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Vilmorin & Cie SA (0HJC.L)

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55.00+2.20 (+4.17%)
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Previous close52.80
Open53.90
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52-week range53.90 - 55.00
Volume774
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Market cap1.254B
Beta (5Y monthly)0.87
PE ratio (TTM)19.04
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  • Globe Newswire

    VILMORIN & CIE: JOINT ANNUAL GENERAL MEETING 2020

    A DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO DISTRIBUTE RESULTS              APPROVAL OF THE FINANCIAL STATEMENTS FOR 2019-2020 Bearing in mind the health crisis and in accordance with the provisions of decree No. 2020-1497 of December 2, 2020, the Joint Annual General Meeting of Vilmorin & Cie's Shareholders was held exceptionally in camera, without the physical presence of the shareholders, on Friday December 11, 2020, under the chairmanship of Sébastien VIDAL, Vilmorin & Cie's Chairman and CEO. The Shareholders were able to follow the full proceedings of the Annual General Meeting directly by teleconference. In order to foster shareholder dialogue, the Shareholders also had the opportunity to ask questions directly during the Annual General Meeting.A replay of the Meeting (in French) is freely available on the website www.vilmorincie.com, on the home page, and in the section Publications / Annual General Meeting.Shareholders were invited to vote before the Annual General Meeting. The number of Shareholders voting for the Ordinary part came to 654, which is 88.83% of the total shares with voting rights and 93.29% of the existing voting rights. For the Extraordinary part, the number of Shareholders voting was 653, which is 88.83% of the total shares with voting rights and 93.29% of the existing voting rights. APPROVAL OF THE FINANCIAL STATEMENTS FOR 2019-2020 Vilmorin & Cie's Joint Annual General Meeting approved the financial statements for fiscal year 2019-2020, posting sales of 1,435.2 million euros, a significant increase of 3.2 % with current data. Vilmorin & Cie posted growth in all its activities, whether in Vegetable Seeds, Field Seeds or Garden Products, and in all its geographical regions. Due to its strategic nature, Vilmorin & Cie's activity was not significantly affected by the health crisis. Sales for Vegetable Seeds for fiscal year 2019-2020 came to 705.5 million euros, an increase of 2.6% with current data compared with the previous fiscal year. Vilmorin & Cie posted truly fine performances for several of its strategic global crops (tomato, sweet pepper, hot pepper, cauliflower and carrot), and for crops intended for the canning and freezing market (sweet corn, bean and pea). Business was particularly dynamic in North America, whereas fortunes in Asia were mixed. At the end of the fiscal year, Vilmorin & Cie confirmed its position as No. 1 worldwide for vegetable seeds. In 2019-2020, Field Seeds made sales of 677 million euros, an increase of 4.2% with current data compared with 2018-2019, confirming a solid performance at the end of the fiscal year. In Europe, in spite of a drop in sunflower seeds, Vilmorin & Cie achieved a satisfactory commercial campaign, with a good performance in corn and a very high-quality year in rapeseed, resulting in market share gains. In the development regions (South America, Asia and Africa), Vilmorin & Cie posted a very marked growth in sales, particularly in South America, both in Brazil and Argentina.             As for the total net income, it came to 67.5 million euros, a decrease of 10.5 million euros compared with the previous fiscal year, which had nevertheless recorded several non-recurring positive items1. Excluding these items, it posted a marked increase of more than 12%.      Therefore, in spite of the unprecedented lack of visibility which marked the second semester, Vilmorin & Cie achieved quality performances for fiscal year 2019-2020. The Company can thus confirm both the resilience of its activity in the context of the global health crisis and the robustness of its development model.Moreover, Vilmorin & Cie pursued the deployment of its strategy, which focuses on three foundations: strong, continuous investment in research, strong internationalization of its activities, and the capacity to combine targeted acquisitions and partnerships. A DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO DISTRIBUTE RESULTS The General Meeting of Shareholders fixed the dividend at 1 euro per share. Even though it is lower in nominal value compared with the previous fiscal year, this dividend demonstrates Vilmorin & Cie's intention to pursue its policy to distribute results, bearing in mind the resilience of its activity as demonstrated in the context of the global health crisis. This dividend corresponds to a pay-out rate of 34.6%, compared to 41.9% in 2019. Dividends will be detached as of today, with payment on December 16, 2020. CONFIRMATION OF THE OUTLOOK FOR 2020-2021 Vilmorin & Cie confirmed its objectives in terms of sales and current operating margin for fiscal year 2020-2021. These objectives correspond to an increase in consolidated sales of at least 3% on a like-for-like basis, and a current operating margin rate of close to 8%, including research investment that should be higher than 265 million euros.Finally, Vilmorin & Cie is aiming for a contribution from associated companies – mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds) of about 22 million euros. It should be noted that at the end of the first quarter for fiscal year 2020-20212, Vilmorin & Cie posted sales