BIC : BIC : Full Year 2012 Results

                      BIC : BIC : Full Year 2012 Results

                                                     BIC Group - Press Release
                                                                             


                                                     Clichy - 13 February 2013

                      BIC Group - Full Year 2012 Results

         Solid Full Year 2012 results, in line with our expectations
         Good performance of the Consumer business in all geographies

Net Sales: 1,898.7 million euros, up 2.8% on a comparative basis

  *
       *Consumer business up 5.3%

  *Normalized IFO: 373.8 million euros, up 3.1% 

  *Normalized IFO Margin: 19.7%

       *Excluding the impact of the special premium paid to employees^[1]:
         20.2%

  *Group Net Income: 263.1 million euros, up 10.6% 

  *Reported EPS: 5.56 euros, up 11.2% 

  *Net Cash position: 334.5 million euros

  *Proposed shareholder remuneration for 2012

       *ordinary dividend^[2] of 2.56 euros per share, up 16.4% 
       *46% pay-out ratio

Mario Guevara, Chief Executive Officer, said:



"Despite the  challenging  economic environment  which  has affected  all  our 
markets, we achieved solid 2012 results thanks to the sustained performance of
our consumer business.

In  2013,  relying  on  our  "Quality  and  Price"  positioning  and  improved 
distribution in all geographies, we expect  to grow our consumer business  net 
sales in  line  with our  mid-term  objectives. Driven  by  enhanced  customer 
service and  innovative imprinting  solutions,  BIC APP  net sales  should  be 
stable to slightly increasing.

As in 2012, we will continue  to prepare future growth through investments  in 
research and development, brand support and manufacturing capacities funded by
our strong cash generation.

Based on our consistent shareholders remuneration policy, our continued  solid 
financial  performance  and   balance  sheet,  the   Board  of  Directors   is 
recommending 2.56 euros as ordinary dividend (46% pay-out)".



Key figures

                            FOURTH QUARTER                                 FULL YEAR
                            Change   Change at   Change                   Change   Change at   Change
  In million   2011  2012     as      constant     at     2011    2012      as      constant     at
    euros                  reported currencies^3  comp.                  reported currencies^3  comp.
                                                 Basis^3                                       basis^3
                                                GROUP
Net sales      469.8 464.1    -1.2%        -2.2%   -0.4% 1,824.1 1,898.7    +4.1%        +0.7%   +2.8%
Gross Profit   233.5 223.0    -4.5%                        898.5   965.4    +7.4%
Normalized
Income From     86.2  75.0   -13.0%                        362.4   373.8    +3.1%
Operations^[3]
Normalized IFO 18.3% 16.2%                                19.9%   19.7%                    
Margin
Income From     75.0  68.6    -8.6%                        339.7   370.5    +9.1%
Operations
IFO Margin     16.0% 14.8%                              18.6%   19.5%                           
Group Net       54.0  50.1    -7.2%                        237.9   263.1   +10.6%
Income
Earnings per
share           1.13  1.06    -6.2%                         5.00    5.56   +11.2%
(ineuros)
Normalized EPS  1.37  1.15   -16.1%                         5.38    5.61    +4.3%
                                             BY CATEGORY
Stationery
Net Sales      129.7 131.1    +1.0%        +1.7%   +1.7%   588.5   617.9    +5.0%        +2.6%   +2.6%
IFO              9.3   6.6                                  83.5    94.6
IFO margin      7.2%  5.0%                                 14.2%   15.3%
Normalized IFO  7.2%  5.8%                                14.2%   15.3%        
margin
Lighters
Net Sales      138.9 143.8    +3.5%        +2.4%   +2.4%   510.8   551.0    +7.9%        +4.3%   +4.3%
IFO             49.5  49.5                                 199.8   208.2
IFO margin     35.6% 34.4%                                 39.1%   37.8%
Normalized IFO 35.7% 35.0%                                 39.1%   37.7%
margin
Shavers
Net Sales       81.8  85.4    +4.4%        +3.1%   +3.1%   328.2   373.5   +13.8%       +10.1%  +10.1%
IFO             10.9   9.5                                  59.8    65.0
IFO margin     13.3% 11.1%                                 18.2%   17.4%
Normalized IFO 13.3% 11.6%                                 18.2%   17.3%
margin
Other Products
Net Sales       21.2  14.7   -30.5%       -29.8%  +16.8%    94.5    65.2   -31.0%       -31.8%  +14.3%
Total Consumer
business
Net Sales      371.7 375.0    +0.9%        +0.5%  +2.8%  1,522.1 1,607.6    +5.6%        +2.7%   +5.3%
IFO             58.3  60.3                                 320.3   352.8
IFO Margin     15.7% 16.1%                              21.0%   21.9%
Normalized IFO 18.2% 16.7%                                22.2%   21.9%
margin
BIC APP
Net Sales       98.1  89.1    -9.2%       -12.2%  -12.2%   302.0   291.1    -3.6%        -9.2%   -9.2%
IFO             16.7   8.3                                  19.3    17.7
IFO margin     17.0%  9.3%                               6.4%    6.1%
Normalized IFO 18.9% 13.8%                                 8.1%    7.6%
margin

