BIC: FULL YEAR 2020 RESULTS – GOVERNANCE

Clichy, France – February 17, 2021FULL YEAR 2020 RESULTS – GOVERNANCE2020 resilience reflects solid operating modelFY 2020 Net Sales: 1,627.9 million euros, (-12.6% on a comparative basis)
FY 2020 Normalized Income From Operations: 229.1 million euros – NIFO margin: 14.1%
Strong Cash generation and balance sheet129.7 million euros improvement in Working CapitalFree Cash Flow before acquisitions and disposals: 274.5 million eurosNet Cash Position: 183.9 million eurosNet income: 93.7 million euros – EPS: 2.08 euros – Normalized EPS: 3.54 eurosAccelerated and sustainable growth trajectoryLaunch of Horizon Plan – Categories reframed with increased consumer focusDjeep and Rocketbook: two acquisitions in line with Horizon plan to boost profitable growthProceeds from Clichy Headquarters disposal to be reinvested to support growth initiativesSustained Shareholder Return: 121.0 Million euros            ·  81.0 million euros Ordinary Dividend for 2020 fiscal year, paid in June 2021¹
1.80 euros per share
            ·  40 million euros Share Buyback in 2021
First European Impact Share Buyback program to be launched in H1 2021, with part of the funds allocated to Abdul Latif Jameel Poverty Action Lab (J-PAL) and the BIC Corporate Foundation for Education.“As I reflect on how BIC has overcome an unpredictable year, I am grateful for BIC team members. Weathering the most challenging market conditions, they maintained business continuity, served our consumers relentlessly, and pushed forward our transformation journey to achieve solid results. Focusing on operational excellence, we have gained or maintained share in our key markets, delivered strong e-commerce growth, and reduced complexity in our inventory management.  Our focus on proactive management of our business portfolio yielded growth opportunities outside the company, while refocusing on our core consumer business.  By reframing our categories and embracing a consumer-focused business model, our Horizon plan is designed to create the momentum needed to fuel long-term growth and to create sustainable value for all stakeholders while strengthening our short-term resilience,” said Gonzalve Bich, Chief Executive Officer. 2021 Outlook (based on current market assumptions)²We expect the overall trading environment to remain uncertain and volatile, particularly during the first half, as Covid-19 will continue to affect trade channel dynamics and consumer shopping habits in our major markets.
In 2021, our objective is to deliver +5% to +7% total Net Sales growth at constant currencies. To succeed, we will focus on increasing market share in key growing countries through new product launches and efficient promotional activities and continue to expand in e-commerce. Consistent with our Horizon plan’s target, FY 2021 Free Cash Flow is expected to be above 200 million euros, resulting from improved operating margins and strict control of CAPEX and Working Capital.GovernanceAcknowledging that he will lose his Independent Director status after his 12 years of tenure on the Board, Pierre Vareille informed the Board that he will not stand for re-election at the Annual Shareholders’ Meeting on May 19, 2021. Société BIC’s Directors heartily thanked him for his contributions and for his stewardship in overseeing the Company’s transformation during his tenure as Chairman. The search for a new Chair has been initiated and Pierre Vareille’s successor is expected to be appointed as a Director at BIC’s Annual Shareholders’ Meeting on May 19, 2021. Alternatively, the Board would appoint one of its members to serve as interim Non-Executive Chair until the following AGM.Pierre Vareille commented: “It has been an honor to serve as Société BIC’s Director these last 12 years, and more importantly, to chair the Board and support Gonzalve Bich and his team, in collaborating on the design and the implementation of the Company’s transformation and new strategic roadmap. I look forward to seeing BIC go from strength to strength with the successful execution of our Horizon plan.”
