INVESTORS PRESENTATION - Vilmorin · 2017-09-18 · 3 investors presentation september, 2017 agenda...

September, 2017INVESTORS PRESENTATION1

INVESTORS PRESENTATION

SEPTEMBER, 2017


DISCLAIMER

Some of the statements contained in this document may be forward-looking statements concerning Vilmorin & Cie SA's financial position,results, businesses, strategy or projects.

Vilmorin & Cie SA considers that such statements are based onreasonable assumptions but cannot and does not give any assurancethat the Group's future performance will be consistent with thosestatements.

Actual results could differ from those currently anticipated in suchstatements due to a certain number of inherent risks and uncertainties,most of which are beyond Vilmorin & Cie SA's control, such as thosedescribed in the documents filed or to be filed by Vilmorin & Cie SA withthe French securities regulator (Autorité des marchés financiers) andmade available for downloading from the Company's website:www.vilmorincie.com


AGENDA

VILMORIN & CIE AT A GLANCE s. 04

VILMORIN & CIE GROWTH STRATEGY s. 11

SALES FOR THE FISCAL YEAR 2016-2017 s. 22

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

AND MID TERM AMBITIONS s. 33

VILMORIN & CIE ON THE STOCK EXCHANGE s. 38

SCHEDULE AND CONTACTS s. 41

APPENDICES s. 44


4

VILMORIN & CIE AT A GLANCE


VILMORIN & CIE, 4TH LARGEST SEEDS COMPANY IN THE WORLD

Fourth largest seeds company in the world with leading positions on its core activities

Pure player built up on historical expertise in botany since 1743and on the basis of real proximity with the agricultural world

A long-term vision of the development, strengthened by the consistent support of its reference shareholder, Limagrain, an international agricultural cooperative group


N°2worldwide

for vegetable

seeds

N°1in Europe

for straw

cereals (1)

N°3in North

America for

corn seeds

N°4in Europe

for corn

seeds

(1) Wheat and barley


A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS


ANALYZING

NEEDS

CREATING

NEW SEEDS

COLLECTING

GENETIC

RESOURCES

PRODUCING

SEEDS

DISTRIBUTING AND

SELLING SEEDS

AROUND 300 VARIETIES LAUNCHED PER YEAR

A 7 TO 10 YEARS CYCLE


A SOLID TRACK RECORD


In M€

Integration of European

and US field seeds

Brasmilho Sementes Guerra / Brazil

Bisco Bio Sciences / IndiaBSF/Genesis/Trigen/

Trio Research / USA Century Seeds / India

Link Seed / South Africa

Eureka Seed / USA

Seed Co / Africa (*)

Seed Asia / Thailand

Field seeds acquisition

Hengji Limagrain Seeds / China (JV)

Golden Acres / USA

43.8

54.8

44.353.0 54.1

91

80.6

99.4

84.1

72.9

59.3494

939 8971 002

1 064

1 192

1 338

1 472 1 500 1 5311 627

1 2691 325

0

20

40

60

80

100

120

140

0

200

400

600

800

1000

1200

1400

1600

1800

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Vegetable seeds acquisition

Tropdicorp/Vietnam

Shamrock / USA and Mexico

Canterra Seeds / Canada(*)

Genica Research / USA

Su Tarim / Turkey

Meza Maize / USA

61.7

29.3


A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESS


VEGETABLE SEEDS

VEGETABLE GROWERS

3 BUSINESS UNITS

Key leading brands:

FIELD SEEDS

FARMERS

6 BUSINESS UNITS

Key leading brands:

GARDEN PRODUCTS

MARKET GARDENERS

1 BUSINESS UNIT

Key leading brand:


Investors

(of which ~50%

internationally

based: USA, UK,

Singapore,

Belgium…)

A LONG TERM REFERENCE SHAREHOLDER

Groupe Limagrain:

An international agricultural cooperative group, founded and managed by French farmers

