group presentation 20nov12 · group presentation for investors lighters million euros q1 12 q2 12...
TRANSCRIPT
Group presentation for investors - 2 -
AgendaQ3-9M 2012 Results 3GROUP OVERVIEW 29History 30
BIC Today 31
Operational performance 32
Markets and categories 33
International footprint 34
Capital Ownership 35
Strategic assets 36
Key Strengths 37
Brand awarness 38
Manufacturing network 39
Capex 40
Cash Generation 41
Use of cash policy 42
Portable Fuel Cell 43
The consumer stationery market 45
2009-2011 Key Figures 48
Strategy 49
"Quality @ a BIC price" 50
BIC positions in major market segments 52
Cello Pens 53
India's writing instrument market overview 54
Stationery
The Pocket Lighter market 56
Overview of safety regulation around the world 60
Long term view of safety regulation impact on lighter sales
61
2005-2011 Key Figures 62
Strategy 63
N°1 branded lighter manufacturer 64
ShaversThe shaver market 66
One-piece market shares 71
3&4 Blades one-piece Market shares 73
2005-2011 key figures 74
Strategy 75
Quality and innovation at a reasonable price 76
10 years of innovation in shavers 77
Shaver category in 2012 78
LightersHistory and definition 80
A large and growing business 81
A structured BUT fragmented industry 83
BIC APP 86
BIC APP Highlights and key figures 87
2009-2011 key figures 88
BIC APP Today 89
Measure… 91
… to eco-design … 92
… our products 93
French Ecolabel NF Environnement 94
An exemple of ecodesign 95
APPENDIX 96
Glossary 112
2013 Agenda 113
Contact 115
Advertising & Promotional Products
Sustainable Development
Group presentation for investors
Q3-9M 2012 RESULTS
Group presentation for investors - 4 -
Group and category highlights
Group presentation for investors - 5 -
Group 9 months 2012 key figures
* See glossary
Developed markets +5.9%
Developing markets +6.4%
Consumer business(86% of total sales) +6.1%
Advertising & Promotional Products
(14% of total sales)‐7.7%
Consumer business 23.5%
Advertising & Promotional Products
4.8%
Net Sales: 1,434.6 million euros
+5.9%
+1.7%
+4.0%
As reported At constantcurrencies*
On a comparativebasis*
20.4% 20.8% 21.4%
9M 2011 9M 2012 9M12 exc.Special Premium
23.9%
6.3%
Normalized IFO
Normalized IFOexc. Special Premium
Normalized* Income from Operations: 298.9 million euros
Group presentation for investors - 6 -
Group 9 months 2012 Key figures
In euros In million euros
321.0 329.5
266.8
Sept. 2011 Dec. 2011 Sept. 2012
3.85
4.50
9M 2011 9M 2012
EPS: +16.9% increase Net Cash Position
Group presentation for investors - 7 -
9 months 2012 net sales evolution by geographies
+9.0%
+4.3%
+15.3%
+5.8%
+3.1%+0.8%
+2.8%
+5.8%
+0.5%
‐3.5%‐1.8%
+7.8%
+4.0%
+0.4%
+4.5%+6.5%
Change on a comparative basis
Q1 Q3Q2 9M Q1 Q3Q2 9M Q1 Q3Q2 9M Q1 Q3Q2 9M
Group presentation for investors - 8 -
9 months 2012 net sales - Consumer business
+6.4%
+7.6%
+3.9%
Developing Countries
North America
Europe
Europe27%
North America38%
Developing Countries
35%
1,232.6 million euros
Change on a comparative basis Breakdown by geographies
+10.6%
+5.3%+2.9%
+6.1%
Q1 2012 Q2 2012 Q3 2012 9M 2012
Group presentation for investors
4.3%
2.9%
1.7%
3.4%
Modern Mass Market
Super Stores
Office Suppliers
Total
2012 August YTD
Stationery Consumer – Industry trends
Sources: BIC estimates – 2012 US = NPD/IRI - 2012 Europe: GFK (France, Belgium, Germany, UK, Italy, Spain and Greece - Traditional Channel excluded in Germany and UK)
2007 – 2011 stationery markets evolution 2012 trends
2007 2008 2009 2010 2011
-6.5%
Western: +3.0%
USA
Europe
Central & Eastern: +11.0%
2007 2008 2009 2010 2011
Western Europe
4.1%
‐3.0%
0.9%
Modern Mass Market
Office Suppliers +Traditional Stores
Total
July 2011 – June 2012
- 9 -
Group presentation for investors
Stationery
- 10 -
Million euros Q1 12 Q2 12 Q3 12 9M 12
IFO 23.2 42.5 22.3 88.1NormalizedIFO 22.6 42.9 21.6 87.1
+9.4%+7.7%
+3.4%+6.5%
+1.5%
‐4.7%
+4.2%+2.9%
Change in net sales at constant currencies Normalized IFO margin
17.3%
16.3%
18.0%
22.9%
13.3%
13.4%
16.2%
17.9%
18.4%
Million euros Q1 12 Q2 12 Q3 12 9M 12
Net Sales 138.1 187.5 161.2 486.8
Developed marketsLow -single digit growth in Europe and in North America.
• Q3 weak performance due to :• A phasing impact due to early back-to-school shipments (sell-in) in Q2 2012 in both Europe and North America,• Lower Third Quarter shipments (sell-in) in North America compared to last year,• A slowdown of the Office Products channel in Europe, impacted by the challenging economic environment, particularly in Southern European
countries. In Europe, 2012 back-to-school sell-through (distributors’ sales to consumers) was good, notably in France and Spain where we continued to gain market shares. In North America, back-to school sell-through was in line with our expectations, although, in an increasingly competitive environment, we registered marginal market share loss year -to-date in the U.S.
Developing marketsMid-single digit growth
• Good back-to-school season in Mexico• Market share gains in Argentina and Brazil despite slowing demand due to macro-economic trends in that country• Middle-East and Africa affected by the instability of the political environment
9M 2012 Stationery normalized IFO margin: 17.9% compared to 16.2% in 9M 2011 Excluding the impact of the Special Premium for Employees, 9M 2012 Stationery normalized IFO margin would have been 18.4% as a result of better fixed cost efficiency.
exc.
Sp
ecia
l Pre
miu
m
2011
2012
Group presentation for investors
Lighters
Million euros Q1 12 Q2 12 Q3 12 9M 12
Net Sales 136.7 135.0 135.5 407.2
- 11 -
Million euros Q1 12 Q2 12 Q3 12 9M 12
IFO 51.0 54.3 53.4 158.7NormalizedIFO 51.1 54.7 51.5 157.2
Change in net sales at constant currencies Normalized IFO margin
Developed marketsHigh-single digit growth in Europe and mid-single digit growth in North America
• In both regions, the market remained flat and we continued to benefit from innovation in value-added lighter sleeve designs and from distribution gains in Europe
Developing marketsLow-single digit growth in developing markets.
• Third Quarter sales increased mid-single digit thanks to a solid performance in the Middle-East, Africa and Latin America, particularly in Mexico, Central America and Brazil.
