BIC: Q4 & Full Year 2024 Results
Clichy, France – February 18, 2025
FOURTH QUARTER & FULL YEAR 2024
RESULTS
Solid net sales performance in Q4 at
+4.4%1.
Full Year growth at
+0.8%1
Robust aEBIT margin at 15.6% and Free Cash Flow at
€271m
Solid growth in Q4, with net sales
increasing 4.4%1. FY
2024 net sales of €2,197 million, up
0.8%1 with continued
strong performance across Europe, Latin America and Middle East and
Africa
-
Human Expression: FY net sales of €814 million,
increasing 0.7%1, driven by good performance in Europe
and Middle East and Africa. Q4 growth was +2.8%1.
-
Flame for Life: FY net sales of €810 million,
decreasing 1.8%1, due to challenging consumption trends
in North America, balanced by strong growth across the rest of the
Group. Quarterly sequential improvement leading to Q4 net sales
growth of +4.1%1.
-
Blade Excellence: FY net sales of €543 million,
increasing 5.0%1, with robust performance across Europe,
Brazil and Middle East and Africa. Q4 growth was
+6.7%1.
Strong 2024 adjusted EBIT of €343
million, growing +3.0% year-on-year, adjusted EBIT
margin of 15.6%, +90 basis points
2024 adjusted EPS growth for
the 5th consecutive year at 6.15 euros
(+8% year-on-year)
Outstanding Free Cash Flow generation at
€271 million during 2024 (+9% year-on-year)
Acquisition of Tangle Teezer in December
2024, a market-leading, fast-growing and profitable
detangling haircare company, in line with BIC’s Horizon
ambitions
2025 Outlook: the Group expects
net sales growth between +4% and +6% at constant currency, adjusted
EBIT margin at the same level as 2024, at 15.6%, above BIC’s
Horizon target, and Free Cash Flow above €240 million
Shareholders’ remuneration:
-
Proposed ordinary dividend of 3.08 euros per
share2 for fiscal year 2024, up 8%
year-on-year, representing an estimated amount of €127 million
- Share
Buyback program of up to €40m to be executed in 2025
Key Group financial figures
|
in million euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Net Sales |
526.1 |
517.5 |
2,263.3 |
2,196.6 |
|
Change as reported |
(0.1) % |
(1.6) % |
+1.3% |
(2.9) % |
|
Change on a constant currency basis
excl. Argentina |
+2.4% |
+4.4% |
+3.7% |
+0.8% |
|
Change on a constant currency basis |
+15.9% |
+2.9% |
+9.2% |
+3.1% |
|
|
|
|
|
|
|
Adjusted EBIT |
72.7 |
70.7 |
333.1 |
343.1 |
|
Adjusted EBIT Margin |
13.8% |
13.7% |
14.7% |
15.6% |
|
|
|
|
|
|
|
Group EPS |
€1.05 |
€0.65 |
€5.30 |
€5.10 |
|
Adjusted Group EPS |
€1.23 |
€1.40 |
€5.70 |
€6.15 |
|
|
|
|
|
|
|
Free Cash Flow (before acquisitions and
disposals) |
106.5 |
74.5 |
248.7 |
270.8 |
|
Net Cash Position |
385.4 |
189.3 |
385.4 |
189.3 |
Gonzalve Bich, BIC’s Chief Executive Officer
commented:
“2024 was a year of execution excellence,
building on the remarkable progress we have made since the launch
of our Horizon Strategic Plan. As we enter the final chapter of our
5-year Horizon journey, I am extremely proud of our
accomplishments, particularly the fact that we have delivered an
average annual growth rate of more than 5% through the period, in
line with our original mid-single digit growth ambition.
Throughout 2024, we demonstrated resilience
in the face of a volatile macroeconomic environment. Our dedicated
team members globally rose to the occasion, achieving strong
results through disciplined execution, innovation, and the
successful promotion of our products. Our consumer-focused
marketing campaigns sparked growth across diverse and targeted
regions.
This solid commercial execution in 2024,
coupled with our high level of operational excellence, meant that
our financial ratios outpaced our expectations for the year. We
achieved a solid adjusted EBIT margin at 15.6%, we grew adjusted
earnings per share for the fifth year in a row, and Free Cash Flow
generation remained robust.
We ended the year by laying the foundation
for greater value creation for all our stakeholders with the
promising acquisition of Tangle Teezer.”
2025 Outlook3
In line with BIC’s Horizon Plan mid-single digit
growth trajectory, net sales are expected to grow
between 4% and 6% at constant currency in
2025.
Adjusted EBIT margin is
expected to be at the same level as 2024, at
15.6%, above BIC’s Horizon target.
Free Cash Flow is expected to
be above €240 million.
Key highlights
| in million
euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Net Sales |
526.1 |
517.5 |
2,263.3 |
2,196.6 |
|
Gross Profit |
271.6 |
256.1 |
1,148.1 |
1,102.7 |
|
Gross Profit margin |
51.6% |
49.5% |
50.7% |
50.2% |
|
EBITDA |
102.3 |
85.5 |
422.8 |
410.5 |
|
EBIT |
64.2 |
33.7 |
320.5 |
289.7 |
|
EBIT margin |
12.2% |
6.5% |
14.2% |
13.2% |
|
Non-recurring items4 |
8.5 |
37.0 |
12.6 |
53.4 |
|
Adjusted EBIT |
72.7 |
70.7 |
333.1 |
343.1 |
|
Adjusted EBIT margin |
13.8% |
13.7% |
14.7% |
15.6% |
Net sales
Q4 2024 net sales were up 4.4% at
constant currency excl. Argentina, driven by robust growth
in Europe, Brazil and Middle East and Africa, particularly in the
Blade Excellence and Flame for Life divisions. Performance in North
America continued to improve sequentially in Q4.
