Group Presentation for Investors
Nine months 2016
27-APRIL-2016
Group and category highlights
Consumer business(87% of total sales) +5.0%
Developed Markets +4.0%
Developing Markets +7.0%
BIC Graphic(13% of total sales) +4.1%
GROUP 9M 2016 KEY FIGURES
3
Normalized* Income from Operations: 313.1 million euros (-8.8%)
Net Sales: 1,692.9 million euros
*See glossary
+0.6%
+4.9%
As reported Constantcurrency basis
20.4%18.5%
19.2%
9M 2015 9M 2016
Exc
l. sp
ecia
lbo
nus Consumer
business 21.2% 21.8%
BIC Graphic -0.2% 1.2%
BIC GraphicNormalized IFO
margin
Normalized IFO margin excl. special
bonus
GROUP 9M 2016 KEY FIGURES
5.36
4.55
9M 2015 9M 2016
360.3
448.0
208.1
September 15 Dec. 15 September 16
4
EPS*: -15.1%In euros In million euros
Net Cash Position
*Group share
9M 2016CONSUMER BUSINESS
+7.0%
+1.8%
+7.7%
+7.2%+4.7%
+3.2%+5.0%
Q1 2016 Q2 2016 Q3 2016 9M 2016
31% DEVELOPING
MARKETS
27%EUROPE
42%NORTH AMERICA
EUROPE
NORTH AMERICA
DEVELOPING MARKETS
1,476.0 million euros Net Sales
5
Change on a constant currency basis Breakdown by geography
BIC STATIONERY IN 9M 2016
13.6%7.1% 9.1%
17.1%17.5%
10.4%3.9%
14.0%10.3%
10.8%
Net Sales growth on a
constant currency basis*
In million euros Q1 2016 Q2 2016 Q3 2016 9M 2016
Net Sales 156.0 230.7 184.4 571.1
IFO 11.1 38.8 7.2 57.1Normalized IFO 11.1 40.3 7.2 58.6
• Continued investment in Brand Support in Europe and North America• Increase in operating expenses
*See glossary
6
+1.8%
+7.9%
+2.5%+4.0%
+6.1%
+2.4%+3.5%
+4.6%
2015 2016 Excl. Special bonus
Normalized* IFO margin
NET SALESEurope• High single-digit increase • Good Back-to-school sell-out, especially in France and UK• Market share gains in France for the 12th year in a row
North America• Low-single digit growth • Market share gains• Performance of our “Champion brands”
Developing markets• Latin America: Low-single digit growth (strong Q3)• Middle-East and Africa: very strong growth • Cello Pens: stable domestic sales in a competitive
environment (rationalization of our product portfolio and focus on more value-added items)
NORMALIZED IFO
Q1 Q2 9MQ3
Q1 Q2 9MQ3
BIC LIGHTERS IN 9M 2016
7
37.6%38.0%
39.5% 41.6% 40.5% 39.8% 41.7% 39.7% 40.1%
40.6%
Net Sales growth on a
constant currency basis*
In million euros Q1 2016 Q2 2016 Q3 2016 9M 2016
Net Sales 163.6 177.2 167.6 508.5IFO 62.1 70.6 68.9 201.6Normalized IFO 62.1 71.7 70.0 203.8
*See glossary
+9.7%
+5.4%+9.3%
+5.4% +5.2%+6.5% +8.1%
+5.7%
2015 2016 Excl. Special bonus
Normalized* IFO margin
NET SALES
Europe• Growth of nearly 10%• Good performances in Western Europe, especially in
Germany and Austria• Very dynamic trends in Eastern Europe (distribution gains)
North America• Low single-digit growth• Continued success of our added-value sleeved lighters
Developing markets• Latin America: high single-digit growth • Middle-East and Africa: double-digit growth
NORMALIZED IFO
• Higher Gross Profit margin
Q1 Q2 9M
Q1 Q2 9MQ3
Q3
SHAVER MARKET EVOLUTION
RefillableTotal One Piece
-1.0%-3.3%
+0.5%
YTD June 2016 -4.6%-5.8%
-3.7%
YTD September 2016
8
Source: USA: IRI MULO – YTD December 2015 & September 2016Europe: Nielsen – YTD December 2015 & June 2016 (France, Spain, Italy and Greece)
% change vs YAG – value
USAUSA
September 2016Western Europe
June 2016
BIC SHAVERS IN 9M 2016
9
21.3%10.7% 12.9%
19.1%13.8% 17.0%
19.8% 19.1%14.7%
15.4%
Net Sales growth on a
constant currency basis*
In million euros Q1 2016 Q2 2016 Q3 2016 9M 2016
Net Sales 117.8 120.1 111.8 349.7
IFO 12.6 15.4 22.2 50.2Normalized IFO 12.6 16.6 22.2 51.4
*See glossary
+14.7%+10.9% +9.5%+9.0% +10.3%
+1.4%
+11.4%+7.1%
2015 2016 Excl. Special bonus
Normalized* IFO margin
NET SALES
Europe• High single-digit growth• Good performance in Eastern Europe
North America• Stable net sales• Market share gains : +1.9 points to 28.6%1• Successful new products launches and “best value for
money” positioning strategy
Developing markets• Latin America: double digit growth• Middle-East and Africa: high-single digit growth
NORMALIZED IFO• Increased investment in research and development• Increased investment in brand support, notably in Europe, in the U.S.
and in Latin America• Positive FX impact on Gross Profit margin in Q3
1 Source: IRI total market YTD through 25-SEPTEMBER-2016 (one-piece shavers) – in value terms.
Q1 Q2 9MQ3
Q1 Q2 9MQ3
YOURLOGOHERE BIC GRAPHIC IN 9M 2016
10
Net Sales growth on a
constant currency basis*
In million euros Q1 2016 Q2 2016 Q3 2016 9M 2016
Net Sales 64.1 69.5 83.3 216.9
IFO -9.0 1.4 6.7 -0.8
Normalized IFO -9.0 1.8 6.8 -0.4
*See glossary
+2.4%+4.6% +1.8% +0.3%
-3.4%
+7.2%
+0.0%+4.1%
2015 2016 Excl. Special bonus
Normalized* IFO margin
NET SALES
Sales of Writing Instruments and Hard Goods continued to be buoyed by our “Good Value” line and new products
Q3 2016 net sales were helped by a favourable timing impact in Calendars (i.e., earlier shipments when compared to last year)
NORMALIZED IFO
• Lower operating expenses compared to 9M 2015
The review of the strategic alternatives for BIC Graphic isproceeding as planned.
-6.7%
-14.0%-9.3%
-3.0%
2.5%5.6%8.2%
-0.9%-0.2%
1.2%
Q1 Q2 9MQ3
Q1 Q2 9MQ3
9M 2016Consolidated results
9M 2016: FROM NET SALES TO NORMALIZED IFO
BIC GroupIn million euros 9M 2015 9M 2016
Change as reported
Change on a constant currency
basis*
Net Sales 1,682.3 1,692.9 +0.6% +4.9%
Gross Profit 842.6 845.9 +0.4%
Normalized* IFO 343.4 313.1 -8.8%
Income from Operations 345.7 307.7 -11.0%
*See glossary
12
+1.9-1.4 -0.7
Q3 2015 Normalized* IFO margin Change in cost of production** Total brand support*** OPEX and other expenses Q3 2016 Normalized* IFO margin
• Promotions and investments related to consumer and business development support accounted for in Gross Profit Margin : -0.4
• Advertising, consumer and trade support : -1.0
KEY COMPONENTS OF Q3 2016 NORMALIZED* INCOME FROM OPERATIONS MARGIN
19.0%
13
*See glossary**Gross Profit margin excluding promotions and investments related to consumer and business development support.***Total Brand Support: consumer and business development Support + advertising, consumer and trade support.
18.8%
+0.5 -1.0 -0.7 -0.7
9M 2015 Normalized* IFOmargin
Change in cost ofproduction**
Total brand support*** OPEX and other expenses 9M 2016 Normalized* IFOmargin excluding the impact
of the special employeebonus
Impact of the specialemployee bonus
9M 2016 Normalized* IFOmargin
• Promotions and investments related to consumer and business development support accounted for in Gross Profit Margin : -0.2
• Advertising, consumer and trade support : -0.8
KEY COMPONENTS OF 9M 2016 NORMALIZED* INCOME FROM OPERATIONS MARGIN
20.4%19.2%
14
*See glossary**Gross Profit margin excluding promotions and investments related to consumer and business development support.***Total Brand Support: consumer and business development support + advertising, consumer and trade support.
18.5%
• Impact on Gross Profit: -0.4
• Impact in OPEX : -0.3
9M 2016 FROM IFO TO GROUP NET INCOME
In million euros 9M 2015 9M 2016
IFO 345.7 307.7
Finance revenue/costs 17.9 -2.2
Income before Tax 363.6 305.4
Income tax 109.2 91.7
Tax rate 30.0% 30.0%
Non-controlling interests 1.5 -
Net Income Group share 252.9 213.7
Number of shares outstanding net of treasury shares 47,180,102 46,955,299
EPS 5.36 4.55
Unfavorable 9M 2016 fair value adjustments
to U.S. dollar denominated financial assets when compared
to December 2015.
