• ●1944

• ●1950

• ●1953

• ●1954

• ●1956

• ●1957

• ●1958

• ●1969

• ●1972

• ●1973

• ●1975

• ●1981

• ●1992

• ●1994

• ●1997

• ●2004

• ●2006

• ●2007

• ●2008

• ●2009

• ●2010

• ●2011

• ●2012

• ●2013

• ●2014

• ●2015

• ●2016

• ●2017

• ●2018

• ●2019

• ●2020

• ●2021

• ●2022

• ●2023

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For over 75 years, BIC® has met consumer needs and desires with high quality, simple, and affordable products and has become one of the most recognized global consumer goods brands, with products sold in more than 160 countries. Our vision is to bring simplicity and joy to everyday life, as we seek to create a sense of ease and delight in the millions of moments that make up the human experience.

Over time, the Group faced rapidly-changing industries and consumption trends affecting its three categories, as consumers habits and their interaction with brands continuously evolved. BIC’s mission to offer high quality products to consumers everywhere and meet their fast-changing needs, drove the Group's transformation from a manufacturing and distribution-led company into a consumer-centric one.

BIC’s Horizon strategy was launched in November 2020 to spur an in-depth transformation of BIC’s business and create the innovative products and services of tomorrow with more focus on consumer needs and sustainability. The goal was not only to amplify our core capabilities, but to go beyond them into higher-growth adjacent segments to ensure long-term sustainable growth and profitability. Horizon is embedded in the Group’s everyday operations and strategic goals.

As part of this transformation, BIC reframed its three core categories through a heightened consumer lens to tap into a stronger growth trajectory:

• ●in Stationery, BIC evolved its focus to “Human Expression”, responding to shifting consumer habits and expanding into the faster-growing Creative and Digital Expression markets;
• ●in Lighters, BIC expanded to “Flame for Life”, focusing on all consumer lighting occasions, including those non-related to tobacco, and driving towards a more balanced model between volume and value. Flame for Life is intended to drive incremental growth and maintain profitability, powered by trade-up and personalization, innovation, and a push toward sustainability;
• ●in Shavers, BIC decided to capitalize on its assets, ground-breaking innovation and manufacturing capabilities to leverage its “Blade Excellence” with the objective to maximize these assets by building a selective new business – named BIC Blade-Tech – as a high precision blade manufacturer for other brands.

Embedded in BIC’s Horizon Plan are the following strategic and financial targets:

At our Investor Update on September 11, 2023, we outlined how our Horizon Plan has shaped the future of our business and accelerated sustainable, profitable growth since its launch in November 2020. 

Confirming the following Horizon objectives by year-end 2025: 

• ●annual net sales: growth of 5-7% at constant currencies; 
• ●adjusted EBIT margin: approx. 150bps improvement from the 2022 level of 14.0%;
• ●free cash flow: above €220 million in 2024, above €240 million in 2025(2).

During 2023, we made great progress on our 2025 strategic goals:

Deliver more Sustainable Growth 

• ●We reinforced our marketing capabilities and innovative campaigns to drive category growth. In the US, EZ Reach utility pocket lighters reached 5.8% of market share in value, up +0.4 points fueled by strong distribution and in-store visibility in the Modern Mass market. In the Blade Excellence division, our latest shaver innovations Easy Rinse and Soleil Escape both outpaced the market and gained a combined total of 1.8 pts in value share.
• ●Innovation continued to flourish, with 9.5% of sales coming from new products introduced in the last three years, up 0.5 pts versus last year. The number of patents granted, one of our input indicators which reflects our innovation pipeline, remains strong and in line with our Horizon aspirations. 
• ●We continued to focus on expanding our presence both offline and online. eCommerce online sales represented 12.7% of the Group’s net sales in 2023, growing 13% at constant currency driven by the B2B channel in key countries notably US, France and Brazil.
• ●In line with our Revenue Growth Management discipline, our strategic emphasis on crafting a consumer-focused product lineup led to a Net Sales per SKU growth of 21.4% and a 9% reduction of total SKU count, outpacing our objectives. The resulting price and mix benefit successfully outpaced volume and inflation headwinds.

• ●Our B2B business BIC Blade Tech was impacted by clients’ revised business plans. However, in the fourth quarter it secured agreements with three new clients. These partnerships are promising and are expected to bear fruit in 2024. Additionally, we have reached an agreement with our largest customer to test additional product launches in 2024.

