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Vilmorin & Cie SA (RIN.PA)

Paris - Paris Delayed price. Currency in EUR
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45.90+0.40 (+0.88%)
At close: 5:35PM CEST
Full screen
Previous close45.50
Open45.80
Bid0.00 x 0
Ask0.00 x 0
Day's range45.70 - 46.45
52-week range34.25 - 52.40
Volume3,076
Avg. volume4,790
Market cap1.052B
Beta (5Y monthly)0.77
PE ratio (TTM)15.88
EPS (TTM)2.89
Earnings dateN/A
Forward dividend & yield1.00 (2.20%)
Ex-dividend date14 Dec 2020
1y target est66.47
  • 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

  • Globe Newswire

    SALES FOR THE FISCAL YEAR ON JUNE 30, 2020

    VILMORIN & CIE CONTINUES ITS GROWTH AFTER A FISCAL YEAR THAT REVEALED THE STRATEGIC NATURE OF ITS BUSINESS, THE FIRST LINK IN THE FOOD CHAIN        - SIGNIFICANT GROWTH IN SALES FOR THE FISCAL YEAR: +3.2%*, IN SPITE OF A FOURTH QUARTER DOWN MODERATELY                    - OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020: GOOD RESISTANCE OF THE CURRENT OPERATING MARGIN RATE AND FORECAST OF A HIGHER NET INCOME COMPARED TO 2018-2019, EXCLUDING NON-RECURRING ITEMS* With current dataIn millions of euros2018-20192019-2020Variation with current dataVariation on a like-for-like basis Sales for the fourth quarter388.9373.0-4.1%-1.4% Vegetable Seeds249.5241.3-3.3%-1.6% Field Seeds123.5115.0-6.9%-2.7% Garden Products and Holdings15.816.8+5.9%+10.8% Sales for the fiscal year1,390.71,435.2+3.2%+2.7% Vegetable Seeds687.5705.5+2.6%+2.5% Field Seeds649.9677.0+4.2%+2.9% Garden Products and Holdings53.452.7-1.3%+1.7% NB: on page 6 of this press release you will find sales split up per quarter and per division.Consolidated financial information is established in compliance with the IFRS reference (International Financial Reporting Standards), as applied by the European Union on June 30, 2020. CONFIRMATION OF THE RESILIENCE OF BUSINESS IN THE CONTEXT OF THE COVID-19 HEALTH CRISISClosing on June 30, 2020, consolidated sales for fiscal year 2019-2020, corresponding to revenue from ordinary activities, came to 1,435.2 million euros, up 3.2% with current data compared to the previous fiscal year, and up 2.7% on a like-for-like basis.At the same time, sales for the fourth quarter came to 373 million euros, down 4.1% with current data compared to the previous fiscal year. Restated on a like-for-like basis (currency and business scope), they fell moderately by 1.4% compared to 2018-2019. It should be remembered that the third quarter, particularly the month of March, was marked by very strong business growth, partly due to the anticipated orders of certain farmers and growers who were concerned to secure their supplies as the context of the health crisis emerged. Consequently, sales temporarily fell back at the beginning of the fourth quarter, before growing again towards the end of this period, confirming the resilience of business, both in Vegetable Seeds and Field Seeds. Vegetable Seeds Division: A fiscal year with marked growth, confirming the position of No. 1 worldwideSales for Vegetable Seeds for fiscal year 2019-2020 came to 705.5 million euros, up by 2.6% with current data compared to the previous year. Restated on a like-for-like basis, this increase was 2.5%.Over the fourth quarter, the Vegetable Seeds division recorded sales of 241.3 million euros, a decrease of 3.3% with current data and 1.6% on a like-for-like basis, after very strong growth over the third quarter.At the end of the fiscal year, Vilmorin & Cie recorded truly fine performances for several strategic global crops: tomato, for which Vilmorin & Cie gained market shares in several regions, particularly Europe and North America, sweet pepper, hot pepper, cauliflower and carrot, for which business progressed in all parts of the world. Furthermore, this growth was also marked for several crops grown for canning and freezing, such as sweet corn, bean and pea.With regard to geographical areas, business was particularly dynamic in North America, both in Mexico and the United States, and in Turkey too. In Asia, the situation varied depending on the country, with significant progress in India, in an upbeat market, but the fiscal year was more difficult in China, where the market was