15
BALANCE SHEET
16
158162 160
151155
164
December2013
September2014
December2014
September2015
December2015
September2016
6572
60
6963
66
December2013
September2014
December2014
September2015
December2015
September2016
BIC GroupIn million euros
December2014
September2015
December2015
September2016
Total Working Capital 594.7 629.0 605.2 672.1
Of which inventories 441.1 463.6 478.4 507.4
Of which Trade and other receivables 453.8 501.1 440.0 499.6
Of which Trade and other payables -119.1 -125.3 -124.9 -126.7
Inventories in days Receivables in days
NET CASH POSITION
17
448.0
208.1
+297.4 -79.1
-120.6-277.0
-60.8+0.2
December 2015 NetCash Position
Operating cash flow Change in workingcapital and others
CAPEX Dividend payment Share buyback,exercise of stock
options and liquiditycontract
Others September 2016 NetCash Position
Operations
In million euros
Net Cash From Operating activities +218.3 M€
2016Increased investments to
support medium- and long-term profitable growth
2011 – 20155 YEARS OF ROBUST OPERATIONAL PERFORMANCE
19* See glossary
+3.1% +2.8%
+3.6%
+4.9%
+6.2%
2011 2012 2013 2014 2015
19.7% 19.4%18.2% 18.7% 19.3%
2011 2012 2013 2014 2015
108.8
186.7167.5
194.4 203.6
2011 2012 2013 2014 2015
5 years Average Normalized Income From Operation margin: 19.1%
5 years Average Annual Organic Growth*: +4.1%
5 years Average Annual Free Cash Flow Generation*: 172.2 million Euros
2016 OUTLOOK
20
Continue to deliver solid sales growth
Increase investments in Brand Support and Research & Development
Accelerate Development CAPEX
STATIONERY IN 2016
Leverage Champion BrandsFocus on improving operations and building capacity to sustain growth in India (Cello Pens)
21
23% 25%
2010 2015
New Products as % of Sales
36%45%
2010 2015
Champion Brands as % of Sales
LIGHTERS IN 2016
22
Continue to rely on our safety and best quality added-value lighters to gain distribution, notably Europe and Developing Markets
Leverage the added-value sleeve design • New special edition introduction• Marketing campaigns
2011 2012 2013 2014 2015
BIC® Lighters Net Sales Growth
20%
23%24% 25%
26% 27%
2010 2011 2012 2013 2014 2015
Sleeve as % of total Lighters sales
Sleeves CAGR: +10.8%
Total Lighters CAGR: +6.3%
SHAVERS IN 2016
23
49% 61%
2011 2015
% of Value-added Products in total sales
North AmericaBIC® Soleil Shine™: BIC’s best technology, specifically designed to make the shaving experience better and continue trading up women one-piece usersBIC® Hybrid Comfort 3™ (12 pack version): BIC’s best seller, now in an even better "value for money" offer
Latin AmericaBIC® Miss Soleil Colour Collection: affordable performance now available in 4 vibrant colors
Launch of 2016 new products
YOURLOGOHERE BIC GRAPHIC IN 2016
Considering the recent evolution of the Promotional Products Industry’s environment, the Board has decided to initiatea review of strategic alternatives for BIC Graphic
- Conclusions expected end of 2016
24
2016 - INCREASE INVESTMENTS IN BRAND SUPPORT AND RESEARCH & DEVELOPMENT
– Accompany New Product launches– Reinforce positions in developing
markets – Improve in-store visibility– Strengthen Brand awareness
25
Product quality and performance New technologies and new added-value products
Brand Support to Research and Development in
ACCELERATE DEVELOPMENT CAPEX
26
2016: close to 60% of total CAPEX
*Capacity + new buildings and land + new products
22 22
8
24
36
68
52 53 50
28% 26%
16%
38% 41%
54%48% 47%
41%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Development* Capex in million eurosDevelopment* Capex as % of total Capex
Development* CAPEX
CAPEX IN 2016MAIN PROJECTS
– Additional capacities– Extended R&D centers
27
New buildings/Land
Additional machines
Molds Tooling
Manaus (BR) • Saltillo (MEX)Athens (GR)
ShaversRedon (FR) • Milford (USA)
Tarragona (SP)
LightersSamer (FR) • Marne-La-Vallée (FR)
Cello Pens (IN)
Stationery
2016 GROUP OUTLOOK
28
Mid-single digit growth in Net Sales (on a comparative basis)
Excluding major macro-economic disruptions or currencyfluctuations, 100 to 150 basis points decline in Normalized IncomeFrom Operation margin* due to accelerated Brand Support andR&D investments aimed at fueling profitable medium- and long-term growth while we expect to maintain a strong Net Cash fromoperating activities.
*Excluding the special bonus that has been awarded to employees who have not been granted shares under our performance share plan.
2016 OUTLOOK… AIMED AT FUELING LONG-TERM STRATEGIC PRIORITIES
Continue to create long-term value by outperforming our markets and growing sales organicallylow to mid-single digit thanks to:
29
Maintain strong cash generation to:Grow Normalized Income From Operations through increased productivity as we invest in our people and Brand Support and in Research & Development with a focus on quality and innovative new products
We offer simple, inventive and reliable choices to everyone, everywhere, every time
Expanded distribution networks in all geographies
Increased focus on value-added segments in Developed markets
Enlarged consumer base in Developing markets
Continue to grow the business organically
Finance strategic bolt-on acquisitions
Sustain total Shareholders’ remuneration
Group overview
HISTORY AT A GLANCE
31
1950 …Marcel Bich launches the BIC® Cristal, the first high quality ballpoint penat an affordable price
1954 …The Group starts its international expansion in Europe (Italy, UK, …),Latin America (Brazil) and North America (USA)
1969 …First step in Advertising & Promotional Writing Instrument (BIC graphic)
1973 First BIC® lighter
1975 First BIC® one piece shaver
Since the beginning, on-going product development (correction, luxury fountain pen, school fountain pen, imprinted promotional bags, …) and geographical expansion(Latin America, Eastern and Central Europe, …)
A BALANCED PORTFOLIO OF ACTIVITIES
32
FY 2015 sales breakdown by category
33%
30%
20%
3%
14%
INTERNATIONAL FOOTPRINT
33
1950: France1954: Italy 1956: Brazil1957: “Sterling” zone (UK, Australia…) 1958: USA, Africa, Middle East1959: Scandinavian countries1965: Japan, Mexico1995: Eastern and Central Europe1997: Expansion in Asia2009: India (Cello)
24%
46%
30%
FY 2015 sales breakdown by geography History
DEVELOPINGMARKETS
NORTH AMERICA
EUROPE
CAPITAL OWNERSHIP (31-DEC-2015)
34
As of December 31, 2015, the total number of issued shares of SOCIÉTÉ BIC is 47,942,157 shares representing 69,464,111 voting rights.
