VILMORIN & CIE Vilmorin & Cie SA
Public limited company with Board of Directors with a capital of 349,488,703 euros
Head Office: 4, Quai de la Mégisserie - F-75001 PARIS SIREN Paris 377 913 728
Fiscal year from July 1st to June 30th
Euronext Paris (Compartment A) - Eligible for Deferred Settlement Order Indices: CAC Small, CAC Mid & Small and CAC All-Tradable
October 13, 2021, at 5:40 pm CET
RESULTS FOR THE FISCAL YEAR
ON JUNE 30, 2021
VILMORIN & CIE COMPLETES A YEAR OF EXCELLENT QUALITY, CLEARLY EXCEEDING ALL THE OBJECTIVES SET
STRONG INCREASE IN THE DIVIDEND TO 1.60 EUROS PER SHARE (+60%)
NEWS: APPOINTMENT OF FRANCK BERGER AS CEO OF VILMORIN & CIE
OUTLOOK FOR 2021-2022: BUSINESS GROWTH OBJECTIVE OF AT LEAST 4%* AND A CURRENT OPERATING MARGIN RATE OF AT LEAST 8.5%
* On a like-for-like basis
FINANCIAL STATEMENTS FOR FISCAL YEAR 2020-2021
STRONG INCREASE IN FINANCIAL PERFORMANCES
The consolidated financial statements for 2020-2021, closing on June 30, 2021, were approved by the Vilmorin & Cie Board at its meeting of October 13, 2021. The Statutory Auditors have examined this annual financial information with no particular comments or reservations to make in their conclusions.
Variation
In millions of euros | 2019-2020 | 2020-2021 | ||||||||
with current data | ||||||||||
vs 2019-2020 | ||||||||||
Sales for the year | 1 435.2 | 1 476.6 | +8.0%(1) | |||||||
EBITDA | 347.9 | 367.2 | +19.3 | M€ | ||||||
Operating income | 109.8 | 127.4 | +17.6 | M€ | ||||||
Income from associated | 17.9 | 26.3 | +8.4 | M€ | ||||||
companies | ||||||||||
Financial income | -53.3 | -46.9 | +6.4 | M€ | ||||||
Income taxes | -6.9 | -13.4 | -6.5 M€ | |||||||
Of which: | ||||||||||
- | Current taxes | -11.0 | -21.5 | -10.5 M€ | ||||||
- | Deferred taxes | 4.1 | 8.1 | +4.0 | M€ | |||||
Consolidated net income | 67.5 | 93.4 | +25.9 | M€ | ||||||
Group share of net income | 66.2 | 92.3 | +26.1 | M€ | ||||||
(1) On a like-for-like basis
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, 2021.
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Consolidated sales(1), corresponding to revenue from ordinary activities for fiscal year 2020-2021, came to 1,476.6 million euros, a significant increase of 2.9% with current data compared to the previous fiscal year. Restated on a like-for-like basis, they rose steeply: +8%.
After taking into account the cost of destruction and depreciation of inventory, the margin on the cost of goods stood at 49.3%, a decrease of 0.5 percentage points compared with 2019-2020.
Net operating charges came to 600.6 million euros, as opposed to 604.4 million euros on June 30, 2020.
In compliance with its strategic orientations, Vilmorin & Cie continued its research programs in 2020-2021, both in terms of conventional plant breeding and biotechnologies.
Total research investment came to 257 million euros as opposed to 260.2 million euros in 2019-2020 and now represents 16.4% 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 127.4 million euros, a marked increase compared to the previous fiscal year (109.8 million euros); resulting in a recorded operating margin of 8.6%, an increase of
0.9 percentage points compared with 2019-2020. The current operating margin came to 8.9%, a marked increase (+1.1 percentage points) compared with the previous fiscal year. This reflects the fine commercial performance of all activities as well as the very effective control of operating charges, partly linked to the health crisis.
The share of income from associated companies came to 26.3 million euros, an increase of 8.4 million euros compared with the previous fiscal year. This achievement illustrates the remarkable performance of Seed Co, both internationally and in Zimbabwe, despite the context of hyperinflation, as well as the good results of AGT (Australia) and Hengji Limagrain Seeds (China). In spite of a slight contraction in its activity, AgReliant also posted an increase in its results and contributed significantly to the increase in the income from associated companies.