Full Year 2024 net sales were up 0.8% at
constant currency excl. Argentina with solid performance
across Europe, Latin America and Middle East and Africa, partially
offset by challenging market trends and lower consumption in North
America, notably during the first half.
Gross profit
Q4 2024 gross profit margin
decreased by 2.1 points to 49.5%. Excluding the
fair value adjustment on the Power Purchase Agreement in France and
on the Virtual Power Purchase Agreement in Greece5,
Q4 2024 gross profit margin increased 40 basis points
to 52.0%, driven by favorable price and mix, currency
fluctuations and manufacturing efficiencies. This was partially
offset by an increase in raw material costs.
Full Year 2024 gross profit
margin decreased by 50 basis points at 50.2%.
Excluding the special bonus6 and the fair value
adjustment on the Power Purchase Agreement in France and on the
Virtual Power Purchase Agreement in Greece, FY 2024 gross
profit margin increased 40 basis points to 51.1%, driven
by favorable price and mix, manufacturing efficiencies and positive
currency fluctuations. This was partially offset by unfavorable
fixed cost absorption and higher raw material costs.
Adjusted EBIT margin
Q4 2024 adjusted EBIT margin
was stable year-on-year at 13.7%, mainly
attributable to favorable price and mix, currency fluctuations,
manufacturing efficiencies and lower brand support, offset by
higher operating and other expenses.
FY 2024 adjusted EBIT margin was up
90 basis points, at 15.6%, driven by favorable price
and mix, manufacturing efficiencies, positive currency
fluctuations, as well as lower brand support investments versus
last year.
Key components of the change in adjusted
EBIT margin
| Key
components of the change in adjusted EBIT margin
(in points) |
Q1 2024 vs.
Q1 2023 |
Q2 2024 vs.
Q2 2023 |
Q3 2024 vs.
Q3 2023 |
Q4 2024 vs.
Q4 2023 |
2024
vs.
2023 |
- Change in Gross Profit(5)(6)
|
+0.5 |
+0.8 |
(0.1) |
+0.4 |
+0.4 |
|
|
(0.1) |
- |
+1.0 |
+0.9 |
+0.5 |
- Operating expenses and other expenses
|
(1.4) |
+0.1 |
+2.8 |
(1.4) |
- |
|
Total change in Adjusted EBIT margin |
(1.0) |
+0.9 |
+3.7 |
(0.1) |
+0.9 |
Net income and earnings per share (EPS)
|
in million euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
EBIT |
64.2 |
33.7 |
320.5 |
289.7 |
|
Finance revenue/costs |
(3.5) |
6.9 |
(7.5) |
7.9 |
|
Income before Tax |
60.6 |
40.6 |
313.0 |
297.6 |
|
Net Income Group share |
45.1 |
27.0 |
226.5 |
212.0 |
|
Adjusted Net Income Group Share |
52.7 |
58.3 |
243.4 |
255.6 |
|
Adjusted Group Earnings per share (in euros) |
1.23 |
1.40 |
5.70 |
6.15 |
|
Group Earnings per share (in euros) |
1.05 |
0.65 |
5.30 |
5.10 |
Full Year 2024 finance revenue was 7.9
million euros compared to a cost of 7.5 million euros last
year, mainly due to favorable impact of the fair value adjustments
to financial assets denominated in US Dollar against the Brazilian
Real. Full Year 2024 effective tax rate was 28.8%
vs. 27.6% in FY 2023.
Change in net cash position
| Change
in net cash position (in million euros) |
2023 |
2024 |
|
Net Cash position (beginning of period) |
359.9 |
385.4 |
|
Net cash from operating activities |
+353.3 |
+357.7 |
- Of which operating cash flow
|
+469.2 |
+471.0 |
- Of which change in working capital
|
(27.4) |
+17.7 |
|
|
(88.5) |
(131.1) |
|
Capital expenditures |
(104.6) |
(86.9) |
|
Free Cash Flow (before acquisition and
disposals) |
248.7 |
270.8 |
|
Dividend payment |
(110.2) |
(178.0) |
|
Share buyback program8 |
(116.2) |
(55.7) |
|
Acquisitions |
- |
(201.3) |
|
Other items |
+3.2 |
(31.9) |
|
Net Cash position (end of period) |
385.4 |
189.3 |
Full year 2024 Operating Cash flow was
471 million euros. Free Cash Flow (before acquisitions and
disposals) was 271 million euros.
Shareholders’ remuneration for full year
2024
- A total dividend
amount of €178 million euros, or €4.27 per share comprised of:
- An ordinary
dividend of €2.85 per share was paid on June 12, 2024.
- An extraordinary
dividend of €1.42 per share was paid on September 18, 2024.