42.72%BICH FAMILY
(Voting rights: 59.79%)
55.66%PUBLIC
1.62%TREASURY SHARES
Graph1
Public
Bich Family
Treasury shares
Ventes
0.4387
0.545
0.0163
Feuil1
Ventes
Public43.87%
Bich Family54.50%
Treasury shares1.63%
100.0%
STRATEGIC ASSETS
A large and diversified product portfolio aimed at answering consumers’ needs
Innovation: 12% of net sales through new products in 2015
Recognized brands
Historical international footprint- Present in more than 160 countries- 30% of 2015 net sales in developing countries
An international, complete and solid distribution network
On-going and sustained productivity improvement policy
A solid balance sheet and a clear use of cash strategy
35
Quality and Value product positioning
Brand…SProducts
Simple
Reliable
Inventive
At the right Price
BalanceSheet
€263.6M Free Cash Flow generation***
€448.0M Net Cash Position at the end
of 2015
Worldwide leadership
Stationerycc.9%
market share
Lighterscc. 50% market
share**
Shavers20% market share*
of one-piece in USA and Europe
Advertising & Promotional
Products
KEY STRENGTHS
36
N°2
N°1
N°2
N°2
* One-piece shavers in major markets (US, Europe, Latin America)** Outside Asia***Before acquisition and disposals
STRONG INTERNATIONAL BRANDS
37
BIC Stationery brand unaided awareness rate
10097 98 97
10098 98
9194
98
France United Kingdom Italy Spain Greece United-States Mexico Brazil South Africa Australia
MANUFACTURING NETWORK
38
Cello Pens: 2 factories
86% of the BIC® products are produced in BIC owned factories
90% in the consumer product business
65% in the advertising and promotional product business
BIC IN 2015OPERATIONAL PERFORMANCE
39
Net Sales growth on a comparative basis
4.6%3.3%
1.6%-0.6%
5.9%
3.1% 2.8% 3.6%4.9%
6.2%
17.9% 17.4%15.1% 15.3%
17.2%
19.7% 19.4%18.2% 18.7%
19.3%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Normalized* IFO margin
* See glossary
99.4
179.1
129.4145.7
297.2
204.6
115.6
185.4
225.7239.4
263.6
99.5
147.8
116.3144.3
115.1
221.9
108.8
186.7167.5
194.4 203.6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BIC IN 2015CASH GENERATION
40
Free Cash Flowbefore acquisitions and disposals*
Free Cash Flow after acquisitions and disposals*
In million euros
* See glossary
CAPEX
41
77 83
5363
89
125107 112
121
5.3% 5.9% 3.4% 3.4% 4.9%6.6% 5.7% 5.7% 5.4%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Capex to sales
*Capacity + new buildings and land + new products
DevelopmentCapex41%
MaintenanceCapex32%
OtherCapex27%
USE OF NET CASH AND SHAREHOLDERS REMUNERATION
42
178 8 14
7249 40 26
242
101
2
80
10 26
99
179
129146
298
205
116
185
226239
264
25 58 6465
65
68
91
104
121
122135
5149
8531
131
182
15
58
53
74
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Business divestiture Share buyback Free cash flow* Ordinary dividend Exceptional dividend Acquisition
In million euros
* Estimates based on 31-DEC-2015 number of shares outstanding excluding treasury shares
121 million eurosin 2015
Investto preparethe future
USE OF CASH (1/2)
43
CAPEX
APPPromotional
productsEurope
Cello Pens(Partnership)
Writing instrumentsIndia
NorwoodPromotional
productsUSA
AngstromFuel CellCanada
Cello PensMajority stake
of 55%
Atchison ProductsPromotional
productsUSA
Cello PensMajority stake
of 75%
20092007 2009 2009 2011 2013 2014 2015Cello Pens
Majority stakeof 100%
1
74 million eurosin 2015
Bolt-on strategicacquisitions
USE OF CASH (2/2)
44
PAY-OUT RATIO
49% basedon 2015 results0.90 1.15
1.30 1.35 1.35 1.401.90
2.20 2.56 2.602.85
3.40
1.00 1.00
1.80
2.50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dividend per share Special DividendIn euros
39.925.7
1.9
42.0
101.4
1.6
80.2
10.226.3
62.3
2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDSept.2016
In million euros
Ensure a steady growth of the
ordinary dividend
2
Sharebuy-back
3 Specialdividend4
STATIONERY
THE CONSUMER STATIONERY MARKET (1/3)
46
Total worldwide consumer stationery market = 8.6 billion Euros in 2015
Key geographical markets breakdown (in value) Breakdown by main segment (in value)
Europe26%
North America
18%Latin
America9%
Asia37%
India4%
Others6%
Pens56%
Mechanical pencils
5%
Marking17%
Coloring16%
Correction6%
Of which:23% Ball pens19% gel ink
All market shares are based on 2015 estimated suppliers net sales figures
THE CONSUMER STATIONERY MARKET (2/3)
47
India Latin America
NorthAmerica Asia
Europe
0.0%
5.0%
10.0%
Market trends by geographies (in value)Market growth (CAGR)
2015/2011
Size in million eurosBIC Estimates & Published Research
Graph1
India
Latin America
NorthAmerica
Asia
Europe
Growth
0.06
0.057
0.035
0.033
0.024
354.7
751.6
1553.3
3145.6
2205.4
Feuil1
PaysGrowthSize
India6.0%354.7
Latin America5.7%751.6
NorthAmerica3.5%1553.3
Asia3.3%3145.6
Europe2.4%2205.4
paysEuropeNorth AmericaAsiaLatin AmericaIndia
Taille2,205.401553.33145.6751.6354.7
Croissance2%4%3%6%6%
Europe2.4%2205.4
Feuil2
Feuil3
Others49.9%
Newell10.0%BIC*
9.2%Pilot6.2%
Mitsubishi5.8%
Faber Castle4.4%
M&G (China)4.4%
Crayola3.5%
Pentel2.8%
Zebra2.0%
Schwan-Stabilo1.8%
THE CONSUMER STATIONERY MARKET (3/3)
48
Total worldwide consumer stationery market = 8.6 billion Euros in 2015Breakdown by main supplier (in value)
BIC Estimate & Published Research – 2015 – Manufacturers figures – Pens, pencils, markers, coloring, correction* With Cello Pens
STATIONERY CONSUMER – BIC STRATEGY
Gaining market share in Developed countries (markets more or less flat) focusing on Champion Brands new products
Accelerating sales growth in fast growing countries (markets up mid to high single digit)
Developing geographical footprint
Focus on giving “more for your money” to consumers through best quality at the right price
Increased consumer-relevant innovation
49
Generate profitable growth through
STATIONERY CONSUMER: “QUALITY @ A BIC PRICE”
50
Historical and close
relationship with the trade
Iconicproducts
Strong brandsWorldwide leadership positions
Strong positionsin major market
segments Consumer trust for more than 50 years Innovation
More than 3m outlets
worldwide*
* Outside Cello Pens
2010- 2015 BIC STATIONERY CONSUMER KEY FIGURES
12.1%14.0% 15.0%
12.7% 12.5% 11.5%
2010 2011 2012 2013 2014 2015
51
FY 2015 Net Sales
FY 2015 IFO €83.7M€727.0M
Net sales change on a comparative basis
Volume +7.0% +6.0% +1.0% +0.3% +4.0% +2.0%
Value +6.7% +4.1% +2.6% +2.1% +4.2% +3.6%
Normalized IFO margin
Average
+3.4%
+3.9%
12.9%
BIC® PRODUCT RETAIL PRICE POSITIONNING
52
Ball pen Retail prices in FranceIn euros
Source : PVC recommended, 2016, BIC France CP, France Modern Mass Market
0.32 € 0.36 € 0.41 €0.73 €
1.46 € 1.63 €1.98 €
2.24 €2.53 €
4.45 €
Cristal medium Cristal Fashion Cristal like me M10 4 coulours Atlantis soft Cristal stylus Learner bell pen 4 coloursShine/Decor/Fluo
4 colours stylus
STATIONERY CONSUMER BIC POSITIONS IN MAJOR MARKET SEGMENTS*
53
N°1 in Ball Pen(21% market share)
N°1 in Mechanical Pencils
(13% market share)
N°1 in correction(19% market share)
N°2 in marking(5% market share)
*BIC Estimates – 2015 (in value)
N°1 in Western Europe
(18% market share)
N°2 in the U.S.(15% market
share)
N°1 in Latin America
(21% market share)
LIGHTERS
THE POCKET LIGHTER MARKETVOLUMES VS. VALUE
55
Volumes: 13.8 billion units Value: 4.9 billion euros
World Excl. Asia
Asia
BIC estimates for 2015 – Retail prices
35%
65%56%
44%
THE POCKET LIGHTER MARKETKEY PLAYERS OUTSIDE ASIA
56
Asian manufacturers
BIC
Other brandedLighters
57%cc. 30%
13%
32%
18%
Market shares in volume outside Asia Market shares in value outside Asia
cc.50%
BIC estimates for 2015 – Retail prices
Of whichFlamagas: 6%
Swedish Match: 5%Tokkai: 2%
Of whichSwedish Match: 6%
Flamagas: 6%Tokkai: 1%
Graph1
Asian
BIC
Others
Ventes
18%
0.32
0.55
0.13
Feuil1
Ventes
Asian32%
BIC55%
Others13%
Pour redimensionner la plage de données du graphique, faites glisser le coin inférieur droit de la plage.
