon strategic plan achievements • FY 2023 and Q1 2024 Consolidated results • Sustainable development achievements • Flame for Life division: Growth acceleration in Europe • Governance AGENDA COMBINED GENERAL MEETING May 29, 2024 3
Slide 4: 2023: Highlights
2023: Highlights GONZALVE BICH CHIEF EXECUTIVE OFFICER COMBINED GENERAL MEETING May 29, 2024 4
Slide 5: 2023 – Another year of profitable growth
2023 – Another year of profitable growth ANOTHER YEAR FUTURE GROWTH ATTRACTIVE OF NET SALES GROWTH ENSURED BY SOLID SHAREHOLDER AND OPERATIONAL COMMERCIAL EXECUTION RETURN EXCELLENCE AND SUSTAINABLE INNOVATION COMBINED GENERAL MEETING May 29, 2024 5
Slide 6: Attractive Shareholder Remuneration Policy
Attractive Shareholder Remuneration Policy 220 210 in million euros €2.85 €1.42 60 60 Ordinary Exceptional dividend(1) dividend(2) 134 40 117 120 40 for 2023 fiscal year 7 39 39 2023 50% payout ratio(3) 110 110 120 95 81 up to 2024 Share €40m buyback program 2020 Ordinary 2021 2022 Exceptional 2023
Slide 7: 2023 Performance and Horizon strategic plan achievements
2023 Performance and Horizon strategic plan achievements GONZALVE BICH CHIEF EXECUTIVE OFFICER COMBINED GENERAL MEETING May 29, 2024 7
Slide 8: FY 2023 and Q1 2024 Consolidated results
FY 2023 and Q1 2024 Consolidated results FRANÇOISE TAINE VICE PRESIDENT – GROUP FINANCIAL CONTROLLER COMBINED GENERAL MEETING May 29, 2024 8
Slide 9: 2023 Key Financial Figures
2023 Key Financial Figures NET SALES ADJUSTED EBIT(1) ADJUSTED EPS(1) FREE CASH FLOW(2) €2,263m €333m €5.70 €249m Change at constant Change as reported Change as reported Net Cash Position currency +6.9% +11.3% €385m +9.2% Change at constant aEBIT Margin Currency excl. Argentina 14.7% +3.7% (1) Adju
Slide 10: 2023 Performance by division
2023 Performance by division HUMAN EXPRESSION FLAME FOR LIFE BLADE EXCELLENCE Net Sales Adjusted EBIT(2) Net Sales Adjusted EBIT(2) Net Sales Adjusted EBIT(2) €845.9m €60.5m €851.5m €290.4m €536.8m €68.4m Margin Margin Margin +10.2% (1) 7.2% +3.3% (1) 34.1% +17.8% (1) 12.7% (1) Growth at constant cu
Slide 11: 2023 Results
2023 Results in million euros 2022 2023 Net Sales 2,233.9 2,263.3 Gross Profit 1,078.0 1,148.1 Adjusted EBIT(1) 311.7 333.1 Non-recurring items 8.2 12.6 EBIT 303.5 320.5 Income before Tax(2) 277.4 313.0 Net Income Group Share(2) 198.6 226.5 EPS Group Share (in euros)(2) 4.52 5.30 Adjusted Net Income
Slide 12: Net Cash Position
Net Cash Position in million euros 469.2 115.9 104.6 Net Cash 110.2 359.9 from Operating 3.2 385.4 Activities: €353.3m Free Cash Flow before 116.2(2) acquisitions and disposals: €248.7m December 2022 Net Operating cash flow Change in working CAPEX Dividend paid Share buyback net Others December 2023
Slide 13: Q1 2024 Key Financial Figures
Q1 2024 Key Financial Figures NET SALES ADJUSTED EBIT(1) ADJUSTED EPS(1) FREE CASH FLOW(2) €522m €63m €1.04 €24m Change at constant aEBIT Margin Change as reported Net Cash Position Currency excl. Argentina Flat +12.0% (11.1)% €393m (1) Adjusted means excluding normalized items (2) Before acquisitio
Slide 14: 2024 Outlook
2024 Outlook Full Year 2024 Net Sales are We expect a slight improvement in expected to grow between +5% adjusted EBIT margin in Full Year Free Cash Flow is expected to be and +7% at constant currency (1) 2024 above €220 million in 2024 (1) excluding Argentina net sales due to hyperinflationary cont
Slide 15: Sustainable development achievements
Sustainable development achievements ELIZABETH MAUL GROUP INSIGHTS, INNOVATION & SUSTAINABILITY OFFICER COMBINED GENERAL MEETING May 29, 2024 15
Slide 16: Flame for Life division: Growth acceleration in Europe
Flame for Life division: Growth acceleration in Europe DAVID CABERO GENERAL MANAGER EUROPE COMBINED GENERAL MEETING May 29, 2024 16
Slide 17: Growth acceleration in the Flame for Life division in Europe
