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Full Year 2012 Results Presentation
13 February 2013
Full Year 2012 Results
AGENDA
2
2012
2013
Group highlights Mario Guevara
Category highlights Mario Guevara
Consolidated results Jim DiPietro
Mario Guevara New products by categories
Market assumptions and operational trends Mario Guevara
Full Year 2012 Results
BIC IN 2012
3
Solid Performance of the Consumer Business in a challenging Environment
Accelerated Investments in Research & Development, including Innovation and Manufacturing Capacities
Strong Cash Generation
Full Year 2012 Results
+4.1%
+0.7%
+2.8%
As reported At constant currencies On a comparativebasis
19.9% 19.7% 20.2%
2011 2012 2012 exc.Special
Premium
GROUP 2012 KEY FIGURES
4
2012
2011
Normalized* Income from Operations: 373.8 million euros (+3.1%)
Net Sales: 1,898.7 million euros
Normalized* IFO margin
Consumer business (85% of total sales)
+5.3%
Developed
markets +5.6%
Developing
markets +4.7%
Advertising
& Promotional Products (15% of total sales)
-9.2%
Consumer business 22.2%
Advertising
& Promotional Products 8.6%
* See glossary
Full Year 2012 Results
GROUP 2012 KEY FIGURES
5
5.00
5.56
2011 2012
329.5 334.5
31-Dec-11 31-Dec-12
Reported EPS: +11.2% Net Cash Position
In euros In million euros
Full Year 2012 Results
BIC IN 2012 Operational Performance
6
Net Sales growth at constant currencies
Net Sales growth on a comparative basis
* See glossary
7.0%
5.0% 4.7%
2.4%
10.1% 10.1%
2.1%
0.7%
6.5%
4.6%
3.3%
1.6%
-0.6%
5.9%
3.1% 2.8%
17.5% 17.9% 17.4%
15.1% 15.3%
17.2%
19.9% 19.7%
2005 2006 2007 2008 2009 2010 2011 2012
Normalized*
IFO margin
Full Year 2012 Results
BIC IN 2012 Continued Investments - Consumer Brand Support
7
Products Brand building
China
BIC Stationery
Flagship store
in Shanghaï Korea
Subway decoration
Mexico
Poland
Europe
France
Full Year 2012 Results
BIC IN 2012 Continued Investments to support future growth
52% Development CAPEX
(capacities and new products)
Construction of a writing instrument facility
in Tunisia
• Better serve the Middle-East and African
markets
Expansion of our shaver packaging facility
in Mexico
• Support the growth of our North and Central
America Markets
BIC APP new ERP
• Improve customer service
8
CAPEX
77 83
53 63
89
125
5.3% 5.9% 3.4% 3.4%
4.9% 6.6%
2007 2008 2009 2010 2011 2012
Total Capex to sales
Full Year 2012 Results
BIC IN 2012 Continued Investments to support future growth
1/3 of R&D spending dedicated
to portable fuel cell device project
• Successful integration of Angstrom Power
• Strengthened partnership with CEA
(Commissariat à l’Energie Atomique
et aux Energies Alternatives) on the core
fuel cell technology
• Product launch expected within 4 years,
in line with initial plan
9
Research and Development and New Products
23.2 23.5 24.5 23.8 21.8 20.3
24.5
33.5
25%
22% 24%
25%
27%
21% 22%
21%
2005 2006 2007 2008 2009 2010 2011 2012
Research and Development Expenses (in M€)
New Products as % of sales
Full Year 2012 Results
BIC IN 2012 Cash Generation
10
Free Cash Flow before acquisitions and disposals*
Free Cash Flow after acquisitions and disposals*
Strong increase
of cash
from operations
Improved working
capital as %
of sales
* See glossary
In million euros
98.9
178.6
128.9
145.0
308.3
205.0
115.7
185.4
98.9
147.3
115.9
143.5 126.2
222.4
108.9
186.1
2005 2006 2007 2008 2009 2010 2011 2012
Full Year 2012 Results
0.90
1.15 1.3 1.35 1.35 1.40
1.90
2.20
2.56
1.00 1.00
1.80
2.15
3.11 3.43 3.51 3.00 3.15
4.29
5.00 5.56
2004 2005 2006 2007 2008 2009 2010 2011 2012
Dividend Per Share Exceptional dividend EPS
* On ordinary dividend
Attributed fiscal year
** Payment 29 may 2013 subject to the approval the AGM of May 15, 2013
BIC IN 2012 Shareholders Remuneration
11
Proposal to the AGM (May 15, 2013):
2.56 euros ordinary dividend** per share (+16.4%)
Dividend In euros
42% 37% 38% 38% 45% 44% 46%
Pay-out ratio*
44%
Full Year 2012 Results
43 25
58 64 65 65 68 91
104 122
21 51
49
85
86 72
49 40 26 2
42 101
1.6
In 2004 In 2005 In 2006 In 2007 In 2008 In 2009 In 2010 In 2011 In 2012 In 2013 est.