Group operational trends

Net Sales

Full Year 2012

BIC Group 2012 net  sales reached 1,898.7 million  euros, compared to  1,824.1 
million euros in 2011, up 4.1%  as reported, +0.7% at constant currencies  and 
+2.8% on a comparative basis.

  *Consistent with full year guidance, our Consumer business increased  5.3% 
    on  a  comparative  basis  in  2012.  Developed  markets  showed  a   good 
    performance  with  sales  up  3.0%  in  Europe,  despite  the  challenging 
    environment in Southern Europe and  +7.8% in North America. In  developing 
    markets, net sales grew 4.7%,  with Latin America, Middle-East and  Africa 
    up mid-single digit and Asia low single-digit.

  *The Advertising and Promotional Products business sales decreased 9.2% at
    constant currencies. In  the US, the  market experienced mid-single  digit 
    growth (driven by the apparel segment). Europe remained under pressure due
    to the significant contraction of markets in Southern Europe.

Fourth Quarter 2012

For the 4^thQuarter 2012,  net sales were 464.1  million euros, down 1.2%  as 
reported, -2.2% at constant currencies and -0.4% on a comparative basis.

  *Q4 Consumer  business grew  2.8%  on a  comparative basis.  Q4  stationery 
    performance ended lower than initially expected due to a decrease in Latin
    America (customer adjustments of inventories leading to increased returns)
    and the continued softness of the Office Products channel in Europe.

  *Q4 Advertising and Promotional Products business net sales decreased 12.2%
    at constant  currencies. In  North America,  BIC APP  Stationery and  Hard 
    Goods  sales  were   affected  by  service   issues  resulting  from   the 
    implementation of  the  new  ERP.  However,  as  we  completed  December's 
    shipments, we  registered  normal  high levels  of  customer  service.  In 
    Europe,  we  continued  to  be   impacted  by  the  challenging   business 
    environment, notably in Spain and Italy. 

Gross Profit

Full Year 2012

The 2012 gross  profit margin increased  1.5 points to  50.8% of sales  versus 
49.3% in 2011. Gross profit margin  improvements were due to the sales  growth 
in the  Consumer  categories along  with  manufacturing efficiencies  and  the 
impact of the phone card business disposal in France.

Fourth Quarter 2012

Q4 2012 gross  profit margin  decreased 1.6 points  to 48.1%  of sales  versus 
49.7% in 2011 as a result of soft sales increase in the Consumer business  and 
the decrease on BIC APP gross profit margin.

Income From Operations and Normalized Income From Operations

Full Year 2012

The key components of the change in Normalized IFO margin were:

  *Gross Profit improvement (+1.8 points),

  *Slight increase in brand support (-0.1 points),

  *Increase in Fuel Cell project expenses (-0.5 points),

  *Increase in OPEX (-0.9 points) with  most of the increase coming from  the 
    impact of the phone card business disposal and FX,

  *special premium impact (-0.3 points on GP and -0.2 points on OPEX)

In million euros                                 Q4 2011 Q4 2012   2011  2012
Income From Operations                            75.0    68.6     339.7 370.5
As % of net sales                                16.0%   14.8%    18.6% 19.5%
  *Non-recurring items                          11.2     6.4     +22.8  3.3
  *Of which restructuring costs                 2.5     6.4     5.1   8.7
  *Of which goodwill and trademarks              8.7      -     18.6    
    impairments and related expenses
  *Of which gain on disposal and real estate     -       -     -1.0  -5.4
Normalized IFO                                    86.2    75.0     362.4 373.8
As % of net sales                                 18.3%   16.2%    19.9% 19.7%
  *Special Premium for employees who have not
    been granted performance share plans in         -       -        -    8.8
    2011
Normalized IFO, excluding the Special Premium     86.2    75.0     362.4 382.6
for employees
As % of net sales                                 18.3%   16.2%    19.9% 20.2%

 Normalized IFO margin   2011                      2012
                                     Exc. the special premium for employees
Group                    19.9% 19.7%                 20.2%
  *Consumer Business   22.2% 21.9%                 22.2%
  *BIC APP             8.1%  7.6%                   8.6%

Fourth Quarter

Q4 2012 normalized IFO was 75.0  million euros (16.2% normalized IFO  margin). 
Q4 Consumer business normalized IFO margin was 16.7%, a decrease of 1.5 points
notably driven by lower gross profit. BIC APP normalized IFO margin  decreased 
5.1 points to 13.8%.

