Clichy – France - February 15th, 2022
BIC - FULL YEAR 2021 RESULTS
Bringing Horizon to Life
Robust Net Sales Growth fueled by Consumer-centricity and Commercial Excellence
Full-Year 2021 Net Sales: 1,831.9 million euros, up 15.9% at constant currencies and 12.2% on a comparative basis
Human Expression: double-digit Net Sales growth, driven by solid execution in Europe, Latin America, Middle East & Africa, and India, alongside an outstanding 55% growth for Rocketbook's reusable digital notebooks
Flame For Life: record performance fueled by the U.S. Lighter market growth, the success of BIC EZ Reach Utility Pocket Lighter, and solid growth in Latin America and Europe
Blade Excellence: continued success of added-value 4 and 5-blade shavers, good performance in Latin America & Europe
21% increase in E-commerce Net Sales, driven by all distribution channels; accelerated growth in Latin America, Middle East & Africa, and India
Resilience in the face of external headwinds through manufacturing and procurement efficiencies
Full-year 2021 adjusted EBIT 279.8 million euros, up 22.1%, 15.3% adjusted EBIT margin
Full-year 2021 Net Income: 314.2 million euros, EPS: 7.02 euros, adjusted EPS: 4.29 euros, up 21.2%
Strong Cash Flow and Solid Balance Sheet
Free Cash Flow before acquisitions and disposals: 205.7 million euros
Net Cash Position: 400.1 million euros
Invent the Future Plan targets achieved at the end of 2021, one year ahead of schedule
Effectiveness: 50 million euros annual savings compared to December 2018
Innovation: +21% new patent submissions in 2021
Consumer-centric brands: 83% of Brand Support investments allocated to Digital Media
Omnichannel Distribution: 10% of Total Net Sales from e-commerce, including Rocketbook
Progress in our Sustainable Development journey
New products with environmental benefits, including the BIC® Cristal® Re'New™, and the BIC® BAMBOO shaver
CO2 emission reduction roadmap to be announced in May 2022
Sustained Shareholder Remuneration, consistent with Horizon plan use of cash policy
96 million euros proposed Ordinary Dividend for 2021 fiscal year, paid in June 20221 - 2.15 euros per share, up 19.4%
40 million euros ESG Share Buyback program launched in January 2022
"We delivered strong 2021 results, exceeding our expectations and growing Net Sales high-single to double-digits in all our markets, by being laser-focused on turning our Horizon strategic plan into actions. Our passion for bringing simplicity and joy to people all over the world drives us to reimagine what's new today and what's next tomorrow. Our teams over-delivered on what they can control, such as commercial excellence and new product launches. More importantly, we demonstrated our determination and agility to manage and mitigate external headwinds and made progress in our Sustainable Development journey. The recent acquisition of Inkbox, a leader in the fast-growing Skin Creative industry, is a further step in BIC's transformation into a fast-moving consumer-centric company, and I am convinced we are driving toward achieving our goal of accelerated long-term profitable growth" said Gonzalve Bich – BIC’s Chief Executive Officer
2022 Outlook (based on current market assumptions2)
Building on 2021's momentum and the execution of the Horizon plan, we expect Full Year 2022 Net Sales to grow between +7% and +9% at constant currencies. This includes 1 to 2 points growth from Inkbox. All divisions will contribute to organic growth.
Consistent with our Horizon plan's target, 2022 Free Cash Flow is expected to be above 200 million euros.
FY 2021 KEY GROUP FINANCIAL FIGURES
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Group Net Sales | 410.1 | 436.8 | 1,627.9 | 1,831.9 |
| Change as reported | (18.2)% | +6.5% | (16.5)% | +12.5% |
| Change on a comparative basis | (10.7)% | +0.5% | (12.6)% | +12.2% |
| Change on a constant currency basis | (9.4)% | +4.1% | (11.8)% | +15.9% |
| EBIT Margin | 6.0% | 8.5% | 9.6% | 24.7% |
| Adjusted EBIT Margin | 12.9% | 7.1% | 14.1% | 15.3% |
| EPS (in euros) | 0.08 | 0.60 | 2.08 | 7.02 |
| Adjusted EPS (in euros) | 0.57 | 0.48 | 3.54 | 4.29 |
| Free Cash Flow before acquisitions and disposals | 100.8 | (26.6) | 274.5 | 205.7 |
| Net Cash Position | 183.9 | 400.1 | 183.9 | 400.1 |
FY 2021 KEY GROUP NON-FINANCIAL FIGURES
| FY 2020 | FY 2021 | |
| GHG Emissions (Scope 1, 2 - tCO2eq) – Market-based GHG Emissions (Scope 3 - tCO2eq) | 33,185 785,000 | 35,310 805,000 |
| % Renewable Electricity | 80% | 79% |
| % of recycled or alternative materials in BIC® products % of reusable, recyclable, or compostable plastic in packaging | 4.3% 42.5% | 4.0% 59.6% |
| Workplace accidents | 50 accidents3 62 sites with zero-accident | 58 accidents3 40 sites with zero-accident |
| Improved Children Learning Conditions | 118 million (cumulative) | 158 million (cumulative) |
FY 2021 KEY MILESTONES
| Innovation and New Products | [January] Launch of the BIC® Cristal® Re'New™ rechargeable metallic Cristal Ball Pen [March] Launch of our new Hybrid shaver range, with recycled plastic handles [April] Launch of BIC® ReVolution, a range eco-friendly Stationery line made of at least 50% recycled plastic. [May] Launch of the BIC® BAMBOO shaver, a five-blade Hybrid Flex with handle made from bamboo [October] Development with Avient of recycled material that will be incorporated into the handle of the BIC Click Soleil 5 shaver |
| Acquisitions and Disposals | [February] PIMACO divestment completed [February] Sale of Clichy Headquarters completed |
| Corporate Responsibility and Sustainability | [May] Pledged to define and present a CO2 emissions reduction roadmap by May 2022 Annual General Meeting [November] Completion of BIC's first ESG Impact Share Buyback Program and launch of the partnership with The Abdul Latif Jameel Poverty Action Lab [December] Joining The United Nations (U.N.) Global Compact [December] A- leadership 2021 CDP score on Climate Change confirmed |
| Governance | [November] Nomination of Nikos Koumettis for election to BIC Board of Directors and incoming Non-Executive Chair of the Board |
2021 HIGHLIGHTS
Robust Net Sales Growth fueled by Consumer-centricity and Commercial Excellence
Full-year 2021 Net Sales performance was driven by a rebound in all regions amidst the gradual recovery from the 2020 COVID-19 crisis. All divisions contributed to the Net Sales growth.