of 234.4 million euros, a sustained increase representing +6.7% on a like-for-like basis. On the basis of the information available to date, these trends were confirmed over the beginning of the second quarter 2020-2021. The objectives set for 2020-2021 should enable Vilmorin & Cie to continue the growth of its activities, while continuing to deliver solid financial performances, in a resolutely buoyant seeds market, whose strategic nature has been reaffirmed by the health crisis. As the first link in the food chain, seeds will ensure tomorrow's food security. APPROVAL OF THE RESOLUTIONS All the resolutions submitted to the vote of the Shareholders were approved, with the exception of the twenty-third resolution, which proposed delegation to the Board of Directors to proceed with an increase in capital stock reserved for employees. The Board of Directors made no voting recommendation on this resolution, as the employees already benefit from other forms of profit-sharing in the results.   Appointment of Séverine DARSONVILLE as Member of the Board The Annual General Meeting appointed Ms. Séverine DARSONVILLE as Member of the Board, for a period of three years3, to replace Ms. Mary DUPONT-MADINIER whose term of office, which expired at the end of the Annual General Meeting, was not proposed for renewal in compliance with the by-laws concerning the age limit of Members of the Board. A farmer, Séverine DARSONVILLE has been a Member of the Board of Limagrain since 2012; she has held several mandates within the Group's different activities. Since June 2019, she has also been Chairwoman of Vegepolys Valley, the global competitiveness cluster for plants.She also represents the Group on the Board of Directors of Vetagro Sup, an educational and research institute for veterinary doctors, agronomic engineers and health inspectors. Finally, she represents the Agricultural Cooperation on the Executive Committee of the High Council for Agricultural Cooperation (HCCA). Appointment of Benoist DE SAINT LAGER, representing Bpifrance Participations, as Member of the Board The Annual General Meeting appointed Mr. Benoist DE SAINT LAGER, representing Bpifrance Participations, as Member of the Board, for a period of three years, i.e. until the end of the Annual General Meeting of Shareholders called to approve the financial statements for the fiscal year ending June 30, 2023.This appointment is the result of the entry of Bpifrance Participations into Vilmorin & Cie's capital stock, in October 2020, with the acquisition of a stake of 5.71%4. After acquiring a stake in the capital of Limagrain, Vilmorin & Cie's reference shareholder, in March 20105, Bpifrance has thus confirmed its strategic commitment to Vilmorin & Cie and has become the second largest shareholder, alongside Limagrain. This operation recognizes the strategic nature of seeds, and materializes Bpifrance's desire to pursue the partnership initiated ten years ago, in support of the deployment of Vilmorin & Cie's strategy. You can consult a presentation, detailed results of the votes and a replay of the Annual General Meeting in French on the website www.vilmorincie.com COMING DISCLOSURES AND EVENTS Monday December 14, 2020: Detachment of the dividendsWednesday December 16, 2020: Payment of the dividendsWednesday March 3, 2021(1): Sales and results for the first semester 2020-2021Thursday May 6, 2021(1): Sales at the end of the third quarter 2020-2021Monday August 2, 2021(1): Sales for fiscal year 2020-2021Wednesday October 13, 2021(1): Results for fiscal year 2020-2021Friday December 10, 2021: Annual General Meeting of Shareholders  Dates provided as an indication only, and liable to be changed (1) Disclosure after trading on the Paris stock market. FOR ANY FURTHER INFORMATION  Olivier FALUTChief Financial Officerolivier.falut@vilmorincie.com Valérie MONSÉRATHead of Financial Communication and Investor Relationsvalerie.monserat@vilmorincie.com Tel: + 33 (0)4 73 63 44 85www.vilmorincie.com Vilmorin & Cie, the 4th largest seed company in the world, develops vegetable and field seeds with high added value, contributing to meeting global food requirements. A multi-crop seed company, every year Vilmorin & Cie brings around 300 new varieties to market to meet the needs of all diverse types of agriculture and allow farmers to produce better and produce more. Accompanied by its reference shareholder Limagrain, both an agricultural cooperative owned by French farmers and an international seed group, Vilmorin & Cie’s strategy for growth relies on research and international development to durably strengthen its market shares, on resilient world markets. True, since its origins in 1743, to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, perseverance and cooperation.    APPENDIX:GLOSSARY Like-for-like data Like-for-like data is data that is restated for constant scope and currency translation. Financial data for 2019-2020 is restated with the average rate for fiscal year 2020-2021, and any other changes to the consolidation scope, in order to be comparable with data for fiscal year 2020-2021.The variation in the consolidated scope comes from the disposal of the Garden Products division's business in Turkey, finalized at the end of fiscal year 2019-2020. Current data Current data is data expressed at the historical currency exchange rate for the period, and without adjustment for any changes in scope. Research investment Research investment refers to gross research expenditure before recording any research costs as fixed assetsand research tax relief. Current operating margin The current operating margin is defined as the accounting operating margin restated for any impairment and reorganization costs. 1 These items mainly concerned capital gains from the reorganization of the biotechnology research company Biogemma, and profit from the disposal of industrial plant devoted to the production of corn seeds in Hungary. The net income for 2018-2019 also included a revaluation profit of 11 million euros as a result of the financial and legal reorganization of Seed Co's international business (Africa. Field Seeds). 2 Cf. Vilmorin & Cie's press release of November 2, 2020. 3 Expiring at the end of the Annual General Meeting of Shareholders called to approve the financial statements for the fiscal year ending June 30, 2023. 4 Cf. Vilmorin & Cie's press release of October 14, 2020. 5 Operation achieved through the FSI - Strategic Investment Fund, today Bpifrance Participations.     Attachment CP post-AG_2020_VCO_GB

