BIC GROUP – FIRST HALF 2012 RESULTS
BIC GROUP – FIRST HALF 2012 RESULTS
Business Wire
CLICHY, France -- August 02, 2012
Regulatory News:
BIC (Paris:BB):
* NET SALES UP 5.8% ON A COMPARATIVE BASIS AT 945.8 MILLION EUROS
* NORMALIZED IFO: 201.3 MILLION EUROS – NORMALIZED IFO MARGIN: 21.3%
* EXCLUDING THE IMPACT OF THE SPECIAL PREMIUM TO EMPLOYEES^(*)
* NORMALIZED IFO: 210.1 MILLION EUROS, UP 13.4 %
* NORMALIZED IFO MARGIN: 22.2%
* GROUP NET INCOME UP 20.4% AT 142.7 MILLION EUROS
* EPS UP 22.3% AT 3.02 EUROS
H1 2012 Key operational figures
Normalized
IFO margin
Net sales excluding
See glossary growth on a Normalized the impact
page 12 comparative IFO margin of the
basis Employee
Special
Premium^(*)
Group +5.8% 21.3% 22.2%
Consumer +7.8% 24.2% 24.9%
Business
* Stationery +7.0% 20.1% 20.8%
* Lighters +5.9% 38.9% 39.5%
* Shavers +11.4% 17.4% 18.4%
Advertising &
Promotional -5.6% 2.4% 4.8%
Products
^(*) On 15 February 2012, BIC Group announced the payment of a special premium
to all BIC employees who have not been granted
performance share plans in 2011.
Commenting on BIC Group results, Mario Guevara, Chief Executive Officer, said:
“Confirming consumers’ preference for BIC^® products around the world, our
Group achieved good and solid First Half results.
During the second Quarter, and as anticipated, the pace of net sales growth
has slowed down; normalized Income From Operations grew faster than in Q1,
driven by the improvement in operational efficiency in both Consumer business
and Advertising and Promotional Products and in spite of increased investment
in Research and Development, brand support and manufacturing capacities.
For the balance of the year, our objective is to continue to reinforce our
positions in this intensely competitive and still challenging economic
environment. In this context, we expect to maintain the 2012 Group normalized
Income From Operations margin close to 2011’s peak level and we will continue
to invest to secure for long-term growth.”
Full Year 2012 Outlook^1
Consumer Business
For the full year, we anticipate that net sales will grow mid-single digit on
a comparative basis. While accelerating the pace of investment, we expect to
maintain the level of Normalized IFO margin consistent with the 2011 level.
Advertising and Promotional Products
BIC APP full year 2012 net sales should decline low to mid-single digit on a
comparative basis. Due to the benefits of the integration plan, full year 2012
normalized IFO margin should be comparable to 2011’s.
Key figures
SECOND QUARTER FIRST HALF
In million Change Change
euros Change Change at at Change Change at at
See 2011 2012 as constant comp. 2011 2012 as constant comp.
glossary reported currencies basis reported currencies basis
page 12
GROUP
Net sales 476.2 500.8 +5.2% +0.4% +3.1% 886.1 945.8 +6.7% +3.5% +5.8%
Gross 232.3 260.8 +12.3% 443.5 494.2 +11.4%
Profit
Normalized
Income 102.1 120.0 +17.5% 185.2 201.3 +8.7%
From
Operations
Normalized 21.5% 24.0% 20.9% 21.3%
IFO Margin
Income
From 92.9 119.1 +28.2% 174.9 201.5 +15.2%
Operations
IFO Margin 19.5% 23.8% 19.7% 21.3%
Group Net 64.6 85.1 +31.8% 118.5 142.7 +20.4%
Income
Earnings
per share 1.35 1.80 +33.3% 2.47 3.02 +22.3%
(in euros)
BY CATEGORY
Stationery
Net Sales 170.2 187.5 +10.2% +6.5% +6.5% 297.9 325.6 +9.3% +7.0% +7.0%
IFO 30.7 42.5 52.8 65.7 +24.4%
