Q RESULTS 24 April 2014

Transcription

1 Q RESULTS 24 April (0)

2 Group and category highlights Mario Guevara 2

3 Group Q key figures Net Sales: million euros +1.3% +4.5% Consumer business** (88% of total sales) +4.9% Developed markets +2.2% Developing markets +9.5% As reported 3.7% As reported without Cello On a comparative basis* Advertising & Promotional Products BIC Graphic** (12% of total sales) +1.4% Normalized* Income from Operations: 76.4 million euros Q1 13 Q % 17.6% 15.6% 17.6% Normalized IFO Consumer business 20.9% Advertising & Promotional Products BIC Graphic 7.2% *: See glossary IFO Margin **: on a comparative basis Normalized IFO Margin 3

4 Group Q Key figures EPS: 17.9% increase Net Cash Position In euros In million euros Q Q March 13 December 13 March 14 4

5 Q net sales evolution by geographies Change on a comparative basis +9.6% +4.5% +0.0% +2.6% +1.5% +1.4% +1.5% 2.1% Q1 13 Q1 14 Q1 13 Q1 14 Q1 13 Q1 14 Q1 13 Q1 14 See appendix page 21 for main currency impact 5

6 Q Consumer business net sales million euros net sales Change on a comparative basis Breakdown by geographies +4.9% +1.8% Europe 26% Q1 13 Q1 14 Developing Markets 39% Europe North America +3.5% +1.0% +3.1% +1.5% North America 35% Developing Markets +1.5% +9.5% 6

7 Stationery Change in net sales on a comparative basis Normalized IFO margin +4.2% 10.1% 12.2% In million euros 2.3% Q Q In million euros Q Q Net Sales IFO Normalized IFO NET SALES Europe : high-single digit growth Growth in most countries, particularly in France, UK, Germany, Spain and Turkey. Good performance in both Office product channel and Retail Mass Market. North America: flat Total U.S. Stationery market up low-single digit (at the end of February 2014). Office Product Channel rebounding - Decline in the Retail Mass Market (including Office Super Stores). Market share gains : BIC outperformed the market in all major channels of trade. Developing markets: mid-single digit increase Latin America : low-single digit growth Tough market conditions and strong competitive pressures in the Mexican Stationery market, where BIC retains a strong position. Good Back-to-School in the Southern Hemisphere countries with strong results and market share gains in Brazil. High-single digit growth in the Middle-East and Africa Solid back-to-school in South-Africa region and continued focus on Proximity strategy. Asia : low-single digit increase. Q Cello figures as consolidated in Q were: - Net sales: 21.3 million euros - Income from operations: 4.9 million euros NORMALIZED IFO MARGIN Q Stationery normalized IFO margin was 12.2% compared to 10.1% in The increase was mainly driven by the consolidation of Cello. 7

8 Lighters Change in net sales on a comparative basis Normalized IFO margin +3.6% +6.4% 33.8% 37.1% In million euros Q Q In million euros Q Q Net Sales IFO Normalized IFO NET SALES Europe: low-single digit decrease Weakness of the traditional network in France and Italy. North America: low-single digit decrease Challenging comparison basis : strong Q performance registered ahead of April 2013 price adjustment. Continued market share gains in a high-single digit growing market, thanks to distribution gains (notably in convenience stores) and value-added sleeve products led by the Flicktacular and fashion designs. Strong performance in multipurpose lighters. Developing markets: double digit growth In Latin America, double digit growth. Strong performance in all countries especially in Mexico thanks to distribution gains, increased visibility, and new Added Value product launches. Growth in Middle-East and Africa driven by South-Africa (distribution gains and improved visibility). In Asia, focus on building the BIC brand (marketing programs and building a distribution network through convenience stores). NORMALIZED IFO MARGIN Q Lighter normalized IFO was 37.1% compared to 33.8% in 2013, mainly benefiting from the improvement in Gross Profit margin driven by geographical mix (strong sales growth in Latin America), better fixed cost absorption and positive raw material impact. 8