Human Expression Net Sales grew 13.6% on a comparative basis and 21.3% at constant currencies, driven by robust commercial execution in Europe, Latin America, Middle-East & Africa, and India, and the outstanding performance of Rocketbook’s reusable digital notebooks, up 55% year-on-year. Core Stationery products growth was driven by a rebound in overall consumption and schools' reopening in most countries, while the Coloring and Markers segments continued to be boosted by the shift in consumer attitudes towards creativity and self-expression. Overall, BIC products' performance was fueled by a significant improvement in in-store visibility.
Flame For Life Net Sales grew 18.2% on a comparative basis and 20.3% at constant currencies, driven by improved market dynamics in the US, solid performance in Europe and Latin America, and the success of our strategy to lean towards a more value-driven growth. Thanks to the success of BIC EZ Reach in the US and the addition of Djeep Lighters in Europe, added-value products accounted for almost 36% of total sales in 2021, on track to reach our 50% goal in 2025.
Blade Excellence Net Sales increased 2.5% on a comparative basis and 3.0% at constant currencies, driven by the success of added-value 4 and 5-blades and a good performance in Latin America and Europe. Our B2B blade business, BIC Blade-Tech, started to ship to its first customers in September 2021. We expect BIC Blade-Tech sales to ramp up in 2022 and contribute substantially to the division's growth.
E-commerce (excluding Rocketbook) delivered a robust 21% growth, with a sustained and balanced performance between Pure Player channels (+17%), Omniretailers (+23%), and Direct-to-Consumer (+23%). Compared to last year, sales in developing regions grew more than 60%, and BIC grew market share in almost all measured markets and categories. Consistent with our objective to engage directly with consumers, we invested 83% of total Brand Support in online channels.
Resilience in the face of external headwinds through manufacturing and procurement efficiencies
2021 operating performance was impacted by the increase in Raw Materials and Packaging market prices and the disruption of global Sea Freight. Total input costs headwinds weighed 130 basis points (22 million euros) on Full-year 2021 Gross Profit margin. The impact was -410 basis points in Q4, including 270 basis points from Raw Materials and 140 basis points from Sea & Air Freight import costs, higher than initially anticipated. The impact of increased Customers' Freight and Distribution costs on adjusted Full-year EBIT was -150 basis points.
These external headwinds were more than offset by the 25 million euros incremental benefits in manufacturing efficiencies and procurement initiatives fueled by BIC's Invent the Future plan.
Strong Cash Flow and Solid Balance Sheet
Full-year 2021 Free Cash Flow before acquisitions and disposals totaled 205.7 million euros. The increase in Working Capital was driven by the building of strategic inventories to protect Raw Material Supply and Product Delivery in 2022. CAPEX totaled 74.9 million euros. December 2021 Net Cash Position stood at 400.1 million euros; this includes 127.9 million euros net proceeds from the sale of BIC's Clichy headquarters.
Invent the Future Plan operational targets achieved at the end of 2021, one year ahead of schedule
One year ahead of schedule, we achieved the four operational targets defined in 2019 in our Invent the Future plan.
Effectiveness: 50 million euros annual benefits compared to December 2018
Innovation: +21% increase of new patent submissions in 2021
Consumer-centric brands: 83% of Brand Support investments allocated to Digital Media in 2021
Omnichannel Distribution: 10% of total Net Sales from e-commerce, including Rocketbook, in 2021
Progress in our Sustainable Development journey
In line with our Sustainable Development journey, we launched several innovative products with reduced environmental impact during 2021, including the BIC® Cristal® Re'New™, our first rechargeable metallic Cristal Ball Pen, and the BIC® BAMBOO shaver, a five-blade Hybrid Flex razor with a handle made from responsibly sourced bamboo.
We continued to work on reducing our overall carbon footprint with 79% renewable electricity usage. We also made progress in our plastic commitments, with 59.6% of reusable, recyclable, or compostable packaging (+17.1 points year-to-date) and continued to invest in R&D and manufacturing to reduce the percentage of non-virgin petroleum or alternative plastics in our products. As pledged in May 2021, we will unveil a CO2 emission roadmap during our next AGM on 18 May 2022.
Sustained Shareholder Remuneration, consistent with Horizon plan use of cash policy
In line with Horizon Plan Capital Allocation Policy, the Board will propose a 2.15 euros per share Ordinary Dividend to the next AGM, a 50% payout ratio, and an increase of 19.4% compared to 2021.
In addition to the Ordinary Dividend, a 40 million euros ESG Share Buyback program was launched on 24 January 2022. Like in 2021, part of the program will be allocated to the Abdul Latif Jameel Poverty Action Lab (J-PAL), global research center, and the BIC Corporation Foundation for Education. In 2021, the funds allocated to J-PAL helped support research on innovative and more inclusive education models aligned with BIC's long-term commitment to improving lives through education.
Governance
On 19 November 2021, the Board of Directors announced it will nominate Nikos Koumettis as an Independent Director for election at BIC's next Annual General Meeting. Subject to the Shareholders' approval, the Board intends to appoint him as Independent Non-Executive Chair. Greek-Cypriot and President, Europe Operating Unit at the Coca-Cola Company, Nikos Koumettis, will bring over 30 years of international experience in the Consumer-goods industry and knowledge of governance topics. He will be able to guide the Board in support of BIC's management team in the transformation of the Company. He has been a Member of the Canada Goose International Advisory Board since 2016 and is a member of the Board of Trustees of the American College of Greece.
NET SALES, EARNINGS BEFORE INTEREST AND TAXES (EBIT), AND ADJUSTED EBIT
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Net Sales | 410.1 | 436.8 | 1 627.9 | 1 831.9 |
| Gross Profit | 197.2 | 214.0 | 782.4 | 930.8 |
| Gross Profit margin | 48.1% | 49.0% | 48.1% | 50.8% |
| EBITDA | 52.8 | 79.1 | 300.1 | 549.3 |
| EBIT | 24.5 | 36.9 | 156.8 | 452.0 |
| EBIT margin | 6.0% | 8.5% | 9.6% | 24.7% |
| Non-recurring items | 28.4 | (5.7) | 72.3 | (172.2) |
| Adjusted EBIT | 52.9 | 31.2 | 229.1 | 279.8 |
| Adjusted EBIT margin | 12.9% | 7.1% | 14.1% | 15.3% |
FY 2021 Net Sales increased 12.5% as reported and 15.9% at constant currencies. The unfavorable impact of currency fluctuations (–2.8 points) was mainly due to the decrease of the U.S. Dollar against the Euro4. Excluding the impact of acquisitions and divestitures, growth on a comparative basis was 12.2%. Q4 Net Sales grew 6.5% as reported, 4.1% at constant currencies, and 0.5% on a comparative basis. The favorable impact of currency fluctuations (+2.9 points) was driven by the increase of the U.S. dollar against the Euro.
