Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — H1 2015 Earnings Presentation
37 slides from Societe Bic Sa's earnings presentation, Jul 30, 2015
Slide 1: H1-Q2 2015 Results Presentation
H1-Q2 2015 Results Presentation 30 July 2015 contact@bicworld.com +33 (0)1 45 19 52 26
Slide 2: Group and category highlights
Group and category highlights Mario Guevara 2014 numbers have been restated from IFRIC 21 H1 2015 Results Presentation
Slide 3: Group H1 2015 Key Figures
GROUP H1 2015 KEY FIGURES Net Sales: 1,134.0 million euros Consumer business (88% of total sales) +6.8% +17,1% Developed markets +7.3% +5,6% +6,3% Developing markets +5.9% BIC graphic As reported At constant On a comparative (12% of total sales) +2.1% currency basis Normalized* Income from Operation
Slide 4: Group H1 2015 Key Figures
GROUP H1 2015 KEY FIGURES EPS (Group share): +29.4% Net Cash Position In euros In million euros 320,2 3,74 2,89 223,7 110.0 H1 2014 H1 2015 June 14 December 14 June 15 H1 2015 Results Presentation 4
Slide 5: Consumer business H1 2015 Net Sales
H1 2015 Consumer business 1,001.5 million euros Net Sales Change on a comparative basis Breakdown by geographies +7,4% +6,8% 33% 26% +6,3% DEVELOPING EUROPE MARKETS Q1 2015 Q2 2015 H1 2015 EUROPE +6,4% NORTH AMERICA +8,0% 41% DEVELOPING +5,9% NORTH AMERICA MARKETS H1 2015 Results Presentation 5
Slide 6: BIC Stationery in H1 2015
BIC STATIONERY IN H1 2015 Net Sales growth on a comparative basis* Net Sales Developed markets +8,0% 2014 +6,5% Europe: high-single digit growth +4,2% +2,2% • Strong Back-to-school sell-in in all countries 2015 +1,8% +2,5% • Double-digit growth in Eastern Europe • Good performance of our new product
Slide 7: BIC Lighters in H1 2015
BIC LIGHTERS IN H1 2015 Net Sales growth on a comparative basis* Net Sales +12,7% +9,5% Developed markets 2014 +9,7% +9,3% +9,6% +6,4% Europe: mid-single digit growth 2015 • Market share gains in both Western and Eastern Europe North America: high-single digit growth Q1 Q2 H1 • Impact of April annou
Slide 8: BIC Shaver in H1 2015
BIC SHAVER IN H1 2015 Net Sales growth on a comparative basis* Net Sales +14,7% Developed markets +12,0% 2014 +9,5% +6,3% Europe: high-single digit growth +5,1% +5,7% • Good performances in Western Europe 2015 • Increased distribution in Eastern Europe North America: double digit growth Q1 Q2 H1 • V
Slide 9: Other Consumer Products in H1 2015
OTHER CONSUMER PRODUCTS IN H1 2015 Net Sales growth on a comparative basis* +8,5% 2014 +3,9% • BIC Sport Net Sales grew double digit on a comparative basis 2015 -2,6% -1,6% -3,2% -2,9% Q1 Q2 H1 In million euros Q1 2015 Q2 2015 H1 2015 Net Sales 16.8 22.3 39.1 Income from Operations* In million euros
Slide 10: BIC Graphic in H1 2015
BIC GRAPHIC IN H1 2015 Net Sales growth on a comparative basis* Net Sales 2014 +2,4% +2,1% 1,4% +1,8% Positive momentum confirmed 2015 0,7% 0,1% • Europe: good performance in key European countries such as the UK, Spain and Germany Q1 Q2 H1 • North America: Sales were flat In million euros Q1 2015 Q
Slide 11: H1 2015 Consolidated results