under pressure as of January because of the health crisis, and in spite of a good quality fourth quarter.In spite of a context made uncertain by the health crisis, the Vegetable Seeds business was not in fact significantly affected taking the fiscal year as a whole, thus showing its resilience. Moreover, Vilmorin & Cie managed to post marked business growth, and was therefore able to confirm, at the end of the fiscal year, its position as No. 1 worldwide for vegetable seeds. Field Seeds Division: Solid performance over the fiscal yearOn June 30, 2020, sales for the fiscal year for Field Seeds reached 677 million euros, an increase of 4.2% compared with fiscal year 2018-2019. On a like-for-like basis, growth stood at 2.9%, culminating in a solid performance over the fiscal year.As a result of the strong business increase posted for the third quarter, the Field Seeds Division made sales of 115 million euros over the fourth quarter, down by 6.9% with current data compared to the same period for the previous fiscal year. On a like-for-like basis, business decreased by 2.7%.In Europe, Vilmorin & Cie achieved a satisfactory commercial campaign, posting an increase of 1% with current data and 0.9% on a like-for-like basis of its sales for the fiscal year (571.1 million euros). * For corn, Vilmorin & Cie posted a fine performance, with growth achieved in commercial volumes in particular in Russia, France, Germany and Turkey. * For sunflower, sales fell back because of a drop in business in Ukraine and in spite of a good increase in volumes sold in Russia. It should be noted that together Ukraine and Russia today represent more than half of the world's acreage for this crop. * For rapeseed, the fiscal year was of very high quality. In a market temporarily experiencing a very sharp decrease, Vilmorin & Cie managed, thanks to an extremely efficient product portfolio, to post strong growth in volumes sold, reflecting significant gains in market share. Moreover, the new rapeseed campaign that started at the end of the fourth quarter posted sales at an excellent level. * Finally, with regard to cereal seeds (wheat, barley), the campaign ended with an increase in the royalties received.      In its development zones (South America, Asia and Africa), Vilmorin & Cie achieved sales of 105.9 million euros at the end of the fiscal year, with very marked growth: +25.2% with current data and +15.5% on a like-for-like basis compared with the previous fiscal year. For the fourth quarter, the level of activity is of very little significance: sales came to 12.2 million euros   (-23.2% on a like-for-like basis compared with 2018-2019). * Over the fiscal year, South America posted a strong increase in activity (+24.6% with current data and +12.1% on a like-for-like basis), with solid performances both in corn and soybean. Vilmorin & Cie is thus continuing to strengthen its commercial positions, both in Brazil and Argentina. * In Asia, growth was good, especially in India, with overall confirmation of a quality fiscal year, even though business was impacted by drought in certain countries.      Finally, with regard to associated companies: On the North American market, AgReliant’s sales for the full fiscal year came to 484.6 million euros(1), posting a slight decline of -0.6% with current data (-3.6% on a like-for-like basis). Over the fourth quarter, sales of 86.9 million euros(1) were made, a decrease of 2.9% with current data and 4% like-for-like compared to 2018-2019. The last part of the commercial campaign turned out to be disappointing in terms of volumes sold and was also marked by higher returns of seeds than anticipated.       