Full Year Net Income and EPS

Income before tax increased 9.2% as  reported to 381.0 million euros.  Finance 
revenue increased 1.3million euros  compared to 2011  due to higher  interest 
income in 2012 than in 2011. Tax rate was 31.9%.

2012 Group net income was  263.1millioneuros, a 10.6% increase as  reported. 
2012 Group net income included 3.7  million euros from income from  associates 
(Cello Pens).

Earnings per share (EPS) were  5.56 euros in 2012,  compared to 5.00 euros  in 
2011, up 11.2%. Normalized EPS grew 4.3% at 5.61 euros compared to 5.38  euros 
in 2011.

Net cash position

At the end of  2012, net cash  position was 334.5  million euros, compared  to 
329.5 million euros as of December 31, 2011.

              Evolution of net cash position (in million euros)

                                                          2011   2012
Net Cash position at the beginning of the period         397.1  329.5
  *Net cash from operating activities                  +200.8 +302.7
      *Of which operating cash flow                    +340.8 +369.5
      *Of which change in working capital              -114.8 -37.9
  *CAPEX                                               -89.0  -125.4
  *Dividend payment                                    -90.6  -189.5
  *Share buyback program                               -101.4  -1.6
  *Cash received from the exercise of stock options 
                                                         +17.4  +25.5
and liquidity contract
  *Divestitures                                         +7.6   +1.3
  *Acquisitions                                        -14.5    0
  *Others                                               +2.1   -8.0
Net Cash position at the end of the period               329.5  334.5

2012 net  cash from  operating  activities totaled  302.7 million  euros.  The 
slight increase in working capital requirement (-37.9 million euros) is due to
an increase in Trade and other  Receivables while inventories showed a  slight 
decrease. CAPEX investments were 125.4 million euros; the majority was related
to capacity increase and new products.

Shareholders' remuneration

In 2012, shareholders remuneration totaled 191.1 million euros:

  *189.5 million  euros  related  to  the payment  of  ordinary  and  special 
    dividend (2011 fiscal year),

  *1.6 million euros  related to  the share buy-back  program (20,878  shares 
    bought at an average of 76.15 euros per share). Total cash paid for  share 
    buy-back net  of  cash  received from  stock-options  exercised  was  25.5 
    million euros.

Operational trends by category

Consumer Categories

Stationery

Full Year 2012

Full Year 2012  Stationery net sales  increased 5.0% as  reported and 2.6%  at 
constant currencies. Full Year 2012 volumes grew 1.3%.

The global  Stationery  market  increased mid-single  digit.  Performance  was 
driven by developing countries (mainly Asia) while developed countries  showed 
low-single digit growth. The office supply channel remained soft.

Developed countries

  *In Europe, BIC net  sales grew low-single digit.  This was the result  of 
    market share gains in most countries (driven by the strong performance  of 
    France, Benelux, the  UK, Romania  and Poland)  mostly offset  by flat  or 
    negative markets. Our back-to-school ECONOBIC loyalty program continued to
    be very well received in an economic environment where consumer purchasing
    power remains under pressure. In the Office Products channel, the  ongoing 
    economic slowdown was once again felt, particularly in the South.

  *In North America, our sales grew mid-single digit. In the U.S., our market
    share decreased  slightly  due to  elevated  brand support  activity  from 
    competitors for  their new  products and  continuing price  pressure  from 
    private label in the depressed office products sector.

Developing markets

Full year  2012  net  sales  increased  low-single  digit,  with  all  regions 
contributing to the growth.

  *In the Middle-East and  Africa, growth came  despite political and  social 
    turbulence, thanks to product  range expansion of the  4 color family  and 
    Evolution Graphite pencils.

  *In Latin America,  where the  market was  flat due  to softening  economic 
    trends, we maintained our leadership in classic ball pens and  experienced 
    strong growth in value-added. 

  *In Asia, sales growth came from investments in a brand awareness  campaign 
    and product line extension.

Full year 2012 Stationery normalized IFO margin was 15.3% compared to 14.2% in
2011.  Excluding   the  impact   of  the   Special  Premium   for   Employees, 
2012Stationery normalizedIFO  margin would  have been  15.7%, benefiting  from 
improved manufacturing efficiency and disciplined cost control.