- €55.7 million in
share buybacks were completed by Société BIC in 2024. This includes
€40 million of share buyback for cancellation and €15.7 million of
free shares to be granted (long term incentives). 907,577 shares
were purchased at an average price of €61.36 per share.
Update on BIC’s Horizon Strategic Plan
During 2024, the Group continued to roll
out its 2025 Horizon strategic ambitions:
- In December, BIC acquired
Tangle Teezer a market-leading, premium detangling
haircare company, supporting BIC’s Horizon strategy by gaining
exposure to a scaled, fast-growing and profitable business with
meaningful upside potential. As part of BIC, Tangle Teezer is well
positioned to reach further scale and gain market-leading positions
in BIC’s key regions. Tangle Teezer’s expertly designed products,
combined with BIC’s unique commercial and supply chain capabilities
will continue to drive long-term profitable growth.
- BIC continued to focus on
Revenue Growth Management by streamlining the
Group’s portfolio to better meet consumer needs and optimize
product mix. In 2024, this resulted in an 11% reduction in SKUs,
leading to a total of 40% SKU reduction since 2019. BIC also
continued to improve its net sales per SKU ratio by 15% in 2024. It
almost doubled since 2019, with newly created products positively
contributing.
- BIC pursued its strong commercial
execution through the launch of impactful advertising
campaigns which yielded tremendous results. In the US
and Europe, BIC continued its long-lasting partnership with Snoop
Dogg and Martha Stewart to promote its iconic utility pocket
lighter EZ Reach. In Human Expression, BIC launched several
campaigns during the Back-to-School season such as “Go Make
WOW” for BIC Kids in Europe, and a 4-Color campaign “A pen
for every side of you” featuring Charlie Puth in the US. In
Blade Excellence, BIC partnered in Brazil with famous TV
personality Lo Bosworth for the digital campaign “Tickle your
senses”, promoting the new added-value Soleil Escape female
shaver.
- eCommerce was a
key growth driver with core ecommerce sales increasing double
digits at constant currency. This growth was fueled by all three
divisions in key regions, particularly North America, Europe and
Latin America. Best-performing products online included the
mechanical pencil in the US, the iconic 4-Color pen and the
added-value Flex 5 Hybrid shaver in Europe.
Operational Trends by
Division
Human Expression
|
in million euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Volumes in million units |
- |
- |
6,073 |
5,999 |
|
% Change |
- |
- |
(6.9) % |
(1.2) % |
|
Net Sales |
170.9 |
161.7 |
845.9 |
813.9 |
|
Change as reported |
(2.7) % |
(5.4) % |
+0.8% |
(3.8) % |
|
Change on a constant currency basis
excluding Argentina |
(1.6) % |
+2.8% |
+2.8% |
+0.7% |
|
Change on a constant currency basis |
+20.2% |
(1.1) % |
+10.2% |
+2.9% |
|
|
|
|
|
|
|
Adjusted EBIT |
(0.0) |
(1.6) |
60.5 |
61.5 |
|
Adjusted EBIT Margin |
(0.0) % |
(1.0) % |
7.2% |
7.6% |
Full Year 2024 Human Expression net
sales were up 0.7% at constant currency excl. Argentina.
In Q4, net sales were up
2.8%.
In Europe, net sales growth was
up by mid-single digits in 2024. Performance came from key
countries such as France, Poland, the Netherlands and Spain, all
boosted by distribution gains notably in the discounters’ channel.
BIC’s widespread advertising campaigns such as “A pen for every
side of you” and “Go make WOW” during the
Back-to-School season also contributed to market share gains such
as in France (+1.4 pts9). The iconic Ball Pen and
4-Color products were key contributors to growth, the latter
benefiting from its successful decors such as the Olympics and
Pastel.
In North America, despite
challenging consumption trends, BIC’s historical stationery
segments in the US including ball pens, highlighters and mechanical
pencils performed well, contributing to solid growth in Q4. Growth
was also strong across the discounters and e-commerce channels, the
latter growing double digit, fueled by a solid Back-to-School
season in the US. However, the overall net sales performance in the
region was negatively impacted by soft results in the Digital
Writing and Skin Creative segments.
In Latin America, net sales
grew low-single digits in Mexico, driven by both ball pens as well
as the value-added coloring segment. This was more than offset by
the negative performance in Brazil, impacted by a competitive
trading environment notably in the modern mass market, as well as a
softer Back-to-School season.
In Middle East and Africa, net
sales grew double digit fueled by distribution gains in Western
Africa and a solid Back-to-school sell-in performance in South
Africa. Performance came notably from the ball pen and the marking
segments as well as Lucky Stationery pens in Nigeria.
In Q4 2024, Human Expression adjusted
EBIT margin declined 1 point at -1.0%, due to higher
raw material and electricity costs, operating and other expenses as
well as net sales negative operating leverage. This was partially
offset by favorable product mix, currency fluctuations and lower
brand support.
In 2024, the adjusted EBIT margin
increased 40 basis points to 7.6%, driven by positive
currency fluctuations, favorable price and mix, as well as lower
operating and other expenses and brand support. This was partially
offset by unfavorable fixed cost absorption and higher raw material
and electricity costs.