9M 2012 Lighters normalized IFO margin: 38.6% compared to 40.4% in 9M 2011Excluding the impact of the Special Premium for Employees, Lighters normalized IFO margin would have been 39.0%. The positive impact of the increase in net sales was offset by an increase in production costs (raw materials).
40.8%
37.3%
41.7%
40.5%
38.8%
38.0%
40.4%
38.6%
39.0%
+10.3%+9.3%
+12.0%
+2.5%
+5.7%
+3.2%
+9.3%
+5.0%
exc.
Sp
ecia
l Pre
miu
m
2011
2012
Group presentation for investors
Shaver markets evolution
- 12 -
RefillableTotal
One Piece
% change value
USAEurope
Source: USA: IRI FDMX –August 2012 Europe: Nielsen – June 2012
2.8%2.1%2.1%
3.1%
2.2%2.7%
2011 YTD June 2012
6.70%
2.1%2.70%
4.3%4.20%
2.6%
2011 YTD August 2012
Group presentation for investors
20.3% 16.3%
19.6%
18.4%
19.8%
22.1%
19.9%
19.1%
19.7%
Shavers
Million euros Q1 12 Q2 12 Q3 12 9M 12
Net Sales 92.6 93.1 102.5 288.1
- 13 -
Million euros Q1 12 Q2 12 Q3 12 9M 12
IFO 15.1 17.0 23.4 55.5NormalizedIFO 15.1 17.1 22.7 54.9
Developed marketsLow-single digit growth in Europe
• Continued market share gains in most countries• Double-digit growth in Eastern Europe
Double digit growth in North AmericaDespite the more volatile and aggressive competitive environment, continued our market share growth in the U.S. as a result of:
• the success of our new products,• our “more for your money…always” brand positioning,• effective promotional campaigns such as consumer “trade-up “ packages with samples of our BIC® Soleil® Bella™ in the packages of BIC ® Soleil ®
Twilight.Developing marketsDouble-digit growth
• Good performance in Latin America particularly in Mexico and Argentina, where sales were driven by the BIC® Comfort 3® and despite a slowdown in Brazil
9M 2012 Shaver normalized IFO margin: 19.1% compared to 19.9% in 9M 2011. Excluding the impact of the Special Premium for Employees, Shaver 9M 2012 normalized IFO margin would have been 19.7%. The slight decrease is due to less favourable manufacturing cost absorption in 9M 2012 than in 9M 2011.
+11.9%
+18.6%
+13.5%
+4.9% +5.1%
+14.4%
+10.0%+12.4%
exc.
Sp
ecia
l Pre
miu
m
Change in net sales at constant currencies Normalized IFO
2011
2012
Group presentation for investors
Other Products Consumer
In million euros
Q1 12 Q2 12 Q3 12 9M 12
Net Sales 17.5 18.1 14.8 50.5
- 14 -
+3.3%+5.9% +4.3%
+17.3%
‐2.5%
+19.5%
+1.8%
+13.6%Million euros Q1 12 Q2 12 Q3 12 9M 12
Normalized IFO -3.5 -1.7 -4.9 -10.1
Non-recurrent items
+0.8 - -0.4 +0.3
IFO -2.6 -1.7 -5.3 -9.8
Very good performance of BIC Sport
Phone card business in France (39.5 million euros net sales in 2011) sold in February 2012 for a net proceed of +0.8 million euros (non-recurrent items)
-9.0 million euros R&D investments related to portable fuel cell (compared to -3.0 million euros in 9M 2011)
Change in net sales on a comparative basis Normalized IFO
2011
2012
Group presentation for investors
BIC APP
Million euros Q1 12 Q2 12 Q3 12 9M 12
Net Sales 60.1 67.1 74.8 202.0
- 15 -
In million euros
Q1 12 Q2 12 Q3 12 9M 12
IFO -4.2 6.9 6.6 9.4NormalizedIFO -3.9 7.0 6.6 9.7
Europe• Double digit decrease in Southern European countries (Spain, Italy and Greece) • Resilience of France and Northern Europe
U.S.• In a cautious market environment, Third Quarter sales temporally affected by the implementation of our new Enterprise
Resource Planning system (ERP) resulting in shipment delays. Developing markets
• Sustained growth, particularly in Latin America.
9M 2012, BIC APP’s normalized IFO margin : +4.8% compared to +2.8% in 9M 2011• Excluding the impact of the Special Premium for Employees, BIC APP normalized IFO margin would have been 6.3%. benefiting
from the improvement of manufacturing efficiency related to the integration plan. During the Third Quarter, the benefit of the integration was more than offset by sales decline in Europe and the U.S. (impact of the new ERP implementation)
‐8.8%
‐0.7%
‐11.3%‐9.8% ‐10.0%
‐11.3%‐10.1%
‐7.7%‐4.9%
‐6.6%
1.8%
10.5% 9.7%8.9%
2.8%4.8%
6.3%
Change in net sales at constant currencies Normalized IFO margin
exc. Special Premium
2011
2012
Group presentation for investors - 16 -
9 months 2012 consolidated financial figures
Group presentation for investors - 17 -
9M 2012: From Net Sales to IFO
In million euros 9M 2011 9M 2012 ChangeChange at constant
currencies*
Change on a comparative
basis*
Net Sales 1,354.3 1,434.6 +5.9% +1.7% +4.0%
Gross Profit 665.0 742.4 +11.6%
Normalized* Income from Operations 276.3 298.9 +8.2%
Income from Operations 264.6 301.9 +14.1%
* See glossary
Group presentation for investors - 18 -
9M 2012 non-recurring items
In million euros 9M 2011 As % of sales 9M 2012 As %
of sales
Normalized* IFO 276.3 20.4% 298.9 20.8%
Restructuring costs -3.1 -2.4
Goodwill and trademark impairments & related expenses
‐9.4 -
Gains on disposals / Real Estate and others +1.0 +5.4
IFO as Reported 264.6 19.5% 301.9 21.0%
*: see glossary
Group presentation for investors - 19 -
9M 2012 Normalized* Income From Operations margin
20.8%20.4% 21.4%
*: see glossary
+3.0
‐0.1 ‐0.4 ‐1.5 ‐0.6
9M 2011Normalized* IFO
margin
Gross Margin Brand support Increase in FuelCell Expenses
OPEX and otherexpenses
Normalized* IFOmargin excludingthe impact of
employees specialpremium
Impact of theemployees special
premium
9M 2012Normalized* IFO
margin
Group presentation for investors - 20 -
9M 2012 From IFO to Group Net Income
In million euros Q3 2011 Q3 2012 9M 2011 9M 2012
Normalized* IFO 91.0 97.6 276.3 298.9
Non recurring items -1.3 +2.8 -11.6 +3.0
IFO 89.8 100.4 264.6 301.9
Interest income +2.5 +1.9 +6.8 +7.0
Finance costs (including monetary assets reevaluation) +3.8 -0.4 -2.4 +0.1
Income before Tax 96.0 101.9 268.9 308.9
Income tax 31.8 32.6 89.1 98.9
Tax rate 33.1% 32.0% 33.1% 32.0%
Income from Associates 1.2 1.1 4.1 3.0
Group Net Income 65.4 70.4 183.9 213.0
Number of shares outstanding net of treasury shares 47,761,438 47,305,808 47,761,438 47,305,808
EPS 1.37 1.49 3.85 4.50
Normalized* EPS 1.39 1.45 4.01 4.46
More favorable revaluationof monetary assets in 9M 2012 compared to 9M 2011
*: see glossary
Group presentation for investors - 21 -
+270.2
‐76.7
‐86.6
+6.8
‐189.5
+22.4
‐9.3
December 2011Net Cash Position
Cash fromoperations
Impact ofworking capital
CAPEX Divestitures &real estate gains
2011 DividendPayment (1)
Share buybacknet of exercise ofstock options andliquidity contract
(2)
Others September 2012Net Cash Position
September 2012 Net Cash Position
329.5
266.8
In million euros
(1): Ordinary dividend: 104.2 million euros – Special dividend : 85.3 million euros(2): Total 9M 2012 share buy-back: 20,878 shares – 1.6 million euros
T o t a l O p e r a t i o n s S h a r e h o l d e r sR e m u n e r a t i o n
C a s h F r o mO p e r a t i n g a c t i v i t i e s
Group presentation for investors - 22 -
Full year 2012outlook
Group presentation for investors - 23 -
9M 2012 key points
Consumer business
Advertising and Promotional
Products
• Strengthened market share positions in all geographies thanks to our quality and value products
• Accelerated long-term growth-oriented investments • New writing instrument plant in Tunisia • BIC® Education digital solution• Portable fuel cell project
• Profitability maintained close to historical peak.