9 Shavers Change in net sales on a comparative basis Normalized IFO margin 14.9% 18.2% +5.1% +2.1% In million euros Q Q Net Sales In million euros Q Q IFO Normalized IFO NET SALES Europe: low-single digit increase Success of our triple blades core products offerings such as the shaver BIC 3 for men and BIC Miss Soleil for women. North America: high-single digit increase Good performance of our Added Value lines. New shaver for women BIC Soleil Glow listed at major customers and well received. At the end of March 2014, BIC products outperformed the U.S. market in both the men s and women s segments, in this highly competitive environment Developing markets : low-single digit growth Despite the difficult environment in Venezuela, Latin America increased mid-single digit driven by the Comfort Action 3 range. Good performance in South-Africa and in Oceania thanks to the growth of our 3 and 4 blades shavers. NORMALIZED IFO MARGIN. Q shavers normalized IFO was 18.2% compared to 14.9% in Q1 2013, mainly due to the improvement of Gross Profit margin vs. last year, driven primarily by lower cost of production (better fixed cost absorption). 9

10 Other Products Consumer Change in net sales on a comparative basis Normalized IFO +22.6% In million euros Q Q % IFO In million euros Q Q Normalized IFO Net Sales Impact of discontinuation of Flamedisk in the U.S. BIC Sport sales increased 2.0% on a comparative basis, despite a low Q1 in the U.S. due to adverse weather conditions million euros expenses related to portable fuel cell (compared to -2.5 million euros in Q1 2013) Titre de la présentation 10

11 BIC GRAPHIC Change in net sales on a comparative basis Normalized IFO margin +1.4% In million euros 11.2% Q Q Net Sales % 7.2% In million euros Q Q IFO Normalized IFO NET SALES With restored customer service and new brand positioning, BIC Graphic has started to regain customer s confidence. Quarterly Sales growth for the first time since the acquisition of Norwood and Antalis in Improvements in all regions and business segments thanks notably to a renewed range of products focused on quality, safety compliance and innovation. NORMALIZED IFO MARGIN In Q1 2014, BIC Graphic reported IFO margin was -7.3% compared to -7.9% in This includes 0.1 million non-recurrent items. Q normalized IFO margin reached -7.2% compared to -5.4% in 2013 due to increased marketing investments in both Europe and North America to support sales growth. 11

12 Q consolidated financial figures Jim DiPietro

13 Q1 2014: FROM NET SALES TO EPS BIC Group In million euros Change Change without Cello Change on a comparative basis* Net Sales % -3.7% +4.5% Gross Profit % Normalized* IFO % Income from Operations % Tax rate 31.8% 30.3% Net Income Group Share % EPS Group Share % * See glossary 13

14 Q Net Sales evolution % -8.2% +5.0% % change as reported Q Net Sales Change on comparative basis FX impact Cello consolidation impact Q Net Sales See glossary 14

15 Q Normalized* Income From Operations margin 15.6% % At constant perimeter : +1.8 Q Normalized IFO margin Gross Margin and FX impact Brand support OPEX and other expenses Cello consolidation impact Q Normalized IFO margin *: see glossary 15

16 Net Cash Position In million euros Net Cash from operating activities: +38.3M December 2013 Net Cash Position Operating Cash Flow Change in working capital Q CAPEX Share buyback Exercise of stock options and liquidity contract Others March 2014 Net Cash Position 16

17 Full year 2014 outlook Mario Guevara 17

18 Group Q summary Net sales Mid-single digit growth for Consumer business Reasonable resilience in developed markets Solid performance in developing markets particularly in Latin America and Middle-East and Africa Low-single digit growth for BIC Graphic Improvement in all regions and business segments Normalized IFO margin Increase in Consumer IFO margin Higher gross profit benefiting from lower cost of production BIC Graphic IFO margin impacted by increased investments in marketing Net Cash Position Sustained operating cash flow Increase in inventories consistent with expected sales activity for the balance of the year 18

19 2014 outlook unchanged Consumer business In 2014, net sales should grow mid-single digit on a comparative basis and high-single digit at constant currencies (including Cello). Normalized IFO margin is expected close to 2013 s level. Advertising and Promotional Products BIC Graphic BIC Graphic 2014 sales should grow low-single digit on a comparable basis and normalized IFO margin should be maintained close to mid-single digit. 19

20 Appendix

21 Q net sales main exchange rate evolution vs. euro % of sales Average rate Q1 13 Average rate Q1 14 % of change US Dollar 39% % Brazilian Real 10% % Mexican Peso 5% % Argentina Peso 4% % Canadian dollar 3% % Australian dollar 2% % South African Zar 1% % Indian ruppee 5% % Non Euro European countries 5% Sw eden % Russia % Poland % British Pound % 21

