GROUP PRESENTATION FOR INVESTORS

Transcription

1 GROUP PRESENTATION FOR INVESTORS First Quarter 2010 Investor Relations Department: +33 (0)

2 Content Capital ownership 5 Our ambitions for the next 3 to 5 years 18 Lighters Our strengths 6 Stationery 2009 Key Figures 31 Strategy Key Figures 20 Lighters - Strategy Net sales by categories 8 The Stationery Market 21 N 1 branded lighter manufacturer 33 Positions in our 3 core businesses 9 The Stationery Market (growth) 22 Towards more value-added products 34 Recognized brands 10 Strategy 23 Lighters in International footprint 11 BIC price 24 Child-resistant regulation in Europe 36 Group Key Figures 12 Market Share 25 CAPEX 13 Stationery in Shavers Strong balance sheet 14 Cello Pens Our marketplace Return to shareholders 15 Use of cash policy Group Perspectives 17 Cello Pens key figures India s writing instrument market India s pen market Key Figures Shavers - Strategy

3 Content A comprehensive range of quality products 43 BIC APP highlights & key figures Quality and innovation at a reasonable price 44 Sustainable development 3-blades one-piece market shares 45 Life cycle approach 66 Shavers in Eco-design 67 Advertising & Promotional Products Long and lasting Eco Label Key Figures 48 Eco-design: the BIC Easy 70 A 4th business 49 Not a new category 50 Q Results The APP industry - history 51 Glossary 96 The APP industry - Organization Agenda 97 The APP industry Size & trends Disclaimer 98 The APP industry A cost effective medium

4 Group Overview Investor Relations Department: +33 (0)

5 Capital ownership As of 14 April 2010* Others 36.9% Bich Family 43.5% First Eagle 4.5% Silchester International Investors 9.9% Treasury stocks 0.6% Fondation de France 4.6% *Figures calculated from the latest available information. 5

6 Our strengths Products Brand S Worldwide leadership Balance Sheet Simple Reliable Inventive N 2 N 1 Stationery 10% market share Lighters 35% market share 126.2M Free Cash Flow after Acquisitions in 2009 At the right Price N 2 Shavers 20% market share* of one-piece in USA and Europe M Net Cash Position at the end of 2009 *one-piece shavers in major markets (US, Europe, Latin America) 6

7 Strategy Support core products Meet consumers needs and desires through innovative products Improve our quality & manufacturing efficiency Leverage the brand Expand our geographical presence Capitalize on external opportunities and alliances Integrate sustainable development as a key component 7

8 2009 Net Sales breakdown by category Advertising & Promotional Products 23% Consumer Business 77% Other Products 6% Stationery Consumer 31% Shavers 16% Lighters 24% *: based on the assumption of a full year consolidation of Antalis PP and Norwood PP non audited 8

9 Positions in our 4 core businesses Stationery N 2 10% market share* Worldwide for consumer stationery products Lighters 35% market share* N 1 Worldwide for branded pocket lighters Shavers 20% market share* of one-piece in USA and Europe N 2 of one-piece shavers in major markets (US, Europe, Latin America) Advertising & Promotional Products N 1 in the USA N 2 in Europe *: all market shares are in value 9

10 Recognized brands to leverage A brand that simplifies people s lives A well-known brand consumers feel close to A brand that offers good value for money A quality brand A high level of awareness* (100% in France & Greece, 97% in the UK, 98% in the USA & in Australia, 91% in Brazil, 98% in Mexico, etc.) *: TNS Sofres

11 Our international footprint Q sales breakdown by geography Europe Developing Markets 31% 29% 40% North America 11

12 Group Key Figures NET SALES 1,562.7 m growth average on a comparative basis: +3.6% 6.0% 6.6% 4.6% 3.3% 1.6% -0.6% Normalized Income From Operations 239.6m Average Normalized IFO* margin: 16.6% 17.5% 17.9% 17.4% 16.2% 15.1% 15.3% EPS EPS* CAGR: +7.9% Free Cash Flow *** 308.3m 2009 FCF / net sales: 20% *: actual figures *** Cash from operating activities cash from investing activities / before acquisitions 12