BIC IN 2012 Shareholders Remuneration
12
Total Cash returned to Shareholders
In million euros
* Estimates based on 31-DEC-2012 number of shares outstanding excluding treasury shares
Ordinary dividend Exceptional dividend Share buyback
In million euros
150 148
107 104 91
67
159
192 191
Full Year 2012 Results
AGENDA
13
2012
2013
Group highlights Mario Guevara
Category highlights Mario Guevara
Consolidated results Jim DiPietro
Mario Guevara New products by categories
Market assumptions and operational trends Mario Guevara
Full Year 2012 Results
BIC IN 2012 Consumer business
+4.7%
+7.8%
+3.0%
14
Évolution à base comparable Breakdown by geographies
+6.3%
+5.3%
2011 2012
36%
DEVELOPING
MARKETS
27%
EUROPE
37%
NORTH
AMERICA
EUROPE
NORTH AMERICA
DEVELOPING
MARKETS
1,607.6 million euros net sales
Change on a comparative basis
Full Year 2012 Results
BIC STATIONERY IN 2012 Market trends and market share evolution
15
Market trends BIC market share
Full Year 2012 Results
BIC STATIONERY IN 2012
16
2011 2012
% chge on a comparative
basis*
Volumes (in billion of units)
4.825 4.889 +1.3%
Net Sales (in million euros)
588.5 617.9 +2.6%
2012
2011
Developed markets
Europe: low-single digit growth
Market share gains
Strong performance of France Benelux, Romania, and Poland
Office Suppliers Channel once again impacted by the challenging
economic environment
North America: mid-single digit growth
Slight decrease of market share
Elevated brand support activity from competitors supporting
their new products initiatives
Continued price pressure from private labels in the Office Products
channel
Developing markets: low-single digit increase
Good performance in Middle-East and Africa
Leadership maintained in Classic ball pens and strong growth
in value-added ball pens in Latin America where the market
was flat (softening economic trends)
Sales driven by a brand awareness campaign and product range
expansion in Asia
Accelerated slowdown in Office Products channel in Europe
Good performance in North America performance compared to Q4 2011
Unexpected returns in a few Latin American countries due to adjustment
of customer inventories. Sales of BIC products to consumers (sell-out)
remained good with continued market share gains in most countries
(notably Brazil - Mexico)
Full Year 2012
Q4 2012
* See glossary
Volumes and Net Sales
Net sales growth on a comparative basis*
9.4%
3.4% 1.5%
4.0%
7.7% 6.5%
-4.7%
1.7%
Q1 Q2 Q3 Q4
Full Year 2012 Results
BIC LIGHTERS IN 2012 Market trends and market share evolution
17
Market trends BIC market share
Full Year 2012 Results
BIC LIGHTERS IN 2012
18
2011 2012
% chge on a comparative
basis*
Volumes (in billion of units)
1.318 1.361 +3.3%
Net Sales (in million euros)
510.8 551.0 +4.3%
2012
2011
Developed markets
Europe: mid-single digit growth
Good performance of Eastern Europe
Distribution gains in large countries (France, Italy) despite on-going
imports of non-compliant Asian lighters
North America: mid-single digit growth
Market share gains in both the U.S. and Canada
Continuous success of added-value sleeve products
Sustained growth in Multi-purpose lighters
Developing markets: low-single digit increase
In Latin America: lighter market affected by anti-tobacco regulations
and important tax increases, notably in Brazil. Market shares gains
in most countries
In Middle-East and Africa: good performance thanks
to distribution gains
In Asia: sales driven by improved distribution strategy in convenience
stores and sleeves designed specifically for the region
Good performance in North America
Full Year 2012
Q4 2012
* See glossary
Volumes and Net Sales
Net sales growth on a comparative basis*
10.3%
12.0%
5.7% 6.7%
9.3%
2.5% 3.2%
2.4%
Q1 Q2 Q3 Q4
Full Year 2012 Results
BIC SHAVER IN 2012 Market trends and market share evolution
19
Market trends BIC market share
Full Year 2012 Results 20
Refillable Total One Piece
SHAVER MARKETS EVOLUTION
% change vs YAG – value
Western Europe USA
Source: USA: IRI FDMX – Dec 2011 & 2012
Europe: Nielsen – Dec 2011 & YTD Oct 2012 (*France, Spain, Italy, Greece)
-2.7% -3.1% -2.0% -2.3% -2.7%
-3.6%
2011 YTD Oct 2012
4.2% 4.0%
6.7%
5.5%
2.7% 3.2%
2011 2012
Full Year 2012 Results
BIC SHAVER IN 2012
21
2011 2012
% chge on a comparative
basis*
Volumes (in billion of units)
2.336 2.413 +3.3%
Net Sales (in million euros)
328.2 373.5 +10.1%
2012
2011
Developed markets
Europe: low-single digit growth
Challenging environment in the southern countries
Market share gains in most countries (France, Sweden, Greece, Ukraine)
Success of Classic 3 blade products (BIC® 3, BIC® Flex 3 with movable
blades, BIC® Simply Soleil® for women)
North America: double digit growth
Continued market share gains in the U.S. (near 2 points year on year)
• Success of our new products (BIC® Soleil Savvy for women
and BIC® Hybrid 4 advance for men)
• Effective promotional campaigns. Expanded distribution
and strong shelf presence
