Earnings Release • Feb 19, 2013
Earnings Release
Open in ViewerOpens in native device viewer
Public limited company with Board of Directors, with a capital of 288 833 642,75 Euros Head Office: 4, Quai de la Mégisserie – F-75001 PARIS SIREN Paris 377 913 728 Fiscal year from July 1st to June 30th NYSE Euronext Paris (Compartment A) – Eligible for Deferred Settlement Order
February 19, 2013
RESULTS FOR THE 1ST SEMESTER 2012-2013 IN CONFORMITY WITH SEASONAL VARIATION AND IN LINE WITH OBJECTIVES GROWTH PERSPECTIVES FOR BUSINESS IN 2012-2013 RAISED
It should be recalled that, on average, sales for the first semester globally represent less than one third of Vilmorin's annual sales. Bearing in mind the highly seasonal nature of the business, the consolidated financial statements for the first semester traditionally show negative income.
| In millions of Euros | 2011-2012 | 2012-2013 | Variation with current data |
|---|---|---|---|
| Sales | 400.7 | 432 | + 7.8% |
| Operating income | -17.2 | -22.1 | -4.9 |
| Financial income | -15.8 | -7.7 | +8.1 |
| Income taxes | +3.9 | +3.8 | -0.1 |
| Net income Group share of net income |
-29.2 -27 |
-25.8 -25 |
+3.4 +2 |
The consolidated financial statements for the first semester 2012-2013, closed on December 31, 2012, were approved at the Vilmorin Board meeting of February 19, 2013. The Statutory Auditors have carried out a limited audit of the financial information for the first semester; in their conclusions they have not indicated any significant anomaly or observation.
Consolidated financial information is established in compliance with the IFRS referential (International Financial Reporting Standards) as adopted by the European Union on December 31, 2012.
The main changes to the consolidation scope concern the majority takeover of Bisco Bio Sciences (India. Field seeds) in March 2012, and the acquisition of the company Century Seeds (India. Vegetable seeds) in October 2012.
Vilmorin's consolidated sales for the first semester of 2012-2013, closed on December 31, 2012, came to 432 million Euros, an increase of 7.8% with current data, and 4.4% like for like.
During this first semester, business began to grow again in North America and in the Africa/Middle East area, confirming that these markets have indeed picked up, whereas overall business in Europe remains marked by an environment lacking in visibility, with the economic context still under pressure.
Sales for the Garden products division came to 22.2 million Euros on December 31, 2012, up 1.9% with current data and down 0.6% like for like.
After taking into account the cost of destruction and depreciation of inventory, margins on the cost of goods sold came to 205.4 million Euros, representing 47.5% of total sales, up 0.6 percentage points compared with the first semester of the previous fiscal year.
Net operating charges came to 227.5 million Euros, an increase of 22.2 million Euros compared with the first semester of fiscal year 2011-2012 reflecting the increased research and development investment efforts.
It should be highlighted that for this first semester 2012-2013 no significant non-recurring charges were recorded (reorganization costs, disposal of assets, impairments).
The financial result shows a net charge of 7.7 million Euros as opposed to 15.8 million Euros on December 31, 2011. There were foreign exchange gains of 1.7 million Euros as opposed to exchange losses of 4.7 million Euros for the first semester of the previous fiscal year.
Income tax on December 31, 2012 shows a net tax income of 3.8 million Euros, at the same level as the previous year.
As a result of all these factors, the net result for the semester shows a loss of 25.8 million Euros, including a Group share loss of 25 million Euros, an improvement of 3.4 million Euros compared with December 31, 2011.
At the end of December 2012, the balance sheet structure is naturally influenced to a large extent by the seasonal nature of the annual business cycle.
Net of cash and cash equivalents (286.8 million Euros), indebtedness came to 479.6 million Euros, including a non-recurring sum of 481.5 million Euros.
The Group share of equity stood at 936.2 million Euros and minority interests at 108.7 million Euros.
Vilmorin has just acquired the corn gene pool of the company CCGL located in the state of Rio Grande do Sul, in the South of Brazil, as a complement to the two research programs - Geneseed and KSP – whose acquisition was announced in the disclosure of sales for the first semester 2012- 2013.
In view of the results for the first semester, as presented above, and on the basis of current trends for the commercial spring campaigns, Vilmorin has raised its growth objective for consolidated sales, fixing it at more than 8% like for like compared with 6% previously. The current operating margin objective remains at 11 %, accounting for an investment in research estimated at 180 million Euros.
Thursday May 2, 2013* (date previously modified): sales at the end of the third quarter Wednesday July 31, 2013*: sales for fiscal year 2012-2013 Tuesday October 8, 2013*: results for fiscal year 2012-2013
As the world's fourth largest seed company, Vilmorin develops vegetable and field seeds with high added value, to better meet global food requirements.
True to its vision of sustainable development, Vilmorin relies on ongoing investments in research and international growth to strengthen its market shares. An ambition that is driven by its corporate culture which is based on the sharing of knowledge, quality of life and respect for the needs of mankind.
Daniel Jacquemond Claire Planche Chief Financial Officer Financial Communication and [email protected] Investor Relations Officer
Tel: + 33 (0)4 73 63 44 85 Fax: + 33 (0)4 73 63 41 80
Website: www.vilmorin.info
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.