Flame for Life
|
in million euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Volumes in million units |
- |
- |
1,603 |
1,536 |
|
% Change |
- |
- |
(2.7) % |
(4.2) % |
|
Net Sales |
217.1 |
216.2 |
851.5 |
809.8 |
|
Change as reported |
(1.1) % |
(0.5) % |
(2.3) % |
(4.9) % |
|
Change on a constant currency basis
excluding Argentina |
+1.7% |
+4.1% |
(0.3) % |
(1.8) % |
|
Change on a constant currency basis |
+7.8% |
+3.0% |
+3.3% |
(0.9) % |
|
|
|
|
|
|
|
Adjusted EBIT |
69.0 |
74.0 |
290.4 |
269.3 |
|
Adjusted EBIT Margin |
31.8% |
34.2% |
34.1% |
33.3% |
Full Year 2024 Flame for Life net
sales were down 1.8% at constant currency excl. Argentina.
In Q4, net sales were up
4.1%.
In Europe, full year net sales
increased high single digit, fueled by most countries. Performance
was driven by added-value products, as illustrated by the growth of
premium lighters such as Djeep and the BIC EZ Reach utility pocket
lighter. Additionally, solid commercial execution drove growth
through further distribution gains in both the modern mass market
and at discounters, notably in Germany, the Netherlands and across
Eastern Europe.
In North America, full year net
sales growth was negative, however performance improved
sequentially throughout the year leading to low-single digit growth
in the fourth quarter. In 2024, the US total lighter market was
down by 5.0% in value10, negatively impacted by lower
consumption trends, particularly during the first half. BIC
continued to outpace the market in value (+0.4 pts) driven by the
ongoing success of its value-added products such as the BIC EZ
Reach lighter, supported by the world-famous advertising campaign
with Snoop Dogg and Martha Stewart.
In Latin America, performance
was robust in Brazil with double digit growth, fueled by both
pocket and utility lighters, in addition to the continued ramp-up
of EZ Reach. This was supported by additional distribution gains,
solid in-store execution and digital media campaigns.
In Middle East and Africa, net
sales performance was solid with mid-single digit growth, driven by
strong execution and distribution gains, notably in Nigeria and
North Africa.
In Q4 2024, Flame for Life adjusted EBIT
margin increased 2.4 points to
34.2%, mainly driven by favorable price and mix as well as
lower operating and other expenses.
In 2024, the adjusted EBIT
margin was 33.3%, compared to 34.1% last year, mainly
due to higher raw material costs, unfavorable fixed cost absorption
and negative net sales operating leverage.
Blade Excellence
|
in million euros |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Volumes in million units |
- |
- |
2,428 |
2,474 |
|
% Change |
- |
- |
+3.3% |
+1.9% |
|
Net Sales |
129.4 |
130.3 |
536.8 |
543.3 |
|
Change as reported |
+4.4% |
+0.6% |
+8.0% |
+1.2% |
|
Change on a constant currency basis
excluding Argentina |
+8.6% |
+6.7% |
+11.6% |
+5.0% |
|
Change on a constant currency basis |
+24.3% |
+7.9% |
+17.8% |
+9.7% |
|
|
|
|
|
|
|
Adjusted EBIT |
21.9 |
22.5 |
68.4 |
100.6 |
|
Adjusted EBIT Margin |
16.9% |
17.3% |
12.7% |
18.5% |
Full Year 2024 Blade Excellence net
sales were up 5.0% at constant currency excl. Argentina.
In Q4, net sales were up
6.7%.
In Europe, net sales grew high
single digit with robust performance across key countries such as
Greece, Spain and the Netherlands, driven by innovation such as the
Men Hybrid Flex range and the BIC Soleil Escape Women shaver. BIC
strong value for money proposition continues resonating with
consumers in an inflationary environment and BIC successfully
outpaced the market, with share gains in 7 out of 11 countries,
becoming the number 2 player in the wet shave
market11.
In North America, net sales
were negatively impacted by challenging market trends (the market
was down 3.1% in value in 202412) and aggressive
competition, particularly in the Women’s segment. BIC’s market
share was stable, supported by strong growth in Men where it gained
share in value (+1 pt) with added-value products such as Flex
5 Hybrid as well as distributions gains.
In Latin America, net sales
grew double digit driven by BIC’s successful trade-up strategy in
Brazil and Mexico, with further distribution gains in the 3-blade
segment, including the Soleil and Flex 3 ranges.
In Middle East and Africa, net
sales grew double digit, driven by solid execution and distribution
gains. The Flex and Soleil brands were key contributors to growth,
notably in the Middle East and North Africa regions.
In Q4 2024, Blade Excellence adjusted
EBIT margin was up 40 basis points to 17.3%, versus
16.9% in Q4 2023, driven by favorable currency
fluctuations, price and mix as well as lower operating and
other expenses. This was partially offset by higher raw material
and electricity costs.
In 2024, adjusted EBIT
margin reached 18.5%, improving by 5.8 points
compared to 12.7% in FY 2023, with a strong gross profit margin
improvement driven by favorable price and mix, fixed cost
absorption as well as manufacturing efficiencies. This significant
improvement was also driven by lower operating and other expenses
as well as lower brand support.