High level of promotion from our competitors
Developing markets: double digit growth
Good resistance of our single and twin blades products
Rapid growth of our 3-Blade “BIC® Comfort 3®”
Continued market share gains in the U.S. despite aggressive
competitors promotional campaigns
Full Year 2012
Q4 2012
Volumes and Net Sales
Net sales growth on a comparative basis*
* See glossary
11.9% 13.5%
5.1% 6.5%
18.6%
4.9%
14.4%
3.1%
Q1 Q2 Q3 Q4
Full Year 2012 Results
BIC OTHER PRODUCTS IN 2012
22
Change in net sales on a comparative basis
2011 2012
% chge on a comparative
basis*
Net Sales (in million euros)
94.5 65.2 +14.3%
* See glossary
2011
2012
Solid performance of BIC Sport (36.0% of other
consumer products category): +27.8% at constant
currencies
• Success of the Stand-Up-Paddle boards,
particularly in North America
Disposal of the Phone card distribution business
in France (+0.8 million euros net proceed)
3.3% 4.3%
-2.5%
-7.8%
5.9%
17.3% 19.5%
16.8%
Q1 Q2 Q3 Q4
Full Year 2012 Results
BIC IN 2012 Consumer Business Activities Normalized* IFO margin
23
Improved manufacturing
efficiency and strict cost control
Slightly less favourable
cost absorption
Increase in raw materials
(rare earth for flint)
14.2% 15.3% 15.7%
2011 2012 2012 excludingSpecial Premium
39.1% 37.7% 38.0%
2011 2012 2012 excludingSpecial Premium
18.2% 17.3% 17.9%
2011 2012 2012 excludingSpecial
Premium
Shavers Lighters Stationery
* See glossary
Full Year 2012 Results
9%
7%
54%
30%
ADVERTISING AND PROMOTIONAL PRODUCTS 2012 U.S. market dynamics
24
2012 U.S. market evolution by product segments
Total market up 5%
Writing
Instruments
+3%
Calendars
-2%
Apparel
+12%
Hard Goods
+1%
Sources: BIC estimates based on PPAI and ASI Q3 2012 reports
Full Year 2012 Results
BIC APP IN 2012
25
* See glossary
Net sales growth on a comparative basis*
Normalized* IFO margin*
Full Year 2012
Stationery (49% of BIC APP sales) Europe
Continued very challenging economic environment in Southern countries
North America First half was slightly positive compared to last year
Second half sales affected by the implementation of our new ERP
(shipment delays)
Developing Markets Continued good performance
Hard goods (31% of BIC APP sales) Europe
Strongly impacted by the economic situation in Southern Europe
Good performance of new products
North America Pressure from low priced suppliers
Developing Markets Performed best thanks to new products
Calendars (20% of BIC APP sales) Market share maintained in a soft market
North America Stationery and Hard Goods
Further impact of customer service issues (new ERP)
Calendar business Slightly impacted by the new ERP
Europe Southern Europe countries continued to suffered (double digit sales
decline in Spain, Greece and Italy)
Northern Europe countries (France, Germany and the Netherlands)
impacted by the consolidation of our product portfolio (focus given
on the most profitable items)
Q4 2012
2011 2012
% chge on a comparative
basis*
Net Sales (in million euros)
302.0 291.1 -9.2%
Net sales
-8.8% -11.3%
-10.0% -10.8%
-0.7%
-9.8% -11.3% -12.2%
Q1 Q2 Q3 Q4
8.1% 7.6% 8.6%
2011 2012 Excludingspecial
premium
Full Year 2012 Results
AGENDA
26
2012
2013
Group highlights Mario Guevara
Category highlights Mario Guevara
Consolidated results Jim DiPietro
Mario Guevara New products by categories
Market assumptions and operational trends Mario Guevara
Full Year 2012 Results 27
BIC Group In million euros 2011 2012 Change
Change at constant
currencies*
Change on a comparative
basis*
Net Sales 1,824.1 1,898.7 +4.1% +0.7% +2.8%
Gross Profit 898.5 965.4 +7.4%
Normalized* IFO 362.4 373.8 +3.1%
Income from Operations
339.7 370.5 +9.1%
2012: FROM NET SALES TO IFO
* See glossary
Full Year 2012 Results
2012: FROM NORMALIZED* IFO TO REPORTED IFO
28
BIC Group In million euros 2011 2012
Normalized* IFO 362.4 373.8
Restructuring costs -5.1 -8.7
Impairment of goodwill and trademarks related
to the disposals of PIMACO B to B divisions -9.9 -
Impairment of goodwill recorded in “Other Consumer products”, recognizing the challenging market conditions in some non-core product segments in Greece
-8.7 -
Gains on disposals / Real Estate / others +1.0 +5.4
IFO as Reported 339.7 370.5
* See glossary
Full Year 2012 Results
+1.5
-0.1 -0.5 -1.1
+0.5
2011 normalized IFOmargin
Gross Margin Brand support Increase in fuel cellexpenses
Other operatingexpenses
2012 normalized IFOmargin
Special Premiumimpact
2012 normalized IFOmargin excludingspecial premium
19.7% 19.9%
29
* See glossary
20.2%
Investments
in future growth
2012 NORMALIZED* INCOME FROM OPERATIONS MARGIN
Full Year 2012 Results
2012: FROM IFO TO GROUP NET INCOME
30
BIC Group In million euros 2011 2012
Normalized* IFO 362.4 373.8
Non recurring items -22.7 -3.3
IFO 339.7 370.5
Interest income 10.6 12.5
Finance costs -1.4 -2.0
Income before Tax 348.8 381.0
Income tax -115.1 -121.6
Tax rate 33.0% 31.9%
Income from associates 4.1 3.7