FY 2021 Gross Profit margin increased by 2.7 points to 50.8% compared to 48.1% in 2020. Excluding the 2020 under-absorption of fixed costs due to the COVID-19 pandemic, the Gross Profit margin was flat , notably driven by the increase in North America Lighter sales, a decrease in Brand Support above Net Sales, manufacturing and procurement efficiencies, offset by higher raw material costs and unfavorable Forex from Latin American currencies against the U.S. Dollar.
FY 2021 adjusted EBIT was favorably impacted by operating leverage from Net Sales growth. Freight and Distribution costs were higher due to the increase in customer demand. Q4 adjusted EBIT margin decrease (-5.8 points) resulted from higher Raw Material and Sea and Air Freight import costs, partially offset by manufacturing efficiencies, timing in Brand Support investment and increase in Freight and Distribution costs, and OPEX.
FY 2021 non-recurring items included:
- 167.7 million euros from Clichy Headquarters sale gain in Q1 2021,
- 3.0 million euros from Pimaco divestiture gain in Q1 2021,
- (4.2) million euros of restructuring costs related to BIC's transformation plan,
- (0.4) million euros of earn-out adjustment following Rocketbook acquisition in 2020
- 6.9 million euros of pensions favorable adjustments
- (0.8) million euros of acquisition costs related to Inkbox announced in January 2022
| Key components of the change in Adjusted EBIT margin (in points) | Q1 2021 vs. Q1 2020 | Q2 2021 vs. Q2 2020 | Q3 2021 vs. Q3 2020 | Q4 2021 vs. Q4 2020 | FY 2021 vs. FY 2020 |
| +0.5 | +2.6 | (0.4) | (2.1) | +0.1 |
| +1.2 | (0.5) | (0.4) | (1.5) | (0.3) |
| +5.9 | +2.7 | (0.9) | (2.2) | +1.4 |
| Total change in Adjusted EBIT margin | +7.6 | +4.8 | (1.7) | (5.8) | +1.2 |
NET INCOME AND EPS
| in millions of euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| EBIT | 24.5 | 36.9 | 156.8 | 452.0 |
| Finance revenue/costs | (8.5) | 0.5 | (1.4) | (4.2) |
| Income before Tax | 16.0 | 37.4 | 155.3 | 447.8 |
| Net Income Group share | 3.6 | 26.7 | 93.7 | 314.2 |
| Adjusted Net Income Group Share | 25.6 | 21.5 | 159.4 | 191.7 |
| Adjusted EPS Group Share (in euros) 7 | 0.57 | 0.48 | 3.54 | 4.29 |
| EPS Group Share (in euros) | 0.08 | 0.60 | 2.08 | 7.02 |
FY 2021 finance revenue decrease is mainly due to 2020's strong favorable impact of the fair value adjustments to financial assets denominated in U.S. Dollar against the Brazilian Real.
FY 2021 effective tax rate was 29.8% vs. 39.7% in 2020. FY 2020 effective tax rate excluding Cello impairment was 31.2%.
NET CASH POSITION
| CHANGE IN NET CASH POSITION in million euros | 2020 | 2021 |
| Net Cash position (beginning of period – December) | 146.9 | 183.9 |
| Net cash from operating activities | +357.6 | +280.6 |
| +294.2 | +410.3 |
| +63.4 | (129.7) |
| CAPEX8 | (83.1) | (74.9) |
| Dividend payment | (110.2) | (80.9) |
| Share buyback program | (7.4) | (39.2) |
| Net cash from the liquidity contract | (0.1) | +0.4 |
| Net Proceeds from the sale of Clichy Headquarters | - | +127.9 |
| Proceed from Pimaco divestiture | - | +4.6 |
| Acquisitions9 | (72.5) | (7.2) |
| Other items | (47.3) | +4.9 |
| Net Cash position (end of period – December) | 183.9 | 400.1 |
At the end of December 2021, the Group's Net Cash position was 400.1 million euros, positively impacted by the sale of Clichy Headquarters. Net Cash from operating activities was 280.6 million euros and driven by improved operational performance partly offset by the increase in inventory levels due to higher raw material and freight costs.
SHAREHOLDERS' REMUNERATION
- Ordinary dividend of 1.80 euros per share paid in June 2021,
- 39.2 million euros in share buybacks were completed by SOCIÉTÉ BIC at the end of December 2021. 717,928 shares were purchased at an average price of 54.64 euros.
OPERATIONAL TRENDS BY DIVISION
HUMAN EXPRESSION
Double-Digit Net Sales growth, driven by improved understanding of consumers' habits, a rebound in Europe, Latin America, Middle-East & Africa, and India, alongside the outstanding performance of Rocketbook
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Volumes in million units | 4,888 | 5,839 | ||
| Net Sales | 120.5 | 153.1 | 575.6 | 683.8 |
| Change as reported vs. prior year | (28.8)% | +27.0% | (25.7)% | +18.8% |
| Change on a comparative basis vs. prior year | (21.8)% | +14.2% | (23.2)% | +13.6% |
| Change at constant currency vs. prior year | (21.1)% | +24.5% | (22.4)% | +21.3% |
| Adjusted EBIT | (0.5) | (3.5) | 33.3 | 36.8 |
| Adjusted EBIT Margin | (0.4)% | (2.3)% | 5.8% | 5.4% |
Human Expression Full-year Net Sales were fueled by robust commercial execution in Europe, Latin America, Middle-East & Africa, and India, where we gained or maintained market share and the outstanding performance of Rocketbook. The growth of Core Stationery products was driven by a rebound in consumption and schools' reopening. Beyond traditional writing instruments, Coloring and Markers segments continued to be propelled by the shift of consumer attitudes towards creativity and self-expression. We gained market share in strategic segments thanks to an advanced understanding of consumers' changing habits.
In Europe, growth was led by a rebound in all distribution channels, including Office Suppliers and Modern Mass Market, and a solid Back to School season. As we continued to strengthen our offer with increasingly consumer-centric products, we gained market share in both classic and premium segments in key countries, notably France and the U.K. (+0.9 points in France and +1.7 points in the U.K.). In Latin America, following a soft start to the year, the Mexican market grew more than 7% year-to-date10, boosted by a solid Back to School season. We gained 0.8 points market share, outperforming classic and added-value segments, such as coloring. In Brazil, despite a gradual recovery throughout the year, the market declined 8.5%, strongly affected by a weak Q1. As expected, Q4 Net Sales were soft due to the high level of customers' inventory at the end of September. In this volatile environment, we reinforced our competitive positions, notably in the key Ball Pen segment, and gained 2.6 points market share. Driven by improved Indian domestic market conditions, Cello Net Sales grew high double-digit, boosted by a solid performance in e-commerce and successful investments in Brand Support. Morocco, Nigeria, and Kenya were the main contributors to the Middle East and Africa performance, a tribute to the successful integration of our recent acquisitions and the deployment of a direct route to market strategy in these countries.