BIC Sustainable Development journey
As part of its ongoing Sustainable Development
journey, BIC made progress in 2024 advancing its goals and taking
further steps to reduce its overall carbon footprint.
|
|
2025 targets |
2024 achievements |
|
Fostering sustainable innovation in
BIC®
products |
100% reusable, recyclable or compostable plastic packaging |
85% reusable, recyclable, or compostable plastics in BIC's products
packaging |
|
Acting against climate change |
100% renewable electricity |
92% renewable electricity |
|
Committing to a safe work environment |
Zero lost-time incidents across all operations |
81% of total BIC sites reached a zero lost-time incident level |
|
Proactively involving suppliers |
Work responsibly with its strategic suppliers to ensure the most
secure, innovative, and efficient sourcing |
95% of strategic suppliers have integrated the responsible
purchasing program |
|
Improving lives through education |
Improve learning conditions for an estimated 250 million
children globally |
Estimated number of children with improved learning conditions: 210
million (cumulative since 2018) |
Governance
-
BIC announced on December 11th, 2024,
preparations for CEO Gonzalve Bich succession by September
30th, 2025.
-
Sébastien Drecq was appointed in October 2024 as Director
representing the employees to the Board of Directors of Société
BIC, replacing Pascal Chevallier who resigned on August
31st, 2024.
Other events
-
BIC announced on December 11th, 2024, the acquisition of
Tangle Teezer, a premium detangling haircare company.
-
As of January
1st, 2025,
BIC will no longer report its full financial results for each
quarter of the year. The full financial results will be
communicated twice a year, for the first half and for the full year
results publication. For the first and third quarters, BIC will
report and comment only on net sales performance.
Appendix
Net sales by geography
Q4 net
sales by geography
(in million euros) |
Q4 2023 |
Q4 2024 |
% As reported |
% at constant currency |
% On a comparative basis |
|
Group |
526.1 |
517.5 |
(1.6) % |
+2.9% |
+4.4% |
|
Europe |
141.3 |
149.9 |
+6.0% |
+7.0% |
+7.0% |
|
North America |
198.7 |
196.4 |
(1.2) % |
(1.9) % |
(1.9) % |
|
Latin America |
128.4 |
107.4 |
(16.3) % |
+1.4% |
+8.1% |
|
Middle East and Africa |
29.2 |
36.3 |
+24.3% |
+29.5% |
+29.5% |
|
Asia and Oceania (including India) |
28.4 |
27.5 |
(3.3) % |
(3.5) % |
(3.5) % |
FY net
sales by
geography
(in million euros) |
FY 2023 |
FY 2024 |
% As reported |
% at constant currency |
% On a comparative basis |
|
Group |
2,263.3 |
2,196.6 |
(2.9) % |
+3.1% |
+0.8% |
|
Europe |
665.9 |
697.8 |
+4.8% |
+6.8% |
+6.8% |
|
North America |
882.9 |
818.6 |
(7.3) % |
(7.2) % |
(7.2) % |
|
Latin America |
461.7 |
424.9 |
(8.0) % |
+14.6% |
+4.1% |
|
Middle East and Africa |
154.2 |
162.5 |
+5.4% |
+15.8% |
+15.8% |
|
Asia and Oceania (including India) |
98.6 |
92.8 |
(5.9) % |
(4.7) % |
(4.7) % |
Net sales by division
Q4 net
sales by division
(in million euros) |
Q4 2023 |
Q4 2024 |
% As reported |
FX impact (in points) |
Change in Perimeter (in points) |
Argentina impact (in points) |
% On a comparative basis |
|
Group |
526.1 |
517.5 |
(1.6) % |
(2.5) % |
(0.0) % |
(3.5) % |
+4.4% |
|
Stationery- Human Expression |
170.9 |
161.7 |
(5.4) % |
(2.1) % |
(0.0) % |
(6.1) % |
+2.8% |
|
Lighters- Flame for Life |
217.1 |
216.2 |
(0.5) % |
(2.5) % |
(0.0) % |
(2.1) % |
+4.1% |
|
Shavers- Blade Excellence |
129.4 |
130.3 |
+0.6% |
(3.5) % |
(0.0) % |
(2.6) % |
+6.7% |
|
Other Products |
8.6 |
9.4 |
+9.1% |
+0.1% |
(0.0) % |
(0.0) % |
+9.0% |
FY net
sales by division
(in million euros) |
FY 2023 |
FY 2024 |
% As reported |
FX impact (in points) |
Change in Perimeter (in points) |
Argentina impact (in points) |
% On a comparative basis |
|
Group |
2,263.3 |
2,196.6 |
(2.9) % |
(2.2) % |
(0.0) % |
(1.5) % |
+0.8% |
|
Stationery- Human Expression |
845.9 |
813.9 |
(3.8) % |
(2.4) % |
(0.0) % |
(2.1) % |
+0.7% |
|
Lighters- Flame for Life |
851.5 |
809.8 |
(4.9) % |
