Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — Q1 2015 Earnings Presentation
35 slides from Societe Bic Sa's earnings presentation, Apr 22, 2015
Slide 1: Q1 2015 Results Presentation
Q1 2015 Results Presentation 22 April 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 Q1 2015 Results Presentation
Slide 3: Group Q1 2015 Key Figures
GROUP Q1 2015 KEY FIGURES Net Sales: 510.8 million euros Consumer business (88% of total sales) +7.4% 17,6% Developed markets +9.7% +6,2% +6,8% Developing markets +3.9% As reported At constant currency On a comparative basis BIC graphic (12% of total sales) +2.4% Normalized* Income from Operations:
Slide 4: Group Q1 2015 Key Figures
GROUP Q1 2015 KEY FIGURES EPS (Group share): +53.3% Net Cash Position In euros In million euros 398.2 1.64 320.2 226.1 1.07 Q1 2014 Q1 2015 March 14 December 14 March 15 Q1 2015 Results Presentation 4
Slide 5: Consumer business Q1 2015 Net Sales
Q1 2015 Consumer business 449.7 million euros Net Sales Change on a comparative basis Breakdown by geographies +7.4% +4.9% 37% 23% DEVELOPING EUROPE MARKETS Q1 2014 Q1 2015 EUROPE +8.0% NORTH AMERICA +11.0% 40% DEVELOPING +3.9% NORTH AMERICA MARKETS Q1 2015 Results Presentation 5
Slide 6: BIC Stationery in Q1 2015
BIC STATIONERY IN Q1 2015 Net sales growth on a comparative basis* Net sales Developed markets Europe: high-single digit growth +4.2% • Continued strong positive trend +1.8% • Good performance in both Western and Eastern Europe North America: slight decline • Slow start of Office Super Stores In mil
Slide 7: BIC Lighters in Q1 2015
BIC LIGHTERS IN Q1 2015 Net sales growth on a comparative basis* Net sales Developed markets +9.7% Europe: high-single digit growth +6.4% • Distribution gains in Western Europe • Strong performance in Eastern Europe North America: low-double digit growth • Market share gains In million euros Q1 2014
Slide 8: BIC Shaver in Q1 2015
BIC SHAVER IN Q1 2015 Net sales growth on a comparative basis* Net sales +14.7% Double digit growth across all our geographies Developed markets +5.1% Europe: • Success of our core products (BIC® 3 in France and BIC® Miss Soleil® in Eastern Europe) and of our new shaver (Flex3 Comfort) North Ameri
Slide 9: Other Consumer Products in Q1 2015
OTHER CONSUMER PRODUCTS IN Q1 2015 Net sales growth on a comparative basis* • BIC Sport Net Sales grew double digit on a comparative basis ‐1.6% ‐2.6% In million euros Q1 2014 Q1 2015 Net sales 16.1 16.8 Income from Operations* In million euros Q1 2014 Q1 2015 IFO -3.2 -0.5 • -1.1 million euros expe
Slide 10: BIC Graphic in Q1 2015
BIC GRAPHIC IN Q1 2015 Net sales growth on a comparative basis* Net Sales Sales recovery confirmed 2.4% 1.4% • Europe Q1 Net Sales were driven by an increase in writing instruments sales and new product launches • North America was weaker due to a poor Calendar business season’s end while Hard Goods
Slide 11: Q1 2015 Consolidated results
Q1 2015 Consolidated results Jim DiPietro Q1 2015 Results Presentation
Slide 12: Q1 2015: From Net Sales to Normalized IFO
Q1 2015: FROM NET SALES TO NORMALIZED IFO Change on a BIC Group comparative In million euros 2014 2015 Change basis* Net Sales 434.2 510.8 +17.6% +6.8% Gross Profit 213.3 262.3 +23.0% Normalized* IFO 72.9 101.8 +39.4% Income 73.0 97.6 +33.7% from Operations *See glossary Q1 2015 Results Presentation
Slide 13: Q1 2015 Net Sales Evolution
Q1 2015 NET SALES EVOLUTION In million euros FX translation impact +6.8% +11.4% ‐0.6% 510.8 434.2 +49 M€ USD: +40 M€ INR: +4 M€ MXN: +2 M€ RUS & UAH: ‐2 M€ Q1 2014 Net Sales Change on comparative basis FX translation impact Perimeter Impact (Sheaffer) Q1 2015 Net Sales Q1 2015 Results Presentation 1
Slide 14: Q1 2015 Normalized Income from Operations Margin
Q1 2015 NORMALIZED* INCOME FROM OPERATIONS MARGIN 19.9% +0.2 +0.6 +2.3 16.8% Q1 2014 Normalized IFO Gross Profit Margin Brand support OPEX and other Q1 2015 Normalized IFO margin expenses margin *See glossary Q1 2015 Results Presentation 14
Slide 15: Q1 2015 From IFO to Group Net Income
Q1 2015 From IFO to Group Net Income In million euros Q1 2014 Q1 2015 IFO 72.9 97.6 Positive impact of favorable Finance revenue/costs 1.5 12.7 revaluation of financial assets Income before Tax 74.5 110.3 denominated in USD. Income tax -22.6 -33.1 Tax rate 30.3% 30.0% Income from Associates -1.8 - G
Slide 16: Net Cash Position
NET CASH POSITION In million euros Operations +142.3 +6.2 +8.3 398.2 320.2 -55.1 -23.7 Net Cash From Operations +87.2 M€ December 2014 Net Cash from operations Impact of working capital CAPEX Exercise of stock options Others March 2015 Net Cash Cash Position (1) and others and liquidity contract Pos