Enhanced manufacturing productivity Continued investments in brand support, research and development and production capacities
• Very challenging environment in Southern Europe• Temporarily negative impact of the new ERP implementation
• Strong progress of manufacturing efficiency due to the integration plan
Solid 9M Group Results
Group presentation for investors - 24 -
2012 outlook (1)
For the full year, we anticipate that net sales will grow mid-single digit, on a comparative basis. While accelerating the pace of investment, we expect to maintain the level of Normalized IFO margin consistent with the 2011 level.
Consumer business
The BIC APP full year 2012 net sales decline, on a comparative basis should be in line with 9 months trends. Due to the benefits of the integration plan, Full Year 2012 normalized IFO margin should be comparable to 2011’s.
Advertising and Promotional
Products
(1): excluding the impact of the employee special premium
Group presentation for investors - 25 -
Mid-term objectives
Group presentation for investors - 26 -
Objectives for the next 3 to 5 years
ValueQualitySafety
Improve operational efficiency
Increase exposure to fast growing
markets
Seize external growth
opportunities
Continue to regularly increase
shareholders remuneration
Grow faster than our markets
Manufacturing productivity
Latin America, Middle-East, Africa,
AsiaPortable Fuel Cell
Bolt-on strategic acquisitions
Sound balance sheet
Group presentation for investors - 27 -
2009 - 2011: improvement of operational performanceNet sales evolution on a comparative basis and normalized IFO margin
Stationery
* Based on the assumption of consolidation of Norwood PP in 2009 – non audited
Lighters
Shavers APP
Group presentation for investors - 28 -
Objectives for the next 3 to 5 years
* Excluding currency impact and bolt-on acquisitions
Between15% and 20%
Consumer business
Advertising & Promotional Products
Annual OrganicGrowth*
Normalized IFO margin
Between+2% and +4%
Annual OrganicGrowth*
Normalized IFO margin
Low to mid-single digit growth
Between 8% and 12%
Group overview
Group presentation for investors - 30 -
History at a glance
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
1974: 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, …)
Group presentation for investors - 31 -
BIC today
2006 – 2011EPS CAGR: +7.8%
€1,824.1 m
€362.4
€5.00
2011
N
ET S
ALE
S
2011
Nor
mal
ized
In
com
e Fr
om
Ope
ratio
ns20
11 E
PS
2006 – 2011growth average on a comparative basis: +3.0%
2006 – 2011 Average Normalized IFO margin: 17.1%
€115.7m
2011
Fre
e C
ash
Flow
2011 FCF / net sales: 6.3%
9,198 employees
23 factories on 4 continents
Every day,
256
105
160
million BIC® stationery products
million BIC® lighters
million BIC® shavers
million BIC® Advertising andPromotional Products are bought incountries
Group presentation for investors - 32 -
16.2%17.4% 17.9% 17.4%
15.1% 15.3%17.2%
19.9%
7.2% 7.0%
5.0% 4.7%
2.4%
10.1% 10.1%
2.1%
6.0% 6.5%
4.6%3.3%
1.6%
-0.6%
5.9%
3.1%
2004 2005 2006 2007 2008 2009 2010 2011
Operational Performance
Normalized IFO Margin
Change in Net Sales at Constant Currencies
Change in Net Sales On a comparative basis
Group presentation for investors - 33 -
Markets and categories
17%Advertising & PromotionalProducts
32%Stationery
28%Lighters
18%One-piece
shavers
5%Other consumer
ProductsAdvertising & Promotional
Products
ConsumerGoods
20%
N 2Worldwide
N 2Worldwide
N 1Worldwide
N 2In Europe
& USA
FY 2011 sales breakdown by markets FY 2011 sales breakdown by categories
Group presentation for investors - 34 -
International footprint
1950: France
1954: Italy
1956: Brazil
1957: “Sterling” zone (UK, Australia…)
1958: USA, Africa, Middle East
1959: Scandinavian countries
1965: Japan, Mexico
1995: Eastern and Central Europe
1997: Expansion in Asia
2009: India (partnership with Cello)
40%North America
28%Europe
32%Developing markets
FY 2011 sales breakdown by geography History
Group presentation for investors - 35 -
Capital ownership (31-DEC-2011)
.
As of December 31, 2011, the total number of issued shares of SOCIÉTÉ BIC is 47,890,420 shares representing 69,426,087 voting rights.