IFO margin 18.0% 22.7% 17.7% 20.2%
Normalized 18.0% 22.9% 17.7% 20.1%
IFO margin
Lighters
Net Sales 125.1 135.0 +7.9% +2.5% +2.5% 248.0 271.7 +9.6% +5.9% +5.9%
IFO 52.1 54.3 102.3 105.3 +3.0%
IFO margin 41.7% 40.2% 41.2% 38.8%
Normalized 41.7% 40.5% 41.2% 38.9%
IFO margin
Shavers
Net Sales 85.2 93.1 +9.2% +4.9% +4.9% 162.0 185.6 +14.6% +11.4% +11.4%
IFO 16.7 17.0 32.3 32.1 -0.5%
IFO margin 19.6% 18.3% 19.9% 17.3%
Normalized 19.6% 18.4% 19.9% 17.4%
IFO margin
Other
Products
Net Sales 27.2 18.1 -33.4% -35.1% +17.3% 50.9 35.7 -30.0% -30.9% +11.3%
Total
Consumer
business
Net Sales 407.7 433.7 +6.4% +2.1% +5.3% 758.8 818.6 +7.9% +5.0% +7.8%
IFO 92.4 112.1 178.4 198.8
IFO Margin 22.7% 25.9% 23.5% 24.3%
Normalized 24.7% 26.0% 24.6% 24.2%
IFO margin
BIC APP
Net Sales 68.4 67.1 -1.9% -9.8% -9.8% 127.3 127.2 -0.1% -5.6% -5.6%
IFO 0.4 6.9 -3.5 2.7
IFO margin 0.6% 10.3% -2.7% 2.1%
Normalized 1.8% 10.5% -1.3% 2.4%
IFO margin
H1 2012 Group operational trends
Net Sales
BIC Group first Half 2012 net sales were 945.8 million euros, compared to
886.1 million euros in the first Half 2011, up 6.7% as reported, up 3.5% at
constant currencies and up 5.8% on a comparative basis. For the second
Quarter, net sales were 500.8 million euros, up 5.2% as reported, up 0.4% at
constant currencies and up 3.1% on a comparative basis.
The consumer business increased +7.8% at constant currencies and constant
perimeter during the first Half (+5.3% in the second Quarter) while the
Advertising and Promotional Products business decreased 5.6% at constant
currencies (-9.8% in the second Quarter).
Gross Profit
First Half gross profit margin increased 2.2 points to 52.3% of sales versus
50.1% for the same period last year. Excluding the impact of the special
premium paid to employees, gross profit margin would have increased 2.8 points
to 52.9%. H1 gross margin improvement benefited from Consumer Business net
sales increase and the impact of the disposal of the phone card business in
France.
Income From Operations (IFO)
In million euros Q1 Q1 Q2 Q2 H1 H1
2011 2012 2011 2012 2011 2012
Income From 82.0 82.4 92.9 119.1 174.9 201.5
Operations
As % of net sales 20.0% 18.5% 19.5% 23.8% 19.7% 21.3%
* Non-recurring +1.1 -1.1 +9.2 +0.9 +10.3 -0.2
items
* Of which
restructuring +1.1 +0.4 +0.8 +0.9 +1.9 +1.3
costs
* Of which
goodwill and
trademarks - - +9.4 - +9.4 -
impairments
and related
expenses
* Of which gain - -0.8 -1.0 - -1.0 -0.8
on disposals
* Of which real
estate gain - -0.7 - - - -0.7
in France
Normalized IFO 83.1 81.3 102.1 120.0 185.2 201.3
As % of net sales 20.3% 18.3% 21.5% 24.0% 20.9% 21.3%
* Special
Premium for
employees who
have not been - +11.0 - -2.2 - +8.8
granted
performance
share plans
in 2011^2
Normalized IFO
excluding the
Special 83.1 92.3 102.1 117.8 185.2 210.1
Premium for
employees
As % of net sales 20.3% 20.8% 21.5% 23.5% 20.9% 22.2%
Excluding the impact of the special premium for employees, the key components
of Group Normalized IFO margin evolution (+1.3 points) were:
* Gross profit margin improvement (+2.8 points)
* Increase in brand support (-0.3 points);
* Increase in Fuel Cell expenses (-0.4 points);
* Increase in OPEX and others (-0.8 points).
The impact of the special premium for employees on H1 Normalized IFO margin
was -0.9 points, of which -0.6 points in Gross Profit and -0.3 points in OPEX.