The financial income showed a net charge of 46.9 million euros compared with 53.3 million euros in 2019-2020, an improvement of 6.4 million euros, including 8.6 million euros in funding costs, in particular as a result of the refinancing operations carried out during the year. Other financial income and charges, down 2.2 million euros, account for net exchange losses of 17.2 million euros, since the context of the health crisis continued to have a significant effect on the group's positions.
The net charge of income taxes came to 13.4 million euros as opposed to 6.9 million euros in 2019-2020. This reflects an increase in the net current tax charge from 11 million euros to 21.5 million euros the previous year, partly due to the tax incentives introduced by governments in 2020, notably that of the United States, in response to the first health crisis.
Finally, the total net income came to 93.4 million euros, a significant increase of 25.9 million euros compared with the previous fiscal year. The group's share of net income stood at 92.3 million euros. This is the highest net income since 2012-2013.
Compared with the previous fiscal year, the balance sheet structure on June 30, 2021 was marked by a decrease in the ratio of net indebtedness to equity (a gearing of 65%, compared to 76% on June 30, 2020), related to the reconstitution of 99.2 million euros of equity and a decrease in net indebtedness of 66.1 million euros compared to June 30, 2020.
Net of cash and cash equivalents (280.5 million euros), total net financial indebtedness came to 867.4 million euros on June 30, 2021 compared with 933.5 million euros on June 30, 2020. The share of non-current financial indebtedness stood at 994.8 million euros, compared with 600 million euros the previous year, mainly because of a new 450 million public bond issue.
The group's share of equity stood at 1,281.2 million euros and minority interests at 47.8 million euros.
With these figures, leverage on June 30, 2021 stood at 2.4 compared with 2.7 on June 30, 2020.
- Cf. Vilmorin & Cie press release published on August 2, 2021.
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DIVIDEND OF 1.60 EUROS PER SHARE
The Board of Vilmorin & Cie has decided to propose to the Annual General Meeting of Shareholders of December 10, 2021, a dividend of 1.60 euros per share, a strong increase (+60%) compared with the previous fiscal year. This dividend corresponds to a significantly higher pay-out rate of 39.7%, compared to 34.6% in 2020.
Dividends will be detached on December 13, 2021, with payment on December 15, 2021.
NEWS
Proposal to appoint Sébastien BRIFFOND as Member of the Vilmorin & Cie Board
At the Combined Annual General Meeting to be held in Paris on December 10, 2021, it will be proposed to appoint Mr. Sébastien BRIFFOND as Board Member of Vilmorin & Cie, a three-year mandate expiring at the end of the Annual General Meeting of Shareholders called to deliberate on the financial statements closing on June 30, 2024.
Sébastien BRIFFOND, a farmer, has been a Member of the Board of Limagrain since 2015, and was appointed Vice Chairman in 2020. He exercises several mandates within Group's different divisions, and, in particular, he is Chairman of the Vilmorin & Cie Garden Products division.
Appointment of Franck BERGER as CEO of Vilmorin & Cie, to replace Daniel JACQUEMOND, soon to retire
Since he is approaching the age limit laid down in the by-laws, Daniel JACQUEMOND, CEO of Vilmorin & Cie, will be retiring at the end of 2021.
Daniel JACQUEMOND joined the Group more than 35 years ago and has been CEO of Vilmorin & Cie since the end of 2017. He has contributed to the definition and deployment of the Group's development and innovation strategy. In this capacity, he participated in the achievement and consolidation of world leadership in Vegetable Seeds, in the internationalization of Field Seeds, as well as in the transformation of the Garden Products activity, enabling Vilmorin & Cie to develop constantly and to progressively gain in strength to meet the challenges of tomorrow's markets.
Bearing this retirement in mind, Franck BERGER was appointed CEO of Vilmorin & Cie at the Board Meeting held on October 13, 2021. Franck BERGER had been CEO of the Vilmorin & Cie Vegetable Seeds division since 2016. He is a graduate of AgroParis Tech (France), and has more than 30 years of experience in Group's main business activities. In particular, he has held several Management positions in the Vegetable Seeds division in France, in the United States and in Japan. He is Vice Chairman of the UFS, the French seed association for seed companies & plant breeders, having been Chairman from 2016 to 2019, and represents France on the Board of the ISF (International Seed Federation).
Franck BERGER will continue to ensure the deployment of Vilmorin & Cie's development strategy.
Rémi BASTIEN has been appointed CEO of Vilmorin & Cie Vegetable Seeds division and will take up this position at the beginning of 2022, joining Vilmorin & Cie's Executive Committee.
