Societe Bic Sa · EURONEXT:BB
Societe Bic Sa — BIC — 9M 2015 Earnings Presentation
41 slides from Societe Bic Sa's earnings presentation, Oct 21, 2015
Slide 1: Q3-9M 2015 Results Presentation
Q3-9M 2015 Results Presentation 21 October 2015 [email protected] +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 9M 2015 Results Presentation
Slide 3: Group 9M 2015 Key Figures
GROUP 9M 2015 KEY FIGURES Net Sales: 1,682.3 million euros Consumer business (87% of total sales) +6.6% +14.8% Developed markets +6.4% +5.1% +5.8% Developing markets +6.9% BIC graphic As reported At constant On a comparative (13% of total sales) +0.0% currency basis Normalized* Income from Operation
Slide 4: Group 9M 2015 Key Figures
GROUP 9M 2015 KEY FIGURES EPS (Group share): +24.7% Net Cash Position In euros In million euros 360.3 320.2 5.36 251.8 4.30 9M 2014 9M 2015 September 14 December 14 September 15 9M 2015 Results Presentation 4
Slide 5: 9M 2015 Consumer business Net Sales
9M 2015 Consumer business 1,471.5 million euros Net Sales Change on a comparative basis Breakdown by geographies +7.4% +6.6% 32% 26% +6.3% +6.2% DEVELOPING EUROPE MARKETS Q1 2015 Q2 2015 Q3 2015 9M 2015 EUROPE +5.4% NORTH AMERICA +7.2% 42% DEVELOPING +6.9% NORTH AMERICA MARKETS 9M 2015 Results Prese
Slide 6: Stationery Market Evolution
STATIONERY MARKET EVOLUTION % change vs YAG – value Europe USA June 2015 August 2015 E- commerce Office 6% Food & suppliers Office Drug & Retail supply 9% traditio- mass 27% nal stores market 45% 55% Brick & Mortar 58% +21.5% +7.5% +5.1% +2.1% +2.1% +2.5% +2.6% +3.4% Retail mass market Office suppli
Slide 7: BIC Stationery - 9M 2015
BIC STATIONERY - 9M 2015 Net Sales growth on a comparative basis* Net Sales Developed markets: Europe: high-single digit growth 2014 +8.0% • Positive results in all regions. +6.1% +4.2% +4.5% • Good 2015 back-to-school sell-out: market share highs in most countries, notably 2015 +2.5% +3.5% +1.8% in
Slide 8: BIC Lighters - 9M 2015
BIC LIGHTERS - 9M 2015 Net Sales growth on a comparative basis* Net Sales +12.7% Developed markets 2014 +9.7% +8.8% +9.3% +6.4% +7.3% +8.1% Europe: mid-single digit increase +5.2% • Market share gains mainly in Eastern Europe. 2015 North America: high-single digit growth Q1 Q2 Q3 9M • Further distri
Slide 9: Shaver Market Evolution
SHAVER MARKET EVOLUTION % change vs YAG – value Europe USA June 2015 September 2015 40% One Piece 41% 59% 60% Refillable Total 3.2% -0.2% -1.7% -1.5% -1.7% -1.3% -1.9% -1.9% -3.0% -3.7% -4.2% -5.1% 2014 YTD June 2015 2014 YTD September 2015 Source: USA: IRI MULO – YTD September 2015 Europe: Nielsen
Slide 10: BIC Shaver - 9M 2015
BIC SHAVER - 9M 2015 Net Sales growth on a comparative basis* Net Sales Developed markets +14.7% +10.3% +11.4% 2014 +9.5% Europe: high-single digit growth +6.3% • Good performances in both Western Europe and Eastern Europe. +5.1% +4.0% 2015 +0.8% North America: double digit increase • Strong new pro
Slide 11: Other Consumer Products - 9M 2015
OTHER CONSUMER PRODUCTS - 9M 2015 Net Sales growth on a comparative basis* +8.5% 2014 • BIC Sport Net Sales grew mid-single digit on a comparative -0.6% basis. 2015 -2.6% -1.6% -3.2% -2.9% -2.9% -10.9% Q1 Q2 Q3 9M In million euros Q1 2015 Q2 2015 Q3 2015 9M 2015 Net Sales 16.8 22.3 13.9 53.0 Normali
Slide 12: BIC Graphic - 9M 2015
BIC GRAPHIC - 9M 2015 Net Sales growth on a comparative basis* +2.4% +1.8% +1.9% Net Sales +1.4% +1.1% 2014 +0.1% +0.0% Developed markets Europe: low-single digit growth 2015 • Good performance in both Stationery and Hard Goods segment. • Positive growth for the 5th quarter in a row. -3.4% North Ame
Slide 13: 9M 2015 Consolidated results
9M 2015 Consolidated results Jim DiPietro 9M 2015 Results Presentation