  • Globe Newswire

    SALES ON SEPTEMBER 30, 2020

    SUSTAINED SALES GROWTH FOR THE FIRST QUARTER 2020-2021: +6.7% ON A LIKE-FOR-LIKE BASIS CONFIRMATION OF OBJECTIVES FOR 2020-2021               Vilmorin & Cie’s consolidated sales for the first quarter of 2020-2021, closing on September 30, 2020, corresponding to revenue from ordinary activities, stood at 234.4 million euros, up 6.7% on a like-for-like basis and 1.1% with current data. In millions of euros2019-20202020-2021Variationwith current dataVariationon a like-for-like basisSales at the end of the first quarter231.9234.4+1.1%+6.7%Vegetable Seeds108.6104.8-3.5%+2.2%Field Seeds116.1120.5+3.8%+9.5%Garden Products and Holdings7.39.1+24.9%+28.7% Consolidated financial information is established in compliance with the IFRS (International Financial Reporting Standards) reference, as applied by the European Union on September 30, 2020. SALES FOR THE FIRST QUARTER 2020-2021 Vegetable Seeds division: growth in line with objectives, at the end of a quarter marked by fluctuating currency rates       Sales for the Vegetable Seeds division stood at 104.8 million euros, down 3.5% compared to the same period of the previous fiscal year, as a result of the unfavorable evolution of foreign currency against the euro. Restated for the effect of foreign currency, Vegetable Seeds sales increased by 2.2%. Over the course of the first quarter, Vilmorin & Cie posted a fine increase in the sales of several strategic crops, foremost of which were cauliflower, bean and lettuce. In terms of geographical regions, this increase in sales was strong in several territories, with a very good performance in the Americas, particularly South America. Sales also grew at a good level in Europe, particularly in Western Europe, while in Asia, sales were penalized by unfavorable weather conditions, particularly in India and China, as well as by a few one-off shortages in seed availability. In line with the previous fiscal year, the Covid-19 health crisis did not have a significant impact on business, despite persistent uncertainties. Thus, at the end of a quarter that is still not very representative of the fiscal year, the Vegetable Seeds division is continuing to grow in markets which confirm their resilience. Consequently, Vilmorin & Cie can confirm its sales growth objective for this activity for fiscal year 2020-2021, i.e. an increase of at least 3% on a like-for-like basis compared to 2019-2020. Field Seeds division: a strong increase for the start of the fiscal year, driven by the excellent momentum of business in South America Sales for the Field Seeds division for the first quarter reached 120.5 million euros, an increase of 9.5 % on a like-for-like basis, and 3.8% with current data. §  In Europe, the commercial campaign for rapeseed posted a very high level of growth, in a declining market: indeed, acreages were considerably reduced in most countries, the sowing period being affected by drought. Vilmorin & Cie continues to gain market shares. This quality performance is essentially due, as in previous campaigns, to an extremely high technical performance product portfolio, the result of Vilmorin & Cie's research efforts. Moreover, the first part of the commercial campaign for straw cereal seeds (wheat, barley) recorded a marked drop in sales, mainly because of postponed orders. Sales of forage and amenity grass seeds, which complement the commercial offer in Europe, rose significantly compared to the previous fiscal year. §  In South America, sales increased very sharply, both in Brazil and in Argentina. In Brazil, within agricultural markets that were globally dynamic despite the continuing Covid-19 health crisis, sales posted very marked growth. Sales for the first corn campaign in Brazil (safra) rose sharply, against a backdrop of an anticipated slight decline in cultivated acreage devoted to this crop. Order books for the second corn campaign (safrinha), for which acreage is expected to be stable compared to the previous fiscal year, are looking very satisfactory. In addition, in Argentina, business grew particularly fast, with a strong increase in volumes sold in corn seeds, confirming the successful integration of the company Sursem, acquired in December 2018. Vilmorin & Cie is thus strengthening its commercial presence on this major market for field seeds, which is little affected by the very tense economic situation in the country. §  For the coming commercial spring campaign, procurement of corn seeds is nearly complete, both in Europe and North America. It has been marked by difficulties for certain European and North American production because of the weather conditions. Their impacts will be covered by the use of safety inventories. On the basis of the above, Vilmorin & Cie reaffirms its objective to increase its Field Seeds sales for