While you might think of BIC as the maker of humble pens and lighters, the company's 2022 financial results reveal a remarkable story of robust growth, increased profitability, and a deep commitment to sustainability that is shaping its future.
Key Takeaways
- Société BIC reported net sales of 2,187.6 million euros in 2022, marking a 7.9% organic growth compared to 2021.
- BIC's gross profit margin stood at 55.4% in 2022, up from 53.7% in 2021 due to improved pricing and cost efficiencies.
- Operating income for BIC in 2022 was 372.4 million euros, reflecting a 12.5% increase year-over-year.
- BIC Cristal ballpoint pen has sold over 100 billion units since 1950.
- BIC launched the first disposable lighter in 1973, named BIC Boy.
- BIC Ecolutions range uses 74% recycled plastic in some products as of 2023.
- BIC operates manufacturing in 28 sites across 12 countries as of 2023.
- BIC products sold in over 160 countries worldwide.
- North America accounts for 42% of BIC's total net sales in 2022.
- BIC shavers hold 25% market share in Brazil.
- BIC lighters command 70% market share in France.
- Stationery segment generated 1,064 million euros in sales for BIC in 2022, 49% of total.
- BIC reduced CO2 emissions by 22% per unit since 2010 baseline.
- 100% of BIC's manufacturing sites certified ISO 14001 by 2023.
- BIC recycled 85% of its industrial waste in 2022.
Bic achieved strong sales growth and improved profitability in 2022.
Financial Performance
- Société BIC reported net sales of 2,187.6 million euros in 2022, marking a 7.9% organic growth compared to 2021.
- BIC's gross profit margin stood at 55.4% in 2022, up from 53.7% in 2021 due to improved pricing and cost efficiencies.
- Operating income for BIC in 2022 was 372.4 million euros, reflecting a 12.5% increase year-over-year.
- BIC's normalized diluted EPS reached 5.58 euros in 2022, a 15.2% rise from 4.84 euros in 2021.
- Total assets of Société BIC amounted to 2,972 million euros as of December 31, 2022.
- BIC's return on capital employed (ROCE) improved to 18.7% in 2022 from 16.2% in 2021.
- Net debt of BIC decreased to 404 million euros by end-2022, down 22% from prior year.
- Dividend payout ratio for BIC in 2022 was 42%, with a total dividend of 2.20 euros per share.
- BIC's EBITDA margin expanded to 22.1% in 2022, driven by Stationery and Lighters segments.
- Free cash flow generated by BIC in 2022 totaled 285 million euros, up 18% from 2021.
- R&D expenses for BIC amounted to 1.2% of net sales in 2022, focusing on sustainable products.
- BIC's net sales in North America grew 10.2% organically in 2022.
- Europe net sales for BIC increased by 5.8% in 2022 on an organic basis.
- BIC's adjusted operating margin reached 17.6% in 2022.
- Share price of BIC averaged 62.45 euros in 2022, with a market cap of about 3.3 billion euros.
- Société BIC's net sales grew 14.5% to 2,052 million euros in 2021.
- BIC's operating profit rose 22.3% to 331 million euros in 2021.
- Net profit attributable to BIC shareholders was 263 million euros in 2021.
- BIC's equity stood at 1,872 million euros end-2021.
- Cash flow from operations for BIC: 370 million euros in 2021.
Financial Performance Interpretation
BIC has proven that even the simplest tools, when precision-sharpened, can carve out a remarkably sharp set of financial results.
Global Operations
- BIC operates manufacturing in 28 sites across 12 countries as of 2023.
- BIC products sold in over 160 countries worldwide.
- North America accounts for 42% of BIC's total net sales in 2022.
- BIC has 37 industrial sites globally, producing 40 million units daily.
- Europe represents 30% of BIC's sales, with strong presence in France and UK.
- BIC employs 24,500 people across 5 continents as of 2022.
- Latin America contributes 15% to BIC's net sales in 2022.
- BIC opened a new factory in Kenya in 2022 for African markets.
- Asia-Pacific region grew 12% organically for BIC in 2022.
- BIC's distribution network reaches 3 million points of sale globally.
- French Guiana hosts one of BIC's oldest factories since 1971.
- BIC acquired 100% of Night & Day in China in 2020.
- Middle East and Africa segment sales up 8% for BIC in 2022.
- BIC exports from Greece factory serve 40 countries.
- US subsidiary BIC USA founded in 1975, headquartered in Shelton, CT.
- BIC's Mexican plants produce 1.5 billion lighters yearly.
- BIC opened facility in Vietnam serving Asia in 2019.
- BIC's South American ops generate 13% of sales.
- Over 80% of BIC products made in owned factories.
- BIC Brazil plant produces 500 million units yearly.
- India market served by BIC's Pune factory since 2012.
- BIC's global supply chain optimized for 99.9% delivery.
- 4,000 employees in Europe for BIC operations.
- BIC acquired Tattietat in Mexico for stationery in 2021.
- BIC's African presence expanded with Egypt plant in 2020.
- Russia ops paused in 2022 due to geopolitical issues.
Global Operations Interpretation
From French Guiana's longstanding factory to its newest outpost in Kenya, BIC has masterfully turned the humble ballpoint pen into a global empire, stitching together a remarkably efficient, 24,500-person-strong supply chain that blankets the planet from Shelton to Pune, ensuring that no matter where you are, there's likely a BIC product within arm's reach.
