BIC – Press Release
Clichy – 31 July 2019
Second Quarter and First Half 2019 Results
2019 Outlook unchanged – Transformation Plan on Track
“We continued to face market headwinds in our three categories, additionally First Half 2019 results were impacted by negative Back-to-School phasing in Stationery and a challenging environment in U.S. Lighters. However, we successfully regained momentum in Shavers fueled by added-value products and were able to maintain or grow market share in most of our geographies. Our 2019 outlook remains unchanged.
Our transformation towards a more agile and innovative company, initiated earlier this year, is on track. In June, we announced the next step in our journey, focused on creating the right structure to unlock the potential of our businesses through a more efficient organization. While still at the early stages, tangible results of “BIC-2022 Invent The Future” can already be seen. In June we launched our new brand “Made for YOU” in the U.S., an innovative range of gender-neutral refillable shavers available on-line. Moving forward, we will continue to seize growth opportunities and expand our geographical footprint, as we did last week with the acquisition of Lucky Stationery Nigeria Ltd, Nigeria’s number 1 Writing Instrument brand.”
Gonzalve Bich, Chief Executive Officer
2019 OUTLOOK UNCHANGED
Key figures (in million euros) | Q2 2019 vs. Q2 2018 | ||||||||
Q2 2018 | Q2 2019 | As reported | FX impact3 (in pts) | Change in Perimeter4 (in pts) | Argentina impact5 (in pts) | Comparative basis | |||
GROUP | |||||||||
Net Sales | 543.9 | 544.8 | +0.2% | +2.4 | (1.0) | +0.1 | (1.3)% | ||
Gross Profit | 283.9 | 267.3 | |||||||
Normalized Income From Operations (NIFO) | 118.7 | 98.5 | (17.1)% | ||||||
Normalized IFO margin | 21.8% | 18.1% | |||||||
Income From Operations (IFO) | 50.0 | 71.4 | +42.9% | ||||||
IFO margin | 9.2% | 13.1% | |||||||
Net Income Group Share | 22.2 | 50.3 | +126.3% | ||||||
Net Income Group Share excluding Cello Goodwill Impairment & restructuring costs | 90.9 | 69.1 | (24.0)% | ||||||
Normalized Earnings Per Share Group Share (in euros) | 1.99 | 1.55 | (22.1)% | ||||||
Earnings Per Share Group Share (in euros) | 0.49 | 1.11 | +126.5% | ||||||
Stationery | |||||||||
Net Sales | 249.5 | 252.5 | +1.2% | +2.2 | +1.2 | +0.1 | (2.3)% | ||
Normalized IFO | 37.4 | 32.3 | |||||||
Normalized IFO margin | 15.0% | 12.8% | |||||||
IFO | (31.3) | 21.9 | |||||||
IFO margin | (12.6%) | 8.7% | |||||||
Lighters | |||||||||
Net Sales | 165.0 | 169.9 | +3.0% | +3.1 | - | - | (0.1)% | ||
Normalized IFO | 63.3 | 58.7 | |||||||
Normalized IFO margin | 38.4% | 34.5% | |||||||
IFO | 63.3 | 49.3 | |||||||
IFO margin | 38.4% | 29.0% | |||||||
Shavers | |||||||||
Net Sales | 113.5 | 115.5 | +1.8% | +2.1 | +0.3 | +0.1 | (0.7)% | ||
Normalized IFO | 16.9 | 8.4 | |||||||
Normalized IFO margin | 14.9% | 7.3% | |||||||
IFO | 16.9 | 1.6 | |||||||
IFO margin | 14.9% | 1.4% | |||||||
Other products | |||||||||
Net Sales | 15.9 | 6.9 | (56.3)% | (0.2) | (51.8) | - | (4.3)% | ||
Normalized IFO | 1.2 | (0.9) | |||||||
IFO | 1.2 | (1.3) | |||||||
Key figures (in million euros) | H1 2019 vs. H1 2018 | |||||||
H1 2018 | H1 2019 | As reported | FX impact6 (in pts) | Change in Perimeter7 (in pts) | Argentina impact8 (in pts) | Comparative basis | ||
GROUP | ||||||||
Net Sales | 959.3 | 960.2 | +0.1% | +2.4 | (0.7) | - | (1.6)% | |