Execute Operating Efficiencies

• ●We continued to drive excellence in procurement in 2023. We delivered additional direct and indirect savings mainly driven by plastics and packaging value engineering, as well as electricity hedging in France. This contributed, in part, to our strong gross profit margin improvement of 240 basis points in 2023.
• ●After a strong start in 2022, we intensified our efforts in value engineering, identifying close to €10 million of savings validated to date. 

Capture Cash Every Day 

• ●Free cash flow in 2023 was strong at €248.7 million driven by strong operational performance coupled with an improved working capital control.
• ●Faster cash collection improved our accounts receivables in days (DSO), in addition to better inventory optimization that ensured strong customer services.

BIC is one of the leading players in the stationery, lighter, and shaver markets. Guided by our long-term vision, we provide high-quality, affordable products to consumers everywhere. This consistent focus has helped make BIC® one of the world’s most recognized consumer products goods companies, with products sold in more than 160 countries.

BIC’s Horizon strategic plan launched in November 2020, aimed at driving sustainable growth by reframing our three categories to expand our total addressable markets in fast-growing segments.

In line with its Horizon strategy, BIC’s historical Stationery category evolved towards “Human Expression” to go beyond core Writing Instruments into Creative and Digital Expression. BIC constantly innovates to further strengthen its presence in both existing and adjacent segments.

Human Expression encompasses Writing and Coloring Instruments, Creative Expression which includes Arts and Crafts, Skin Creative and Digital Expression. Human Expression is a mid- single-digit growth market, which should reach c.52 billion euros by 2026 (5).

Since the launch of the BIC® Cristal® pen in 1950, BIC has continuously diversified its Stationery product range through more added-value products and innovative launches and with an increased focus on sustainability, simplicity and joy.

To name a few in the last three years, BIC launched BIC® Break-Resistant, a mechanical pencil with lead that is 75% stronger than the leading U.S. competitor, a BIC® Ecolutions Gel Pen made of 78% ocean-bound plastic, anti-bacterial pen BIC® Clic Stic® PrevaGuard™ a new coloring range called Intensity, its first rechargeable metallic ball pen BIC® Cristal® Re’New™. In 2020, BIC acquired Rocketbook® the leading brand in Reusable Digital Notebooks. In 2022, BIC diversified further its brand portfolio, with the acquisition of Inkbox, the leading brand of high quality semi-permanent tattoos (high-quality 10-14 days decals), and Tattly, a U.S. startup innovating in the field of high-quality temporary decals (2-4 days), which will diversify BIC’s offering in the rapidly growing Skin Creative market. In the Digital Writing segment, BIC acquired AMI (Advanced Magnetic Interaction), a French innovative startup. AMI will strengthen BIC’s R&D capabilities in Digital Expression.

In 2023, BIC’s global product portfolio included writing, marking (classic, permanent and temporary tattoo markers), correction, coloring, drawing instruments, semi-permanent tattoo, and smart reusable notebooks.

BIC’s historical market Writing and Coloring Instruments amounted to 20.3 billion (6) euros in 2022. The Category is expected to grow at around 4.0% CAGR 2022-2026(7) driven by the rising demand from developing countries and innovation which will fuel growth in the Developed countries. Although the market remains highly fragmented, with many local players and family-owned businesses, it is dominated by three players (BIC, Newell Brands and Pilot) with each recording an estimated market share of over 5%. In 2022, BIC attained the #2 global manufacturer position with 8.2% market share, benefiting from good positions in both Developed and Developing Markets.

Over the years, BIC strengthened its presence in Writing and Coloring Instruments’ market through innovative launches enabling market share gains in key countries, whether it be in core writing instruments or in added-value segments. In 2023, BIC notably gained share in the Coloring segment in France, the UK and the US.

(In value – Euromonitor 2022)

Although BIC’s portfolio is currently concentrated in historical core Writing Instruments segments, the Group’s ambition is to shift towards more added-value and adjacent segmentswhich are in growing. In 2023, 23% of Human Expression Net Sales came from the Creative and Digital Expression segments.