 FY 2020 KEY GROUP FINANCIAL AND NON-FINANCIAL FIGURES
FY 2020 KEY MILESTONES
 2020 HIGHLIGHTS2020 resilience reflects solid operating modelWhile protecting the health and safety of our stakeholders, maintaining business continuity was our utmost priority throughout the year. Since the start of the pandemic, all necessary measures have been taken to protect BIC’s team members, including manufacturing Personal Protective Equipment and implementing strict safety protocols at all BIC facilities and offices worldwide.The underlying trends in all three categories remained weak. The overall Group performance was significantly affected by Covid-19, which weighed around 10 pts on the Full Year 2020 organic Net Sales growth. The Stationery business was hit the hardest, with e-learning resulting in Back-to-School seasons either canceled or delayed. In Europe and North America, sales to Superstores and Office suppliers suffered from reduced business activity and remote-working. In Latin America, Africa, and India, where traditional trade prevails, the pandemic’s impact was critical due to extended mobility restrictions.Covid-19 led to significant changes in consumption patterns and shopping behavior and impacted our three categories in different ways. In Stationery, while the Writing Instrument segment was strongly affected by school closures and temporary moves to remote e-learning, the consumption of coloring products was boosted by increased artistic and creative activities. Despite headwinds broadly in the category, the coloring segment grew in most markets (+3.2% in the US4F⁵, +6.3% in the UK5F⁶, and +3.7% in Brazil6F⁷). In Lighters, the Pocket Lighters market suffered from reduced foot traffic and convenience stores shifting to hygiene and grocery products during lockdowns. Meanwhile, Utility Lighters were boosted by home cooking and grilling in the US, as the Utility Lighters market grew +27.1% in value year-on-year7F⁸. In Shavers, remote working led to a decline in men’s shaving occasions, and the female segment suffered from reduced beauty rituals for women. Both non-refillable and refillable shaver segments were impacted.Focused on strength of execution, our commercial teams grew or maintained market share in strategic segments and countries. We maintained market share in Stationery globally. We also outpaced the category in key growth segments including Permanent Markers in the US (+0.7 pts⁶), and Coloring in the UK (+3.5 pts⁷) and Brazil (+3.9 pts⁸). In Shavers, we grew market share in all key markets through effective promotional activities and the success of value-added and premium products such as the Flex Hybrid and BIC Soleil ranges. We outperformed the non-refillable shavers’ market in the US (+1.0 pts8F⁹), in Europe (+0.6 pts in UK and Russia9F¹⁰), and Brazil (+0.7 pts¹¹). In Lighters, we gained market share in Pocket Lighters in our major markets. This includes the US (+0.8 pts10F¹¹) and Brazil (+2.6 pts¹²). We outpaced US Utility Lighters growth (+4.3 pts⁹).FY 2020 e-commerce Net Sales totaled 122 million euros. This represented 7.3% of BIC’s total Net Sales, up 18% year-on-year. These solid results were driven by outstanding performances in e-Commerce Pure Players, Marketplaces and Direct to Consumer channels (+88% year-on-year). This was partly offset by a 10% decline in omniretailers strongly impacted by Covid-19. Sales saw double-digit growth in all regions. We gained market share in key markets, including Stationery in Europe (+1.4 pts in Germany, +5.3 pts in France, and +4.2 pts in the UK11F¹²) and Shavers in the US (+2.0 pts in total online wet shave¹⁰). Underpinning this performance, and in line with our goal to engage consumers directly, 83% of Brand support was invested online in BIC’s major markets.In Q4 BIC’s performance continued to be hit by macro-economic uncertainties and adverse consumption trends due to continued commercial challenges and new waves of the Covid-19 pandemic. Stationery was weakened by delayed Back-to-School orders in South and East Africa and an ongoing poor trading environment in India. Year-end trends were further impacted by the second wave of the pandemic in Europe.In line with the “Invent the Future” roadmap, we achieved over 25 million euros in savings in 2020. This included 13.0 million euros from direct and indirect procurement efficiencies. We are fully on track to deliver the 50 million euros in annual savings targeted for 2022.FY 2020 Free Cash Flow before acquisitions and disposals totaled 274.5 million euros. With a focus on Operational Cash Flow generation, we reduced the amount of Operating Expenses initially expected in 2020 by more than 28 million euros, in excess of the 15 to 20 million euros range objective announced in May 2020. Working Capital improved by 129.7 million euros. This was driven by Accounts Receivables, down 101 million euros and by tight control of inventories, down 46 million euros vs. last year. CAPEX totaled 83.1 million euros, as planned. At the end of December 2020, the Net Cash position stood at 183.9 million euros.On 11 February 2021, we finalized the sale of BIC’s Clichy headquarters and BIC Technologies sites to BNP Paribas Real Estate and Citallios for 175 million euros (169 million euros Gross Capital Gain). In line with Horizon Plan, the proceeds of this disposal will be fully reinvested to support