2008 ANNUAL REPORT. What s essential is in your hands
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1 2008 ANNUAL REPORT What s essential is in your hands
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3 What s essential Offer quality and best value products From simplest to most sophisticated Provide easy answers for everyday needs Ensure quality and safety daily for 40 million products Take a common sense approach to sustainable development Reach every customer 1
4 CONTENTS 4 Message from the Chairman of the Board and the Chief Executive Officer 7 Two major acquisitions key figures 10 Corporate governance 12 What s essential: vision, quality, value, safety 20 What s essential in Sustainable Development 23 What s essential by geography: Europe North America and Oceania Latin America Middle East, Africa and Asia 27 BIC Graphic, BIC Sport 28 Shareholders review 30 Key indicators 2
5 Message * Go straight to what s essential In creating its first product, the BIC Cristal ballpoint pen, BIC chose to satisfy the consumer by going straight to what s essential: create something simple yet reliable, which eases something we all do, that everyone can use, that everyone can afford. That vision is at the heart of every brand move BIC makes.
6 Message Message from Bruno Bich, Chairman of the Board, and Mario Guevara, CEO How did BIC Group perform in 2008? E1,420.9M 2008 sales +2.4% AT CONSTANT CURRENCIES E209.6M INCOME FROM OPERATIONS 15.1% NORMALIZED IFO MARGIN Mario Guevara: In a more challenging environment than expected, particularly in North America, we maintained or grew our market share in all of our major categories. As expected, Group net sales grew slightly by 2.4% at constant currencies. In Stationery, sales were nearly flat (-0.4%); Lighter sales increased +0.8%; and Shaver sales grew +3.9%. The income from operations margin decreased compared with 2007, reaching 15.1%, excluding exceptional items. The margin was impacted by the volatility of foreign exchange rates, higher manufacturing costs, and the decline in profitability of our promotional products business, BIC Graphic, which was significantly impacted by the economic crisis. Elsewhere we continued to take a pragmatic approach to sustainable development, notably through the launch of a product line featuring recycled and renewable raw materials. Bruno Bich: Our management team exercised strong financial discipline in the face of the sudden and severe economic crisis in the 2nd half of Intense focus was placed on controlling working capital requirements and capital expenditures. As a result we were able to increase free cash flow by 23% in 2008, and maintain a solid balance sheet. Confident in the strength of the BIC Group, the Board of Directors is recommending a dividend of 1.35 euros per share for the year, the same as for The world is experiencing a period of unprecedented economic turmoil. What are BIC s strengths in today s environment? Mario Guevara: Our foremost strength is the BIC brand, and the great consumer value that it offers. This is relevant in any economic climate, but even more so in the unprecedented turmoil we face today. Consumers are exercising enormous caution in their spending patterns, and retailers are extremely cautious as well. 4
7 Message Left to right: Bruno Bich, Mario Guevara No company is immune to these conditions, but our brand equity puts us in a strong position to meet consumers needs at a time when value for money has heightened importance. Bruno Bich: I would like to elaborate on Mario s comments about the BIC brand. We have always sought to position our brand as the consumer ally, offering great value but never compromising on quality. This quality and value combination has been fundamental to our success, particularly in developing markets where our brand is most needed by people who have little money to spend. In a global environment where consumer spending has stalled, I believe that BIC has the right value proposition to help people through today s tough economic challenges.... E earnings par share E222.5M Net cash position end of
8 MESSAGE 2008 WORKFORCE 8,312 EMPLOYEES BIC trademark portfolio BIC has just announced two major acquisitions: Antalis Promotional Products and Cello Pens. How do these fit with the Company s long-term strategy? Mario Guevara: The Antalis Promotional Products (APP) acquisition is a continuation of our commitment to the promotional products business, which we entered in the 1960 s by offering our writing instruments as a medium for branded advertising. Our BIC Graphic division has built a leadership position in this business, and through the years we have expanded our product range to include items like adhesive paper, computer peripherals, etc. The acquisition of APP further expands our portfolio into a wider range of products including wearables, and also better balances the geographic footprint of our promotional products business beyond North America, which has historically been the dominant region for our Graphic division. Bruno Bich: The