In North America, product shortages resulting from supply chain issues affected our shipments to customers, notably during the Back-to-School season. While the market grew 16.1%, we lost 1.1 points market share11 overall due to product availability constraints, despite the success of innovative launches such as the BIC® Prevaguard, and the eco-friendly BIC® ReVolution line. Q4 performance improved significantly, driven by a gradual return to supply chain reliability, which will continue in 2022. A proof point to the execution of Horizon strategic plan, Rocketbook's reusable digital notebooks Net Sales grew by 55%, exceeding expectations in all channels, including Pure players and B2B, and boosted by solid growth in international sales.
The Full Year 2021 Human Expression division adjusted EBIT margin was 5.4% compared to 5.8% in 2020. The increase in Raw Material, Sea and Air Freight import, and Freight and Distribution costs were partly offset by Net Sales growth, combined with manufacturing and procurement efficiencies. Q4 2021 adjusted EBIT margin was (2.3)% compared to (0.4)% in 2020. This decline was driven by a sharp increase in Raw Material and Sea and Air Freight costs, as well as Freight and Distribution, partly offset by higher Net Sales.
FLAME FOR LIFE
Robust Net Sales Growth fueled by improved market dynamics in the U.S. Pocket Lighter market, solid performance in Latin America and Europe, combined with the success of innovative added-value products
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Volumes in million units | 1,394 | 1, 571 | ||
| Net Sales | 178.7 | 180.4 | 618.1 | 718.5 |
| Change as reported vs. prior year | (9.5)% | +0.9% | (9.0)% | +16.2% |
| Change on a comparative basis vs. prior year | (3.0)% | (2.3)% | (4.7)% | +18.2% |
| Change at constant currency vs. prior year | (0.6)% | (1.6)% | (3.5)% | +20.3% |
| Adjusted EBIT | 63.2 | 56.0 | 216.1 | 270.2 |
| Adjusted EBIT Margin | 35.4% | 31.0% | 35.0% | 37.6% |
The outstanding performance of the Flame For Life Division was driven by improved market dynamics in the US, where the Pocket Lighters12 market declined 3.5% in volume and grew 4.4 % in value thanks to product mix and price increases. We strengthened our leadership position, gaining market share in both volumes (+2.5 points) and value (+1.2 points). This was fueled by further distribution gains in the convenience channel, low-single-digit price increases in Pocket Lighters, the execution of our Revenue Growth Management strategy, and the success of the BIC EZ Reach Pocket Utility Lighter. Launched in July 2020, BIC EZ Reach reached a 4.3% total market share in less than two years, thanks to both customers and consumers' enthusiasm for the product and the success of the online advertising campaign featuring Snoop Dogg and Martha Stewart, which was renewed in 2022.
The US Utility Lighters market growth slowed from a unique performance in 2020 (+0.6% in value in 2021 compared to +28.7% in 2020). We lost 1.5 points of value share year-to-date due to lack of product availability resulting from sea freight challenges and longer lead times. Despite this market share loss in 2021, we remain the leader in this segment, with over 50% market share in value. As anticipated, Q4 Net Sales performance in North America was softer, against the backdrop of a strong nine-month performance.
Full-Year 2021 performance was also driven by Net Sales rebound in Europe and Latin America. In Europe, growth was fueled by the rebound in traditional channels and Modern Mass Market and successful new listings in Eastern Europe. Overall, Latin America Net Sales were driven by more demand for smoking and non-smoking usages, with strong sell-out in both Brazil and Mexico. In Brazil, Net Sales were also positively impacted by lower imports of lighters due to cost increases in international sea freight and adverse currency fluctuation (devaluation of the Brazilian Real).
In line with BIC's strategy to lean towards a more value-driven model in lighters, the portion of our added value lighters, including Djeep lighters, increased by 1 point to reach almost 36% of total Lighter Net sales in 2021.
The Full Year 2021 Flame for Life division adjusted EBIT margin improved to 37.6% compared to 35.0% in 2020, boosted by the strong increase in Net Sales and the favorable impact of price increases in U.S. Lighters. This was partially offset by higher Brand Support investments compared to last year and higher Freight and Distribution costs. Q4 2021 adjusted EBIT margin was 31.0% compared to 35.4% in 2020, explained by lower Gross Profit, due to higher Raw Materials and Air Freight import costs, and an increase in Brand Support.
BLADE EXCELLENCE
Net Sales Growth driven by Added-value products in all regions, and the strong success of shavers with environmental benefits
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Volumes in million units | 2,257 | 2,320 | ||
| Net Sales | 100.6 | 96.2 | 404.2 | 401.2 |
| Change as reported vs. prior year | (18.5)% | (4.4)% | (12.7)% | (0.7)% |
| Change on a comparative basis vs. prior year | (8.4)% | (7.3)% | (6.8)% | +2.5% |
| Change at constant currency vs. prior year | (7.8)% | (6.6)% | (6.2)% | +3.0% |
| Adjusted EBIT | 10.7 | 6.5 | 50.1 | 57.4 |
| Adjusted EBIT Margin | 10.6% | 6.8% | 12.4% | 14.3% |
The Blade Excellence division's performance was driven by added-value 4 and 5-blades' continued success and good performance in Latin America and Europe. Our B2B blade business, BIC Blade-Tech, started to ship to its first customers in September 2021. We expect BIC Blade-Tech sales to ramp up in 2022 and contribute substantially to the division's growth in 2022.
Net Sales in Europe were affected by global supply chain issues, notably in France, the U.K., and Italy, where product availability issues negatively impacted performance, which was partially offset by solid growth in Eastern Europe. Despite these headwinds, we successfully launched our new Hybrid range in France, and we introduced our first shaver with a handle made from responsibly sourced bamboo.
A challenging competitive environment impacted performance in the US, where the in-store Disposable market declined 0.7% in value13 with aggressive promotional activity and new products launched by competition since the beginning of 2021, including value positioning items. BIC lost 2.1 points market share. In line with the Horizon strategy, we focused on premium segments and successfully gained 2.7 points in value in the 4-blade segment. We gained +0.4 points value market share in e-commerce.