A seed group involved in the development of

integrated agricultural chains

Vegetable seeds and field seeds

Cereal products

(cereal ingredients and bakery products)

BREAKDOWN OF THE CAPITAL

ON JUNE 30th 2017

6.2%

20.0%

73.8%

Groupe Limagrain*

Individual shareholders

* of which BPI France as a strategic shareholder of Limagrain

Sources: Euroclear and Euronext

TOTAL NUMBER OF SHARES:

20 833 902



Moving agriculture forward to meet food challenges

A LONG TERM REFERENCE SHAREHOLDER

Groupe Limagrain, a reference shareholder guaranteeing:

Stable corporate governance

Long term strategy

A perfect knowledge of agriculture, customers and theirs needs

LIMAGRAIN IN BRIEF

MISSION

* Figures for the overall scope of activity worldwide, taking into account data from the

companies AgReliant, AGT, Genective, Seed Co and Soltis.


STRATEGY

KEY FIGURES

To provide farmers throughout the world with sustainable solutions to improve their farms' profitability

Nearly 2,000 farmer membersClose to 2.5 billion Euros in salesMore than 10,000 employees


11

VILMORIN & CIE GROWTH STRATEGY


1/ PROMISING WORLD SEEDS MARKETS


POWERFUL GROWTH FACTORS:

Increase in seeds demand

Growth in the world population (10 bn in 2050)

Improvement in the standards of living

Increase in the use of commercial seeds

Ever greater use of genetically modified

(“GM”) seeds worldwide

Vegetable seeds

(Conventional seeds)

WORLD MARKET

FOR COMMERCIAL SEEDS (2016)

(CAGR between 2011 and 2016)

Field Seeds –

Conventional seeds

Field Seeds –

GM seeds

14,1 %

30,6 %

55,3 %

MARKET VALUE 2016:

$36.9 BN. GLOBAL CAGR: +1,4% / YEAR

Sources: Phillips McDougall 2017 and ISAAA 2017


1/ MARKET FOR SEEDS: SLIGHT SLOWDOWN FOR GMO IN 2015


WORLD MARKET ACREAGE

185.1 million hectares (around 10% of arable land), +3% / 2015,

grown by 18 million farmers in 26 countries

Sources: ISAAA 2017. Phillips McDougall 2017

WORLD MARKET VALUE

$20.4 billion in 2016 (i.e. 55 % of the world market for seeds), +3% / 2015

million ha

185GMO :

ACREAGE PER COUNTRY

-10

10

30

50

70

90

110

130

150

170

190

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Others

China

India

Canada

Argentina

Brazil

USA


1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY


A concentrated competitive environment

High barriers to entry:

Width and depth of the genetic resources

R&D investment (conventional breeding and biotechnologies)

International coverage

WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS

Seeds companies – Sales* in millions of euros – 2016(KWS, Monsanto 2015-2016 data.). Vilmorin & Cie 2016-2017 data: excluding Garden products.

Sources: Company publications and internal. 2016

27%

22%

8%5%

4%

4%

30%

Dow Dupont

Syngenta

KWS

Bayer

Vilmorin & Cie

Monsanto

Others

*Without IFRS 11 impact

Vegetable seeds

Field seeds

1 663

(1) Following Dow Dupont merger completed on 09.01.2017

9 080

7 428

2 415 + ChemChina

1 357

1 356

480

388

270

Bayer / Monsanto

(1)


