Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — FY2016 Earnings Presentation
68 slides from Societe Bic Sa's earnings presentation, Feb 13, 2017
Slide 1: Full Year 2016 Results Presentation
Full Year 2016 Results Presentation 13 February 2017
Slide 2: BIC in 2016
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Slide 3: Key Messages
KEY MESSAGES Solid performance of Consumer business in all geographies Strong cash generation Enhanced Shareholders’ Remuneration Targeted and Efficient Additional investments in R&D and Brand Support + 79% in Development CAPEX BIC Graphic strategic review partially completed 3 3
Slide 4: Key Figures: Net Sales
KEY FIGURES NET SALES Net Sales: 2,025.8 million euros Net Sales: 2,272.4 million euros As published Restated for discontinued operations +4.2% +4.9% +1.4% As reported Constant currency basis* +1.6% % of total sales Consumer business +5.3% 86% Developed Markets +4.1% As reported Constant currency ba
Slide 5: Key Figures: Normalized Income from Operations
KEY FIGURES NORMALIZED INCOME FROM OPERATIONS Normalized* Income from Operations: Normalized* Income from Operations: 409.1 million euros (-2.8%) 418.9 million euros (-3.0%) As published Restated for discontinued operations 21.0% 19.3% 18.4% 18.9% 20.2% 20.6% 2015 2016 2016 (excl. special bonus) exc
Slide 6: Key Figures: Net Income and EPS
KEY FIGURES NET INCOME AND EPS Net Income Group Share: -23.2% Normalized* EPS (Group share): -7.8% In million euros In euros 325.1 6.89 6.77 249.7 6.24 5.32 2015 2016 EPS Normalized EPS 2015 2016 *See glossary 6
Slide 7: Key Figures: Cash Flow
KEY FIGURES CASH FLOW Cash Generation Net Cash Position* In million euros In euros 448.0 367.1 298.7 263.6 203.6 222.2 119.8 119.8 Cash from Free Cash Free Cash Flow operating before after activities* acquisitions* acquisitions* 31-Dec-15 31-Dec-16 2015 2016 * See glossary 7
Slide 8: Operational Investments
OPERATIONAL INVESTMENTS Main 2016 CAPEX by category 79% increase in Development CAPEX Stationery Lighters Shavers Samer (FR) • Marne-La-Vallée (FR) Redon (FR) • Milford (USA) Manaus (BR) • Saltillo (MEX) Bizerte (TU) - Manaus (BR) Tarragona (SP) Athens (GR) 8
Slide 9: Operational Investments
OPERATIONAL INVESTMENTS Innovative Digital Impactful Displays More Classic TV Advertising & Social Media Campaigns Evolution Graphite Pencil Viral Digital Ad in Brazil New Facebook page in Europe 9
Slide 10: Shareholders' Remuneration
SHAREHOLDERS’ REMUNERATION In million euros 359 82 3.45 euros Proposed ordinary dividend* per share for 2016 fiscal year (+1.5%) 191 201 117 192 2 159 80 161 42 101 85 132 26 10 91 49 26 67 160 2 121 122 135 91 104 65 65 68 2008 2009 2010 2011 2012 2013 2014 2015 2016 Ordinary dividend Exceptional d
