Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. France
  4. Euronext Paris
  5. Vilmorin & Cie
  6. News
  7. Summary
    RIN   FR0000052516

VILMORIN & CIE

(RIN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Vilmorin & Cie : Sales for the 3rd quarter 2020-2021 – press release

05/06/2021 | 11:46am EDT

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

May 6, 2021, at 5:40 pm CET

SALES

ON MARCH 31, 2021

VERY SOLID BUSINESS GROWTH AT THE END OF THE THIRD QUARTER 2020-2021: +10.3% ON A LIKE-FOR-LIKE BASIS

NEW UPWARD REVISION OF THE ANNUAL OBJECTIVES FOR 2020-2021

Closing on March 31, sales at the end of the third quarter for fiscal year 2020-2021, corresponding to revenue from ordinary activities, came to 1,105.6 million euros, up by 4.1% with current data and 10.3% on a like-for-like basis compared with March 31 of the previous fiscal year.

In millions of euros

2019-2020

2020-2021

Variation

Variation

with current data

on a like-for-like basis

Sales at the end of the third

1,062.2

1,105.6

+4.1%

+10.3%

quarter

Vegetable Seeds

464.2

465.2

+0.2%

+5.9%

Field Seeds

562.1

591.9

+5.3%

+12.1%

Garden Products and Holdings

35.9

48.4

+34.7%

+38.6%

Consolidated financial information is established in compliance with the IFRS reference (International Financial Reporting Standards), as applied by the European Union on March 31, 2021.

SALES FOR THE THIRD QUARTER 2020-2021 UP BY 7.1%

ON A LIKE-FOR-LIKE BASIS, CONFIRMING THE DYNAMIC MOMENTUM FOR ALL ACTIVITIES

Vegetable Seeds division: a marked increase in sales over the third quarter

Over the course of the third quarter, the Vegetable Seeds division achieved sales of 212.2 million euros, a slight decrease of 1.7% with current data, but a marked increase on a like-for-like basis: +3.6%, on the basis of a high benchmark. Indeed, the third quarter for 2019-2020 saw significant business growth, as a result of the emergence of the world health crisis which had led to certain grower customers placing anticipated orders as they were concerned to secure their supplies.

The best performances were posted for tomato and carrot, with sales increasing strongly in very many countries. There was also marked growth for several other strategic crops, primarily sweet pepper, cauliflower and bean.

In terms of geographical zones, the most dynamic region concerned the Americas. Europe also posted quality performances, driven by a buoyant market, particularly in France, where growth was strong for most of the crops. The increase in sales also concerned Asia, particularly India and China. Consequently, at the end of the third

1

VILMORIN & CIE PRESS RELEASE

MAY 6, 2021

quarter, there was an increase in all geographic regions, with the exception of the Middle East, where sales were slightly lower.

Consequently, aggregate sales for Vegetable Seeds on March 31, 2021 came to 465.2 million euros, an increase of 0.2%. Restated like-for-like, the business posted significant growth of 5.9%.

Vilmorin & Cie can thus confirm its objective for growth in sales for Vegetable Seeds for fiscal year 2020- 2021 of 4% to 5% on a like-for-like basis compared to 2019-2020.

Field Seeds division: significant business growth over the third quarter, confirming the excellent start to the fiscal year

Sales achieved by Field Seeds over the third quarter rose significantly (337.7 million euros, i.e. +1.3% with current data, and +7.3% on a like-for-like basis).

In Europe, sales for the quarter for Field Seeds continued to progress (304.5 million euros, i.e. +2.1% on a like- for-like basis), after an extremely dynamic second quarter. Vilmorin & Cie has thus confirmed its capacity to achieve a high-quality fiscal year, in spite of the hike in its procurement costs directly related to the climate conditions, and to strengthen its competitive positions in most of its strategic crops by the end of the fiscal year.

  • In a context where cultivated acreage is expected to drop, there was a fine increase in sales of corn seeds, even though this increase was less marked over the third quarter, because of the fact that the campaign was very early this year. It should indeed be remembered that the second quarter had posted extremely high business growth, mainly due to anticipated sales prompted by the fears of certain farmers regarding the availability of seeds.
    Growth, which was particularly strong in Central and Northern Europe and in Russia, was supported by a high- performance product portfolio and the launch of new varieties; it should result in market share gains in most countries by the end of the commercial campaign.
  • The sunflower seed campaign has been of very high quality, particularly in Russia, where there has been a particularly strong increase in sales volumes. Furthermore, orders are looking very promising, while the acreage devoted to this crop should increase, particularly in Eastern Europe. This growth in business should result in significant market share gains in almost all countries.

