Earnings Release • Nov 12, 2008
Earnings Release
Open in ViewerOpens in native device viewer
November 12th 2008
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
The consolidated sales of Vilmorin for the first quarter 2008-2009, closing on September 30th 2008, stood at 116 million euros, an increase of 3.3% with current date and 5.1% like for like.
| In millions of euros | 2007-2008 | 2008-2009 | Variation* |
|---|---|---|---|
| Vegetable seeds activity | 76.5 | 78.6 | + 3.3% |
| Field seeds activity | 35.9 | 37.2 | + 8.5% |
| Holdings | - | 0.2 | - |
| Group | 112.4 | 116.0 | + 5.1% |
* like for like
Consolidated financial information is established in compliance with the IFRS reference (International Financial Reporting Standards).
Following the announcement in October 2007 of its plan to sell its home garden activity, Vilmorin now applies 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.
> For the first quarter of fiscal 2008-2009, sales for the vegetable seeds activity came to 78.6 million euros, an increase of 2.9% compared to the same period in the previous fiscal year.
Restated like for like, the increase was 3.3%.
In spite of a slowdown in business in certain areas of the Mediterranean basin, the first quarter was marked by fine performances overall, particularly on the North American markets.
After selling its stake in the German company Flora Frey Sperling last June, Vilmorin is pursuing its project to withdraw from its home garden activity.
> In spite of negotiations run over a period of several months, Vilmorin and the group Plan SAS (France) have been unable to reach an agreement and have therefore decided to end their exclusive negotiations concerning the sale of the French company Oxadis and its subsidiaries (CNOS Garden - Poland, Flora Geissler - Switzerland, Van den Berg - Netherlands).
Consequently, Vilmorin is in the process of reassessing different alternative offers, both industrial and financial.
> At the same time, plans to sell the British company Suttons are going according to plan. Vilmorin is maintaining its objective to finalize this transaction during the current fiscal year, and if possible by the end of December 2008.
Sales for the first quarter represent, on average, less than 15 % of annual sales.
Taking into account information provided above, Vilmorin's perspectives for an increase in sales and margins for the fiscal year 2008-2009 are on line with the objectives announced in October.
> Friday 21st and Saturday 22nd November 2008: Actionaria Investment Fair, Palais des Congrès. Paris.
Information meeting on Saturday November 22nd 2008 at 2pm.
> Thursday December 11th 2008 at 10am: Annual General Meeting of Shareholders. Maison de la Chimie - 28, rue Saint Dominique – 75007 Paris – France.
Vilmorin is the fourth largest seed company in the world, and expert in the creation of novel vegetable and field crop plants. 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.
Listed on Euronext Paris (compartment A), Vilmorin's quotation is included in the Next 150, CAC Mid 100, SBF 250 indices and is eligible for Deferred Settlement Order.
Code ISIN: 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 Website: www.vilmorin.info
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.