13 CAPEX In million euros 70 90* est. *Shelton real estate acquisition ( 11m) 13

14 Strong balance sheet Rounded figures in million euros ASSETS EQUITY & LIABILITIES Tangible assets Intangible assets Net cash position Shareholders equity Others Working capital* Others * Working capital = Net Inventory + Trade and other receivables Trade and other payables Other assets and liabilities 14

15 Return to shareholders In million euros ** Free cash flow* Share buyback Dividend Acquisition *: Cash from operating activities cash from investing activities (before acquisition) **: 2004 exceptional dividend 15

16 Consistent use of cash policy Focus on Strategic acquisitions 2006 PIMACO -Adhesive labels -Brazil 2007 Atchison Products - Promotional products -USA 2009 APP - Promotional products - Europe 2009 Cello Pens - Writing Instruments - India 2009 Norwood Promotional Products - USA Continue to look for strategic acquisitions, although focus will be to succeed in leveraging recent moves In euros Dividend Regular dividend per share % payout* in 2009 based on 2009 results Dividend per share Special Dividend In million euros Share Buy-back *: based on ordinary dividend 16

17 2010 Group perspectives Consumer Business Leverage a more positive economic environment to grow market share in all categories Continue to strengthen our positions in emerging markets Moderate net sales growth on a comparative basis Slight improvement of normalized IFO margin compared to 2009 Advertising & Promotional Products In a volatile business environment achieve Norwood Promotional Products integration to be ready for when the industry recovers BIC APP Normalized IFO margin close to last year reported level Discipline maintained on profitability and cash generation 17

18 Our ambitions for the next 3 to 5 years Grow faster than our markets thanks to our Quality & Price positioning Continue to improve our operational efficiency Continue to monitor working capital Be ready to seize external growth opportunities through bolt-on and strategic acquisitions, while maintaing a sound balance sheet Annual Organic Growth* Normalized IFO margin Consumer business Between 2% and 4% Between 15% and 18% Advertising & Promotional Products Between 5% et 10% Between 8% et 12% Comparable to Group level in the long term *: net sales growth at constant currencies and bolt-on acquisitions 18

19 Stationery Consumer Investor Relations Department: +33 (0)

20 2009 Stationery Consumer Key Figures BIC Group In million euros 2009 YoY Change YoY Change at constant currencies* Net Sales NA -2.7% Income from Operations 43.3 NA Normalized* IFO Margin 9.6% * see glossary 20

21 The consumer stationery market Total worldwide consumer stationery market = 6.2 billion euros in 2008 Key Geographical Markets (breakdown in value) Breakdown by main segment (in value) ROW Europe Correction India China Japan 18% 21% 7% 14% 19% 14% 8% Coloring Markers 16% 15% 7% 13% 49% Pens Latin America Pencils USA BIC Estimate & Published Research 2008 Manufacturers figures Pens, pencils, markers, coloring, correction 21

22 Stationery Consumer - Our marketplace Where will the growth come from? market trends by geographies (in value) Market growth 14% 12% China 10% 8% 6% Eastern Europe India 4% Latin America 2% -1% Japan North America & Oceania Western Europe Size in million euros -3% BIC Estimate & Published Research

23 Stationery Consumer Strategy Leverage strength of BIC brand to grow share in all segments to levels achieved in our Classic Ball Pen core segment Our challenges Our strengths 1. Grow in a market flat in mature countries 2. Answer to the increased competition from low-cost Asian manufacturers with inconsistent quality products 3. Build awareness of our innovations 4. Grow in value-added writing instruments 5. Adapt to the evolution different distribution networks (office product industry and retail channel) 1. A brand that consumers trust 2. Clear positioning a BIC price Great value for money 3. Strong positions in key segments 4. Superior technical know-how to drive quality control and innovation 5. Global presence following the acquisition of Cello 6. Sourcing capacities 23

24 Stationery Consumer: a BIC price More than 3m outlets worldwide Historical and close relationship with the trade Iconic products Worldwide leadership positions Strong brands Strong positions in major market segments Consumer trust for more than 50 years 24 million BIC stationery products bought every day worldwide Innovation 24

