STRONG GROWTH IN HALF-YEARLY SALES ON
SIGNIFICANT IMPROVEMENT IN HALF-YEARLY RESULTS FOR 2020-2021
UPWARD REVISION OF THE ANNUAL OBJECTIVES FOR 2020-2021
On average, sales for the first semester globally represent around only one third of the annual sales for
In millions of euros | 2019-2020 | 2020-2021 | Variation with current data | Variation on a like-for-like basis | |||
Sales
| 248.4 228.9 13.5 | 253.1 254.2 18.4 | +1.9% +11.1% +36.5% | +7.9% +19.1% +42.4% | |||
Sales for the first semester | 490.8 | 525.7 | +7.1% | +14.0% | |||
| |||||||
In millions of euros | 2019-2020 | 2020-2021 | Variation with current data | ||||
EBITDA | 70.9 | 111.7 | +40.8 | ||||
Operating income | -46.7 | -5.5 | +41.2 | ||||
Income from associated companies | -22.4 | -12.0 | +10.4 | ||||
Financial income | -23.0 | -27.3 | -4.3 | ||||
Income taxes | +28.7 | +12.9 | -15.8 | ||||
Net income of which group share | -63.4 -61.9 | -31.9 -31.9 | +31.5 +30.0 |
The consolidated financial statements for the first semester 2020-2021, closed on
Consolidated financial information is established in compliance with the IFRS referential (International Financial Reporting Standards) as endorsed by the
The accounting principles and methods adopted in the condensed interim consolidated financial statements at
SALES FOR THE FIRST SEMESTER: VERY DYNAMIC GROWTH BOTH IN VEGETABLE SEEDS AND
Vegetable Seeds division: a high quality second quarter
Over the second quarter, the Vegetable Seeds division made sales of
All the Business Units –
Following on from the first quarter, most of the geographical zones posted solid progress in business. Growth was particularly dynamic in
This high quality quarter has resulted in market share gains in several segments, particularly carrot. It also partly includes anticipated orders, particularly in
At the end of the first semester, sales for the Vegetable Seeds division stood at
This very good start to the fiscal year now means that the growth target for 2020-2021 can be anticipated to be exceeded. Accordingly,
Over the second quarter,
In
Even accounting for these early sales, order books are fuller compared to last year, while corn acreage is expected to drop slightly.
As for order books for the sunflower seed campaign, they are looking promising, particularly in
Furthermore,
The first part of the campaign for straw cereal seeds (wheat, barley) posted a drop in sales, while sales of forage seeds, which complement the commercial line-up in
In
In
Finally, in
In other development regions, business was up sharply in
This performance is also underpinned by favorable sowing conditions, after several years impacted by drought. In
Consequently, sales for the Field Seeds division for the first semester came to
On these bases, and bearing in mind particularly dynamic business over the first semester, even though significantly due to anticipated sales in
Moreover, with regard to associated companies:
- On the North American market, the start of the commercial corn and soybean seed season is slightly up on a like-for-like basis compared to
December 31, 2019 . The outlook for the 2021 commercial campaign is well on track, despite the current decline in orders for corn, in a context of expected near stability in corn acreage. - On the African market, Seed Co posted robust sales growth on all its markets2.
SIGNIFICANT IMPROVEMENT IN RESULTS FOR THE FIRST SEMESTER, DIRECTLY RELATED TO THE INCREASE IN BUSINESS
AND CONTROL OVER OPERATING CHARGES
After taking into account the cost of destruction and impairment of inventory, margin on the cost of sales came to
Net operating charges came to
Consequently, the operating income for the first semester shows a loss limited to
The income contribution from associated companies, including in particular AgReliant (
