q1 2012 results - bic · q1 2011 q1 2012 net sales 58.9 60.1 in million euros q1 2011 q1 2012 ifo...
TRANSCRIPT
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Q1 2012 RESULTS
25 April 2012
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Agenda
Mario Guevara
Group and category highlights
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Group Q1 2012 key figures
* See glossary
Developed markets +10.7%
Developing markets +5.8%
Consumer business(86% of total sales) +10.6%
Advertising & Promotional Products
(14% of total sales)-0.7%
Consumer business 22.1%
Advertising & Promotional
Products-6.6%
Q1Q1 11
Net Sales: 445.0 million euros
+8.6%+7.1%
+9.0%
As reported At constantcurrencies*
On a comparativebasis*
20.0% 18.5%
IFO Margin
20.3%18.3%
20.8%
Normalized IFO Margin
24.0%
-0.4%
exc.
Sp
ecia
l Pre
miu
m
12 Normalized IFO
Normalized IFO
exc. Special Premium
Normalized* Income from Operations: 81.3 million euros
3
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Group Q1 2012 Key figures
In euros In million euros
377.1
329.5
377.2
March 2011 December 2011 March 2012
1.121.22
Q1 2011 Q1 2012
EPS: +8.9% increase Net Cash Position
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+6.6%
+2.0% +1.9%
+16.6%
+9.0%
+4.3%
+15.3%
+5.8%
5
Change on a comparative basis
Q1 2012 net sales evolution by geographies
Q1 11
See appendix page 21 for main currency impact
Q1 12 Q1 11 Q1 11 Q1 11Q1 12 Q1 12 Q1 12
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BIC in Q1 2012 Consumer business
+5.9%
+18.9%
+7.9%
Developing Markets
North America
Europe
Europe25%
North America
36%
Developing Markets
39%
384.9 million euros net sales
Change on a comparative basis Breakdown by geographies
+9.8% +10.6%
Q1 11 Q1 12
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Stationery
In million euros Q1 2011 Q1 2012
IFO 22.1 23.2Normalized IFO 22.1 22.6
+9.4%+7.7%
Change in net sales on a comparative basis Normalized IFO margin
Developed marketsLow-single digit net sales growth in Europe and double digit increase in North America. • In both regions, strong success of new products such as the range
• Bold ball pens (Cristal®, Velocity and Atlantis™)• BIC® For Her™ range • 2-color / 4-color family with the color Grip, the Mini 4-color and the 4-color custom.
• In the U.S., benefit of strong promotional support, notably in Modern Trade and in the Office Product Supplier channel.
Developing marketsHigh-single digit net sales growth.
• Good back-to-school in Southern hemisphere countries such as Brazil (success of the launch of the BIC Evolution coloring range), Argentina, Australia and New-Zealand, all countries where we registered significant market share gains.
Q1 2012 Stationery normalized IFO margin: 16.3% compared to 17.3% in Q1 2011. Excluding the impact of the Special Employees Premium, Stationery normalized IFO margin would have been 18.5%, benefiting from the increase in net sales, better fixed cost absorption and geographical mix.
17.3% 16.3%18.5%
exc.
Sp
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l Pre
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m
In millioneuros Q1 2011 Q1 2012
Net Sales 127.7 138.1
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Lighters
In million euros Q1 2011 Q1 2012
Net Sales 122.9 136.7
In million euros Q1 2011 Q1 2012
IFO 50.2 51.0
Normalized IFO 50.2 51.1
Change in net sales on a comparative basis Normalized IFO margin
Developed marketsDouble digit growth in both Europe and North America. • Distribution gains • continued innovation in value-added sleeve design.
Developing marketsLow-single digit growth. • Strong performance of the Middle-east and Africa due to distribution gains and successful marketing programs.
Q1 2012 Lighters normalized IFO margin: 37.3% compared to 40.8% in Q1 2011• Excluding the impact of the Special Employees Premium, Lighters normalized IFO margin would have been 38.7%. The positive impact
of the increase in net sales was offset by an increase in production costs and brand support.
40.8%37.3% 38.7%
exc.