fiscal year 2020-2021, with growth of at least 3% on a like-for-like basis compared with the previous fiscal year. OUTLOOK FOR 2020-2021: CONFIRMATION OF OBJECTIVES FOR BUSINESS GROWTH OF AT LEAST 3%(1) AND OF A CURRENT OPERATING MARGIN RATE OF CLOSE TO 8% (1) On a like-for-like basis Consolidated sales for the first quarter in recent years have represented on average around 15% of sales for the year. Fiscal year 2020-2021 should allow Vilmorin & Cie to continue to strengthen its competitive positions, confirming the resilience of its business in market conditions that will very probably still lack visibility, as a result of the likely continuation of the global health crisis. In this context, and on the basis of business figures at the end of this first quarter, Vilmorin & Cie can confirm its objectives in terms of sales and current operating margin for fiscal year 2020-2021. These objectives correspond to an increase in consolidated sales of at least 3% on a like-for-like basis, and a current operating margin rate of close to 8%, including research investment which should be higher than 265 million euros. Finally, Vilmorin & Cie is aiming for a contribution from its associated companies – mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds) of around 22 million euros. PREPARATION OF THE JOINT ANNUAL GENERAL MEETING FOR 2020 The preparatory documents for the Joint Annual General Meeting of Shareholders to be held on December 11, 2020 can be consulted in French on the company’s website (www.vilmorincie.com, section "Publications", then "Assemblée Générale” and “Documents préparatoires à l’Assemblée Générale”) or requested from the Corporate Finance Department. As a result of the health crisis, and in compliance with the measures taken by the French government, the Joint Annual General Meeting of December 11, 2020 will be held exceptionally in camera, without the physical presence of the shareholders. Nevertheless, shareholders will be able to follow the proceedings of the Annual General Meeting by teleconference, in accordance with the conditions presented in the notice to attend, and on the Vilmorin & Cie website (www.vilmorincie.com, in the section "Publications", then "Assemblée Générale”). COMING DISCLOSURES AND EVENTS Friday December 11, 2020: Annual General Meeting of Shareholders Monday December 14, 2020: Detachment of the dividendsWednesday December 16, 2020: Payment of the dividendsWednesday March 3, 2021(1): Sales and results for the first semester 2020-2021Thursday May 6, 2021(1): Sales at the end of the third quarter 2020-2021Monday August 2, 2021(1): Sales for fiscal year 2020-2021Wednesday October 13, 2021(1): Results for fiscal year 2020-2021 Dates provided as an indication only, and liable to be changed. (1) Disclosure after trading on the Paris stock market. FOR ANY FURTHER INFORMATION  Olivier FALUTChief Financial Officerolivier.falut@vilmorincie.com Valérie MONSÉRATHead of Financial Communication and Investor Relationsvalerie.monserat@vilmorincie.com Tel.: +33 473 634 485www.vilmorincie.com Vilmorin & Cie, the 4th largest seed company in the world, develops vegetable and field seeds with high added value, contributing to meeting global food requirements. A multi-crop seed company, every year Vilmorin & Cie brings around 300 new varieties to market to meet the needs of all diverse types of agriculture and allow farmers to produce better and produce more. Accompanied by its reference shareholder Limagrain, both an agricultural cooperative owned by French farmers and an international seed group, Vilmorin & Cie’s strategy for growth relies on research and international development to durably strengthen its market shares, on resilient world markets. True, since its origins in 1743, to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, perseverance and cooperation. You can consult the presentation of sales at the end of the first quarter 2020-2021 on the website www.vilmorincie.com, on the homepage. APPENDIX 1:SALES FOR THE FIRST QUARTER 2020-2021 AND EVOLUTION COMPARED TO 2019-2020 In millions of euros2019-20202020-2021Variationwith current dataVariationon a like-for-like basis   of which:         Impact ofcurrencyImpact of scopeFirst quarter231.9234.4+1.1%+6.7%-12.2-0.2Vegetable Seeds108.6104.8-3.5%+2.2%-6.10.0Field Seeds116.1120.5+3.8%+9.5%-6.00.0Garden Products and Holdings7.39.1+24.9%+28.7%-0.1-0.2 APPENDIX 2: GLOSSARY ·Like-for-like data Like-for-like data is data that is restated for constant scope and currency translation. Financial data for 2019-2020 is restated with the average rate for fiscal year 2020-2021, and any other changes to the consolidation scope, in order to be comparable with data for fiscal year 2020-2021.             The variation in the consolidated scope comes from the disposal of the Garden Products division's business in Turkey, finalized at the end of fiscal year 2019-2020. ·Current dataCurrent data is data expressed at the historical currency exchange rate for the period, and without adjustment for any changes in scope. ·Research investmentResearch investment refers to gross research expenditure before recording any research costs and research tax relief as fixed assets. ·Current operating marginThe current operating margin is defined as the accounting operating margin restated for any impairment and reorganization costs. Attachment CP CA T1 2020-2021_GB

  • Globe Newswire

    RESULTS FOR THE FISCAL YEAR ON JUNE 30, 2020