2/ A STRATEGY OF WINNING MARKET SHARES


3 strategic priorities

3 strategic foundations

INNOVATION TARGETED POLICY OF

EXTERNAL GROWTHINTERNATIONALIZATION

Vegetable seeds: reinforce world leadership

Corn seeds: become a global actor

Wheat seeds : become the world reference


34%

32%

17%

17%

3 / VEGETABLE SEEDS. DIVISION PROFILE


Tomato

Sweet and hot pepper

Carrot

Melon

BeanSquashOnion

Others

SALES OF VEGETABLE SEEDSPER CROP. 2015-2016

SALES OF VEGETABLE SEEDSPER GEOGRAPHICAL AREA. 2015-2016

Europe

Americas

Africa / Middle East

Asia / Oceania

KEY FIGURES 2015-2016

31689

15.9%

COUNTRIES

WITH

LOCATIONS

M€

SALES

OPERATING

MARGIN

Current operating margin : 16.2%

1

3

1

1

21

1,2,3: worldwide competitive positions

N°2In the

World

- A very strong competitive position addressing worldwide vegetable growers and food processors

- An extremely diversified product line-up with more than 30 species (tomato, carrot, melon, pepper, bean, etc.)


3 / VEGETABLE SEEDS. STRATEGY


Reinforce world leadership

Make full use of the virtuous circle of innovation and proximity to continue to win market shares

Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops and/or certain geographical zones (particularly in Asia)

CAMPBELLS’ SEEDSSeptember 2012

Tomato and pepper

United States

Sales: more than 5 M$

CENTURY SEEDSOctober 2012

10 local crops

India

Sales: 4 M€

TROPDICORP March 2015

Bitter gourd, pumpkin,

wax gourd

Vietnam

Sales: 6 M$

GENICA RESEARCHFebruary 2016

Sweet and hot peppers,

cucumber, summer squash

United States

Sales: more than 25 M$

Recent acquisitions:

http://www.campbellseeds.com/default.aspx


54%40%

4% 2%

4 / FIELD SEEDS. DIVISION PROFILE


SALES OF FIELD SEEDS*PER GEOGRAPHICAL AREA. 2015-2016

Europe

Americas

Asia / Oceania

KEY FIGURES 2015-2016

33

582

1.8%

COUNTRIES

WITH

LOCATIONS*

M€

SALES

OPERATING

MARGIN

Current operating margin : 2.8%

(884 M€)*

N°1In Europe

for straw

cereals

N°3In North

America

And N°4In Europe

for corn seeds

- One of the top players in strategic crops targeting farmers

- 2 worldwide strategic crops: corn and wheat

- And regional strategic crops: sunflower, rapeseed and barley in Europe, rice in India, and soybean, which Vilmorin & Cie distributes in North and South America

10%

3%

4%

14%

69%

SALES OF FIELD SEEDS*PER CROP. 2015-2016

Cereals (corn,

wheat, barley)

Other field seeds

Rapeseed

Feed grains

Sunflower

(1) Wheat and barley

Africa / Middle East

* Without the application of the standard IFRS 11 (“Joint arrangements”) resulting in certain

activities being consolidated using the “Equity method” since 2014-2015 (in particular AgReliant.

North America. Field seeds)

(1)


4 / CORN SEEDS. STRATEGY


CORN SEEDS: BECOME A GLOBAL ACTOR

SEED COMinority stake. 2014

#1 African seeds company

Sales: 96 M$

5 factories & 6 research stations in south

east Africa

SEED ASIAMarch 2014

Hybrid tropical corn

Thailand

Sales: 9 M$

HENGJI LIMAGRAIN SEEDSJV. September 2015

Corn

China

Production and distribution

Technological strategic partnership between Vilmorin & Cie and KWS

*Source: ISAAA 2016

Internationalize activitiesfurther afield from European and North American activities on the largest world seed market in terms of value

(about $15 bn in 2015*)

GM corn traits licensing agreements with Syngenta (October 2015)

Develop a proprietary portfolio of GM seeds

Recent acquisitions:


4 / WHEAT SEEDS. STRATEGY


WHEAT SEEDS: BECOME THE WORLD REFERENCE

*Source: ISAAA 2016

Consolidate position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (≈ 222 million hectares in 2015*)

Develop more efficient seeds and contributeto converting the market to high yield seeds

Gradually extend the positions to other major wheat markets and develop strong partnerships internationally

