Earnings Release • Nov 6, 2012
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 NYSE Euronext Paris (Compartment A) – Eligible for Deferred Settlement Order
November 6th, 2012
Vilmorin's consolidated shares for the first quarter 2012-2013, closing on September 30, 2012, corresponding to revenue from ordinary activities, stood at 187.3 million Euros, an increase of 4.7% with current data, and 1.6% like for like, after restatement for currency translation.
| In millions of Euros | 2011-2012 | 2012-2013 | Variation like for like |
|---|---|---|---|
| First quarter | 178.8 | 187.3 | + 1.6% |
| Field seeds | 64.6 | 67.2 | + 2.9% |
| Vegetable seeds | 100.9 | 107.6 | + 1.9% |
| Garden products | 13 | 12.3 | - 7.6% |
| Holdings | 0.2 | 0.2 | - 6.3% |
Consolidated financial information is established in compliance with the IFRS reference (International Financial Reporting Standards), as adopted by the European Union on September 30th, 2012.
The only change in consolidation scope comes from the majority takeover of Bisco Bio Sciences (India), occurring in March 2012. However, its impact on sales for the first quarter is non-significant because of the seasonal nature of its activity.
Sales for the Field seeds division for the first quarter came to 67.2 million Euros an increase of 4% with current data and 2.9% like for like in comparison with the high reference of the previous fiscal year.
In Europe, the progression of the sales of strategic crops perfectly corresponds to the objectives fixed, whereas there is a drop in activity this quarter for support products.
Thus, following the trend of previous years, the rapeseed sales campaign closed with satisfactory growth in the context of a drop in cultivated acreage. The adoption by farmers of new hybrid varieties is continuing, and as a result Vilmorin has consolidated its position as No. 3 on the European market.
The first part of the commercial campaign in straw cereal seeds (wheat, barley) showed strong growth, due to the favorable agricultural context and the quality of the products on offer. However, sales of forage and amenity grass seeds, a support products line that completes the commercial line-up in Europe, have fallen considerably, reflecting the non-renewal of meadows this year.
Sales for the Vegetable seeds division came to 107.6 million Euros, up 6.6% compared to the same period in the previous fiscal year. Restated for the impact of currency translation, this increase was 1.9%.
During the course of the first quarter, the Vegetable seeds division pursued its growth, particularly as a result of the upturn achieved in certain key markets in the Africa / Middle East zone, and confirmation of dynamic activity on the American and Asian markets.
However the European market remains tensed as it suffers from the persistent impact of the economic crisis in countries in Southern Europe. However, in this area Vilmorin has managed to hold firm with its market shares.
At the end of this first quarter, which has little impact because of the seasonal nature of the business, sales for the Garden products division on September 30, 2012 came to 12.3 million Euros, down 7.6% compared with the previous fiscal year. It remains affected by a slack consumption period in Europe, and restrictive management measures implemented at Suttons.
Sales for the first quarter represent, on average, less than 15% of annual sales.
On the basis of the positive trends recorded at the end of the campaigns in the fall, and the outlook for corn and sunflower as of today, Vilmorin can confirm the objectives announced for an increase in sales and operating margin for fiscal year 2012-2013.
These objectives are based on an increase, like for like, of more than 6% in consolidated sales, and on a current operating margin of 11%, taking into account a research investment estimated to be 180 million Euros.
Vilmorin's reference document for fiscal year 2011-2012 was registered with the Autorité des marchés financiers (authority governing the French stock markets) on October 31st, 2012 under number D.12-0950. 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 12, 2011 can be consulted in French on the company's website (www.vilmorin.info, section "Publications", type "Assemblée Générale – documents préparatoires et de suivi 2012") or requested from the Corporate Finance Department.
Wednesday December 12, 2012: Annual General Meeting of Shareholders in Paris
Monday December 17, 2012: coupon detachment
Thursday December 20, 2012: payment of the dividends
Tuesday February 5, 2013*: disclosure of sales for the first semester 2012-2013
Tuesday February 19, 2013*: disclosure of the result for the first semester 2012-2013
As the world's fourth largest seed company, Vilmorin develops vegetable and field seeds with high added value, to better meet global food requirements.
True to its vision of sustainable development, Vilmorin relies on ongoing investments in research and international growth to strengthen its market shares. An ambition that is driven by its corporate culture which is based on the sharing of knowledge, quality of life and respect for the needs of mankind.
Daniel Jacquemond Claire Planche Chief Financial Officer Financial Communication and [email protected] Investor Relations Officer
New telephone number
Tel: + 33 (0)4 73 63 44 85 Fax : + 33 (0)4 73 63 41 80
Website: www.vilmorin.info
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