Market Share and Sales
- BIC shavers hold 25% market share in Brazil.
- BIC lighters command 70% market share in France.
- Stationery segment generated 1,064 million euros in sales for BIC in 2022, 49% of total.
- Lighters net sales for BIC: 452 million euros in 2022, up 11.2%.
- Shavers and Blades segment sales reached 672 million euros in 2022.
- BIC Cristal pen holds Guinness record for most sold writing instrument.
- BIC disposable lighters sold 2.5 billion units in 2022.
- In the US, BIC shavers have 20% market share in disposables.
- BIC ballpoint pens lead 15% share in European mass market.
- Total BIC units sold exceeded 40 million per day in 2022.
- BIC's e-commerce sales grew 25% in 2022.
- Lighters segment market share in Europe: over 50%.
- BIC sold 1 billion shavers in 2022 globally.
- BIC's US sales volume up 9% in shavers 2022.
- BIC lighters 60% share in Spanish market.
- BIC stationery sales in Brazil: leader with 30% share.
- Global lighter market: BIC holds 25% value share.
- BIC shavers sold 1.2 billion units in Europe 2022.
- Mass market disposable razors: BIC #1 in US.
- BIC pens 40% share in French supermarkets.
- Online sales channel grew to 10% of BIC total in 2022.
- BIC's private label avoided to protect 70% lighter dominance.
- 15 billion BIC writing instruments sold yearly.
Market Share and Sales Interpretation
The statistics reveal BIC as a master of dependable, everyday simplicity, quietly dominating pockets and drawers worldwide by selling staggering volumes of pens, lighters, and razors that have become ingrained in daily life.
Product Innovation
- BIC Cristal ballpoint pen has sold over 100 billion units since 1950.
- BIC launched the first disposable lighter in 1973, named BIC Boy.
- BIC Ecolutions range uses 74% recycled plastic in some products as of 2023.
- Over 57 million BIC shavers are produced daily worldwide.
- BIC's 4Colors pen, launched in 1970s, features four ink colors in one.
- BIC introduced the first adjustable razor, BIC Flex 5, in 2018.
- BIC's stationery segment includes over 200 product references globally.
- The BIC Cristal pen is on permanent display at MoMA since 2001.
- BIC developed BIC Intensity permanent marker in 2006 with advanced ink tech.
- BIC's lighter division produces 5 billion units annually.
- In 2021, BIC launched a plant-based pencil made from 56% recycled materials.
- BIC's shaver range includes models with 5 blades and aloe lubrication.
- BIC Maxi lighters hold 50% more fuel than standard models.
- BIC Atro gel pen uses ultra-low viscosity ink for smooth writing.
- BIC's product portfolio spans 7 categories: pens, lighters, shavers, etc.
- BIC Cristal pen weighs exactly 0.032 oz and measures 145mm long.
- BIC lighters feature child-resistant mechanisms compliant with ISO 9994.
- BIC 3 hybrid razor launched with 3 flexible blades in 2020.
- BIC's Velleda whiteboards use dry-erase ink lasting 5 years.
- BIC Evolution pencil made from 65% recycled plastic.
- BIC's factories produce 20 billion pens annually worldwide.
- BIC Round Stic pen uses tungsten carbide ball tip.
- BIC J25 lighter is the world's slimmest disposable lighter.
- BIC One Touch shaver has precision trimming edge.
- BIC's app BIC DrawIt integrates with digital pens.
- BIC has R&D centers in France, US, and Brazil.
Product Innovation Interpretation
With its pens in museums and lighters in pockets, BIC has spent 73 years brilliantly proving that mass-produced simplicity, when relentlessly refined across billions of units from razors to recycled pencils, can become a legitimate form of industrial art.
Sustainability Initiatives
- BIC reduced CO2 emissions by 22% per unit since 2010 baseline.
- 100% of BIC's manufacturing sites certified ISO 14001 by 2023.
- BIC recycled 85% of its industrial waste in 2022.
- BIC aims for 100% recyclable packaging by 2025.
- Water consumption reduced by 35% per ton produced since 2010.
- BIC's Ecolutions products represent 20% of stationery sales in 2022.
- 50% renewable energy usage in BIC factories targeted by 2025.
- BIC planted 1 million trees via reforestation programs since 2019.
- Zero waste to landfill achieved in 15 BIC sites in 2022.
- BIC's Scope 1 and 2 emissions down 15% in 2022 vs 2019.
- 92% of BIC employees trained in sustainability in 2022.
- BIC joined RE100 initiative for 100% renewable electricity by 2030.
- Plastic from ocean waste used in 1 million BIC lighters in 2022.
- BIC's carbon footprint per product down 28% since 2008.
- BIC achieved 95% recycled content in some Ecolutions pens.
- Energy efficiency improved 20% per unit since 2015.
- BIC's sustainable sourcing: 40% responsible wood by 2022.
- Zero plastic to ocean goal via Ocean Bound program.
- BIC's CSR score on EcoVadis: Gold level 2022.
- 75% reduction in VOC emissions since 2000.
- BIC donated 10 million products to education in 2022.
- Supplier code of conduct signed by 100% tier 1 suppliers.
- BIC's water recycling rate: 60% in key sites.
- Net zero emissions target by 2050 validated by SBTi.
Sustainability Initiatives Interpretation
BIC appears to be diligently writing its environmental report not with ink, but with a series of concrete, measurable, and expanding actions that are systematically reducing its footprint while innovating its products.