    VILMORIN & CIE ACHIEVES QUALITY PERFORMANCES AT THE END OF A FISCAL YEAR THAT CONFIRMS THE RESILIENCE OF ITS ACTIVITY CONFIRMATION OF BPIFRANCE'S STRATEGIC COMMITMENT TO VILMORIN & CIE OUTLOOK FOR 2020-2021: BUSINESS GROWTH OBJECTIVE OF AT LEAST 3%* AND OF A CURRENT OPERATING MARGIN RATE CLOSE TO 8%      * On a like-for-like basis SOLID RESULTS FOR FISCAL YEAR 2019-2020 WHEN COMPARED WITH 2018-2019, WHICH WAS MARKED BY NON-RECURRING POSITIVE ITEMS The consolidated financial statements for 2019-2020, closing on June 30, 2020, were approved by the      Vilmorin & Cie Board at its meeting of October 14, 2020. The Statutory Auditors have examined this annual financial information with no particular comments or reservations to make in their conclusions. In millions of euros2018-2019published2018-2019restated(1)2019-2020Variationwith current datavs 2018-2019 restatedSales for the year1,390.71,390.71,435.2+3.2%EBITDA321.8347.6347.9+0.3 M€Operating income111.0114.6109.8-4.8 M€Income from associated companies26.026.017.9-8.1 M€Financial income-45.0-48.4-53.3-4.9 M€Income taxes            Of which: Current taxesDeferred taxes -14.1 -22.78.6-14.2 -22.78.5-6.9 -11.04.1+7.3 M€ +11.7 M€-4.4 M€Consolidated net income77.978.067.5-10.5 M€Group share of net income73.974.066.2-7.8 M€ (1) Concerns the application of the standard IFRS 16. The consolidated financial information has been established in compliance with the IFRS reference (International Financial Reporting Standards), as applied by the European Union on June 30, 2020. The accounting methods and principles adopted in the consolidated financial statements on June 30, 2020 have changed compared with June 30, 2019 in order to account for the first application of the standard IFRS 16.No changes in accounting methods or estimates affecting the yearly consolidated financial statements of Vilmorin & Cie were made by Vilmorin & Cie during fiscal year 2019-2020.NB: The data presented hereafter for 2018-2019, and any variations compared with the data for 2018-2019 are restated for the application of the standard IFRS 16. Consolidated sales(1), corresponding to revenue from ordinary activities for fiscal year 2019-2020, came to 1,435.2 million euros, a significant increase of 3.2% with current data compared to the previous fiscal year. After taking into account the cost of destruction and depreciation of inventory, the margin on the cost of goods stood at 49.8%, an increase of 1 percentage point compared with 2018-2019.Net operating charges came to 604.4 million euros, as opposed to 564.1 million euros on June 30, 2019.In compliance with its strategic orientations, Vilmorin & Cie continued its research programs in 2019-2020, both in terms of conventional plant breeding and biotechnologies.Total research investment came to 260.2 million euros as opposed to 241.5 million euros in 2018-2019 and now represents 16.7% of seeds activity sales intended for the professional markets, integrating the activities of the North American company AgReliant, held 50%. Consequently, the consolidated operating income stood at 109.8 million euros, slightly down compared to the previous fiscal year (114.6 million euros), resulting in a recorded operating margin of 7.7%, a decrease of 0.5 percentage points compared with 2018-2019. The current operating margin came to 7.8%, down 0.8 percentage points compared with the previous fiscal year. Nevertheless, it should be noted that in 2018-2019, the current operating margin rate accounted for several non-recurring operating items(2) for a total net amount estimated to stand at 7 million euros, i.e. 0.5 percentage points. The share of income from associated companies came to 17.9 million euros, including in particular AgReliant and the African seed companies Seed Co Ltd (Zimbabwe) and Seed Co International (Botswana). In 2018-2019, it stood at 26 million euros and included a revaluation profit of 11 million euros as a result of the financial and legal reorganization of Seed Co's international businesses. If this item is excluded from the comparison, the contribution from associated companies increased by 19%. The financial income showed a net charge of 53.3 million euros compared with 48.4 million euros in 2018-2019, a decrease of 4.9 million euros, including 3.4 million euros in funding costs, since there was full impact over fiscal year 2019-2020 of the funding of the acquisition of the companies Geneze and Sursem (South America. Field Seeds). Other financial income and charges, down 1.5 million euros, account for net exchange losses of 20.2 million euros, an increase of 11.6 million euros, since the health crisis had an unfavorable impact on the group's hedging operations.Partial compensation for this deterioration, 8.6 million euros, was achieved by recording non-recurring income of 3.3 million euros in 2019-2020 from the change in functional currency (from the Argentine peso to the US dollar) for the Argentinian companies, whereas fiscal year 2018-2019 included a charge of 5.3 million euros for the restatement of hyperinflation In Argentina. The net charge of income taxes came to 6.9 million euros as against 14.2 million euros in 2018-2019. This reflects a decrease of the net current tax charge, which amounted to 11 million euros compared with 22.7 million euros the previous year. Finally, the total net income came to 67.5 million euros, down 10.5 million euros compared with the previous fiscal year. If the non-recurring operating items for fiscal year 2018-2019 are excluded, and also the above-mentioned revaluation profit, it nevertheless shows a marked increase of more than 12%. The group's share of net income stood at 66.2 million euros. Compared with the previous fiscal year, the balance sheet structure on June 30, 2020 was marked by an increase in the net indebtedness to equity ratio (a gearing of 76% compared to 69% on June 30, 2019), due in particular to the operations to purchase minority interests and an unfavorable evolution of currency reserves in the context of strong devaluation of certain currencies on June 30, 2020. Net of cash and cash equivalents (235.2 million euros), total net financial indebtedness came to 933.5 million euros on June 30, 2020 compared with 911.5 million euros on June 30, 2019. The share of non-current financial indebtedness stood at 600 million euros.The group's share of equity stood at 1,214.8 million euros and minority interests at 15 million euros. With these figures, leverage on June 30, 2020 stood at 2.7 compared with 2.6 on June 30, 2019. (1) Cf. Vilmorin & Cie press release published on August 3, 2020.