Fourth Quarter 2012

Q4 2012 Stationery net sales grew 1.7% at constant currencies. As anticipated,
North America performance was  significantly better than  last year which  was 
impacted  by  low  replenishment   levels.  Elsewhere,  lower  than   expected 
performance of our Stationery business during Q4 was due to:

  *unexpected customer  returns in  a  few Latin  American countries  due  to 
    customers adjusting their level of inventories. Sales of BIC^® products to
    consumers (sell-out) remained good and we continued to gain at high single
    level percentage growth market share in most countries, notably Brazil and
    Mexico,

  *an accelerated slowdown in the Office Products channel in Europe.

Q4 2012 normalized IFO margin was 5.8% compared to 7.2% in 2011 as a result of
lower sales increase.





Lighters

Full Year 2012

Full Year  2012 Lighter  net sales  increased  7.9% as  reported and  4.3%  at 
constant currencies. Full year 2012 lighter volumes were up 3.3%.

Developed markets

  *In Europe, net sales grew mid-single digit, driven by the good performance
    of Eastern Europe and distribution gains in large countries such as France
    and Italy, despite on-going imports of non-compliant Asian lighters. 

  *In North America net sales grew mid-single digit, reflecting market  share 
    gains in  both the  U.S. and  Canada. This  good performance  was  notably 
    driven by  the  continuous  success of  added-value  sleeve  products  and 
    sustained growth in Multi-purpose lighters. 

Developing markets

Full year 2012  net sales increased  low-single digit. In  Latin America,  the 
lighter market  was affected  by anti-tobacco  regulations and  important  tax 
increases, notably in  Brazil. In this  context, we continued  to gain  market 
shares in most countries. Middle-East and Africa performed very well thanks to
distribution  gains.  In   Asia,  sales  were   notably  driven  by   improved 
distribution strategy in convenience stores and sleeves designed  specifically 
for the region.

The Lighter normalized  2012 IFO  was 37.7%  compared to  39.1%. The  positive 
impact of the increase in  net sales was offset  by an increase in  production 
costs (raw  materials).  Excluding  the  impact of  the  Special  Premium  for 
Employees, 2012Lighters normalized IFO margin would have been 38.0%.

Fourth Quarter 2012

Q4 2012 Lighters net sales grew 2.4% at constant currencies, driven by a  good 
performance of North America. Q4 normalized  IFO margin was 35.0% compared  to 
35.7% in 2011 as a result of an increase in the cost of raw materials.

Shavers

Full Year 2012

Full year  2012 Shaver  net sales  increased 13.8%  as reported  and 10.1%  at 
constant currencies. Full year 2012 shaver volumes were up 3.3%.

Developed markets

  *In  Europe,  net  sales  grew  low-single  digit.  Despite  a  challenging 
    environment in the southern countries,  we continued to gain market  share 
    in most  countries,  such  as  France,  Sweden,  Greece  and  Ukraine.  We 
    benefited notably from the  success of our  classic triple blade  products 
    such as the BIC^® 3, the innovative  BIC^® Flex 3 with movable blades  and 
    the BIC^® Simply Soleil^® for women.

  *In North  America,  net  sales  grew  double  digit,  driven  by  expanded 
    distribution and strong shelf presence at large retailers. We continued to
    grow our market share in the U.S.  thanks, notably, to the success of  our 
    new products (BIC^® Soleil^®  Savvy for women and  BIC^® Hybrid Advance  4 
    for  men)  and  effective  promotional  campaigns.  This  performance  was 
    achieved despite a high level of promotion from our competitors.

Developing markets

  *2012 net sales grew double  digit. Despite increased promotional  activity 
    in some Latin American countries and an unstable political environment  in 
    the Middle-East and Africa,  we performed well with  a good resistance  of 
    our single and twin  blades products combined with  a rapid growth of  our 
    triple Blade BIC^® Comfort 3^®. In Latin America, the market was driven by
    consumer trading up  from one and  two blades to  three blades, which  now 
    represents one fourth of the total market in value.

The 2012 Shaver  normalized IFO margin  was 17.3% compared  to 18.2% in  2011. 
Excluding  the  impact  of  the  Special  Premium  for  Employees,  2012Shaver 
normalized IFO margin would have been  17.9%, due to slightly less  favourable 
cost absorption in 2012 compared to 2011.

Fourth Quarter 2012

Q4 2012 Shaver net sales grew  3.1% at constant currencies. Q4 normalized  IFO 
margin was 11.6% compared to 13.3% in 2011 due notably to an increase in brand
support compared to Q4 2011.

Other Consumer Products

Full Year 2012

Full year 2012 other consumer products net sales decreased 31.0% as  reported, 
-31.8% at constant currencies and were up 14.3% on a comparative basis.