organic growth initiatives, and to finance acquisitions.Accelerated, innovative, and sustainable growth trajectoryAnnounced in November 2020 and grounded in the “Invent the Future” plan, our Horizon plan aims at reframing our three categories and expanding our total addressable market.Evolving to Human Expression, our Stationery business will focus on faster-growing markets such as Creative Expression and Digital Writing;Underpinned by trade-up and personalization and encompassing all lighting occasions, the Lighters category is shifting towards a more value-driven model and expanding to “Flame for Life”;Reinforcing our Shaver one-piece core business with consumer driven products and capitalizing on advanced R&D and manufacturing capabilities, to move towards “Blade Excellence,” building a new selective precision blade manufacturer business to power other brands.Boosted by advanced commercial capabilities and Revenue Growth Management and grounded in “Invent the Future” transformation plan, Horizon will allow us to accelerate towards a mid-single annual Net Sales growth trajectory and generate at least 200 million euros of annual Free Cash Flow through 2022.Our patent filing rate was maintained flat at 68 in 2020, with a growing contribution from our Data-Driven lab in Athens. In the meantime, we broadened our worldwide patent portfolio with 346 grants in 2020, an increase of more than 50% year-on-year.We completed two acquisitions in 2020, in line with our Horizon Plan, for a total of 70 million euros:Djeep, a manufacturer of quality lighters, strengthens BIC’s leadership in the global lighter segment,Rocketbook, the leading smart reusable notebook brand in the US, is a first step into the fast-growing digital writing segment.We took our sustainability journey to the next level and are transforming our approach to plastics to reduce our CO₂ emissions by 2030:By 2025, 100% of packaging will be reusable, recyclable, or compostable,By 2030, we will use 50% non-virgin petroleum plastic or alternatives in our products.INCOME FROM OPERATIONS AND NORMALIZED INCOME FROM OPERATIONSThe 2020 Gross Profit margin decreased by 2.0 pts to 48.1% from 50.1% in 2019. Excluding the under absorption of fixed costs due to Covid-19, the Gross Profit margin rose 0.6 pts, driven by favorable Foreign Exchange movements and lower Raw Material costs, partly offset by unfavorable manufacturing cost absorption.2020 Normalized IFO margin was impacted by:Higher Operating Expenses and other expenses as a percentage of Net Sales resulting from lower Net Sales;The costs related to the implementation of our new organization;Higher year-on-year incentive plan costs (-0.5 pts negative impact).This was partly offset by the reduction in other Operating expenses across all regions following the measures announced in May.Q4 2020 Normalized IFO margin was positively impacted by:
       ·A higher Gross Profit margin driven by favorable foreign exchange, lower Raw Material costs and the favorable impact of the June price adjustment in US Lighters;This was more than offset by:Higher Operating Expenses and other expenses resulting from the sharp decline in Net Sales;The costs related to the implementation our new organization;Higher year-on-year incentive plan costs (-1.6 pts negative impact). This was partly offset by a decrease in other Operating expenses across all regions.FY 2020 – normalized items mainly included:41.8 million euros in Cost of Goods (35.3 million euros unfavorable manufacturing cost absorption resulting from plant closures and lower product demand due to Covid-19, and 6.5 million euros direct expenses related to additional employee protection to combat the spread of the virus (cleaning, masks, sanitizers));27.2 million euros in restructuring costs (the main drivers including the transformation plan, the BIC Ecuador factory closure and the restructuring of the Latin America and Asia sales operations);3.6 million euros in Operating Expenses and other expenses, mostly sales force underactivity, due to Covid-1941.7 million euros due to Cello impairment on property, plant & equipment and trademarks, due to the lower than anticipated sales caused by the lockdown and to lower volumes than initially expected, impacting the planned cost efficiencies;-44.1 million euros in favorable Pensions adjustment in the US13F¹⁴.NET INCOME AND EPSFY 2020 Finance revenue was relatively flat vs. 2019. Q4 2020 Finance revenue was negatively impacted by the unfavorable fair value adjustments to financial assets denominated in USD during the quarter (versus MXN).The effective tax rate in 2020 was 39.7%. The effective tax rate excluding Cello impairment was 31.2%.NET CASH POSITIONAt the end of December, the Group’s Net Cash position stood at 183.9 million euros. Net Cash from operating activities was +357.6 million euros, of which +233.9 million euros in operating cash flow. The positive +123.7 million euros change in working capital and others versus last year was primarily driven by improved cash collection, lower Net Sales impacting receivables and tight inventory management.SHAREHOLDERS’ RETURNSIn 2020, Shareholders’ Returns totaled 117.6 million euros:110.2 million euros in Ordinary Dividend paid in June 2020 (2.45 euros per share).7.4 million euros in share buy-backs (136,383 shares purchased at an average price of 53.90 euros).