Gross Profit | 507.4 | 478.5 | ||||||
Normalized Income From Operations (NIFO) | 188.2 | 153.1 | -18.7% | |||||
Normalized IFO margin | 19.6% | 15.9% | ||||||
Income From Operations (IFO) | 119.5 | 126.1 | +5.4% | |||||
IFO margin | 12.5% | 13.1% | ||||||
Net Income Group Share | 70.8 | 89.6 | +26.6% | |||||
Net Income Group Share excluding Cello Goodwill Impairment & restructuring costs | 139.5 | 108.4 | (22.3)% | |||||
Normalized Earnings Per Share Group Share (in euros) | 3.05 | 2.43 | (20.3)% | |||||
Earnings Per Share Group Share (in euros) | 1.55 | 1.99 | +28.4% | |||||
Stationery | ||||||||
Net Sales | 401.3 | 400.8 | (0.1)% | +2.1 | +1.5 | (0.1) | (3.6)% | |
Normalized IFO | 47.0 | 34.2 | ||||||
Normalized IFO margin | 11.7% | 8.5% | ||||||
IFO | (21.8) | 23.7 | ||||||
IFO margin | (5.4%) | 5.9% | ||||||
Lighters | ||||||||
Net Sales | 317.7 | 319.7 | +0.6% | +3.3 | - | - | (2.7)% | |
Normalized IFO | 117.7 | 105.3 | ||||||
Normalized IFO margin | 37.1% | 32.9% | ||||||
IFO | 117.7 | 95.9 | ||||||
IFO margin | 37.1% | 30.0% | ||||||
Shavers | ||||||||
Net Sales | 210.5 | 224.5 | +6.7% | +2.3 | +0.2 | (0.1) | +4.2% | |
Normalized IFO | 24.6 | 16.1 | ||||||
Normalized IFO margin | 11.7% | 7.2% | ||||||
IFO | 24.6 | 9.3 | ||||||
IFO margin | 11.7% | 4.2% | ||||||
Other products | ||||||||
Net Sales | 29.8 | 15.2 | (48.7)% | (0.2) | (43.6) | - | (4.9)% | |
Normalized IFO | (1.0) | (2.5) | ||||||
IFO | (1.0) | (2.9) | ||||||
Group operational trends
Net Sales
H1 2019 Net Sales totaled 960.2 million euros, up 0.1% as reported and down 1.6% on a comparative basis9. The favorable impact of currency fluctuations (+2.4%) was due to the strong U.S. dollar against the euro10. Europe grew slightly by 0.2% on a comparative basis, while North America and Developing Markets declined by 2.3% and by 2.6%, respectively.
Income From Operations and Normalized Income From Operations
H1 2019 Gross Profit margin was 49.8%, compared to 52.9% in H1 2018, due to negative foreign exchange impact versus last year and an increase in Raw Material costs.
H1 2019 Normalized IFO was 153.1 million euros compared to 188.2 million euros in H1 2018, with Normalized IFO margin of 15.9% vs. 19.6% in H1 2018. The decline in Normalized IFO margin was driven by lower Gross Profit margin and increase in Brand Support, mainly in Lighters, partially offset by a decrease in OPEX.
Key components of the change in Normalized IFO margin (in points) | Q1 2019 vs. Q1 2018 | Q2 2019 vs. Q2 2018 | H1 2019 vs H1 2018 | ||
| (2.9) | (3.1) | (3.1) | ||
| (1.4) | (1.0) | (1.2) | ||
| +0.7 | +0.4 | +0.6 | ||
Total change in Normalized IFO margin | (3.6) | (3.7) | (3.7) |
Non-recurring items | Q1 | Q2 | H1 | |||
(in million euros) | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 |
Income From Operations | 69.6 | 54.6 | 50.0 | 71.4 | 119.5 | 126.1 |
As % of Net Sales | 16.7% | 13.1% | 9.2% | 13.1% | 12.5% | 13.1% |
Restructuring costs (transformation plan) | - | - | - | 27.0 | - | 27.0 |
Cello goodwill impairment in 2018 | - | - | 68.7 | - | 68.7 | - |
Normalized IFO | 69.6 | 54.6 | 118.7 | 98.5 | 188.2 | 153.1 |
As % of Net Sales | 16.7% | 13.1% | 21.8% | 18.1% | 19.6% | 15.9% |
2018 Cello goodwill impairment is explained by lower growth perspectives in both domestic and export sales.
2019 Restructuring costs amounted to 27.0 million euros and are related to the transformation plan “BIC-2022 Invent The Future”.
