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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Societe BIC SA | EU:BB | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -0.36% | 55.00 | 54.90 | 56.10 | 55.60 | 55.00 | 55.30 | 34,582 | 16:40:00 |
Clichy, France, October 25, 2023
THIRD QUARTER & NINE MONTHS 2023 RESULTSContinued strong sales growth1 in Q3 of +7.2% and an adjusted EBIT margin of 15.2%.
9M net sales growth, +7.1% at constant currency, driven by market share gains in key regions across all categories:
9M adjusted EBIT margin was 15.0%: impacted by high input cost inflation in the first half (raw materials and electricity), fixed cost absorption and forex, partially offset by favorable price and mix.
Sustained operating cash flow amounted to €359.3 million: free cash flow amounted to €142.2 million, as a result of strong Q3 cash collection and improved inventory management.
Key Group financial figures
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Group net sales | 580.1 | 560.3 | 1,707.2 | 1,737.3 |
Change as reported | +21.3% | (3.4) % | +22.4% | +1.8% |
Change on a comparative basis | +7.6% | +3.2% | +11.6% | +3.8% |
Change on a constant currency basis | +10.5% | +7.2% | +13.8% | +7.1% |
EBIT margin | 11.1% | 14.6% | 15.3% | 14.8% |
Adjusted EBIT margin | 11.3% | 15.2% | 15.7% | 15.0% |
EPS (in euros) | 1.06 | 1.39 | 4.22 | 4.22 |
Adjusted EPS (in euros) | 1.14 | 1.49 | 4.53 | 4.43 |
Free cash flow before acquisitions and disposals | 128.3 | 139.7 | 150.7 | 142.2 |
Net cash position | 347.0 | 308.3 | 347.0 | 308.3 |
“Our third quarter demonstrates how the commercial and operational capabilities developed under our Horizon plan are delivering sustainable profitable growth.” said CEO Gonzalve Bich. “Horizon’s broad range of interconnected strategic initiatives achieved net sales growth equal to the upper level of our annualized medium-term range, as well as adjusted EBIT margin improvement and strong cash generation once again. Building a more consumer-centric portfolio is at the heart of our growth strategy. New product innovation in higher value products, coupled with deep data insights to reduce SKU count by more than 7% year-to-date, ahead of our 2023 ambition, enabled us to maximize the value of our assortment and focus on the highest yielding SKUs. This provides BIC with a competitive edge at key points of sale to deliver growth above market rates while improving profitability.Looking ahead, while it is important to be mindful of the economic pressures facing consumers, we are excited about our prospects coming into 2024. We are confident that as our Horizon initiatives continue to mature, we will remain on track to meeting our mid-term objectives.”
2023 Outlook Confirmed 2
Full year 2023 net sales are expected to grow between 5% and 7% at constant currencies, driven by price and mix. We expect to improve 2023 adjusted EBIT and adjusted EBIT margin, as well as gross profit margin, though this will be partially offset by continued investments in operations and brand support aimed at driving Horizon ambition of delivering profitable long-term growth.
Free cash flow is expected to be above €200 million in 2023, for the fifth year in a row.
Third quarter and nine months 2023 key highlights
Net sales, earnings before interest and taxes (EBIT), and adjusted EBIT
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Net sales | 580.1 | 560.3 | 1,707.2 | 1,737.3 |
Gross profit | 275.0 | 295.6 | 834.8 | 876.4 |
Gross profit margin | 47.4% | 52.8% | 48.9% | 50.4% |
EBITDA | 84.6 | 96.4 | 332.1 | 320.5 |
EBIT | 64.3 | 81.6 | 261.9 | 256.3 |
EBIT margin | 11.1% | 14.6% | 15.3% | 14.8% |
Non-recurring items | 1.3 | 3.7 | 6.6 | 4.1 |
Adjusted EBIT | 65.6 | 85.3 | 268.5 | 260.4 |
Adjusted EBIT margin | 11.3% | 15.2% | 15.7% | 15.0% |
Q3 2023 net sales grew 7.2% at constant currencies and 3.2% on a comparable basis with solid performance in Europe, Middle East and Africa, and Brazil. Blade Excellence posted the strongest performance (+17.3% CC) followed by Human Expression (+4.5% CC) and Flame for Life (+3.9% CC).