Group Net Income 237.9 263.1
Average number of shares outstanding net of treasury shares 47,565,299 47,339,322
EPS 5.00 5.56
Normalized* EPS 5.38 5.61
* See glossary
Full Year 2012 Results
2012 CAPEX
31
25% 14%
37% 40% 52%
83
53
63
89
125
2008 2009 2010 2011 2012
Of which development CAPEX
(capacities and new products)
In million euros
STATIONERY 21%
LIGHTERS 23%
SHAVERS 32%
OTHERS 15%
BIC APP 9%
Full Year 2012 Results 32
Continued impact
of strategic raw
materials
inventory built
2012 WORKING CAPITAL
Working Capital as % of sales Inventories as % of sales
BIC Group
In million euros
December
2010
December
2011
December
2012
Total Working
Capital 449.7 558.4 575.7
Of which inventories
344.0 411.3 404.9
Of which Trade and other
receivables 389.4 416.9 446.1
Of which Trade and other payables
130.3 110.8 112.1 -4.8
-0.4
2.2
10.8
-14.2
-6.4
BIC APP
Other Products
Shavers
Lighters
Stationery
Total Group
24.6%
30.6% 30.3%
2010 2011 2012
18.8% 22.5% 21.3%
2010 2011 2012
Full Year 2012 Results
329.5 334.5
369.5
-37.9 -28.9
-125.4
1.3
-189.5 -1.6
25.5
-8.0
December 2011Net CashPosition
Cash fromoperations
Impact ofworking capital
Other Cash FlowFrom Operations
CAPEX Divestitures &real estate gains
2011 DividendPayment
Share buyback Exercise of stockoptions and
liquidity contract
Others December 2012Net CashPosition
NET CASH POSITION
33
Operations Shareholders
Remuneration
In million euros
Net Cash From Operations:
+302.7M€
(1): Ordinary dividend: 104.2 million euros – Special dividend : 85.3 million euros (2): Total FY 2012 share buy-back: 20,878 shares – 1.6 million euros
Full Year 2012 Results 34
BALANCE SHEET
In million euros
Assets Equity & Liabilities
558.4 575.7
260.2 294.4
329.5 334.5
262.6 266.4
362.5 400.2
2011 2012
Working capital*
Others
Net cash
position
Intangible assets
Tangible assets
306.1 375.9
1467.1 1495.3
2011 2012
Shareholders’
equity
Others
* Working capital = Net Inventory + Trade and other receivables – Trade and other payables – Other assets and liabilities
Full Year 2012 Results
New products by categories
AGENDA
35
2012
2013
Group highlights Mario Guevara
Category highlights Mario Guevara
Consolidated results Jim DiPietro
Mario Guevara
Market assumptions and operational trends Mario Guevara
Full Year 2012 Results
BIC STATIONERY IN 2013
36
New Products and line extension
Cristal Gel Refresh
Erasable highlighter tape
Full Year 2012 Results
880
1030
1240
2013 est. 2014 est. 2015 est.
BIC STATIONERY IN 2013
37
The Touch Screen technology is creating a revolution, changing how people communicate, work and write
In million units
A fast growing market
Note taking
App
Drawing/ Sketching
App
Learning how to write
App
New needs emerging on the market
Source: IHS iSuppli
Full Year 2012 Results
BIC STATIONERY IN 2013
38
5 €
9 € 10 €
11 €
18 €
22 €
25 € 25 €
BIC Competitor2
Competitor3
Competitor5
Competitor7
Competitor9
Competitor10
Competitor12
Full Year 2012 Results
BIC LIGHTERS IN 2013
39
Europe North America
Latin America Asia
Full Year 2012 Results
BIC SHAVERS IN 2013 Developing countries
40
3 spring-mounted blades
Less irritations
Easy to rinse (movable blades)
Lubricating strip
Lanolin & Vitamin E
Moisturizing
Skin softening & smoothing
Sensitive green color
Pivoting head
Europe : BIC Flex O3 Control, A shaver designed for young men starting to buy their own shaver
U.S.: BIC Soleil Shave & Trim An ingenious trimmer head that slides on & off disposable razor
Consumer Target:
Women 18-34 years
Consumer Target:
Young Men 16-25 years
Full Year 2012 Results
BIC SHAVERS IN 2013 Developing countries
41
Latin America: BIC® Flex 4 A 4 blades rechargeable shaver with moveable blade technology
A compelling offer (price + performance) to enter the emerging
and evolving Latin American refillable shaver
market
4 moveable blade head
New Handle Design
2010 2011 2012
Value / Evolution vs previous year*
Systems market evolution in Brazil
*: Public data and BIC estimates
+8% +10%
+14%
Full Year 2012 Results
BIC APP IN 2013
42
Focus on customer service & innovation
Full Year 2012 Results
AGENDA
43
2012
2013
Group highlights Mario Guevara
Category highlights Mario Guevara
Consolidated results Jim DiPietro
Mario Guevara New products by categories
Market assumptions and operational trends Mario Guevara
Full Year 2012 Results
Total market expected to grow low to mid-single digit
On-going competitive pressure in the Office Product
channel in developed countries
Continued steady growth in developing markets
driven by income and literacy growth
Stationery Lighters
Shavers Advertising
& Promotional Products
Flat to slight decline in mature markets
Mid single digit growth in developing markets
Total market expected to grow low to mid-single digit
Accelerated new product and promotional activity
from competitors in developed markets
Continued steady growth in developing markets
Low to mid-single growth expected in the U.S.