Normalized First Quarter Second Quarter First Half
IFO margin 2011 2012 2011 2012 2011 2012
Exc. the Exc. the Excluding
special special the
premium premium special
for for premium
employees employees for
employees
Group 20.3% 18.3% 20.8% 21.5% 24.0% 23.5% 20.9% 21.3% 22.2%
* Consumer 24.5% 22.1% 24.0% 24.7% 26.0% 25.7% 24.6% 24.2% 24.9%
Business
* BIC APP -4.9% -6.6% -0.4% 1.8% 10.5% 9.4% -1.3% 2.4% 4.8%
Net Income and EPS
Income before tax increased 19.7% as reported to 207.1 million euros. First
Half 2012 finance revenue was +5.6 million euros. The improvement vs. last
year is notably due to higher interest income in H1 2012 compared to H1 2011
and more favorable revaluation of monetary assets in H1 2012 than in H1 2011.
The tax rate was 32.0%.
First Half 2012 Group net income was 142.7 million euros, a 20.4% increase as
reported. Group net income included 1.8 million euros from income from
associates (Cello Pens). First Half earnings per share (EPS) reached 3.02
euros, compared to 2.47 euros in 2011, up 22.3%. Normalized EPS grew 15.3% at
3.02 euros compared to 2.62 euros in 2011.
H1 2012 Group financial situation
At the end of June 2012, the net cash position was 167.7 million euros,
compared to 329.5 million euros as of December 31, 2011 and 271.8 million
euros at the end of June 2011.
Evolution of H1 net cash position (in million euros)
H1 2011 H1 2012
Net Cash position (beginning of the period) 397.1 329.5
* Net cash from operating activities +39.2 +68.6
* Of which operating cash flow +156.0 +198.3
* Of which change in working capital and others -116.8 -129.7
* CAPEX -37.8 -59.4
* Dividend payment -90.7 -189.5
* Share buy-back net of exercise of stock
options -37.5 +20.7
and liquidity contract
* Divestitures and real estate gain +7.8 +3.9
* Others -6.3 -6.1
Net Cash position (end of the period) 271.8 167.7
H1 2012 operational trends by category
Consumer Categories
Stationery
First Half 2012 Stationery net sales increased 9.3% as reported and +7.0% at
constant currencies. Second Quarter 2012 net sales were up 10.2% as reported
and up 6.5% at constant currencies.
Developed markets
* H1 net sales grew mid-single digit in Europe and double-digit in North
America. Second Quarter performance benefited from positive timing impact
due to earlier back-to-school shipments. The total 2012 back-to-school
sell-in season (BIC sales to retailers and distributors) is expected to
grow low single-digit vs. last year. However full year 2012 performance in
the retail channel will be a function of overall consumer spending and
confidence, still difficult to predict in the current economic
environment.
In both regions, we continued to register strong success of new products
such as the BIC^® For Her™ range, our smooth and bold ink ball pens and
the 2-color / 4-color family.
Developing markets
* H1 net sales increased mid-single digit in developing markets, notably
driven by good performance in Mexico and Argentina, where we continued
to gain market share.
H1 2012 Stationery normalized IFO margin was 20.1% compared to 17.7% in H1
2011. Excluding the impact of the Special Premium for Employees, H1 2012
Stationery normalized IFO margin would have been 20.8%, benefiting from the
increase in net sales and better fixed cost absorption.
Lighters
First Half 2012 Lighter net sales increased 9.6% as reported and 5.9% at
constant currencies. Second Quarter net sales were up 7.9% as reported and
+2.5% at constant currencies.
Developed markets
* H1 net sales grew double-digit in Europe and mid-single digit in North
America as we continued to benefit from innovation in value-added sleeve
design.
Developing markets
* H1 net sales grew low-single digit in developing markets, with a solid
performance in Mexico, Central America and the Middle-East and Africa.
H1 2012 Lighters normalized IFO margin was 38.9% compared to 41.2% in H1 2011.
Excluding the impact of the Special Premium for Employees, H1 2012 Lighters
normalized IFO margin would have been 39.5%. The positive impact of the
increase in net sales was offset by an increase in production costs, brand
support and other operating expenses.
Shavers
First Half 2012 Shaver net sales increased 14.6% as reported and +11.4% at
constant currencies. Second Quarter net sales were up 9.2% as reported and
+4.9% at constant currencies.
Developed markets
* In Europe, H1 net sales grew mid-single digit, despite an overall slowdown
of market trends, particularly in Southern countries (Spain, Italy and
Greece). In this context, BIC^® products continued to gain market share
thanks to the success of:
* our Classic 3-blade product such as the BIC^® 3 ,
* the BIC^® Flex 3 with movable blades,
* the BIC^® Simply Soleil^® for women.
