Earnings Release • Aug 4, 2009
Earnings Release
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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 R.C.S. Paris 377 913 728 Fiscal year from July 1st to June 30th
Consolidated sales for the fiscal year closing on June 30th 2009, and corresponding to revenue from ordinary activities, stood at 1 001.4 million Euros, down 1.6% compared with the previous fiscal year.
Restated like for like (currency translations, changes in scope), sales in fact showed an increase of 1.3% compared with the previous fiscal year.
| In millions of Euros | 2007-2008 | 2008-2009 | Variation* |
|---|---|---|---|
| pro-forma | |||
| First quarter | 133.5 | 129.4 | + 5.5% |
| Vegetable seeds | 75.3 | 77.9 | + 4% |
| Field seeds | 35.9 | 37.2 | + 8.4% |
| Garden products | 22.3 | 14.1 | + 4.8% |
| Holdings | - | 0.2 | - |
| Second quarter | 184.9 | 176.4 | - 0.7% |
| Vegetable seeds | 76.2 | 83.3 | + 4.1% |
| Field seeds | 89.1 | 83.1 | - 4.1% |
| Garden products | 19.6 | 9.8 | - 11.1% |
| Holdings | - | 0.2 | - |
| Third quarter | 428.5 | 449.2 | 6.7% |
| Vegetable seeds | 118.9 | 121.8 | + 0.1% |
| Field seeds | 258.8 | 283.8 | + 9.8% |
| Garden products | 50.8 | 43.2 | + 5.4% |
| Holdings | - | 0.4 | - |
| Fourth quarter | 271.2 | 246.4 | - 7.6% |
| Vegetable seeds | 117.2 | 126.4 | + 5.5% |
| Field seeds | 118.7 | 94.9 | - 21.3% |
| Garden products | 35.3 | 24.6 | - 6.6% |
| Holdings | - | 0.5 | - |
| Sales for the fiscal year | 1 018 | 1 001.4 | + 1.3% |
| Vegetable seeds | 387.5 | 409.4 | + 3.3% |
| Field seeds | 502.6 | 499 | - 0.2% |
| Garden products | 128 | 91.7 | - 0.1% |
| Holdings | - | 1.3 | - |
| * Like for like |
Consolidated financial information has been established in accordance with the IFRS referential (International Financial Reporting Standards), as adopted in the European Union on June 30th 2009.
Following the announcement in October 2007 of its plan to sell its garden products activity, Vilmorin applied IFRS standard 5 "Non-current assets held for sale and discontinued operations". This standard requires that any operations concerning these assets are to be isolated as specific items on the balance sheet and the income statement.
When the accounts for the year were closed on June 30th 2008, only the German company Flora Frey and its subsidiary Sperling had been sold.
Taking into account the fast deteriorating economic and financial environment, during the course of fiscal 2008-2009, Vilmorin's Board decided to suspend the process to sell the companies Oxadis (France) and Suttons (United Kingdom). Consequently their financial statements have been once again declared as "continuing operations", and have been restated in pro-forma figures for fiscal 2007-2008 in order to facilitate comparability.
• Sales for the vegetable seeds activity came to 409.4 million Euros on June 30th 2009, an increase of 5.7% compared with the previous fiscal year. Restated like for like, this increase was 3.3%.
Fiscal 2008-2009 was marked by fine global performances from all the operating units, particularly in the Americas, and a slowdown of business up until last spring on certain markets in the Mediterranean market and the Middle East.
Over the fourth quarter, Vilmorin confirmed its potential for organic growth and its capacity to win market shares, showing an increase in sales of 5.5%.
In agreement with the company's other shareholders, Vilmorin has just increased its stake in Australian Grain Technologies (AGT), the Australian leader for breeding, developing and distributing cereal varieties, and now holds more than 32% of the stock.
"This exclusive co-operation, which began in July 2008, has already enabled us to test new genetic resources and gain access to new biotech tools. We are now one of the two main shareholders of AGT and we wish to accelerate the research program that concerns the development of hybrid wheat. This agreement will extend the expertise that we have acquired over the years and will help to ensure that Vilmorin is positioned as one of the key players on the world wheat market," as Adrian HUIGE, CEO, commented.
As part of its drive to consolidate its European field seeds organization, Vilmorin has just acquired the company Clovis Matton, based in Western Flanders, through its subsidiary Limagrain Verneuil Holding (LVH).
This operation will strengthen LVH's long-term positions on the Belgian silage corn market. Clovis Matton is one of the group's long-standing partners, and has its own straw cereal breeding program.
In compliance with the NYSE Euronext notice published on May 22nd 2009, Vilmorin's quotation has now been integrated in the SBF 120 and SBF 80 indices as of June 22nd 2009.
Not all the corporate statements of the companies in Vilmorin's consolidation scope have been audited yet; moreover, there are other consolidation accounting operations (apart from sales) still in the process of being finalized.
On the basis of the initial projections made to date, Vilmorin can confirm an operating margin for fiscal 2008-2009 on line with its objectives, and also a significant increase in its results.
Tuesday October 6th 2009 at the end of the day: results for fiscal year 2008-2009.
Thursday November 12th 2009 at the end of the day: sales at the end of the first quarter of the fiscal year 2009-2010.
Friday 20th and Saturday 21st November 2009: Actionaria Fair in Paris.
Tuesday December 8th 2009: Annual General Meeting of Shareholders in Paris.
Vilmorin is the fourth largest seed company in the world, and creates vegetable and field crops with high added value, thus helping to meet the food needs more efficiently.
Based on a responsible vision of its development, Vilmorin's strategy is a successful combination of its research capacity and constant international growth that strengthens its position as a world player.
This ambition is founded on sharing knowledge, quality of life and respect for the needs of mankind, all expressed through its philosophy "Cultivating the taste of life".
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 [email protected] [email protected]
Chief Financial Officer Financial Communication Officer
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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