(1.8) % |
(0.0) % |
(1.3) % |
(1.8) % |
|
Shavers- Blade Excellence |
536.8 |
543.3 |
+1.2% |
(2.9) % |
(0.0) % |
(0.9) % |
+5.0% |
|
Other Products |
29.1 |
29.7 |
+2.2% |
(0.0) % |
(0.0) % |
(0.0) % |
+2.2% |
Impact of Change in Perimeter and Currency Fluctuations
on Net Sales
| Impact
of Change in Perimeter and Currency Fluctuations on Net Sales
(excludes ARS) (in %) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Perimeter |
- |
(0.0) |
+0.2 |
(0.0) |
|
Currencies |
(4.5) |
(2.5) |
(3.1) |
(2.2) |
|
of which USD |
(2.0) |
+0.4 |
(1.1) |
+0.0 |
|
of which BRL |
+0.1 |
(1.6) |
+0.1 |
(0.7) |
|
of which MXN |
+0.5 |
(0.7) |
+0.5 |
(0.2) |
|
of which NGN |
(0.6) |
(0.6) |
(0.4) |
(0.8) |
|
of which TRY |
(0.4) |
(0.2) |
(0.4) |
(0.5) |
|
of which RUB and UAH |
(1.0) |
(0.2) |
(0.8) |
(0.2) |
|
Sensitivity to Net Sales and Income Before Tax (IBT) of
USD-EUR fluctuation (in %) |
FY 2023 |
FY 2024 |
|
+/- 5% change in USD impact on Net Sales |
1.9 |
1.9 |
|
+/- 5% change in USD impact on IBT |
0.8 |
0.3 |
EBIT by division
| EBIT by
division (in million euros) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Group |
64.2 |
33.7 |
320.5 |
289.7 |
|
Margin |
12.2% |
6.5% |
14.2% |
13.2% |
|
Stationery- Human Expression |
(6.1) |
(22.8) |
51.1 |
33.6 |
|
Margin |
(3.6) % |
(14.1) % |
6.0% |
4.1% |
|
Lighters- Flame for Life |
67.6 |
72.9 |
288.6 |
262.5 |
|
Margin |
31.1% |
33.7% |
33.9% |
32.4% |
|
Shavers- Blade Excellence |
21.1 |
7.7 |
67.3 |
82.5 |
|
Margin |
16.3% |
5.9% |
12.5% |
15.2% |
|
Other Products |
0.7 |
(0.5) |
(1.0) |
(3.8) |
|
Unallocated costs |
(19.1) |
(23.6) |
(85.5) |
(85.1) |
Adjusted EBIT by division
|
Adjusted EBIT by division (in million euros) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Group |
72.7 |
70.7 |
333.1 |
343.1 |
|
Margin |
13.8% |
13.7% |
14.7% |
15.6% |
|
Stationery- Human Expression |
(0.0) |
(1.6) |
60.5 |
61.5 |
|
Margin |
(0.0) % |
(1.0) % |
7.2% |
7.6% |
|
Lighters- Flame for Life |
69.0 |
74.0 |
290.4 |
269.3 |
|
Margin |
31.8% |
34.2% |
34.1% |
33.3% |
|
Shavers- Blade Excellence |
21.9 |
22.5 |
68.4 |
100.6 |
|
Margin |
16.9% |
17.3% |
12.7% |
18.5% |
|
Other Products |
0.9 |
(0.5) |
(0.8) |
(3.8) |
|
Unallocated costs |
(19.1) |
(23.6) |
(85.5) |
(84.6) |
Condensed Profit & Loss
|
Condensed Profit and Loss (in million euros) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Net Sales |
526.1 |
517.5 |
2,263.3 |
2,196.6 |
|
Cost of goods |
254.5 |
261.4 |
1,115.2 |
1,093.9 |
|
Gross profit |
271.6 |
256.1 |
1,148.1 |
1,102.7 |
|
Administrative & net other operating expenses/ (gain) |
207.4 |
222.4 |
827.6 |
813.0 |
|
EBIT |
64.2 |
33.7 |
320.5 |
289.7 |
|
Finance revenue/costs |
(3.5) |
6.9 |
(7.5) |
7.9 |
|
Income before tax |
60.6 |
40.6 |
313.0 |
297.6 |
|
Income tax expense |
(15.6) |
(13.6) |
(86.5) |
(85.6) |
|
Net Income Group Share |
45.1 |
27.0 |
226.5 |
212.0 |
|
Group Earnings per Share (in euros) |
1.05 |
0.65 |
5.30 |
5.10 |
|
Average number of shares outstanding (net of treasury shares) |
42,740,269 |
41,561,522 |
42,740,269 |
41,561,522 |
Balance Sheet
|
Balance Sheet (in million euros) |
December 31, 2023 |
December 31, 2024 |
|
Assets |
- Property, plant & equipment
|
623.4 |
610.0 |
|
|
1.0 |
0.7 |
- Goodwill and intangible assets
|
382.3 |
557.1 |
|
|
151.0 |
157.0 |
|
Non-current assets |
1,157.7 |
1,324.8 |
|
|
558.0 |
538.6 |
- Trade and other receivables
|
403.5 |
456.4 |
|
|
40.6 |
52.4 |
- Other current financial assets and derivative instruments
|
19.8 |
6.3 |
- Cash and cash equivalents
|
467.7 |
456.0 |
|
Current assets |
1,489.6 |
1,509.7 |
|
Total Assets |
2,647.3 |
2,834.5 |
|
Liabilities & Shareholders' Equity |
|
Shareholders' equity |
1,846.6 |
1,793.3 |
|
|
46.8 |
167.5 |
- Other non-current liabilities
|
167.6 |
189.1 |
|
Non-current liabilities |
214.4 |
356.6 |
|
|
144.7 |
172.9 |
|
|
109.4 |
167.4 |
- Other current liabilities
|
332.2 |
344.3 |
|
Current liabilities |
586.3 |
684.6 |
|
Total Liabilities & Shareholders' Equity |
2,647.3 |
2,834.5 |
Working Capital and Cash Flow