Growth acceleration in the Flame for Life division in Europe CAGR (1) of the Flame for Life division in Europe Volumes sold +2.8% +8.0% 2010 2020 2023 Net Sales +2.9% +12.3% 2023 Net Sales evolution (in €m) 2020 2010 (1) Compound Annual Growth Rate at current rate COMBINED GENERAL MEETING May 29, 20
Slide 18: Our product portfolio as a growth driver
Our product portfolio as a growth driver Value-added product strategy Expanding our range Cost-effective Generating value of high added-value production of small through product and products series price mix COMBINED GENERAL MEETING May 29, 2024 18
Slide 19: Growth sustained by acceleration in brand support investments
Growth sustained by acceleration in brand support investments COMBINED GENERAL MEETING May 29, 2024 19
Slide 20: Our distribution model as a growth driver
Our distribution model as a growth driver Expanded distribution of our products An atomized High in-store visibility and Point-of-sale animation heterogeneous Implementation of advanced “Perfect store” strategies distribution Geographic expansion in our growth markets COMBINED GENERAL MEETING May 29
Slide 21: Our geographic expansion as a growth driver
Our geographic expansion as a growth driver BIC’s Flame for Life division in Europe Net Sales evolution (CAGR)(1) Mature markets +1.3% +7.2% 2010 2020 2023 Growth markets +20.9% +28.2% Weight of growth markets on total sales for the Flame for Life division in Europe 25% 6% in 2010 in 2023 (1) Compou
Slide 22: Strengthening our leading position in the European lighter market
Strengthening our leading position in the European lighter market Market Share evolution(1) BIC BIC 28% 33% 2020 +5 pts 2023 in 3 years (1) Source: EU market study for 2020, internal estimates for 2023. Market share in value. COMBINED GENERAL MEETING May 29, 2024 22
Slide 23: Flame for Life division: pillar #2 in Europe
Flame for Life division : pillar #2 in Europe • Leveraging on the Horizon strategic plan • Strong acceleration in Net Sales growth • Development of our high added-value products range • Expanded distribution and high in-store visibility • Strong geographic expansion in growth markets COMBINED GENERA
Slide 24: Governance
Governance NIKOS KOUMETTIS CHAIR OF THE BOARD MAËLYS CASTELLA CHAIR OF THE AUDIT COMMITTEE CAROLE CALLEBAUT PIWNICA CHAIR OF THE REMUNERATION COMMITTEE AND MEMBER OF THE NOMINATIONS, GOVERNANCE AND CSR COMMITTEE COMBINED GENERAL MEETING May 29, 2024 24
Slide 25: Clear and well-balanced governance
Clear and well-balanced governance Audit BOARD OF DIRECTORS EXECUTIVE COMMITTEE Committee Remuneration Committee 50% CEO 40% Nominations, 12 4 10 5 Governance and CSR Committee Members Women Nationalities COMBINED GENERAL MEETING May 29, 2024 25
Slide 26: Our Board in 2023
Our Board in 2023 10 meetings – 96.5% attendance SHARE BUYBACK AND FINANCE GROUP STRATEGY GOVERNANCE AWARD OF FREE SHARES • Preparation of financial • Review of the deployment of • Review of the Board's • 116 million share buyback statements, review of the Group's Horizon strategic composition in te
Slide 27: Our Board in 2023
Our Board in 2023 12 50% 4 MEMBERS WOMEN NATIONALITIES 50% 10 96.5% INDEPENDENT DIRECTORS(1) ATTENDANCE MEETINGS (1) In accordance with the AFEP-MEDEF Corporate Governance Code, directors who represent employees are not factored into the ratio of independent directors. In accordance with French law,
Slide 28: Our Board in 2023: Specialized committees
Our Board in 2023 Specialized committees AUDIT REMUNERATION NOMINATIONS, COMMITTEE COMMITTEE GOVERNANCE, AND Maëlys Castella Carole Callebaut Piwnica CSR COMMITTEE Candace Matthews Maëlys Castella Candace Matthews Édouard Bich Héla Madiouni Marie-Aimée Bich-Dufour Jake Schwartz Véronique Laury Carol
Slide 29: Audit Committee report
Audit Committee report MAËLYS CASTELLA CHAIR OF THE AUDIT COMMITTEE COMBINED GENERAL MEETING May 29, 2024 29
Slide 30: Audit Committee's work