1 Cf.
2 At the end of the first semester (on
The financial income shows a net charge of
On
As a result of these factors, the net result for the semester shows a loss of
At the end of
Net of cash and cash equivalents (
The group share of equity stood at
NEWS:
Governance: Géraldine BÖRTLEIN becomes a Member of the Board of
On
Géraldine BÖRTLEIN graduated from Centrale Paris, with a specialization in bioengineering, and a PhD in biochemistry-pharmacology. She co-founded Alcimed, a consultancy in innovation and development of new markets, in 1993. Since then she has co-managed the company, and can therefore boast almost 30 years' experience in sectors of high technology. She is also Vice Chairman of the
This investment has been concluded through the sale by
Through this long-term commitment,
1 For the remaining duration of Claude RAYNAUD's term of office, expiring at the close of the Annual General Meeting of Shareholders called to approve the financial statements for the fiscal year ending
This operation comes at a time when an initial restructuring of the capital of Limagrain Europe SAS was finalized at the end of fiscal year 2019-2020. At the time,
It should be recalled that
OUTLOOK FOR 2020-2021: UPWARD REVISION OF THE TARGETS FOR BUSINESS GROWTH AND THE CURRENT OPERATING MARGIN RATE
At the end of a first semester 2020-2021 of excellent quality,
- in Vegetable Seeds,
Vilmorin & Cie is consolidating its world leadership, thanks to a very high-level commercial performance in most geographic zones and strategic crops, - in
Field Seeds ,Vilmorin & Cie achieved progress perfectly in line with its ambitions inSouth America , and has concluded a good first part of the fiscal year inEurope , in particular by reaching the top European spot in rapeseed, - finally, the Garden Products activity confirmed its excellent trend, thanks in particular to the dynamism of the Vilmorin brand, at the end of the first part of the fiscal year, which nevertheless remained atypical given the changes in consumer habits related to the health crisis.
Nevertheless, the first semester was also marked by a partial lack of visibility and uncertainties related to the health context, leading to anticipated sales and orders in both the Vegetable and
In this context, in light of the results for the first semester, as presented above, and on the basis of the information currently available,
These objectives now correspond to an increase in consolidated sales of between 4% and 6% on a like-for-like basis, and a current operating margin rate of at least 8%, including research investment which should be higher than
Finally,
Over the second semester, reaching these objectives will partly depend on the ability, over the most important period of the fiscal year, to continue to strengthen its commercial positions, particularly bearing in mind the anticipated sales recorded on
You can consult the presentation of sales and results at the end of the first semester 2020-2021 on the home page of the website www.vilmorincie.com
COMING DISCLOSURES AND EVENTS
Dates provided as an indication only, and liable to be changed.
(1) Disclosure after trading on the
FOR ANY FURTHER INFORMATION
Olivier FALUT
Chief Financial Officer
olivier.falut@vilmorincie.com
Valérie MONSÉRAT
Head of Financial Communication and Investor Relations
valerie.monserat@vilmorincie.com
Tel: + 33 (0)4 73 63 44 85
www.vilmorincie.com
A multi-crop seed company, every year
Accompanied by its reference shareholder
True, since its origins in 1743, to its vision of sustainable development,
APPENDIX 1:
SALES FOR THE FIRST SEMESTER 2020-2021 AND EVOLUTION PER QUARTER AND PER DIVISION
In millions of euros | 2019-2020 | 2020-2021 | Variation with current data | Variation on a like-for-like basis | Of which: Impact of currency | Impact of scope |
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 |