|
Working Capital (in million euros) |
FY 2023 |
FY 2024 |
|
Total Working Capital |
560.0 |
556.0 |
|
|
558.0 |
538.6 |
- Of which, trade and other receivables
|
403.5 |
456.4 |
- Of which, Trade and other payables
|
(144.7) |
(172.9) |
|
Cash Flow Statement (in million euros) |
FY 2023 |
FY 2024 |
|
Group Net income |
226.5 |
212.0 |
- Amortization and provisions
|
138.2 |
132.0 |
- Other non cash transactions
|
104.5 |
127.0 |
|
Cash Flow from operations |
469.2 |
471.0 |
- (Increase)/decrease in net current working capital
|
(27.4) |
17.7 |
|
|
(88.5) |
(131.1) |
|
Net cash from operating activities (A) |
353.3 |
357.7 |
|
|
(104.6) |
(86.9) |
|
|
(0.0) |
(201.3) |
|
|
(9.5) |
4.5 |
|
Net cash from investing activities (B) |
(114.1) |
(283.7) |
|
|
(110.2) |
(178.0) |
- Borrowings/(Repayments)/(Loans)
|
32.5 |
177.9 |
|
|
(116.2) |
(55.7) |
|
|
1.8 |
(17.5) |
|
Net cash from financing activities (C) |
(192.1) |
(73.3) |
|
Net increase/ (decrease) in cash and cash equivalents net
of bank overdrafts (A+B+C) |
47.2 |
0.7 |
|
Opening cash and cash equivalents net of bank
overdrafts |
415.2 |
467.7 |
- Net increase / decrease in cash and cash equivalents net of
bank overdrafts (A+B+C)
|
47.2 |
0.7 |
|
|
5.3 |
(12.4) |
|
Closing cash and cash equivalents net of bank
overdrafts |
467.7 |
456.0 |
Reconciliation with Alternative Performance
Measures
|
Adjusted EBIT Reconciliation (in million
euros) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
EBIT |
64.2 |
33.7 |
320.5 |
289.7 |
|
Lucky Stationary and Rocketbook earnout (2023) |
- |
- |
(0.5) |
- |
|
Special team member bonus13 |
- |
- |
- |
+7.8 |
|
Acquisition costs |
+0.8 |
+4.3 |
+1.9 |
+4.3 |
|
US supply chain relocation plan |
- |
- |
+3.5 |
- |
|
Restructuring expenses |
+3.3 |
- |
+3.3 |
+5.8 |
|
Virtual Power Purchase Agreement in Greece and Power Purchase
Agreement in France 14 |
- |
+12.8 |
- |
+15.6 |
|
Unfavorable French pensions |
+4.4 |
- |
+4.4 |
- |
|
Inkbox impairment15 |
- |
+19.9 |
- |
+19.9 |
|
Adjusted EBIT |
72.7 |
70.7 |
333.1 |
343.1 |
|
Adjusted Group EPS Reconciliation (in euros) |
Q4 2023 |
Q4 2024 |
FY 2023 |
FY 2024 |
|
Group EPS |
1.05 |
0.65 |
5.30 |
5.10 |
|
Lucky Stationary and Rocketbook earnout (2023) |
- |
- |
(0.01) |
- |
|
Argentina hyperinflationary accounting (IAS29) |
+0.03 |
(0.04) |
+0.12 |
(0.04) |
|
Special team member bonus13 |
- |
- |
- |
+0.14 |
|
Acquisition costs |
+0.01 |
+0.08 |
+0.03 |
+0.08 |
|
US supply chain relocation plan |
- |
- |
+0.06 |
- |
|
Restructuring expenses |
+0.06 |
- |
+0.06 |
+0.10 |
|
Virtual Power Purchase Agreement in Greece and Power Purchase
Agreement in France14 |
- |
+0.24 |
+0.06 |
+0.29 |
|
Unfavorable French pensions |
+0.08 |
- |
+0.08 |
- |
|
Inkbox impairment15 |
- |
+0.48 |
- |
+0.48 |
|
Adjusted Group EPS |
1.23 |
1.40 |
5.70 |
6.15 |
|
Net cash reconciliation (in million euros) |
December 31, 2023 |
December 31, 2024 |
|
Cash and cash equivalents (1)16 |
477.3 |
459.2 |
|
Current borrowings (2) |
(91.9) |
(149.9) |
|
Non-current borrowings (3) |
- |
(120.0) |
|
Net Cash Position (1) - (2) – (3) |
385.4 |
189.3 |
Share Buyback Program
Société BIC
|
Number of shares acquired
|
Average weighted price (in €)
|
Amount (in €m)
|
|
|
|
|
January 2024 |
- |
- |
- |
|
|
February 2024 |
- |
- |
- |
|
|
March 2024 |
216,251 |
65.50 |
14.2 |
|
|
April 2024 |
81,948 |
66.00 |
5.4 |
|
|
May 2024 |
11,353 |
65.37 |
0.7 |
|
|
June 2024 |
159,340 |
56.84 |
9.1 |
|
|
July 2024 |
80,502 |
56.22 |
4.5 |
|
|
August 2024 |
80,831 |
58.11 |
4.7 |
|
|
September 2024 |
203,793 |
61.13 |
12.5 |
|
|
October 2024 |
- |
- |
- |
|
|
November 2024 |
66,382 |
63.10 |
4.2 |
|
|
December 2024 |
7,177 |
62.66 |
0.4 |
|
|
Total |
907,577 |
61.36 |
55.7 |
|
Capital and Voting Rights
As of December 31, 2024, the total number of issued shares of
Société BIC is 41,621,162 shares, representing:
- 59,846,577
voting rights
- 59,417,857
voting rights excluding shares without voting rights
Total number of treasury shares held at the end
of December 2024: 428,720.