Q3 2023 gross profit margin increased 5.4 pts to 52.8%, driven by strong price and mix, lower raw material costs, manufacturing efficiencies and favorable forex as a result of EUR/USD hedging. This was partially offset by unfavorable fixed cost absorption and negative mix from less contribution from US Lighter sales.
Q3 2023 adjusted EBIT margin increased 3.9 pts to 15.2%, driven by gross profit improvements. This was partially offset by increased opex and brand support investments.
Revenue Growth Management continued to drive momentum through Q3 2023 fueled by positive pricing and mix across all three divisions, led by Human Expression and consumers trading-up to the 4-Color Décor Pen in Europe. Additionally, our focus on building a consumer-centric portfolio is driving further improvement of our Net Sales per SKU Growth of 15.4% and a net SKU reduction of more than 7%, ahead of our 2023 ambition.
9M 2023 net sales increased 7.1% at constant currencies, 3.8% on a comparable basis and 9.8% on a rolling 12-month basis. Net sales growth was driven by Europe, the Middle East and Africa, as well as Latin America. The three divisions contributed to growth led by Blade Excellence and Human Expression. Net sales growth was driven by price and mix benefiting from RGM and innovation. Net sales from e-commerce continued to grow, up 13.0% CC, bringing the total share of online sales to 12.6% compared with 11.7% for 9M 2022.
9M 2023 gross profit margin increased 1.5 pts to 50.4%, favorably impacted by price and mix, manufacturing efficiencies and EUR/USD hedging. This was partially offset by input cost inflation (raw material and electricity costs), fixed cost absorption, and forex (mainly due to USD/MXN and EUR/TRY).
9M 2023 adjusted EBIT margin was 15.0%, compared to 15.7% in 9M 2022, this was a result of increased opex and brand support investments (investments to support the net sales growth), which were partially offset by gross profit improvements.
Key components of the change in adjusted EBIT margin
Key components of the change in Adjusted EBIT margin (in points) | Q1 2023 vs. Q1 2022 | Q2 2023 vs. Q2 2022 | Q3 2023 vs. Q3 2022 | 9M 2023 vs. 9M 2022 |
· Change in gross profit | (2.0) | +1.1 | +5.4 | +1.5 |
· Brand Support | (1.2) | +0.3 | (0.7) | (0.5) |
· Opex and other expenses3 | (3.6) | (1.4) | (0.8) | (1.7) |
Total change in adjusted EBIT margin | (6.8) | 0.0 | +3.9 | (0.7) |
Net income and earnings per share (EPS)
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
EBIT | 64.3 | 81.6 | 261.9 | 256.3 |
Finance revenue/costs | 0.7 | 1.5 | (3.4) | (4.0) |
Income before tax | 65.0 | 83.1 | 258.6 | 252.3 |
Net income Group share | 46.8 | 59.8 | 186.2 | 181.4 |
Adjusted net income Group share4 | 50.3 | 64.0 | 200.1 | 190.7 |
Adjusted EPS Group share (in euros) | 1.14 | 1.49 | 4.53 | 4.43 |
EPS Group share (in euros) | 1.06 | 1.39 | 4.22 | 4.22 |
Nine months 2023 effective tax rate was 28.1% vs. 28.0% for nine months 2022.
Change in net cash position
Change in net cash positionin million euros | 9M 2022 | 9M 2023 |
Net cash position (beginning of period – December) | 400.1 | 359.9 |
Net cash from operating activities | +208.1 | +211.5 |
· Of which operating cash flow | +357.8 | +359.3 |
· Of which change in working capital | (88.1) | (90.6) |
· Others | (61.6) | (57.2) |
Capex5 | (57.4) | (69.3) |
Dividend payment | (94.7) | (110.2) |
Share buyback program | (43.7) | (97.3) |
Net cash from the liquidity contract | +1.9 | - |
Proceed from Pimaco divestiture | +1.1 | - |
Acquisitions6 | (73.3) | - |
Other items | +4.9 | +13.7 |
Net cash position (end of period – September) | 347.0 | 308.3 |
Operating cash flow was €359.3 million, resulting from strong business performance. The €147.8 million negative change in working capital and others were mainly driven by higher trade and other receivables of €93.2 million linked to increased net sales. As a result, nine months 2023 free cash flow before acquisitions and disposals was €142.2 million.
At the end of September 2023, net cash position was €308.3 million, with €97.3 million in share buybacks.
Shareholders’ remuneration
€97.3 million in share buybacks were completed by Société BIC at the end of September 2023. 1,646,032 shares were purchased at an average price of €59.14 per share.