other major move we made was to acquire 40% of Cello Pens, the number one brand of writing instruments in India. This company gives us a very strong foundation in the dynamic Indian market, with a market share more than double the nearest competitor. It adds a vitally important piece to our geographic footprint, adding a number 1 position in writing instruments in India to complement our number 1 positions in Europe, Latin America and Africa; and our number 2 positions in North America and Oceania. I am sure that as we learn more about the Indian market it will provide multiple new business opportunities both inside India and in the surrounding region as well. Another important dimension of this partnership with Cello Pens is that it adds further diversity to our already broad international management team, consisting of Europeans, North Americans and Latin Americans. I consider our international management diversity to be a real asset in this global marketplace. The APP and Cello Pens acquisitions are an integral part of our goal of long-term profitable growth for the Company. They will create value for all of our stakeholders employees, shareholders, customers and consumers all the people we want to thank once again for their enduring loyalty. 6
9 Acquisitions Two major acquisitions In March 2009, BIC completed the acquisition of Antalis Promotional Products (APP), a European based distributor of a wide range of promotional products (pens, watches, t-shirts, agendas, gadgets and original business gifts). Relying on an extensive network of suppliers, APP sells to more than 15,000 distributors in 40 countries in Europe, Middle East and Africa. In 2008, APP generated 92 million euros in revenues. In January 2009, the BIC Group and the Cello Group announced that they had signed a definitive agreement whereby BIC Group acquired 40% of the Cello Pens writing instrument business. As part of this agreement, BIC has a call option in 2013 to increase its stake to 55%. Founded just 15 years ago by the Rathod family, Cello Pens is India s largest manufacturer and distributor of writing instruments, with a 37% market share and a nationwide distribution network. It is a vertically integrated manufacturer with modern facilities, strong in-house research, product development and marketing capabilities. Cello s sales show superior growth, greater than 10%, and the Company s level of profitability is very high. The Cello brand is one of the most recognized in India with 90% unaided brand awareness, comparable to BIC in its own markets. No.2 in North America (13% market share) Worldwide positions in writing instruments No.1 in Europe (15% market share) No.1 in India (37% market share) CELLO PENS KEY FIGURES > 1 billion pens produced per year > approximately 5,000 employees > a national distribution network > No.1 in India for writing instruments > 37% domestic market share > 90% unaided awareness > INR 4,100 million net sales > 30% EBIT margin No.1 in Latin America (24% market share) No.1 in Africa No.2 in Oceania (16% market share) 7
10 WHAT S ESSENTIAL L essentiel IN FIGURES 2008 key figures Net sales in million euros 2008 Sales by category 1, , % At constant currencies -2.4% As reported 7% Other products 19% Shavers 27% Lighters 47% Stationery WORKFORCE BY GEOGRAPHY Europe North America and Oceania Latin America Middle East, Africa and Asia 8,576 8,312 3,891 3,766 1,804 1,770 2, , % Middle East, Africa and Asia 20% Latin America 33% Europe 2008 Sales by geography 41% North America and Oceania 8
11 WHAT S ESSENTIAL IN FIGURES Normalized income from operations in million euros % At constant currencies -15.5% As reported Group Stationery Lighters Shavers Normalized IFO margin in percent Group Stationery Lighters Shavers Group net income in million euros Net cash flow after acquisitions in million euros % As reported
12 CORPORATE GOVERNANCE Corporate governance OFFICERS Mario Guevara Chief Executive Officer François Bich Executive Vice-President Marie-Aimée Bich-Dufour Executive Vice-President OPERATIONS François Bich Lighters Ed Dougherty Stationery and Shavers Nicolas Paillot Europe, Middle East, Africa and BIC Graphic Chris Mills North America Edgar Hernandez Latin America, Oceania and Asia Marie-Aimée Bich-Dufour Legal François Eyssette Human Resources Jim DiPietro Finance BOARD OF DIRECTORS Bruno Bich Chairman Mario Guevara Director and CEO François Bich Director and Executive Vice-President Marie-Pauline Chandon-Moët Director John Glen Director (1) Gilles Pélisson Director (1) Marie-Henriette Poinsot Director Frédéric Rostand Director (1) Société MBD Director (2) Antoine Treuille Director (1) (1) Independent. (2) Bich family Holding company represented by Edouard Bich. 10
13 CORPORATE GOVERNANCE Left to right: Mario Guevara, François Bich, Ed Dougherty, Nicolas Paillot, Chris Mills, Edgar Hernandez, Marie-Aimée Bich-Dufour, François Eyssette, Jim DiPietro. AUDIT COMMITTEE Antoine Treuille Édouard Bich (Société MBD) John Glen Frédéric Rostand COMPENSATION AND NOMINATING COMMITTEE Gilles Pélisson Marie-Henriette Poinsot Frédéric Rostand AUDITORS Deloitte & Associés Statutory Auditor Grant Thornton Statutory Auditor BEAS Substitute Auditor Institut de gestion et d expertise comptable Substitute Auditor 11