Net Income and EPS
H1 2019 Income before tax was at 124.4 million euros, compared to 125.3 million euros in H1 2018. Net finance revenue was negative 1.7 million euros compared to a positive 5.8 million euros in H1 2018. H1 2018 benefited from a favorable impact of the fair value adjustments to financial assets denominated in USD (BRL and €), while H1 2019 is negatively impacted by hyperinflation accounting related to Argentina (IAS 29).
H1 2019 Net Income Group Share was 89.6 million euros as reported, compared to 70.8 million euros in H1 2018. H1 Net Income Group share, excluding restructuring costs and Cello goodwill impairment, was 108.4 million euros compared to 139.5 million euros last year. The effective tax rate was 28.0%.
Q2 2019 Net Income Group Share was 50.3 million euros compared to 22.2 million euros in Q2 2018. Q2 2019 Net Income Group Share, excluding restructuring costs and Cello goodwill impairment, was 69.1 million euros compared to 90.9 million euros last year.
H1 2019 EPS Group share was 1.99 euros, up 28.4%, compared to 1.55 euros in H1 2018. Normalized H1 2019 EPS Group share decreased by 20.3% to 2.43 euros, compared to 3.05 euros last year.
Q2 2019 EPS Group Share was 1.11 euros up 126.5%, compared to 0.49 euros in Q2 2018. Normalized Q2 2019 EPS Group share decreased by 22.1% to 1.55 euros, compared to 1.99 euros last year.
Net cash position
At the end of June 2019, the Group’s net cash position stood at (11.0) million euros.
Change in net cash position (in million euros) | 2018 | 2019 |
Net Cash position (beginning of period - December) | 204.9 | 161.5 |
| +83.1 | +79.6 |
| +197.7 | +164.7 |
| (114.6) | (85.1) |
| (51.6) | (47.5) |
| (157.8) | (155.2) |
| (23.9) | (39.2) |
| +1.4 | (0.8) |
| - | (1.8) |
| +9.2 | - |
| (10.2) | (7.6) |
Net Cash position (end of period - June) | 55.1 | (11.0) |
Net cash from operating activities was +79.6 million euros, including +164.7 million euros in operating cash flow. The negative 85.1 million euros change in working capital, and others was notably driven by accounts receivables, and inventory increased when compared to December 2018 mainly due to preparation for Back-to-School season reinforced by a negative phasing impact from June to July. Net cash was also negatively impacted by investments in CAPEX as well as the dividend payments and share buybacks.
Shareholders’ remuneration
Operational trends by category
Stationery
Stationery H1 2019 Net Sales were flat as reported, down 1.1% at constant currency and down 3.6% on a comparative basis. Q2 2019 Net Sales were up 1.2% as reported, down 0.6% at constant currency and 2.3% on a comparative basis.
H1 2019 Normalized IFO margin for Stationery was 8.5%, compared to 11.7% in H1 2018 mainly driven by higher Raw Material costs, unfavorable forex trends, and higher Brand Support investments. Q2 2019 Normalized IFO margin was 12.8%, compared to 15.0% in Q2 2018.
Lighters
Lighters H1 2019 Net Sales increased by 0.6% as reported, down 1.9% at constant currency, and down by 2.7% on a comparative basis. Second Quarter 2019 Net Sales were up by 3.0% as reported, by 0.7% at constant currency, and flat on a comparative basis.
H1 2019 Normalized IFO margin for Lighters was 32.9%, compared to 37.1% in H1 2018, the decrease was mainly driven by unfavorable forex trend and higher Brand Support investments in particular with the lighter campaign in Europe. Q2 2019 Normalized IFO margin was 34.5%, compared to 38.4% in Q2 2018.
Shavers
Shavers H1 2019 Net Sales increased by 6.7% as reported, by 5.6% at constant currency, and by 4.2% on a comparative basis. Q2 2019 Net Sales increased by 1.8% as reported, by 0.8% at constant currency and decreased by 0.7% on a comparative basis.
H1 2019 Normalized IFO margin for Shavers was 7.2% compared to 11.7% in H1 2018. The sales volume increase was offset by unfavorable forex trends as well as by higher Raw Material costs and increase in Brand Support. Q2 2019 Normalized IFO margin was 7.3%, compared to 14.9% in Q2 2018.
