Earnings Release • Aug 1, 2012
Earnings Release
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Public limited company with Board of Directors, with a capital of 262 576 040.25 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
August 1st 2012
OUTLOOK FOR 2011-2012: RESULTS UP SIGNIFICANTLY
FOURTH QUARTER 2011-2012: UPTURN CONFIRMED IN VEGETABLE SEEDS AND VERY GOOD END OF CAMPAIGN FOR THE FIELD SEEDS ACTIVITY, ON LINE WITH THE EARLY START TO THE COMMERCIAL CAMPAIGN
"In a favorable context for agricultural markets, Vilmorin continues to grow both in field seeds and vegetable seeds, achieving an increase of sales of 11% like for like at the end of fiscal year 2011-2012. This performance is confirmation of our strong economic model and long term development strategy, combining innovation and an acceleration of international deployment.
Supported by the dynamic impetus of the world seeds market it also bears witness to the commitment and talent of our teams.
The first estimates of results for the year look promising and should enable us to achieve another fiscal year with a sustained increase in our profitability", commented Emmanuel ROUGIER, Vilmorin's CEO.
| In millions of Euros | 2010-2011 | 2011-2012 | Variation like for like |
|---|---|---|---|
| Fourth quarter | 306.9 | 320.8 | -0.5% |
| Vegetable seeds | 153.3 | 163.7 | 4.1% |
| Field seeds | 131.4 | 135.1 | -5.2% |
| Garden products | 21.8 | 21.6 | -2.5% |
| Holdings | 0.5 | 0.3 | -35.6% |
| Sales for the fiscal year | 1192.1 | 1337.9 | 11.1% |
| Vegetable seeds | 510.3 | 527.2 | 2.9% |
| Field seeds | 598.6 | 728.7 | 19.7% |
| Garden products | 81.9 | 80.7 | -1.5% |
| Holdings | 1.4 | 1.3 | -3.5% |
NB: on page 4 of this press release you will find sales split up per quarter and per division.
Closing on June 30th 2012, sales for the fourth quarter, corresponding to revenue from ordinary activity, came to 320.8 million Euros, up 4.5% compared to the previous fiscal year. Restated like for like (currency, business scope), they are almost the same as for 2010-2011.
Consequently, consolidated sales for fiscal year 2011-2012 stood at 1,337.9 million Euros, an increase of 12.2% compared with the previous fiscal year, and 11.1% like for like.
Consolidated financial information is established in compliance with the IFRS reference (International Financial Reporting Standards), as adopted by the European Union on June 30th 2012.
The main changes in the consolidation scope concern the acquisition of the corn seed activities of the company Brasmilho (Brazil) in August 2011 and the majority take-over of Bisco Bio Sciences (India) in March 2012.
For the fourth quarter, the Field seeds division achieved sales of 135.1 million Euros, an increase of 2.8% compared with the same period for the previous fiscal year; like for like they were down 5.2%. In spite of the fact that the commercial season took off early, the corn and sunflower campaigns ended with a sustained level of activity on the European and North American markets, and a high rate of sales, particularly in the United States.
After a dynamic fourth quarter, sales for the year for the Field seeds division stood at 728.7 million Euros on June 30th 2012, up 21.7 % in relation to fiscal year 2010-2011; like for like the rise was 19.7%, beyond the objective that had been set.
Activity has benefited from a favorable agricultural environment both in Europe and in the Americas.
The fourth quarter showed sales of 163.7 million Euros and a clear return to growth with an increase like for like of 4.1%.
Sales for the year for the Vegetable seeds division thus stood at 527.2 million Euros on June 30th 2012, up 3.3% in comparison with the previous fiscal year.
Restated like for like this increase is 2.9%, on line with the objectives disclosed, and higher than the estimated global growth of the market in recent months.
In a world environment which remains tense, suffering from several current unfavorable factors (sanitary, political and economic crises), Vilmorin has demonstrated the strength both of its organization model and of its strategy combining innovation and proximity to its markets. All the Business Units achieved satisfactory performances, marked by the sustained development of their new zones earmarked for expansion and fine resistance on their reference markets.
Sales for the Garden products division came to 80.7 million Euros on June 30th 2012, down by 1.5%. Business was hit both in France and the United Kingdom by adverse weather conditions for hobby gardening and by an extremely unfavorable economic context.
The corporate accounts of the companies in Vilmorin'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 can confirm that for fiscal year 2011-2012 its current operating result will progress in comparison to the previous fiscal year. Taking into account the evolution of the mix in business activities and the strong growth of the operating margin for Field seeds, the current consolidated operating margin should be close to the objective of 11%, as confirmed last May.
Moreover Vilmorin anticipates a strong increase in its net result compared with fiscal year 2010-2011 which needs to be restated for extraordinary items (sales of assets in China).
COMING DISCLOSURES (* at the end of trading on the Paris stock market) AND EVENT
Tuesday October 9th 2012*: results for fiscal year 2011-2012
Tuesday November 6th 2012*: sales for the first quarter 2012-2013
Wednesday December 12th 2012: Annual General Meeting of Shareholders in Paris
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
[email protected] Cell: + 33 (0)6 89 10 05 19
New telephone number Tel: + 33 (0)4 73 63 44 85 Fax: + 33 (0)4 73 63 41 80
Website: www.vilmorin.info
| In millions of Euros | 2010-2011 | 2011-2012 | Variation like for like |
|---|---|---|---|
| First quarter | 167.1 | 178.8 | 5.9% |
| Vegetable seeds | 103 | 100.9 | 0.4% |
| Field seeds | 50.3 | 64.6 | 18.1% |
| Garden products | 13.5 | 13 | -2.3% |
| Holdings | 0.2 | 0.2 | -7.1% |
| Second quarter | 197.7 | 221.9 | 9.3% |
| Vegetable seeds | 105.3 | 107.6 | 2.9% |
| Field seeds | 83.2 | 105.1 | 17.7% |
| Garden products | 9 | 8.7 | -2.5% |
| Holdings | 0.3 | 0.4 | 50.1% |
| Third quarter | 520.4 | 616.5 | 20.9% |
| Vegetable seeds | 148.8 | 155 | 3.5% |
| Field seeds | 333.6 | 423.9 | 31.5% |
| Garden products | 37.6 | 37.3 | -0.3% |
| Holdings | 0.4 | 0.4 | -1.6% |
| Fourth quarter | 306.9 | 320.8 | -0.5% |
| Vegetable seeds | 153.3 | 163.7 | 4.1% |
| Field seeds | 131.4 | 135.1 | -5.2% |
| Garden products | 21.8 | 21.6 | -2.5% |
| Holdings | 0.5 | 0.3 | -35.6% |
| Sales for the fiscal year | 1192.1 | 1337.9 | 11.1% |
| Vegetable seeds | 510.3 | 527.2 | 2.9% |
| Field seeds | 598.6 | 728.7 | 19.7% |
| Garden products | 81.9 | 80.7 | -1.5% |
| Holdings | 1.4 | 1.3 | -3.5% |
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