Operational Trends by Division
Human Expression
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Net sales | 225.2 | 214.7 | 663.2 | 675.0 |
Change as reported | +14.1% | (4.7)% | +25.0% | +1.8% |
Change on a comparative basis | +2.1% | +1.2% | +14.4% | +3.5% |
Change at constant currency | +6.6% | +4.5% | +18.4% | +7.6% |
Adjusted EBIT | (1.2) | 16.0 | 34.3 | 60.6 |
Adjusted EBIT margin | (0.6)% | 7.5% | 5.2% | 9.0% |
The Human Expression division’s Q3 2023 net sales performance (+4.5% CC) was driven by growth in Latin America, the Middle East and Africa and Europe.
In Europe, growth was driven by positive price and mix (results of our strong RGM efforts) which contributed to a strong back-to-school season. Although overall market conditions in France and the UK were challenging, strong execution secured market share growth, in value, for both countries by 1.1 points7.In the US, net sales were negatively impacted by promotion and coupons, but BIC maintained its market share8 with positive contributions particularly from core stationary products (ball point pens, correction and gel) and new products (Break Resistant mechanical pens).
In Brazil net sales performance was driven by favorable price and mix, as well as back-to-school sell-in. In the Middle East and Africa, net sales grew by double digits fueled by both volume and price and mix. This was driven by strong back-to-school in West and Central Africa and good performance in South Africa.
9M 2023 Net Sales grew by 7.6% at constant currencies, and by 3.5% on a comparable basis, with a positive price mix in all categories as the main driver.
Q3 2023 Human Expression division adjusted EBIT margin was 7.5% compared to (-0.6)% in Q3 2022. This significant increase was driven by favorable pricing and mix, favorable FX (mainly due EUR/USD hedging), lower raw materials costs, lower freight & distribution costs, and favorable net sales leverage. This was partially offset by higher brand support.
9M 2023 Human Expression division adjusted EBIT margin was 9.0% compared to 5.2% in 9 months 2022. The increase was driven by favorable pricing and mix and lower brand support. This was partially offset by unfavorable forex, mainly the USD/MXN as well as higher opex.
Flame for Life
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Net sales | 216.0 | 200.1 | 652.0 | 634.4 |
Change as reported | +26.5% | (7.3)% | +21.2% | (2.7)% |
Change on a comparative basis | +11.0% | (1.3)% | +9.9% | (1.0)% |
Change at constant currency | +12.4% | +3.9% | +10.8% | +1.7% |
Adjusted EBIT | 74.8 | 68.3 | 241.6 | 221.4 |
Adjusted EBIT margin | 34.6% | 34.1% | 37.1% | 34.9% |
Q3 2023 Flame for Life division net sales grew by 3.9% at constant currencies, against a demanding comparison.
In the US, the total lighter market declined year to date by 6.3% in volume and 2.1%9 in value. However, BIC maintained its leadership position, gaining share in volume, +0.7 pts, and value, +0.9 pts, topping its competitors thanks to positive price and mix.
In Europe, sales accelerated in Q3 with a low double-digit growth at constant currency boosted by the roll-out of EZ Reach, which achieved promising growth in France.
In Latin America, net sales accelerated in Q3 and grew at a double-digit pace at constant currency. Brazil growth was fueled by pocket lighter in both volume and value as well as increased distribution.
9M 2023 Net Sales was driven by double-digit growth in Latin America and the Middle East, and Africa and high single-digit growth in Europe. Those regions benefited as well from increased distribution.
Q3 2023 Flame for Life division adjusted EBIT margin was 34.1% compared to 34.6% in Q3 2022. This was the result of unfavorable fixed cost absorption, higher raw material costs, and negative net sales operating leverage in the US. Brand support investments were also higher, with the launch of the BIC® EZ Reach advertising campaign in Europe. This was partly offset by favorable pricing, forex (EUR/USD hedging), and manufacturing efficiencies.
9M2023 Flame for Life division adjusted EBIT margin reached 34.9% compared to 37.1% in 9M 2022 and had similar drivers for the change as seen in Q3.
