BIC : HALF YEAR FINANCIAL REPORT 2020

2 0 2 0

H A L F - Y E A R F I N A N C I A L R E P O R T

MANAGEMENT REPORT OF THE BOARD OF
DIRECTORS FOR THE 6-MONTH PERIOD
ENDED JUNE 30, 2020	1
1.1	Key figures	2
1.2	H1 2020 Highlights	3
1.3	H1 2020 Group operational trends	4
1.4	H1 2020 Operational trends by category	7
1.5	BIC Group Net Sales by geography	9
1.6	Second half 2020 & full year trends	9
1.7	Impact of change in perimeter and currency
	fluctuations on net sales	10
1.8	Reconciliation with alternative performance
	measures	11
1.9	Share repurchase program - cancelled shares	12
1.10	Related-party transactions	12
1.11	Capital evolution	12
1.12	Material events that occurred in H1 2020	13
1.13	Material events that occurred after June 30, 2020	13
1.14	Description of the principal risks and uncertainties
	for the second half 2020	14
1.15	Glossary	16

HALF-YEAR CONSOLIDATED FINANCIAL
STATEMENTS	17
2.1	Consolidated income statement	18
2.2	Consolidated statement of comprehensive income	19
2.3	Consolidated statement of financial position	20
2.4	Consolidated statement of changes in equity	22
2.5	Consolidated cash flow statement	23
2.6	Notes to the consolidated financial statements	24

STATUTORY AUDITORS' REVIEW REPORT ON

THE HALF-YEARLY FINANCIAL INFORMATION 43

STATEMENT ON THE HALF-YEARLY REPORT 2020 45

MANAGEMENT REPORT

OF THE BOARD OF DIRECTORS FOR THE 6-MONTH PERIOD ENDED JUNE 30, 2020

1.1	KEY FIGURES	2
1.2	H1	2020 HIGHLIGHTS	3
1.3	H1	2020 GROUP OPERATIONAL TRENDS	4
1.4	H1	2020 OPERATIONAL TRENDS BY CATEGORY	7
1.5	BIC GROUP NET SALES BY GEOGRAPHY	9
1.6	SECOND HALF 2020 & FULL YEAR TRENDS	9

1.7 IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS

	ON NET SALES	10
1.8	RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASURES	11
1.9	SHARE REPURCHASE PROGRAM - CANCELLED SHARES	12
1.10	RELATED-PARTY TRANSACTIONS	12
1.11	CAPITAL EVOLUTION	12
1.12	MATERIAL EVENTS THAT OCCURRED IN H1 2020	13
1.13	MATERIAL EVENTS THAT OCCURRED AFTER JUNE 30, 2020	13
1.14	DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES
	FOR THE SECOND HALF 2020	14
1.15	GLOSSARY	16

• GROUPE BIC - 2020 HALF-YEAR FINANCIAL REPORT •

1

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6-MONTH PERIOD ENDED JUNE 30, 2020

Key figures

1.1 KEY FIGURES

(With 2019 figures restated for unallocated costs)

(in million euros)

H1 2020 vs. H1 2019

Group

Net Sales

Gross Profit

Normalized Income From Operations (NIFO)

Normalized IFO margin

Income From Operations (IFO)

IFO margin

Net Income Group Share

Earnings Per Share Group Share (in euros) Normalized Net Income Group Share

Normalized Earnings Per Share Group Share (in euros)

Stationery

Net Sales

Normalized IFO

Normalized IFO margin

IFO

IFO margin

Lighters

Net Sales

Normalized IFO

Normalized IFO margin

IFO

IFO margin

Shavers

Net Sales

Normalized IFO

Normalized IFO margin

IFO

IFO margin

Other products

Net Sales

Normalized IFO

IFO

			FX	Change in	Argentina
		As	impact (a)	Perimeter (b)	impact (c)	Comparative
H1 2019	H1 2020	reported	(in pts)	(in pts)	(in pts)	basis

960.2

775.8

-19.2%

(1.0)

(0.1)

0.1

-18.2%

478.5 371.2

153.1 92.9

15.9% 12.0%

126.1 24.0

13.1% 3.1%

89.6 22.1

1.99 0.49

108.4 84.0

2.43 1.87

400.8	293.9	-26.7%	(0.5)	0.2	0.1	-26.5%
44.0	19.0
11.0%	6.5%
44.0	(34.9)
11.0%	-11.9%
319.7	268.2	-16.1%	(1.0)	(0.3)	(0.1)	-14.7%
113.0	87.3
35.3%	32.5%
113.0	84.0
35.3%	31.3%
224.5	200.7	-10.6%	(1.8)	(0.2)	0.2	-8.8%
21.5	21.9
9.6%	10.9%
21.5	17.3
9.6%	8.6%
15.2	13.1	-14.1%	(0.6)	(0.1)	0.0	-13.4%
(2.1)	(1.1)
(2.1)	(3.5)

Unallocated costs

Normalized IFO

(23.2)

(34.2)

1. Forex impact excluding Argentinian Peso (ARS).
2. Lucky Stationary Ltd. acquisition in Nigeria, closure of Shaver and Stationery offices in China, closure of BIC Graphic Oceania.
3. See Glossary.

2	• GROUPE BIC - 2020 HALF-YEAR FINANCIAL REPORT •