H1 2015 Consolidated results Jim DiPietro H1 2015 Results Presentation
Slide 12: H1 2015: From Net Sales to Normalized IFO
H1 2015: FROM NET SALES TO NORMALIZED IFO Change on a BIC Group comparative In million euros H1 2014 H1 2015 Change basis* Net Sales 968.5 1,134.0 +17.1% +6.3% Gross Profit 476.9 569.8 +19.5% Normalized* IFO 184.6 239.2 +29.6% Income 196.6 241.5 +22.8% from Operations *See glossary H1 2015 Results P
Slide 13: H1 2015 Net Sales Evolution
H1 2015 NET SALES EVOLUTION In million euros FX translation impact +6.3% +11.5% -0.7% 1,134.0 968.5 +110.9 M€ USD: +96 M€ INR: +7 M€ MXN: +4 M€ RUB & UAH: -4 M€ H1 2014 Net Sales Change on comparative basis FX translation impact Perimeter Impact (Sheaffer) H1 2015 Net Sales H1 2015 Results Presentat
Slide 14: Q2 2015 Net Sales Evolution
Q2 2015 NET SALES EVOLUTION In million euros FX translation impact +5.8% +11.5% -0.6% 623.1 534.3 +61.0 M€ USD: +56 M€ INR: +3 M€ MXN: +2 M€ RUB & UAH: -2 M€ Q2 2014 Net Sales Change on comparative basis FX translation impact Perimeter Impact (Sheaffer) Q2 2015 Net Sales H1 2015 Results Presentation
Slide 15: H1 2015 Normalized Income From Operations Margin
H1 2015 NORMALIZED* INCOME FROM OPERATIONS MARGIN +1.0 +0.3 +0.7 21.1% 19.1% H1 2014 Normalized IFO Gross Profit Margin Brand support OPEX and other H1 2015 Normalized IFO margin expenses margin *See glossary H1 2015 Results Presentation 15
Slide 16: Q2 2015 Normalized Income From Operations Margin
Q2 2015 NORMALIZED* INCOME FROM OPERATIONS MARGIN +0.8 22.0% 20.9% +0.0 +0.3 Q2 2014 Normalized IFO Gross Profit Margin Brand support OPEX and other Q2 2015 Normalized IFO margin expenses margin *See glossary H1 2015 Results Presentation 16
Slide 17: H1 2015 From IFO to Group Net Income
H1 2015 From IFO to Group Net Income In million euros H1 2014 H1 2015 IFO 196.6 241.5 Positive impact of favorable Finance revenue/costs 1.5 11.8 revaluation of financial assets Income before Tax 198.1 253.3 denominated in USD. Income tax -59.4 -76.1 Tax rate 30.0% 30.0% Income from Associates -3.0
Slide 18: Net Cash Position
NET CASH POSITION In million euros Operations 320.2 -146.3 -50.7 +239.4 223.7 -134.8 +0.2 -18.3 +14.0 Net Cash From Operations +93.1 M€ December 2014 Cash from Impact of working CAPEX Dividend payment Exercise of stock Fuel Cell Others June 2015 Net Net Cash Position operations capital and others op
Slide 19: Full year 2015 outlook
Full year 2015 outlook Mario Guevara H1 2015 Results Presentation 19
Slide 20: Group H1 2015 summary
Group H1 2015 summary High-single digit growth for Consumer business • Growth across all geographies • Strong performance of Lighters and Shavers Net Sales • Good back-to-school sell-in Low-single digit growth for BIC Graphic • Continuous positive momentum in a fast evolving competitive environment
Slide 21: Group 2015 Outlook
GROUP 2015 OUTLOOK Group Net Sales should grow between 4% and 5% on a comparative basis In light of the 6 month performance and despite planned H2 2015 Brand Support investments and timing of Operating Expenses, the Group Normalized IFO margin is expected to slightly increase compared to last year.