Continued challenging environment in Europe
(notably southern Europe)
2013 MARKET ASSUMPTIONS
44
Full Year 2012 Results
14.2% 18.2% 17.3%
2010 2011 2012
12.1% 14.2% 15.3%
2010 2011 2012
9.2% 8.1% 7.6%
2010 2011 2012
+7.6%
+9.1% +10.1%
+6.7%
+4.1%
+2.6%
3 years average: 16.6%
-3.3% -10.4% -9.2%
45
3 years average: 13.9%
3 years average: 8.3%
3 years average: 37.7%
Stationery Consumer Lighters
Shavers BIC APP
2010 - 2012 Net sales evolution on a comparative basis and normalized IFO margin
+11.6% +8.6% +4.3%
36.2% 39.1% 37.7%
2010 2011 2012
Full Year 2012 Results
Net sales growth* in line with mid-term targets
• Continue to leverage our “Quality and Price” positioning to further strengthen
our positions thanks to distribution gains
Consumer
Business
Focus on cash generation
Continued investments in future profitable growth
• Brand support
• Increased manufacturing facilities
‒ Tunisia writing Instrument and Mexico shaver facilities
• Portable fuel cell
46
Advertising
and Promotional
Business
Net sales* expected to be stable to slightly increasing
• Continued focus on customer service
• New Product and innovation in imprinting technology to better answer evolving
customer and end-users needs
* On a comparative basis
GROUP 2013 OUTLOOK
Full Year 2012 Results
Appendix
Full Year 2012 Results 48
2012 NET SALES
Main exchange rate evolution vs. euro
% of sales
Average rate
2011
Average rate
2012 % of change
US Dollar 42% 1.39 1.29 7.2%
Brazilian Real 11% 2.32 2.51 -8.2%
Mexican Peso 5% 17.26 16.91 2.0%
Canadian dollar 3% 1.38 1.28 7.2%
Australian dollar 2% 1.35 1.24 8.1%
South African Zar 2% 10.08 10.55 -4.7%
Non Euro European countries 5%
Sweden 9.03 8.71 3.5%
Russia 40.83 39.90 2.3%
Poland 4.11 4.18 -1.7%
British Pound 0.87 0.81 6.9%
% of sales
Average rate
Q4 11
Average rate
Q4 12 % of change
US Dollar 43% 1.35 1.30 3.7%
Brazilian Real 15% 2.43 2.67 -9.9%
Mexican Peso 3% 18.38 16.79 8.7%
Canadian dollar 3% 1.38 1.29 6.5%
Australian dollar 3% 1.34 1.25 6.7%
South African Zar 3% 10.92 11.28 -3.3%
Non Euro European countries 5%
Sweden 9.10 8.62 5.3%
Russia 42.15 40.33 4.3%
Poland 4.42 4.11 7.0%
British Pound 0.86 0.81 5.8%
Full Year 2012 Results 49
2012 GROUP NET SALES EVOLUTION
By geography
Change on a comparative basis* Q1 12 Q2 12 Q3 12 Q4 12 2012
+4.3%
+15.3%
+5.8%
+0.8%
+2.8%
+5.8%
-3.5%
-1.8%
+7.8%
-2.7%
+0.5% +0.1%
-0.3%
+3.5%
+4.7%
Europe North America Developing Markets
* See glossary
Full Year 2012 Results 50
2012 CONSUMER PRODUCTS NET SALES EVOLUTION
By geography
Change on a comparative basis* Q1 12 Q3 12 Q4 12 2012
+7.9%
+18.9%
+5.9%+5.2% +5.2% +5.4%
-0.9%
+1.2%
+8.0%
-0.2%
+8.5%
+0.4%
+3.0%
+7.8%
+4.7%
Europe North America Developing
Markets
* See glossary
Q2 12
Full Year 2012 Results
OTHER CONSUMER PRODUCTS
ADVERTISING & PROMOTIONAL PRODUCTS
SHAVERS
2012 NET SALES BREAKDOWN
By category
33%
29%
20%
3%
15%
STATIONERY
LIGHTERS
51
Full Year 2012 Results
NORTH AMERICA
DEVELOPING MARKETS EUROPE
2012 NET SALES BREAKDOWN
By geography
26%
43%
31%
52
Full Year 2012 Results
GROUP QUARTERLY FIGURES
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 1,562.7 378.3 487.3 492.6 473.3 1,831.5 409.9 476.2 468.2 469.8 1,824.1 445.0 500.8 488.8 464.1 1,898.7
YoY actual
changes +10.0% +22.7% +20.4% +18.7% +8.9% +17.2% +8.4% -2.3% -5.0% -0.7% -0.4% +8.6% +5.2% +4.4% -1.2% +4.1%
YoY changes
at constant
currencies*
+10.1% +21.6% +12.0% +8.7% +1.6% +10.1% +4.9% +3.5% +0.2% +0.3% +2.1% +7.1% +0.4% -1.7% -2.2% +0.7%