Slide 11: 2016 – Operational Segment Performance
2016 – Operational Segment Performance Jim DiPietro
Slide 12: Consumer Business
CONSUMER BUSINESS 1,961.0 million euros Net Sales Change on a constant currency basis Breakdown by geography +7.2% +6.1% +5.3% +4.7% 33% 26% +3.2% DEVELOPING EUROPE MARKETS Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 EUROPE +6.5% NORTH AMERICA +2.7% 41% DEVELOPING +7.5% NORTH AMERICA MARKETS 12
Slide 13: Stationery
STATIONERY Net Sales growth on a constant currency basis* 7.9% 7.8% 6.1% 5.2% 4.0% 4.3% 3.6% FY 2016 Net Sales 2.5% 2.4% 1.8% €736.6M Q1 Q2 Q3 Q4 FY Normalized* IFO margin FY 2016 NIFO 13.6% 17.1% 17.5% 11.5% €67.5M 9.1% 10.4% 9.2% 9.6% 7.1% 5.4% 3.9% 2.0% Q1 Q2 Q3 Q4 FY *See glossary 2015 2016 Excl
Slide 14: Stationery: Full Year 2016
STATIONERY NET SALES Europe North America Developing markets FULL YEAR 2016 High single-digit increase Low-single digit growth Low-single digit increase Market share gains in most Success of "Champion Good performance in most of the regions countries thanks to good execution Brand" products • Latin
Slide 15: Lighters
LIGHTERS Net Sales growth on a constant currency basis* 9.7% 9.3% 8.9% 8.3% 6.5% 5.4% 5.4% 5.2% 5.2% 5.6% FY 2016 Net Sales €696.4M Q1 Q2 Q3 Q4 FY Normalized* IFO margin FY 2016 NIFO 37.6% 38.0% 39.5% 40.5% 41.6% 39.8% 41.7% 33.7% 39.1% 38.2% 39.8% 40.2% €277.3M Q1 Q2 Q3 Q4 FY *See glossary 2015 201
Slide 16: Lighters: Full Year 2016
LIGHTERS NET SALES Europe North America Developing markets Mid single-digit growth, driven by Western Mid single-digit growth Latin America: high single-digit growth - FULL YEAR 2016 Europe and distribution gains in Eastern distribution gains especially Success of our added-value sleeves Europe in M
Slide 17: Shavers
SHAVERS Net Sales growth on a constant currency basis* 14.7% 13.3% 11.9% 10.9% 10.3% 9.5% 9.0% 6.6% 7.0% FY 2016 Net Sales 1.4% €467.0M Q1 Q2 Q3 Q4 FY Normalized* IFO margin FY 2016 NIFO 21.3% 19.1% 17.0% 19.8% 16.5% 18.5% €69.6M 15.5% 15.4% 12.9% 13.8% 14.9% 10.7% Q1 Q2 Q3 Q4 FY *See glossary 2015
Slide 18: Shavers: Full Year 2016
SHAVERS NET SALES Europe North America Developing markets High-single digit growth Market share gains: +1.4 points to 28% Double digit growth, with a solid performance FULL YEAR 2016 in value terms1 across all regions Solid performances in Eastern regions underpinned by distribution gains and Best v
Slide 19: BIC Graphic
BIC GRAPHIC Net Sales growth on a constant currency basis* +4.6% +7.2% +4.6% +2.4% +1.8% +1.6% +0.3% -1.9% FY 2016 Net Sales -3.4% Q1 Q2 Q3 Q4 -13.6% FY €311.5M Normalized* IFO margin FY 2016 NIFO 11.3% 2.5% 5.6% 8.2% 8.2% 3.3% 2.4% 3.3% €7.3M -3.0% -6.7% -9.3% -14.0% Q1 Q2 Q3 Q4 FY 2015 2016 Excl.