25 Stationery Consumer Positions in major market segments N 1 in Ball Pen (17% market share) N 1 in Europe (16% market share) N 1 in Mechanical Pencils* (14% market share) N 2 in Marking (8% market share) N 2 worldwide with 10% market share N 2 in North America (13% market share) N 1 in Correction (17% market share) N 1 in Latin America (24% market share) BIC Estimate & Published Research 2006 *: together with Newell 25

26 BIC Stationery Consumer category in 2010 More for your money more more innovation 26

27 Cello Pens P E N S The leading Indian writing instrument brand >35% share of the Indian Pen market Appr. 5,000 employees 90% unaided awareness 1 bn pens per year (2 industrial sites ) The widest distribution network in India Strong growth - High Profitability Approximately 30% FY07-08 EBIT margin Cello Pens are distributed nationwide through 731,000 outlets all across India a network of 42 superstockists and 4,200 distributors Revenue (INR Million) 4,100 2,300 12% 5 years sales CAGR

28 India s writing instrument market overview Total stationery: ~ INR 90billion (1.4 billion Euros) Total writing instruments: ~ INR 28billion (440 million Euros) Pens Pencils 63% 31% Writing Instruments 79% 15% 6% 6% Others Paper and Notebooks Others Mid to high-single digit annual growth 63.6 INR = 1 euro (January 20, 2009) Cello Pens Estimate & Published Research 2007 Retail value 28

29 India s writing instrument market overview: focus on pens Total pen market: ~ INR 22billion Low but increasing per capita pen consumption cc. 17 Highly fragmented distribution network General Stores 24% 5% Modern Retail 25% Stationery Shop cc.3 India US Traditional "Mom &Pop" stores 46% Retail price point A market leader with market share twice the nearest competitor 16% 12% 10% < 5 INR INR 5-10 Lexi, Flair, Linc, Add Pens, Montex, GM Pens, Luxor, Today s, Rotomac 37% P E N S INR > 15 INR 63% 62% 29

30 Lighters Investor Relations Department: +33 (0)

31 2009 Lighters Key Figures BIC Group In million euros 2009 YoY Change YoY Change at constant currencies* Net Sales % +5.3% Income from Operations % Normalized IFO Margin 34.0% * see glossary 31

32 Lighters Strategy Strengthen our position as the only branded lighter with worldwide strengths Accelerate development of value-added lighters Our challenges Our strengths 1. Acceleration of the trend of tobacco consumption 2. Promote the extension and enforcement of mandatory ISO 9994 International safety standards 3. Increase awareness of safety rules among distributors and consumers 1. Our brand 2. Quality 3. Our safety programs 4. Our distribution 5. Our technical know-how 32

33 Lighters: N 1 branded lighter manufacturer Consumer preference Safety Quality Prevention & education Brand awareness US Disposable Pocket Lighter BIC 86% vs. market average Competitor A 10% Competitor B 8% More than 50 automatic quality controls Market leadership Integrated distribution network Estimated market shares (in value) > 60% > 60% <30% 35% Dedicated Customer Support Teams in all countries Largest distribution network Europe worlwide North America Latin America Pocket lighters in markets where BIC is present 33

34 Lighters: towards more value-added products Megalighter New Generation Cases Utility lighters Maxi Sleeves A fast growing market linked to leisure (candles, BBQ, ) App. 1/3 market share in the US Strong success in Europe J3 Mini Electronic 34

35 BIC Lighter category in 2010 Focus on added-value products and innovation Pocket Lighter Sleeves Pocket Lighter Case Utility Lighter Pocket ashtray 35

36 Child-resistant Regulation in Europe May 11, 2006: European Decision (2006/502/EC) April 12, 2007: European Decision (2007/231/EC) March 11, 2007 December 31, 2007 March 11, % of BIC lighters sold to the trade are child-resistant Non child-resistant & novelty lighters imported or manufactured before March 11, 2007 can be sold to consumers All lighters imported or manufactured in Europe must be ISO 9994 compliant All lighters imported or manufactured in Europe must be child-resistant Novelty lighters import or manufacture in Europe banned All lighters sold to consumers must be ISO 9994 compliant All lighters sold to consumers must be child-resistant Novelty lighters sales to consumers banned 36