YoY changes
on a comparative
basis*
-0.6% +8.8% +3.5% +9.6% +2.6% +5.9% +6.6% +4.7% +0.8% +1.1% +3.1% +9.0% +3.1% +0.5% -0.4% +2.8%
IFO 216.0 47.8 95.0 90.1 71.7 304.6 82.0 92.9 89.8 75.0 339.7 82.4 119.1 100.4 68.6 370.5
Normalized IFO* 239.6 53.7 88.7 92.2 80.3 314.9 83.1 102.1 91.0 86.2 362.4 81.3 120.0 97.6 75.0 373.8
IFO margin 13.8% 12.6% 19.5% 18.3% 15.2% 16.6% 20.0% 19.5% 19.2% 16.0% 18.6% 18.5% 23.8% 20.5% 14.8% 19.5%
Normalized IFO
margin* 15.3% 14.2% 18.2% 18.7% 17.0% 17.2% 20.3% 21.5% 19.4% 18.3% 19.9% 18.3% 24.0% 20.0% 16.2% 19.7%
Income before tax 218.7 50.7 93.3 88.6 70.2 302.8 78.3 94.7 96.0 79.9 348.8 84.1 123.0 101.9 72.0 381.0
Net Income 151.7 35.4 64.3 61.1 46.6 207.5 53.9 64.6 65.4 54.0 237.9 57.5 85.1 70.4 50.1 263.1
EPS 3.15 0.73 1.33 1.26 0.96 4.29 1.12 1.35 1.37 1.13 5.00 1.22 1.80 1.49 1.06 5.56
53
* See glossary
Full Year 2012 Results
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 9M 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Europe
Net Sales 503.6 110.9 152.1 134.3 127.5 524.9 112.3 152.3 398.5 133.9 119.1 517.7 111.5 143.7 120.9 108.5 484.5
YoY actual
changes - +20.9% +1.6% +2.0% -2.2% +4.2% +1.3% +0.1% +0.3% -0.3% -6.6% -1.4% -0.7% -5.7% -9.8% -8.9% -6.4%
YoY changes
at constant
currencies*
- +19.9% +0.6% +0.6% -3.3% +3.1% +0.5% +0.2% +0.3% +0.2% -6.6% -1.4% -0.8% -6.1% -10.9% -9.6% -7.0%
YoY changes
on a comparative
basis*
- +5.6% +0.6% +0.6% -3.3% +0.5% +2.0% +0.9% +1.2% +1.0% -5.6% -0.4% +4.3% +0.8% -3.5% -2.7% -0.3%
North America
Net Sales 641.0 148.8 210.8 225.4 188.7 773.8 149.8 186.6 538.3 201.9 189.7 728.0 179.4 214.9 224.8 198.8 818.0
YoY actual
changes - +22.1% +33.8% +24.9% +4.3% +20.7% +0.6% -11.5% -8.0% -10.4% +0.5% -5.9% +19.8% +15.2% +11.3% +4.8% +12.4%
YoY changes
at constant
currencies*
- +28.2% +23.4% +11.9% -4.3% +13.2% -1.0% -0.3% -0.9% -1.4% -0.1% -0.7% +15.3% +2.8% -1.8% +0.5% +3.5%
YoY changes
on a comparative
basis*
- +6.4% +1.4% +14.1% -2.0% +5.0% +1.9% +1.7% +0.6% -1.4% -0.1% +0.4% +15.3% +2.8% -1.8% +0.5% +3.5%
Developing
markets
Net Sales
418.1 118.5 124.4 132.9 157.1 532.8 147.8 137.3 417.5 132.3 161.0 578.4 154.1 142.2 143.1 156.8 596.2
YoY actual
changes - +25.1% +27.7% +29.3% +27.5% +27.4% +24.7% +10.4% +11.1% -0.4% +2.5% +8.6% +4.3% +3.6% +8.1% -2.6% +3.1%
YoY changes
at constant
currencies*
- +14.8% +11.2% +13.4% +15.3% +13.8% +16.6% +14.0% +10.9% +2.9% +6.5% +9.6% +4.7% +4.5% +7.8% +0.1% +4.1%
YoY changes
on a comparative
basis*
- - - - - - +16.6% +14.0% +11.5% +4.6% +8.1% +10.5% +5.8% +5.8% +7.8% +0.1% +4.7%
54
GROUP QUARTERLY FIGURES BY GEOGRAPHY
* See glossary
Full Year 2012 Results
In million
euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 1,274.3 308.6 398.2 399.9 362.3 1,469.0 351.0 407.7 391.6 371.7 1,522.1 384.9 433.7 414.0 375.0 1,607.6
YoY actual
changes +12.3% +12.9% +22.5% +13.1% +15.3% +13.8% +2.4% -2.1% +2.6% +3.6% +9.6% +6.4% +5.7% +0.9% +5.6%
YoY changes
at constant
currencies*
+10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +2.8% +4.1% +6.0% +8.4% +2.1% +0.2% +0.5% +2.7%
YoY changes
on a comparative
basis*
+10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +3.3% +4.8% +6.3% +10.6% +5.3% +2.9% +2.8% +5.3%
IFO 192.1 56.4 84.8 81.3 54.6 277.2 85.9 92.4 83.6 58.3 320.3 86.7 112.1 93.8 60.3 352.8
Normalized IFO* 209.5 56.7 85.3 81.6 57.9 281.5 85.9 100.9 83.6 67.6 338.1 85.2 113.0 90.9 62.7 351.8