 OPERATIONAL TRENDS BY CATEGORY (with 2019 figures restated for unallocated costs)STATIONERY – HUMAN EXPRESSIONFY 2020 Stationery Net Sales totaled 575.6 million euros, down 23.2% on a comparative basis. Q4 2020 Net Sales were down 21.8% on a comparative basis.The FY 2020 Stationery Normalized IFO margin was 5.8% compared to 8.7% in 2019, impacted by the sharp decline in Net Sales and unfavorable fixed costs absorption. It was partly offset by favorable Forex, lower Raw Material costs and lower Brand support investments. The Q4 2020 Stationery Normalized IFO margin was (0.4)% compared to 2.8% in 2019. This was mainly due to the sharp decline in Net Sales, higher year-on-year incentive plan costs, partly offset by lower Raw material costs and Brand support investments.Stationery was the category that suffered most from Covid-19. Mobility and commercial restrictions due to lockdowns strongly affected consumer behavior and spending patterns. Highly dependent on Convenience and Traditional stores, Latin America, India, and the Middle East and Africa suffered the most from extended quarantine periods.In Europe, Net Sales were down mid-single digit. Despite a challenging Back-to School season due to uncertainties around school re-openings, we increased market share in France and Spain. We also became the N° 1 manufacturer in the UK during the Back-to-School season (+1.9 pts market share in value). In line with our focus on “Human Expression”, we performed well in added value segments such as Coloring where we gained +3.5 pts in the UK17F¹⁸, and +3.8 pts in France18F¹⁹, both driven by increased demand for products associated with arts activities.In North America, Net Sales were down double digit. Our performance was negatively impacted by school closures delaying the Back-to School season, and the decline in the Office products channel. Total US Stationery market was down 12.2% year-on-year19F²⁰. We held share, and outperformed in Coloring and Permanent Markers, notably thanks to the BodyMark and BIC Kids Coloring ranges.In Latin America, Net Sales were down double digit. Brazil’s performance was impacted by the closure of large retailers’ stores during the lockdowns. In Q4, performance was positively impacted by the reopening of specialized stores. In Mexico, the only country where schools did not reopen in September, total Stationery market was down 18.4% in value (YTD DEC).In India, Net Sales were down double digit. With mobility restrictions and social distancing rules being reviewed regularly, consumer confidence declined throughout the year. Both Modern Trade and Traditional channels were impacted. The total stationery market declined by 37.6% in value. The ball pen segment was the worst affected. Cello maintained its leadership with a 25.1%20F²¹ market share.In Middle East and Africa, Net Sales were down double digit. Q4 was negatively impacted notably by Back-to-School delays in East and South Africa.
LIGHTERS – FLAME FOR LIFEFY 2020 Lighters Net Sales were 618.1 million euros, down 4.7% on a comparative basis. Q4 2020 Net Sales were down 3.0% on a comparative basis.The FY 2020 Normalized IFO margin for Lighters was 35.0% compared to 36.7% in 2019, impacted by the decline in Net Sales partly offset by lower year-on-year Brand Support. The Q4 2020 Lighters Normalized IFO margin was 35.4% versus 39.8% in 2019. This was mainly driven by higher year-on-year incentive plan costs, partly offset by the favorable impact of the June price adjustment in US Lighters.In Lighters, the overall annual performance was hit by limited in-store traffic and the closure of convenience stores and traditional channels in all our key markets during the lockdowns. This was offset by a solid commercial execution and on-going distribution gains in Modern Mass Market.In Europe, Net Sales were down mid-single digit. Despite the solid performance in Russia and Germany on the back of new listings and promotional activities, sell-in was impacted by a weak performance in France, Italy and Belgium.