116.1 | 120.5 | +3.8% | +9.5% | -6.0 | 0.0 | |
Garden Products and Holdings | 7.3 | 9.1 | +24.9% | +28.7% | -0.1 | -0.2 |
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 |
112.8 | 133.7 | +18.6% | +29.2% | -9.3 | 0.0 | |
Garden Products and Holdings | 6.2 | 9.4 | +50.2% | +58.9% | -0.1 | -0.2 |
First semester | 490.8 | 525.7 | +7.1% | +14.0% | -29.3 | -0.4 |
Vegetable Seeds | 248.4 | 253.1 | +1.9% | +7.9% | -13.8 | 0.0 |
228.9 | 254.2 | +11.1% | +19.1% | -15.3 | 0.0 | |
Garden Products and Holdings | 13.5 | 18.4 | +36.5% | +42.4% | -0.2 | -0.4 |
APPENDIX 2:
CONSOLIDATED INCOME STATEMENT ON
In millions of euros | ||
■ Revenue from ordinary activities | 525.7 | 490.8 |
Cost of goods sold | - 245.8 | - 235.5 |
Marketing and sales costs | - 89.5 | - 100.4 |
Research and development costs | - 104.7 | - 107.8 |
Administrative and general costs | - 92.3 | - 97.3 |
Other operating income and charges | 1.1 | 3.5 |
■ Operating income | - 5.5 | - 46.7 |
Profit from associated companies | - 12.0 | - 22.4 |
Interest costs | - 12.7 | - 16.9 |
Other financial income and charges | - 14.6 | - 6.1 |
Income taxes | 12.9 | 28.7 |
■ Profit from continuing operations | - 31.9 | - 63.4 |
■ Profit from discontinued operations | - | - |
■ Net income for the period | - 31.9 | - 63.4 |
> Attributable to controlling company | - 31.9 | - 61.9 |
> Attributable to non-controlling minority | - | - 1.5 |
Earnings from continuing operations per share - attributable to controlling company | - 1.39 | - 2.70 |
Earnings from discontinued operations per share - attributable to controlling company | - | - |
Earnings for the period per share - attributable to controlling company | - 1.39 | - 2.70 |
Diluted earnings from continuing operations per share - attributable to controlling company | - 1.39 | - 2.62 |
Diluted earnings from discontinued operations per share - attributable to controlling company | - | - |
Diluted earnings for the period per share - attributable to controlling company | - 1.39 | - 2.62 |
APPENDIX 3:
DETAILS OF THE GAINS AND LOSSES
In millions of euros | ||
Income for the period | - 31.9 | - 63.4 |
Variation in currency translations | - 66.7 | - 7.8 |
Variation in the fair value of assets for sale | - | - |
Variation in the fair value of financial instruments | 2.0 | - |
Impact of taxes | - | - |
Items that might be reclassified to profit or loss | - 64.7 | - 7.8 |
Variation in the fair value of financial instruments | - | - |
Actuarial gains and losses | - 2.4 | - 3.9 |
Impact of taxes | 0.3 | 0.8 |
Items not to be reclassified to profit or loss | - 2.1 | - 3.1 |
Other items in the total gains and losses for the period net of taxes | - 66.8 | - 10.9 |
Total gains and losses for the period | - 98.7 | - 74.3 |
> Of which attributable to controlling company | - 98.3 | - 72.7 |
> Of which attributable to non-controlling minority | - 0.4 | - 1.6 |
APPENDIX 4:
FINANCIAL PROGRESS REPORT
Assets
In millions of euros | ||
422.7 | 434.9 | |
Other intangible fixed assets | 729.8 | 737.7 |
Tangible fixed assets | 276.5 | 288.9 |
Right-of-use leased assets | 58.2 | 63.2 |
Non-current financial fixed assets | 30.8 | 34.5 |
Equity shares | 318.2 | 349.9 |
Deferred taxes | 31.4 | 24.9 |
■ Total non-current assets | 1,867.6 | 1,934.0 |
Inventories | 699.9 | 528.7 |
Trade receivables and other receivables | 495.0 | 494.1 |
Cash and cash equivalents | 227.8 | 235.2 |
■ Total current assets | 1,422.7 | 1,258.0 |
Total assets | 3,290.3 | 3,192.0 |
Liabilities
In millions of euros | ||
Share capital | 349.5 | 349.5 |
Reserves and income | 740.8 | 865.3 |
■ Equity – controlling company | 1,090.3 | 1,214.8 |
■ Equity – non-controlling minority | 27.0 | 15.0 |
■ Consolidated equity | 1,117.3 | 1,229.8 |
Provisions for employee benefits | 69.4 | 69.1 |
Non-current financial debts | 843.2 | 600.0 |
Non-current lease obligations | 42.2 | 46.2 |