Sp
ecia
l Pre
miu
m+10.3%+9.3%
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Shavers
In million euros Q1 2011 Q1 2012
Net Sales 76.7 92.6
In million euros Q1 2011 Q1 2012
IFO 15.5 15.1
Normalized IFO 15.5 15.1Developed marketsBroad-based growth with strong performance of our premium products, our core value products, and our new products. • High single digit growth in Europe
• The main contributors to the growth• Our Classic 3-blade product, BIC® 3; • A good second year start of our 2011 new product BIC® Flex 3; • Good acceptance of our 2012 new products, BIC® Flexi Lady and BIC® Flex Easy.
• Double digit growth In North America • Our core range continued to gain market share in the 1st Quarter; • Positive trend was supplemented by strong customer acceptance of our 2012 new products, BIC® Soleil Savvy for women and BIC®
Hybrid Flex 4 for men. Developing markets• High-single digit growth. Latin America leading contributor to this growth, and our 3-blade shavers top performers in the product portfolio.
Q1 2012 Shaver normalized IFO margin: 16.3% compared to 20.3% in Q1 2011. Excluding the impact of the Special Employees Premium, Shaver normalized IFO margin would have been 18.7%. Q1 2011 benefited from more favourable manufacturing cost absorption than Q1 2012.
+11.9%
+18.6% 20.3%16.3%
18.7%
exc.
Sp
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l Pre
miu
m
Change in net sales on a comparative basis Normalized IFO
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Other Products Consumer
10
In million euros Q1 2011 Q1 2012
Net Sales 23.7 17.5
+3.3%
+5.9%In million euros Q1 2011 Q1 2012
Normalized IFO -1.9 -3.5
Non-recurrent items - +0.8
IFO -1.9 -2.6
Phone cards distribution (39.5 million euros net sales in 2011) sold in February 2012 for a net proceed of +0.8 million euros (non-recurrent items)
2.9 million euros expenses related to portable fuel cell (compared to 0.9 million euros in Q1 2011)
Change in net sales on a comparative basis Normalized IFO
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BIC APP
In million euros Q1 2011 Q1 2012
Net Sales 58.9 60.1
In million euros Q1 2011 Q1 2012
IFO -3.9 -4.2
Normalized IFO -2.9 -3.9
Positive timing impact on net sales. Signs of improvement in the U.S. – Europe remained weak
In Q1 2012, BIC APP’s reported IFO margin : -7.0% compared to -6.7% in Q1 2011• 0.3 million non-recurrent items related to the integration• Q1 2012 normalized IFO margin reached -6.6% compared to -4.9% in Q1 2011. Excluding the impact of the Special Employees
Premium, BIC APP normalized IFO margin would have been -0.4%.
-8.8%
-0.7%
-4.9%
-6.6%
-0.4%
Change in net sales on a comparative basis Normalized IFO margin
exc. Special Premium
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Agenda
Q1 2012 consolidated financial figures
Jim DiPietro
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Q1 2012: From Net Sales to IFO
BIC GroupIn million euros Q1 2011 Q1 2012 Change
Change at constant
currencies*
Change on a comparative
basis*
Net Sales 409.9 445.0 +8.6% +7.1% +9.0%
Gross Profit 211.2 233.4 +10.5%
Normalized* Income from Operations 83.1 81.3 -2.2%
Income from Operations 82.0 82.4 +0.5%
*: see glossary 13
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Q1 2012 non-recurring items
14
In million euros Q1 2011 As % of sales Q1 2012 As %
of sales
Normalized* IFO 83.1 20.3% 81.3 18.3%
Restructuring costs -1.1 -0.4
Gains on disposals +0.8
Gain on Real Estate / others +0.7
IFO as Reported 82.0 20.0% 82.4 18.5%
*: see glossary
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Q1 2012 Normalized* Income From Operations margin
+2.4
-0.3 -0.5-1.1
-2.5
Q1 2011Normalized IFO
margin
Gross Margin Brand support Increase in FuelCell Expenses
OPEX and others Normalized IFOmargin excluding
the impact ofspecial employees'
premium
Impact of thespecial employees'
premium
Q1 2012Normalized IFO
margin
18.3%20.3% 20.8%
15*: see glossary
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Q1 2012 From IFO to Group Net Income
In million euros Q1 2011 Q1 2012
Normalized* IFO 83.1 81.3
Non recurring items -1.1 +1.1
IFO 82.0 82.4
Interest income 1.6 3.2
Finance costs -5.3 -1.5
Income before Tax 78.3 84.1
Income tax -26.0 -27.3
Tax rate 33.1% 32.5%
Income from Associates 1.6 0.8
Group Net Income 53.9 57.5
Number of shares outstanding net of treasury shares 48,181,386 47,171,050
EPS 1.12 1.22
Higher interest income in Q1 2012 compared to Q1 2011.