IFO margin 15.1% 18.3% 21.3% 20.3% 15.1% 18.9% 24.5% 22.7% 21.4% 15.7% 21.0% 22.5% 25.9% 22.7% 16.1% 21.9%
Normalized IFO
margin* 16.4% 18.4% 21.4% 20.4% 16.0% 19.2% 24.5% 24.7% 21.4% 18.2% 22.2% 22.1% 26.0% 22.0% 16.7% 21.9%
55
GROUP CONSUMER
* See glossary
Full Year 2012 Results
STATIONERY
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 509.6 112.6 173.4 166.8 128.0 580.7 127.7 170.2 160.8 129.7 588.5 138.1 187.5 161.2 131.11 617.9
YoY actual
changes +12.5% +9.2% +24.2% +9.9% +14.0% +13.4% -1.8% -3.6% +1.4% +1.3% +8.1% +10.2% +0.2% +1.0% +5.0%
YoY changes
at constant
currencies*
-2.7% +10.7% +1.9% +14.1% +1.1% +6.7% +9.4% +3.4% +1.5% +4.0% +4.1% +7.7% +6.5% -4.7% +1.7% +2.6%
YoY changes
on a
comparative
basis*
-2.7% +10.7% +1.9% +14.1% +1.1% +6.7% +9.4% +3.4% +1.5% +4.0% +4.1% +7.7% +6.5% -4.7% +1.7% +2.6%
IFO 43.3 7.7 28.8 27.6 5.2 69.3 22.1 30.7 21.3 9.3 83.5 23.2 42.5 22.3 6.6 94.6
Normalized
IFO* 48.9 8.3 29.1 27.7 5.1 70.3 22.1 30.7 21.3 9.3 83.5 22.6 42.9 21.6 7.6 94.7
IFO margin 8.5% 6.9% 16.6% 16.5% 4.0% 11.9% 17.3% 18.0% 13.3% 7.2% 14.2% 16.8% 22.7% 13.9% 5.0% 15.3%
Normalized IFO
margin* 9.6% 7.4% 16.8% 16.6% 4.0% 12.1% 17.3% 18.0% 13.3% 7.2% 14.2% 16.3% 22.9% 13.4% 5.8% 15.3%
56
* See glossary
Full Year 2012 Results
LIGHTERS
In million
euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 398.9 107.0 119.3 123.5 131.1 480.8 122.9 125.1 124.0 138.9 510.8 136.7 135.0 135.5 143.8 551.0
YoY actual
changes +5.9% +12.8% +22.3% +26.3% +20.6% +20.5% +14.9% +4.9% +0.4% +6.0% +6.2% +11.2% +7.9% +9.3% 3.5% +7.9%
YoY changes
at constant
currencies*
+5.3% +10.4% +11.0% +13.5% +11.4% +11.6% +10.3% +12.0% +5.7% +6.7% +8.6% +9.3% +2.5% +3.2% +2.4% +4.3%
YoY changes
on a
comparative
basis*
+5.3% +10.4% +11.0% +13.5% +11.4% +11.6% +10.3% +12.0% +5.7% +6.7% +8.6% +9.3% +2.5% +3.2% +2.4% +4.3%
IFO 127.9 40.9 45.4 45.3 42.0 173.6 50.2 52.1 48.1 49.5 199.8 51.0 54.3 53.4 49.5 208.2
Normalized
IFO* 135.7 40.7 45.4 45.4 42.6 174.0 50.2 52.1 48.1 49.6 199.9 51.1 54.7 51.5 50.4 207.6
IFO margin 32.1% 38.2% 38.1% 36.7% 32.0% 36.1% 40.8% 41.7% 38.8% 35.6% 39.1% 37.3% 40.2% 39.4% 34.4% 37.8%
Normalized IFO
margin* 34.0% 38.0% 38.1% 36.7% 32.5% 36.2% 40.8% 41.7% 38.8% 35.7% 39.1% 37.3% 40.5% 38.0% 35.0% 37.7%
* see glossary
57
Full Year 2012 Results
SHAVERS
58
In million
euros FY09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 268.8 66.4 79.2 84.3 77.8 307.8 76.7 85.2 84.4 81.8 328.2 92.6 93.1 102.5 85.4 373.5
YoY actual
changes +1.7% +12.8% +11.6% +19.0% +14.3% +14.5% +15.6% +7.6% +0.1% +5.1% +6.6% +20.6% +9.2% +21.4% +4.4% +13.8%
YoY changes
at constant
currencies*
+2.4% +10.9% +3.3% +9.1% +7.7% +7.6% +11.9% +13.5% +5.1% +6.5% +9.1% +18.6% +4.9% +14.4% +3.1% +10.1%
YoY changes
on a
comparative
basis*
+2.4% +10.9% +3.3% +9.1% +7.7% +7.6% +11.9% +13.5% +5.1% +6.5% +9.1% +18.6% +4.9% +14.4% +3.1% +10.1%
IFO 30.3 10.5 12.3 11.2 7.9 41.9 15.5 16.7 16.7 10.9 59.8 15.1 17.0 23.4 9.5 65.0
Normalized
IFO* 33.5 10.4 12.4 11.3 9.6 43.6 15.5 16.7 16.7 10.9 59.8 15.1 17.1 22.7 9.9 64.8
IFO margin 11.3% 15.8% 15.5% 13.3% 10.2% 13.6% 20.3% 19.6% 19.8% 13.3% 18.2% 16.3% 18.3% 22.9% 11.1% 17.4%
Normalized IFO
margin* 12.5% 15.7% 15.6% 13.4% 12.3% 14.2% 20.3% 19.6% 19.8% 13.3% 18.2% 16.3% 18.4% 22.1% 11.6% 17.3%
* See glossary
Full Year 2012 Results
In million
euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 97.0 22.6 26.3 25.3 25.5 99.7 23.7 27.2 22.4 21.2 94.5 17.5 18.1 14.8 14.7 65.2