BIC Sport net sales (36.0% of  other consumer products category) reached  23.5 
million euros, up  33.2% as reported  and +27.8% at  constant currencies.  The 
strong performance was driven  by the success  of the Stand-Up-Paddle  boards, 
particularly in North America.

Other consumer products  2012 IFO  was -15.0  million euros.  It includes  the 
expenses related  to  the portable  Fuel  Cell project  (-12.5  million  euros 
compared to - 4.8  million euros in 2011)  and the cost of  the launch of  the 
BIC^® Education solution.

2012 IFO  also  includes +0.8  million  euros non-recurrent  gain  related  to 
disposal of the phone card business. Excluding non-recurrent items, normalized
IFO for  other  consumer products  was-15.3million  euros compared  to  -5.2 
million euros in 2011. 

Fourth Quarter 2012

Q4 2012  other consumer  products net  sales were  up 16.8%  on a  comparative 
basis. Normalized IFO  was -5.2  million euros,  of which  -3.5 million  euros 
related to the portable fuel cell project.

Advertising and Promotional Products

Full Year 2012

Full Year 2012 Advertising and  Promotional Products net sales decreased  3.6% 
as reported and -9.2% at constant currencies.

In the US, the market estimates showed mid-single digit growth, driven by  the 
apparel segment  whereas Stationery,  Hard Goods  and Calendars  were  overall 
stable. In Europe we  saw significant contraction of  our markets in  Southern 
Europe due to the economic crisis in Greece, Spain and Italy. Northern Europe
and France remained  more resilient during  the year, but  we also saw  trends 
slowing down at year end.

  *Stationery (49% of BIC  APP sales). In North  America, the first half  was 
    slightly positive compared  to last  year. During the  second half,  sales 
    were affected by the implementation of  our new ERP resulting in  shipment 
    delays. These issues  are being addressed  and the business  has shown  an 
    improvement in customer service. In Europe,  we were affected by the  very 
    challenging economic environment in Southern countries. Developing Markets
    continued to perform well. 

  *Hard goods  (31%  of  BIC  APP sales).  In  North  America,  the  business 
    continues to  face pressure  from low  priced suppliers.  Europe  suffered 
    strongly from the economic situation in Southern Europe. In this  context 
    however, new  products  performed  well,  showing  the  power  of  a  good 
    innovation pipeline. Developing Markets performed best as we continued  to 
    drive new products into the market.

  *Calendars (20% of BIC APP sales).  In a soft market, we maintained  market 
    share thanks to the quality  of the products and  the service we offer  to 
    customers. 

In 2012, BICAPP reported IFO margin  was 6.1% compared to 6.4% in2011.  This 
includes 4.3 million non-recurrent items  in part related to restructuring  in 
Europe aimed at adapting our industrial facilities to the sharp contraction of
our markets in Southern Europe. Full  year 2012 normalized IFO margin  reached 
7.6% compared to 8.1% in 2011. Excluding the impact of the Special Premium for
Employees, BIC APP 2012normalized IFO margin would have been 8.6%.

Fourth Quarter 2012

BIC APP Q4 2012,  netsales were down 12.2%  at constant currencies. In  North 
America, Stationery and Hard Goods  were further affected by customer  service 
issues due to the implementation of  the new ERP. While the Calendar  business 
was impacted  slightly by  ERP  implementation, we  continue to  maintain  our 
strong market  share. In  Europe, Southern  Europe countries  continued to  be 
impacted by the economic downturn, with a double digit sales decline in Spain,
Greece  and  Italy.  Northern  Europe  countries  (France,  Germany  and   the 
Netherlands) were affected by the consolidation of our product portfolio  with 
the objective of focusing on the most profitable items.

Normalized IFO  margin  was 13.8%  compared  to  18.9% in  2011.  The  decline 
compared to last year is mainly due to the decrease of the Calendar net  sales 
which negatively  impacted  gross  profit (unfavourable  cost  absorption  and 
product mix) and inefficiencies related to the ERP implementation.

                          SHORT AND MID-TERM OUTLOOK

2013 operational outlook

The economic environment will remain volatile  during 2013. While the U.S.  is 
showing  signs  of  slow  recovery,  Europe  trends  should  remain  negative. 
Developing markets will continue to grow, although at a slower pace notably in
Latin America.  In  this context,  we  will  continue to  leverage  our  solid 
competitive positions to grow  faster than our market  and to invest in  brand 
support, research and innovation and new  products to fund the Group's  future 
profitable growth. 

Consumer business

Stationery

  *The market should  grow at  a rate in  line with  2012, low-to-mid  single 
    digit in value. In  Developed Markets, competition  and challenges in  the 
    office channel are not expected to  abate. In Developing Markets the  very 
    high growth rates are in the past, but continued steady growth is expected
    as  income  and  literacy  continue  to  increase.  2013  should   deliver 
    low-to-mid single digit growth for our Stationery business.