43.3%Bich Family
(57.5% voting rights)
Group presentation for investors - 36 -
Strategic assets
A large and diversified product portfolio aimed at answering consumers’ needs
Innovation: 22% of net sales through new products in 2011
Recognised brands
Historical international footprint- Present in more than 160 countries- 32% of 2011 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
Quality and Value product positioning
Group presentation for investors - 37 -
Products Brand…S BalanceSheet
Simple
Reliable
Inventive
At the right Price
Worldwide leadership
Stationerycc.10%
market share
Lighterscc. 45% market
share**
Shavers20% market share*
of one-piece in USA and Europe
N°2
N°1
N°2
115.7€Free Cash
Flow
329.5 M€Net Cash
Position at the end of
2011
Key strengths
Advertising & Promotional
Products
N°2
* One-piece shavers in major markets (US, Europe, Latin America)** Outside Asia
Group presentation for investors - 38 - 38
100
55
97 98 97 100 98 98 91 94 98
France Germany UnitedKingdom
Italy Spain Greece United-Sates
Mexico Brazil SouthAfrica
Australia
BIC brand awarness rate
Strong international brands
Group presentation for investors - 39 -
Manufacturing network
79% of the BIC® products are produced in BIC owned factories 80.9% in the consumer product business 71.1% in the advertising and promotional product business
Group presentation for investors - 40 -
CAPEX
Group presentation for investors - 41 -
Cash Generation
Free Cash Flowbefore acquisitions and disposals
Free Cash Flow after acquisitions and disposals
160.3
98.9
178.6
128.9145.0
308.3
205.0
115.7
157.2
98.9
147.3
115.9
143.5126.2
222.4
108.9
2004 2005 2006 2007 2008 2009 2010 2011
In million euros
Group presentation for investors - 42 -
44% based on 2011 results
50% mid-termobjective
0.901.15 1.30 1.35 1.35 1.40
1.90 2.20
1.001.00
1.80
2004 2005 2006 2007 2008 2009 2010 2011Dividend per share Special Dividend
Use of cash policy
Focus on Strategic
acquisitions
Dividend
ShareBuy-back
2006PIMACO
Adhesive labelsBrazil
2009Cello Pens
Writing instruments
India
2007Atchison Products
Promotional products
USA
2009APP
Promotional products Europe
Regular dividend per share
Continue to look for strategic acquisitions, although focus will be to succeed in leveraging recent moves
71.6 49.3 39.9 25.71.9
42101.4
1.6
2005 2006 2007 2008 2009 2010 2011 YTD Oct.2012
In million euros
In euros
2009Norwood
Promotional Products
USA
1
2
3
Pay-out ratio
2011Angstrom
Fuel CellCanada
Group presentation for investors - 43 -
Converts the hydrogen to
electricity
Produces hydrogen on demand*
Purchased separately from the
fuel cell device
Provides electricity
Refillable fuel cell device
Replacablecartridge
Universalpower cord
+ +
*: Hydrogen is produced on request by the chemical reaction of an aquaous solution, thanks to BIC patented technology
Portable Fuel Cell device project
Group presentation for investors
Stationery
Group presentation for investors
The consumer stationery market (1/3)
Total worldwide consumer stationery market = 7.5 billion Euros in 2011
Key geographical markets breakdown (in value) Breakdown by main segment (in value)
All market shares are based on 2011 estimated suppliers net sales figures
13%Rest of the world
16%USA
18%Europe
22%China
15%Japan
9%Latin
America
57%Pens
6%Mechanical pencils
6%Correction
16%Markers
15%Coloring
Of which:25% Ball pens4% Rollers
- 45 -
7%India
Group presentation for investors
Market trends by geographies (in value)
The consumer stationery market (2/3)
Size in million euros
Market growth
BIC Estimates & Published Research
- 46 -
Group presentation for investors
The consumer stationery market (3/3)
Total worldwide consumer stationery market = 7.5 billion Euros in 2011
Breakdown by main supplier (in value)
BIC Estimate & Published Research – 2011 – Manufacturers figures –Pens, pencils, markers, coloring, correction
Sakura: 1%
Schwan-Stabilo: 1%
Crayola: 2%
Zebra: 3%
Pentel: 3%
Mitsubishi: 3%
61%Others
6%Pilot
cc. 10%BIC
11%Newell Rubbermaid
- 47 -
Group presentation for investors
2009- 2011 BIC Stationery Consumer key figures
9.6%12.1%
14.2%-2.7%
+6.7%+4.1%
2009 2010 2011
- 48 -
FY 2011 Net Sales
FY 2011 IFO 83.5 M€588.5 M€ YoY Change +20.5%
Group presentation for investors
Stationery Consumer – BIC Strategy
Generate profitable growth through Gaining market share in Developed countries (markets more or less flat)
Accelerating sales growth in Fast growing countries (markets up mid to high single digit)
Further developing our geographical footprint
Focusing on giving “more for your money” to consumers through best quality at the right price
Increasing consumer-relevant innovation
Having a tight control of our production costs
- 49 -
Group presentation for investors
Historical and close
relationship with the trade
Iconicproducts
Strong brands
Worldwide leadership positions
Strong positions in
major market segments Consumer trust
for more than 50 years
Innovation
25 million BIC stationeryproducts bought every day worldwide
More than 3m outlets worldwide
Stationery Consumer: “Quality @ a BIC price” (1/2)
- 50 -
Group presentation for investors 51
0.18 €0.34 €
0.75 €
1.62 €1.79 €
2.15 €
2.77 €
Cristal Cristal For Her M10 Atlantis Atlantis Gel 4 Couleurs 4 Couleurs Grip
Stationery Consumer: “Quality @ a BIC price” (2/2)
Retail prices of ball pens in France (in euros)
Group presentation for investors
Stationery Consumer BIC positions in major market segments*
N° 2 worldwide cc. 10% market share
N°1 in Europe(14% market
share)
N°2 in the U.S.(16% market
share)
N°1 in Latin America
(21% market share)
* BIC Estimates– 2010
N°1 in Ball Pen(18% market share)
N°1 in Mechanical Pencils
(14% market share)
N°1 in correction(17% market share)
- 52 -
N°2 in marking(7% market share)
Group presentation for investors
>30% share of the Indian Pen market
90% awareness
The leading Indian writing instrument brand
The widest distribution network in India
Cello Pens are distributed nationwide through:
731,000 outlets all across India
a network of 42 super-stockistsand 4,200 distributors
Appr. 5,000 employees
1 bn pens per year (2 industrial sites )
P E N S
Cello Pens
- 53 -
Group presentation for investors
2009 Total stationery : ~ INR 90billion (1.3 billion Euros)
2009 Total writing instruments : ~ INR 28billion (408 million Euros)