Deferred income taxes | 88.1 | 93.1 |
■ Total non-current liabilities | 1,042.9 | 808.4 |
Other provisions | 20.7 | 18.3 |
Accounts payable | 476.1 | 513.1 |
Deferred income | 29.3 | 29.3 |
Current financial debts | 585.2 | 572.9 |
Current lease obligations | 18.8 | 20.2 |
■ Total current liabilities | 1,130.1 | 1,153.8 |
Total liabilities | 3,290.3 | 3,192.0 |
APPENDIX 5:
VARIATION IN CONSOLIDATED EQUITY
In millions of euros | Attributable to controlling company | Attributable to non-controlling minorities | Total | ||||
Capital | Premiums | Income and other reserves | Currency translation reserves | Total | |||
349.5 | 300.6 | 642.0 | - 58.8 | 1,233.3 | 87.9 | 1,321.2 | |
Other items in the global income net of taxes | - | - | - 8.1 | - 37.6 | - 45.7 | - 1.4 | - 47.1 |
Net income | - | - | 66.2 | - | 66.2 | 1.3 | 67.5 |
Global income for the fiscal year | - | - | 58.1 | - 37.6 | 20.5 | - 0.1 | 20.4 |
Variation in treasury shares | - | - | - | - | - | - | - |
Dividends paid out | - | - | - 31.0 | - | - 31.0 | - 1.1 | - 32.1 |
Variations in scope | - | - | - | - | - | - | - |
Variation in the capital stock of the parent company | - | - | - | - | - | - | - |
Variation in the capital stock of the subsidiaries | - | - | - 3.9 | - | - 3.9 | 0.7 | - 3.2 |
Variation in minority interest shares | - | - | 3.4 | - | 3.3 | - 72.3 | - 69.0 |
Bonds redeemable as shares | - | - | - | - | - | - | - |
Impact of hyperinflationary currency adjustments | - | - | 2.3 | - | 2.3 | - | 2.3 |
Impact of adjustments related to a change in functional currency | - | - | - 9.6 | - | - 9.6 | - 0.1 | - 9.7 |
Reclassifications | - | - | 0.3 | - 0.3 | - | - | - |
Others | - | - | - 0.1 | - | - 0.1 | - | - 0.1 |
349.5 | 300.6 | 661.4 | - 96.7 | 1,214.8 | 15.0 | 1,229.8 | |
Other items in the global income net of taxes(1) | - | - | - 0.1 | - 66.3 | - 66.4 | - 0.4 | - 66.8 |
Net income | - | - | - 31.9 | - | - 31.9 | 0.0 | - 31.9 |
Global income for the fiscal period | - | - | - 32.0 | - 66.3 | - 98.3 | - 0.4 | - 98.7 |
Variation in treasury shares | - | - | 0.1 | - | 0.1 | - | 0.1 |
Dividends paid out | - | - | - 22.9 | - | - 22.9 | - 0.2 | - 23.1 |
Variations in scope | - | - | - | - | - | 7.3 | 7.3 |
Variation in the capital stock of the parent company | - | - | - | - | - | - | - |
Variation in the capital stock of the subsidiaries | - | - | - | - | - | - | - |
Variation in minority interest shares | - | - | - 3.1 | 1.8 | - 1.3 | 5.4 | 4.1 |
Bonds redeemable as shares | - | - | - | - | - | - | - |
Impact of hyperinflationary currency adjustments | - | - | - 1.5 | - 0.2 | - 1.7 | - | - 1.7 |
Reclassifications | - | - | - | - | - | - | - |
Others | - 0.4 | - | - 0.4 | - 0.1 | - 0.5 | ||
349.5 | 300.6 | 601.6 | - 161.4 | 1,090.3 | 27.0 | 1,117.3 |
(1) The variation in currency translation reserves includes an impact of -
APPENDIX 6:
GLOSSARY
Like-for-like data
Like-for-like data is data that is restated for constant scope and currency translation. Therefore, financial data for 2019-2020 is restated with the average rate for fiscal year 2020-2021, and any other changes to the scope, in order to be comparable with data for fiscal year 2020-2021.
Variations in the consolidated scope come from the disposal of activities run by the Garden Products division in
Current data
Current data is data expressed at the historical currency exchange rate for the period, and without adjustment for any changes in scope.
EBITDA
The EBITDA is defined as the operating result to which are added any provisions for depreciation, amortization and impairment.
Financial indebtedness
Financial indebtedness corresponds to the financial debts less cash and cash equivalents.
Research investment
Research investment corresponds 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_resultats_semestriels_20_21_gb
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