(2) Cf. Vilmorin & Cie press release published on October 15, 2019. The non-recurring operating items of fiscal year 2018-2019 particularly concerned capital gains from the reorganization of the biotechnology research company Biogemma, and profit on the disposal of industrial plant devoted to corn seed production in Hungary. DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO DISTRIBUTE PROFITS The Board of Vilmorin & Cie has decided to propose to the Annual General Meeting of Shareholders of December 11, 2020 a dividend of 1 euro per share. Even though this is lower in nominal value than the previous fiscal year, this dividend confirms Vilmorin & Cie's intention to pursue its policy to distribute profits, bearing in mind the resilience of its activity as demonstrated in the context of the global health crisis. This dividend corresponds to a pay-out rate of 34.6%, compared to 42% in 2019. Dividends will be detached on December 14, 2020, with payment on December 16, 2020. NEWS: BPIFRANCE CONFIRMS ITS STRATEGIC COMMITMENT TO VILMORIN & CIE AND BECOMES THE 2ND LARGEST SHAREHOLDER ALONGSIDE LIMAGRAIN Vilmorin & Cie announces today that Bpifrance Participations has acquired a stake in its capital. Bpifrance is now a shareholder at the level of Vilmorin & Cie, after acquiring a stake in the capital of Limagrain, Vilmorin & Cie's reference shareholder, in March 2010(1). It should be recalled that this investment was made through a capital stock increase of Groupe Limagrain Holding (GLH) - Limagrain's lead holding company - and the issue by GLH of bonds redeemable as Vilmorin & Cie shares. In 2016, Bpifrance extended this partnership, formalized through a shareholders' agreement(2). The operation was finalized today through the early conversion(3) of redeemable bonds into Vilmorin & Cie shares held by Bpifrance, representing 3.9% of Vilmorin & Cie's capital stock, as well as through the additional sale by Limagrain(4) of 1.81% of Vilmorin & Cie shares. Directly holding a stake of 5.71%, Bpifrance has thus become the second largest shareholder in Vilmorin & Cie, alongside Limagrain, and will now have a position on the Board of Directors(5). The operation has been structured through the framework of a new shareholders' agreement between Vilmorin & Cie, Limagrain and Bpifrance. This operation recognizes the strategic character of seeds, and materializes Bpifrance's desire to pursue the partnership initiated ten years ago in support of the deployment of Vilmorin & Cie's strategy. Since 2010, Bpifrance has thus contributed both financially and strategically to the intensification of Vilmorin & Cie's organic growth, to its strategy of targeted acquisitions, and to the launch of the internationalization of its Field Seeds positions (corn and wheat), beyond Europe and North America.Bpifrance today confirms its strategic commitment to Vilmorin & Cie, around reaffirmed priorities: research, international development, partnerships and targeted acquisitions. This partnership with Bpifrance will notably contribute to addressing the new challenges facing Vilmorin & Cie, in particular the acceleration of the development of Vegetable Seeds in Asia and the intensification of the international deployment of Field Seeds, from already-existing bases all over the world, with a strong focus on Africa. (1) Operation achieved through the SIF - Strategic Investment Fund, today Bpifrance Participations. (2) This agreement may be consulted on the AMF website: www.amf-france.org. (3) Conversion on October 14, 2020, instead of March 2021 as stipulated in the shareholders' agreement. (4) Following this operation, Limagrain now holds a total 70.18% in Vilmorin & Cie's capital stock.(5) Subject to approval of the corresponding resolution at the Annual General Meeting of Shareholders on December 11, 2020. OUTLOOK FOR 2020-2021: OBJECTIVE OF AT LEAST 3%(1) IN BUSINESS GROWTH AND OF A CURRENT OPERATING MARGIN RATE CLOSE TO 8% (1) On a like-for-like basis Fiscal year 2019-2020 was characterized by an environment of uncertain markets, made even more complex by the global health crisis, both for Vegetable Seeds and Field Seeds. In spite of this context, Vilmorin & Cie is nevertheless managing to post growth in all its activities, demonstrating the resilience of its model and potential for development. In Vegetable Seeds, thanks to a fiscal year with marked growth, Vilmorin & Cie can confirm its position as No. 1 worldwide, illustrating the pertinence of its strategy, combining innovation and proximity to markets. In Field Seeds, the fiscal year was marked by significant business progression, particularly in development regions.Moreover, Vilmorin & Cie pursued the deployment of its strategic orientations, particularly in terms of investment in research and development throughout the world, on professional markets for agriculture and vegetable production. Fiscal year 2020-2021 should allow Vilmorin & Cie to continue to strengthen its competitive positions in market conditions that will probably