In South America, the third quarter (29.4 million euros) showed an extremely marked increase in business.

  • In Brazil, the commercial campaign for safrinha corn posted excellent growth, both in volume and in value, in the context of favorable agricultural markets and a significant increase in the cultivated acreage. Vilmorin & Cie is continuing to strengthen its commercial positions in corn in Brazil. As for the soybean campaign, it was marked by a controlled drop in sales volumes, accompanied by an increase in sales prices.
  • In Argentina, Vilmorin & Cie signed off a good corn campaign, resulting in market share gains in a complex economic and financial context.

Consequently, aggregate sales for the Field Seeds division on March 31, 2021 stood at 591.9 million euros, an increase of 5.3% compared with the same period for the previous fiscal year; on a like-for-like basis, sales increased by 12.1%.

This truly fine performance at the end of the first nine months of the fiscal year means that Vilmorin & Cie is able to raise its sales growth objective for Field Seeds for fiscal year 2020-2021. Vilmorin & Cie is now aiming for an increase of between 9% and 10% on a like-for-like basis compared with the previous fiscal year for this activity, compared with a previous growth target of 5% to 6%.

Moreover, with regard to associated companies:

On the North American market, AgReliant's sales were lower at the end of the third quarter, particularly for corn seeds, in a context where a slight increase in cultivated acreage for this crop is expected. Nevertheless, the last part of the fiscal year is looking promising and should see an appreciable increase in volumes sold both for corn seeds and soybean seeds compared with the previous fiscal year.

2

VILMORIN & CIE PRESS RELEASE

MAY 6, 2021

On the African market, Seed Co posted a very strong business increase throughout all its markets in Africa, with growth in volumes for the main crops sold, particularly corn. In spite of the difficulties faced in certain countries, such as Zambia, Seed Co pursued its dynamic international development, while managing to redeploy its activities in Zimbabwe significantly. At the end of this high-quality fiscal year, Seed Co can confirm its position as No. 1 seed company in Africa.

On the Australian market, Australian Grain Technologies (AGT) achieved an excellent commercial campaign, after a year marked by record wheat production in the country. The company, which holds more than 50% market share, has strengthened its leadership on the Australian wheat market.

OUTLOOK FOR 2020-2021:

UPWARD REVISION OF THE TARGETS FOR BUSINESS GROWTH AND THE CURRENT OPERATING MARGIN RATE

Considering the first nine months of the fiscal year as presented above, and on the basis of information available to date, Vilmorin & Cie is raising its sales and current operating margin objectives for fiscal year 2020- 2021.

These objectives now correspond to an increase in consolidated sales of between 6% and 8% on a like- for-like basis, as opposed to growth of 4% to 6% previously targeted, and a current operating margin rate of between 8.5% and 9%, including research investment which should be higher than 260 million euros.

Moreover, Vilmorin & Cie confirms that it anticipates a contribution from associated companies - mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds)

  • of around 22 million euros.

Daniel JACQUEMOND, Vilmorin & Cie's CEO, has declared:

"Vilmorin & Cie has achieved a very high-quality performance at the end of the first nine months of fiscal year 2020-2021. All the business activities are showing robust growth in sales, enabling Vilmorin & Cie to raise its annual objectives once again. At the end of the fiscal year, Vilmorin & Cie should have also gained market shares in most of its business segments, thus reinforcing its solid position as the 4th largest seed company in the world, while at the same time delivering a marked increase in financial performances.

This achievement confirms the relevance of Vilmorin & Cie's development and innovation strategy and the resilience of its business model, on a seed market that is resolutely buoyant and more crucial than ever to meet the world's food challenges."

3

VILMORIN & CIE PRESS RELEASE

MAY 6, 2021

COMING DISCLOSURES AND EVENTS

FOR ANY FURTHER INFORMATION

Monday August 2, 2021(1)

Olivier FALUT

Sales for fiscal year 2020-2021

Chief Financial Officer

olivier.falut@vilmorincie.com

Wednesday, October 13, 2021(1)

Results for fiscal year 2020-2021

Valérie MONSÉRAT

Head of Financial Communication

Tuesday November 2, 2021(1)

and Investor Relations

Sales for the first quarter of 2021-2022

valerie.monserat@vilmorincie.com

Friday December 10, 2021

Tel: + 33 (0)4 73 63 44 85

Annual General Meeting of Shareholders

www.vilmorincie.com

Dates provided as an indication only, and liable to be changed.