37 Shavers Investor Relations Department: +33 (0)

38 Shavers Our marketplace Total wet shave market in 2008: ~ 8 billion euros One-piece 7% Double edge 37% 56% Refillable A growing market in both refillable and non-refillable segments 3,6% CAGR Value Growth ,6% 2,9% 2,0% 1,5% 1,6% Europe US Disp System WSM Sources: Western Europe - 10 countries - Coverage: Based on AC Nieslen reestimated coverage per country - ACNielsen period ending End December USA - IRI - US FDMX - w/o Walmart - coverage rate 55% - period ending December

39 Shavers Our marketplace Market evolution towards more value-added products (in value) 97% 84% Western Europe 90% USA 69% 67% One-piece / Single and Twin One-piece / Triple & Quad One-piece / Single and Twin 50% 53% One-piece /Triple & Quad 33% 44% 20% 33% 3% 10%

40 Shavers Our marketplace Evolution of the women market segment Women one-piece value Share 39% 30% 20% 14% Europe USA Source: IRI Period ending 31-Dec-08 USA / UK AC NIELSEN Period ending Dec-2008 / Europe: all countries excluding CH 40

41 2009 Shavers Key Figures BIC Group In million euros 2009 YoY Change YoY Change at constant currencies* Net Sales % +2.4% Income from Operations % IFO Margin 12.5% * see glossary 41

42 Shavers - Strategy Strengthen our foundation in one-piece by leveraging the BIC Soleil brand Our challenges Our strengths 1. A very competitive environment in both one-piece and refillable markets 2. More and more new product introductions in the market at accelerated pace with improved features & performance 3. Continue to balance top-line growth and profitability 1. A complete and successful range of one-piece three and four -blade products for men (Comfort 3 Advance, Comfort 3,Comfort 4 and Flex 4 ) 2. A strong franchise in the women s segment with the BIC Soleil Brand 3. Products offering a better value 4. Great value for money positioning 42

43 Shavers: a comprehensive range of quality products from classic to 4 blades Soleil D BIC Elocutions D Soleil System Comfort 3 D BIC Comfort 3 Advance D BIC Bella 4B D Flex and Comfort 4 D 1USD BIC 2 D Comfort Twin D BIC3 D BIC Easy Hybrid & BIC Soleil Easy Hybrid Silky Touch D Single1 D Continue to offer consumers the choice for Quality and Innovation at the best price for a complete range of products Classic one-piece single-blade One-piece twin-blade One-piece triple-blade and 4-blade for men One-piece and refillable triple and 4-blade shavers for women 43

44 Shavers: quality and innovation at a reasonable price 3&4 blades women One-piece US (USD) Women s Refillable US (USD) Venus Disposable 2.39 Quattro Disposable BIC Bella 4B Quattro System 2.45 Sensor Venus System 2.31 Xtreme 3 Comfort BIC Soleil Original 1.42 BIC Comfort BIC Soleil System 1.63 Private Label blades men One-piece France ( ) Gillette Mach 3 Gillette Sensor 3 Schick Xtreme A complete and well pricepositioned range of one-piece triple-blade products for men BIC Comfort 3 Advance BIC Ecolution A strong franchise with products offering a better value in Private Label 0.70 the women s segment BIC Non promoted price per volume January

45 3&4 Blades one-piece Market shares Volume market share Value market share Gillette Schick BIC Private Labels Others 34% 25% 24% 28% 27% 23% 30% 31% 30% 14% 9% Europe USA 38% 35% 19% 11% 5% 6% 3% 5% 3% Source: IRI Full Year 2008 vs. Last 52 weeks ending August 23, 2009 / USA IRI Nielsen CMR Full Year 2008 vs. Last 52 weeks ending April 2009 / France, Italy, Greece, Spain and UK 45

46 BIC Shaver category in 2010 Leverage our value proposition with a complete range of products Strengthen our high end one-piece product offer Comfort/Flex 4 for men in Europe and the U.S. BIC Bella 4 blade in Europe and BIC Soleil Bella 4 blade shaver in the U.S. Simplicity Continue to offer innovative affordable products BIC Soleil Mini 1USD Technology Continue to support our core access products (single, twin and 3-blade) Leverage the success of the unique BIC Easy BIC Soleil Easy in Europe BIC Hybrid Advance in the U.S. 46