OVERVIEW OF MANDATORY SAFETY REGULATION AROUND THE WORLD
57
1998
ISO: 1989CR: 1995
2000
2003
CR: 1992ISO: 1997
2003
ISO: 2004CR: 2016
20052011
2006
2007
2010
20062003
1994
1997
Child resistant
ISO 9994 and Child Resistant
ISO 9994
1999
LONG TERM VIEW OF SAFETY REGULATION IMPACTON LIGHTER SALES
58
Africa Asia Europe LatinAmerica*North
America*ISO 9994 conform lighters
Low quality lighters
Matches
* Real enforcement of the regulation
Graph1
NNN
N+1N+1N+1
N+2N+2N+2
N+3N+3N+3
N+4N+4N+4
N+5N+5N+5
N+6N+6N+6
N+7N+7N+7
N+8N+8N+8
N+9N+9N+9
N+10N+10N+10
N+11N+11N+11
N+12N+12N+12
N+13N+13N+13
N+14N+14N+14
N+15N+15N+15
Time scale
Matches
Low quality lighters
ISO9994 conform lighters
Value sales
20
1
1
22
1.5
1
23
2.5
1
23
4
1
22
6
1
20
8
1
18
10
1
15
12
1.5
12
14
3
10
15
6
9
15.5
9
8
16
12
7.5
15.5
15
7
15
18
6.8
14
20
6.6
12
21
Sales Europe
Off-Invoice Sales / Year (In M€ at Budget Rate 09)Off-Invoice / Year (In M€ at Budget Rate 09)
ACT 99ACT 00ACT 01ACT 02ACT 03ACT 04ACT 05ACT 06ACT 07ACT 08F3+9 09 - V25-MAR-09
Europe / Mea73.725375.21455978.62606879.3633789.31089599
NAO125.749877132.280749145.73365165.957788194.201421211.453247222.991367210.80619218.680759
Latin America31.20630631.70157936.26565648.13492859.23972265.44103370.69455674.00860976.689669
SALES
199819992000200120022003200420052006200720082009F2010F2011F2012F2013
USA ACTUAL43212481620222323
USA FCST2321222324
EU ACTUAL43212481620
EU FCST2022232321
EE ACTUAL432124
EE FCST48162022
TOTAL SALES ACTUAL432556132126314147
TOTAL SALES FCST4751616667
SALES
NN+1N+2N+3N+4N+5N+6N+7N+8N+9N+10N+11N+12N+13N+14N+15
Matches20222323222018151210987.576.86.6
Low quality lighters11.52.54681012141515.51615.5151412
ISO9994 conform lighters11111111.53691215182021
TOTAL EUROPE111110172133.536384040.839.6
00
Sales Europe
0
Europe / Mea
NAO
Latin America
Funnel tradi
USA ACTUAL
USA FCST
EU ACTUAL
EU FCST
EE ACTUAL
EE FCST
TOTAL SALES ACTUAL
TOTAL SALES FCST
Value sales
BIC LIGHTER SALES EXPENSSION
Conjoint
Matches
Low quality lighters
ISO9994 conform lighters
Value sales
SPLIT OF LIGHTS
Funnel MMM
FUNNEL ANALYSIS TRADITIONNAL MARKET
BIC Sales force100%100%
Retailer request50%50%
BIC & competition Sales force50%50%
50%50%
Advertising100%50%
Awareness75%38%
Call center push - Interest70%35%
65%33%
99% awareness - 85% unadded awareness75%24%
WHOLESALERS
BIC SUBSIDIARIES
CONSUMERS
RETAILERS
INTEREST
AWARE
PURCHASE INTENTION
DISTRIBUTION
EXCLUSIVITY
INTEREST
AWARE
INTENT
DISTRIBUTION
PURCHASE INTENTION
AWARE
High financial interest in selling low quality lighters. Direct BIC push inefficient. Indirect push powerful
Low rotation of asian lighters in sales. Little financial interest. Strong Goddwill for BIC
MAIN GAP 50 pts
MAIN GAP 35 pts
Feuil1
TODAY
Scenario 1Scenario 3Scenario 2Scenario 4Scenario 5Scenario 6
AsiansOther EuropeanBICAsiansOther EuropeanBIC
Price132634132650
Quality0510101010
Awareness54085406085
Total Utility0.8361.4442.1332.0122.0472.042
Not the know how and heavy investment
Huge investment - very low probability
Possible
PRICE
Asians0.13
Other europeans0.26
BIC0.34
QUALITY
Asians0
Other europeans0.05
BIC0.1
AWARENESS
Asians5%
Other europeans40%
BIC85%
Asian lighters
Other European manufacturers
BIC
Feuil1
Asians
Other europeans
BIC
Euro per lighter
RETAILER PURCHASE PRICE
Asians
Other europeans
BIC
CONFORMITY TO STANDARD
Asians
Other europeans
BIC
BRAND AWARENESS
FUNNEL ANALYSIS MODERN MASS MARKET
Advertising100%100%
Awareness50%50%
Financial, legal, risk manager50%50%
50%50%
99% awareness - 85% unadded awareness100%50%
Above std
Just at std
Below std
WHOLESALERS
BIC SUBSIDIARIES
CONSUMERS
RETAILERS
INTEREST
AWARE
PURCHASE INTENTION
DISTRIBUTION
EXCLUSIVITY
INTEREST
AWARE
INTENT
DISTRIBUTION
PURCHASE INTENTION
AWARE
Buyer interested in price. Direct action has low efficiency. Good suceess in including other customer decisions stackholder in negociation
PriceMS
Disposable lighters196%
Metallic lighters71%
Lighter case50.01%
Novelty lighters42%
Semi-luxury151%49
Luxury401%
BIC LIGHTER – STRATEGY
By promoting the extension and the total enforcementof international safety standards
By accelerating the development of value-added products (sleeves, cases and utility lighters)
59
Strengthen our position as the only lighter brand with worldwide strengths
BIC LIGHTERN°1 BRANDED LIGHTER MANUFACTURER
60
vs. market average
More than 50 automatic
quality controls
Consumer preference (U.S.)
Market leadership - Estimated market shares (in value)
Safety – Quality – Prevention & education
Integrated distribution network
cc. 50%
< 30%
> 70% > 65%
Worldwide* Europe North America Latin America
Dedicated Customer Support Teams in all countriesLargest distribution network
8%
10%
86%
Competitor B
Competitor A
BIC
* Excluding Asia
2006 – 2015 BIC LIGHTER KEY FIGURES
32.5% 32.1%29.2%
34.0% 36.2%38.9% 37.4% 37.0% 37.7% 38.2%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
61
FY 2015 Net Sales
FY 2015 IFO €260.9M€675.7M
Net sales change on a comparative basis
Vol. -5.0% +3.0% +10.0% +8.0% +3.0% +3.8% +4.0% +5.0%
Value +5.6% +3.7% +0.8% +5.3% +11.6% +8.6% +4.3% +7.0% +8.3% +8.3%
Normalized IFO margin
Average
+3.9%
+6.4%
35.3%
BIC® LIGHTERS SALES EVOLUTION IN THE U.S.
100106
-1
+1+3 +1 +2
2009 CigaretteConsumption
Other CombustibleConsumption
Sleeves trade-up Distribution Gains Price 2015
62
Continue to leverage all growth drivers
In value2009-2015 : +6%
1.32 €
$1.59
1.28 €
0.41 €
1.13 €
$0.79 0.98 €
0.28 €
0.73 €
Europe(in euros)
USA(in dollar)
Brazil(in euros)
China(in euros)
BIC Other compliant lighter Non-compliant lighter
BIC® LIGHTER RETAIL PRICE POSITIONNING
63
Source: BIC (Reference J26 for Europe, USA, Brazil and J3 for China)Europe and Brazil : 2014 data – USA and China : 2015 data)
BIC® LIGHTER RETAIL PRICE PER FLAME
64
Based Indice 1
1.0 1.0 1.0 1.0
1.41.5
1.21.4
1.8
Europe USA Brazil China
BIC Other compliant lighter Non-compliant lighterSource: BIC (Reference J26 for Europe, USA, Brazil and J3 for China)Europe and Brazil : 2014 data – USA and China : 2015 data)
SHAVERS
THE SHAVER MARKET (1/6)
66
Total wet shave market in 2015: 12.6 billion euros
59%
40%
1%
REFILLABLE
ONE-PIECE
DOUBLE EDGE
Source: Euromonitor + Industry publications
WET SHAVE MARKET – REGIONAL STRUCTURE
67
in value
Source: Euromonitor 2015 / InternalEUR = Western Europe + Eastern Europe
Disposable System
32% 49%8% 8%
LAM 14%
NAM 7%
EUR 7%
NAM4%
ASIA3%
EUR2%
LAM1%
ASIA1%
NAM14%
EUR20%
LAM7%
ASIA7%
OCE1%
MEA1%
NAM4%
EUR3%
ASIA1%
MEA1%
Men74%
Women26%
THE SHAVER MARKET (3/6)
68
Wet Shave market trend (in billion euros)
8.2 8.69.1 9.5
10.2 10.811.0
12.0 12.0 12.6
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Euromonitor + Industry publications
THE SHAVER MARKET (4/6)
69
Global Wet Shave Source of Growth – in value(CAGR 2008 to 2015)
PopulationGrowth
ConsumptionGrowth
Trading Up & Price Increase
27%33%
40%
2008 2015Source: Euromonitor 2015 + Internal estimate
THE SHAVER MARKET (5/6)
70
Market evolution towards more value-added products (in value)
14%
4%
86%
50%
0%
46%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Single Blade Twin Blades Triple Blades and More