Other Products
H1 2019 Net Sales of Other Products decreased by 48.7% as reported and by 4.9% on a comparative basis. Q2 2019 Net Sales decreased by 56.3% as reported and by 4.3% on a comparative basis.
H1 2019 Normalized IFO for Other Products was negative 2.5 million euros, compared to a negative 1.0 million euros in H1 2018 including BIC Sport for a positive 1.0 million euros. Q2 2019 Normalized IFO for Other Products was negative 0.9 million euros, compared to a positive 1.2 million euros last year including BIC Sport for a positive 1.1 million euros.
Update on “BIC 2022- invent the future” plan progress
On June 6th, 2019, we took the next step in our “BIC 2022-Invent The Future” transformation plan with additional annualized savings of 25 million euros by 2022, to be reinvested in growth and help protect margin sustainability during the plan. A total of 45 million euros of annualized savings by 2022 is now expected.
During the First Half, we progressed on our transformation plan as we rolled out several initiatives for each of our four strategic pillars:
Appendix
BIC Group Net Sales by geography (in million euros) | Q2 2019 vs. Q2 2018 | H1 2019 vs. H1 2018 | ||||||
Q2 2018 | Q2 2019 | As reported | Comparative basis | H1 2018 | H1 2019 | As reported | Comparative basis | |
GROUP | ||||||||
Net Sales | 543.9 | 544.8 | +0.2 | (1.3) | 959.3 | 960.2 | +0.1 | (1.6) |
Europe | ||||||||
Net Sales | 176.1 | 167.9 | (4.6) | (1.3) | 300.3 | 290.7 | (3.2) | +0.2 |
North America | ||||||||
Net Sales | 224.9 | 227.5 | +1.1 | (2.4) | 379.8 | 389.3 | +2.5 | (2.3) |
Developing Markets | ||||||||
Net Sales | 142.9 | 149.4 | +4.6 | +0.3 | 279.1 | 280.2 | +0.4 | (2.6) |
Impact of change in perimeter and currency fluctuations on Net Sales (Excludes argentina) (in %) | Q2 2018 | Q2 2019 | H1 2018 | H1 2019 |
Perimeter | (0.8) | (1.0) | (1.2) | (0.7) |
Currencies | (6.1) | +2.4 | (7.4) | +2.4 |
Of which USD | (2.6) | +2.0 | (3.6) | +2.4 |
Of which BRL | (1.2) | (0.1) | (1.3) | (0.3) |
Of which INR | (0.3) | +0.1 | (0.4) | - |
Of which MXN | (0.7) | +0.5 | (0.5) | +0.4 |
Of which RUB and UAH | (0.3) | +0.1 | (0.3) | - |
Condensed profit and loss account (in million euros) | Q2 2019 vs. Q2 2018 | H1 2019 vs. H1 2018 | |||||||
Q2 2018 | Q2 2019 | As reported | Comparative basis | H1 2018 | H1 2019 | As reported | Comparative basis | ||
Net Sales | 543.9 | 544.8 | +0.2 | (1.3) | 959.3 | 960.2 | +0.1 | (1.6) | |
Cost of goods | (260.0) | (277.5) | (451.9) | (481.7) | |||||
Gross Profit | 283.9 | 267.3 | 507.4 | 478.5 | |||||
Administrative & other operating expenses (incl. Cello goodwill impairment in 2018) | (233.9) | (195.9) | (387.9) | (352.4) | |||||
Income from operations | 50.0 | 71.4 | 119.5 | 126.1 | |||||
Finance revenue/costs | 7.8 | (2.4) | 5.8 | (1.7) | |||||
Income before tax | 57.8 | 69.0 | 125.3 | 124.4 | |||||
Income tax expense | (35.5) | (18.8) | (54.5) | (34.8) | |||||
NET INCOME GROUP SHARE | 22.2 | 50.3 | 70.8 | 89.6 | |||||
Earnings per share Group share (in euros) | 0.49 | 1.11 | 1.55 | 1.99 | |||||
Average number of shares outstanding (net of treasury shares) | 45,755,483 | 45,120,558 | 45,755,483 | 45,120,558 |
Condensed balance sheet (in million euros) | June 30, 2018 | January 1, 201919 | June 30, 2019 |
Assets | |||
Property, plant & equipment | 676.9 | 699.8 | 698.9 |
Investment properties | 1.8 | 1.7 | 1.7 |
Goodwill and intangible assets | 278.6 | 286.6 | 288.6 |
Other non-current assets | 150.7 | 169.9 | 170.8 |
Non-current assets | 1,108.0 | 1,158.0 | 1,160.0 |
Inventories | 470.2 | 449.2 | 494.8 |
Trade and other receivables | 574.0 | 534.7 | 639.6 |
Other current assets | 30.4 | 49.5 | 51.2 |
Other current financial assets and derivative instruments | 34.4 | 18.1 | 12.4 |
Cash and cash equivalents | 170.5 | 157.5 | 182.3 |
Current assets | 1,279.5 | 1,209.0 | 1,380.3 |