22 GROUP QUARTERLY FIGURES In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales , , , YoY actual changes YoY actual changes without Cello YoY changes on a comparative basis* 8.4% -2.3% -5.0% -0.7% -0.4% 8.6% 5.2% 4.4% -1.2% 4.1% -3.7% +1.6% -3.8% +3.4% -0.6% +1.3% 6.6% 4.7% 0.8% 1.1% 3.1% 9.0% 3.1% 0.5% -0.4% 2.8% +0.0% +4.1% +3.5% +6.7% +3.6% +4.5% -3.7% IFO Normalized IFO* IFO margin 19.8% 19.3% 19.0% 15.8% 18.4% 18.2% 23.5% 20.3% 14.5% 19.2% 15.2% 20.3% 20.5% 15.5% 18.0% 17.6% Normalized IFO margin* 20.0% 21.3% 19.2% 18.1% 19.7% 18.0% 23.7% 19.7% 15.9% 19.4% 15.6% 20.3% 20.4% 16.3% 18.2% 17.6% Income before tax Net Income Group Share EPS Group Share * See glossary 22

23 GROUP QUARTERLY FIGURES BY GEOGRAPHY In million euros FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Europe Net Sales YoY actual changes YoY changes on a comparative basis* % +1.3% +0.1% -0.3% -6.6% -1.4% -0.7% -5.7% -9.8% -8.9% -6.4% -1.7% +7.2% -0.8% +1.6% +1.9% +1.6% +0.5% +2.0% +0.9% +1.0% -5.6% -0.4% +4.3% +0.8% -3.5% -2.7% -0.3% +1.5% +7.6% +1.0% +2.5% +3.4% +2.6% North America Net Sales YoY actual changes YoY changes on a comparative basis* % +0.6% -11.5% -10.4% +0.5% -5.9% +19.8% +15.2% +11.3% +4.8% +12.4% -2.7% -1.1% -2.2% -1.6% -1.9% -3.0% +5.0% +1.9% +1.7% -1.4% -0.1% +0.4% +15.3% +2.8% -1.8% +0.5% +3.5% -2.1% +1.1% +3.9% +3.5% +1.8% +1.4% Developing markets Net Sales YoY actual changes YoY changes on a comparative basis* % +24.7% +10.4% -0.4% +2.5% +8.6% +4.3% +3.6% +8.1% -2.6% +3.1% -6.3% +0.1% -8.7% +11.0% -0.8% +6.3% % +14.0% +4.6% +8.1% +10.5% +5.8% +5.8% +7.8% +0.1% +4.7% +1.5% +5.2% +4.9% +13.7% +6.4% +9.6% * See glossary 23

24 GROUP CONSUMER In million Euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales , , , YoY actual changes +13.8% +2.4% -2.1% +2.6% +3.6% +9.6% +6.4% +5.7% +0.9% +5.6% -2.4% +3.0% -3.1% +5.7% +0.8% +1.8% YoY actual changes without Cello YoY changes on a comparative basis* +9.8% +8.0% +3.3% +4.8% +6.3% +10.6% +5.3% +2.9% +2.8% +5.3% +1.8% +5.7% +4.5% +8.9% +5.2% +4.9% -3.8% IFO Normalized IFO* IFO margin 24.3% 22.5% 21.2% 15.5% 20.8% 22.2% 25.6% 22.4% 15.8% 21.7% 18.5% 23.0% 23.1% 17.5% 20.6% 20.9% Normalized IFO margin* 24.3% 24.6% 21.2% 18.0% 22.0% 21.9% 25.8% 21.7% 16.4% 21.6% 18.5% 22.8% 22.9% 17.5% 20.5% 20.9% * See glossary 24

25 STATIONERY In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales YoY actual changes +13.4% -1.8% -3.6% +1.4% +1.3% +8.1% +10.2% +0.2% +1.0% +5.0% -6.1% +0.4% -6.6% +12.9% -0.2% +11.0% YoY actual changes without Cello YoY changes on a comparative basis* +9.4% +3.4% +1.5% +4.0% +4.1% +7.7% +6.5% -4.7% +1.7% +2.6% -2.3% +2.3% +0.3% +8.6% +2.1% +4.2% -5.4% IFO Normalized IFO* IFO margin 17.1% 17.8% 13.0% 6.9% 14.0% 16.5% 22.4% 13.6% 4.7% 15.0% 10.1% 17.7% 13.0% 9.1% 12.9% 12.2% Normalized IFO margin* 17.1% 17.8% 13.0% 6.9% 14.0% 16.0% 22.6% 13.1% 5.5% 15.0% 10.1% 17.6% 13.0% 8.4% 12.7% 12.2% * See glossary 25