Rémi BASTIEN has been CEO of the Business Unit HM.CLAUSE (Vegetable Seeds) since 2017.
Graduate of AgroParis Tech (France), he has almost 20 years of experience in the seeds sector, and has worked in France, Switzerland and Hungary. He joined Vilmorin & Cie in 2013 and was appointed the same year CEO of the Business Unit Limagrain Europe (Field Seeds).
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OUTLOOK FOR 2021-2022:
OBJECTIVE OF AT LEAST 4%(1) IN BUSINESS GROWTH
AND A CURRENT OPERATING MARGIN RATE OF AT LEAST 8.5%
(1) On a like-for-like basis.
Vilmorin & Cie has concluded an excellent fiscal year 2020-2021, with performances that have progressed considerably, whether in terms of sales, operational performance and net income. Although the context of the sanitary crisis continued to engender uncertainties and operational constraints during the fiscal year, Vilmorin & Cie's activity was not significantly impacted. Vegetable Seeds, Field Seeds and Garden Products: all the activities posted fine progress, once again demonstrating the resilience of Vilmorin & Cie's model and its development potential.
In Vegetable Seeds, thanks to a year of robust growth, Vilmorin & Cie has consolidated 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 a remarkable performance, reflecting the strengthening of Vilmorin & Cie's commercial positions in most geographical areas, in a context marked by an increase in the prices of agricultural production.
Vilmorin & Cie also continued to deploy its strategic orientations, particularly in terms of investment in global research and development on the professional markets of agriculture and vegetable production.
Fiscal year 2021-2022 should allow Vilmorin & Cie to continue to strengthen its competitive positions, in market conditions that will probably remain uncertain, due to the probable continuation of the global health crisis. Vilmorin & Cie will continue to invest in research and development, in particular in upstream technologies, while remaining attentive to any external growth opportunities that fits in with its strategic challenges.
For fiscal year 2021-2022, Vilmorin & Cie is fixing the objective of achieving an increase in its consolidated sales of at least 4% on a like-for-like basis, with:
- growth of at least 3% on a like-for-like basis in Vegetable Seeds,
- growth of at least 6% on a like-for-like basis in Field Seeds,
Moreover, Vilmorin & Cie has set the objective of achieving a current operating margin rate of at least 8.5%. This margin will take into account research investment that should be comparable to that of 2020-2021 and 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 almost 30 million euros.
The objectives set for 2021-2022 should enable Vilmorin & Cie to continue its successful, dynamic business growth while continuing to deliver solid financial performances. In a resolutely buoyant seeds market, whose strategic nature has been reaffirmed by the health crisis, Vilmorin & Cie will thus be able to consolidate its position as the world's fourth largest seeds company and to confirm its capacity to offer sustainable prospects for resilient development.
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CONTACT FOR FINANCIAL COMMUNICATION AND INVESTOR RELATIONS
As of October 13, 2021, Édouard ROCHE has been appointed Head of Financial Communication and Investor Relations of Vilmorin & Cie, under the responsibility of Olivier FALUT, Chief Financial Officer.
Édouard ROCHE succeeds Valérie MONSÉRAT, who is joining the Corporate Human Resources Department as Head of Diversity and Talent Acquisition.
With a higher education in corporate communication, Édouard ROCHE has nearly 10 years of experience in a cooperative bank where he held several positions in Communication, CSR and Marketing.
COMING DISCLOSURES AND EVENTS
Monday November 8, 2021(1)
Sales at the end of the 1st quarter for the fiscal year 2021-2022
Friday December 10, 2021
Annual General Meeting of Shareholders
Monday December 13, 2021 Detachment of the dividends
Wednesday December 15, 2021 Payment of the dividends
Dates provided as an indication only, and liable to be changed.
- Disclosure after trading on the Paris stock market.
FOR ANY FURTHER INFORMATION
Olivier FALUT
Chief Financial Officer olivier.falut@vilmorincie.com
Édouard ROCHE
Head of Financial Communication and Investor Relations edouard.roche@vilmorincie.com
Tel. + 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.
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 promising 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 fiscal year 2020-2021 on the home page of the website
www.vilmorincie.com,
5 | VILMORIN & CIE PRESS RELEASE | OCTOBER 13, 2021 |
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Vilmorin & Cie SA published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2021 15:51:06 UTC.