We pursued our successful trade-up strategy in Latin America. Brazil's market grew 2.7% in value14, and we maintained our market share. We gained market share in the 3-blade segment, driven by male and female products, including our flagship BIC® Soleil range. In Mexico, we were flat in value in a growing market and successfully gained in the female segment with +1.8 points for the BIC® Soleil range. Q4 Net Sales performance was softer on the back of a strong sell-in in Q4 2020 as businesses reopened.
FY 2021 Blade Excellence division adjusted EBIT margin improved to 14.3% compared to 12.4% in 2020, positively impacted by manufacturing and raw material procurement efficiencies, and more efficient Brand Support, notably in the US. Q4 2021 adjusted EBIT margin was 6.8% compared to 10.6% in 2020, driven by higher Raw Material and Freight and Distribution costs and timing in Brand Support investments, partly offset by manufacturing and procurement efficiencies.
OTHER PRODUCTS
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Net Sales | 10.3 | 7.1 | 30.0 | 28.4 |
| Change as reported | (6.3)% | (31.1)% | (9.4)% | (5.3)% |
| Change on a comparative basis | (5.4)% | (31.3)% | (8.4)% | (5.6)% |
| Change at constant currency | (5.6)% | (31.3)% | (8.6)% | (5.6)% |
| Adjusted EBIT | 0.6 | (1.5) | (1.9) | (5.5) |
| EBIT | 0.1 | (1.3) | (5.2) | (5.2) |
UNALLOCATED COSTS
| in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Adjusted EBIT | (21.0) | (26.2) | (68.4) | (79.1) |
| EBIT | (30.5) | (22.4) | (84.0) | 91.6 |
FY 2021 unallocated costs are mainly related to Corporate headquarters costs and Clichy Headquarters sales capital gain amounting to 167.7 million euros. The decrease in 2021 adjusted EBIT is due to the costs of implementing the transformation plan.
BIC'S SUSTAINABLE DEVELOPMENT JOURNEY - UPDATE ON THE WRITING THE FUTURE, TOGETHER 2025 COMMITMENTS
Creating long-term value for the benefit of all stakeholders.
| 2025 targets | 2021 achievements | |
| FOSTERING SUSTAINABLE INNOVATION IN BIC® PRODUCTS | Improve the environmental and/or societal footprint of BIC® products | 59,6% Reusable, Recycable, or Compostable plastics in BIC's products packaging 4% non-virgin petroleum, or alternative plastic in BIC's products |
| ACTING AGAINST CLIMATE CHANGE | 100% renewable electricity | 79% renewable electricity |
| COMMITTING TO A SAFE WORK ENVIRONMENT | Zero accidents across all operations | 58 reportable accidents15 40 sites reached a zero-accident level |
| PROACTIVELY INVOLVING SUPPLIERS | Work responsibly with its strategic suppliers to ensure the most secure, innovative, and efficient sourcing | As of the end of 2021, 52.3% of strategic suppliers have integrated the responsible purchasing program |
| IMPROVING LIVES THROUGH EDUCATION | Improve learning conditions for 250 million children globally | 158 million children (cumulative) |
In line with our Sustainable Development journey, we launched several innovative products with environmental benefits during 2021 and moved a step forward to reducing our overall carbon footprint:
- The BIC® Cristal® Re'New™, our first rechargeable metallic Cristal Ball Pen, was introduced in Europe in January. This refillable premium ball pen completes BIC's iconic Cristal® range, offering a metal body and a recycled plastic cap.
- In April, BIC launched BIC® ReVolution in the US, a full range eco-friendly Stationery line made of at least 50% recycled plastic.
- In May, we launched the BIC® BAMBOO shaver. This five-blade Hybrid Flex with a movable head has a handle made from a natural raw material, namely responsibly sourced bamboo. BIC® Bamboo comes in 100% recyclable cardboard packaging made of 50% recycled paper, including refills in 95% recycled paper packaging.
- We introduced our new Hybrid shaver range in Europe. Made with recycled plastic handles, this range of innovative shavers with recyclable packaging was also deployed in North America and Latin America in the third quarter.
- In May, we upgraded our renewable electricity target and committed to achieving 100% by 2025. We also pledged to define a CO2 emissions reduction roadmap by our 2022 Annual General Meeting.
- In July, we expanded our partnership with TerraCycle® launching our first razor recycling program in Spain.
- Our future headquarters in Clichy (France) will be certified BREEAM (Building Research Establishment Environmental Assessment Method), meeting the highest requirements for environmental performance and energy consumption efficiency.
- On October 19, we announced the development with Avient of a new recycled material incorporated into the handle of the future refillable BIC Click Soleil 5 shaver, with a launch planned in the second quarter of 2022. The handle will be made of more than 40% recycled material by using this new material.
- In 2021, as part of its commitment to improving children's learning conditions globally, BIC launched a 40 million euros ESG Impact Share Buyback program. The outperformance over the program's execution was allocated to the BIC Corporate Foundation and to the Abdul Latif Jameel Poverty Action Lab's (J-PAL) tutoring and parental programs in Europe and the U.S.
- In 2021, non-financial ratings included:
- an AAA MSCI rating
- an overall ESG risk reduction of 0.8 points in the Sustainalytics 2021 ESG Risk rating
- a robust Vigeo score of 56
- an ISS ESG's Environmental Category "1" Quality Score.
APPENDIX
2022 OUTLOOK ASSUMPTIONS
Our 2022 outlook is based on the following market assumptions26F16:
Market trends (in value):
- Europe: Low to mid-single-digit decrease in Stationery, flat to low single-digit increase in Lighters, flat to low-single-digit increase in Shavers
- North America:
- Slight decrease to flat in U.S. Stationery market
- Low-single digit to mid-single decrease for total U.S. pocket Lighter market
- Slight decrease in the total U.S. one-piece Shaver market
- Latin America: double-digit increase in Stationery; low-single-digit decrease in Lighters and low to mid-single-digit increase in Shavers
- India: double-digit increase in Stationery
EBIT drivers:
- Gross Profit:
- Increase in volumes and prices
- Higher Raw Materials and Sea and Air Freight costs
- Slightly unfavorable FX impact (Negative USD-Euro hedging / Positive USD-MXN)
- Positive contribution from Inkbox
- Adjusted EBIT:
- Increase in Brand Support to support Net Sales growth – increase in R&D and OPEX to support long-term growth and innovation
- Additional savings
- Negative impact on 2022 EBIT from Inkbox's investments in growth
Free Cash Flow before Acquisitions and Disposals drivers
- Approximately 100 million euros in CAPEX
Currency: 2022 USD-Euro hedging rate: 1.1750
2021 MISCELLANEOUS EVENTS AND GOVERNANCE
February 11: completion of the sale of its Clichy-La-Garenne-based (France) Headquarters
February 26: completion of the divestiture of PIMACO
March 12: launch BIC's 40 million euros ESG Impact Share Buyback program.