On the African market, Seed Co posted strong business growth outside Zimbabwe, demonstrating the relevance of its strategy to internationalize its positions. At the same time, in Zimbabwe, Seed Co controlled the impacts of the local economic crisis. At the end of fiscal year 2019-2020, Seed Co, with total sales of 114 million US dollars(2), confirmed its position as the No. 1 seed company in Africa. NEWS: VILMORIN & CIE REACHES A NEW STAGE IN ITS DEVELOPMENT IN AFRICA, WITH THE CREATION OF A JOINT VENTURE IN SOUTH AFRICA DEDICATED TO FIELD SEEDSVilmorin & Cie has announced the creation of a joint venture in South Africa dedicated to field seeds, particularly corn. Operational as of July 2020, this structure groups together all the field seeds activities in South Africa of the companies Vilmorin & Cie(3), Klein Karoo Seed Marketing and Seed Co. Called Limagrain Zaad South Africa, it is controlled by Vilmorin & Cie.Klein Karoo Seed Marketing is a South African seed company which has been firmly established in the country since its creation in 2002; it is a subsidiary of the South African group Zaad, which in turn belongs to the Zeder Investment group, an investment company specializing in the agricultural sector and listed on the Johannesburg Stock Exchange. As for Seed Co, it is the leading African seed company, of which Vilmorin & Cie is the reference shareholder(4).This joint venture will constitute a major player in South Africa, proposing a specific multi-crop approach and benefiting from critical mass in an already highly consolidated field seed market. It has a combined headcount of around 300 and sales of over 20 million euros. It covers South Africa, as well as Lesotho, Eswatini and Namibia, which also require temperate genetics for corn. The joint venture combines the strengths of the three companies and will be able to capitalize on a high level of synergies, in terms of research, production, product portfolio, sales organization and marketing, with in particular three well-known brands.(1) Sales at 100%. Bearing in mind application of the standard IFRS 11, AgReliant (50/50 joint venture with the German seed group KWS) has been recorded in the accounts using the equity method since fiscal year 2014-2015. (2) Annual data at 100% for the fiscal year closing on March 31, 2020. (3) Activities carried out through the company Link Seed, acquired in January 2013. On June 30, 2020, Link Seed had sales of 4.1 million euros and a headcount of approximately 70. (4) On June 30, 2020, Vilmorin & Cie held 29.2% of the capital stock of Seed Co Limited and 30.9% of the capital stock of Seed Co International. The joint venture is primarily dedicated to corn seeds (white and yellow), an essential crop in South Africa: with nearly 3 million hectares cultivated for a value of approximately 220 million euros, it is the largest African market in terms of value. Moreover, the joint venture stands out on the market by offering a wide product range, including soybean, sunflower, wheat, sorghum and forage, as a complement to corn. Fully integrated into Vilmorin & Cie's worldwide field seeds research organization, it will also be able to benefit from genetic resources from the Americas and Europe to increase the efficiency of its research work.On the strength of these assets, the joint venture has set itself the ambition of reaching a 10% share of the corn market in the country within three years.The creation of this joint venture is perfectly in line with Vilmorin & Cie's field seeds strategy. It is a concrete demonstration of the strengthening of its collaboration with Seed Co, and more globally, its capacity to develop solid partnerships internationally, as well as its desire to resolutely pursue its development in Africa, which has considerable growth potential. OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020The corporate accounts of the companies in Vilmorin & Cie’s consolidation scope are in the final stages of being audited; furthermore, the other operations involved in the consolidation of the financial statements (excluding sales) are still at the validation phase.On the basis of estimates made to date, Vilmorin & Cie can state that its current operating margin rate for fiscal year 2019-2020 should be close to 8%, after accounting for research investment of around 260 million euros. In 2018-2019, the current operating margin rate came to 8.4%, accounting for several non-recurring operating items(1) for a net total estimated at 7 million euros, i.e. +0.5 percentage points.With regard to the contribution of its associated companies, Vilmorin & Cie can announce that it will stand at a little less than 20 million euros. In 2018-2019, the contribution of its associated companies came to 26 million euros; it included a revaluation profit of 11 million euros, resulting from the