Slide 20: BIC Graphic
BIC GRAPHIC Net sales • Customers continued to recognize the vast expertise of BIC Graphic in the fields of quality, safety compliance and trademarks • We continued to enhance our customer service and we benefited from our “Good value” positioning and new products launches Normalized IFO • 2016 Norm
Slide 21: BIC Graphic Strategic Review
BIC GRAPHIC STRATEGIC REVIEW BIC Graphic Europe and Developing markets operations • BIC Graphic Europe operations: - Will report to the European BIC Consumer Product business. - European BIC Graphic team: focus on implementing a plan to develop a sustainable business model while developing innovativ
Slide 22: Other Consumer Products
OTHER CONSUMER PRODUCTS Net Sales growth on a constant currency basis* 8.5% 3.9% -0.1% -1.6% -5.2% -3.2% FY 2016 Net Sales -15.3% -10.9% -9.5% -9.0% €61.0M Q1 Q2 Q3 Q4 FY Normalized* IFO FY 2016 NIFO 2.9 1.2 €(2.7)M -0.7 -0.4 -1.0 -1.8 -2.5 -2.7 -2.5 -3.8 -3.4 Q1 Q2 Q3 Q4 FY *See glossary 2015 2016
Slide 23: 2016 – Consolidated Results
2016 – Consolidated Results Jim DiPietro
Slide 24: From Net Sales to Income from Operations
FROM NET SALES TO INCOME FROM OPERATIONS As published Restated for discontinued operations Change on Change on a constant a constant BIC Group Change currency BIC Group Change currency In million euros 2015 2016 in % basis* In million euros 2015 2016 in % basis* Net Sales 1,993.4 2,025.8 +1.6% +4.9%
Slide 25: From Income from Operations to Group Net Income
FROM INCOME FROM OPERATIONS TO GROUP NET INCOME As published Restated for discontinued operations In million euros FY 2015 FY 2016 In million euros FY 2015 FY 2016 Income From Operations 424.4 403.4 Income From Operations 439.9 355.0 Finance revenue/costs 32.6 4.8 Finance revenue/costs 26.8 -0.8 Inc
Slide 26: Key Components of Q4 2016 Normalized IFO Margin
KEY COMPONENTS OF Q4 2016 NORMALIZED* INCOME FROM OPERATIONS MARGIN (RESTATED FOR DISCONTINUED OPERATIONS) +2.5 +0.5 -0.5 18.3% 15.8% • Promotions and investments related to consumer and business development support accounted for in Gross Profit Margin : +0.2 • Advertising, consumer and trade suppor
Slide 27: Key Components of FY 2016 Normalized IFO Margin
KEY COMPONENTS OF FY 2016 NORMALIZED* INCOME FROM OPERATIONS MARGIN (RESTATED FOR DISCONTINUED OPERATIONS) 19.3% +1.0 -0.7 -0.7 18.9% -0.5 18.4% • Promotions and investments related to consumer and business • Impact on Gross development Profit: -0.3 support accounted for in Gross Profit • Impact in
Slide 28: CAPEX – Depreciation & Amortization
CAPEX – DEPRECIATION & AMORTIZATION (RESTATED FOR DISCONTINUED OPERATIONS) In million euros BIC 181 GRAPHIC 3% STATIONERY OTHERS 24% 12% 125 121 107 112 89 90 94 63 81 53 75 77 71 72 75 SHAVERS 39% LIGHTERS 22% 2009 2010 2011 2012 2013 2014 2015 2016 CAPEX Depreciation and Amortization 28
Slide 29: Working Capital
WORKING CAPITAL (RESTATED FOR DISCONTINUED OPERATIONS) BIC Group In million euros December 2015 December 2016 Total Working Capital 605.2 686.1 215.7 Stationery 196.7 121.3 Lighters 101.4 Of which inventories 478.4 518.9 106.7 2016 Shavers 101.9 Of which Trade 2015 440.0 522.9 16.1 and other receiva
Slide 30: Net Cash Position
NET CASH POSITION In million euros Operations + 417.2 - 118.5 + 12.4 578.3 - 180.8 448.0 Net Cash From Operating activities €298.7M 222.2 - 277.0 - 79.1 December 2015 Net Operating cash flow Change in working CAPEX Others Net Cash before Dividend payment Share buyback, December 2016 Net Cash Positio