In Q1 2011, finance revenue was negatively impacted by -4.7 million euros of unfavorable monetary assets revaluation (USD vs. EUR).
*: see glossary 16
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+ 52.2
- 19.3
+ 16.9 + 2.6
- 4.7
December 2011Net Cash Position
Q1 2012 cash fromoperating activities
Q1 2012 CAPEX Share buyback netof exercise of stock
options andliquidity contract (1)
Divestitures & realestate gaines
Others March 2012 NetCash Position
17
Net Cash Position
329.5
377.2
In million euros
(1): total Q1 2012 share buy-back: 3,078 shares – 0.2 million euros
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Agenda
Full year 2012outlook
Mario Guevara
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2012 outlook
For the full year, we expect net sales growth trends to slow-down compared to the strong Q1 2012 performance. While accelerating the pace of investment, we should maintain the level of Normalized IFO margin close to the 2011 level (excluding the impact of the special premium for employees).
Consumer business
BIC APP full year 2012 net sales should be flat to slightly declining on a comparative basis. Due to the benefits of the integration plan, we will be able to maintain normalized IFO margin level close to the 2011 level (excluding the impact of the special premium for employees).
Advertising and Promotional
Products
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Investor Relations Department: +33 (0)1 45 19 52 26 www.bicworld.com
Appendix
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Q1 2012 net sales – main exchange rate evolution vs. euro
Q1 2012 % of sales
Average rate Q111
Average rate Q112 % of change
US Dollar 35% 1.37 1.31 4.0%
Brazilian Real 14% 2.28 2.32 -1.9%
Mexican Peso 5% 16.45 17.00 -3.3%
Canadian dollar 3% 1.35 1.33 1.2%
Australian dollar 2% 1.36 1.24 8.8%
South African Zar 2% 9.57 10.16 -6.1%Non Euro European countries 5%
Sweden 8.86 8.85 0.1%Russia 39.85 39.48 0.9%Poland 3.94 4.22 -7.2%
British Pound 0.85 0.83 2.6%
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Group Quarterly figures
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q111 Q211 Q311 Q411 FY11 Q112
Net Sales 1,562.7 378.3 487.3 492.6 473.3 1,831.5 409.9 476.2 468.2 469.8 1,824.1 445.0
YoY actual changes +10.0% +22.7% +20.4% +18.7% +8.9% +17.2% +8.4% -2.3% -5.0% -0.7% -0.4% +8.6%
YoY changes at constant currencies*
+10.1% +21.6% +12.0% +8.7% +1.6% +10.1% +4.9% +3.5% +0.2% +0.3% +2.1% +7.1%
YoY changes on a comparative basis* -0.6% +8.8% +3.5% +9.6% +2.6% +5.9% +6.6% +4.7% +0.8% +0.6% +3.1% +9.0%
IFO 216.0 47.8 95.0 90.1 71.7 304.6 82.0 92.9 89.8 75.0 339.7 82.4
Normalized IFO* 239.6 53.7 88.7 92.2 80.3 314.9 83.1 102.1 91.0 86.2 362.4 81.3
IFO margin 13.8% 12.6% 19.5% 18.3% 15.2% 16.6% 20.0% 19.5% 19.2% 16.0% 18.6% 18.5%
Normalized IFO margin* 15.3% 14.2% 18.2% 18.7% 17.0% 17.2% 20.3% 21.5% 19.4% 18.3% 19.9% 18.3%
Income before tax 218.7 50.7 93.3 88.6 70.2 302.8 78.3 94.7 96.0 79.9 348.8 84.1
Net Income 151.7 35.4 64.3 61.1 46.6 207.5 53.9 64.6 65.4 54.0 237.9 57.5EPS 3.15 0.73 1.33 1.26 0.96 4.29 1.12 1.35 1.37 1.13 5.00 1.22
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Group Consumer
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 1,274.3 308.6 398.2 399.9 362.3 1,469.0 351.0 407.7 391.6 371.7 1,522.1 384.9