16%
3%
80%
25%
4%
72%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Single Blade Twin Blades Triple Baldes and More
Western Europe USA
Source: USA = IRI MULO FY 2015Europe = AC Nielsen All countries FY 2015
9%5%
87%
65%
4%
30%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Single Blade Twin Blades Triple Blades and More
THE SHAVER MARKET (6/6)
71
Market evolution towards more value-added products (in value)
Brazil
Source: AC Nielsen FY 2014
SHAVERS - STRATEGY
A complete and successful range of one-piece three, four and five-blade products for men (BIC 3™, Comfort 3™, Hybrid 3™, Flex 3™, Flex 4™, Flex 5™…)
A strong franchise in the women’s segment with the BIC® Soleil® Brand
Products offering a better value
Great value for money positioning
72
Strengthen our foundation in one-piece
2006 – 2015 BIC SHAVER KEY FIGURES
9.9%8.2%
4.1%
12.5%14.2%
18.0%17.1% 17.0% 17.8%
18.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
73
FY 2015Net Sales
FY 2015IFO €83.3M€452.0M
Net sales change on a comparative basis
Volume +0.0% -4.0% +7.0% +3.0% +3.0% +3.8% +4.0% +1.0%
Value +6.2% +9.2% +3.9% +2.4% +7.6% +9.1% +10.1% +6.5% +4.1% +11.9%
Normalized IFO margin
Average
+2.2%
+7.1%
13.7%
ONE-PIECE MARKET SHARES IN EUROPE(16 COUNTRIES)
74
51%
16% 19%
Gillette BIC Schick
38%
18%15%
Gillette BIC Schick
Source: IRI Nielsen - Last 52 weeks ending December 2015 (Europe 16 countries)
In volume In value
ONE-PIECE MARKET SHARES IN USA
75
38%
27%
16%
Gillette BIC Schick
25%
31%
11%
Gillette BIC Schick
Source: IRI Nielsen - Last 52 weeks ending December 2015
In volume In value
ONE-PIECE MARKET SHARES IN BRAZIL
76
In volume In value
78%
17%
1%
Gillette BIC Schick
70%
22%
1%
Gillette BIC Schick
Source: IRI Nielsen - Last 52 weeks ending December 2015
BIC MARKET SHARES IN 3 AND MORE BLADES* DISPOSABLE SHAVERS SEGMENT
77
In volume
28%33% 31%
Europe United States Brazil
20%
29%25%
Europe United States Brazil
In value
Source: IRI Nielsen AC Nielsen and BIC estimates (December 2015)*Europe and Brazil : 3 and 4 blades / United States : 3, 4 and 5 blades
SHAVERS: QUALITY AND INNOVATION AT A REASONABLE PRICE
78
3, 4 & 5 blades men One-piece – US (USD)3, 4 & 5 blades women One-piece – US (USD)
0.301.37
1.502.002.002.00
2.333.00
3.333.66
BIC Silky TouchBIC Soleil TwilightSimply Venus 3B
BIC Soleil BellaQuattro Disposable
BIC Soleil GlowVenus Disposable
BIC Soleil ShineHydro Silk Disposable
Venus Embrace Disposable
0.500.650.67
1.001.251.25
1.502.00
2.332.83
3.33
Slim twinComfort 3Sensor 2
Hybrid 3 ComfortExtreme 3BIC Flex 3
Sensor 3BIC Flex 4
Mach 3Flex 5
Hydro 5
A complete and well price-positioned range of one-piece triple-blade products for men
A strong franchise with products offering a better value in the women’s segment
Women’s Refillable – US (USD)
2.87
3.10
Venus System
Quattro System
Walmart non-promoted price per unit - Ending September 2016
BIC GRAPHIC
YOURLOGOHERE
ADVERTISING AND PROMOTIONAL PRODUCTS HISTORY AND DEFINITION
80
Items used to advertise and promote a product, a service or a company program
Advertising specialties
Premiums
Incentives
Business gifts
Awards
Prizes
Commemoratives
Imprinted/decorated items
YOURLOGOHERE
ADVERTISING AND PROMOTIONAL PRODUCTS A LARGE AND GROWING BUSINESS
81
Estimated Supplier market sizeBetween €14-16 bn Euros
29%EUROPE
57%USA
14%REST OF THE WORLD
Source: PPAI and BIC estimates for 2015
YOURLOGOHERE
ADVERTISING AND PROMOTIONAL PRODUCTS A STRUCTURED BUT FRAGMENTED INDUSTRY
82
1 2 3 4
Manufacturing
Assembly
Sourcing
Multiple printing applications
Traditional outside sales team Fulfillment programs, Door-to-door sales, Friends and family
Direct MarketingWEB, Catalogs, Samples, Telesales
Brand awareness Employee relations & events Tradeshows Public relations New customer acquisition Dealer/distributor programs New product/service introduction Employee service awards Not-for-profit programs Internal promotions Safety education/incentive Customer referral Marketing research
End-user
End-user
End-user
End-user
End-user
Products are sold blank or imprinted
End-userCompanyDistributorSupplier
Special markets Hotel & lodging, Pharmaceutical, Tobacco, Government
YOURLOGOHERE
ADVERTISING AND PROMOTIONAL PRODUCTS A STRUCTURED BUT FRAGMENTED INDUSTRY
83
* mainly Apparel oriented
2014 US suppliers estimated market
share
2014 US distributors estimated market
share
71.6%
Alphabroder (6.3%)*SanMar (5.8%) *Polyconcept North America (4.1%)Bic Graphic North America (2.5%)Hit Promotional Products (2.1%)Ennis (2.0%)Bodek and Rhodes (2.0%)*S & S Activewear (1.6%)*Staton Corporate and Casual (1.0%)*Sunscope/Aprinta (0.9%)
Others
87.9%
Staples Promotional Products 2.1%4 Imprint 1.9%Proforma 1.7%BDA 1.2%Group II Communications/IMS 1.2%Halo Branded Solutions 1.0%AIA Corporation 0.8%Geiger 0.8%National Pen Corporation 0.7%Cintas 0.7%
Others
YOURLOGOHERE
Others5.2%
Wearables27.8%
Bags7.6%
Writing Instruments10.4%Drinkware7.6%
Desk/Office/Business Accessories
4.9%
Awards4.9%
Computers4.1%
Calendars3.3%
Health & Safety products
2.3%
Textiles2.6%
Housewares2.4%
Electronics1.6%
Food1.7%
Personnal1.4%
Magnets1.7%
Buttons/Badges2.0%
Stickers1.9%
Sporting Goods1.8% Games
1.7%
Automotives1.6%
Clocks and Watches1.2%
Gift cards0.4%
ADVERTISING AND PROMOTIONAL PRODUCTS A STRUCTURED BUT FRAGMENTED INDUSTRY
84
Estimated North American sales by product category
Source: PPAI
Graph1
Others
Wearables
Bags
Writing Instruments
Drinkware
Desk/Office/Business Accessories
Awards
Computers
Calendars
Health & Safety products
Textiles
Housewares
Electronics
Food
Personnal
Magnets
Buttons/Badges
Stickers
Sporting Goods
Games
Automotives
Clocks and Watches
Gift cards
0.052
0.2784
0.0763
0.1042
0.0756
0.0485
0.0486
0.0413
0.0332
0.0232
0.0263
0.0238
0.0157
0.0168
0.0141
0.0169
0.0197
0.0185
0.0179
0.0168
0.0161
0.0119
0.0042
Feuil1
Others5.2%
Wearables27.8%
Bags7.6%
Writing Instruments10.4%
Drinkware7.6%
Desk/Office/Business Accessories4.9%
Awards4.9%
Computers4.1%
Calendars3.3%
Health & Safety products2.3%
Textiles2.6%
Housewares2.4%
Electronics1.6%
Food1.7%
Personnal1.4%
Magnets1.7%
Buttons/Badges2.0%
Stickers1.9%
Sporting Goods1.8%
Games1.7%
Automotives1.6%
Clocks and Watches1.2%
Gift cards0.4%
100.00%
YOURLOGOHERE BIC GRAPHIC
85
BIC enters the Promotional Products Business
Products & geographicaldiversification
(Europe, USA, Latin America)
Atchison(USA)
AntalisPromotional Products (Europe)
Mainly Internal growth Mainly External growth
1969 1970 2006 2007 2009
NorwoodPromotional
Products(USA)
Imprinted Writing Instruments
Imprinted lighters, sticky notes, drinkware, …
Imprinted bags
Complete range of non imprinted products
Full range of imprinted & non imprinted
products
YOURLOGOHERE
CALENDARS19%
STATIONARY49%
HARD GOODS32%
BIC GRAPHIC - HIGHLIGHTS AND KEY FIGURES
86
BIC Graphic Net Sales Breakdown by Products CategoryFull Year 2015
Graph1
Calendars
Stationery
Hard goods
Ventes
CALENDARS19%
STATIONARY49%
HARD GOODS32%
0.19
0.49
0.32
Feuil1
Ventes
Calendars19%
Stationery49%
Hard goods32%
Pour redimensionner la plage de données du graphique, faites glisser le coin inférieur droit de la plage.