Slide 14: 9M 2015: From Net Sales to Normalized IFO
9M 2015: FROM NET SALES TO NORMALIZED IFO Change on a BIC Group comparative In million euros 9M 2014 9M 2015 Change basis* Net Sales 1,465.3 1,682.3 +14.8% +5.8% Gross Profit 723.9 842.6 +16.4% Normalized* IFO 279.4 343.4 +22.9% Income 291.4 345.7 +18.6% from Operations *See glossary 9M 2015 Results
Slide 15: Q3 2015 Net Sales Evolution
Q3 2015 NET SALES EVOLUTION In million euros FX translation impact +4.8% +6.3% -0.7% 548.3 496.8 +31 M€ USD: +44 M€ INR: +2 M€ MXN: -1 M€ RUB & UAH: -3 M€ BRL: -12M€ Q3 2014 Net Sales Change on comparative basis FX translation impact Perimeter Impact (Sheaffer) Q3 2015 Net Sales 9M 2015 Results Pres
Slide 16: 9M 2015 Net Sales Evolution
9M 2015 NET SALES EVOLUTION In million euros FX translation impact +9.7% -0.7% 1682.3 1465.3 +5.8% +142 M€ USD: +140 M€ INR: +9 M€ MXN: +3 M€ RUB & UAH: -7 M€ BRL: -15 M€ 9M 2014 Net Sales Change on comparative basis FX translation impact Perimeter Impact (Sheaffer) 9M 2015 Net Sales 9M 2015 Results
Slide 17: Q3 2015 Normalized Income From Operations Margin
Q3 2015 NORMALIZED* INCOME FROM OPERATIONS MARGIN +0.1 -0.3 19.1% +0.1 19.0% Mainly Shavers Q3 2014 Normalized IFO Gross Profit Margin Brand support OPEX and other Q3 2015 Normalized IFO margin expenses margin *See glossary 9M 2015 Results Presentation 17
Slide 18: 9M 2015 Normalized Income From Operations Margin
9M 2015 NORMALIZED* INCOME FROM OPERATIONS MARGIN +0.7 +0.5 20.4% 19.1% +0.1 Cost efficiencies, favorable raw materials and FX impact 9M 2014 Normalized IFO Gross Profit Margin Brand support OPEX and other 9M 2015 Normalized IFO margin expenses margin *See glossary 9M 2015 Results Presentation 18
Slide 19: From IFO to Group Net Income
From IFO to Group Net Income In million euros Q3 2014 Q3 2015 9M 2014 9M 2015 IFO 94.7 104.2 291.4 345.7 Positive impact of favorable Finance revenue/costs 1.4 6.1 2.9 17.9 revaluation of financial assets denominated in USD during 9 months and Q3 2015. Income before Tax 96.2 110.3 294.3 363.6 Income
Slide 20: Balance Sheet
BALANCE SHEET Inventories in days 162 159 160 BIC Group Sept. 2014 Dec. 2014 Sept. 2015 158 In million euros 150 151 Working Capital 627.1 594.7 629.0 December September December September December September Of which inventories 439.5 441.1 463.6 2012 2013 2013 2014 2014 2015 Of which trade and 491.
Slide 21: Net Cash Position
NET CASH POSITION In million euros Operations -80.6 -76.1 360.3 320.2 -17.4 -10.7 -134.8 +14.0 +345.7 Net Cash From Operations +265.1 M€ December 2014 Cash from Impact of working CAPEX Dividend payment Exercise of stock Fuel Cell Others September 2015 Net Cash Position operations capital and others
Slide 22: Full year 2015 outlook
Full year 2015 outlook Mario Guevara 9M 2015 Results Presentation 22
Slide 23: Group 9M 2015 summary
Group 9M 2015 summary High-single digit growth for Consumer business • Growth across all geographies (Developed and Developing markets) • Good back-to-school sell-out season in Europe, North America and Mexico Net Sales • Strong performance of Lighters and Shavers Steady performance for BIC Graphic
Slide 24: Group 2015 Outlook
GROUP 2015 OUTLOOK Group Net Sales should grow between 4% and 5% on a comparative basis. Group Normalized IFO margin is expected to slightly increase compared to last year. 9M 2015 Results Presentation 24
Slide 25: Appendix
Appendix 9M 2015 Results Presentation
Slide 26: 9M 2015 Net Sales: Main exchange rate evolution vs. euro
9M 2015 NET SALES Main exchange rate evolution vs. euro Average Average Average Average rate rate rate rate Q3 Q3 % of % of % of sales 2014 2015 change % of sales 9M 2014 9M 2015 change US Dollar 49% 1.33 1.11 19.8% US Dollar 46% 1.36 1.11 22.5% Brazilian Real 7% 3.01 3.90 -22.8% Brazilian Real 8% 3