14 WHAT S ESSENTIAL Offer quality and best value products The best way to win consumer loyalty is to give them the same quality of use from start to finish. Every BIC Cristal ballpoint pen draws a line 2km long, which looks as good at the end as at the start. Every BIC Maxi lighter produces 3,000 flames, identical from first to last. Every BIC Comfort 3 shaver is good for 10 days of shaving, as efficient for the first shave as for the last. How BIC became BIC One of the world s favorite brands? In the beginning, the Company s first product, the BIC Cristal ballpoint pen, really simplified writing at a time when it was an exercise in patience, most often done with a fountain pen. BIC Cristal pens were mass produced, which made them attractively priced, combined with the advantages of consistent quality and long use. How BIC remains BIC A leading brand in world markets? BIC remains BIC by extending its vision to other tasks that everyone does daily, for instance, produce a flame, or shave. BIC also remains BIC by repeated satisfaction from consumers everywhere in the world. BIC s vision: offer products that are simple, inventive and reliable, for everyone, everywhere in the world. 12
15 WHAT S ESSENTIAL * Meet all of your writing needs Write in many colors, highlight, draw, color in and correct with BIC at school, at home or at the office, everyone is sure to find what they need, at an affordable price offering both quality and reliability.
16 WHAT S ESSENTIAL * Always give you the best quality and value for money In every market, across the entire spectrum of needs, BIC practices the same policy for quality at best value. From double-edge blades sold individually in emerging countries, to BIC Soleil System shavers, BIC shavers are a good illustration of offering consumers the choice of quality and innovation at the best price.
17 WHAT S ESSENTIAL From simplest to most sophisticated The best quality/value choice Out of choice or out of necessity, many consumers choose by price. BIC meets their demand, but also gives them the benefits of BIC quality and long use, longer than for generic or lower quality products. The choice for usability, but also for the most fun The Company s history has followed the footsteps of changing needs. For instance the Cristal range, initially focused on writing alone, has expanded in order to better meet many needs. Who wants to draw with greater precision? BIC Cristal Fine. Who wants to write smoother? BIC Cristal Gel. Who wants to write with more comfort? BIC Cristal Grip. Who wants to have fun? BIC Cristal Pocket Scents. Need a bolder line when you write? BIC Cristal Large. All these products are designed, made and distributed in order to offer the best quality and the right price. Three BIC products which perfectly illustrate our policy of quality at best value: BIC Cristal The world s most popular ballpoint pen, BIC Maxi lighter The world s first brand name pocket lighter, BIC Twin Lady shaver The women s shaver with the highest shelf turnover in Europe. BIC is in 160 countries, on every continent, in the most mature markets and in emerging ones. 15
18 WHAT S ESSENTIAL Provide easy answers for everyday needs Every day*, around the world, consumers choose to buy: 24 million BIC stationery products, 5 million BIC lighters, 10 million BIC shavers. * Based on 220 days. An efficient response Each time BIC identifies a specific need, it responds with technical ingenuity to optimize performance. Continuous research on inks focuses on improving their indelibility on paper or writing ease in all climates. For correction products, BIC has developed three methods, which correspond to very precise needs: foam applicator that covers large surfaces, pens that offer added precision, and tapes for instant corrections. For shavers, BIC designs and markets easy-grip handles, which are adapted to the specific needs of men or women during shaving. Obvious The simplicity of BIC products is not just technical. It is also obvious. It is enough to look at a BIC product to know how it is used. Without even opening the package for a new BIC Easy shaver (includes a handle, a triple-blade shaving head and 6 refills), the shaver s use and advantages are already apparent. The BIC Easy meets new expectations for consumers who want a practical, simple and affordable shaver a handle, a triple-blade shaving head and 6 refills make the BIC Easy the first shaver of its kind on the market. 16
19 WHAT S ESSENTIAL * Also simplifying new gestures The BIC corporate vision continues to express itself through new gestures, some close to writing (like correction), and others of a more modern kind. For example, in France, BIC and Orange have launched a mobile phone refillable with a prepaid card and that provides just what s essential: telephone service plus sending and receiving text messages.
