Earnings Release • Nov 8, 2011
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
Vilmorin's consolidated shares for the first quarter 2011-2012, closing on September 30th 2011, stood at 178.8 million Euros, an increase of 7% with current data, 9.1% at constant currency and 5.9% like for like.
| In millions of Euros | 2010-2011 | 2011-2012 | Variation * |
|---|---|---|---|
| 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% |
| Group | 167.1 | 178.8 | + 5.9% |
* 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 September 30th 2011.
The main changes in the consolidation scope for this quarter concern the acquisition of the corn seeds activities of the Brazilian companies Sementes Guerra and Brasmilho since the beginning of 2011.
At the end of the first quarter, sales for the Vegetable seeds activity came to 100.9 million Euros, down 2% compared to the same period in the previous fiscal year. Restated like for like, there was an increase of 0.4%.
The Vegetable seeds division overall achieved a satisfactory first part of the fiscal year, bearing in mind the significantly high level of sales achieved in the previous fiscal year. It is also important to note the residual impact of the sanitary and political crises affecting the Mediterranean Basin in recent months, and also the temporary delays in invoicing due to changes in the distribution systems in certain regions of the Americas.
Sales for the Field seeds division for the first quarter came to 64.6 million Euros, an increase of 28.3% with current data and 18.1% like for like.
In Europe, following the trend of previous years, the rapeseed sales campaign closed with a very significant increase in the context of a drop in cultivated acreage. The technical performance of the products largely due to the development of new hybrid varieties is a key element in the gains of new market shares.
The first part of the commercial campaign in straw cereal seeds (wheat and barley) showed strong growth, as a result of early orders compared with the previous fiscal year and a favorable market environment
In North America orders for the coming spring season (corn, soybean) are progressing in a satisfactory manner, on line with the objectives defined.
Sales for the Garden products activity on September 30th 2011 came to 13 million Euros, down 2.3% compared with the same period for the previous fiscal year, resulting particularly from rather low consumption on the British market.
Sales for the first quarter represent, on average, less than 15% of annual sales.
In an uncertain economic and financial environment, and in spite of corn seed supplies that are below initial production plans, Vilmorin can confirm perspectives for an increase in sales and operating margin for the fiscal year 2011-2012, as announced in October.
Vilmorin's reference document for fiscal year 2010-2011 was registered with the Autorité des marchés financiers (authority governing the French stock markets) on November 4th 2011 under number D.11-0986. The French electronic version of this document can be consulted on the websites www.amf-france.org and www.vilmorin.info.
The preparatory documents for the Joint General Meeting of Shareholders to be held on December 14th 2011 can be consulted in French on the company's website (www.vilmorin.info, section "Publications", type "Assemblée Générale – documents préparatoires et de suivi 2011") or requested from the Corporate Finance Department.
Tuesday December 14th 2011: Annual General Meeting of Shareholders. 10.00 (registration as of 9.30). Maison des Arts et Métiers, 9 bis, avenue d'Iéna, Paris 16ème .
Monday December 19th 2011: coupon detachment
Thursday December 22nd 2011: payment of the dividends
Tuesday February 7th 2012*: disclosure of sales for the first semester of fiscal year 2011- 2012
Wednesday February 29th 2012*: disclosure of results for the first semester 2011-2012
* At the end of trading on the Paris stock market
Listed on NYSE Euronext Paris (compartment A), Vilmorin's quotation is included in the CAC Small, CAC Mid & Small, CAC All-Tradable, and CAC All Share indices, and is eligible for SRD (Deferred Settlement Order). ISIN code: FR0000052516 (RIN)
Daniel JACQUEMOND Claire PLANCHE
Chief Financial Officer Financial Communication and Investor Relations Officer
[email protected] [email protected]
Vilmorin & Cie BP 1 – F-63720 CHAPPES Tel: + 33 (0)4 73 63 41 95 Fax: + 33 (0)4 73 63 41 80 Website: www.vilmorin.info
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