TOTAL ASSETS | 2,387.5 | 2,367.0 | 2,540.3 |
Liabilities & shareholders’ equity | |||
Shareholders’ equity | 1.569.6 | 1,624.7 | 1,528.4 |
Non-current borrowings | 35.3 | 32.0 | 32.3 |
Other non-current liabilities | 216.3 | 263.5 | 282.9 |
Non-current liabilities | 251.6 | 295.5 | 315.2 |
Trade and other payables | 130.7 | 137.7 | 151.0 |
Current borrowings | 154.0 | 22.6 | 213.7 |
Other current liabilities | 281.6 | 286.4 | 331.9 |
Current liabilities | 566.3 | 446.7 | 696.7 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | 2,387.5 | 2,367.0 | 2,540.3 |
Cash flow statement (in million euros) | H1 2018 | H1 2019 |
Group Net income | 70.8 | 89.6 |
Argentina hyperinflationary accounting (IAS29) | - | 1.5 |
Amortization and provisions | 131.4 | 102.5 |
(Gain)/Loss from disposal of fixed assets | - | 0.2 |
Others | (4.5) | (29.1) |
CASH FLOW FROM OPERATIONS | 197.7 | 164.7 |
(Increase) / decrease in net current working capital | (134.4) | (106.3) |
Others | 19.8 | 21.2 |
NET CASH FROM OPERATING ACTIVITIES (A) | 83.1 | 79.6 |
Net capital expenditure | (51.0) | (47.5) |
(Purchase)/Sale of other current financial assets | 5.0 | 3.6 |
Haco Industries Ltd acquisition | - | (1.8) |
Other Investments | 0.1 | 0.1 |
NET CASH FROM INVESTING ACTIVITIES (B) | (45.9) | (45.6) |
Dividends paid | (157.8) | (155.2) |
Borrowings/(Repayments)/(loans) | 100.9 | 103.8 |
Share buy-back program net of stock-options exercised | (22.5) | (40.0) |
Others | (7.9) | (9.4) |
NET CASH FROM FINANCING ACTIVITIES (C) | (87.3) | (100.8) |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS (A+B+C) | (50.1) | (66.7) |
OPENING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 187.0 | 149.8 |
Net increase/decrease in cash and cash equivalents net of bank overdrafts (A+B+C) | (50.1) | (66.7) |
Exchange difference | (3.2) | 1.6 |
CLOSING CASH AND CASH EQUIVALENTS NET OF BANK OVERDRAFTS | 133.7 | 84.6 |
Share buy-back program – Societe BIC | Number of shares acquired | Average weighted price in € | Amount in M€ |
February 2019 | 272,388 | 83.24 | 22.7 |
March 2019 | 126,408 | 82.41 | 10.4 |
April 2019 | 44,871 | 76.63 | 3.4 |
May 2019 | 35,000 | 75.42 | 2.6 |
June 2019 | - | - | - |
Total | 478,667 | 81.83 | 39.2 |
Reconciliation with Alternative Performance Measures
Normalized IFO reconciliation | |||
(in million euros) | H1 2018 | FY 2018 | H1 2019 |
Income From Operations | 119.5 | 258.8 | 126.1 |
Cello and Pimaco goodwill impairment | +68.7 | +74.2 | - |
Restructuring costs (Stationery and Lighters manufacturing reorganization, transformation plan, Haco Industries acquisition related costs, transformation plan) | - | +15.4 | +27.0 |
BIC Sport Divestiture | - | +4.9 | - |
Argentina hyperinflationary accounting (IAS29) | - | (0.9) | - |
Normalized IFO | 188.2 | 352.4 | 153.1 |
Normalized EPS reconciliation | |||||
(in euros) | H1 2018 | FY 2018 | H1 2019 | ||
EPS | 1.55 | 3.80 | 1.99 | ||
Cello and Pimaco goodwill impairment | +1.50 | +1.62 | - | ||
Restructuring costs (Stationery and Lighters manufacturing reorganization, transformation plan, Haco Industries acquisition related costs, transformation plan) | - | +0.23 | +0.41 | ||
BIC Sport Divestiture | - | +0.10 | - | ||
Argentina hyperinflationary accounting (IAS29) | - | +0.12 | +0.03 | ||
Normalized EPS | 3.05 | 5.87 | 2.43 |
Net cash reconciliation (in million euros – rounded figures) | December 31, 2018 | June 30, 2019 |
Cash and cash equivalents (1) | +157.5 | +182.3 |
Other current financial assets (2)20 | +12.8 | +9.3 |
Current borrowings (3)21 | (8.9) | (199.8) |
Non-current borrowings (4) | - | (2.8) |
NET CASH POSITION (1) + (2) - (3) - (4) | 161.5 | (11.0) |
Capital and voting rights, June 30, 2019
As of June 30, 2019, the total number of issued shares of SOCIÉTÉ BIC was 46,010,907 shares, representing:
Total number of treasury shares held at the end of June 2019: 1,019,686.