100%
YOURLOGOHERE 2009 - 2015 BIC GRAPHIC KEY FIGURES
87
FY 2015Net Sales
FY 2015IFO €13.1M€319.3M
Net sales change on a comparative basis
-18.9% -3.3% -10.4% -9.2% -5.0% +2.5% +1.6%
10.4%9.2%
7.8%7.1%
4.3%3.5% 3.3%
2009 2010 2011 2012 2013 2014 2015
Normalized IFO margin
SustainableDevelopment
MEASURE…
89
Items used to advertise and promote a product, a service or a company program
BIC®Cristal®
Pen
LighterBIC®Maxi
BIC®Classic
Single-bladeShaver
88% 7% 4% - 1%
87% 6% 5% - 2%
83% 11% 4%
78%
2%-
(shaverinc.usage)
… TO ECO-DESIGN …
90
Take into account our main impact: use of non renewable raw materials
Recycled plastic and metalPlastic from vegetal origin
Refillable products
Light and long lasting products
Reduce to the raw material weight
1
Maximum increaseof the duration of use
2
Use alternative materials
3
… OUR PRODUCTS
91
Light and long-lasting products overcoming the paradox of disposable vs. long-lasting
A trendsetting range
Eco-values on packagingfor stationery products
FRENCH ECOLABEL NF ENVIRONNEMENT BIC FIRST MANUFACTURER TO BE CERTIFIED
92
Cristal® Fine
Orange™ Fine
Clic Stic™
BIC Matic
Evolution™ 650
Evolution™ 655
Evolution™ coloring
Atlantis® Clic (in box only)
4 Couleurs™ fine BIC® Kids Visacolor™ XL
Cristal® Medium (uniquement en boîtes)
Evolution™ Black
Evolution™ coloring Triangle
4 Couleurs™ pro & 4 Colors™ Counter Pen
4 Couleurs™
AN EXAMPLE OF ECODESIGN: THE BIC® EASY SHAVER
Ecodesign allowed to create a shaver with: Less material With the same characteristics, therefore the same perception of quality by the consumer
93
BIC® C3 ® AdvanceTM BIC® Easy
-20%
1st step:
Reducingthe quantityof material
2nd step:
Have a longer durationof use
+=BIC® EASY 1
lighweight handle sold with 6 heads
=
-59% of environnemental
Impact on the duration
of use
60 days of shaving
Appendix
9M 2016 NET SALES MAIN EXCHANGE RATE EVOLUTION VS. EURO
95
% of sales
Average rate
Average rate
% of change % of sales
Average rate
Average rate
% of changeQ3 2015 Q3 2016 9M 2015 9M 2016US Dollar 47% 1.11 1.12 -0.4% US Dollar 46% 1.11 1.12 -0.1%
Brazilian Real 9% 3.90 3.62 7.5% Brazilian Real 7% 3.50 3.95 -11.3%
Mexican Peso 4% 18.20 20.95 -13.1% Mexican Peso 5% 17.32 20.45 -15.3%
Argentina 1% 10.27 16.70 -38.5% Argentina 1% 9.99 16.27 -38.6%
Canadian dollar 3% 1.45 1.46 -0.5% Canadian dollar 3% 1.40 1.47 -4.9%
Australian dollar 2% 1.53 1.47 3.8% Australian dollar 2% 1.46 1.50 -3.0%South African Zar 1% 14.38 15.70 -8.4% South African Zar 1% 13.66 16.69 -18.1%
Indian Rupee 3% 72.14 74.72 -3.5% Indian Rupee 3% 70.80 74.93 -5.5%Non Euro European countries 7% Non Euro European countries 6%
Sweden 9.42 9.51 -1.0% Sweden 9.37 9.38 -0.1%
Russia 69.75 72.07 -3.2% Russia 66.40 76.09 -12.7%
Poland 4.19 4.34 -3.5% Poland 4.16 4.36 -4.6%British Pound 0.72 0.85 -15.7% British Pound 0.73 0.80 -9.4%
34%
30%
21%
2%
13%
OTHER CONSUMERPRODUCTS
BIC GRAPHIC
SHAVERS
STATIONERY
LIGHTERS
9M 2016 NET SALES BREAKDOWNBY CATEGORY
96
25%
47%
28%
NORTH AMERICA
DEVELOPING MARKETS EUROPE
9M 2016 NET SALES BREAKDOWNBY GEOGRAPHY
97
Q3 2016 NET SALES EVOLUTION
98
548.3 559.6
Q3 2015 Net Sales Change on a constant currencybasis
FX translation impact Q3 2016 Net Sales
-9 M€
FX translation impact
-1.7%+3.8%
In million euros
USD: -1 M€BRL: +3 M€ARS : -3 M€MXN: -4 M€ZAR : -1 M€INR : -1 M€RUB & UAH: -1 M€Others: -1 M€
9M 2016 NET SALES EVOLUTION
99
1,682.3 1,692.9
9M 2015 Net Sales Change on a constant currencybasis
FX translation impact 9M 2016 Net Sales
-72 M€
FX translation impact
-4.3%+4.9%
In million euros
USD: -2 M€BRL: -16 M€ARS : -15 M€MXN: -15 M€ZAR : -4 M€INR : -3 M€RUB & UAH: -3 M€Others: -14 M€
GROUP QUARTERLY FIGURES
*See glossary
100
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 428.6 508.9 470.4 479.9 1,887.8 434.2 534.3 496.8 513.8 1,979.1 510.8 623.1 548.3 1,682.3 559.4 2,241.7 517.3 616.0 559.6 1,692.9
YoY actual changes -3.7% +1.6% -3.8% +3.4% -0.6% +1.3% +5.0% +5.6% +7.1% +4.8% +17.6% +16.6% +10.4% +14.8% +8.9% +13.3% +1.3% -1.1% 2.1% 0.6%
YoY changes on a constant currencies basis* -0.7% +4.1% +3.5% +11.4% +4.6% +6.2% +5.2% +4.1% +5.1% +6.9% +5.6% +6.9% +4.2% +3.8% +4.9%
YoY changes on a comparative basis* 0.0% +4.1% +3.5% +6.7% +3.6% +4.5% +7.6% +2.6% +4.8% +4.9% +6.8% +5.8% +4.8% +5.8% +7.3% +6.2% +6.9% +4.2% +3.8% +4.9%
IFO 65.2 103.2 96.4 74.4 339.2 73.0 123.7 94.7 77.9 369.3 97.6 143.9 104.2 345.7 94.2 439.9 76.4 127.3 104.0 307.7
Normalized IFO* 66.7 103.3 95.8 78.4 344.2 73.0 111.6 94.7 90.6 370.0 101.8 137.4 104.2 343.4 88.6 432.0 76.4 131.6 105.2 313.1
IFO margin 15.2% 20.3% 20.5% 15.5% 18.0% 16.8% 23.1% 19.1% 15.2% 18.7% 19.1% 23.1% 19.0% 20.5% 16.8% 19.6% 14.8% 20.7% 18.6% 18.2%
Normalized IFO margin* 15.6% 20.3% 20.4% 16.3% 18.2% 16.8% 20.9% 19.1% 17.6% 18.7% 19.9% 22.1% 19.0% 20.4% 15.8% 19.3% 14.8% 21.4% 18.8% 18.5%
Income before tax 65.0 104.9 98.9 77.1 345.8 74.5 123.7 96.2 86.1 380.4 110.3 142.9 110.3 363.6 103.1 466.7 73.0 127.3 105.2 305.4
Net Income Group Share 45.2 72.9 68.5 54.9 241.5 50.1 85.6 66.6 59.7 262.1 77.2 99.3 76.3 252.9 72.1 325.1 51.0 89.1 73.6 213.7
EPS Group Share 0.95 1.54 1.45 1.17 5.13 1.07 1.82 1.42 1.27 5.57 1.64 2.10 1.62 5.36 1.53 6.89 1.08 1.89 1.57 4.55
GROUP QUARTERLY FIGURES BY GEOGRAPHY
*See glossary
101
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Europe 109.6 154 119.9 110.2 493.8 111.4 153.7 130.2 113.9 509.1 117.6 160.0 131.4 408.9 118.9 527.8 126.4 170.1 131.4 428.0
Net Sales
YoY actual changes -1.7% 7.2% -0.8% +1.6% +1.9% +1.6% -0.2% +8.5% +3.3% +3.1% +5.5% +4.1% +0.9% +3.5% +4.4% +3.7% +7.5% +6.3% +0.1% +4.7%
YoY changes on a comparative basis* +1.5% +7.6% +1.0% +2.5% +3.4% +2.6% +0.7% +8.7% +6.0% +4.3% +7.3% +5.0% +3.5% +5.1% +5.7% +5.3% +9.1% +8.7% +2.6% +6.8%
North America 174.6 212.5 219.9 195.6 802.6 169.4 225.1 220.7 214.9 830.1 220.9 290.5 268.7 780.2 259.9 1,040.1 235.9 290.3 271.1 797.2
Net Sales
YoY actual changes -2.7% -1.1% -2.2% -1.6% -1.9% -3.0% +6.0% +0.4% +9.8% +3.4% +30.4% +29.0% +21.7% +26.8% +21.0% +25.3% +6.8% -0.1% +0.9% +2.2%
YoY changes on a comparative basis* -2.1% +1.1% +3.9% +3.5% +1.8% +1.4% +11.5% +0.9% +1.4% +4.0% +8.1% +4.9% +2.9% +5.0% +6.8% +5.5% +5.1% +2.3% +1.3% +2.8%
Developing markets144.4 142.4 130.7 174 591.3 153.4 155.4 145.9 185.1 639.8 172.3 172.6 148.3 493.2 180.6 673.8 154.9 155.6 157.1 467.7
Net Sales
YoY actual changes -6.3% +0.1% -8.7% +11.0% -0.8% +6.3% +9.2% +11.7% +6.4% +8.2% +12.3% +11.0% +1.6% +8.5% -2.4% +5.3% -10.1% -9.8% +6.0% -5.2%