Lighters

  *In 2013, we will continue  to rely on our  proven safety and best  quality 
    added-value lighters  which are  celebrating their  40^th anniversary.  In 
    Europe, we will continue to improve distribution. In North America,  focus 
    will be given  to Special Edition^®  sleeve designs and  new licenses.  In 
    developing countries, we  will continue  to strengthen  our footprint  and 
    improve our brand awareness. 

Shavers

  *In 2013, we  anticipate accelerated new  product and promotional  activity 
    from competitors, notably from the launch of new disposables shavers  from 
    the two main brands. This may slow recent growth rates but we still expect
    at least to maintain market share  in this new environment, thanks to  the 
    launch of new products such  as the BIC^® Flex  03 Control in Europe,  the 
    BIC^® Soleil^® Shave and Trim in the US. and the BIC^® Flex 4 rechargeable
    in Latin America. 

Advertising and Promotional Products

For 2013, the Advertising and Promotional  market should grow slightly in  the 
US, with most  of the growth  in the back  half of the  year, and will  remain 
challenging in Europe, notably in Southern countries. In this context, BIC APP
will continue to focus on customer  service, new products, and innovation  via 
the launch of "Britepix", a new business solution allowing superior multicolor
printing capabilities as  well as  personalization to  better answer  customer 
needs. We expect net sales to be stable to slightly up.

ias 19 revised expected impact

Starting in  2013,  the Group  will  apply IAS  19  revised and  will  restate 
accordingly 2011 and 2012 consolidated financial statements. Estimated  impact 
on 2012 Income from Operations is -5.5 million euros and -3.5 million euros on
Net Income.

Group mid-term outlook

Consumer business

For the consumer business,  our objective is to  grow faster than our  markets 
thanks to  our  quality and  price  positioning  and to  continue  to  improve 
operational efficiency. As a result, we  expect to increase net sales  between 
+2% and +4%^[4] per year and to achieve 15% to 20%normalized IFO margin.

Advertising and Promotional Products

For BIC APP, we expect low to mid-single digit annual sales growth within  the 
next 3 to 5 years and between 8% and 12% normalized IFO margin.
MISCELLANOUS

2012 announcements regarding Capex, acquisitions and disposals

    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 0.8million euros.

    Construction of a writing instrument facility in Tunisia (February 28,
    2012)

In February2012, 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.

    Expansion of the shaver packaging facility in Mexico

    Launch of BIC® Education in France, a digital educational solution for
    schools

In September 2012, BIC launched, in collaboration with Intel, BIC^® Education,
a simple and  innovative educational solution  for primary schools,  combining 
handwriting and digital technology.

2012 other events

    Favourable award related to the  full completion of the agreements  on 
    the acquisition of 40% of Cello Pens (February 16, 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 January21,
2009. On May 21, 2012, the BIC  Group filed a petition before the Mumbai  High 
Court seeking the enforcement of the  arbitral award. As of January 31,  2013, 
this procedure remains pending.

  *European Commission decision on non-compliant pocket lighters entering
    Europe(June 7, 2012)

The European Commission  has sent  a formal notice  to the  Government of  the 
Netherlands  to  request  information  on   apparent  breaches  by  the   NVWA 
(Netherlands  Food  and  Consumer  Product   Safety  Authority  -  which   has 
responsibility for inspections of consumer goods entering the country) of  its 
obligations regarding non-compliant pocket lighters entering Europe.

  *European Commission decision on anti-dumping tax on Chinese imported
    lighters      (December12, 2012)

On December 12, 2012  the European Union Commission  took the decision not  to 
open a  procedure of  renewal of  the anti-dumping  tax on  flint lighters  of 
Chinese origin. The BIC Group reminded at that occasion that the objective  of 
this anti-dumping tax, set up in 1991, was not to protect the European lighter
industry, but  to put  an end  to unfair  competition, resulting  from  dumped 
prices, from lighters of Chinese origin. The non-renewal of this tax justifies
the actions of those who have been fraudulently circumventing the tax for more
than 20 years, and will obviously  favor importers of Chinese lighters.  Asian 
lighters already represent more than 70% of the European market in volume^[5].