remain uncertain and lack visibility as a result of the probable continuation of the global health crisis. Vilmorin & Cie will continue to strengthen its investments in research and development, particularly in upstream technologies, while remaining on the look-out for any external growth opportunity that fits in with its strategic challenges. For fiscal year 2020-2021, Vilmorin & Cie is fixing the objective of achieving an increase in its consolidated sales of at least 3% on a like-for-like basis, a figure that also corresponds to the growth targeted both for Vegetable Seeds and for Field Seeds. Moreover, Vilmorin & Cie has set the objective of achieving a current operating margin rate close to 8%. This margin will take into account research investment that should be above 265 million euros, balanced in its spread between Vegetable Seeds and Field Seeds. Finally, Vilmorin & Cie is aiming for a contribution from its associated companies – mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds) of around 22 million euros. The objectives set for 2020-2021 should enable Vilmorin & Cie to continue the growth of its activities while continuing to deliver solid financial performances, in a resolutely buoyant seeds market, whose strategic nature has been reaffirmed by the health crisis. As the first link in the food chain, seeds will ensure tomorrow's food security.Vilmorin & Cie will thus be able to consolidate its position as the world's fourth largest seed company, while confirming its capacity to offer resilient development prospects in the short, medium and long term. COMING DISCLOSURES AND EVENTSMonday November 2, 2020(1) : Sales at the end of the 1st quarter for fiscal year 2020-2021Friday December 11, 2020 : Annual General Meeting of ShareholdersMonday December 14, 2020: Detachment of the dividendsWednesday December 16, 2020: Payment of the dividends Dates provided as an indication only, and liable to be changed. (1) Disclosure after trading on the Paris stock market. FOR ANY FURTHER INFORMATION  Olivier FALUTChief Financial Officerolivier.falut@vilmorincie.com Valérie MONSÉRATHead of Financial Communication and Investor Relationsvalerie.monserat@vilmorincie.com Tel: + 33 (0)4 73 63 44 85www.vilmorincie.com Vilmorin & Cie, the 4th largest seed company in the world, develops vegetable and field seeds with high added value, contributing to meeting global food requirements. A multi-crop seed company, every year Vilmorin & Cie brings about 300 new varieties to market to meet the needs of all diverse types of agriculture and allow farmers to produce better and produce more. Accompanied by its reference shareholder Limagrain, both an agricultural cooperative owned by French farmers and an international seed group, Vilmorin & Cie’s strategy for growth relies on strong, sustained investments in research and international development to durably strengthen its market shares, on resilient world markets. True, since its origins in 1743, to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, perseverance and cooperation. You can consult a presentation of the results for 2019-2020 on the home page of the website www.vilmorincie.com, APPENDIX 1:SALES FOR FISCAL YEAR 2019-2020AND EVOLUTION PER QUARTER AND PER ACTIVITY In millions of euros2018-20192019-2020Variationwith current dataVariationon a like-for-like basisOf which: Impact ofcurrencyImpact of scopeFirst quarter207.5231.9+11.8 %+5.2 %+1.8+11.2Vegetable Seeds103.4108.6+5.0 %+2.8 %+2.20.0Field Seeds96.5116.1+20.3 %+7.9 %-0.4+11.6Garden Products and Holdings7.67.3-4.9 %+0.1 %0.0-0.4Second quarter252.9258.9+2.3 %+0.2 %+1.8+3.7Vegetable Seeds135.8139.8+3.0 %+1.2 %+2.40.0Field Seeds112.6112.8+0.2 %-2.6 %-0.6+3.8Garden Products and Holdings4.66.2+35.6 %+37.7 %0.0-0.1Third quarter541.4571.4+5.5 %+5.6 %+0.6-1.4Vegetable Seeds198.7215.8+8.6 % +8.2 %+0.70.0Field Seeds317.4333.2+5.0 %+5.3 %-0.1-1.0Garden Products and Holdings25.322.4-11.4 %-9.9 %0.0-0.4Fourth quarter388.9373.0-4.1 %-1.4 %-10.7+0.3Vegetable Seeds249.5241.3-3.3 % -1.6 %-4.40.0Field Seeds123.5115.0-6.9 %-2.7 %-6.2+0.8Garden Products and Holdings15.816.8+5.9 %+10.8 %-0.1-0.5Sales for the year1 390.71 435.2+3.2 % +2.7 %-6.5+13.8Vegetable Seeds687.5705.5+2.6 %+2.5 %+1.00.0Field Seeds649.9677.0+4.2 %+2.9 %-7.3+15.2Garden Products and Holdings53.452.7-1.3 %+1.7 %-0.2-1.4 APPENDIX 2:CONSOLIDATED INCOME STATEMENT In millions of euros19-2018-19Restated (1)Published■           Revenue from ordinary activities1 435.21 390.71 390.7Cost of goods sold-721.0-712.0-712.0Marketing and sales costs-201.0-199.0-199.0Research and development costs-216.2-199.5-199.5Administrative and general costs-192.8-189.2-189.2Other operating income and charges5.623.620.0■           Operating income109.8114.6111.0Profit from associated companies17.926.026.0Interest costs-33.7-30.3-30.4Other financial income and charges -19.6-18.1-14.6Income taxes-6.9-14.2-14.1■           Profit from continuing operations67.578.077.9■           Profit from discontinued operations---■           Net income for the period67.578.077.9Attributable to the controlling company66.274.073.9Attributable to the non-controlling minority1.34.04.0    Earnings from continuing operations per share – attributable to controlling company2.893.233.23Earnings from discontinued operations per share – attributable to controlling company---Earnings for the period per share – attributable to controlling company2.893.233.23    Diluted earnings from continuing operations per share – attributable to controlling company2.893.053.05Diluted earnings from discontinued operations per share – attributable to controlling company---Diluted earnings for the period per share – attributable to controlling