The Arts and Crafts market is a large market experiencing mid-single-digit growth (estimated at 10.9 billion euros in 2022) (8). The market is expected to grow by 3% (CAGR 2021 – 2026) thanks to the increasing demand of both kids’ and teens’ market as well as from adults asking for more creativity. Kids’ crafts account for more than 50% of the total. It includes a variety of sub-segments including Finger-painting, Watercolors, Kits, Crafting Accessories, Modeling Clay and Slime .

The Skin Creative market estimated at 7.7 billion euros includes the permanent tattoos and the “Do it Yourself” Skin Creative segments. The fast-growing “Do it Yourself” Skin Creative segment includes temporary tattoo markers, temporary decals, henna tattoos and semi-permanent tattoos. It is expected to exceed 1.3 billion euros in 2035, powered by the increasing desire of young consumers to be more fluid with their appearance and to express themselves using their body as a changeable canvas. Market players are mostly non-branded small companies:

• ●BIC entered the Skin creative market in 2018 through the launch of Bodymark®, an innovative temporary tattoo marker to address consumers’ attitudes shift towards self-expression, individuality and creativity;
• ●the acquisition of Inkbox in 2022 elevates BIC to a leadership position in the Do-It-Yourself Skin Creative industry (high-quality 10-14 days decals) and further enhances the Group’s existing portfolio of recognized consumer products, where different brands address diverse types of consumer groups. With its unique ability to customize, Inkbox further strengthens BIC’s DTC business and reinforces existing digital and social media engagement capabilities;
• ●in August 2022, the Group acquired Tattly, a U.S. startup innovating in the field of small high-quality 2-4 days decals, diversifying BIC’s offering in the rapidly growing Skin Creative market and particularly in the kids’ segment.

The Digital Writing market was estimated at 6.4 billion euros in 2022 (1). As technology is improving and becoming more affordable, this market should grow by 6% CAGR 2021-2026(1) to weigh above 8 billion euros. It encompasses four main sub-segments: reusable notebooks, smart pens, slate tablets, and stylus for tablets:

• ●BIC’s entered into Digital Writing through the acquisition of Rocketbook® in 2020, the leading smart and reusable notebook brand in the U.S.;
• ●in 2022, BIC strengthened its R&D capabilities in Digital Writing with the acquisition of AMI (Advanced Magnetic Interaction), a French company specialized in the augmented interaction technology. AMI has designed the ISKN Repaper digital tablet, which allows users to capture paper writing and drawing in an electronic format;
• ●in 2023, BIC launched new products in its Rocketbook range.

BIC was built on the amazing power of its Brand, which is one of the world’s most popular household names. Over time, other brands have been added to our portfolio, most of them using BIC as an umbrella to drive attractiveness and consumer engagement, including Tipp-ex®, Wite-Out® and, more recently BodyMark® by BIC.

With Horizon, BIC started to migrate to a “house brands” strategy, where each brand has a different meaning for consumers. The acquisitions of Rocketbook and more recently Inkbox and Tattly further strengthens this approach. BIC’s Human Expression division now offers a diversified panorama of brands, where consumers can each see themselves reflected and find their “own” brand favorites.

Echoing its historical strategy “A BIC seen is a BIC sold”, BIC’s mission is to offer products available to consumers every day and everywhere.

BIC products are sold through a comprehensive range of channels worldwide as the Group pursues its objective to be an omnichannel specialist both offline and online. Products can be found in retail mass-market distributors, eCommerce channels (pure players, market places, B2B and B2C omnichannel retailers), traditional stores and Office Product suppliers (through contract or office superstores).

In the retail mass-market channel, Back-to-School season remains a key period. BIC offers consumers a tremendous range of school and college products through numerous displays, theatralization (for example the iconic school bus display in Europe) and merchandising tools.

Office and school supply companies remains a critical distribution channel where BIC has a strong position thanks to the quality, reliability and value for money positioning of its product, all even more important for companies, administrations and schools.

In the last few years, BIC strengthened its distribution network by reinforcing its e-commerce positions. In 2023, BIC maintained its leading positions in Stationery online in key markets: the Group ranked number 1 in France with 21% market share, number 2 in the UK with 21% market share, and number 3 in the U.S. with almost 14% market share (in value YTD December 2023).