BIC Group net sales change by geography

In million euros       Q4 2011 Q4 2012 Change    2011    2012   Change
Total Group net sales    469.8   464.1          1,824.1 1,898.7
As reported                           -1.2%                 +4.1%
At constant currencies                -2.2%                 +0.7%
On a comparative basis                -0.4%                 +2.8%
1 - Europe               119.1   108.5            517.7   484.5
As reported                           -8.9%                 -6.4%
At constant currencies                -9.6%                 -7.0%
On a comparative basis                -2.7%                 -0.3%
                                                              
2 - North America        189.7   198.8            728.0   818.0
As reported                           +4.8%                +12.4%
At constant currencies                +0.5%                 +3.5%
On a comparative basis                +0.5%                 +3.5%
                                                              
3 - Developing Markets   161.0   156.8            578.4   596.2
As reported                           -2.6%                 +3.1%
At constant currencies                +0.1%                 +4.1%
On a comparative basis                +0.1%                 +4.7%

Impact of change in perimeter and currency fluctuations

in %         Q4 2011 Q4 2012 2011 2012
Perimeter       -0.3    -1.8 -1.0 -2.1
Currencies      -1.0    +1.0 -2.5 +3.4
Of which USD    +0.3    +1.7 -2.2 +3.5
Of which BRL    -0.8    -1.4    - -0.9

Sensitivity to key currency changes on net sales

in %                   2011    2012
+/- 5% changes of USD +/- 1.8 +/-2.0
+/- 5% changes of BRL  +/-0.6 +/-0.6
+/- 5% changes of MXN +/- 0.2 +/-0.2

IFO and Normalized IFO by category

                   Income From Operations          Normalized Income From
                                                          Operations
In million      Q4 2011 Q4 2012 FY 2011 FY 2012  Q4 2011  Q4   FY 2011 FY 2012
euros                                                    2012
Group            75.0    68.6    339.7   370.5    86.2   75.0   362.4   373.8
Consumer         58.3    60.3    320.3   352.8    67.6   62.7   338.1   351.8
Stationery        9.3     6.6    83.5    94.6      9.3    7.6   83.5    94.7
Lighters         49.5    49.5    199.8   208.2    49.6   50.4   199.9   207.6
Shavers          10.9     9.5    59.8    65.0     10.9    9.9   59.8    64.8
Other            -11.3   -5.2    -22.8   -15.0    -2.1   -5.2   -5.2    -15.3
APP              16.7     8.3    19.3    17.7     18.5   12.3   24.3    22.0

Condensed Profit and Loss Account

                                  Change  Change at  Change     2011             Change  Change at  Change
In     million  Q4 2011     Q4      as     constant  on a               2012      as     constant   on a
euros                      2012  reported currencies comp.                      reported currencies comp.
                                                     basis                                          basis
NET SALES        469.8    464.1   -1.2%     -2.2%    -0.4%    1,824.1   1,898.7  +4.1%     +0.7%     +2.8%
Cost of Goods    236.3    241.1   +2.0%                        925.6     933.3   +0.8%
GROSS PROFIT     233.5    223.0   -4.5%                        898.5     965.4   +7.4%
Administrative
& other          158.5    154.4   -2.5%                        558.8     594.9   +6.4%
operating
expenses
INCOME FROM
OPERATIONS        75.0    68.6    -8.6%                        339.7     370.5   +9.1%
(IFO)
Finance           4.8      3.4    -29.1%                        9.2      10.5    +14.2%
revenue/costs
INCOME BEFORE     79.9     72.0   -9.8%                        348.8     381.0   +9.2%
TAX
Income tax       -25.9    -22.7   -12.4                        -115.1   -121.6   +5.6%
Income from        -       0.8                                  4.1       3.7
associates
GROUP NET         54.0     50.1   -7.2%                        237.9     263.1   +10.6%
INCOME
EARNINGS PER
SHARE (EPS)       1.13     1.06   -6.2%                         5.00     5.56    +11.2%
(in euros)
Total weighted
number of
shares                    47339                                        47339
outstanding    47,565,299  322                               47,565,299   322
adjusted for
treasury
shares

Condensed Balance Sheet

In million euros (rounded figures)                        Dec. 2011  Dec. 2012
ASSETS
Cash and cash equivalents                                     300.7      287.3
Trade and other receivables                                   416.9      446.1
Inventories                                                   411.3      404.9
Other current assets                                           38.1       42.9
Other current financial assets and derivative instruments      40.2       66.5
Current assets                                              1,207.2    1,247.7
Property, plant & equipment                                   360.2      398.0
Investment properties                                           2.3        2.2
Other non-current assets                                      248.2      275.1
Goodwill and intangible assets                                262.6      266.4
Non-current assets                                            873.3      941.7
TOTAL ASSETS                                                2,080.5    2,189.4
LIABILITIES & SHAREHOLDERS' EQUITY                        Dec. 2011  Dec. 2012
Current borrowings                                              8.8       11.0
Trade and other payables                                      110.8      112.1
Other current liabilities                                     212.5      213.6
Current liabilities                                           332.1      336.7
Non-current borrowings                                          1.6        1.5
Other non-current liabilities                                 279.7      355.9
Non-current liabilities                                       281.3      357.4
Shareholders' equity                                        1,467.1    1,495.3
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                    2,080.5    2,189.4