March 25: appointment of Interim Non-Executive Chair John Glen and Independent Lead-Director Elizabeth Bastoni
November 3: completion of BIC's ESG Impact Share Buyback program.
November 16: Partership with the Abdul Latif Jameel Poverty Action Lab's Tutoring and Parental Program
November 19: nomination of Nikos Koumettis for election to BIC Board of Directors and upcoming Non-Executive Chair of the Board.
December 6: Elizabeth Maul appointed Group Insights, Innovation & Sustainability Officer, Thomas Brette appointed Group Partnerships & New Business Officer, and Gary Horsfield named Group Supply Chain Officer.
December 17: joining of the United Nations Global Compact, the world's largest corporate sustainability initiative.
SUBSEQUENT EVENTS
BIC announced on February 1st that it has completed the acquisition of Inkbox, the leading Do-It-Yourself Skin Creative Brand, for 65 million euros (57 million euros), and a deferred consideration based on Inkbox’s future sales and profitability. Inkbox will be consolidated started 01 February 2022.
| Q4 NET SALES BY GEOGRAPHY in million euros | Q4 2020 | Q4 2021 | % As reported | % at constant currencies | % On a comparative basis |
| Group | 410.1 | 436.8 | +6.5% | +4.1% | +0.5% |
| Europe | 112.3 | 123.1 | +9.6% | +8.6% | +8.6% |
| North America | 163.6 | 177.9 | +8.7% | +4.4% | (3.9)% |
| Latin America | 79.1 | 77.4 | (2.2)% | (1.8)% | (5.5)% |
| Middle East and Africa | 28.7 | 29.2 | +1.7% | (1.6)% | (1.6)% |
| Asia and Oceania (including India) | 26.3 | 29.2 | +11.0% | +7.4% | +11.8% |
| FY NET SALES BY GEOGRAPHY in million euros | FY 2020 | FY 2021 | % As reported | % at constant currencies | % On a comparative basis |
| Group | 1 627.9 | 1 831.9 | +12.5% | +15.9% | +12.2% |
| Europe | 517.3 | 570.6 | +10.3% | +11.1% | +9.4% |
| North America | 703.1 | 779.0 | +10.8% | +15.1% | +8.6% |
| Latin America | 230.1 | 275.9 | +19.9% | +28.7% | +26.0% |
| Middle East and Africa | 87.2 | 111.7 | +28.0% | +29.2% | +29.2% |
| Asia and Oceania (including India) | 90.2 | 94.8 | +5.1% | +3.8% | +9.1% |
| Q4 NET SALES BY CATEGORY in million euros | Q4 2020 | Q4 2021 | Change as reported | F.X. impact17 (in points) | Change in Perimeter18 (in points) | Argentina impact19 (in points) | Change on a Comparative basis |
| Group | 410.1 | 436.8 | +6.5% | +2.9 | +2.6 | +0.5 | +0.5% |
| Stationery- Human Expression | 120.5 | 153.1 | +27.0% | +3.2 | +9.3 | +0.3 | +14.2% |
| Lighters- Flame for Life | 178.7 | 180.4 | +0.9% | +2.9 | (0.1) | +0.4 | (2.3)% |
| Shavers- Blade Excellence | 100.6 | 96.2 | (4.4)% | +2.7 | (0.2) | +0.4 | (7.3)% |
| Other Products | 10.3 | 7.1 | (31.1)% | +0.2 | - | - | (31.3)% |
| FY NET SALES BY CATEGORY in million euros | FY 2020 | FY 2021 | Change as reported | F.X. impact (in points) | Change in Perimeter (in points) | Argentina impact (in points) | Change on a Comparative basis |
| Group | 1 627.9 | 1 831.9 | +12.5% | (2.8) | +2.9 | +0.2 | +12.2% |
| Stationery- Human Expression | 575.6 | 683.8 | +18.8% | (1.8) | +6.9 | +0.1 | +13.6% |
| Lighters- Flame for Life | 618.1 | 718.5 | +16.2% | (3.5) | +1.1 | +0.4 | +18.2% |
| Shavers- Blade Excellence | 404.2 | 401.2 | (0.7)% | (3.2) | (0.2) | +0.2 | +2.5% |
| Other Products | 30.0 | 28.4 | (5.3)% | +0.3 | - | - | (5.6)% |
| IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS ON NET SALES (EXCLUDES ARS) (in %) | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Perimeter | +0.4 | +2.6 | +0.2 | +2.9 |
| Currencies | (8.1) | +2.9 | (4.2) | (2.8) |
| Of which USD | (2.4) | +1.6 | (0.7) | (2.1) |
| Of which BRL | (3.2) | +0.1 | (2.0) | (0.7) |
| Of which MXN | (0.6) | +0.2 | (0.4) | +0.1 |
| Of which CAD | (0.2) | +0.2 | (0.1) | +0.1 |
| Of which ZAR | (0.3) | +0.2 | (0.2) | +0.1 |
| Of which INR | (0.2) | +0.1 | (0.1) | (0.1) |
| Of which RUB and UAH | (0.5) | +0.2 | (0.3) | (0.2) |
| EBIT BY CATEGORY in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Group | 24.5 | 36.9 | 156.8 | 452.0 |
| Margin | 6.0 % | 8.5% | 9.6 % | 24.7% |
| Stationery- Human Expression | (14.6) | (0.9) | (31.1) | 41.0 |
| Margin | (12.1)% | (0.6)% | (5.4) % | 6.0% |
| Lighters- Flame for Life | 61.8 | 56.1 | 226.4 | 268.5 |
| Margin | 34.6 % | 31.1% | 36.6 % | 37.4% |
| Shavers- Blade Excellence | 7.7 | 5.4 | 50.6 | 56.2 |
| Margin | 7.7 % | 5.6% | 12.5 % | 14.0% |
| Other Products | 0.1 | (1.3) | (5.2) | (5.2) |
| Unallocated costs | (30.5) | (22.4) | (84.0) | 91.6 |
| ADJUSTED EBIT BY CATEGORY in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Group | 52.9 | 31.2 | 229.1 | 279.8 |
| Margin | 12.9 % | 7.1% | 14.1 % | 15.3% |
| Stationery- Human Expression | (0.5) | (3.5) | 33.3 | 36.8 |
| Margin | (0.4)% | (2.3)% | 5.8 % | 5.4% |
| Lighters- Flame for Life | 63.2 | 56.0 | 216.1 | 270.2 |
| Margin | 35.4 % | 31.0% | 35.0 % | 37.6% |
| Shavers- Blade Excellence | 10.7 | 6.5 | 50.1 | 57.4 |
| Margin | 10.6 % | 6.8% | 12.4 % | 14.3% |
| Other Products | 0.6 | (1.5) | (1.9) | (5.5) |
| Unallocated costs | (21.0) | (26.2) | (68.4) | (79.1) |
| CONDENSED PROFIT AND LOSS in million euros | Q4 2020 | Q4 2021 | FY 2020 | FY 2021 |
| Net Sales | 410.1 | 436.8 | 1,627.9 | 1,831.9 |
| Cost of goods | 212.9 | 222.8 | 845.5 | 901.1 |
| Gross profit | 197.2 | 214.0 | 782.4 | 930.8 |
| Administrative & net other operating expenses/ (gain) | 172.7 | 177.1 | 625.6 | 478.8 |