OthersPaper and Notebooks
Pens
Others
Pencils
WritingInstruments
Mid to high-single digit annual growth
India’s writing instrument market overview
68.7 INR = 1 euro (December 31, 2011)
- 54 -
Group presentation for investors
Lighters
Group presentation for investors
World Excl. Asia
Asia
The pocket lighter marketVolumes vs. value
BIC estimates for 2010 – Retail prices
Volumes: 11.0 billion units Value: 3.1 billion euros
- 56 -
Group presentation for investors
World excl. Asia
Flint
World excl. Asia Electronic
The pocket lighter marketFlint vs. electronic
BIC estimates for 2010 – Retail prices
AsiaElectronic
Asia Flint
Volumes: 11.0 billion units Value: 3.1 billion euros
- 57 -
Group presentation for investors
Market shares in volumes outside Asia Market shares in value outside Asia
Asian manufacturers
BIC
Other brandedlighters
The pocket lighter marketKey players outside Asia
BIC estimates for 2010 – Retail prices
- 58 -
Group presentation for investors
1.2 1.31.4
1.0 1.0 1.0
0.5
0.9
0.5
USA Europe Latin America
BIC Lighter Average Asian LighterIndex compared to pocket lighter average
The pocket lighter marketRetail Price positioning
BIC estimates for 2009 – Base = Average Retail Selling Prices
- 59 -
Group presentation for investors
Overview of safety regulation around the world
1998
ISO : 1989CR : 1995
2000
2003
CR : 1992ISO : 1997
2003
2004
20052011
2006
2007
2010
20062003
- 60 -
1994
1997
Child resistant
ISO 9994 and Child Resistant
ISO 9994
Group presentation for investors
Africa Asia Europe Latin America*
NorthAmerica*
ISO 9994 conform lighters
Low quality lighters
Matches
* real enforcement of the regulation
Long term view of safety regulation impacton lighter sales
- 61 -
Group presentation for investors
2005 – 2011 BIC Lighter Key Figures
31.9% 32.5% 32.1% 29.2%34.0% 36.2% 39.1%
+12.5%+5.6%
+3.7% +0.8%+5.3%
+11.6% +8.6%
2005 2006 2007 2008 2009 2010 2011
- 62 -
FY 2011 Net Sales
FY 2011 IFO 199.8 M€510.8 M€ YoY Change +15.1%
Group presentation for investors
BIC Lighter – Strategy
Strengthen its position as the only lighter brandwith worldwide strengths
by promoting the extension and the total enforcementof international safety standards
by accelerating the development of value-added products (sleeves, cases and utility lighters)
- 63 -
Group presentation for investors
Integrated distribution network
BIC LighterN°1 branded lighter manufacturer
Market leadership - Estimated market shares (in value)
Consumer preference Safety – Quality – Prevention & education
vs. market average
Pocket lighters in markets where BIC is present in 2010
More than 50 automatic
quality controls
Dedicated Customer Support Teams in all countriesLargest distribution network
- 64 -
cc. 45%
< 30%
> 65% > 65%
Worldwide Europe North America Latin America
Group presentation for investors
Shavers
Group presentation for investors
The shaver market (1/5)
Total wet shave market in 2011:~ 11 billion euros
Double Edge9%
One‐piece35%
Refillable56%
- 66 -
OtherMethods*
32% Wet Shave68%
Total shaver market in 2011:~ 16 billion euros
* Electric, Depilatories…Source: Euromonitor + Industry publications
Group presentation for investors
The shaver market (2/5)
Men ‐Wet Shave57%
Men ‐Electric20%
Women ‐Wet Shave
11%
Women ‐Other
methods*12%
- 67 -
“Hair removal” market breakdown in 2011 (in value)
* Electric, Depilatories…Source: Euromonitor + Industry publications
Men76%
Women24%
Group presentation for investors
The shaver market (3/5)
3.1%2.8% 2.8%
4.4%
1.5%
2.5%
Disp System Total
Europe US
Wet shave marketCAGR Value Growth 06-11
- 68 -
Wet Shave market trend(in billion euros)
8.2 8.6 9.1 9.5 10.2 10.8
2006 2007 2008 2009 2010 2011
Group presentation for investors
The shaver market (4/5)
Market evolution towards more value-added products (in value)
14%
5%
86%
58%
0%
37%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Single Blade Twin Blades Triple Blades and More
16%
3%
80%
30%
4%
67%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Single Blade Twin Blades Triple Baldes and More
Western Europe USA
- 69 -
Source: USA = IRI MULO FY 2011Europe = AC Nielsen All countries FY 2011
Group presentation for investors
The shaver market (5/5)
Market evolution towards more value-added products (in value)
9% 7%
87%
73%
4%
21%
2007 2008 2009 2010 2011
Single Blade Twin Blades Triple Blades and More
Brazil
- 70 -
Source : AC Nielsen FY 2011
Group presentation for investors
42%
12%
21%
One-piece Market shares (1/2)
56%
13%18%
- 71 -
In volume In value
Total market shares in Europe, USA and Brazil
Gillette Schick BIC Gillette Schick BIC
Source : IRI Nielsen - Last 52 weeks ending December 2011
Group presentation for investors
One-piece Market shares (2/2)
- 72 -
USA28%
15%
27% 26%39%
19%23%
16%
In volume In value
38%
16% 17%24%
Euro
pe
Gillette Schick BIC Private Labels
52%
19% 15% 12%
Gillette Schick BIC Private Labels
Source: IRI Full Year 2011 vs. Last 52 weeks ending January 8, 2012 / USAIRI Nielsen CMR Year to date Oct 2011 / France, Italy, Greece and Spain
Group presentation for investors
23% 23%
34%
19%
1%36%
24%
28%
11%
1%
Euro
peU
SA
In volume In value
44%
29%
19%
8%
1%
3&4 Blades one-piece Market shares
Source: IRI Full Year 2011 vs. Last 52 weeks ending January 8, 2012 / USAIRI Nielsen CMR Year to date Oct 2011 / France, Italy, Greece and Spain
35%
24%29%
13%
1%
Gillette
Schick
BIC
Private Labels
Others
- 73 -
Group presentation for investors
2005 – 2011 BIC shaver key figures
- 74 -
9.2% 9.9%8.2%
4.1%
12.5%14.2%
18.2%
+9.2%+6.2%
+9.2%
+3.9%+2.4%
+7.6% +9.1%
2005 2006 2007 2008 2009 2010 2011
FY 2011Net Sales
FY 2011IFO 59.8 M€328.2 M€ YoY Change +42.7%
Group presentation for investors
Shavers - Strategy
Strengthen our foundation in one-piece
A complete and successful range of one-piece three and four-blade products for men (Comfort 3™ Advance™, Comfort 3™,Comfort 4™, Flex 4™, Flex Easy and Hybrid 4 Advance™ …)
A strong franchise in the women’s segment with the BIC®
Soleil® Brand
Products offering a better value
Great value for money positioning
- 75 -
Group presentation for investors
3 blades men One-piece – France (€)3&4 blades women One-piece – US (USD)
Shavers: quality and innovation at a reasonable price
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