Q4 performance was impacted by the second wave of lockdowns.In North America, Net Sales were unchanged year-on-year. Performance was driven by the June price adjustment and the positive impact of effective promotional activities, which offset the decline in volumes. The US Pocket Lighter market was down 0.2% in value and 3.4% in volume21F²². BIC gained 0.8 pts in value, outperforming the market in both Modern Mass and Convenience channels. The Utility Lighter market was boosted by increased at‐home cooking and grilling throughout the year. This resulted in 27.1% growth in value in 2020, with BIC gaining +4.3 pts22F²³ in value. BIC’s new utility lighter E.Z. Reach was a success and has performed well since its launch in June. At the end of December 2020, Utility Lighters, including EZ Reach accounted for 15% of total BIC Lighter sales in North America, compared to 9% in 2019.In Latin America, Net Sales were down double-digit. In Mexico, performance was affected by a high level of distributors’ inventories at the start of the year. Our sell-out performance in the region was driven by Argentina and Brazil, where, in a declining market, we increased market share by 2.3 pts in value.  SHAVERS – BLADE EXCELLENCEFY 2020 Shavers Net Sales totaled 404.2 million euros, down 6.8% on a comparative basis. Q4 2020 Net Sales declined by 8.4% on a comparative basis.The FY 2020 Normalized IFO margin for Shavers was 12.4% compared to 14.7% in 2019. This was mainly impacted by lower Net Sales, partly offset by favorable Brand Support compared to last year. The Q4 2020 Shavers Normalized IFO margin was down 8.1 pts mostly due to lower Net Sales, unfavorable fixed costs absorption and higher year-on-year incentive plan costs.The Shaver category was impacted by evolving consumer habits, compounded during the lockdowns by changing personal routines in grooming. We nevertheless outperformed our markets in all key regions. This performance was boosted by our value proposition and the success of new products in both male and female segments.In Europe, Net Sales were down high-single digit due to the overall market decline, worsened by a poor sell-in performance in France. We had a strong sell-out  in the UK, driven by the female segment and we gained +0.6 pts23F²⁴ market share. In Eastern Europe, Poland and Russia in particular, we outperformed the market thanks to the ongoing solid performance of our Flex Hybrid Range.  In the US, Net Sales were down mid-single digit. We outperformed the declining US one-piece market (-6.4% in value year-to-date24F²⁵), growing 1.0 pts to reach 29.1% market share in value. This was driven by the success of BIC’s core range products, a good performance in the Men’s segment and the launch of new products, such as the BIC Soleil Sensitive Advance. Us, our gender-neutral refillable shaver continued to have initial positive results from its launch.In Latin America, Net Sales were down high-single digit. In Brazil, we increased our market share in value through our product trade-up strategy towards the three-blade offering and reached our historical high of 23% market share as of year-to-date December. The performance in Mexico was notably impacted by a high level of customers’ inventory at the start of the year, which weighted on the overall yearly performance.OTHER PRODUCTSFY 2020 Net Sales of Other Products totaled 30.0 million, euros and decreased by 8.4% on a comparative basis. Q4 2020 Net Sales decreased by 5.4% on a comparative basis.UNALLOCATED COSTSFY 2020 unallocated costs related to Corporate headquarter costs and restructuring costs. The lower Normalized Income From Operations was due to the costs incurred by the new organization.UPDATE ON THE BIC 2022- INVENT THE FUTURE TRANSFORMATION PLANIn 2020, we made progress on the execution of our transformation plan and we are on track to achieve our strategic operational targets for 2022.UPDATE ON THE WRITING THE FUTURE, TOGETHER 2025 SUSTAINABLE DEVELOPMENT PLANBIC’s Sustainable Development commitments will enable BIC to create value over the long term for the benefit of all stakeholders.2020 MISCELLANEOUS EVENTS AND GOVERNANCEMay 20: five actions announced to enhance the Group’s short-term resilience against the background of Covid-19 and to strengthen its “BIC 2022 – Invent the Future” transformation plan to accelerate long-term growth:Managing OPEX by investing at the right levels and in the right places;Protecting Cash Flow by managing CAPEX and reducing inventory levels;Driving innovation with several new product launches including the new multipurpose pocket lighter BIC^® EZ-Reach in the USScaling Operations by reducing complexity and driving process efficiency and speed;Driving growth by leveraging new commercial capabilities and reinforcing existing businesses through targeted acquisitions.June 8: shut down of our Writing Instrument factory in Ecuador, while maintaining commercial, distribution and packaging