  1. Disclosure after trading on the Paris Stock Market.

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 theneeds 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 andinternational 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 third quarter 2020-2021 on the homepage of the website

www.vilmorincie.com.

4

VILMORIN & CIE PRESS RELEASE

MAY 6, 2021

APPENDIX 1:

SALES AT THE END OF THE THIRD QUARTER 2020-2021

AND EVOLUTION PER QUARTER AND PER DIVISION

In millions of euros

2019-2020

2020-2021

Variation

Variation

Incl: Currency

Scope

with current

on a like-for-

impact

impact

data

like basis

First quarter

231.9

234.4

+1.1%

+6.7%

-12.2

-0.2

Vegetable Seeds

108.6

104.8

-3.5%

+2.2%

-6.1

0.0

Field Seeds

116.1

120.5

+3.8%

+9.5%

-6.0

0.0

Garden Products and

7.3

9.1

+24.9%

+28.7%

-0.1

-0.2

Holdings

Second quarter

258.9

291.4

+12.6%

+20.6%

-17.1

-0.2

Vegetable Seeds

139.8

148.3

+6.0%

+12.2%

-7.7

0.0

Field Seeds

112.8

133.7

+18.6%

+29.2%

-9.3

0.0

Garden Products and

6.2

9.4

+50.2%

+58.9%

-0.1

-0.2

Holdings

Third quarter

571.4

579.8

+1.5%

+7.1%

-29.7

-0.2

Vegetable Seeds

215.8

212.2

-1.7%

+3.6%

-10.9

0.0

Field Seeds

333.2

337.7

+1.3%

+7.3%

-18.6

0.0

Garden Products and

22.4

30.0

+33.6%

+36.4%

-0.2

-0.2

Holdings

Sales at the end of

1,062.2

1,105.6

+4.1%

+10.3%

-59.0

-0.6

the third quarter

Vegetable Seeds

464.2

465.2

+0.2%

+5.9%

-24.7

0.0

Field Seeds

562.1

591.9

+5.3%

+12.1%

-33.9

0.0

Garden Products and

35.9

48.4

+34.7%

+38.6%

-0.4

-0.6

Holdings

5

VILMORIN & CIE PRESS RELEASE

MAY 6, 2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Vilmorin & Cie SA published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 15:45:01 UTC.


ę Publicnow 2021
All news about VILMORIN & CIE
05/18GLOBAL MARKETS LIVE : Walmart, Home Depot, Amazon, Sonova, Berkshire Hathaway...
05/07VILMORIN & CIEá : Presentation of sales for the 3rd quarter 2020-2021 – pr..
PU
05/06VILMORIN & CIEá : Sales for the 3rd quarter 2020-2021 – press release
PU
05/06VILMORIN & CIEá : Sales on March 31, 2021
GL
05/06VILMORIN & CIEá : 3rd quarter earnings
CO
03/25VILMORIN & CIEá : Emission obligataire – Prospectus
PU
03/22VILMORIN & CIEá : Complément à l'avis de remboursement anticipé des obligations ..
PU
03/18VILMORIN & CIEá : Avis de remboursement anticipé des obligations à échéance mai ..
PU
03/17VILMORIN & CIEá : announces a successful Ç450 million bond placement
AQ
03/16VILMORIN & CIEá : announces a successful Ç450 million bond placement – pre..
PU
More news
Financials
Sales 2021 1 503 M 1 793 M 1 793 M
Net income 2021 88,5 M 106 M 106 M
Net Debt 2021 883 M 1 052 M 1 052 M
P/E ratio 2021 14,6x
Yield 2021 2,36%
Capitalization 1 288 M 1 538 M 1 535 M
EV / Sales 2021 1,44x
EV / Sales 2022 1,37x
Nbr of Employees -
Free-Float 29,8%
Chart VILMORIN & CIE
Duration : Period :
Vilmorin & Cie Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends VILMORIN & CIE
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 6
Last Close Price 56,20 €
Average target price 68,94 €
Spread / Average Target 22,7%
EPS Revisions
Managers and Directors
NameTitle
Sebastien Vidal Chairman & Chief Executive Officer
Olivier Falut Chief Financial Officer
Marie-Yvonne Charlemagne Independent Director
Geraldine Bortlein Independent Director
Pascal Viguier Director
Sector and Competitors