YoY actual changes +12.3% +12.9% +22.5% +13.1% +15.3% +13.8% +2.4% -2.1% +2.6% +3.6% +9.6%
YoY changes at constant currencies*
+10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +2.8% +4.1% +6.0% +8.4%
YoY changes on a comparative basis* +10.3% +4.6% +12.2% +5.2% +7.9% +9.8% +8.0% +3.3% +4.8% +6.3% +10.6%
IFO 192.1 56.4 84.8 81.3 54.6 277.2 85.9 92.4 83.6 58.3 320.3 86.7
Normalized IFO* 209.5 56.7 85.3 81.6 57.9 281.5 85.9 100.9 83.6 67.6 338.1 85.2
IFO margin 15.1% 18.3% 21.3% 20.3% 15.1% 18.9% 24.5% 22.7% 21.4% 15.7% 21.0% 22.5%
Normalized IFO margin* 16.4% 18.4% 21.4% 20.4% 16.0% 19.2% 24.5% 24.7% 21.4% 18.2% 22.2% 22.1%
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Stationery
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 509.6 112.6 173.4 166.8 128.0 580.7 127.7 170.2 160.8 129.7 588.5 138.1
YoY actual changes +12.5% +9.2% +24.2% +9.9% +14.0% +13.4% -1.8% -3.6% +1.4% +1.3% +8.1%
YoY changes at constant currencies*
-2.7% +10.7% +1.9% +14.1% +1.1% +6.7% +9.4% +3.4% +1.5% +4.0% +4.1% +7.7%
YoY changes on a comparative basis*
-2.7% +10.7% +1.9% +14.1% +1.1% +6.7% +9.4% +3.4% +1.5% +4.0% +4.1% +7.7%
IFO 43.3 7.7 28.8 27.6 5.2 69.3 22.1 30.7 21.3 9.3 83.5 23.2
Normalized IFO* 48.9 8.3 29.1 27.7 5.1 70.3 22.1 30.7 21.3 9.3 83.5 22.6
IFO margin 8.5% 6.9% 16.6% 16.5% 4.0% 11.9% 17.3% 18.0% 13.3% 7.2% 14.2% 16.8%
Normalized IFO margin* 9.6% 7.4% 16.8% 16.6% 4.0% 12.1% 17.3% 18.0% 13.3% 7.2% 14.2% 16.3%
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25 25* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 398.9 107.0 119.3 123.5 131.1 480.8 122.9 125.1 124.0 138.9 510.8 136.7
YoY actual changes +5.9% +12.8% +22.3% +26.3% +20.6% +20.5% +14.9% +4.9% +0.4% +6.0% +6.2% +11.2%
YoY changes at constant currencies*
+5.3% +10.4% +11.0% +13.5% +11.4% +11.6% +10.3% +12.0% +5.7% +6.7% +8.6% +9.3%
YoY changes on a comparative basis*
+5.3% +10.4% +11.0% +13.5% +11.4% +11.6% +10.3% +12.0% +5.7% +6.7% +8.6% +9.3%
IFO 127.9 40.9 45.4 45.3 42.0 173.6 50.2 52.1 48.1 49.5 199.8 51.0
Normalized IFO* 135.7 40.7 45.4 45.4 42.6 174.0 50.2 52.1 48.1 49.6 199.9 51.1
IFO margin 32.1% 38.2% 38.1% 36.7% 32.0% 36.1% 40.8% 41.7% 38.8% 35.6% 39.1% 37.3%
Normalized IFO margin* 34.0% 38.0% 38.1% 36.7% 32.5% 36.2% 40.8% 41.7% 38.8% 35.7% 39.1% 37.3%
Lighters
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Shavers
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 268.8 66.4 79.2 84.3 77.8 307.8 76.7 85.2 84.4 81.8 328.2 92.6
YoY actual changes +1.7% +12.8% +11.6% +19.0% +14.3% +14.5% +15.6% +7.6% +0.1% +5.1% +6.6% +20.6%
YoY changes at constant currencies*
+2.4% +10.9% +3.3% +9.1% +7.7% +7.6% +11.9% +13.5% +5.1% +6.5% +9.1% +18.6%
YoY changes on a comparative basis*
+2.4% +10.9% +3.3% +9.1% +7.7% +7.6% +11.9% +13.5% +5.1% +6.5% +9.1% +18.6%
IFO 30.3 10.5 12.3 11.2 7.9 41.9 15.5 16.7 16.7 10.9 59.8 15.1
Normalized IFO* 33.5 10.4 12.4 11.3 9.6 43.6 15.5 16.7 16.7 10.9 59.8 15.1
IFO margin 11.3% 15.8% 15.5% 13.3% 10.2% 13.6% 20.3% 19.6% 19.8% 13.3% 18.2% 16.3%
Normalized IFO margin* 12.5% 15.7% 15.6% 13.4% 12.3% 14.2% 20.3% 19.6% 19.8% 13.3% 18.2% 16.3%
Shavers
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Other Consumer Products
* see glossary
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 97.0 22.6 26.3 25.3 25.5 99.7 23.7 27.2 22.4 21.2 94.5 17.5
