PARIS (Agefi-Dow Jones)–Maker of stationery, lighters and razors Bic said on Tuesday it expects another year of revenue growth in 2022, after posting a sharp rebound in sales in 2021.
Bic forecasts a growth of 7% to 9% of its turnover at constant exchange rates, of which 1 to 2% will be linked to the acquisition of Inkbox finalized last week. All divisions will contribute to organic growth, Bic said in a statement.
The group is also counting on a free cash flow of more than 200 million euros this year, in accordance with the objectives of its Horizon plan.
Over the past financial year as a whole, the group’s net profit amounted to 314.2 million euros against 93.7 million euros a year earlier. It benefited from exceptional items, in particular the sale of the group’s headquarters in Clichy with a capital gain of 167.7 million euros. Adjusted net income came to 191.7 million euros, compared to 159.4 million euros a year earlier.
Adjusted operating income increased to 279.8 million euros, compared to 229.1 million euros in 2020, representing a margin rate of 15.3%, compared to 14.1% a year earlier.
In the fourth quarter, the adjusted operating margin fell 5.8 points to 7.1%, due to higher costs of materials and sea and air freight and brand support investments. These costs were only partially offset by productivity gains, Bic pointed out.
The group’s turnover amounted to 1.83 billion euros in 2021, up 12.5% on a reported basis and 15.9% at constant exchange rates. Over the past year as a whole, Bic generated net free cash flow before acquisitions and disposals of 205.7 million euros.
Bic had indicated when publishing its third quarter results that it was expecting growth of more than 14%, at constant exchange rates, for the whole year and on a free cash flow of more than 200 millions of euros.
Analysts for their part anticipated an adjusted net profit of 239 million euros, an adjusted operating profit of 296 million euros and a turnover of 1.82 billion euros.
The board of directors will propose at the next general meeting a dividend of 2.15 euros per share, i.e. a payout ratio of 50% and an increase of 19.4% compared to the dividend paid in 2021.
-Francois Schott, Agefi-Dow Jones; +33 (0)1 41 27 47 92; [email protected] ed: ECH
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
February 15, 2022 12:25 ET (17:25 GMT)