Slide 17: Full year 2015 outlook
Full year 2015 outlook Mario Guevara 17 Q1 2015 Results Presentation
Slide 18: Group Q1 2015 Summary
Group Q1 2015 summary High‐single digit growth for Consumer business • Growth across all geographies • Strong performance of Lighters and Shavers Net sales • Continued challenging transition for Cello Pens Low‐single digit growth for BIC Graphic • Positive sales momentum in a fast evolving competiti
Slide 19: Group 2015 Outlook
GROUP 2015 OUTLOOK In 2015, we expect Group Net Sales to grow between 4% and 5% on a comparative basis Excluding major currency fluctuations, Consumer Business Normalized IFO margin is expected to be consistent with 2014’s and BIC graphic Normalized IFO margin to improve Q1 2015 Results Presentation
Slide 20: Appendix
Appendix Q1 2015 Results Presentation
Slide 21: Q1 2015 Net Sales: Exchange Rate Evolution
Q1 2015 NET SALES Main exchange rate evolution vs. euro Average rate Average rate % of sales Q1 2014 Q1 2015 % of change US Dollar 44% 1.37 1.13 +17.7% Brazilian Real 9% 3.24 3.22 +0.7% Mexican Peso 5% 18.14 16.83 +7.2% Canadian dollar 2% 1.51 1.40 +7.5% Australian dollar 2% 1.53 1.43 +6.4% South Af
Slide 22: Q1 2015 Net Sales Breakdown by Category
Q1 2015 NET SALES BREAKDOWN By category 12% 31% BIC GRAPHIC STATIONERY 3% OTHER CONSUMER PRODUCTS 22% SHAVERS 32% LIGHTERS Q1 2015 Results Presentation 22
Slide 23: Q1 2015 Net Sales Breakdown by Geography
Q1 2015 NET SALES BREAKDOWN By geography 34% 23% DEVELOPING MARKETS EUROPE 43% NORTH AMERICA Q1 2015 Results Presentation 23
Slide 24: Group Quarterly Figures
GROUP QUARTERLY FIGURES In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 445.0 500.8 488.8 464.1 1,898.7 428.6 508.9 470.4 479.9 1,887.8 434.2 534.3 496.8 513.8 1,979.1 510.8 YoY actual changes 8.6% 5.2% 4.4% -1.2% 4.1% -3.7%
Slide 25: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY In million euros FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Europe 517.7 111.5 143.7 120.9 108.5 484.5 109.6 154.0 119.9 110.2 493.8 111.4 153.7 130.2 113.9 509.1 117.6 Net Sales YoY actual changes -1.4%
Slide 26: Group Consumer
GROUP CONSUMER In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 384.9 433.7 414.0 375.0 1,607.6 375.7 446.8 401.0 396.5 1,619.9 382.6 475.0 426.0 420.0 1,703.6 449.7 YoY actual changes +9.6% +6.4% +5.7% +0.9% +5.6% -2.4% +3.0%
Slide 27: Stationery
STATIONERY In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 138.1 187.5 161.2 131.1 617.9 129.7 188.2 150.5 148.0 616.4 144.0 212.0 169.2 151.7 676.9 157.1 YoY actual changes +8.1% +10.2% +0.2% +1.0% +5.0% -6.1% +0.4% -6.6% +1
Slide 28: Lighters
LIGHTERS In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 136.7 135.0 135.5 143.8 551.0 137.4 139.6 136.1 144.7 557.8 133.6 145.8 143.6 158.6 581.6 163.5 YoY actual changes +11.2% +7.9% +9.3% 3.5% +7.9% +0.5% +3.4% +0.4% +0.6%
Slide 29: Shavers
SHAVERS In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 92.6 93.1 102.5 85.4 373.5 91.4 98.7 98.6 88.9 377.5 88.9 98.1 97.9 95.1 380.0 112.4 YoY actual changes +20.6% +9.2% +21.4% +4.4% +13.8% -1.3% +6.0% -3.8% +4.1% +1.1% -2
Slide 30: Other Consumer Product
OTHER CONSUMER PRODUCT In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 17.5 18.1 14.8 14.7 65.2 17.2 20.3 15.9 14.9 68.2 16.1 19.1 15.3 14.6 65.1 16.8 YoY actual changes -25.9% -33.4% -33.9% -30.5% -31.0% -2.2% +12.0% +7.2% +
Slide 31: BIC Graphic
BIC GRAPHIC In million euros Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Net Sales 60.1 67.1 74.8 89.1 291.1 53.0 62.1 69.4 83.4 267.9 51.7 59.3 70.8 93.8 275.6 61.1 YoY actual changes +2.1% -1.9% -2.4% -9.2% -3.6% -11.9% -7.5% -7.1% -6.4% -8.0% -2
Slide 32: Miscellaneous
MISCELLANEOUS Capital evolution: As of March 31, 2015, the total number of issued shares of SOCIÉTÉ BIC is 48,051,695 shares, representing: • 69,576,188 voting rights, • 68,801,589 voting rights excluding shares without voting rights. Total treasury shares at the end of March 2015: 774,599. Q1 2015
Slide 33: 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 Q1 2015
Slide 34: 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
Slide 35: 2015 Agenda
2015 AGENDA Meeting 2014 AGM May 6, 2015 – BIC Headquarters in Clichy 2nd Quarter & 1st Half 2015 July 30, 2015 Conference Call results 3rd Quarter 2015 results October 21, 2015 Conference Call All dates to be confirmed Q1 2015 Results Presentation 35