In line with its Horizon strategy, BIC’s historical Lighter category evolved to “Flame for Life”, focusing on all lighting occasions. Flame for Life aims to balance volume with a more value-driven model, powered by trade-ups, personalization and innovation, to respond to changing consumer trends, while focusing more on sustainability.

The worldwide pocket lighter market is estimated at 13.4 billion units (€4.9 billion in value) (9).

(BIC estimates – in value)

BIC is #1 worldwide in branded pocket lighters in value, with more than a 50% share in value in 2022 (excluding Asia) and leading positions in key geographies including North America, Latin America and Europe. The competitive advantages supporting BIC’s leadership position include safety, quality, strong brand awareness, automated and highly efficient manufacturing processes, and a solid distribution network.

(BIC Estimates)

BIC is well-known for providing safe, high quality and compliant lighters to consumers worldwide. A lighter is a plastic reservoir filled with pressurized gas that is lit by a flame. It can present a real danger if it is not designed and manufactured properly. The consequences can be severe and are often unknown to consumers. International Safety Standards protect consumers from unsafe lighters.

Two key standards apply to pocket lighters:

• ●international lighter safety standard ISO 9994, which sets out the basic safety requirements for a lighter. ISO 9994 is mandatory in major markets such as Canada (1989), Russia (2000), Brazil (2002), South Africa (2002), Argentina (2003), Thailand (2003), Mexico (2004), South Korea (2005), the 27 European Union member states (2006), Japan (2011), Indonesia (2011) and Turkey (2012);
• ●child-resistant requirements. A child-resistant lighter is purposely modified to make it more difficult to operate by children. Under this standard, the basic requirement is that a lighter cannot be operated by at least 85% of children under 51 months. Child-resistant legislation is mandatory in major countries such as the U.S. (1994), Canada (1995), Australia (1997), New Zealand (1999), the 27 members of the European Union (2006), Japan (2011), South Korea (2012) and Mexico (2016).

All too often, low-cost lighters too often fail to comply with safety standards. Since the late 1980s, lighter models imported from Asian countries have gained market share. They currently account for over half of the global market (in volume).

BIC has been defending its position in this competitive landscape since its creation and advocates for enhanced lighter safety and quality. BIC® lighters comply with even more stringent safety, quality, and performance requirements. For example, the gas reservoirs of BIC® lighters are made from POM (PolyOxyMethylene), a high-performance resin with very high impact resistance. This means that BIC® lighters contain more gas, allowing more ignitions thanks to their wall’s thinness. They are also filled with pure isobutane, which ensures the flame’s stability throughout the lighter’s life.

BIC offers a wide range of high-quality Pocket and Utility lighters manufactured with the highest safety standards.

While BIC’s shift to balance more volume with value in the model for its Lighter business started years ago, this was accelerated with the launch of the Horizon Plan. More recently the following developments were made to support this transformation:

• ●the acquisition of Djeep in June 2020, which strengthened BIC’s portfolio in the added-value segment of decorated lighters;
• ●the launch of BIC EZ Reach™, BIC’s first pocket Utility lighter, in July 2020. The product has already reached 5.8% of the U.S. pocket lighter market (Source: IRI YTD December 2023). In Europe, The EZ Reach™ lighter which was launched into most major markets in Europe accounted for almost 20% of total division’s growth versus last year;
• ●the deployment of Revenue Growth Management strategy to drive efficiency in promotional and pricing activities.

In 2023, added-value lighters, including BIC® EZ Reach™, Djeep®, utility and decorated lighters, represented 35% of BIC’s total Lighter Net Sales.

An important pillar of BIC’s Flame for Life strategy is to drive growth by expanding to all flame occasions through incremental usages, as lighters have extensive non-smoking-related usages among different consumer activities. For the last six years, BIC lighter teams have undertaken extensive research to deepen their knowledge of the different flame usages. One of the main findings confirmed that candles and cooking are the most important non-tobacco-related flame usages in developed and developing regions (Ipsos study – October 2021). These lighting occasions represent a growth opportunity for BIC, well-positioned to answer the usages non-related to tobacco thanks to the strength of its brand.

BIC® lighters are sold through traditional distribution channels (such as convenience stores and tobacconists), retail mass-market distribution stores, and online in the United States. Online and offline, in-store visibility is key to driving impulse purchases, and part of BIC’s historical strategy “A BIC seen is a BIC sold”.