YoY actual changes +7.8% +3.3% +8.2% -6.4% +2.7% +4.9% +3.5% -11.6% -16.6% -5.1% -25.9%
YoY changes at constant currencies*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -10.8% -16.2% -5.0% -26.1%
YoY changes on a comparative basis*
+5.4% 0.0% +5.2% -8.3% +0.1% +3.3% +4.3% -2.5% -7.8% -0.5% +5.9%
IFO* -9.4 -2.6 -1.7 -2.8 -0.5 -7.6 -1.9 -7.1 -2.5 -11.3 -22.8 -2.6
Normalized IFO* -8.5 -2.7 -1.6 -2.8 0.6 -6.4 -1.9 1.4 -2.5 -2.1 -5.2 -3.5
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28 28* see glossary
Advertising & Promotional Products (BIC APP)
In million euros FY09 Q110 Q210 Q310 Q410 FY 10 Q1 11 Q211 Q311 Q411 FY11 Q112
Net Sales 288.4 69.7 89.1 92.7 111.0 362.6 58.9 68.4 76.6 98.1 302.0 60.1
YoY actual changes +107.0% +71.8% +4.6% -2.8% +25.7% -15.5% -23.3% -17.4% -11.6% -16.7% +2.1%
YoY changes at constant currencies*
+114.1% +62.8% -4.4% -8.7% +19.8% -16.6% -16.5% -10.9% -11.9% -13.7% -0.7%
YoY changes on a comparative basis*
-3.6% -4.1% -0.4% -5.1% -3.3% -8.8% -11.3% -10.0% -10.8% -10.4% -0.7%
IFO 23.9 -8.6 10.2 8.8 17.1 27.4 -3.9 0.4 6.1 16.7 19.3 -4.2
Normalized IFO* 30.1 -2.9 3.4 10.6 22.4 33.4 -2.9 1.2 7.4 18.5 24.3 -3.9
IFO margin 8.3% -12.3% 11.4% 9.5% 15.4% 7.6% -6.7% 0.6% 8.0% 17.0% 6.4% -7.0%
Normalized IFO margin* 10.4% -4.2% 3.8% 11.4% 20.2% 9.2% -4.9% 1.8% 9.7% 18.9% 8.1% -6.6%
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Q1 2012 Net Sales breakdownby category
Stationery
Lighters
Shavers
Other Products
Advertising & Promotional
Products
31%
31%
21%
14%3%
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Q1 2012 Net Sales breakdownby geography
Europe
North America
Developing Markets
25%
40%
35%
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Miscellaneous
• Capital evolution:
– Authorized share capital at the end of March 2012: 48,108,778 shares
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Glossary
• At constant currencies: Constant currency figures arecalculated by translating the current year figures at prioryear monthly average exchange rates. All net salescategory comments are made at constant currencies orcomparative basis.
• Comparative basis: at constant currencies and constantperimeter. Figures at constant perimeter exclude theimpacts of acquisitions and/or disposals that occurredduring the current year and/or during the previous year, untiltheir anniversary date.
• Normalized IFO: normalized means excludingrestructuring, BIC APP integration plan expenses, gain ondisposal of phone cards activity in France and real estategains..
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2012 Agenda
All dates to be confirmed
2011 Shareholders’ Meeting May 10, 2012 Meeting (BIC headquarters)
2nd Quarter 2012 Results August 2, 2012 Conference Call
3rd Quarter 2012 Results October 24, 2012 Conference Call
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Disclaimer
This document contains forward-looking statements. Although BIC believes itsexpectations are based on reasonable assumptions, these statements are subjectto numerous risks and uncertainties.A description of the risks borne by BIC appears in section “Risks and Opportunities”of BIC Registration Document filed with the French financial markets authority(AMF) on 27 March 2012.