47 Advertising & Promotional Products Investor Relations Department: +33 (0)

48 2009 Advertising and Promotional Products Key Figures BIC Group In million euros 2009 YoY Change YoY Change at constant currencies* Net Sales NA NA Income from Operations 23.9 NA Normalized IFO Margin 10.4% * see glossary 48

49 BIC Advertising and Promotional Products A 4 th business category, not a new business Late 60 The origins + = 49

50 BIC Advertising & Promotional Products Business A 4 th business category not a new business % 96% Group Consumer Net Sales 18% 82% Advertising and Promotional Products Net Sales % 13% 84% 87% 50

51 BIC Advertising and Promotional Products Mainly Internal growth Mainly External growth BIC enters the Promotional Products Business Products & geographical diversification (Europe, USA, Latin America) Atchison (USA) Antalis Promotional Products (Europe) Norwood Promotional Products (USA) Full range of imprinted & non imprinted products Complete range of non imprinted products Imprinted bags Imprinted lighters, sticky notes, drinkware, Imprinted Writing Instruments 51

52 Advertising and Promotional Products History and definition 2010 Items used to advertise and promote a product, a service or a company program Advertising specialties Premiums Incentives Business gifts Awards Prizes Commemoratives Imprinted/decorated items 52

53 Advertising and Promotional Products A structured BUT fragmented industry Supplier Distributor Company End-user Brand awareness Manufacturing Traditional outside sales team Fulfillment programs, Door-todoor sales, Friends and family Employee relations & events Tradeshows Public relations New customer acquisition End-user End-user Assembly Direct Marketing WEB, Catalogs, Samples, Telesales Dealer/distributor programs New product/service introduction Employee service awards Not-for-profit programs End-user End-user Sourcing Internal promotions Multiple printing applications Special markets Hotel & lodging, Pharmaceutical, Tobacco, Government Safety education/incentive Customer referral Marketing research End-user Products are sold blank or imprinted 53

54 Advertising and Promotional Products A structured BUT fragmented industry Est. total number of Suppliers and Distributors 7,150 Suppliers 40,700 Distributors CANADA Suppliers 830 Distributors 6,300 USA Suppliers 3,500 Distributors 21,000 LATIN AMERICA Suppliers 400 Distributors 1,600 EUROPE Suppliers 2,000 Distributors 10,000 OCEANIA Suppliers 420 Distributors 1,800 Source: BIC estimates 54

55 Advertising and Promotional Products A structured BUT fragmented industry 2008 North American sales by product category Automotives 2% Textiles 2% Per sonnal 2% Cl ocks and Watches Food 1% 1% El ectr oni cs 2% St i cker s 2% Computer s 2% Wear abl es 31% Magnets 2% Games 2% Buttons/ Badges 2% Housewar es 3% Spor ting Goods 3% Other s 3% Awar ds 4% Wr i ting Instr uments 9% Source: PPAI Desk/ Of f ice/ Business Accessor ies 5% Dr i nkwar e 6% Bags 7% Cal endar s 8% 55

56 Advertising and Promotional Products A large and growing business 2008 estimated Distributor market size 25.3bn Euros 2008 estimated Supplier market size 13.9bn Euros USA Europe Latin America Canada Oceania USA Europe Latin America Canada Oceania Source: PPAI and BIC estimates; 1 Euro = 1.38 USD 56

57 Advertising and Promotional Products A large and growing business US Distributor industry sales in billion USD +6.1% annual growth rate (CAGR) % 11.9% 2.3% 1.8% 19.2% 12.6% 14.7% 18.1% 25.1% 11.0% 13.3% 19.5% US Distributor Industry sales US GDP 5.9% 4.6% 4.3% 4.1% 3.5% End of the Internet bubble -5.6% -7.3% -6.9% (est.) Sub-prime crisis -19.5% Source: PPAI, Bureau of Economic Analysis (est.) 57

58 Advertising and Promotional Products A cost effective advertising medium One of the most important advertising support In billion USD 2007 selected media advertising sales / U.S. market figures Promotional Products Point of purchase Cable TV Yellow Pages Couponing Out-of-home Business magazines Products Placement Source: PPAI research 58