6 MEETINGS in 2023 Audit Committee’s work 75% 100% Independent Attendance • Review internal control and audit assignments • Review of potential acquisitions and the postmortem of closed transactions • Monitoring of exchange rate and inflation issues MAËLYS CASTELLA CANDACE MATTHEWS Independent Chair
Slide 31: Remuneration Committee report
Remuneration Committee report CAROLE CALLEBAUT PIWNICA CHAIR OF THE REMUNERATION COMMITTEE COMBINED GENERAL MEETING May 29, 2024 31
Slide 32: Remuneration Committee's work
6 MEETINGS in 2023 Remuneration Committee’s work 75% 100% Independent Attendance • Sets remuneration for Board Chair and Directors • Remuneration policy to be applied to the Chief Executive Officer, criteria and related targets to be used for the variable remuneration and review of the CAROLE CALLEB
Slide 33: Corporate officer remuneration policy
Corporate officer remuneration policy Non-Executive Directors • Fixed remuneration only. Amount set at €300,000 BOARD CHAIR • Nikos Koumettis: €300,000 • Set by the Board of Directors • Separate from the budget approved at the General Meeting for Board Director remuneration • No variable remuneratio
Slide 34: CEO remuneration in respect of 2023
CEO remuneration in respect of 2023 Itemized annual remuneration totals for 2023 Pay structure FY fixed Variable Measure of Variable remuneration Performance shares remuneration remuneration target targets met payout for FY 2023(1) awarded in 2023 for FY 2023 Valuation using consolidated financial s
Slide 35: CEO variable remuneration in respect of 2023
CEO variable remuneration in respect of 2023 Achievement Payout as a % Objective Weighting Minimum1 Target2 level Payout3 of fixed remuneration +7.9% increase at budget Net Sales 25% €2,121.8m currency 72% 18% 23.5% +13% increase at budget Adjusted EBIT 25% €291.1m currency 108% 27% 35.1% Cash conve
Slide 36: Nominations, Governance, and CSR Committee report
Nominations, Governance, and CSR Committee report CAROLE CALLEBAUT PIWNICA MEMBER OF THE NOMINATIONS, GOVERNANCE AND CSR COMMITTEE COMBINED GENERAL MEETING May 29, 2024 36
Slide 37: Nominations, Governance, and CSR Committee's work
Nominations, Governance, 7 MEETINGS in 2023 and CSR Committee’s work 67% 100% Independent(1) Attendance • Annual review of the CEO's performance and development and setting of objectives • Succession plans for the Chair of the Board and the Chief Executive Officer • Review with the Remuneration Comm
Slide 38: Board evolution in 2024
Board evolution in 2024 LAURA VANHOUTTE DIRECTOR OF CORPORATE & SECURITIES AND BOARD SECRETARY COMBINED GENERAL MEETING May 29, 2024 38
Slide 39: Board changes in 2024
Board changes in 2024 Terms to be renewed Term as Director to be Term as Director to be renewed renewed SOCIÉTÉ M.B.D (ÉDOUARD BICH) MARIE-AIMÉE BICH-DUFOUR COMBINED GENERAL MEETING May 29, 2024 39
Slide 40: Term to be renewed
Term to be renewed Société MBD represented by Édouard BICH • SOCIETE BIC Director since May 24, 2006 • French nationality EXPERTISE Finance, in-depth knowledge of the Group Member of the Audit Committee COMBINED GENERAL MEETING May 29, 2024 40
Slide 41: Term to be renewed
Term to be renewed Marie-Aimée BICH-DUFOUR • SOCIETE BIC Director since May 22, 2019 • Representative of SOCIETE BIC on the Board ANSA • Executive Vice-President (Directeur Général délégué) of SOCIETE BIC until March 31, 2019 • Former lawyer at the Paris Bar • French EXPERTISE nationality General Ma
Slide 42: The Board following the Combined General Meeting of May 29, 2024
The Board following the Combined General Meeting of May 29, 2024(1) Bich family representatives Independent directors Employee representatives NIKOS KOUMETTIS GONZALVE BICH Non-Executive Chair CEO CAROLE PASCAL MARIE-AIMÉE TIMOTHÉE MAËLYS CALLEBAUT PIWNICA CHEVALLIER BICH-DUFOUR BICH CASTELLA VÉRONI
Slide 43: Combined General Meeting
Combined General Meeting MAY 29, 2024