* In North America, H1 sales grew low double digit and we achieved market
share gains. Competitive pricing has been volatile in H1 while promotional
support, particularly consumer couponing, has increased dramatically
versus 2011.
Developing markets
H1 2012 net sales grew double digit, with solid performance throughout Latin
America, notably in Mexico and Argentina, where sales were driven by the BIC^®
Comfort 3.
H1 2012 Shaver normalized IFO margin was 17.4% compared to 19.9% in H1 2011.
Excluding the impact of the Special Premium for Employees, H1 2012 Shaver
normalized IFO margin would have been 18.4%, due to less favourable
manufacturing cost absorption in H1 2012 than in H1 2011.
Other consumer products
H1 2012 other consumer products net sales decreased 30.0% as reported, -30.9%
at constant currencies and increased 11.3% on a comparative basis^3. Second
Quarter net sales were down 33.4% as reported, -35.1% at constant currencies
and up 17.3% on a comparative basis, driven by the strong performance of BIC
Sport.
Other consumer products H1 2012 IFO was -4.4 million euros, including -4.8
million euros of investments in Research and Development (fully expensed)
related to the portable Fuel Cell project (compared to -1.4 million euros in
H1 2011).
H1 2012 IFO also includes +0.8 million euros non-recurrent gain related to
disposal of the phone card business. Excluding this non-recurrent item,
normalized IFO for other consumer products was -5.2 million euros compared to
-0.5 million euros in H1 2011.
Advertising and Promotional Products
First Half 2012 Advertising and Promotional Products net sales decreased 0.1%
as reported and -5.6% on a comparative basis. Second Quarter 2012 net sales
were down 1.9% as reported, and -9.8% on a comparative basis.
Trends continued to differ significantly from one region to another. In the
U.S, H1 sales were stable, in line with market trends. In Europe, H1 sales
decreased double-digit (mainly in hard goods) as we continued to suffer from
the very challenging economic environment in Spain, Italy and Greece.
Developing markets grew double-digit.
H1 2012 normalized IFO margin reached 2.4% compared to -1.3% in H1 2011.
Excluding the impact of the Special Premium for Employees, BIC APP normalized
H1 2012 IFO margin would have been 4.8%, benefiting from the strong
improvement of manufacturing efficiency related to the integration plan.
BIC APP’s reported IFO margin was 2.1% compared to -2.7% in H1 2011. This
includes 0.4 million euros for non-recurrent items.
H1 2012 announcement regarding CAPEX, acquisitions and disposals
First Quarter
Disposal of the French Phone Cards activity
In February 2012, BIC subsidiary DAPE 74 (sales to tobacco shops in France –
consolidated in the “Other consumer products” category) has sold its phone
card distribution business to SPF for 0.8 million euros.
Construction of a writing instrument facility in Tunisia (28 February 2012)
In February 2012, BIC Group acquired land for the construction of a writing
instrument facility in the fast growing African and Middle East region to
enhance its manufacturing footprint and better meet consumer demand in this
region. Located in Tunisia (region of Bizerte), the facility will be
operational in 2013. The total investment is estimated to be around 12 million
euros over the next two years.
Second Quarter
Expansion of the shaver packaging facility in Mexico started in late second
Quarter.
H1 2012 other events
Favourable award related to the full completion of the agreements on the
acquisition of Cello Pens (16 February 2012)
On February 16, 2012, BIC Group received a favourable award from the Tribunal,
constituted under the Rules of the Singapore International Arbitration Center,
in respect of the acquisition of 40% shares in the 7th and last entity Cello
Pens & Stationery (CPS) as per the definitive agreements signed on January 21,
2009. BIC now intends to proceed with the share purchase in CPS. The Cello
group had a period of 90 days to appeal before the High Court of Singapore.
The Cello Group having not filed such a request, the BIC Group now intends to
proceed with the share purchase in CPS. On 21 May 2012, the BIC Group filed a
petition before the Mumbai High Court seeking the enforcement of the arbitral
award. As of June 30, 2012, this procedure remains pending.