YoY changes on a comparative basis* +1.5% +5.2% +4.9% +13.7% 6.4% +9.6% +9.1% -0.2% +7.9% +6.8% +5.2% +8.0% +9.0% +7.4% +8.9% +7.8% +7.7% +3.3% +9.2% +6.6%
GROUP CONSUMER
*See glossary
102
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 375.7 446.8 401.0 396.5 1,619.9 382.6 475.0 426.0 420.0 1,703.6 449.7 551.7 470.0 1,471.5 450.9 1,922.4 453.1 546.6 476.3 1476.0
YoY actual changes -2.4% +3.0% -3.1% +5.7% +0.8% +1.8% +6.3% +6.2% +5.9% +5.2% +17.6% +16.2% +10.3% +14.6% +7.3% +12.8% +0.8% -0.9% +1.3% +0.3%
YoY changes on a constant currencies basis* +0.9% +5.7% +4.5% +14.7% +6.3% +11.7% +12.8% +7.2% +3.9% +9.0% +6.7% +5.6% +5.3% +5.8% +7.4% +6.2% +7.2% +4.7%
+3.2% +5.0%
YoY changes on a comparative basis* +0.9% +5.7% +4.5% +8.9% +5.2% +4.9% +8.6% +2.7% +4.6% +5.3% +7.4% +6.3% +6.2% +6.6% +7.9% +6.9% +7.2% +4.7%
+3.2% +5.0%
IFO 69.4 102.6 92.5 69.3 333.8 76.7 124.7 91.2 67.1 359.7 101.7 144.5 99.8 346.1 80.7 426.7 85.4 125.9 97.3 308.5
Normalized IFO* 69.6 102.0 91.8 69.2 332.6 76.7 112.5 91.2 79.8 360.3 106.0 139.5 99.8 345.3 76.3 421.5 85.4 129.8 98.4 313.6
IFO margin 18.5% 23.0% 23.1% 17.5% 20.6% 20.1% 26.3% 21.4% 16.0% 21.1% 22.6% 26.2% 21.2% 23.5% 17.9% 22.2% 18.8% 23.0% 20.4% 20.9%
Normalized IFO margin* 18.5% 22.8% 22.9% 17.5% 20.5% 20.1% 23.7% 21.4% 19.0% 21.1% 23.6% 25.3% 21.2% 23.5% 16.9% 21.9% 18.8% 23.8% 20.6% 21.2%
STATIONERY
103*See glossary
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 129.7 188.2 150.5 148 616.4 144 212 169.2 151.7 676.9 157.1 233.2 184.3 574.6 152.4 727.0 156.0 230.7 184.4 571.1
YoY actual changes -6.1% +0.4% -6.6% +12.9% -0.2% +11.0% +12.6% +12.5% +2.5% +9.8% +9.1% +10.0% +8.9% +9.4% +0.5% +7.4% -0.7% -1.1% +0.1% -0.6%
YoY changes on a constant currencies basis* +23.9% +17.9% +12.5% +1.1% +13.8% -0.2% +1.1% +4.0% +1.7% +2.9% +1.9% +7.9% +4.0% +2.4% +4.6%
YoY changes on a comparative basis* -2.3% +2.3% +0.3% +8.6% 2.1% +4.2% +8.0% +0.5% +3.0% +4.2% +1.8% +2.5% +6.1% +3.5% +4.3% +3.6% +7.9% +4.0% +2.4% +4.6%
IFO 13.1 33.3 19.6 13.4 79.4 15.6 40 18.4 9.0 83.0 19.8 40.7 19.2 79.7 4.0 83.7 11.1 38.8 7.2 57.1
Normalized IFO* 13.1 33.2 19.6 12.5 78.3 15.6 36.5 18.4 14.0 84.5 21.3 39.9 19.2 80.4 3.1 83.4 11.1 40.3 7.2 58.6
IFO margin 10.1% 17.7% 13.0% 9.1% 12.9% 10.8% 18.9% 10.8% 5.9% 12.3% 12.6% 17.5% 10.4% 13.9% 2.6% 11.5% 7.1% 16.8% 3.9% 10.0%
Normalized IFO margin* 10.1% 17.6% 13.0% 8.4% 12.7% 10.8% 17.2% 10.8% 9.3% 12.5% 13.6% 17.1% 10.4% 14.0% 2.0% 11.5% 7.1% 17.5% 3.9% 10.3%
LIGHTERS
104*See glossary
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 137.4 139.6 136.1 144.7 557.8 133.6 145.8 143.6 158.6 581.6 163.5 178.4 158.8 500.7 175.0 675.7 163.6 177.2 167.6 508.5
YoY actual changes +0.5% +3.4% +0.4% +0.6% +1.2% -2.8% +4.4% +5.5% +9.6% +4.3% +22.3% +22.4% +10.6% +18.4% +10.3% +16.2% +0.1% -0.7% +5.6% +1.5%
YoY changes on a comparative basis* +3.6% +6.9% +9.4% +8.2% +7.0% +6.4% +12.7% +7.3% +7.0% +8.3% +9.7% +9.3% +5.2% +8.1% +8.9% +8.3% +5.4% +5.4% +6.5% +5.7%
IFO 46.3 54.1 54.1 52.7 207.2 48.9 67.4 54.4 55.6 226.4 61.0 75.6 63.2 199.8 61.1 260.9 62.1 70.6 68.9 201.6
Normalized IFO* 46.4 53.9 54.1 51.7 206.2 48.9 60.1 54.4 55.9 219.3 61.4 74.2 63.2 198.8 59.0 257.9 62.1 71.7 70.0 203.8
IFO margin 33.7% 38.8% 39.7% 36.4% 37.1% 36.6% 46.3% 37.9% 35.1% 38.9% 37.3% 42.3% 39.8% 39.9% 34.9% 38.6% 38.0% 39.8% 41.1% 39.6%
Normalized IFO margin* 33.8% 38.6% 39.7% 35.7% 37.0% 36.6% 41.2% 37.9% 35.3% 37.7% 37.6% 41.6% 39.8% 39.7% 33.7% 38.2% 38.0% 40.5% 41.7% 40.1%
SHAVERS
105*See glossary
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 91.4 98.7 98.6 88.9 377.5 88.9 98.1 97.9 95.1 380 112.4 117.8 113.0 343.2 108.8 452.0 117.8 120.1 111.8 349.7
YoY actual changes -1.3% +6.0% -3.8% +4.1% +1.1% -2.7% -0.6% -0.7% +7.0% +0.7% +26.5% +20.0% +15.4% +20.4% +14.5% +18.9% +4.8% +2.0% -1.1% +1.9%
YoY changes on a comparative basis* +2.1% +9.5% +3.9% +11.2% +6.5% +5.1% +6.3% +0.8% +4.5% +4.1% +14.7% +9.5% +10.3% +11.4% +13.3% +11.9% +10.9% +9.0% +1.4% +7.1%
IFO 13.6 16 20.8 14.9 65.3 15.5 18.9 19.2 11.1 64.7 21.4 23.4 19.2 64.0 19.4 83.3 12.6 15.4 22.2 50.2
Normalized IFO* 13.6 15.8 20.8 14.1 64.3 15.5 17.6 19.2 15.4 67.7 23.9 22.5 19.2 65.6 18.0 83.6 12.6 16.6 22.2 51.4
IFO margin 14.9% 16.2% 21.1% 16.8% 17.3% 17.4% 19.3% 19.6% 11.6% 17.0% 19.0% 19.8% 17.0% 18.6% 17.8% 18.4% 10.7% 12.8% 19.8% 14.4%
Normalized IFO margin* 14.9% 16.0% 21.1% 15.8% 17.0% 17.4% 18.0% 19.6% 16.2% 17.8% 21.3% 19.1% 17.0% 19.1% 16.5% 18.5% 10.7% 13.8% 19.8% 14.7%
OTHER CONSUMER PRODUCT
106*See glossary
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 17.2 20.3 15.9 14.9 68.2 16.1 19.1 15.3 14.6 65.1 16.8 22.3 13.9 53.0 14.6 67.6 15.7 18.6 12.5 46.9
YoY actual changes -2.2% +12.0% +7.2% +0.9% +4.6% -6.0% -5.8% -3.7% -1.9% -4.5% +4.1% +16.8% -8.9% 4.9% +0.2% +3.9% -6.2% -16.6% -10.0% -11.6%
YoY changes on a comparative basis* +22.6% +13.0% +10.8% +3.9% +12.5% -2.6% -3.2% -2.9% -2.2% -2.8% -1.6% +8.5% -10.9% -0.6% -0.1% -0.5% -5.2% -15.3% -9.5% -10.6%
IFO* -3.6 -0.9 -1.8 -11.8 -18.1 -3.2 -1.7 -0.8 -8.6 -14.3 -0.5 4.9 -1.8 2.6 -3.8 -1.2 -0.4 1.1 -1.0 -0.3
Normalized IFO* -3.6 -0.9 -2.6 -9 -16.1 -3.2 -1.7 -0.8 -5.6 -11.3 -0.7 2.9 -1.8 0.4 -3.8 -3.4 -0.4 1.2 -1.0 -0.2
YOURLOGOHERE BIC GRAPHIC
107*See glossary
In million euros Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Q1 15 Q2 15 Q3 15 9M 15 Q4 15 FY 15 Q1 16 Q2 16 Q3 16 9M 16
Net Sales 53 62.1 69.4 83.4 267.9 51.7 59.3 70.8 93.8 275.6 61.1 71.4 78.3 210.8 108.5 319.3 64.1 69.5 83.3 216.9
YoY actual changes -11.9% -7.5% -7.1% -6.4% -8.0% -2.5% -4.4% +1.9% +12.5% +2.9% +18.3% +20.4% +10.7% +16.0% +15.7% +15.9% +5.0% -2.7% +6.3% +2.9%
YoY changes on a comparative basis* -11.2% -6.0% -2.3% -2.3% -5.0% +1.4% +0.1% +1.9% +5.7% +2.5% +2.4% +1.8% -3.4% 0.0% +4.6% +1.6% +4.6% +0.3% +7.2% +4.1%
IFO -4.2 0.6 3.8 5.1 5.4 -3.8 -1 3.6 10.8 9.6 -4.1 -0.6 4.3 -0.4 13.5 13.1 -9.0 1.4 6.7 -0.8
Normalized IFO* -2.9 1.3 4 9.2 11.6 -3.7 -0.9 3.6 10.8 9.7 -4.1 -2.1 4.3 -1.9 12.3 10.4 -9.0 1.8 6.8 -0.4
IFO margin -7.9% 1.0% 5.5% 6.1% 2.0% -7.3% -1.8% 5.0% 11.5% 3.5% -6.7% -0.9% 5.6% -0.2% 12.5% 4.1% -14.0% 2.0% 8.1% -0.4%
Normalized IFO margin* -5.4% 2.0% 5.8% 11.0% 4.3% -7.2% -1.6% 5.0% 11.5% 3.5% -6.7% -3.0% 5.6% -0.9% 11.3% 3.3% -14.0% 2.5% 8.2% -0.2%
MISCELLANEOUS
Capital evolution:As of September 30, 2016, the total number of issued shares of SOCIÉTÉ BIC was 47,971,871 shares, representing:• 69,532,912 voting rights,• 68,368,413 voting rights excluding shares without voting rights.