activities.June 18: partnership with Iprova to launch the BIC-Iprova Invention Lab to enhance BIC’s Innovation and Research & Development (R&D) capability using machine learning, and data-driven approach.July 1:  finalization of the acquisition of quality lighters’ manufacturer DjeepJuly 1:  General Exclusion Order from the US International Trade Commission that prevents the importation into the US of any lighters imitating BIC lighters’ iconic appearance, an important milestone to halt the importation of non-compliant, knock-off lighters into the US market.July 24: notification of the closure by the European Commission of the infringement procedure in 2012 against the Netherlands, as well as the complaints filed against France and Germany in 2018 for failing to effectively monitor lighter safety. These proceedings were intended to remedy the fact that two-thirds of lighter models in Europe, a large proportion of which are imported, did not comply with safety standards.November 2: partnership with Plug and Play, the largest global innovation platform for startups and corporations.November 9:  signing of an agreement to sell BIC’s Clichy-based Headquarters and BIC Technologies sites for 175 million euros to BNP Paribas Real Estate and Citallios, representing approximately a 169 million euros gross capital gain. The transaction was finalized on 11 February 2021.December 8: appointment of Inna Kostuk, second Director representing the employees on the Board of Directors of Société BIC. Appointment of Maëlys Castella as Chair of the Audit Committee, succeeding to John Glen. Appointment of Jake Schwartz as member of the Audit CommitteeDecember 15: signing of an agreement to sell Brazilian adhesive label business, PIMACO, to Grupo CCRR for 40 million Brazilian Real. The closing is expected in Q1 2021 – Acquisition of Rocketbook, the leading smart and reusable notebook brand in the US.2021 OUTLOOK ASSUMPTIONS  Our 2021 outlook is based on the following market assumptions26F²⁷:Market Trends:Europe:  Flat to slight increase for the three categories, in valueNorth America:Low to mid-single digit increase in U.S. Stationery market, in valueFlat total US pocket Lighters market, in valueLow to mid-single digit decrease in total US one-piece Shavers market, in valueLatin America: low-to mid-single digit increase for the three categories, in valueIndia: double-digit increase in Stationery, in valueNIFO and Free Cash Flow drivers:  Flat Gross Profit Margin with increased volumes and positive price impact offset by higher Raw Materials costs, adverse FX from Latin American and Indian currencies and negative mix due to Net Sales Growth in IndiaIncrease in Brand Support, R&D and Innovation to support Net Sales growthLower OPEX as % of Net SalesApproximately 100 million euros in CAPEXImproved Working CapitalCurrency: 2021 USD-Euro hedging rate: 1.13APPENDIX (with 2019 figures restated for unallocated costs)



 

  


 RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASUREMENTS


SHARE BUYBACK PROGRAMCAPITAL AND VOTING RIGHTSAs of December 31, 2020, the total number of issued shares of SOCIÉTÉ BIC was 45,395,857 shares, representing:66,809,211 voting rights;66,389,687 voting rights, excluding shares without voting rights.Total number of treasury shares at the end of December 2020: 419,524.CHANGES IN FINANCIAL COMMUNICATION STARTING Q1 2021
As of Q1 2021, BIC will evolve its financial commmunication and KPIs to adapt to the Horizon plan.GLOSSARY
 Constant currency basis: constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates.Organic change or Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impact of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date. All Net Sales category comments are made on a comparative basis. Organic change excludes Argentina Net Sales for both 2019 and 2020.Gross profit: the margin that the Group realizes after deducting its manufacturing costs.Normalized IFO: normalized means excluding normalized items.Normalized IFO margin: Normalized IFO as a percentage of Net Sales.Net Cash from operating activities: Cash generated from principal activities of the entity and other activities that are not investing or financing activities.Free Cash Flow : Net cash flow from operating activities less capital expenditures (CAPEX). Free cash flow does not include acquisitions and proceeds from the sale of businesses.Net cash position: Cash and cash equivalents + Other current financial assets – Current borrowings – Non-current borrowings (except financial liabilities following IFRS 16 implementation).Unallocated costs:net costs [balance of income and expenses] of Corporate headquarters including I.T., finance, legal and HR costs and of future shared services center.other net costs that can’t be allocated to Categories, notably restructuring costs, gains or losses on assets’ divestiture, etc. Major unallocated items will be separately identified and disclosed.