Slide 31: 2016 - 2017 Paving the Way for Future Profitable Growth
2016 - 2017 Paving the Way for Future Profitable Growth Gonzalve Bich
Slide 32: Stationery: 2016 Market Share
STATIONERY 2016 MARKET SHARE Canada (N°2) India – CELLO (N°1) 24.1% - Flat 23.4% Widen gap vs. N°2 USA (N°2) Western Europe (N°1) 18.3% - Flat 14.3% - Flat Gain in France & Germany Mexico (N°2) 35.4% - Flat South40.4% Africa (N°1) Australia (N°2) Highest Market Share to 28.2% - Down Brazil (N°1) Dat
Slide 33: Stationery: New Products and Champion Brands
STATIONERY A SOLID 2016 PERFORMANCE DRIVEN BY SUCCESSFUL NEW PRODUCT INTRODUCTIONS… New Products as % of Sales Cristal’UP 4 Colours Atlantis 25% 27% 23% 2010 2015 2016 Champion Brands as % of Sales 45% 46% 36% 2010 2015 2016 33
Slide 34: Stationery: Innovative Marketing Initiatives
STATIONERY … AND ENHANCED BY INNOVATIVE MARKETING INITIATIVES Classic Advertising Digital Social Media TV CAMPAIGN IN EUROPE BIC KIDS DRAWYBOOK IN EUROPE EVOLUTION GRAPHITE PENCIL VIRAL DIGITAL AD IN LATIN AMERICA +16% sell-out App Generated over 120K downloads 5.1M views and ranked #1 under Kid’s c
Slide 35: Stationery: 2017 New Products
STATIONERY 2017 NEW PRODUCTS Continue to build on our Champion Brands BIC Gel-ocity Quick Dry BIC 4 Color 3+1HB BIC Atlantis X-Smooth Innovative fast drying gel ink Extend the 4 Color range with Improved ink smoothness 1 Mechanical Pencil + 3 ball pen on premium Atlantis Ball Pens cartridges BIC Gel
Slide 36: Lighters: Added-Value Products and Distribution
LIGHTERS FOCUS ON ADDED-VALUE PRODUCTS AND INCREASED DISTRIBUTION BIC® Lighters Net Sales Growth Increase distribution Sleeves: 21% of total Lighters sales in 2016 Sleeves CAGR: +10.7% Total Lighters CAGR: +6.9% Continue to reinforce distribution, notably in Latin America and Eastern Europe 2012 201
Slide 37: Lighters: 2017 New Sleeves
LIGHTERS 2017 NEW SLEEVES Europe North America Latin America MEA - Asia - Pacific 37
Slide 38: Shavers: Recent Market Trends & BIC Performance
SHAVERS RECENT MARKET TRENDS & BIC PERFORMANCE % of Value-added Products in total sales + 5.0% 61% 62% 49% - 5.0% Europe North America Latin America One-Piece Segment YonY performance BIC YonY Performance 2011 2015 2016 Source: Nielsen/IRI / Europe= 16 countries (YTD June 2016) / NAM= USA (YTD Decem
Slide 39: Shavers: The U.S. Market in 2016
SHAVERS THE U.S. MARKET IN 2016 On-line Players Off-line Market Sales 2.3% -1.9% -4.2% -4.6% -5.0% -6.1% 2015 2016 Total Refillable One-piece Source: IRI MULO – YTD December 2015 & December 2016 39
Slide 40: Shavers: BIC's 2016 Performance in the U.S.
SHAVERS BIC’S 2016 PERFORMANCE IN THE U.S. +1.4 pt Market Share 28% Volume brand in 27% the one-piece segment 25% 2014 2015 2016 40
Slide 41: Shavers: Performance in Eastern Europe - Russia
SHAVERS BIC’S 2016 PERFORMANCE IN EASTERN EUROPE - RUSSIA +2.0 pts Market Share +15 pts of distribution (numerical distribution - male segment) 60% 14% 45% 12% 11% 10% 28% 2013 2014 2015 YTD Oct. 2016 2014 2015 YTD Oct. 2016 Source: RUSSIA Nielsen data YTD OCT 16 41
Slide 42: Shavers: Performance in Latin America - Brazil
SHAVERS BIC’S 2016 PERFORMANCE IN LATIN AMERICA - BRAZIL +1.0 pt Market Share +18 pts household´s penetration 32% 29% 27% 17% 16% 16% 2014 2015 YTD June MAT June MAT June MAT June 2016 2014 2015 2016 Source: BRAZIL Nielsen data YTD JUN 16 & Kantar Worldpanel – Penetration: MAT JUN 2013 a MAT JUN 201
Slide 43: Shavers: 2017 New Product – U.S.