59 Advertising and Promotional Products A cost effective advertising medium One of the best cost per impression among other media USD Billboards Calendars Advertis ing Specialties Drinkware Radio Other non wearables Cable TV Wearables (shirts) Newspaper Desk accessories Prime Time TV Other wearables Magazine Awards Source: 2008 Advertising Specialty Institute research 59

60 BIC APP - Highlights and key figures Two Global Brands Generalist leader in Advertising and Promotional Products categories 55% 45% Service leader in writing instrument, paper products and bags 60

61 BIC APP - Highlights and key figures BIC APP Gross Sales Breakdown by Products Category Full Year 2009 estimated figures* Funeral Calendar 14% 4% 38% Stationery Hard Goods 40% 4% Lighters** *: based on the assumption of a full year consolidation of Antalis PP and Norwood PP non audited **: based on BIC Group new reporting figures, lighters Advertising & Promotional Products are reported in the lighters category 61

62 BIC APP - Highlights and key figures BIC APP Gross Sales Breakdown by Products Category Hard Goods - Full Year 2009 estimated figures* Awards Bags 23% 5% 5% Auto / Tools 9% Golf / Sport 7% Health / Wellness Other 16% 16% 9% 10% Office / Magnets Drinkware Meeting / Outdoors *: based on the assumption of a full year consolidation of Antalis PP and Norwood PP non audited 62

63 BIC APP today One of the most efficient Advertising & Promotional Products Industry leader N 2 Worldwide N 2 In Europe N 1 In the US Factory Warehouse 63

64 BIC APP today One of the most efficient Advertising & Promotional Products Industry leader A complete range of products and services A Sustainable development approach Global sourcing capacities Worldwide positions 64

65 Sustainable Development Investor Relations Department: +33 (0)

66 1 Measure Life cycle impact approach BIC Cristal Pen Lighter BIC Maxi 90.45% 5.62% 3.66% % 83.98% 10.68% 4.87% % Shaver BIC Classic 1-lame (incl. usage) 62.97% 29.43% 7.33% - 78% 0.27% 66

67 to eco-design Take into account our main impact : non renewable raw materials Light products Long lasting products refillable products Recycled plastic and metal Plastic from vegetal origin Reduce to the raw material weight Maximum increase of the duration of use Use alternative materials 26.8% of Stationery Consumer sales in % of Stationery Consumer sales in % of Stationery Consumer sales in

68 our products Light and long lasting products A trendsetting range Labelling that shares our ecovalues 68

69 French Ecolabel NF Environnement BIC first manufacturer to be certified 69

70 An example of ecodesign : the BIC Easy shaver 1st step: Reducing the quantity of material BIC C3 Advance TM Ecodesign allowed to create a shaver with : Less material With the same characteristics, therefore the same perception of quality by the consumer -30% BIC Easy 2nd step: = + BIC EASY 1 lighweight handle sold with 6 heads Have a longer duration of use 60 days of shaving = 70

71 Investor Relations Department: +33 (0) Q RESULTS

72 Group Q Key figures Net Sales: million euros Normalized Income from Operations: 53.7 million euros % of change Margin +22.7% +21.6% 14.2% +8.8% 11.8% 11.8% 12.6% As reported At constant currencies On a comparative basis Q Q IFO Margin Normalized IFO margin EPS: +30.4% increase Net Cash Position In euros In million euros Q Q MAR MAR

73 Group Q Consumer & Advertising and Promotional Products Net Sales % of change on a comparative basis % of net sales Normalized IFO margin 18.4% 10.3% 12.0% 10.1% -3.6% Consumer Business -4.2% Advertising & Promotional Business Consumer Business Advertising & Promotional Business Q Q

74 Stationery Consumer Industry trends in the U.S. 2.8% 2.2% 1.3% -1.1% -1.1% -6.2% -6.8% -12.5% FY 2009 YTD FEB-10 Office Suppliers Total Market Modern Mass Market Super Stores Source: NPD/IRI excluding Walmart 74

75 Stationery (Consumer) Change in net sales at constant currencies IFO margin +10.7% IFO margin Normalized IFO margin 6.9% 7.4% 3.7% 3.7% -6.4% In million euros Net Sales Q Q In million euros IFO Normalized IFO Q Q NET SALES Slight improvement in developed markets (Europe and North America) Moderate recovery in Retail Mass Market channel with inventories stabilizing at a more reasonable level than they were a year ago. Strong performance of developing markets, with double digit growth in Latin America Positive Back-to-School in Brazil and Argentina Growth in Middle East and Africa IFO Normalized IFO margin: 7.4% in Q compared to 3.7% in Q Positive impact of volume growth on cost absorption 75