20 WHAT S ESSENTIAL * Committed to your safety Before any BIC Maxi lighter is sold, it undergoes more than 50 separate automatic checks. It meets or exceeds the International Safety Standard ISO 9994, and it will produce about 3,000 lights. If it is sold in a country where lighters have to be child-resistant, it will have child-resistant features, making lighting more difficult for children.
21 WHAT S ESSENTIAL Ensure quality and safety daily for 40 million products Thanks to exclusive BIC processes Technical quality and safety are in the DNA of BIC products. These two requirements are paramount in product design, and are present all along the manufacturing line. BIC processes define manufacturing every step of the way from the choice of raw materials to product packaging. This kind of commitment is rare in a marketplace where the apparent simplicity of a pen, lighter or shaver gives random players a chance to market products with widelyvarying quality and usefulness. Deployed in BIC factories Because of its industrial size, BIC can guarantee the same high level of quality for 40 million products a day. BIC factories are all organized to ensure compliance with the Company s commitment to quality, safety, corporate social and environmental responsibility. 86% of BIC products are made in the Company s factories. 14% by sub-contractors, who comply with BIC standards. 15 factories handle stationery products, 4 make lighters, 3 make shavers. The ball in a ballpoint pen (diameter: mm) is set to within a tolerance of 1 micron. A lighter assembly has up to 25 different parts. Each shaver undergoes 20 quality checks. 19
22 sustainable development Take a common sense approach to sustainable development How BIC products perform 2 km of writing with a BIC Cristal ballpoint pen, 3,000 lights with a BIC Maxi lighter, 10 days of shaving with a BIC Comfort 3 shaver. Sustainable development report is available on To discover BIC Ecolutions range: Light & Long Lasting Léger & utilisable longtemps By making products that are lightweight and long-lasting Centered on their primary function, BIC products have from the start been designed and manufactured without any excess, with just the right amount of materials. In BIC s vision, saving resources goes hand-in-hand with longest use possible. For example, a BIC Cristal pen only weighs 5.8 grams and delivers over 2 kilometers of writing. What s more, a BIC 3 shaver only weighs 8 grams, but is good for at least 10 days of shaving. By measuring our impact in order to do the right thing BIC measured environmental impacts for its products and has an ecodesign tool. The results are used to find solutions and continue making progress. That means minimizing raw material quantities used, using recycled or renewable materials, or developing refillable products. One new product line, BIC Ecolutions, launched in 2008, includes stationery products made with recycled material and a shaver with a bioplastic handle. In addition, the Eco-value label, displayed on packaging is an aid to consumers and retailers. In its factories and transport activities, BIC also continuously reduces its consumption and emissions. By developing our social commitment BIC s social policy revolves around a commitment to strengthening the skills and employability of its personnel. Many of the Company s training programs are designed to assist employees in adapting to change in the economic and social climate. All of BIC s factories and subcontractors apply the BIC Group Code of Conduct, inspired by the Company s compliance with standards created by the International Labour Organization (ILO). BIC s community-support activities are anchored in local issues and pragmatic solutions. These activities are fully the responsibility of each subsidiary. In addition, in 2008, employees throughout the Group mobilized in support of a worldwide project to restore mangrove forests in Indonesia. 20
23 sustainable development * Empowering you to choose green materials BIC has always made lightweight products, designed to last. BIC knows that the world needs to conserve its non-renewable resources. That awareness has led it to go further and offer a product range, designed with added environmental advantages in mind.
24 ACTIVITIES * Stand by you, in over 160 countries BIC chooses to be in close proximity to consumers worldwide, thanks to 3.2 million points of sale from open-air pushcarts to superstores, in some cases covering 25,000m 2 of floor space. Today, BIC products are easy to find in large department stores, at mass retailers or in specialty shops, as well as in office supply stores.