SHAVERS 2017 NEW PRODUCT – U.S. Continue the trade up strategy and bring back consumers into retail with BIC Flex 5 Hybrid Our successful Value for Money Hybrid offer: 1 handle + 4 heads Our best shaving performance: 5 flexible blades, heavy ergonomic handle with balancing sphere, precision edging b
Slide 44: Shavers: 2017 New Product – LATAM & Eastern Europe
SHAVERS 2017 NEW PRODUCT – LATAM & EASTERN EUROPE Continue the trade up strategy within our BIC franchise with the launch of two premium offerings BIC’s successful Flex franchise BIC’s successful Soleil franchise 3 moveable blades 3 blades with protective comfort shield to reduce irritations Ergonom
Slide 45: Shavers: 2017 New Product – Western Europe
SHAVERS 2017 NEW PRODUCT – WESTERN EUROPE Direct-to-Consumer Subscription Offer Men Refillable Value Positioning Launch: Spring 2017 An innovative on-line offer tested in France 45
Slide 46: 2017 Group Outlook
2017 GROUP OUTLOOK1 In 2017, we plan to deliver mid-single digit organic growth in Net Sales. We will continue to launch new products and strengthen our distribution, with a focus on e-commerce in developed markets. To enhance long-term growth, we plan another year of selected investments in R&D, CA
Slide 47: Long-Term Strategic Priorities
LONG-TERM STRATEGIC PRIORITIES Continue to create long-term value Grow Normalized Income From Maintain strong cash generation to: by outperforming our markets Operations through increased Continue to grow the business and growing sales organically productivity as we invest organically low to mid-sin
Slide 48: Appendix
Appendix
Slide 49: 2016 Volumes
2016 VOLUMES BY CATEGORY (RESTATED FOR DISCONTINUED OPERATIONS) In billion of units 2015 2016 Stationery 6.763 6.905 +1.5% (Consumer – including Cello) Lighters 1.543 1.579 +2.3% Shavers 2.585 2.602 +0.6% 49
Slide 50: 2016 Net Sales Breakdown by Category
2016 NET SALES BREAKDOWN BY CATEGORY (RESTATED FOR DISCONTINUED OPERATIONS) 14% 32% BIC GRAPHIC STATIONERY 3% OTHER CONSUMER PRODUCTS 21% SHAVERS 31% LIGHTERS 50
Slide 51: 2016 Net Sales Breakdown by Geography
2016 NET SALES BREAKDOWN BY GEOGRAPHY (RESTATED FOR DISCONTINUED OPERATIONS) 29% 24% DEVELOPING MARKETS EUROPE 47% NORTH AMERICA 51
Slide 52: 2016 Group Net Sales Evolution
2016 GROUP NET SALES EVOLUTION BY GEOGRAPHY (RESTATED FOR DISCONTINUED OPERATIONS) Change on a comparative basis* 9.1% 9.2% 8.7% 8.5% 7.7% 7.1% 5.3% 5.1% 3.3% 2.6% 2.3% 1.8% 1.3% -0.1% -1.0% Europe North America Developing countries Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 * See glossary 52
Slide 53: Q4 and FY 2016 Net Sales: Exchange Rate Evolution
Q4 AND FY 2016 NET SALES MAIN EXCHANGE RATE EVOLUTION VS. EURO - RESTATED FOR DISCONTINUED OPERATIONS Average Average Average Average rate rate % of rate rate % of % of sales Q4 2015 Q4 2016 change % of sales FY 2015 FY 2016 change US Dollar 44% 1.09 1.08 1.5% US Dollar 46% 1.11 1.11 0.3% Brazilian
Slide 54: Q4 2016 Net Sales Evolution
Q4 2016 NET SALES EVOLUTION (RESTATED FOR DISCONTINUED OPERATIONS) In million euros FX translation impact 559.4 +2.3% +1.3% 579.5 + €7M USD: + €4M BRL: + €12M ARS : - €5M MXN: - €4M UK: - €2M Others: + €2M Q4 2015 Net Sales Change on a constant currency FX translation impact Q4 2016 Net Sales basis
Slide 55: FY 2016 Net Sales Evolution
FY 2016 NET SALES EVOLUTION (RESTATED FOR DISCONTINUED OPERATIONS) In million euros FX translation impact +4.2% 2,272.4 2,241.7 -2.8% - €64M USD: + €1M BRL: - €4M ARS: - €20M MXN: - €19M ZAR: - €4M INR: - €3M RUB & UAH: - €3M Others: - €12M FY 2015 Net Sales Change on a constant currency FX translat
Slide 56: Group Quarterly Figures
GROUP QUARTERLY FIGURES Restated for Discontinued Operations In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 FY 16 Net Sales 1,887.8 434.2 534.3 496.8 513.8 1,979.1 510.8 623.1 548.3 559.4 2,241.7 517.3 616.0 559.6 579.5 2,272.4 2,025.