Glossary
- 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.
- Constant
currency basis: Constant currency figures are calculated
by translating the current year figures at prior year monthly
average exchange rates.
-
EBITDA: EBIT before Depreciation, 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)
Société BIC consolidated financial
statements as of December 31, 2024, were approved by the Board of
Directors on February 18, 2025. A presentation related to this
announcement is also available on the BIC website
(www.bic.com). The Group's Statutory Auditors
have largely 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, "Risk Management" in BIC's 2023
Universal Registration Document (URD) filed with the French
financial markets authority (AMF) on March 28, 2024.
About BIC
A global leader in stationery, lighters, and
shavers, BIC brings simplicity and joy to everyday life. For 80
years, BIC’s commitment to delivering high-quality, affordable, and
trusted products has established BIC as a symbol of reliability and
innovation. With a presence in over 160 countries, and over 13,000
team members worldwide, BIC’s portfolio includes iconic brands and
products such as BIC® 4-Color™, BodyMark®, Cello®, Cristal®,
Inkbox®, BIC Kids®, Lucky™, Rocketbook®, Tattly®, Tipp-Ex®,
Wite-Out®, Djeep®, EZ Load™, EZ Reach®, BIC® Flex™, Soleil®,
Tangle Teezer® and more. Listed on Euronext Paris and included
in the SBF120 and CAC Mid 60 indexes, BIC is also recognized for
its steadfast commitments to sustainability and education. For
more, visit www.corporate.bic.com and to see BIC’s
full range of products visit
www.bic.com. Follow BIC
on LinkedIn, Instagram,
YouTube and TikTok.
BIC's Q4 and FY 2024 earnings conference
call and webcast will be hosted by Gonzalve Bich, CEO, and
Chad Spooner, CFO on Wednesday, February 19, 2025, at 8:30
AM CET:
- To participate to the webcast:
https://channel.royalcast.com/landingpage/bic/20250219_1/
- To participate to the conference
call:
| From France: |
+33 (0) 1 70 37
71 66 |
| From the UK: |
+44 (0) 33 0551
0200 |
| From the USA: |
+1 786 697 3501 |
| Vocal access
code: |
BIC
|
Contacts
Brice Paris
VP Investor Relations
+33 6 42 87 54 73
brice.paris@bicworld.com
Investor Relations
investors.info@bicworld.com
|
Bethridge
Toovell
VP Global Communications
+1 917 821 4249
bethridge.toovell@bicworld.com
Isabelle de Segonzac
Image 7, Press Relations contact
+33 6 89 87 61 39
isegonzac@image7.fr
|
Agenda
All dates to be confirmed
|
First Quarter 2025 Net Sales |
April 23, 2025
(post market close) |
|
Annual General Meeting |
May 20, 2025 |
|
First Half 2025 Results |
July 30, 2025 |
|
Third Quarter 2025 Net Sales |
October 28, 2025 |
1 at constant currency excluding Argentina
2 Payable in June 2025, subject to May 20th
2025 AGM approval– Based on 41,621,162 shares as of December 31
2024 excluding treasury shares
3 This outlook does not reflect possible impacts from
the fluid trading environment, particularly changes in US
tariffs
4 see page 13 for detail of non-recurring items
5 BIC signed a Virtual Power Purchase Agreement in
November 2022 in Greece and a Physical Power Purchase Agreement in
November 2023, as part of its Sustainability strategy
6 Special bonus that was paid in Q4 to team members who
have not been granted shares under our regular long term incentive
plans
7 Others include income tax paid and pensions
contribution
8 Includes in 2024 €40.0 million of share buyback for
cancellation and €15.7 million of free shares to be granted (long
term incentives)
9 IRI Year to date as of December, 2024
10 IRI Year to date as of December, 2024: estimated
total lighter measured market (c.70% total market coverage)
11 NielsenIQ (France, Spain, Italy, Poland, Romania,
Greece, Portugal, Sweden, Norway, Denmark), Circana (UK); Value
sales Year to Date as of November 2024
12 IRI Year to Date as of December, 2024
13 Special bonus that was paid in Q4
to team members who have not been granted shares under our regular
long term incentive plans
14 BIC signed a Virtual Power Purchase Agreement in
November 2022 in Greece and a Physical Power Purchase Agreement in
November 2023, as part of its Sustainability strategy
15 Non-cash item related to an
impairment test made in December, due to lower-than-expected
performance in 2024 following challenging market conditions
16 Including other current financial assets (€3.2m for
2024 and €9.6m for 2023)
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