Slide 22: Appendix
Appendix H1 2015 Results Presentation
Slide 23: H1 2015 Net Sales: Exchange Rate Evolution
H1 2015 NET SALES Main exchange rate evolution vs. euro Average Average Average Average rate rate rate rate % of % of % of sales Q2 2014 Q2 2015 change % of sales H1 2014 H1 2015 change US Dollar 46% 1.37 1.10 19.7% US Dollar 45% 1.37 1.12 18.2% Brazilian Real 7% 3.06 3.40 -11.1% Brazilian Real 8% 3
Slide 24: H1 2015 Net Sales Breakdown by Category
H1 2015 NET SALES BREAKDOWN By category 12% 34% BIC GRAPHIC STATIONERY 4% OTHER CONSUMER PRODUCTS 20% SHAVERS 30% LIGHTERS H1 2015 Results Presentation 24
Slide 25: H1 2015 Net Sales Breakdown by Geography
H1 2015 NET SALES BREAKDOWN By geography 30% 25% DEVELOPING MARKETS EUROPE 45% NORTH AMERICA H1 2015 Results Presentation 25
Slide 26: Group Quarterly Figures
GROUP QUARTERLY FIGURES In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 1,898.7 428.6 508.9 470.4 479.9 1,887.8 434.2 534.3 968.5 496.8 513.8 1,979.1 510.8 623.1 1,134.0 YoY actual changes 4.1% -3.7% +1.6% -3.8% +3.4% -0.6% +1.3% +
Slide 27: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Europe 484.5 109.6 154 119.9 110.2 493.8 111.4 153.7 265.1 130.2 113.9 509.1 117.6 160.0 277.6 Net Sales YoY actual changes -6.4% -1.7% 7.2% -0.8% 1.6% 1.9%
Slide 28: Group Consumer
GROUP CONSUMER In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 1 607.6 375.7 446.8 401 396.5 1 619.9 382.6 475 857.6 426 420 1 703.6 449.7 551.7 1 001.5 YoY actual changes 5.6% -2.4% 3.0% -3.1% 5.7% 0.8% 1.8% 6.3% 4.3% 6.2% 5.9% 5.
Slide 29: Stationery
STATIONERY In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 617.9 129.7 188.2 150.5 148 616.4 144 212 356 169.2 151.7 676.9 157.1 233.2 390.3 YoY actual changes 5.0% -6.1% 0.4% -6.6% 12.9% -0.2% 11.0% 12.6% 12.0% 12.5% 2.5% 9.8% 9.1
Slide 30: Lighters
LIGHTERS In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 551.0 137.4 139.6 136.1 144.7 557.8 133.6 145.8 279.4 143.6 158.6 581.6 163.5 178.4 341.9 YoY actual changes 7.9% 0.5% 3.4% 0.4% 0.6% 1.2% -2.8% 4.4% 0.8% 5.5% 9.6% 4.3% 22.3
Slide 31: Shavers
SHAVERS In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 373.5 91.4 98.7 98.6 88.9 377.5 88.9 98.1 187 97.9 95.1 380 112.4 117.8 230.2 YoY actual changes 13.8% -1.3% 6.0% -3.8% 4.1% 1.1% -2.7% -0.6% -1.6% -0.7% 7.0% 0.7% 26.5% 20.0%
Slide 32: Other Consumer Product
OTHER CONSUMER PRODUCT In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 65.2 17.2 20.3 15.9 14.9 68.2 16.1 19.1 35.2 15.3 14.6 65.1 16.8 22.3 39.1 - YoY actual changes -2.2% 12.0% 7.2% 0.9% 4.6% -6.0% -5.8% -5.9% -3.7% -1.9% -4.5% 4
Slide 33: BIC Graphic
BIC GRAPHIC In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 H1 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 H1 15 Net Sales 291.1 53 62.1 69.4 83.4 267.9 51.7 59.3 111 70.8 93.8 275.6 61.1 71.4 132.5 YoY actual changes -3.6% -11.9% -7.5% -7.1% -6.4% -8.0% -2.5% -4.4% -3.5% 1.9% 12.5% 2.9% 18.3%
Slide 34: Miscellaneous
MISCELLANEOUS Capital evolution: As of June 30, 2015, the total number of issued shares of SOCIÉTÉ BIC is 48,091,465 shares, representing: • 69,612,210 voting rights, • 68,652,939 voting rights excluding shares without voting rights. Total treasury shares at the end of June 2015: 959,271. H1 2015 Re
Slide 35: Glossary
GLOSSARY At constant currencies: • Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates Comparative basis: • At constant currencies and constant perimeter Normalized IFO: • Normalized means excluding non-recurring items H1 2015
Slide 36: 2015 Agenda
2015 AGENDA 3rd Quarter 2015 results October 21, 2015 Conference Call Full Year 2015 Results February 17, 2016 Meeting – BIC Headquarters 1st Quarter 2016 Results April 27, 2016 Conference Call 2016 AGM May 18, 2016 Meeting – BIC Headquarters All dates to be confirmed H1 2015 Results Presentation 36
Slide 37: Disclaimer
DISCLAIMER This document contains forward-looking statements. Although BIC believes its expectations 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 and Opportunities” of BIC “Reg