26 LIGHTERS In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales YoY actual changes % +4.9% +0.4% +6.0% +6.2% +11.2% +7.9% +9.3% 3.5% +7.9% +0.5% +3.4% +0.4% +0.6% +1.2% -2.8% YoY changes on a comparative basis* % +12.0% +5.7% +6.7% +8.6% +9.3% +2.5% +3.2% +2.4% +4.3% +3.6% +6.9% +9.4% +8.2% +7.0% +6.4% IFO Normalized IFO* IFO margin 40.6% 41.5% 38.6% 35.4% 38.9% 37.0% 40.0% 39.1% 34.2% 37.5% 33.7% 38.8% 39.7% 36.4% 37.1% 37.0% Normalized IFO margin* 40.6% 41.5% 38.6% 35.5% 38.9% 37.1% 40.2% 37.7% 34.8% 37.4% 33.8% 38.6% 39.7% 35.7% 37.0% 37.1% * See glossary 26

27 SHAVERS In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales YoY actual changes +15.6% +7.6% +0.1% +5.1% +6.6% +20.6% +9.2% +21.4% +4.4% +13.8% -1.3% +6.0% -3.8% +4.1% +1.1% -2.7% YoY changes on a comparative basis* +11.9% +13.5% +5.1% +6.5% +9.1% +18.6% +4.9% +14.4% +3.1% +10.1% +2.1% +9.5% +3.9% +11.2% +6.5% +5.1% IFO Normalized IFO* IFO margin 20.0% 19.4% 19.6% 13.1% 18.0% 16.1% 18.0% 22.6% 10.8% 17.2% 14.9% 16.2% 21.1% 16.8% 17.3% 18.2% Normalized IFO margin* 20.0% 19.4% 19.6% 13.1% 18.0% 16.1% 18.2% 21.9% 11.3% 17.1% 14.9% 16.0% 21.1% 15.8% 17.0% 18.2% * See glossary 27

28 OTHER CONSUMER PRODUCT In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales YoY actual changes YoY changes on a comparative basis* +4.9% +3.5% -11.6% -16.6% -5.1% -25.9% -33.4% -33.9% -30.5% -31.0% -2.2% +12.0% +7.2% +0.9% +4.6% -6.0% +3.3% +4.3% -2.5% -7.8% -0.5% +5.9% +17.3% +19.5% +16.8% +14.3% +22.6% +13.0% +10.8% +3.9% +12.5% -2.6% IFO * Normalized IFO* * See glossary 28

29 BIC GRAPHIC In million euros Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Net Sales YoY actual changes YoY changes on a comparative basis* -15.5% -23.3% -17.4% -11.6% -16.7% +2.1% -1.9% -2.4% -9.2% -3.6% -11.9% -7.5% -7.1% -6.4% -8.0% -2.5% -8.8% -11.3% -10.0% -10.8% -10.4% -0.7% -9.8% -11.3% -12.2% -9.2% -11.2% -6.0% -2.3% -2.3% -5.0% +1.4% IFO Normalized IFO* IFO margin -7.0% 0.4% 7.7% 16.8% 6.1% -7.5% 9.9% 8.4% 8.9% 5.6% -7.9% 1.0% 5.5% 6.1% 2.0% -7.3% Normalized IFO margin* -5.2% 1.5% 9.4% 18.7% 7.8% -7.1% 10.0% 8.4% 13.4% 7.1% -5.4% 2.0% 5.8% 11.0% 4.3% -7.2% * See glossary 29

30 Q NET SALES BREAKDOWN By category 12% BIC GRAPHIC 33% STATIONERY 4% OTHER CONSUMER PRODUCTS 20% SHAVERS 31% LIGHTERS 30

31 Q NET SALES BREAKDOWN By geography 35% DEVELOPING MARKETS 26% EUROPE 39% NORTH AMERICA 31

32 Miscellaneous Capital evolution: Authorized share capital at the end of March 2014: 47,804,449 shares Total treasury shares at the end March 2014 is 722,

33 Glossary At constant currencies: Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates. All net sales category comments are made on a comparative basis. Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impacts of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date. Normalized IFO: normalized means excluding restructuring for BIC Graphic.. 33

34 2014 AGENDA 2014 AGM May 14, 2014 Meeting BIC Headquarter in Clichy 2 nd Quarter & 1 st Half 2014 results July 31, 2014 Conference Call 3 rd Quarter 2014 results October 22, 2014 Conference Call All dates to be confirmed 34

35 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 2013 Registration Document filed with the French financial markets authority (AMF) on 26 March