In the traditional channel, which is the leading channel for lighters, BIC has strong positions driven by full-distribution based on efficient routes-to-market, and relevant customer and consumer programs driving value to the business: BIC offers a large range of decorated lighters as well as bringing new products to market such as BIC® EZ Reach™, addressing everyday needs while generating impulse instore purchases.

In the mass-market channel, BIC focuses on relentless store visibility based on a multi-location presence in store: at the check-out but also throughout affinity aisles such as candle and barbecue.

In e-commerce, in 2023, BIC continued to expand its BIC.com website in the U.S., driven by the “Design my BIC” offer, enabling consumers to create sets of personalized lighters. They can also find appealing special editions, monochrome sets and brand-new series of lighters.

BIC’s Blade Excellence division focuses on reinforcing its one-piece business with consumer-driven and sustainable added-value products and capitalizing on our advanced R&D and manufacturing capabilities through the creation of BIC Blade-Tech, the Group’s B2B business for the wet shave market.

The wet shave market was about 12.5 billion euros in 2022 and accounted for around 49% of the hair removal segment (10) in value. The estimate 2022-2026 CAGR (11) for Total Wet-Shave market is +7.6%.

(Euromonitor – 2022- In value)

The Wet-Shave market is split into three product segments: double-edge, one-piece and refillable. On the highly competitive environment of the one-piece and refillable segments, growth is mostly driven by new products which offer improved performance and added features. A constant ability to innovate is key to maintain a leadership position. With that objective, BIC has made the shift towards premiumization to gain market share on value-added segments, while keeping BIC’s strength in offering products at the right value.

The global landscape is dominated by three legacy brands (Gillette, BIC®, Edgewell) though over the last decade “disruptors”, primarily in the U.S. launching as direct-to-consumer brands, have emerged. While such brands have expanded presence by securing distribution in brick and mortar, they are not directly competing with BIC given their refillable segment focus.

BIC is the #3 worldwide player, with almost 7%(12) of the total wet shave segment. In the non-refillable segment (disposable), BIC ranks #2 worldwide with a 23.7% market share (13). The Group holds key positions in Europe, in the United States and in Latin America.

In the 1970s, BIC revolutionized wet shaving when it launched the first one-piece shaver: the single blade “classic”.

Over the last decade and supported by the implementation of the Horizon strategy, BIC has focused its innovation, sales and marketing efforts on the high performance three, four, and five-blade sub-segments, offering thus a complete range of female and male products:

• ●for Men: BIC® 3, BIC® Comfort 3®, BIC® Easy/Hybrid 3-blade, BIC® Flex range, and BIC® Flex Hybrid range;
• ●for Women: BIC® Pure 3® Lady, BIC® Soleil® range including Bella®, Glow®, Balance and Miss Soleil; BIC® Soleil Escape, BIC® Click Soleil 5;
• ●for Men and Women: at the end of 2022, BIC launched BIC® EasyRinse online in the U.S. market, a new razor for men and women featuring a first-of-its-kind blade design and patented anti-clog technology. This new product has been rolled out throughout 2023, in stores in the U.S.

In 2023, 64% of Blade Excellence Net Sales was generated with added-value products.

In line with Horizon strategy, BIC also innovates with new products centered on sustainability and tailored to consumer evolving trends. As such, BIC recently launched:

• ●an innovative hybrid shaver range in Europe in 2021 made with recycled plastic handles and sold with recyclable packaging;
• ●BIC® Click Soleil 5 in 2022: a razor for women with a handle made from 40% recycled material and co-developed with the raw material supplier Avient.

With Horizon, BIC created BIC Blade-Tech, aimed at leveraging BIC’s leadership position as a high precision manufacturer to power other brands and thus expand our addressable market, in the wet shavers category, estimated to reach 14.9 billion euros for 2025 (14). A team including a commercial sales force dedicated to this new business, was created in 2021. BIC Blade-Tech started to ship its first customers, including both new and already established brands, in September 2021. In 2023, our B2B business BIC Blade Tech was impacted by clients’ revised business plans. However, in the fourth quarter it secured agreements with three new clients. These partnerships are promising and are expected to bear fruit in 2024. 