 SOCIETE BIC’s consolidated financial statements as of December 31, 2020 were approved by the Board of Directors on 16 February 2021. A presentation pertaining to this announcement is also available on the BIC website (www.bicworld.com).
The Group’s Statutory Auditors have substantially completed their audit procedures on these consolidated financial statements and the audit report relating to the certification of these financial statements will be issued upon completion of the procedures required for the filing of the universal registration document. This document contains forward-looking statements. Although BIC believes its expectations to be based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC can be found in the “Risks” section of BIC’s 2019 Universal Registration Document filed with the French financial markets authority (AMF) on March 31, 2020.ABOUT BICBIC is a world leader in stationery, lighters and shavers. For more than 75 years, the Company 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. Today, BIC products are sold in more than 160 countries around the world and feature iconic brands such as Cello^®, Conté^®, BIC Flex^TM, Lucky Stationery, Made For YOU^TM, Soleil^®, Tipp-Ex^®, Wite-Out^® Djeep, Rocketbook and more. In 2020, BIC Net Sales were 1,627.9 million euros. The Company is listed on “Euronext Paris” is part of the SBF120 and CAC Mid 60 indexes and is recognized for its commitment to sustainable development and education. It received an A- Leadership score from CDP. For more visit www.bicworld.com or follow us on LinkedIn, Instagram, Twitter, or YouTube.
 CONTACTS2021 AGENDAALL DATES TO BE CONFIRMED
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¹Payable on 2 June 2021, subject to the approval at the AGM of May 19, 2021 – Based on 44,976,333 shares (see page 17)
 ²See page 11 for main market assumptions.
 ³See glossary
 ⁴BIC employees and external temporaries
 ⁵NPD YTD 02 January 2021- retail and Commercial – in value
 ⁶IRI YTD 26 December 2020 – Total Grocers- in value
 ⁷Nielsen YTD December 2020 _Modern Trade – in value
 ⁸IRI – 27 December 2020
 ⁹IRI – YTD December 2020
 ¹⁰UK: IRI YTD 28-December-2020 / Russia: Nielsen YTD October 2020 / Brazil: Nielsen YTD December2020
 ¹¹IRI YTD 27 December 2020 in the US in value / Nielsen YDT November in Brazil in value
 ¹²Amazon 2-January-2021 – 1P
 ¹³Excluding under absorption of fixed costs due to Covid-19 for Gross Profit and excluding restructuring costs, Cello impairment, Pensions adjustment in the US and other normalized items mostly commercial force underactivity for OPEX and other expenses
 ¹⁴Change in the medical and pension plan in the US.
 ¹⁵Excluding normalized items & Argentina hyperinflationary accounting for 2019 and 2020
 ¹⁶Including respectively -12.8 million euros and +8.7 million euros in 2020 and 2019 related to assets payable change
 ¹⁷Lucky Stationery in 2019, Haco Industries Ltd in 2019 and 2020, Rocketbook and Djeep in 2020
 ¹⁸IRI YTD 26-December-2020 – Total Grocers
 ¹⁹IRI YTD December 2020 – Modern Trade, est. 85% market coverage
 ²⁰NPD YTD 31-December-2020
 ²¹Market Pulse YTD December 2020
 ²²IRI – Period ending 27-December-2020
 ²³IRI – YTD 27-December-2020- MULO+C, est. 70% market coverage
 ²⁴YTD November 2020
 ²⁵IRI – Period ending year-to-date December – in value
 ²⁶BIC employees and external temporaries
 ²⁷Euromonitor and BIC estimates
 ²⁸Forex impact excluding Argentinian Peso (ARS)
 ²⁹Acquisition of Djeep, Lucky Stationary Ltd acquisition in Nigeria, closure of Shavers and Stationery offices in China, closure of BIC Graphic Oceania
 ³⁰See glossary
 ³¹Including respectively -12.8 million euros and +8.7 million euros in 2020 and 2019 related to assets payable change.
 ³²In the balance sheet at December 31, 2020 and 2019, the “Other current financial assets and derivative instruments” line also includes respectively 26.1M€ and 2.7M€ worth of derivative instruments.
 ³³Excluding financial liabilities following IFRS16 implementation
  AttachmentBIC_FY2020 Results_Press Release_17FEB21