Earnings Release • Feb 9, 2011
Earnings Release
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Public limited company with Board of Directors, with capital stock of 262,576,040.25 Euros. Head Office: 4, Quai de la Mégisserie – F-75001 PARIS R.C.S. Paris 377 913 728 Fiscal year from July 1st to June 30th
Vilmorin's consolidated sales for the first semester 2010-2011, closing on December 31st 2010, stood at 364.8 million Euros, an increase of 16.1% with current data, and 9.7% like for like.
| In millions of Euros | 2009-2010 | 2010-2011 | Variation* |
|---|---|---|---|
| First quarter | 148.3 | 167.1 | + 6.4% |
| Vegetable seeds | 83.9 | 103 | + 11.8% |
| Field seeds | 49.6 | 50.3 | + 0.3% |
| Garden products | 14.5 | 13.5 | - 6.2% |
| Holdings | 0.2 | 0.2 | - 0.6% |
| Second quarter | 165.9 | 197.7 | + 12.7% |
| Vegetable seeds | 89.8 | 105.3 | + 7.6% |
| Field seeds | 66.5 | 83.2 | + 22.4% |
| Garden products | 9.2 | 9 | - 3.6% |
| Holdings | 0.4 | 0.3 | - 21.8% |
| First semester | 314.2 | 364.8 | + 9.7% |
| Vegetable seeds | 173.8 | 208.2 | + 9.6% |
| Field seeds | 116.1 | 133.5 | + 13% |
| Garden products | 23.7 | 22.5 | - 5.2% |
| Holdings | 0.6 | 0.5 | - 13.2% |
* 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 December 31st 2010.
The main changes in the consolidation scope for this semester concern the global integration of the vegetable seed activities of Mesa Maize (United States) and Su Tarim (Turkey), and the wheat activity of Limagrain Cereal Seeds (United States), acquired during the course of fiscal year 2009-2010.
Sales for the vegetable seeds activity for the first semester came to 208.2 million Euros, an increase of 19.8% compared with the first semester for 2009-2010. Restated like for like this increase was 9.6%.
For the second quarter all the business units confirmed their fine performances recorded since the beginning of the fiscal year, increasing faster than estimated market trends, and thus demonstrating gains in market share, particularly in the Americas, in Asia, and in the Mediterranean basin.
Sales for the first semester on average represent less than a third of Vilmorin's annual sales.
Pending confirmation of the first positive trends of the spring campaign, Vilmorin can confirm its perspectives for progression in sales and operating margin for fiscal year 2010-2011, as announced in October 2010.
Extending the international development of its corn seed activities, Vilmorin has just acquired the corn assets of the company Sementes Guerra, based in Pato Branco (State of Parana, Brazil). These assets mainly concern breeding programs, genetic resources, production tools and a sales network, and will thus enable Vilmorin to develop business in this new area. All the activities acquired, for which sales in 2010 came to a little less than 10 million Euros, have now been grouped in a new company, "Limagrain Guerra do Brasil", controlled 70% by Vilmorin.
"After the cooperation initiated in 2010 in Argentina with DonMario Semillas, the partnership set up with Sementes Guerra represents a significant step forward in the development of our business in South America. This operation will enable us in the short term to establish business immediately and sustainably on the third largest corn market in the world. Ultimately, it opens up broad perspectives for Vilmorin to sell conventional and novel genetically modified products, combining genetic resources and proprietary technologies on a fast growing market", Adrian HUIGE, Vilmorin's CEO, declared.
Vilmorin and Arcadia Biosciences1 , joint shareholders of Limagrain Cereal Seeds (Fort Collins. USA), have just signed a new agreement regarding the development and distribution of water use efficient wheat seeds. This contract, the financial aspects of which have not been disclosed, grant Vilmorin exclusive access for all its wheat markets, whether already existing or being developed.
"This exclusive and global access to Arcadia's innovative water efficiency technology is another major step in Vilmorin's development plans in wheat. Together with our access to Arcadia's nitrogen efficiency technology, this water efficiency gene opens new long term perspectives towards improving the agricultural and environmental performance of the most cultivated cereal crop in the world" said Emmanuel Rougier, COO of Vilmorin.
Based in Davis (California), with additional facilities in Seattle (Washington) and Phoenix (Arizona), Arcadia Biosciences is an agricultural technology company focused on the development of agricultural products that improve the environment and enhance human health.
For more information visit www.arcadiabio.com.
Wednesday February 23rd 2011 at the end of trading on the Paris stock market: results for the first semester.
Monday May 9th before trading on the Paris stock market: sales at the end of the 3rd quarter.
Wednesday August 3rd 2011 at the end of trading on the Paris stock market: sales for the fiscal year
Tuesday October 11th 2011 at the end of trading on the Paris stock market: results for the fiscal year
Listed on NYSE Euronext Paris (compartment A), Vilmorin's quotation is included in the Next 150, CAC Mid 100, and SBF 250 indices and is eligible for SRD (Deferred Settlement Order).
ISIN Code: FR0000052516 (RIN).
Daniel JACQUEMOND Claire PLANCHE
[email protected] [email protected]
Chief Financial Officer Financial Communication and Investor Relations Officer
Vilmorin & Cie BP 1 – F-63720 CHAPPES Tél. + 33 (0)4 73 63 41 95 Fax : + 33 (0)4 73 63 41 80 Website: www.vilmorin.info
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