BIC Group net sales change by geography
In million
euros Q2 Q2 H1 H1
See 2011 2012 Change 2011 2012 Change
glossary
page 12
Total net 476.2 500.8 886.1 945.8
sales
As reported +5.2% +6.7%
At constant +0.4% +3.5%
currencies
On a
comparative +3.1% +5.8%
basis
1 – Europe 152.3 143.7 264.6 255.2
As reported -5.7% -3.6%
At constant -6.1% -3.8%
currencies
On a
comparative +0.8% +2.3%
basis
2 – North 186.6 214.9 336.4 394.3
America
As reported +15.2% +17.2%
At constant +2.8% +8.3%
currencies
3 –
Developing 137.3 142.2 285.1 296.3
Markets
As reported +3.6% +3.9%
At constant +4.5% +4.6%
currencies
On a
comparative +5.8% +5.8%
basis
Impact of change in perimeter and currency fluctuations
in % Q2 Q2 H1 H1
2011 2012 2011 2012
Perimeter -1.2% -2.7% -1.3% -2.3%
Currencies -5.8% +4.8% -1.8% +3.2%
Of which USD -4.8% +4.9% -2.5% +3.4%
Of which BRL -0.1% -0.9% +0.6% -0.6%
IFO and Normalized IFO by category
Income From Operations Normalized Income From Operations
In million
euros Q2 Q2 H1 H1 Q2 Q2 H1 H1
See 2011 2012 2011 2012 2011 2012 2011 2012
glossary
page 12
Group 92.9 119.1 174.9 201.5 102.1 120.0 185.2 201.3
Consumer 92.4 112.1 178.4 198.8 100.9 113.0 186.8 198.2
Stationery 30.7 42.5 52.8 65.7 30.7 42.9 52.8 65.5
Lighters 52.1 54.3 102.3 105.3 52.1 54.7 102.3 105.7
Shavers 16.7 17.0 32.3 32.1 16.7 17.1 32.3 32.2
Other -7.1 -1.7 -9.0 -4.4 1.4 -1.7 -0.5 -5.2
APP 0.4 6.9 -3.5 2.7 1.2 7.0 -1.6 3.1
Condensed Profit and Loss Account
In million Change Change at Change Change Change at Change
euros Q2 2011 Q2 2012 as constant on a H1 2011 H1 2012 as constant on a
See glossary reported currencies comp. reported currencies comp.
page 12 basis basis
NET SALES 476.2 500.8 +5.2% +0.4% +3.1% 886.1 945.8 +6.7% +3.5% +5.8%
Cost of Goods -243.9 -240.0 -1.6% -442.6 -451.6 +2.0%
GROSS 232.3 260.8 +12.3% 443.5 494.2 +11.4%
PROFIT
Administrative
&
other -139.4 -141.7 +1.6% -268.6 -292.7 +8.9%
operating
expenses
INCOME FROM
OPERATIONS 92.9 119.1 +28.2% 174.9 201.5 +15.2%
(IFO)
Finance 1.8 3.9 -1.9 5.6
revenue
INCOME 94.7 123.0 172.9 207.1
BEFORE TAX
Income tax -31.4 -38.9 -57.3 -66.3
expense
Income from 1.3 1.1 2.9 1.8
associates
GROUP NET 64.6 85.1 +31.8% 118.5 142.7 +20.4%
INCOME
EARNINGS
PER SHARE 1.35 1.80 +33.3% 2.47 3.02 +22.3%
(EPS)
(in euros)
Total weighted
number of
shares
outstanding 47,952,714 47,263,007 47,952,714 47,263,007
adjusted for
treasury
shares
Condensed Balance Sheet
In million euros June 2011 June 2012
ASSETS
Cash and cash equivalents 302 161
Trade and other receivables 465 498
Inventories 391 459
Other current assets 26 32
Other current financial assets and derivative 28 33
instruments
Current assets 1,212 1,183
Property, plant & equipment 346 379
Investment properties 2 2
Other non-current assets 228 264
Goodwill and intangible assets 244 271
Non-current assets 820 916
TOTAL ASSETS 2,032 2,099
LIABILITIES & SHAREHOLDERS’ EQUITY
Current borrowings 48 24
Trade and other payables 146 116
Other current liabilities 209 214
Current liabilities 403 354
Non-current borrowings 2 1
Other non-current liabilities 221 324
Non current liabilities 223 325
Shareholders’ equity 1,406 1,42
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 2,032 2,099
Cash flow statement
In million euros (rounded figures) H1 2011 H1 2012
Net income 119 143
Amortization and provision 35 42
Deferred tax variation (3) 13
(Gain)/Loss from disposal of fixed assets 8 (2)
Others (3) 2
CASH FLOW FROM OPERATIONS 156 198
(Increase) / decrease in net current working (120) (109)
capital
Others 3 (20)
NET CASH FROM OPERATING ACTIVITIES 39 69
Business (acquisition)/divestiture 7 1
Other Investing (37) (57)
NET CASH FROM INVESTING ACTIVITIES (30) (56)
Dividends paid (91) (190)
Borrowings/(Repayments) 29 (1)
Increase in treasury shares (37) 21
(Purchase)/Sale of other current financial 20 7
assets
NET CASH FROM FINANCING ACTIVITIES (79) (163)
NET INCREASE/ (DECREASE) IN CASH AND (70) (149)