25 ACTIVITIES Reach every customer Europe In spite of a challenging economic climate, BIC ended 2008 still in a position of leadership for stationery in every segment of distribution. The back-to-school season was a success; BIC partnered with its retailers and produced good visibility on sales floors, supported by efficient advertising spending. BIC s expertise contributed to its successful performance in categories such as ballpoint pens, fountain pens, mechanical pencils, coloring and correction, as well as new product launches, including sticky notes and adhesive labels. Following the European Commission Decision (2006/502/EC) of 11 March 2006, the child resistant standard and the international lighter safety standard (ISO 9994) are mandatory for all lighters sold to consumers after 11 March BIC used television advertising in 14 European countries to promote the quality and safety of its lighters. These topics were also mentionned in its newsletters BICareful, distributed to 200,000 retailers in Europe. In a very competitive environment, the triple-blade shaver segment drove market growth, particularly the BIC 3 for men and the BIC Pure 3 for women. After its UK launch in 2007, the woman s shaver, BIC Soleil System/Clic with refills, was distributed across all of Continental Europe in Sales were particularly good in Nordic countries, France and Greece. In France, the launch of the BIC phone in partnership with Orange was a significant event. e473.4m 2008 SALES 33% OF GROUP SALES +4.2% AT CONSTANT CURRENCIES In France, Cap taine Prudence is a fire safety education program for children, developed by BIC in cooperation with Civil Protection authorities. 23
26 ACTIVITIES North America and Oceania e585.2m 2008 SALES 41% OF GROUP SALES -1.6% AT CONSTANT CURRENCIES In stationery markets characterized by fierce competition, BIC maintained its market share, thanks to the effectiveness of its backto-school programs and its supply chain. Even as the economic downturn affected businesses, BIC maintained stationery sales by seizing new opportunities for mechanical pencils, BIC Mark-it permanent markers, highlighters and dry erase markers. The market for lighters continued to decline in the wake of falling cigarette sales and a drop in consumer traffic in stores. Nonetheless, BIC strengthened its leading market position for pocket lighters, and continued its risk to retailer program, which communicates the risks of selling non-compliant lighters. Innovative counter displays and increased mass distribution through local stores further contributed to improve BIC market share. Sales of one-piece triple-blade shavers improved, particularly the BIC Comfort 3, and BIC Soleil for women, which maintained its leading position in key women s segments. In the US last year, BIC s successful launch of the BIC Soleil Shimmer, an extension to the refillable shaver range, appealed to young and adolescent women. Consumer and trade advertising captures the unique benefits of BIC s stationery products, lighters and shavers. 24
27 ACTIVITIES Latin America Similar to 2007, and in the face of increasing competition from Asian imports, sales increased, thanks to an expanded stationery portfolio and classic products, such as BIC Cristal ballpoint pens, BIC Evolution pencils, Mini lighters and BIC Comfort 3 shavers. Argentina, Brazil and Ecuador recorded excellent results, whereas some countries and notably Mexico were affected in 2008 by the economic situation. The acquisition of Pimaco (leading brand in Brazil for the manufacture and distribution of adhesive labels for office, school and home use) expanded BIC s stationery range. In 2008, BIC focused on the quality and reliability of its products as well as on developing its distribution network. Growth in the 2008 lighter business was the result of price increases and expanded distribution. BIC s strong commitment with local authorities to ensure lighter safety also remains a key success factor. e282.2m 2008 SALES 20% OF GROUP SALES +9.6% AT CONSTANT CURRENCIES In Argentina, BIC stationery products were at the front during back-to-school! 25
28 ACTIVITIES Middle East, Africa and Asia E80.1M 2008 SALES 6% OF GROUP SALES +0.5% AT CONSTANT CURRENCIES In the Middle East and Africa, BIC improved its distribution and visibility in all businesses despite an unfavorable political and economic environment. In a region historically focused on the BIC Cristal ballpoint pen, BIC launched new stationery products and expanded distribution of value-added products. The BIC commitment to the quality and safety of its lighters supported sales growth. This commitment also means stronger recognition for the BIC brand, a clear difference between BIC products and those offered by competitors. Shaver sales improved, as a result of sales growth for triple-blade shavers, such as the BIC 3, and also thanks to good reception for the BIC range of products for women, notably BIC Soleil. Consumers decided to choose BIC shaving products, a range combining quality and affordable price. Asia is a vast marketplace, dominated by local players. The year 2008 was devoted to preparing for future growth, strengthening distribution and fostering brand awareness. Although shaken by the economic situation during the last quarter of 2008, all of the Group s businesses recorded good performance. In 9 towns in Nigeria, BIC has implemented 150 retail kiosks inside primary and secondary schools. 26