76 Lighters Change in net sales at constant currencies IFO margin 13.1% 10.4% IFO margin Normalized IFO margin 30.7% 30.7% 38.2% 38.0% In million euros Q Q In million euros Q Q Net Sales IFO Normalized IFO NET SALES Positive volume impact in all key geographies Low single digit growth in Europe compared with a strong Q Strong performance of North America Market share gain of pocket lighters vs. high-end segments Positive impact of safety legislation (novelty lighters banned in 11 states) Market share increase in convenience stores for BIC lighters Strong growth in developing markets with double digit growth in Latin America Continued distribution gains in South America IFO Normalized IFO margin: 38% in Q compared to 30.7% in Q Growth in Gross Profit Increase of production volumes Higher absorption of OPEX 76

77 Shavers U.S. market evolution U.S. market % change vs YAG Dollar sales 7.9% 7.5% One Piece Refillable Total 6.3% 3.8% 4.1% 0.1% 2.5% 0.3% 2.2% 1.2% 0.8% 1.2% 2.6% 1.4% 0.8% -1.4% -1.8% -0.8% YTD March 2010 Source: IRI FDMX March 10 77

78 Shavers Change in net sales at constant currencies IFO margin IFO margin +10.9% Normalized IFO margin 15.8% 15.7% +0.6% 2.8% 2.8% In million euros Net Sales Q Q In million euros IFO Normalized IFO Q Q NET SALES Continued strong growth in Latin America Both twin-blade and 3-blade products contributing to the positive performance Good performance in Europe Unusually low base period in 2009 due to timing of promotional activity Slight growth in North America Increase of both net sales and market shares with new products, including BIC Flex4 and BIC Hybrid Advance, contributed to the growth. IFO Normalized IFO margin: 15.7% in Q compared to 2.8% in Q Increase of Gross Profit resulting from Positive volume absorption due to sales increase Productivity improvement 78

79 BIC APP In million euros Q Q % 10.1% IFO margin IFO margin Net Sales Normalized IFO margin IFO % Normalized IFO % Q1 09 Q1 10 NET SALES -3.6% on a comparative basis Advertising and Promotional Products market trends improved slightly in Q1 2010, although trends are still negative, particularly in hard goods BIC Graphic clearly outperforming thanks to market share gains Norwood s performance in line with industry trends IFO Reported IFO margin: -12.3% Impact of year-end closure of Norwood headquarters and one factory, both in the U.S. Normalized IFO margin: -4.2% Antalis PP and Norwood PP consolidation Seasonal impact of calendar business (inventory building) Integration plan on track In Europe, centralization of warehousing activities In North America, consolidation of manufacturing expertise Approximately 11 million euros additional costs in 2010 Approximately 11 million euros annual gains expected, starting in

80 Q1 2010: From Net Sales to IFO BIC Group In million euros Q Q Change Change at constant currencies* Change on a comparative basis* Net Sales % +21.6% +8.8% Gross Profit % Income from Operations % *: see glossary 80

81 Q Income From Operations margin 14.2% 11.8% % Improvement of Consumer Business Gross Profit was offset by the consolidation of Norwood PP and Antalis PP Brand support stable in absolute terms but down as a % of sales, resulting from the Q1 sales increase OPEX relatively stable as a % of sales Favorable FX impact compared to last year million euros related to restructuring +0.7 million euros related to real estate gain Q Gross Margin Brand support OPEX & other operating expenses Q Normalized Exceptionals Q

82 Q From IFO to Group Net Income BIC Group In million euros Q Q Normalized IFO Exceptional items million euros: higher net interest expenses IFO Finance revenue/costs Income before Tax Income tax Tax rate 33.0% 32.4% Income from Associates Group Net Income Cello Pens January- March 2010 Number of shares outstanding net of treasury shares 48,134,632 48,283,563 Net sales up low double digit EPS

83 Net Cash Position In million euros December 2009 Net Cash Position Q cash from operating activities Q CAPEX Others March 2010 Net Cash Position 83