CASH EQUIVALENTS
OPENING CASH AND CASH EQUIVALENTS 368 299
Exchange difference (6) (6)
CLOSING CASH AND CASH EQUIVALENTS 292 144
Share buy-back program
Number of shares Average weighted Amount in M€
bought price in €
January 2012 - - -
February 2012 - - -
March 2012 3,078 74.95 0.2
April 2012 - - -
May 2012 - - -
June 2012 17,800 76.36 1.4
Total H1 2012 20,878 76.15 1.6
Glossary
* At constant currencies: Constant currency figures are calculated by
translating the current year figures at prior year monthly average
exchange rates. All net sales category comments are made at constant
currencies or comparative basis.
* Comparative basis: at constant currencies and constant perimeter. Figures
at constant perimeter exclude the impacts of acquisitions and/or disposals
that occurred during the current year and/or during the previous year,
until their anniversary date.
* Normalized IFO: normalized for 2012 means excluding restructuring, the
costs of BIC APP integration plan, the gain on the disposal of the phone
cards distribution business in France and real estate gains - for 2011
excluding restructuring, impairment of goodwill and trademarks related to
the disposal of PIMACO business to business divisions in Brazil and the
gain on the disposal of REVA peg business.
* *
*
SOCIÉTÉ BIC condensed financial statements as of June 30, 2012 were closed by
the Board of Directors on August 1^st, 2012. The auditors have performed their
limited review procedures on these financial statements and the limited review
report on the condensed financial statements is being issued. The 2012
Half-year Financial report will be filed with the French financial markets
authority (AMF) and available online on BIC’s website (www.bicworld.com),
headline Finance, beginning today, August 2, 2012, after the market closes.
A presentation related to this announcement is available on BIC’s web site,
headline Finance.
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, “Risk factors” in BIC’s 2011 Registration Document
filed with the French financial markets authority (AMF) on March 27, 2012.
For more information, please consult the corporate web site: www.bicworld.com
2012 – 2013 Agenda (all dates to be confirmed)
3^rd Quarter and 9 months 2012 October 24, 2012 Conference call
results
FY 2012 results February 13, 2013 Meeting – Company
headquarters
1^st Quarter 2013 results April 24, 2013 Conference call
2^nd Quarter and 1^st Half August 1, 2013 Conference call
2013 results
About BIC
BIC is a world leader in stationery, lighters, shavers and promotional
products. For more than 60 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 in the
world. BIC products are sold in more than 160 countries around the world. In
2011, BIC recorded net sales of 1,824.1 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 SRI indexes: FTSE4Good Europe, ASPI Eurozone and
Ethibel Excellence Europe.
^1 Excluding the impact of the employee special premium
^2 In Q1 2012, 11.0 million euros accruals were booked following the decision
to pay a special premium to all BIC employees who have not been granted
performance share plans in 2011. The final expense is 8.8 million euros (fully
paid in Q2 2012). The difference between the accruals and the final expense is
mainly due to less beneficiaries and lower employer’s social contribution than
initially anticipated.
^3 Excluding the impact of PIMACO business-to-business divisions and the REVA
peg business sold in 2011 as well as the impact of the sale in February 2012
of the phone card business in France.
Contact:
BIC
Investor Relations
+33 1 45 19 52 26
Sophie Palliez-Capian
sophie.palliez@bicworld.com
or
Katy Bettach-Montecatine
katy.bettach@bicworld.com
or
Press
+33 1 53 70 74 48
Priscille Reneaume
preneaume@image7.fr
or
Claire Doligez
cdoligez@image7.fr
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