These include various strategic and tactical operations:

• ●DAPE 74 Distribution, which sells to tobacco shops in France;
• ●BIC® and non-BIC®-branded products: these include batteries and a line of shaving preps, all of which are designed to grow the BIC® Brand in key markets;
• ●advertising and promotional products in Europe.

BIC maintains a proactive approach to identify, assess, mitigate, monitor and manage key risks that could impact:

• ●employees, customers, shareholders’ interest, assets, environment or reputation;
• ●ability to achieve its targets and strategy;
• ●ability to stay true to its values; and
• ●ability to comply with laws and regulations including codes of ethics.

The assessment of the main risks takes into account the control measures implemented to reduce the risk (net or residual risk).

The risk factors set forth below regard matters that could have an adverse effect, including a material one, on our business, financial condition, results of operations and cash flows. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, results of operations and cash flows.

BIC has taken a series of measures to mitigate the risks as described in Section 2.2 Description and mitigation of main risk factors, Section 2.3 Vigilance Plan and Section 2.4.4 Insurance - Coverage of risks, as well as in Chapter 3.

Additionally, a description of the risk management system can be found in Section 2.4. Risk management and internal control procedures implemented by the Company and Insurance.

The Group continues to closely monitor and mitigate the impact of geopolitical tensions and wars on our people and operations globally. The Group has no industrial presence in Russia and Ukraine. In 2023, Russia and Ukraine accounted for less than 3% total BIC Net Sales.

BIC does not manufacture product in or directly sources raw material from Russia. At this time, BIC has restricted its product range to cover essential grooming, writing, and household items only, such as lighters, and has paused all advertising, promotion, and capital investment in Russia. As the situation evolves, we will continue to monitor and comply with any new regulatory decisions, such as sanctions, and remain diligent in protecting our team members in the region. BIC maintains complete control of its brand and intellectual property in Russia to counter any potential moves for brand appropriation.

Please refer to risks related to “Supply Chain and Production”.

The French Law no. 2017-399 of March 27, 2017, on the duty of vigilance of parent companies (“the Vigilance Law”) applies to French companies employing, for at least two consecutive years, at least 5,000 employees including in their direct or indirect subsidiaries whose registered office is located in France or at least 10,000 employees including in their direct or indirect subsidiaries whose registered office is located in France or abroad.

In accordance with the Vigilance Law, and with Article L. 225-102-4 of the French Commercial Code, BIC implemented, through its Vigilance Plan, the necessary due diligence measures to identify, as an obligation of means, risks and preventive measures relating to the following themes:

• ●Human Rights and Fundamental Freedoms infringements;
• ●Health and Safety hazards; and
• ●Environmental damage.

Major risks which are targeted may arise from:

• ●BIC Group activities, which may include activities of the Group’s parent company, and subsidiaries controlled directly or indirectly by BIC within the meaning of Article L. 233-16 of the French Commercial Code (the “Subsidiaries”); and
• ●Third-Party Risks related to the activities of its subcontractors and suppliers with whom Group companies have an “established business relationship” (1).

For the purposes of this section, the Group complies with the principles outlined in Part II of the Risk Management and Internal Control Systems – Reference Framework updated in July 2010 by the Working Group chaired by Olivier Poupart-Lafarge and established by the AMF. This represents a partial adoption of the full text that also provides an Application Guide for internal control procedures for the accounting and financial information published by the issuer.

The related specific control activities are the responsibility of the local subsidiaries. Those subsidiaries continuously adapt them in response to current circumstances, drawing guidance from the Group Accounting and Controllers’ Manuals. The Application Guide has not been formally compared to existing procedures and processes, but the Group does not expect material differences given the similarities between the Application Guide and these two manuals.

Risk management encompasses a set of resources, behaviors, procedures and actions that are tailored to the characteristics of the Company and its employees while observing legal requirements.

Risk represents the possibility of an event occurring that may affect:

• ●the Company’s ability to achieve its business goals and core strategy;
• ●the Company’s ability to abide by its values, ethics, laws and regulations;
• ●the Company’s personnel, assets, environment, financials, or reputation.

Risk management also helps to:

• ●maintain and protect the Company’s value, assets and reputation;
• ●safeguard the Company’s decision-making and processes to achieve its objectives;
• ●ensure that the Company’s actions are consistent with its values.