financial and legal reorganization of the international activities of Seed Co (Africa. Field Seeds).As far as Vilmorin & Cie’s net income for the fiscal year is concerned, it will be lower than that of the previous fiscal year. Excluding non-recurring operating items for fiscal year 2018-2019 and the above-mentioned revaluation profit, it should nevertheless show a marked increase. In 2018-2019, total net income for the fiscal year came to 77.9 million euros, of which a group share of 73.9 million euros.In spite of this unprecedented health crisis, Vilmorin & Cie should manage to preserve its level of profitability and post solid financial performances on a seed market that is relatively unaffected by the health crisis because of its strategic nature, even though there remain a number of uncertainties for the coming fiscal year. Thanks to the full mobilization of its teams, Vilmorin & Cie has been able to ensure the continuity of its activities, contributing to the security of food production. These performances are also the fruit of the measures taken by Vilmorin & Cie to control operating expenses and industrial investments in order to cushion the additional costs linked to the crisis. More generally, it demonstrates the robustness of Vilmorin & Cie's development model and the relevance of its strategic foundations combining research and international development, with a long-term vision.(1) Cf. Vilmorin & Cie's press release of October 15, 2019. Non-recurring operating items for fiscal year 2018-2019 mainly concerned capital gains from the reorganization of the biotechnology research company Biogemma, and profit from the disposal of an industrial plant devoted to the production of corn seeds in Hungary. VILMORIN & CIE ANNOUNCES THE APPOINTMENT OF OLIVIER FALUT AS CHIEF FINANCIAL OFFICER, FOLLOWING THE FORTHCOMING DEPARTURE OF VINCENT SUPIOTVilmorin & Cie has announced the appointment, as of September 1, 2020, of Olivier FALUT as Vilmorin & Cie's Chief Financial Officer. In this capacity he will also join the Executive Committee. With combined higher education in finance and business law, Olivier FALUT has built up solid experience in all areas of finance. He has held such positions at the highest level in various French companies of international dimension, particularly in agri-food companies such as Bel and Lactalis, as well as in the Sodiaal cooperative group. Before joining Vilmorin & Cie, Olivier FALUT was Corporate CFO at Segula Technologies.This appointment is the consequence of the forthcoming departure of Vincent SUPIOT, CFO of Vilmorin & Cie since September 2017. Vincent SUPIOT has expressed the desire to pursue another professional project, after more than 20 years of a fully successful career within the Group. He will leave his position mid-September 2020, at the end of a transition period with his successor. Vilmorin & Cie wishes him great success in his new activities. COMING DISCLOSURES AND EVENTS Wednesday October 14, 2020(1) : Disclosure of results for fiscal year 2019-2020Monday November 2, 2020(1) : Disclosure of sales at the end of the 1st quarter 2020-2021Friday December 11, 2020 : Annual General Meeting of Shareholders in ParisDates provided as an indication only and liable to be changed (1) Disclosure after trading on the Paris Stock Market. FOR ANY FURTHER INFORMATIONVincent SUPIOT Chief Financial Officer vincent.supiot@vilmorincie.comValérie MONSÉRAT Head of Financial Communication and Investor Relations valerie.monserat@vilmorincie.comTel: + 33 (0)4 73 63 44 85 www.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.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 promising world markets.True to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, at the heart of its beliefs and its mission, perseverance, inherent to farming and the seeds business, and cooperation, in the fields of science, industry and commerce. You can consult a presentation of sales at the end of fiscal year 2019-2020 on the homepage of the website www.vilmorincie.com. APPENDIX 1: SALES FOR FISCAL YEAR 2019-2020 AND EVOLUTION PER QUARTER AND PER DIVISIONIn millions of euros2018-20192019-2020Variation with current dataVariation on a like-for-like basisIncl:  Currency   impactScope impact First