Average price per volume – January 2012 Average price per volume – January 2012
Women’s Refillable – US (USD)
- 76 -
1.02
1.27
1.3
1.49
1.71
1.71
1.74
2.05
2.73
BIC Simply Soleil
BIC Soleil Original
BIC Soleil Easy Hybrid
Xtreme 3 Comfort +
Sensor 3 / Daisy 3
BIC Bella 4B
Simply Venus
Quattro Disposable
Venus Disposable
0.51
0.81
0.82
1.11
1.13
1.16
1.17
1.23
1.62
2.34
BIC 3
BIC Flex 3
Blue 3
Sensor 3
Xtreme 3
BIC Hybrid Advance
BIC Comfort 3 Advance
BIC Flex 4
BIC Comfort 4
Mach 3
2.80
2.56
Venus System
Quattro System
Average price per volume – January 2012
Group presentation for investors
Leverage 10 years of innovation
10/20
12/20
15/20
2000 2005 2010
77
25% 27%
21% 23%
2009 2011
Sales generated by the products launched during the last 3 years(1)
Consumer shave panel results –BIC products performance Index vs best competitor
Volu
mes
Valu
e
New products success Continuous shaving performanceimprovements
Better brand image(2) Market share gains(3)
(1) Value sales of disposables in the U.S. in 2011 (2) in USA brand tracking study among wet shave users aware of the BIC brand (3) share of Disposable in USA
28%
20%17%
BIC Competitor 1 Competitor 2
44% 47%57%
65%
BIC is a brand that delivers agood shaving performance
BIC is a brand that is goodvalue for money
2001 2011
Group presentation for investors
4 new products in 2012
1USD
Sim
plic
ityTechnology
Value… Performance… Innovation
BIC Shaver category in 2012
- 78 -
Group presentation for investors
Advertising& Promotional Products
Group presentation for investors
Advertising and Promotional Products History and definition
Advertising specialties
Premiums
Incentives
Business gifts
Awards
Prizes
Commemoratives
Imprinted/decorated items
Items used to advertise and promote a product, a service or a company program
- 80 -
Group presentation for investors
Advertising and Promotional Products A large and growing business
Estimated Distributor market size> 22bn Euros
Estimated Supplier market size> 14bn Euros
Source: PPAI and BIC estimates for 2011
21%Europe 57%
USA
13%Latin
America
7% Canada
2% Oceania
23%Europe
60%USA
14%Latin
America
1% Canada
2% Oceania
- 81 -
Group presentation for investors
Advertising and Promotional Products A large and growing business
1991 – 2011 US Distributor industry sales in billion USD+6.1% annual average growth rate
“Sub-prime” crisis
Source: PPAI reported industry sales and Bureau of Economic Analysis
2.9 3.1 3.8 4 4.2 4.5 5 5.1 5.26.2 7
89.5
11.913.2
14.9
17.916.6
15.6 16.317.3 18 18.8 19.4 18.1
15.616.6 16.9
1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
11.9%
2.3%1.8%
19.2%
12.6%14.7%
18.1%
25.1%
11.0%13.3%
19.5%
-7.3%-5.6%
4.6%5.9%4.1%
4.3%3.5%
-6.9%
-13.6%
5.9%7.2%
1990 1995 2000 2005 2010
US distributor industry salesUS GDP End of the
Internet bubble
- 82 -
2011
2011
Group presentation for investors
Advertising and Promotional Products A structured BUT fragmented industry
Manufacturing
Assembly
Sourcing
Multiple printing applications
End-userCompanyDistributorSupplier
1
Traditional outside sales team Fulfillment programs, Door-to-door sales, Friends and family
Direct MarketingWEB, Catalogs, Samples, Telesales
Special markets Hotel & lodging, Pharmaceutical, Tobacco, Government
2
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
3
Products are sold blank or imprinted
- 83 -
End-user
End-user
End-user
End-user
4
Group presentation for investors
2011 US suppliers estimated market
share
2011 US distributors estimated market
share
Advertising and Promotional Products A structured BUT fragmented industry
- 84 -
Others79.3%
Others87.4%
Broder Brothers 4.0%Polyconcept 3.5%BIC APP 3.0%SanMar 3.0%Ennis 2.5%Bodek & Rhodes 1.5%HIT 1.1%Ash City 1.1%Staton Corporate & Casual 1.0%
Staples 2.2%BDA 1.8%Proforma 1.7%Group II Communication 1.3%
4 Imprint 1.3%Geiger 1.0%HALO 1.0%Cintas 0.9%National Pen 0.8%Branders.com 0.7%
Group presentation for investors
Estimated North American sales by product category
Wearables31%
Writing Instruments9%
Calendars8%Bags
6%Drinkware
7%
Desk/Office/Business Accessories 5%
Awards 4%
Others 3%
Sporting Goods2%
Housewares 3%
Buttons/Badges 2%
Games 2%Magnets 2%
Computers 2%
Stickers 2%
Electronics 2%
Textiles 2%
Automotives2% Personnal
1%Clocks and Watches
1%Food2%
Source: PPAI 2011
Advertising and Promotional Products A structured BUT fragmented industry
- 85 -
Group presentation for investors
BIC Advertising and Promotional Products
BIC enters the Promotional Products Business
Products & geographicaldiversification
(Europe, USA, Latin America)
Atchison(USA)
Antalis
Promotional 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
- 86 -
Group presentation for investors
BIC APP - Highlights and key figures
BIC APP Net Sales Breakdown by Products CategoryFull Year 2011
- 87 -
Group presentation for investors
2009 - 2011 APP Key Figures
- 88 -
10.4%9.2%
8.1%
-18.9%
-3.3% -10.4%
2009 2010 2011
FY 2011Net Sales
FY 2011IFO 19.3 M€302.0M€ YoY Change -29.5%
Group presentation for investors
BIC APP today
One of the most efficient Advertising & Promotional Products Industry leader
FactoryWarehouse
N°2In Europe
N°4In the US
N°2 Worldwide
- 89 -
Group presentation for investors
SustainableDevelopment
Group presentation for investors
BIC®
Cristal®Pen
LighterBIC®
Maxi
BIC®
Classic Single-blade
Shaver
88% 7% 4% - 1%
87% 6% 5% - 2%
83% 11% 4%
78%
2%-
(shaverinc.usage)
Measure…
Items used to advertise and promote a product, a service or a company program
- 91 -
Group presentation for investors
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
… to eco-design …
Take into account our main impact:use of non renewable raw materials
- 92 -
Group presentation for investors
Light and long-lasting products overcoming the paradox
of disposable vs. long-lasting
A trendsetting range
Eco-values on packagingfor stationery products
… our products
- 93 -
Group presentation for investors
Cristal® Fine
Orange™ Fine
Clic Stic™
BIC Matic
Evolution™ 650
Evolution™ 655
Evolution™ coloring
Evolution™ coloring Triangle
Atlantis® Clic (in box only)
4 Couleurs™
4 Couleurs™ fine
BIC® Kids Visacolor™ XL
Cristal® Medium (uniquement en boîtes)
French Ecolabel NF EnvironnementBIC first manufacturer to be certified
- 94 -
Group presentation for investors