29 ACTIVITIES BIC Graphic In 2008, the promotional products business continued with the success of product ranges, including BIC Ecolutions, sticky notes and Atchison by BIC imprinted bags. Nonetheless, the business saw the beginnings of economic turmoil and a sharp slowdown in the writing instruments segment in the US market. However, the acquisition in 2009 of Antalis Promotional Products (APP), a European distributor of a broad range of promotional products, will bring new growth opportunities to BIC Graphic. BIC Sport The European market for the entire range of products for water sports suffered from a rainy climate and unusually cold weather throughout the peak season for mass retail. The sailing dinghy, O pen BIC, received several awards in 2008, including one that recognized its manufacturing processes for compliance with environmental protection. The ranks of aficionados for stand up paddle surfing continued to grow in all marketplaces. The O pen BIC sailing dinghy and the multi purpose stand up paddle from BIC are two innovative products which will make waves with any water sport lover. 27
30 MILESTONES Shareholders Review Capital ownership as of december 31, % Public 6.8% Arnhold and S.Bleichroeder Advisers, LLC 14.8% Silchester International Investors 44.2% BICH FAMILY S CONCERT INCLUDING (b) : > SOCIÉTÉ M.B.D.: 25.54% > BICH FAMILY: 18.65% 4.6% 0.8% (c) MRS Édouard Buffard TREASURY STOCK voting rights as of december 31, 2008 (a) 18.4% Public 6.3% Arnhold and S.Bleichroeder Advisers, LLC 14.6% Silchester International Investors 0.5% (c) TREASURY STOCK 5.9% MRS Édouard Buffard 54.3% BICH FAMILY S CONCERT INCLUDING (b) : > SOCIÉTÉ M.B.D.: 32.65% > BICH FAMILY: 21.62% (a) As of December 31, 2008 number of voting rights amounts to 75,403,044 (taking into account voting rights of treasury shares). (b) Bich Family s concert is composed of Bich Family members and of SOCIÉTÉ M.B.D. (a company - société en commandite par actions gathering most of Bich Family s concert members. These members also hold direct participations in SOCIÉTÉ BIC). (c) Treasury shares temporarily without voting right. 28
31 MILESTONES 110 BIC share price in 2008 (in the Eurolist Euronext Paris) jan. 08 feb. 08 mar. 08 apr. 08 may 08 june 08 july 08 aug. 08 sep. 08 oct. 08 nov. 08 dec. 08 BIC CAC 40 Base 100 as of January 1, BIC share price since 1998 (in the Eurolist Euronext Paris) BIC CAC 40 Base 100 as of January 1, 1998 Per share data in euros Earnings Per Share Net dividend per share 0.90 (1) (2) Pay out ratio 42% 37% 38% 38% 45% (2) Average number of shares net of treasury shares 52,882,591 50,330,582 49,661,931 49,244,579 48,357,724 (1) A spedial dividend of 1.00 euro per share was paid for year (2) The Board of Directors will propose a dividend of 1.35 euros at the Annual General Meeting of Shareholders on May 14 th,
32 MILESTONES Key indicators Until 2003: French GAAP From 2004: IFRS in million euros Net sales 1, , , , , , , , , ,420.9 Income From Operations Normalized IFO Capital Expenditures (1) Free cash flow after acquisitions Until 2003: French GAAP From 2004: IFRS in euros Earnings per share or EPS Dividend per share (2) (3) (1) Shelton real estate acquisition (11 million euros). (2) A spedial dividend of 1.00 euro per share was paid for year (3) The Board of Directors will propose a dividend of 1.35 euros at the Annual General Meeting of Shareholders on May 14 th,
33 MILESTONES stationery 2004* Net sales in million euros IFO margin 10.5% 14.4% 14.4% 15.1% 13.4% Normalized IFO margin 14.2% 14.8% 14.9% 15.1% 14.1% LighterS 2004* Net sales in million euros IFO margin 29.7% 32.3% 32.5% 32.1% 29.2% Normalized IFO margin 29.5% 31.9% 32.5% 32.1% 29.2% shavers 2004* Net sales in million euros IFO margin 4.5% 8.5% 9.5% 8.2% 4.1% Normalized IFO margin 8.6% 9.2% 9.9% 8.2% 4.1% BIC triple-blade one-piece shavers represented 42.5% of BIC s total one-piece shaver sales in OTHER PRODUCTS 2004* Net sales in million euros * IFRS. 31
34 Design and production: W & CIE Photos credit: Jean-Luc Droux, BIC Group library, X. All rights reserved This report is printed on paper containing a minimum of 40% fiber from sustainably managed/fair-trade forests, and 60% recycled fiber. This document is available on-line on
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