quarter207.5231.9+11.8%+5.2%+1.8+11.2 Vegetable Seeds103.4108.6+5.0%+2.8%+2.20.0 Field Seeds96.5116.1+20.3%+7.9%-0.4+11.6 Garden Products and Holdings7.67.3-4.9%+0.1%0.0-0.4 Second quarter252.9258.9+2.3%+0.2%+1.8+3.7 Vegetable Seeds135.8139.8+3.0%+1.2%+2.40.0 Field Seeds112.6112.8+0.2%-2.6%-0.6+3.8 Garden Products and Holdings4.66.2+35.6%+37.7%0.0-0.1 Third quarter541.4571.4+5.5%+5.6%+0.6-1.4 Vegetable Seeds198.7215.8+8.6%+8.2%+0.70.0 Field Seeds317.4333.2+5.0%+5.3%-0.1-1.0 Garden Products and Holdings25.322.4-11.4%-9.9%0.0-0.4 Fourth quarter388.9373.0-4.1%-1.4%-10.7+0.3 Vegetable Seeds249.5241.3-3.3%-1.6%-4.40.0 Field Seeds123.5115.0-6.9%-2.7%-6.2+0.8 Garden Products and Holdings15.816.8+5.9%+10.8%-0.1-0.5 Sales for the year1 390.71 435.2+3.2% +2.7%-6.5+13.8 Vegetable Seeds687.5705.5+2.6%+2.5%+1.00.0 Field Seeds649.9677.0+4.2%+2.9%-7.3+15.2 Garden Products and Holdings53.452.7-1.3%+1.7%-0.2-1.4 APPENDIX 2:GLOSSARYLike-for-like dataLike-for-like data is data that is restated for constant scope and currency translation. Therefore, financial data for 2018-2019 is restated with the average rate for fiscal year 2019-2020, and any other changes to the scope, in order to be comparable with data for fiscal year 2019-2020.               Variations in the consolidation scope come from the acquisition of the companies Sursem and Geneze (South America. Field Seeds) finalized in December 2018, and from the sale of the company Van Den Berg (Netherlands. Garden Products) in June 2019.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 as fixed assets any research costs and research tax relief.Current operating margin The current operating margin is defined as the accounting operating margin restated for any impairment and reorganization costs.Attachment * CP CA annuel 2019-2020_GB

  • Globe Newswire

    VILMORIN & CIE SUCCESSFULLY CONCLUDES THE TENDER OFFER TO PARTIALLY REPURCHASE ITS BOND

    Vilmorin & Cie has just successfully completed the cash tender offer launched on July 6, 2020 to repurchase its bond issue of a total nominal amount of 450 million euros, maturing in May 2021 (ISIN FR0011921881). The maximum amount of the tender offer announced to bondholders was 103.8 million euros. Settlement and delivery took place on July 15, 2020. The nominal amount outstanding prior to the repurchase was 450 million euros and therefore stood at 346.2 million euros after the settlement date.This operation has enabled Vilmorin & Cie to anticipate its financial maturities. Vilmorin & Cie is thus pursuing its strategy of optimizing its financial capacities, after significantly strengthening its financial resources during the course of 2019, on the one hand with a private "Schuldschein" placement (private placement under German law), for a total of 250 million euros, and the renewal of its syndicated bank loan for 300 million euros, along with the signing of a long-term funding agreement worth 170 million euros with the European Investment Bank, completed during the current fiscal year. Vilmorin & Cie has been accompanied for this transaction by CACIB and Natixis as dealer managers and advised by Degroof Petercam Investment Banking. COMING DISCLOSURES AND EVENTSMonday August 3, 2020(1): Disclosure of sales for fiscal year 2019-2020Wednesday October 14, 2020(1): Disclosure of results for fiscal year 2019-2020Monday November 2, 2020(1): Disclosure of sales at the end of the first quarter 2020-2021Friday December 11, 2020: Annual General Meeting of Shareholders in ParisDates provided as an indication only, and liable to be changed  (1) Disclosure after trading on the Paris stock market. FOR ANY FURTHER INFORMATION Vincent SUPIOT Chief Financial Officer vincent.supiot@vilmorincie.comValérie MONSÉRAT Head of Financial Communication and Investor Relations valerie.monserat@vilmorincie.comTel: + 33 (0)4 73 63 44 85 www.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.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 promising world markets.True to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, at the heart of its beliefs and its mission, perseverance, inherent to farming and the seeds business, and cooperation, in the fields of science, industry and commerce.Attachment * CP_Vilmorin_Cie_15_07_2020_GB