Blade Excellence
in million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Net sales | 132.6 | 139.1 | 372.9 | 407.4 |
Change as reported | +26.8% | +4.9% | +22.3% | +9.2% |
Change on a comparative basis | +12.3% | +13.9% | +11.5% | +12.6% |
Change at constant currency | +14.7% | +17.3% | +12.8% | +15.6% |
Adjusted EBIT | 13.3 | 26.0 | 56.6 | 46.5 |
Adjusted EBIT margin | 10.0% | 18.7% | 15.2% | 11.4% |
Q3 2023 Blade Excellence net sales was the second consecutive quarter of double-digit growth (+17.3% CC).
In the Blade Excellence division, BIC gained market share across all key regions. Added value and new products drove solid performance in the 3 to 5 blade and Hybrid ranges, notably in Europe and Latin America.
In Europe, BIC gained market share by value in all its major countries, including in France (+3.3 pts), Italy (+1.8 pts), and Poland (+2.9 pts)10, fueled by the success of 3 to 5 blade products in the female and male segments. Net sales grew at a double-digit pace on higher volumes in Eastern Europe, favorable price and mix, and further distribution gains. Added-value products in the Single Metal and Miss Soleil ranges and new sustainable ranges contributed to growth, in line with the Horizon goals to increase premium offerings.
Communiqué de pressewith the successful performance of the Soleil range. Q3 2023 net sales performance grew at a high single digit pace, benefiting from innovative products in the EasyRinse and Escape range. BIC Soleil Escape (4 and 5 blades) was a significant contributor to growth.
Our trade-up strategy towards a value-added 3 blade-offering, along with volume increases, is yielding positive results in Latin America. Q3 net sales grew by double digits. This is notably true in Brazil, where we continued to gain market share, up 1.0 pt11 in value as a result of our Comfort 3, Soleil, and Hybrid ranges. In Mexico, we gained +0.6 pts12 in value. Net sales grew at a high single-digit pace, driven by added-value products in the modern trade channel and traditional trade distribution improvements.
9M 2023 Blade Excellence division net sales grew 15.6% at constant currency with stronger growth in Q3 2023 in almost all regions.
Q3 2023 Blade Excellence division adjusted EBIT margin reached 18.7% compared to 10.0% in Q3 2022. This significant increase is mainly driven by favorable net sales leverage combined with price and mix, lower raw material costs, advantageous forex (mainly EUR/USD hedging), manufacturing efficiencies and lower freight and distribution costs.
9M 2023 Blade Excellence division adjusted EBIT margin was 11.4% compared to 15.2% in 9M 2022 due to significant input cost inflation in the first half of the year (raw materials and electricity) and unfavorable forex (mainly the USD/MXN), partially offset by manufacturing efficiencies. The margin was also impacted by higher opex and brand support investments, mostly related to the launch of BIC EasyRinse and a major advertising campaign in the US. This was partially offset by favorable price and mix.
Update on Horizon Plan Execution
At our Investor Update on September 11, 2023, we presented progress on how our Horizon Plan has shaped the future of our business and accelerated sustainable, profitable growth since its launch in November 2020.
Horizon objectives by year-end 2025:
We confirmed and updated our 5-year objectives (2025) due to strong execution of the following growth initiatives:
Deliver Sustainable GrowthStronger commercial execution and go-to-market expertise are helping to secure growth above market rates:
BIC is also strengthening growth through innovation and M&A:
Execute Operating EfficienciesNew capabilities have been introduced to deliver operating efficiencies:
Capture Cash Every DayFocus on maximizing free cash flow:
Appendix
2023 Market Assumptions
Our 2023 outlook is based on the following market assumptions26F6F13 versus 2022:
Market trends (in value):
EBIT drivers:
Free cash flow before acquisitions and disposals drivers:
Currency: 2023 EUR/USD hedging rate: 1.08
Net sales by geography
Q3 Net sales by geographyin million euros | Q3 2022 | Q3 2023 | % As reported | % at constant currencies | % On a comparative basis |
Group | 580.1 | 560.3 | (3.4)% | +7.2% | +3.2% |
Europe | 169.6 | 170.7 | +0.6% | +8.6% | +8.6% |
North America | 236.9 | 207.6 | (12.3)% | (5.0)% | (5.2)% |
Latin America | 108.5 | 116.4 | +7.3% | +26.5% | +5.8% |
Middle East and Africa | 36.0 | 42.0 | +16.7% | +36.5% | +36.5% |
Asia and Oceania (including India) | 29.1 | 23.6 | (19.0)% | (9.1)% | (9.1)% |
9M Net sales by geographyin million euros | 9M 2022 | 9M 2023 | % As reported | % at constant currencies | % On a comparative basis |
Group | 1,707.2 | 1,737.3 | +1.8% | +7.1% | +3.8% |
Europe | 497.6 | 524.6 | +5.4% | +9.6% | +9.5% |
North America | 735.8 | 684.2 | (7.0)% | (4.8)% | (5.2)% |
Latin America | 288.2 | 333.3 | +15.6% | +28.2% | +10.8% |
Middle East and Africa | 102.0 | 125.0 | +22.5% | +34.5% | +34.5% |
Asia and Oceania (including India) | 83.6 | 70.1 | (16.1)% | (9.1)% | (9.1)% |
Net sales by division
Q3 Net sales by divisionin million euros | Q3 2022 | Q3 2023 | Change as reported | FX impact14(in points) | Change in Perimeter15(in points) | Argentina impact16(in points) | Change on a Comparative basis |
Group | 580.1 | 560.3 | (3.4)% | (6.9) | (0.0) | +0.3 | +3.2% |
StationeryHuman Expression | 225.2 | 214.7 | (4.7)% | (6.1) | +0.1 | +0.1 | +1.2% |
LightersFlame for Life | 216.0 | 200.1 | (7.3)% | (6.9) | (0.0) | +0.9 | (1.3)% |
ShaversBlade Excellence | 132.6 | 139.1 | +4.9% | (8.6) | (0.0) | (0.4) | +13.9% |
Other Products | 6.3 | 6.5 | +2.9% | (1.5) | (0.0) | (0.0) | +4.4% |
Net sales by division
9M Net sales by divisionin million euros | 9M 2022 | 9M 2023 | Change as reported | FX impact(in points) | Change in Perimeter(in points) | Argentina impact(in points) | Change on a Comparative basis |
Group | 1,707.2 | 1,737.3 | +1.8% | (2.6) | +0.1 | +0.5 | +3.8% |
StationeryHuman Expression | 663.2 | 675.0 | +1.8% | (3.0) | +0.5 | +0.8 | +3.5% |
LightersFlame for Life | 652.0 | 634.4 | (2.7)% | (2.0) | (0.0) | +0.3 | (1.0)% |
ShaversBlade Excellence | 372.9 | 407.4 | +9.2% | (3.5) | (0.0) | +0.1 | +12.6% |
Other Products | 19.1 | 20.5 | +7.3% | (1.0) | (0.0) | (0.0) | +8.3% |
Change in Perimeter and Currency Fluctuations Impact on Net Sales
Impact of change in perimeter and currency fluctuations on net sales (excludes ARS) (in %) | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Perimeter | 1.3 | (0.0) | 1.1 | +0.1 |
Currencies | +11.3 | (6.9) | +9.0 | (2.6) |
Of which USD | +7.2 | (2.9) | +5.8 | (0.8) |
Of which BRL | +1.4 | (0.1) | +1.3 | +0.1 |
Of which MXN | +0.9 | +0.5 | +0.7 | +0.6 |
Of which CAD | 0.4 | (0.2) | +0.3 | (0.2) |
Of which ZAR | +0.0 | (0.3) | +0.0 | (0.2) |
Of which NGN | +0.2 | (0.7) | +0.1 | (0.3) |
Of which TRY | (0.7) | (0.7) | (0.5) | (0.5) |
Of which INR | +0.2 | (0.2) | +0.2 | (0.2) |
Of which RUB and UAH | +1.1 | (1.6) | +0.6 | (0.7) |
Sensitivity to Net Sales and Income Before Tax (IBT) of USD-EUR fluctuation
Sensitivity to Net Sales and Income Before Tax (IBT) of USD-EUR fluctuationin % | 9M 2022 | 9M 2023 |
+/- 5% change in USD impact on Net Sales | 2.1 | 2.0 |
+/- 5% change in USD impact on IBT | 1.2 | 1.0 |
EBIT by division
EBIT by divisionin million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Group | 64.3 | 81.6 | 261.9 | 256.3 |
Margin | 11.1% | 14.6% | 15.3% | 14.8% |
Stationery- Human Expression | (2.6) | 12.4 | 30.9 | 57.2 |