| EBIT | 24.5 | 36.9 | 156.8 | 452.0 |
| Finance revenue/costs | (8.5) | 0.5 | (1.4) | (4.2) |
| Income before tax | 16.0 | 37.4 | 155.3 | 447.8 |
| Income tax expense | (12.4) | (10.7) | (61.6) | (133.6) |
| Net Income Group Share | 3.6 | 26.7 | 93.7 | 314.2 |
| Earnings per Share Group Share (in euros) | 0.08 | 0.60 | 2.08 | 7.02 |
| Average number of shares outstanding (net of treasury shares) | 44,975,070 | 44,778,191 | 44,975,070 | 44,778,191 |
| CONDENSED BALANCE SHEET in million euros | December 31, 2020 | December 31, 2021 |
| ASSETS | ||
| 613.4 | 588.8 |
| 1.5 | 1.9 |
| 309.8 | 322.1 |
| 138.9 | 157.3 |
| Non-current assets | 1, 063.6 | 1,070.1 |
| 379.0 | 490.2 |
| 409.6 | 418.2 |
| 25.3 | 46.7 |
| 26.1 | 1.7 |
| 265.7 | 468.9 |
| Current assets | 1, 105.8 | 1,425.7 |
| TOTAL ASSETS | 2, 169.4 | 2,495.8 |
| LIABILITIES & SHAREHOLDERS’ EQUITY | ||
| Shareholders’ equity | 1, 456.4 | 1,723.8 |
| 28.0 | 23.8 |
| 222.2 | 181.9 |
| Non-current liabilities | 250.2 | 205.7 |
| 99.5 | 149.1 |
| 90.0 | 76.3 |
| 273.4 | 340.9 |
| Current liabilities | 462.8 | 566.3 |
| TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | 2, 169.4 | 2,495.8 |
| WORKING CAPITAL in million euros | December 31, 2020 | December 31, 2021 |
| Total Working Capital | 458.0 | 488.3 |
| Of which, inventories | 379.0 | 490.2 |
| Of which, Trade and other receivables | 409.6 | 418.2 |
| Of which, Trade and other payables | (99.5) | (149.1) |
| CASH FLOW STATEMENT in million euros | FY 2020 | FY 2021 |
| Group Net income | 93.7 | 314.2 |
| 1.6 | 1.9 |
| 136.4 | 113.3 |
| (0.1) | (170.6) |
| 62.6 | 151.4 |
| CASH FLOW FROM OPERATIONS | 294.2 | 410.3 |
| 129.7 | (20.0) |
| (66.3) | (109.7) |
| NET CASH FROM OPERATING ACTIVITIES (A) | 357.6 | 280.6 |
| Capital expenditure20 | (83.1) | (74.9) |
| (Purchase)/Sale of other current financial assets | 3.9 | - |
| Proceed from the sale of Clichy Headquarters (net of tax) | - | 127.9 |
| Haco Industries Ltd acquisition | (2.7) | (2.3) |
| Djeep acquisition | (35.3) | (3.0) |
| Rocketbook acquisition | (34.5) | (1.9) |
| Proceed from Pimaco divestiture | - | 4.6 |
| Others | 2.4 | 7.0 |
| NET CASH FROM INVESTING ACTIVITIES (B) | (149.3) | 57.6 |
| Dividends paid | (110.2) | (80.9) |
| Borrowings/(Repayments)/(Loans) | 77.2 | (12.0) |
| Share buy-back program net of stock-options exercised | (7.5) | (38.8) |
| Others | (20.6) | (16.6) |
| NET CASH FROM FINANCING ACTIVITIES (C) | (61.1) | (148.3) |
| NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS (A+B+C) | 147.2 | 189.9 |
| OPENING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 146.8 | 264.7 |
| Net increase/decrease in cash and cash equivalents net of bank overdrafts (A+B+C) | 147.2 | 189.9 |
| Foreign Exchange difference | (29.3) | 13.8 |
| CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 264.7 | 468.4 |
RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASURES
| ADJUSTED EBIT RECONCILIATION in million euros | FY 2020 | FY 2021 |
| EBIT | 156.8 | 452.0 |
| Restructuring costs (Transformation plan) and Ecuador factory closure in Q2 2020 and LAM commercial operations restructuring in Q3 2020 | +27.2 | +4.2 |
| Cello impairment | +41.7 | - |
| Some Expenses related to the COVID-19 epidemic mainly under absorption of fixed costs | +45.4 | - |
| Pensions adjustment favorable in the U.S. in 2020 and favorable in France, UK and unfavorable in Greece in 2021 | (44.1) | (6.9) |
| Clichy Headquarters sales capital gain | - | (167.7) |
| Pimaco divestiture capital gain | - | (3.0) |
| Acquisition costs | +2.1 | +1.2 |
| Adjusted EBIT | 229.1 | 279.8 |
| ADJUSTED EPS RECONCILIATION in million euros | FY 2020 | FY 2021 |
| EPS | 2.08 | 7.02 |
| Restructuring costs (Transformation plan) and Ecuador factory closure in Q2 2020 and LAM commercial operations restructuring in Q3 2020 | +0.44 | +0.07 |
| Cello impairment | +0.93 | - |
| Some Expenses related to the COVID-19 epidemic mainly under absorption of fixed costs | +0.78 | - |
| Argentina hyperinflationary accounting (IAS29) | +0.03 | +0.04 |
| Pensions adjustment favorable in the U.S. in 2020 favorable in France, and unfavorable in Greece in 2021 | (0.77) | (0.11) |
| Clichy Headquarters sales capital gain | - | (2.72) |
| Pimaco divestiture capital gain | - | (0.04) |
| Acquisition costs | +0.05 | +0.03 |
| Adjusted EPS | 3.54 | 4.29 |
| Net cash reconciliation in millions of euros - rounded figures | December 31, 2020 | December 31, 2021 |
| Cash and cash equivalents (1) | +265.7 | +468.9 |
| Other current financial assets (2)31F21 | - | - |
| Current borrowings (3)32F22 | (77.2) | (63.9) |
| Non-current borrowings (4) | (4.7) | (4.9) |
| Net Cash Position (1) + (2) – (3) – (4) | 183.9 | 400.1 |
| Free Cash Flow reconciliation in million euros - rounded figures | December 31, 2020 | December 31, 2021 |
| Net cash from operating activities (1) | +357.6 | 280.6 |
| Capital expenditure (2) | (83.1) | (74.9) |
| Free Cash Flow before acquisition and disposals (1) - (2) | 274.5 | 205.7 |
SHARE BUYBACK PROGRAM
| SOCIETE BIC | Number of shares acquired | Average weighted price (in €) | Amount (in M€) |
| March 2021 | 62,600 | 50.46 | 3.2 |
| April 2021 | 77,005 | 53.35 | 4.1 |
| May 2021 | 65,770 | 62.93 | 4.1 |
| June 2021 | 72,459 | 59.57 | 4.3 |
| July 2021 | 85,175 | 56.76 | 4.8 |
| August 2021 | 82,975 | 57.11 | 4.8 |