84 2010: outlook Consumer business Moderate net sales growth on a comparative basis and slight improvement of normalized IFO margin compared to FY 2009 Advertising and Promotional Products A transition year for BIC APP with the achievement of Europe restructuring and the launch of the integration plan in the U.S. in a still fragile and volatile business environment Discipline maintained on cash generation 84

85 Investor Relations Department: +33 (0) Appendix

86 Q net sales main exchange rate evolution vs. euro % of sales Average rate Q109 Average rate Q110 % of change US Dollar 36% % Brazilian Real 12% % Mexican Peso 5% % Canadian dollar 3% % Australian dollar 2% % South African Zar 2% % Non Euro European countries 4% Sweden % Russia % Poland % British Pound % 86

87 From reported IFO to Normalized IFO BIC Group In million euros IFO as Reported Q Q Gain on Real Estate Restructuring costs Normalized IFO

88 Group Quarterly figures BIC Group In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales , YoY actual changes +0.1% +3.1% +14.0% +21.9% +10.0% +22.7% YoY changes at constant currencies* -0.8% +0.7% +14.3% +25.6% +10.1% +21.6% YoY changes on a comparative basis* -0.8% -3.4% -0.2% +2.1% -0.6% +8.8% IFO Normalized IFO* IFO margin 11.8% 15.9% 16.9% 10.4% 13.8% 12.6% Normalized IFO margin* 11.8% 17.9% 17.3% 13.5% 15.3% 14.2% * see glossary 88

89 Group Consumer BIC Group Consumer In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales , IFO Normalized IFO* IFO margin 12.0% 15.3% 19.5% 12.9% 15.1% 18.3% Normalized IFO margin* 12.0% 18.9% 19.8% 14.1% 16.4% 18.4% * see glossary 89

90 Stationery Consumer Stationery Consumer In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales IFO Normalized IFO* IFO margin 3.7% 13.0% 12.1% 2.3% 8.5% 6.9% Normalized IFO margin* 3.7% 14.8% 12.6% 3.8% 9.6% 7.4% * see glossary 90

91 Lighters Lighters In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales IFO Normalized IFO* IFO margin 30.7% 28.9% 37.2% 31.4% 32.1% 38.2% Normalized IFO margin* 30.7% 36.2% 37.2% 32.0% 34.0% 38.0% * see glossary 91

92 Shavers Shavers In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales IFO Normalized IFO* IFO margin 2.8% 9.4% 17.6% 13.9% 11.3% 15.8% Normalized IFO margin* 2.8% 12.3% 17.9% 15.3% 12.5% 15.7% * see glossary 92

93 Other Consumer Products Other Consumer Products In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales IFO Normalized IFO* IFO margin -7.4% -5.7% -6.6% -17.9% -9.7% -11.7% Normalized IFO margin* -7.4% -4.2% -6.0% -16.5% -8.8% -11.9% 1 : IFO and Normalized IFO include unallocated group expenses as well as allocation of existing OPEX. Excluding the impact of those 2 items, Other Products are profitable * see glossary 93

94 Advertising & Promotional Products (BIC APP) BIC APP In million euros Q109 Q209 Q309 Q409 FY09 Q110 Net Sales IFO Normalized IFO* IFO margin 10.1% 19.9% 7.5% 3.1% 8.3% -12.3% Normalized IFO margin* 10.1% 11.6% 8.2% 11.7% 10.4% -4.2% * see glossary 94

95 Miscellaneous Capital evolution: Authorized share capital on March 31, 2010: 48,683,418 shares 95

96 Glossary At constant currencies: Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impacts of acquisitions and/or disposables that occurred during the current year and/or during the previous year, and this until their anniversary date. Normalized IFO: normalized means excluding restructuring and real estate gains. 96

97 2010 Agenda 2009 Shareholders Meeting May 12, 2010 Meeting (BIC headquarters) 2 nd Quarter 2010 Results August 4, 2010 Conference Call 3 rd Quarter 2010 Results October 20, 2010 Conference Call All dates to be confirmed 97

98 Disclaimer 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 section Risks and Opportunities of BIC Reference Document filed with the French financial markets authority (AMF) on 01 APRIL