Earnings Release • Feb 9, 2010
Earnings Release
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February 9th 2010
Public limited company with Board of Directors, with a capital of 204 225 819.25 Euros. Head Office: 4, Quai de la Mégisserie – F-75001 PARIS Registration 377 913 728 Paris Fiscal year from July 1st to June 30th
• Creation of a joint venture (wheat seeds) with DonMario, Argentina
Vilmorin's consolidated sales for the first semester 2009-2010, closing on December 31st 2009, stood at 314.2 million Euros, an increase of 2.7% with current data and 2.5% like for like.
| In millions of Euros | 2008-2009 | 2009-2010 | Variation* |
|---|---|---|---|
| First quarter | 129.4 | 148.3 | + 11.1% |
| Vegetable seeds activity | 77.9 | 83.9 | + 4.9% |
| Field seeds activity | 37.2 | 49.6 | + 25.7% |
| Garden product activity | 14.1 | 14.5 | + 5.5% |
| Holdings | 0.2 | 0.2 | + 13.3% |
| Second quarter | 176.4 | 165.9 | - 4.1% |
| Vegetable seeds activity | 83.3 | 89.8 | + 11% |
| Field seeds activity | 83 | 66.5 | - 19.3% |
| Garden product activity | 9.8 | 9.2 | - 2% |
| Holdings | 0.3 | 0.4 | + 16.8% |
| First semester | 305.8 | 314.2 | + 2.5% |
| Vegetable seeds activity | 161.2 | 173.8 | + 8% |
| Field seeds activity | 120.2 | 116.1 | - 4.7% |
| Garden product activity | 23.9 | 23.7 | + 2.4% |
| Holdings | 0.5 | 0.6 | + 15.5% |
* 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 2009.
The main change in the consolidation scope comes from the acquisition of the company Clovis Matton (Belgium) in August 2009, and now integrated globally in the financial statements for 2009-2010.
• Sales for the vegetable seeds activity for the first semester came to 173.8 million Euros, an increase of 7.8% compared with the first semester 2008-2009. Restated like for like this increase was 8%. All the business units in the vegetable seeds activity performed well over the course of the first semester. In the context of a difficult market for vegetable growers, this progression is the
result of gains in market shares, particularly in the Americas and in the Mediterranean basin. • Sales for the field seeds activity for the first semester came to 116.1 million Euros, down 3.4% compared with the first semester for 2008-2009; this decrease was 4.7% like for like.
In Europe, the autumn campaign ended with contrasting performances. Sales of rapeseed and forage seeds achieved highly satisfactory increases. But in a context of agricultural markets that remain volatile, leading to greater use of farm seeds, sales of straw cereals (wheat, barley), finished the period well below the level of the previous year. Representing nearly two thirds of the sales of the field seeds activity in Europe, the spring
season (corn and sunflower seeds), has begun on line with objectives, favored by an attractive commercial policy, with confirmation of the redeployment of Vilmorin's activities on markets in Eastern Europe.
Sales for the first semester on average represent less than a third of Vilmorin's annual sales. Taking into account information provided above, Vilmorin can confirm its global objectives for fiscal 2009-2010 as disclosed in October 2009 (growth at the overall average level achieved in previous years).
Vilmorin has announced the signing of a (50/50) joint venture agreement with the company DonMario, one of the leading seeds companies in Argentina. Founded in 1983, with annual sales of over 50 million Euros, DonMario holds solid competitive positions in Argentina on markets for wheat, corn and soybean. The company also has sites in Brazil and Uruguay.
This alliance, involving wheat seeds, will make it possible to sell new varieties in Argentina (the foremost wheat producer in South America) and more widely throughout the continent, from the combined genetic resources and technologies of Vilmorin and DonMario.
At a subsequent stage, the products developed through this joint venture will be sold on international markets in accordance with the provisions set out in the agreement.
"Vilmorin and DonMario are pooling their wheat expertise with the aim of meeting farmers' needs for innovation and developing their market shares in South America. This partnership opens up new, wider development perspectives in South America for field seeds" Adrian HUIGE, Vilmorin's CEO underlined.
Wednesday February 24th 2010 at the end of the day: results for the first semester. Monday May 3rd 2010 at the end of the day: sales at the end of the 3rd quarter. Tuesday August 3rd 2010 at the end of the day: sales for the fiscal year. Wednesday October 6th 2010 at the end of the day: results for the fiscal year.
Listed on NYSE Euronext Paris (compartment B), Vilmorin's quotation is included in the Next 150, CAC Mid 100 and SBF 120 indices, and is eligible for SRD (Deferred Settlement Order). ISIN code: FR0000052516 (RIN).
For any further information, please contact:
Daniel JACQUEMOND Claire PLANCHE
Chief Financial Officer Financial Communication 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 www.vilmorin.info
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