Margin | (1.1) % | 5.8% | 4.7% | 8.5% |
Lighters- Flame for Life | 74.8 | 68.2 | 240.7 | 221.0 |
Margin | 34.6% | 34.1% | 36.9% | 34.8% |
Shavers- Blade Excellence | 13.3 | 26.0 | 54.4 | 46.2 |
Margin | 10.0% | 18.7% | 14.6% | 11.3% |
Other Products | (0.1) | (0.9) | (3.9) | (1.7) |
Unallocated costs | (21.1) | (24.1) | (60.2) | (66.4) |
Adjusted EBIT by division
Adjusted EBIT by divisionin million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Group | 65.6 | 85.3 | 268.5 | 260.4 |
Margin | 11.3% | 15.2% | 15.7% | 15.0% |
Stationery- Human Expression | (1.2) | 16.0 | 34.3 | 60.6 |
Margin | (0.6) % | 7.5% | 5.2% | 9.0% |
Lighters- Flame for Life | 74.8 | 68.3 | 241.6 | 221.4 |
Margin | 34.6% | 34.1% | 37.1% | 34.9% |
Shavers- Blade Excellence | 13.3 | 26.0 | 56.6 | 46.5 |
Margin | 10.0% | 18.7% | 15.2% | 11.4% |
Other Products | (0.1) | (0.9) | (3.9) | (1.7) |
Unallocated costs | (21.1) | (24.1) | (60.2) | (66.4) |
Condensed Profit & Loss
Condensed Profit & Lossin million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
Net Sales | 580.1 | 560.3 | 1,707.2 | 1,737.3 |
Cost of goods | 305.1 | 264.7 | 872.4 | 860.9 |
Gross profit | 275.0 | 295.6 | 834.8 | 876.4 |
Administrative & net other operating expenses/ (gain) | 210.7 | 214.0 | 572.9 | 620.1 |
EBIT | 64.3 | 81.6 | 261.9 | 256.3 |
Finance revenue/costs | 0.7 | 1.5 | (3.4) | (4.0) |
Income before tax | 65.0 | 83.1 | 258.6 | 252.3 |
Income tax expense | (18.2) | (23.4) | (72.4) | (70.9) |
Net Income Group Share | 46.8 | 59.8 | 186.2 | 181.4 |
Earnings per Share Group Share(in euros) | 1.06 | 1.39 | 4.22 | 4.22 |
Average number of shares outstanding (net of treasury shares) | 44,130,016 | 43,006,898 | 44,130,016 | 43,006,898 |
Balance Sheet
Balance sheetin million euros | September 30, 2022 | September 30, 2023 |
ASSETS | ||
Non-current assets | 1,239.2 | 1,154.6 |
Current assets | 1,202.1 | 1,138.3 |
TOTAL ASSETS | 2,864.3 | 2,701.5 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Shareholders' equity | 1,921.1 | 1,852.1 |
Non-current liabilities | 181.2 | 206.0 |
Current liabilities | 762.0 | 643.4 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 2,864.3 | 2,701.5 |
Reconciliation adjusted EBIT & EPS
Adjusted EBIT reconciliationin million euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
EBIT | 64.3 | 81.6 | 261.9 | 256.3 |
Rocketbook earnout and Djeep price adjustment (2022), Lucky Stationery and Rocketbook earnout (2023) | 0.7 | (0.5) | ||
Acquisition costs related to Inkbox (January 2022) and other acquisition costs (2023) | 1.3 | 0.2 | 2.9 | 1.1 |
US supply chain relocation plan | 3.5 | 3.5 | ||
Ukraine operations impairment | 3.0 | |||
Adjusted EBIT | 65.6 | 85.3 | 268.5 | 260.4 |
Adjusted EPS reconciliationin euros | Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 |
EPS | 1.06 | 1.39 | 4.22 | 4.22 |
Rocketbook earnout and Djeep price adjustment (2022), Lucky Stationery and Rocketbook earnout (2023) | 0.05 | (0.01) | ||
Argentina hyperinflationary accounting (IAS29) | 0.06 | 0.03 | 0.15 | 0.09 |
Acquisition costs related to Inkbox (January 2022) and other acquisition costs (2023) | 0.02 | 0.01 | 0.05 | 0.01 |
Ukraine operations impairment | 0.06 | |||
US supply chain relocation plan | 0.06 | 0.06 | ||
Virtual Power Purchase Agreement Greece | 0.06 | |||
Adjusted EPS | 1.14 | 1.49 | 4.53 | 4.43 |
Free Cash Flow reconciliation | September 30, 2022 | September 30, 2023 |
in million euros - rounded figures | ||
Net cash from operating activities (1) | 208.1 | 211.5 |
Capital expenditure (2) | (57.4) | (69.3) |
Free Cash Flow before acquisition and disposals (1) - (2) | 150.7 | 142.2 |
Share Buyback Program
Société BIC | Number of shares acquired | Average weighted price(in €) | Amount(in M€) |
January 2023 | 0 | 0 | 0 |
