SHAREHOLDERS’ LETTER N°41
BIC Group’s Shareholders' Letter of March 2018.
2017 PERFORMANCE
Full Year 2017
(1) Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impacts of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date.
Full Year 2017 on a comparative basis(1) (in %)
(1) Comparative basis: at constant currencies and constant perimeter. Figures at constant perimeter exclude the impacts of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date.
In % of Net Sales
(2) Normalized: means excluding non-recurring items (for more information, please refer to the 2017 Annual Results press release).
(3) Excluding the special bonus awarded to employees who were not granted shares under BIC performance share plan.
As of December 31, 2017 (% of capital)
(4) Treasury shares temporaly without voting rights
2018 OUTLOOK
We expect 2018 Group Net Sales to increase between +1 and +3% on a comparative basis, with all categories contributing to the growth. Major factors affecting sales performance could include continued competitive pressures in Shaver, further inventory reductions from retailers, and continued softness in the Brazilian economy.
Gross Profit will be impacted by an increase in raw material costs, higher depreciation, while we will continue to invest in targeted Brand Support and Operating Expenses.
2018 Normalized Income from Operations will also be impacted by sales performance. Based on these factors we expect Normalized Income from Operations margin to be between 17% and 18%.
NEWS
2018 NEW PRODUCTS

- Wide, round, and unique design barrel in a sunny color.
- Medium 1.0mm point gives average line width of 0.32mm.
- Retractable ball pen
- Choice of four fashion colors in an all-in-one pen: new flashy orange and yellow colors and pink and purple.
Available in Europe

- Mini size
- Pre-adjusted flame
- Available in eight different designs
- Built with proven BIC quality
- Child-resistant safety guard Conform ISO 9994
Available in Europe

- 2-in-1: A shaver with five moveable blades for closeness and a smooth silky shave,
- Two moisture bars with Shea Butter for added glide; no shave cream needed,
- Handle shape allows a comfortable hold in hand, with two soft grip areas for better control even with wet hands in the shower.
Available in the United States