Condensed Cash Flow Statement



In million euros (rounded figures)                            2011     2012
Net Income                                                   237.9    263.1
Amortization and provision                                    88.0     98.2
(Gain)/Loss from disposal of fixed assets                      9.0     -5.3
Others                                                         5.9     13.5
CASH FLOW FROM OPERATIONS                                    340.8    369.5
(Increase)/Decrease in net current working capital          -114.8    -37.9
Others                                                       -25.2    -28.9
NET CASH FROM OPERATING ACTIVITIES                           200.8    302.7
Net Capital Expenditures                                     -85.2   -117.3
(Acquisition)/ disposal of equity investment / subsidiaries   -6.8      1.3
Other investments                                              0.1 -   -0.6
NET CASH FROM INVESTING ACTIVITIES                           -91.9   -116.6
Dividends paid                                               -90.6   -189.5
Borrowings/(Repayments)                                       -1.7     -0.9
Share buyback net of stock options exercised                 -84.0    +23.9
(Purchase)/Sale of other current financial assets              0.2    -18.8
Other                                                         -0.7     -0.9
NET CASH FROM FINANCING ACTIVITIES                          -176.8   -186.2
NET INCREASE/ DECREASE IN CASH AND                           -68.0      0.0
CASH EQUIVALENTS
OPENING CASH AND CASH EQUIVALENTS                            368.0    299.4
Exchange difference                                           -0.6    -16.4
CLOSING CASH AND CASH EQUIVALENTS                            299.4    283.0



Share buy-back program

                                      Average weighted price in
               Number of shares bought             €              Amount in M€

January 2012                         -                          -            -
February 2012                        -                          -            -
March 2012                       3,078                      74.95          0.2
April 2012                           -                          -            -
May 2012                             -                          -            -
June 2012                       17,800                      76.36          1.4
July 2012                            -                          -            -
August 2012                          -                          -            -
September 2012                       -                          -            -
October 2012                         -                          -            -
November 2012                        -                          -            -
December 2012                        -                          -
Total 2012                      20,878                      76.15          1.6

Capital and voting rights, December 31, 2012

As of December 31, 2012, the total  number of issued shares of SOCIÉTÉ BIC  is 
48,378,297 shares, representing:

  *68,450,657 voting rights,

  *67,611,166 voting rights excluding shares without voting rights

Total treasury shares at the end December 2012: 839,491

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, 
    impairment  of  goodwill  related  to  "other  products"  Greece  consumer 
    division and the gain on the disposal of REVA peg business.

                                    *  *
                                      *

                                      

                                      

                                      

SOCIETE BIC consolidated and statutory financial statements as of December 31,
2012 have been  closed by the  Board of  Directors on February  12, 2013.  The 
auditors have performed their audit  procedures on these financial  statements 
and the audit reports on  the consolidated and statutory financial  statements 
are being  issued.  A  presentation  related  to  this  announcement  is  also 
available on BIC website (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, "Risk  factors" in BIC's  2011 Registration  Document 
filed with the French financial markets authority (AMF) on March 27, 2012.







Contacts

                                      

Investor Relations: +33 1 45 19 52 26        Press: +33 1 53 70 74 48
Sophie Palliez-Capian                        Priscille Reneaume
sophie.palliez@bicworld.com                  preneaume@image7.fr
Katy Bettach katy.bettach@bicworld.com       Isabelle de Segonzac
                                             isegonzac@image7.fr
                                             Claire Doligez cdoligez@image7.fr

For more information, please consult the corporate web site: www.bicworld.com

2013 Agenda (all dates to be confirmed)

1^st Quarter 2013 results            April 25, 2013   Conference call
2012 AGM                             May, 15 2013     BIC Headquarters, Clichy
2^nd Quarter and 1^st Half 2013     August 1, 2013   Conference call
results
3^rd Quarter 2013 results            October 23, 2013 Conference call

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 
2012, BIC recorded net sales of  1,898.7 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, 
Ethibel Excellence Europe, Gaia Index and Stoxx Global ESG Index.




[1]8.8 million euros special premium paid to all BIC employees who have not
been granted performance share plans in 2011.
[2]Payable on May 29, 2013 subject to approval at the AGM of May 15, 2013
[3]see glossary page 16
[4]Excluding currency impacts and bolt-on acquisitions
[5]: BIC estimates - total European pocket lighters market (flint and piezo)

BIC _ FY2012 results

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