February 2023 | 185,526 | 61.57 | 11.4 |
March 2023 | 267,468 | 60.41 | 16.2 |
April 2023 | 70,480 | 58.16 | 4.1 |
May 2023 | 161,317 | 57.43 | 9.3 |
June 2023 | 356,658 | 54.47 | 19.4 |
July 2023 | 0 | 0 | 0 |
August 2023 | 150,048 | 57.35 | 8.6 |
September 2023 | 454,535 | 62.43 | 28.4 |
Total | 1,646,032 | 59.14 | 97.3 |
Capital and Voting Rights
As of September 30, 2023, the total number of issued shares of Société BIC is 43,952,226 shares, representing:
64,236,103 voting rights62,364,526 voting rights excluding shares without voting rights
Total number of treasury shares held at the end of September 2023: 1,871,577
Glossary
SOCIETE BIC consolidated financial statements as of September 30, 2023, were approved by the Board of Directors on October 25, 2023. A presentation related to this announcement is also available on the BIC website (www.bic.com). This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to many risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk Management" in BIC's 2022 Universal Registration Document (URD) filed with the French financial markets authority (AMF) on March 30, 2023. BIC's 2023 Half Year Financial Report was filed with the AMF on July 28, 2023.
About BIC
A world leader in stationery, lighters and shavers, BIC brings simplicity and joy to everyday Life. For more than 75 years, the Company has honored the tradition of providing high-quality, affordable, essential products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands and is a trademark registered worldwide. Today, BIC products are sold in more than 160 countries around the world and feature iconic brands such as BIC Kids™, BIC FlexTM, BodyMark by BICTM, Cello®, Djeep, Lucky Stationary, Rocketbook, Soleil®, Tipp-Ex®, Us. TM, Wite-Out®, Inkbox, and more. In 2022, BIC Net Sales were €2,233.9 million. The Company is listed on Euronext Paris, is part of the SBF120 and CAC Mid 60 indexes, and is recognized for its commitment to sustainable development and education. It has received an A- Leadership score from CDP. For more, visit www.bic.com or follow us on LinkedIn, Instagram, Twitter, or YouTube.
BIC's Q3 and 9 months 2023 earnings conference call and webcast will be hosted by Gonzalve Bich, CEO, and Chad Spooner, CFO, on Thursday, October 26, 2023, at 8:30 a.m. (Paris) CET time:
From France: | +33 (0) 1 70 37 71 66 |
From the U.K: | +44 (0) 33 0551 0200 |
From the U.S.A: | +1 786 697 3501 |
Vocal access code: | “BIC” |
Connect to the webcast via the website:https://investors.bic.com/en-us/agenda/2023
Contacts
Investor Relations teaminvestors.info@bicworld.com Kimberly StewartHead of Investor Relations +33 6 37 01 42 68kimberly.stewart@bicworld.com | Isabelle de Segonzac Image 7, Press Relations contact+33 6 89 87 61 39isegonzac@image7.fr |
Agenda
All dates are subject to change
Full Year 2023 Results | February 19, 2024, post market close |
First Quarter 2024 Results | April 23, 2024, post market close |
2023 AGM | May 29, 2024 |
1 At Constant Currency (CC)
2 Based on current market assumptions in Appendix
3 Other expenses notably include Freight & Distribution and R&D4 See Glossary5 Including -€6.1 million in 2022 and -€3.7 million in 2023 related to a change in assets payable6 Inkbox, Rocketbook and Djeep in 20227 Year to date August 2023: IRI8 Year to date August 2023: NPD data9 YTD ending September 2023: IRI, estimated 70% market coverage10 July-August 2023: CIRCANA11 Year to date August 2023: Nielsen data12 Year to date August 2023: Nielsen data13 Euromonitor and BIC estimates 14 Forex impact excluding Argentina Peso (ARS)15 Mainly acquisition of Inkbox16 See Glossary
Attachment
1 Year Societe BIC Chart |
1 Month Societe BIC Chart |
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