company2.893.053.05 (1) Concerns the application of the standard IFRS 16. APPENDIX 3:DETAILS OF THE GAINS AND LOSSES FOR THE FISCAL YEAR In millions of euros19-2018-19Restated (1)PublishedIncome for the period67.578.077.9Variation in currency translations-39.0-20.3-20.3Variation in the fair value of assets available for sale---Variation in the fair value of forward cover instruments-1.4-2.3-2.3Change in method---Impact of taxes0.40.50.5Items that might be reclassified to profit or loss-40.0-22.1-22.1Variation in the fair value of forward cover instruments-1.81.81.8Actuarial losses and gains-8.5-3.9-3.9Impact of taxes3.2-0.4-0.4Items not to be reclassified to profit or loss-7.1-2.5-2.5Other items in the total gains and losses for the period net of taxes-47.1-24.6-24.6Total gains and losses for the period20.453.453.3> of which attributable to controlling company20.550.850.7> of which attributable to non-controlling minority-0.12.62.6 (1) Concerns the application of the standard IFRS 16. APPENDIX 4:FINANCIAL PROGRESS REPORT    Assets In millions of euros06.30.2006.30.19Restated (1)PublishedGoodwill434.9434.8434.8Other intangible fixed assets737.7739.5739.5Tangible fixed assets288.9292.4292.8Right-of-use leased assets(1)63.268.7 Non-current financial assets34.529.929.9Equity shares349.9349.1349.1Deferred taxes24.925.023.8■           Total non-current assets1 934.01 939.41 869.9Inventories528.7533.7533.7Trade receivables and other receivables494.1526.7526.7Cash and cash equivalents235.2248.7248.7■           Total current assets1 258.01 309.11 309.1Total assets3 192.03 248.53 179.0 Liabilities In millions of euros06.30.2006.30.19Restated (1)PublishedShare capital349.5349.5349.5Reserves and income865.3883.8886.4■      Equity – controlling company1 214.81 233.31 235.9■      Equity – non-controlling company15.087.988.0■      Consolidated equity1 229.81 321.21 323.9Provisions for employee benefits69.161.761.7Non-current financial debts600.0964.0964.4Non-current lease obligations(1)46.252.1 Deferred taxes93.199.399.1■      Total non-current liabilities808.41 177.11 125.2Other provisions 18.315.215.2Accounts payable513.1489.4489.4Deferred income29.329.029.0Current financial debts572.9196.2196.3Current lease obligations(1)20.220.4 ■           Total current liabilities1 153.8750.2729.9Total liabilities3 192.03 248.53 179.0 (1) Concerns the application of the standard IFRS 16. APPENDIX 5:VARIATION IN CONSOLIDATED EQUITY In millions of eurosAttributable to controlling companyAttributable to non-controlling minoritiesTotalCapitalPremiumsIncome and other reservesCurrency translation reservesTotal07.01.18317.7332.4596.7-51.81 195.0109.71 304.7IFRS16 application impacts ---2.90.1-2.7-0.1-2.807.01.18 restated317.7332.4593.8-51.71 192.2109.61 301.8Other items of the global income net of taxes---4.2-19.0-23.2-1.4-24.6Net income--74.0-74.04.078.0Global income for the fiscal year--69.8-19.050.82.653.4Variation in treasury shares--0.1-0.1-0.1Dividends paid out---28.0--28.0-2.6-30.6Variations in scope---1.1--1.1--1.1Variation in the capital stock of the parent company31.8-31.8-----Variation in the capital stock of the subsidiaries---4.4--4.40.1-4.3Variation in the minorities share--5.28.413.6-21.9-8.3Bonds redeemable as shares-------Impact of hyperinflationary currency adjustments--11.2-11.20.111.3Reclassifications---3.53.5---Others---1.1--1.1--1.106.30.19 restated349.5300.6642.0-58.81 233.387.91 321.2Other items of the global income net of taxes---8.1-37.6-45.7-1.4-47.1Net income--66.2-66.21.367.5Global income for the fiscal year--58.1-37.620.5-0.120.4Variation in treasury shares-------Dividends paid out---31.0--31.0-1.1-32.1Variations in scope-------Variation in the capital stock of the parent company-------Variation in the capital stock of the subsidiaries---3.9--3.90.7-3.2Variation in the minorities share--3.4-3.3-72.3-69.0Bonds redeemable as shares-------Impact of hyperinflationary currency adjustments--2.3-2.3-2.3Impact of adjustments related to the change in functional currency---9.6--9.6-0.1-9.7Reclassifications--0.3-0.3---Others---0.1--0.1--0.106.30.20349.5300.6661.4-96.71 214.815.01 229.8 APPENDIX 6:GLOSSARY Like-for-like dataLike-for-like data is data that is restated for constant scope and currency translation. Financial data for 2018-2019 is restated with the average rate for fiscal year 2019-2020, and any other changes to the consolidation scope, in order to be comparable with data for fiscal year 2019-2020. The variation in consolidation scope comes from the acquisition of the companies Sursem and Geneze (South America. Field Seeds) finalized in December 2018 and the disposal of the company Van Den Berg (Netherlands. Garden Products) in June 2019. Current dataCurrent data is data expressed at the historical currency exchange rate for the period, and without adjustment for any changes in scope. EBITDAThe EBITDA is defined as the operating result to which are added any provisions for depreciation, amortization and impairment. Research investmentResearch investment refers to gross research expenditure before recording any research costs as fixed assets and research tax relief. Gearing Gearing is defined as the ratio comparing the net financial debt(1) to the equity(2). LeverageLeverage is defined as the ratio comparing net financial debt(1) to EBITDA. Current operating marginThe current operating margin is defined as the accounting operating margin restated for any impairment and reorganization costs. (1) The net financial debt is equal to the net financial indebtedness.(2) Equity corresponds to the line "Consolidated equity", as presented in the Financial progress report.   Attachment CP résultats annuels 2019-2020_GB