The risk management process also incorporates the definition of internal control company-wide to ensure that:

• ●the Company remains in full compliance with evolving laws and regulations, and operates with the highest level of ethical business standards;
• ●the instructions and guidelines issued by Executive Management are followed;
• ●the Company’s internal processes remain effective and continuously improve, particularly those involving the protection of its assets. Assets are understood to be both tangible and intangible (know-how, brand, image or reputation) and are used throughout existing Company processes;
• ●financial information is reliable.

BIC’s internal controls are designed to provide reasonable assurance on:

• ●compliance with all applicable laws and regulations governing the Company and its daily operation;
• ●providing ongoing communication and guidance to employees to ensure they understand the full scope of their responsibilities and expected contributions to the Company;
• ●providing guidance for operational, industrial, commercial and financial processes;
• ●producing reliable financial statements (2). The reliability of such information depends on the quality of the associated internal control procedures and system (see reporting procedures Section 2.4.2.4 Internal Control procedures) including:
  • ●the segregation of duties principle, enabling a clear separation between input, operating and retention duties,
  • ●guidance regarding the identification of the source of the information and materials produced,
  • ●transactions recorded in accordance with applicable accounting standards.

Risk management and internal control, as defined in this report, apply to SOCIÉTÉ BIC as Group parent company and all Group consolidated entities.

The internal controls in place have been designed for all entities to reflect:

• ●the existing organization;
• ●the objectives set out by the Board of Directors and the Executive Committee (see Section 2.4.3 Risk Management and Internal Control Participants, Specific Structure(s) in Charge/Respective Roles and Interactions); and
• ●compliance with laws and regulations.

Supporting principles and systems have been set up in all relevant areas and subsidiaries, considering local specificities and regulations. These principles are also known to and followed by the various centralized Group departments.

The Risk Management principles also apply to any entity joining the Group. Whenever possible, the Group asks its subcontractors and suppliers to also comply with these principles.

Risk management and internal control systems have inherent limitations and cannot provide an absolute guarantee that the Company’s objectives will be met. Despite the control measures we currently have in place, our systems and those of our third-party service providers are subject to the ever-changing risk of compromised security, acts of vandalism, human errors and other unforeseen events.

Moreover, any time a control activity is to be implemented, the comparative cost/benefit must be considered, ensuring reasonable coverage of the necessary controls.

General characteristics of BIC’S sustainability reporting

To help its readers better understand the information provided, BIC covers the items required by French executive order No. 2017-1265 of August 9, 2017 (1) in the following chapters of its management report:

In 2020, BIC released its first Climate-Related Performance Report based on the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). This report is now part of Section  3.2.1, and its sections are therefore structured as suggested by the TCFD.

BIC identifies information expressly required in the Non-Financial Performance Statement with the initials [NFPS] and [NFPS Risk X]. The Group also includes all the action plans related to its Sustainable Development Program, including those that do not directly help prevent or reduce a major risk. The Group has, however, reorganized this chapter to give precedence to the information directly related to the Non-Financial Performance Statement.

In 2022, BIC decided to start aligning the structure of its Non-Financial Performance Statement with the upcoming Corporate Sustainability Reporting Directive’s (CSRD) Sustainability reporting standards, hence Chapter 3’s new outline.

A summary table of the Non-Financial Performance Statement can also be found in Section  3.5.1.

Main CSR risks and opportunities are outlined in Section  3.1.3.

Launched in 2003, BIC’s Sustainable Development Program continues to evolve and addresses major environmental and human issues as well as stakeholder expectations. It also benefits from advances in R&D, innovation, and evolutions in the Group’s operations.

Since 2018, the program has been guided by the five ambitious commitments that make up “Writing the Future, Together”. In 2020, this program was reinforced with additional commitments on its use of plastic. Furthermore, in 2022, BIC announced its Greenhouse Gas (GHG) emission reduction targets.

In 2017, BIC defined ambitious commitments that enable the Group to create value over the long term for all stakeholders. They are based on the principles of its sustainable development Program – materiality assessments and the UN Sustainable Development Goals – and on regulatory requirements, consultations with stakeholders, and lessons drawn from regular benchmarking.

This vision is defined in its “Writing the Future, Together” program. It is driven by BIC’s ambition for sustainability (see Section  3.1.1.2) and comprises five commitments which are an integral part of the Group’s strategic Horizon plan.