Total treasury shares at the end of September 2016: 1,164,499.
108
GLOSSARY
On a constant currency basis: • Constant currency figures are calculated by translating the current year figures at prior year
monthly average exchange ratesComparative basis:
• On a constant currency basis and constant perimeterNormalized IFO: • Normalized means excluding non-recurring itemsNormalized IFO margin• Normalized IFO divided by net sales.Free cash flow before acquisitions and disposals:
• Net cash from operating activities - net capital expenditures +/- other investmentsFree cash flow after acquisitions and disposals:
• Net cash from operating activities - net capital expenditures +/- other investments –acquisitions/disposals of equity investments / subsidiaries/business lines.
Net Cash from operating activities: principal revenue-generating activities of the entity and other activities that are not investing or financing activitiesNet cash position: Cash and cash equivalents+ Other current financial assets- Current borrowings- Non-current borrowings
109
DISCLAIMER
This document contains forward-looking statements. Although BIC believesits estimates are based on reasonable assumptions, these statementsare 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 23, 2016.
110
Full Year 2016 results 15 February 2017 Meeting – BIC Headquarters
First quarter 2017 results 26 April 2017 Conference Call
2016 AGM 10 May 2017 Meeting – BIC Headquarters
2017 AGENDA
111All dates to be confirmed
Group Presentation �for InvestorsDiapositive numéro 2GROUP 9M 2016 KEY FIGURESGROUP 9M 2016 KEY FIGURES9M 2016�Consumer businessBIC STATIONERY IN 9M 2016BIC LIGHTERS IN 9M 2016SHAVER MARKET EVOLUTIONBIC SHAVERS IN 9M 2016BIC GRAPHIC IN 9M 2016Diapositive numéro 119M 2016: FROM NET SALES TO NORMALIZED IFOKEY COMPONENTS OF Q3 2016 NORMALIZED* INCOME FROM OPERATIONS MARGINKEY COMPONENTS OF 9M 2016 NORMALIZED* INCOME FROM OPERATIONS MARGIN9M 2016 From IFO to Group Net IncomeBALANCE SHEETNET CASH POSITIONDiapositive numéro 182011 – 2015�5 years of robust Operational Performance2016 OUTLOOKSTATIONERY IN 2016LIGHTERS IN 2016SHAVERS IN 2016BIC GRAPHIC IN 20162016 - Increase investments in Brand Support �and Research & DevelopmentAccelerate Development CAPEXCAPEX IN 2016�main projects2016 GROUP OUTLOOK2016 OUTLOOK�… AIMED AT FUELING LONG-TERM STRATEGIC PRIORITIESDiapositive numéro 30HISTORY AT A GLANCEA BALANCED PORTFOLIO OF ACTIVITIESINTERNATIONAL FOOTPRINTCAPITAL OWNERSHIP (31-DEC-2015)STRATEGIC ASSETSKEY STRENGTHSSTRONG INTERNATIONAL BRANDSMANUFACTURING NETWORKBIC IN 2015�OPERATIONAL PERFORMANCEBIC IN 2015�CASH GENERATIONCAPEXUSE OF NET CASH AND SHAREHOLDERS REMUNERATIONUSE OF CASH (1/2)USE OF CASH (2/2)Diapositive numéro 45THE CONSUMER STATIONERY MARKET (1/3)THE CONSUMER STATIONERY MARKET (2/3)THE CONSUMER STATIONERY MARKET (3/3)STATIONERY CONSUMER – BIC STRATEGYSTATIONERY CONSUMER: “QUALITY @ A BIC PRICE”2010- 2015 BIC STATIONERY CONSUMER KEY FIGURESDiapositive numéro 52STATIONERY CONSUMER �BIC POSITIONS IN MAJOR MARKET SEGMENTS*Diapositive numéro 54THE POCKET LIGHTER MARKET�VOLUMES VS. VALUETHE POCKET LIGHTER MARKET�KEY PLAYERS OUTSIDE ASIAOVERVIEW OF MANDATORY SAFETY REGULATION AROUND THE WORLDLONG TERM VIEW OF SAFETY REGULATION IMPACT�ON LIGHTER SALESBIC LIGHTER – STRATEGYBIC LIGHTER�N°1 BRANDED LIGHTER MANUFACTURER2006 – 2015 BIC LIGHTER KEY FIGURESBIC® LIGHTERS SALES EVOLUTION IN THE U.S.BIC® LIGHTER RETAIL PRICE POSITIONNINGBIC® LIGHTER RETAIL PRICE PER FLAMEDiapositive numéro 65THE SHAVER MARKET (1/6)WET SHAVE MARKET – REGIONAL STRUCTURETHE SHAVER MARKET (3/6)THE SHAVER MARKET (4/6)THE SHAVER MARKET (5/6)THE SHAVER MARKET (6/6)SHAVERS - STRATEGY2006 – 2015 BIC SHAVER KEY FIGURESONE-PIECE MARKET SHARES IN EUROPE �(16 countries)ONE-PIECE MARKET SHARES IN USAONE-PIECE MARKET SHARES IN BRAZILBIC MARKET SHARES IN 3 AND MORE BLADES* DISPOSABLE SHAVERS SEGMENTSHAVERS: QUALITY AND INNOVATION �AT A REASONABLE PRICEDiapositive numéro 79ADVERTISING AND PROMOTIONAL PRODUCTS �HISTORY AND DEFINITIONADVERTISING AND PROMOTIONAL PRODUCTS �A LARGE AND GROWING BUSINESSADVERTISING AND PROMOTIONAL PRODUCTS �A STRUCTURED BUT FRAGMENTED INDUSTRYADVERTISING AND PROMOTIONAL PRODUCTS �A STRUCTURED BUT FRAGMENTED INDUSTRYADVERTISING AND PROMOTIONAL PRODUCTS �A STRUCTURED BUT FRAGMENTED INDUSTRYBIC GRAPHICBIC GRAPHIC - HIGHLIGHTS AND KEY FIGURES2009 - 2015 BIC GRAPHIC KEY FIGURESDiapositive numéro 88MEASURE…… TO ECO-DESIGN …… OUR PRODUCTSFRENCH ECOLABEL NF ENVIRONNEMENT �BIC FIRST MANUFACTURER TO BE CERTIFIEDAN EXAMPLE OF ECODESIGN: �THE BIC® EASY SHAVERDiapositive numéro 949M 2016 NET SALES �Main exchange rate evolution vs. euro9M 2016 NET SALES BREAKDOWN�By category9M 2016 NET SALES BREAKDOWN�By geographyQ3 2016 NET SALES EVOLUTION9M 2016 NET SALES EVOLUTIONGROUP QUARTERLY FIGURESGROUP QUARTERLY FIGURES BY GEOGRAPHYGROUP CONSUMERSTATIONERYLIGHTERSSHAVERSOTHER CONSUMER PRODUCTBIC GRAPHICMISCELLANEOUSGLOSSARYDISCLAIMER2017 AGENDA Diapositive numéro 112
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