Slide 27: 9M 2015 Net Sales Breakdown by Category
9M 2015 NET SALES BREAKDOWN By category 13% 34% BIC GRAPHIC STATIONERY 3% OTHER CONSUMER PRODUCTS 20% SHAVERS 30% LIGHTERS 9M 2015 Results Presentation 27
Slide 28: 9M 2015 Net Sales Breakdown by Geography
9M 2015 NET SALES BREAKDOWN By geography 30% 24% DEVELOPING MARKETS EUROPE 46% NORTH AMERICA 9M 2015 Results Presentation 28
Slide 29: 9 Months 2015 Net Sales Evolution by Geographies
9 Months 2015 net sales evolution by geographies Change on a comparative basis TOTAL GROUP +9.0% +8.1% +8.0% +7.3% +7.4% +6.8% +5.8% +5.8% +4.8% +5.0% +5.1% +4.9% +5.0% +5.2% +3.5% +2.9% Q1 15 Q2 15 Q3 15 9M 15 Q1 15 Q2 15 Q3 15 9M 15 Q1 15 Q2 15 Q3 15 9M 15 Q1 15 Q2 15 Q3 15 9M 15 9M 2015 Results P
Slide 30: 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 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 1898.7 428.6 508.9 470.4 479.9 1887.8 434.2 534.3 496.8 1465.3 513.8 1979.1 510.8 623.10 548.3 1,682.3 YoY actual changes 4.1% -3.7% 1.6% -3.8% 3.4% -0.6
Slide 31: 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 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Europe 484.5 109.6 154 119.9 110.2 493.8 111.4 153.7 130.2 395.3 113.9 509.1 117.6 160.0 131.4 409.0 Net Sales YoY actual changes -6.4% -1.7% 7.2% -0.
Slide 32: Group Consumer
GROUP CONSUMER In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 1,607.6 375.7 446.8 401.0 396.5 1,619.9 382.6 475.0 426.0 1,283.6 420.0 1,703.6 449.7 551.7 470.0 1,471.5 YoY actual changes 5.6% -2.4% 3.0% -3.1% 5.7% 0.8% 1.8%
Slide 33: Stationery
STATIONERY In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 617.9 129.7 188.2 150.5 148 616.4 144 212 169.2 525.2 151.7 676.9 157.1 233.2 184.3 574.6 YoY actual changes 5.0% -6.1% 0.4% -6.6% 12.9% -0.2% 11.0% 12.6% 12.5% 12.1%
Slide 34: Lighters
LIGHTERS In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 551.0 137.4 139.6 136.1 144.7 557.8 133.6 145.8 143.6 423 158.6 581.6 163.5 178.4 158.8 500.7 YoY actual changes 7.9% 0.5% 3.4% 0.4% 0.6% 1.2% -2.8% 4.4% 5.5% 2.4% 9.6%
Slide 35: Shavers
SHAVERS In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 373.5 91.4 98.7 98.6 88.9 377.5 88.9 98.1 97.9 284.9 95.1 380 112.4 117.8 113.0 343.2 YoY actual changes 13.8% -1.3% 6.0% -3.8% 4.1% 1.1% -2.7% -0.6% -0.7% -1.3% 7.0% 0.
Slide 36: 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 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 65.2 17.2 20.3 15.9 14.9 68.2 16.1 19.1 15.3 50.5 14.6 65.1 16.8 22.3 13.9 53.0 YoY actual changes -31.0% -2.2% 12.0% 7.2% 0.9% 4.6% -6.0% -5.8% -3.7% -5.
Slide 37: BIC Graphic
BIC GRAPHIC In million euros FY 12 Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 9M 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Net Sales 291.1 53 62.1 69.4 83.4 267.9 51.7 59.3 70.8 181.7 93.8 275.6 61.1 71.4 78.3 210.8 YoY actual changes -3.6% -11.9% -7.5% -7.1% -6.4% -8.0% -2.5% -4.4% 1.9% -1.5% 12.
Slide 38: Miscellaneous
MISCELLANEOUS Capital evolution: As of September 30, 2015, the total number of issued shares of SOCIÉTÉ BIC is 48,102,255 shares, representing: • 69,619,700 voting rights, • 68,661,998 voting rights excluding shares without voting rights. Total number of treasury shares held at the end of September
Slide 39: 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 9M 2015
Slide 40: 2015 Agenda
2015 AGENDA 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 2nd Quarter and 1st Hafl 2016 Results August 4, 2016 Conference Call 3rd Quarter 2016 Results October 26, 2016 Conf
Slide 41: 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