| September 2021 | 109,917 | 54.10 | 5.9 |
| October 2021 | 158,610 | 49.29 | 7.8 |
| November 2021 | 3,417 | 49.96 | 0.2 |
| December 2021 | - | - | - |
| Total | 717,928 | 54.64 | 39.2 |
CAPITAL AND VOTING RIGHTS
As of December 31, 2021, the total number of issued shares of SOCIÉTÉ BIC is 44,677,929 shares, representing:
- 65,654,533 voting rights,
- 65,391,627 voting rights excluding shares without voting rights
Total number of treasury shares held at the end of December 2021: 262,906.
GLOSSARY
- Constant currency basis: constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates.
- Organic change or Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impact of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date. All Net Sales category comments are made on a comparative basis. Organic change excludes Argentina Net Sales for both 2020 and 2021.
- EBITDA: EBIT before Depreciation and Amortization (excluding amortization of right of use under IFRS 16 standard), and impairment.
- Adjusted EBIT: adjusted means excluding normalized items.
- Adjusted EBIT margin: adjusted EBIT as a percentage of Net Sales.
- Net Cash from operating activities: Cash generated from principal activities of the entity and other activities that are not investing or financing activities.
- Free Cash Flow: Net cash flow from operating activities less capital expenditures (CAPEX). Free cash flow does not include acquisitions and proceeds from the sale of businesses.
- Net cash position: Cash and cash equivalents + Other current financial assets - Current borrowings - Non-current borrowings (except financial liabilities following IFRS 16 implementation)
SOCIETE BIC consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 15, 2022. A presentation related to this announcement is also available on the BIC website (www.bic.com).
The Group's Statutory Auditors have substantially completed their audit procedures on these consolidated financial statements and the audit report relating to the certification of these financial statements will be issued upon completion of the procedures required for the filing of the universal registration document. This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to many risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risks Management" in BIC's 2020 Universal Registration Document filed with the French financial markets authority (AMF) on April 1, 2021.
ABOUT BIC
A world leader in stationery, lighters and shavers, BIC brings simplicity and joy to everyday Life. For more than 75 years, the Company has honored the tradition of providing high-quality, affordable, essential products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands and is a trademark registered worldwide. Today, BIC products are sold in more than 160 countries around the world and feature iconic brands such as BIC Kids™, BIC FlexTM, BodyMark by BICTM, Cello®, Djeep, Lucky Stationery, Rocketbook, Soleil®, Tipp-Ex®, Us. TM, Wite-Out®, Inkbox and more. In 2021, BIC Net Sales were 1,831.9 million euros. The Company is listed on "Euronext Paris"," is part of the SBF120 and CAC Mid 60 indexes and is recognized for its commitment to sustainable development and education. It received an A- Leadership score from CDP. For more, visit www.bic.com or follow us on LinkedIn, Instagram, Twitter, or YouTube.
CONTACT
| Sophie Palliez-Capian VP, Corporate Stakeholder Engagement +33 1 45 19 55 28 + 33 87 89 3351 Sophie.palliez@bicworld.com Michèle Ventura Senior Manager, Investor Relations + 33 1 45 19 52 98 Michele.ventura@bicworld.com | Albane de La Tour d’Artaise Senior Manager, Institutional Press Relations + 33 1 45 19 51 51 + 33 7 85 88 19 48 Albane.DeLaTourDArtaise@bicworld.com Isabelle de Segonzac Image 7 + 33 6 89 87 61 39 isegonzac@image7.fr |
2022 AGENDA
ALL DATES TO BE CONFIRMED
| 1st Quarter 2022 Results | April 26, 2022 |
| 2022 Annual General Meeting | 18 May, 2022 |
| 1st Half 2022 Results | August 2, 2022 |
| 3rd Quarter 2022 Results | October 27, 2022 |
1 Payable on 01 June 2022, subject to the 18 May 2022 AGM approval – Based on 44,677,929 shares
2 See market ssumptions page 12
3 BIC employees and external temporaries
4 This excludes the Argentinian Peso
5 Excluding in 2020 under absorption of fixed costs due to COVID-19 pandemic for the Gross Profit
6 Other expenses include notably Freight & Distribution and R&D
7 See page 18
8 Including -12.8 million euros in 2020 and +6.0 million euros in 2021 related to assets payable change
9 Haco Industries Ltd in 2020 & 2021, Rocketbook and Djeep in 2021
10 Nielsen data – YTD December 2021
11 NPD Data – YTD December 2021
12 For the US: IRI data YTD December 2021
13 IRI YTD December 2021
14 Nielsen YTD December 2021 for both Brazil and Mexico data
15 BIC employees and external temporaries
16 Euromonitor and BIC estimates
17 Forex impact excluding Argentinian Peso (ARS)
18 Mainly acquisitions of Djeep and Rocketbook
19 See glossary
20 Including respectively +6.0 million euros and -12.8 million euros in 2021 and 2020 related to assets payable change.
21 In the balance sheet at December 31, 2021 and 2020, the “Other current financial assets and derivative instruments” line also includes respectively 1.7M€ and 26.1M€ worth of derivative instruments.
22 Excluding financial liabilities following IFRS16 implementation
Attachment