YoY actual
changes +7.8% +3.3% +8.2% -6.4% +2.7% +4.9% +3.5% -11.6% -16.6% -5.1% -25.9% -33.4% -33.9% -30.5% -31.0%
YoY changes
at constant
currencies*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -10.8% -16.2% -5.0% -26.1% -35.1% -35.5% -29.8% -31.8%
YoY changes
on a
comparative
basis*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -2.5% -7.8% -0.5% +5.9% +17.3% +19.5% +16.8% +14.3%
IFO* -9.4 -2.6 -1.7 -2.8 -0.5 -7.6 -1.9 -7.1 -2.5 -11.3 -22.8 -2.6 -1.7 -5.3 -5.2 -15.0
Normalized
IFO* -8.5 -2.7 -1.6 -2.8 0.6 -6.4 -1.9 1.4 -2.5 -2.1 -5.2 -3.5 -1.7 -4.9 -5.2 15.3
59
OTHER CONSUMER PRODUCTS
* See glossary
Full Year 2012 Results
ADVERTISING & PROMOTIONAL PRODUCTS (BIC APP)
In million
euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12
Net Sales 288.4 69.7 89.1 92.7 111.0 362.6 58.9 68.4 76.6 98.1 302.0 60.1 67.1 74.8 89.1 291.1
YoY actual
changes +107.0% +71.8% +4.6% -2.8% +25.7% -15.5% -23.3% -17.4% -11.6% -16.7% +2.1% -1.9% -2.4% -9.2% -3.6%
YoY
changes
at constant
currencies*
+114.1% +62.8% -4.4% -8.7% +19.8% -16.6% -16.5% -10.9% -11.9% -13.7% -0.7% -9.8% -11.3% -12.2% -9.2%
YoY changes
on a
comparative
basis*
-3.6% -4.1% -0.4% -5.1% -3.3% -8.8% -11.3% -10.0% -10.8% -10.4% -0.7% -9.8% -11.3% -12.2% 9.2%
IFO 23.9 -8.6 10.2 8.8 17.1 27.4 -3.9 0.4 6.1 16.7 19.3 -4.2 6.9 6.6 8.3 17.7
Normalized
IFO* 30.1 -2.9 3.4 10.6 22.4 33.4 -2.9 1.2 7.4 18.5 24.3 -3.9 7.0 6.6 12.3 22.0
IFO margin 8.3% -12.3% 11.4% 9.5% 15.4% 7.6% -6.7% 0.6% 8.0% 17.0% 6.4% -7.0% 10.3% 8.9% 9.3% 6.1%
Normalized
IFO margin* 10.4% -4.2% 3.8% 11.4% 20.2% 9.2% -4.9% 1.8% 9.7% 18.9% 8.1% -6.6% 10.5% 8.9% 13.8% 7.6%
60
* See glossary
Full Year 2012 Results 61
MISCELLANEOUS
Capital evolution:
As of December 31, 2012, the total number of issued shares of SOCIÉTÉ BIC
is 48,378,297 shares, representing:
• 68,450,657 voting rights,
• 67,611,166 voting rights excluding shares without voting rights.
Total treasury shares at the end December 2012: 839,491
61
Full Year 2012 Results
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 at constant
currencies or 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 for 2012 means excluding restructuring, the costs of BIC APP integration plan,
the gain on the disposal of the phone cards distribution business in France and real estate gains
- for 2011 excluding restructuring, impairment of goodwill and trademarks related to the disposal
of PIMACO business to business divisions in Brazil, impairment of goodwill related
to “other products” Greece consumer division and the gain on the disposal of REVA peg
business.
Free cash flow before acquisitions and disposals:
• Net cash from operating activities - net capital expenditures
+/- other investments
Free cash flow after acquisitions and disposals:
• Net cash from operating activities - net capital expenditures +/- other investments –
acquisitions/disposals of equity investments / subsidiaries/business lines
62
Full Year 2012 Results
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 “Registration Document” filed
with the French financial markets authority (AMF) on March 27 2012
DISCLAIMER
63
Full Year 2012 Results
1st Quarter 2013 results April 25, 2013 Conference Call
2012 AGM May 15, 2013 Meeting – BIC Headquarter
in Clichy
2nd Quarter & 1st Half 2013
results August 1, 2013 Conference Call
3rd Quarter 2013 results October 23, 2013 Conference Call
2013 AGENDA
All dates to be confirmed
64