Glossary
SOCIETE BIC consolidated financial statements as of June 30, 2019, were approved by the Board of Directors on July 30, 2019. A presentation related to this announcement is also available on the BIC website (at www.bicworld.com).
This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, “Risks” in BIC’s 2018 Registration Document filed with the French financial markets authority (AMF) on March 20, 2019.
Contacts
Sophie Palliez-Capian – VP, Corporate Stakeholder Engagement - sophie.palliez@bicworld.com | |
Investor Relations Contact: +33 1 45 19 52 00 | Press Contacts |
Michèle Ventura michele.ventura@bicworld.com | Albane de La Tour d’Artaise Albane.DeLaTourD'Artaise@bicworld.com |
Laurence Heilbronn : +33 6 89 87 61 37 lheilbronn@image7.fr |
For more information, please consult the corporate website: www.bicworld.com
2019 Agenda - All dates to be confirmed
Third Quarter 2019 results | 23 October 2019 | Webcast |
Full Year 2019 results | 12 February 2020 | Meeting and Webcast |
First Quarter 2020 results | 23 April 2020 | Webcast |
2020 AGM | 20 May 2020 | Meeting |
About BIC
BIC is a world leader in Stationery, Lighters and Shavers. For more than 70 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication BIC has become one of the most recognized brands and is a trademark registered worldwide for identifying BIC products which are sold in more than 160 countries around the world. In 2018, BIC Net Sales were 1,949.8 million euros. The Company is listed on “Euronext Paris” and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes: CDP A list and CDP “Supplier Engagement rating Leader board”, Euronext Vigeo – Eurozone 120, Euronext Vigeo – Europe 120, FTSE4Good indexes, Ethibel Pioneer and Ethibel Excellence Investment Registers, Ethibel Sustainability Index (ESI) Excellence Europe, Stoxx Global ESG Leaders Index.
1 See glossary page 13
2 For 2019 Net Sales, on a comparative basis will exclude Full Year 2018 BIC Sport’s Net Sales and 2019 Haco Industries Ltd incremental Net Sales.
3 Forex impact excluding Argentinian Peso (ARS)
4 Haco Industries Ltd and BIC Sport
5 See glossary page 13
6 Forex impact excluding Argentinian Peso (ARS)
7 Haco Industries Ltd and BIC Sport
8 See glossary page 13
9 excluding Argentina
10 this excludes the Argentinian peso.
11 GFK YTD May 2019 in value
12 NPD YTD June 2019 in value
13 Nielsen YTD June 2019 (Home panel - 25% coverage), in value
14 Nielsen YTD June 2019 (Home panel - 10% coverage), in value
15 IRI YTD Period ending 30-JUN-19 in value
16 Nielsen YTD April 2019 – Total disposable Market – EU 5 average: France, Italy, Poland, UK and Russia – in value
17 IRI YTD Period ending 30-JUN-2019 in value
18 Nielsen – Shaver Disposable – YTD May 2019 in value
19 IFRIC 23 first time adoption
20 In the balance sheet at June 30, 2019 and at December 31, 2018, the line “Other current financial assets and derivative instruments” also includes respectively 3.1 million euros and 5.3 million euros worth of derivative instruments.
21 Excluding financial liabilities following IFRS16 implementation
Attachment