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
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 environne-
mental Impacton the
duration of use
60 days of shaving
- 95 -
Group presentation for investors
Appendix
Group presentation for investors - 97 - 97
% of salesAverage rate
2010Average rate
2011 % of changeUS Dollar 38% 1.33 1.39 -5.0%Brazilian Real 13% 2.33 2.32 0.4%Mexican Peso 5% 16.72 17.26 -3.3%Canadian dollar 3% 1.37 1.38 -0.8%Australian dollar 2% 1.44 1.35 6.6%South African Zar 2% 9.72 10.08 -3.7%Non Euro European countries 4%
Sw eden 9.55 9.03 5.5%Russia 40.25 40.83 -1.4%Poland 3.99 4.11 -3.0%
British Pound 0.86 0.87 -1.1%
FY 2011 net salesMain exchange rate evolution vs. euro
Group presentation for investors - 98 -
9M 2012 net sales Main exchange rate evolution vs. euro
% of salesAverage rate Q3
11Average rate Q3
12 % of changeUS Dollar 45% 1.42 1.25 12.0%Brazilian Real 10% 2.30 2.54 -10.4%Mexican Peso 5% 17.36 16.47 5.1%Canadian dollar 3% 1.29 1.24 3.9%Australian dollar 2% 1.35 1.20 11.1%South African Zar 1% 10.06 10.35 -2.9%Non Euro European countries 6%
Sw eden 9.15 8.43 7.9%Russia 41.06 39.88 2.9%Poland 4.14 4.13 0.2%
British Pound 0.88 0.79 10.2%
% of salesAverage rate
9M 11Average rate
9M 12 % of changeUS Dollar 42% 1.41 1.28 9.2%Brazilian Real 10% 2.29 2.46 -7.4%Mexican Peso 5% 16.89 16.95 -0.4%Canadian dollar 3% 1.37 1.28 6.6%Australian dollar 2% 1.35 1.24 8.1%South African Zar 1% 9.80 10.31 -5.2%Non Euro European countries 5%
Sw eden 9.00 8.73 3.0%Russia 40.38 39.76 1.5%Poland 4.01 4.21 -5.0%
British Pound 0.87 0.81 6.9%
Group presentation for investors - 99 -
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 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 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 1,354.3 1,824.1 445.0 500.8 488.8 1,434.6
YoY actual changes +10.0% +22.7% +20.4% +18.7% +8.9% +17.2% +8.4% -2.3% -5.0% -0.7% -0.3% -0.4% +8.6% 5.2% +4.4% +5.9%
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% +2.7% +2.1% +7.1% +0.4% -1.7% +1.7%
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% +3.8% +3.1% +9.0% +3.1% +0.5% +4.0%
IFO 216.0 47.8 95.0 90.1 71.7 304.6 82.0 92.9 89.8 75.0 264.6 339.7 82.4 119.1 100.4 301.9
Normalized IFO* 239.6 53.7 88.7 92.2 80.3 314.9 83.1 102.1 91.0 86.2 276.3 362.4 81.3 120.0 97.6 298.9
IFO margin 13.8% 12.6% 19.5% 18.3% 15.2% 16.6% 20.0% 19.5% 19.2% 16.0% 19.5% 18.6% 18.5% 23.8% 20.5% 21.0%
Normalized IFO margin* 15.3% 14.2% 18.2% 18.7% 17.0% 17.2% 20.3% 21.5% 19.4% 18.3% 20.4% 19.9% 18.3% 24.0% 20.0% 20.8%
Income before tax 218.7 50.7 93.3 88.6 70.2 302.8 78.3 94.7 96.0 79.9 268.9 348.8 84.1 123.0 101.9 308.9
Net Income 151.7 35.4 64.3 61.1 46.6 207.5 53.9 64.6 65.4 54.0 183.9 237.9 57.5 85.1 70.4 213.0
EPS 3.15 0.73 1.33 1.26 0.96 4.29 1.12 1.35 1.37 1.13 3.85 5.00 1.22 1.80 1.49 4.50
* see glossary
Group presentation for investors - 100 -
Group Quarterly figures by geography
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q111 Q211 9M 11 Q311 Q411 FY11 Q112 Q2 12 Q3 12 9M 12
Europe Net Sales 503.6 110.9 152.1 134.3 127.5 524.9 112.3 152.3 398.5 133.9 119.1 517.7 111.5 143.7 120.9 376.0
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% +5.6%
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% -6.2%
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% +0.4%
North America Net Sales 641.0 148.8 210.8 225.4 188.7 773.8 149.8 186.6 538.3 201.9 189.7 728.0 179.4 214.9 224.8 619.1
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% +15.0%
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% +4.5%
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% +4.5%
Developing marketsNet Sales
418.1 118.5 124.4 132.9 157.1 532.8 147.8 137.3 417.5 132.3 161.0 578.4 154.1 142.2 143.1 439.4
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% +5.3%
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% +5.6%
YoY changes on a comparative basis* - - - - - - +16.6% +14.0% +11.5% +4.6% +8.1% +10.5% +5.8% +5.8% +7.8% +6.5%
Group presentation for investors - 101 -
Group Consumer
In millioneuros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 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 1,150.4 1,522.1 384.9 433.7 414.0 1,232.6
YoY actual changes +12.3% +12.9% +22.5% +13.1% +15.3% +13.8% +2.4% -2.1% +2.6% +4.0% +3.6% +9.6% +6.4% +5.7% +7.1%
YoY changes at constant currencies*
+10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +2.8% +4.1% +6.6% +6.0% +8.4% +2.1% +0.2% +3.4%
YoY changes on a comparative basis*
+10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +3.3% +4.8% +6.8% +6.3% +10.6% +5.3% +2.9% +6.1%
IFO 192.1 56.4 84.8 81.3 54.6 277.2 85.9 92.4 83.6 58.3 262.0 320.3 86.7 112.1 93.8 292.5
Normalized IFO* 209.5 56.7 85.3 81.6 57.9 281.5 85.9 100.9 83.6 67.6 270.5 338.1 85.2 113.0 90.9 289.1
IFO margin 15.1% 18.3% 21.3% 20.3% 15.1% 18.9% 24.5% 22.7% 21.4% 15.7% 22.8% 21.0% 22.5% 25.9% 22.7% 23.7%
Normalized IFO margin* 16.4% 18.4% 21.4% 20.4% 16.0% 19.2% 24.5% 24.7% 21.4% 18.2% 23.5% 22.2% 22.1% 26.0% 22.0% 23.5%
* see glossary
Group presentation for investors
Stationery
- 102 -
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 12
Net Sales 509.6 112.6 173.4 166.8 128.0 580.7 127.7 170.2 160.8 129.7 458.8 588.5 138.1 187.5 161.2 486.8
YoY actual changes +12.5% +9.2% +24.2% +9.9% +14.0% +13.4% -1.8% -3.6% +1.4% +1.3% +1.3% +8.1% +10.2% +0.2% +6.1%
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% +4.2% +4.1% +7.7% +6.5% -4.7% +2.9%
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% +4.2% +4.1% +7.7% +6.5% -4.7% +2.9%
IFO 43.3 7.7 28.8 27.6 5.2 69.3 22.1 30.7 21.3 9.3 74.2 83.5 23.2 42.5 22.3 88.1
Normalized IFO* 48.9 8.3 29.1 27.7 5.1 70.3 22.1 30.7 21.3 9.3 74.2 83.5 22.6 42.9 21.6 87.1
IFO margin 8.5% 6.9% 16.6% 16.5% 4.0% 11.9% 17.3% 18.0% 13.3% 7.2% 16.2% 14.2% 16.8% 22.7% 13.9% 18.1%
Normalized IFO margin* 9.6% 7.4% 16.8% 16.6% 4.0% 12.1% 17.3% 18.0% 13.3% 7.2% 16.2% 14.2% 16.3% 22.9% 13.4% 17.9%
* see glossary
Group presentation for investors - 103 -
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 12
Net Sales 398.9 107.0 119.3 123.5 131.1 480.8 122.9 125.1 124.0 138.9 372.0 510.8 136.7 135.0 135.5 407.2
YoY actual changes +5.9% +12.8% +22.3% +26.3% +20.6% +20.5% +14.9% +4.9% +0.4% +6.0% +6.4% +6.2% +11.2% +7.9% +9.3% +9.5%