Slide 57: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Europe 493.8 111.4 153.7 130.2 113.9 509.1 117.6 160.0 131.4 118.9 527.8 126.4 170.1 131.4 116.8 544.8 Net Sal
Slide 58: Group Quarterly Figures by Geography
GROUP QUARTERLY FIGURES BY GEOGRAPHY (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 1,619.9 382.6 475.0 426.0 420.0 1,703.6 449.7 551.7 470.0 450.9 1,922.4 453.1 546.6 476.3 485.0 1,96
Slide 59: Stationery
STATIONERY (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 616.4 144 212 169.2 151.7 676.9 157.1 233.2 184.3 152.4 727.0 156.0 230.7 184.4 165.6 736.6 YoY actual changes -0.2% +11.0% +1
Slide 60: Lighters
LIGHTERS (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 557.8 133.6 145.8 143.6 158.6 581.6 163.5 178.4 158.8 175.0 675.7 163.6 177.2 167.6 187.9 696.4 YoY actual changes +1.2% -2.8% +
Slide 61: Shavers
SHAVERS (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 377.5 88.9 98.1 97.9 95.1 380 112.4 117.8 113.0 108.8 452.0 117.8 120.1 111.8 117.3 467.0 YoY actual changes +1.1% -2.7% -0.6% -0
Slide 62: Other Consumer Product
OTHER CONSUMER PRODUCT (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 68.2 16.1 19.1 15.3 14.6 65.1 16.8 22.3 13.9 14.6 67.6 15.7 18.6 12.5 14.2 61.0 YoY actual changes +4.6% -6.0% -5.
Slide 63: BIC Graphic
BIC GRAPHIC (RESTATED FROM DISCONTINUED OPERATIONS) In million euros FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 Q4 16 FY 16 Net Sales 267.9 51.7 59.3 70.8 93.8 275.6 61.1 71.4 78.3 108.5 319.3 64.1 69.5 83.3 94.6 311.5 YoY actual changes -8.0% -2.5% -4.4% +1.
Slide 64: Miscellaneous
MISCELLANEOUS Capital evolution: As of December 31, 2016, the total number of issued shares of SOCIÉTÉ BIC was 47,552,202 shares, representing: • 69,098,170 voting rights, • 68,230,150 voting rights excluding shares without voting rights. Total treasury shares at the end of December 2016: 868,020. 6
Slide 65: Glossary
GLOSSARY On a constant currency basis: • Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates Comparative basis: • On a constant currency basis and constant perimeter Normalized IFO: • Normalized means excluding non-recurring i
Slide 66: Disclaimer
DISCLAIMER This document contains forward-looking statements. Although BIC believes its estimates 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 “Regist
Slide 67: 2017 Agenda
2017 AGENDA First quarter 2017 results 26 April 2017 Conference call 2016 AGM 10 May 2017 Meeting – BIC Headquarters Second quarter 2017 results 03 August 2017 Conference call Third quarter 2017 results 25 October 2017 Conference call All dates to be confirmed 67
Slide 68: Slide 68