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% +9.3% +8.6% +9.3% +2.5% +3.2% +5.0%
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% +9.3% +8.6% +9.3% +2.5% +3.2% +5.0%
IFO 127.9 40.9 45.4 45.3 42.0 173.6 50.2 52.1 48.1 49.5 150.4 199.8 51.0 54.3 53.4 158.7
Normalized IFO* 135.7 40.7 45.4 45.4 42.6 174.0 50.2 52.1 48.1 49.6 150.4 199.9 51.1 54.7 51.5 157.2
IFO margin 32.1% 38.2% 38.1% 36.7% 32.0% 36.1% 40.8% 41.7% 38.8% 35.6% 40.4% 39.1% 37.3% 40.2% 39.4% 39.0%
Normalized IFO margin* 34.0% 38.0% 38.1% 36.7% 32.5% 36.2% 40.8% 41.7% 38.8% 35.7% 40.4% 39.1% 37.3% 40.5% 38.0% 38.6%
Lighters
* see glossary
Group presentation for investors
Shavers
- 104 -
In million euros FY09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 12
Net Sales 268.8 66.4 79.2 84.3 77.8 307.8 76.7 85.2 84.4 81.8 246.4 328.2 92.6 93.1 102.5 288.1
YoY actual changes +1.7% +12.8% +11.6% +19.0% +14.3% +14.5% +15.6% +7.6% +0.1% +5.1% +7.2% +6.6% +20.6% +9.2% +21.4% +16.9%
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% +10.0% +9.1% +18.6% +4.9% +14.4% +12.4%
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% +10.0% +9.1% +18.6% +4.9% +14.4% +12.4%
IFO 30.3 10.5 12.3 11.2 7.9 41.9 15.5 16.7 16.7 10.9 49.0 59.8 15.1 17.0 23.4 55.5
Normalized IFO* 33.5 10.4 12.4 11.3 9.6 43.6 15.5 16.7 16.7 10.9 49.0 59.8 15.1 17.1 22.7 54.9
IFO margin 11.3% 15.8% 15.5% 13.3% 10.2% 13.6% 20.3% 19.6% 19.8% 13.3% 19.9% 18.2% 16.3% 18.3% 22.9% 19.3%
Normalized IFO margin* 12.5% 15.7% 15.6% 13.4% 12.3% 14.2% 20.3% 19.6% 19.8% 13.3% 19.9% 18.2% 16.3% 18.4% 22.1% 19.1%
* see glossary
Group presentation for investors
Other Consumer Products
- 105 -
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 12
Net Sales 97.0 22.6 26.3 25.3 25.5 99.7 23.7 27.2 22.4 21.2 73.3 94.5 17.5 18.1 14.8 50.5
YoY actual changes +7.8% +3.3% +8.2% -6.4% +2.7% +4.9% +3.5% -11.6% -16.6% -1.2% -5.1% -25.9% -33.4% -33.9% -31.1%
YoY changes at constant currencies*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -10.8% -16.2% -1.1% -5.0% -26.1% -35.1% -35.5% -32.3%
YoY changes on a comparative basis*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -2.5% -7.8% +1.8% -0.5% +5.9% +17.3% +19.5% +13.6%
IFO* -9.4 -2.6 -1.7 -2.8 -0.5 -7.6 -1.9 -7.1 -2.5 -11.3 -11.5 -22.8 -2.6 -1.7 -5.3 -9.8
Normalized IFO* -8.5 -2.7 -1.6 -2.8 0.6 -6.4 -1.9 1.4 -2.5 -2.1 -3.0 -5.2 -3.5 -1.7 -4.9 -10.1
* see glossary
Group presentation for investors
Advertising & Promotional Products (BIC APP)
- 106 -
In million euros FY 09 Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 9M11 FY 11 Q1 12 Q2 12 Q3 12 9M 12
Net Sales 288.4 69.7 89.1 92.7 111.0 362.6 58.9 68.4 76.6 98.1 203.9 302.0 60.1 67.1 74.8 202.0
YoY actual changes +107.0% +71.8% +4.6% -2.8% +25.7% -15.5% -23.3% -17.4% -11.6% -18.9% -16.7% +2.1% -1.9% -2.4% -0.9%
YoYchanges at constant currencies*
+114.1% +62.8% -4.4% -8.7% +19.8% -16.6% -16.5% -10.9% -11.9% -14.5% -13.7% -0.7% -9.8% -11.3% -7.7%
YoY changes on a comparative basis*
-3.6% -4.1% -0.4% -5.1% -3.3% -8.8% -11.3% -10.0% -10.8% -10.1% -10.4% -0.7% -9.8% -11.3% -7.7%
IFO 23.9 -8.6 10.2 8.8 17.1 27.4 -3.9 0.4 6.1 16.7 2.6 19.3 -4.2 6.9 6.6 9.4
Normalized IFO* 30.1 -2.9 3.4 10.6 22.4 33.4 -2.9 1.2 7.4 18.5 5.8 24.3 -3.9 7.0 6.6 9.7
IFO margin 8.3% -12.3% 11.4% 9.5% 15.4% 7.6% -6.7% 0.6% 8.0% 17.0% 1.3% 6.4% -7.0% 10.3% 8.9% 4.6%
Normalized IFO margin* 10.4% -4.2% 3.8% 11.4% 20.2% 9.2% -4.9% 1.8% 9.7% 18.9% 2.8% 8.1% -6.6% 10.5% 8.9% 4.8%
* see glossary
Group presentation for investors - 107 -
9M 2012 Net Sales breakdownby category
34%
28%
20%
4%
14%
Advertising & Promotional
ProductsStationery
Lighters
Shavers
Other Consumer Products
Group presentation for investors - 108 -
FY 2011 Net Sales breakdownby category
32%
28%
18%
17%
7%
Advertising & Promotional
Products Stationery
Lighters
Shavers
Other Consumer Products
Group presentation for investors - 109 -
9M 2012 Net Sales breakdownby geography
26%
43%
31%
Developing markets
Europe
North America
Group presentation for investors - 110 -
FY 2011 Net Sales breakdownby geography
28%
40%
32%
Developing markets
Europe
North America
Group presentation for investors - 111 -
Miscellaneous
Capital evolution:
As of September 30, 2012, the total number of issued shares of SOCIÉTÉ BIC is 48,245,532 shares, representing:
• 67,926,097 voting rights,• 67,089,375 voting rights excluding shares without voting rights.
Group presentation for investors - 112 -
Glossary
At constant currencies: Constant currency figures are calculated by translatingthe current year figures at prior year monthly average exchange rates. All net salescategory comments are made at constant currencies or comparative basis.
Comparative basis: at constant currencies and constant perimeter. Figures atconstant perimeter exclude the impacts of acquisitions and/or disposals thatoccurred during the current year and/or during the previous year, until theiranniversary date.
Normalized IFO: normalized for 2012 means excluding restructuring, the costs ofBIC APP integration plan, the gain on the disposal of the phone cards distributionbusiness in France and real estate gains - for 2011 excluding restructuring,impairment of goodwill and trademarks related to the disposal of PIMACObusiness to business divisions in Brazil and the gain on the disposal of REVA pegbusiness.
.
Group presentation for investors - 113 -
2013 Agenda
FY 2012 results February 13, 2013 Meeting – Company headquarters
1st Quarter 2013 results April 24, 2013 Conference Call
2nd Quarter & 1st Half 2013 results August 1, 2013 Conference Call
3rd Quarter 2013 results October 23, 2013 Conference Call
Group presentation for investors - 114 -
Disclaimer
This document contains forward-looking statements. Although BIC believes itsexpectations are based on reasonable assumptions, these statements are subject tonumerous risks and uncertainties.A description of the risks borne by BIC appears in section “Risks and Opportunities” ofBIC Registration Document filed with the French financial markets authority (AMF) on27 March 2012.
Group presentation for investors - 115 -
IR contacts
Sophie Palliez-CapianHead of IR
33 1 45 19 55 28 [email protected]
Katy Bettach-MontecatineIR
33 1 45 19 52 92 [email protected]
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