NORTH AMERICA

United States

Canada

AUSTRALIA

Australian Grain Technologies

OTHER ZONES

South America

Asia


5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH


2015-2016

*of which €225 million research investments without integrating partnerships

€300 MILLION

RESEARCH INVESTMENT

INTEGRATING PARTNERSHIPS*

MORE THAN

14%INVESTED IN BIOTECHNOLOGIES

Maintain regular investment in research (breeding and biotechnologies) and broaden the partnerships

1,036 1,086 1,120 1,180

255 242261

302

183 194 211 225

14.2% 14.6% 15.3% 15.2%

17.4% 17.4%18.9% 19.1%

0

200

400

600

800

1 000

1 200

1 400

1 6002012-2013 2013-2014 2014-2015 2015-2016

Effort de recherche

Chiffre d'affaires semences AgReliant (à 50%)

Chiffre d'affaires semences

Effort de recherche/chiffre d'affaires semences (yc AgReliant 50%)

Effort de recherche/chiffre d'affaires semences (IFRS 11)

Investment in research

AgReliant’ sales of seeds (50%)

Sales of seeds

Investment in research/Sales of seeds (incl. 50% AgReliant)

Investment in research/Sales of seeds (IFRS 11)


22

SALES FOR FISCAL YEAR 2016-2017(ON JUNE 30, 2017)


Increase in sales over the 4th quarter 2016-2017: +2.7%*

Marked increase in sales for the year: +6.7%*, above the objective

Solid dynamic growth of the Vegetable Seeds activity: +6.2%*

Strong growth of the Field Seeds activity: +8.3%*

Outlook for 2016-2017: confirmation of the increase in the current operating margin

rate and strong increase in results

*On a like-for-like basis

A high quality fiscal year 2016-2017

KEY POINTS

SALES FOR FISCAL YEAR 2016-2017


REFERENCES


average close

2016 2017 2016 2017

$ 1.11 1.09 1.11 1.14

¥ 129 119 114 128

£ 0.75 0.86 0.83 0.88

TRY 3.22 3.68 3.21 4.01

ILS 4.28 4.08 4.28 3.99

BRL 4.10 3.51 3.59 3.76

INR 73.61 72.43 74.96 73.74

MXN 19.24 21.09 20.63 20.58

UAH 26.52 28.56 27.58 29.75

RUB 74.86 66.38 71.52 67.54

Accounting reference

IFRS on June 30, 2017

Rates of the main currencies on June 30, 2017 (and June 30, 2016)


CONSOLIDATED SALES*

SALES FOR FISCAL YEAR

FOURTH QUARTER(1)

* Revenue from ordinary activities

(1) of which:

Vegetable Seeds: 237

Field Seeds: 95

In M€


52%44%

4%

SALES* FOR FISCAL YEAR 2016-2017 BY DIVISION

Vegetable

SeedsField

Seeds

Garden Products

and Holdings

1 3251 414

0.1 89

Juin 2016 Impactdevises

Activité Juin 2017

+6.7%

+6.7%

335

344

9-0.4


Activité Juin 2017

+2.5%

+2.7%

June 2016 June 2017Currency

impactActivity


impactActivity


VEGETABLE SEEDS SALES*


In M€



FOURTH QUARTER

689736

4.2 43


Activité Juin 2017

+6.8%

+6.2%

218

2370.4

19


Activité Juin 2017

+8.7%

+8.5%


impactActivity June 2016 June 2017Currency

impactActivity


VEGETABLE SEEDS SALES

34%

33%

17%

16%

An excellent level of commercial activity for the 4th quarter,

in spite of the programmed run-down of the agricultural

supplies and equipment activity of the Business Unit Vilmorin-

MKS in Japan

Solid dynamic growth for 2016-2017, following on from

previous fiscal years

Increase in business for all three Business Units, in all the

geographical areas, and particularly in key zones and

especially North America

Remarkable performances for several strategic crops: tomato,

carrot, summer squash, sweet and hot pepper as well as onion

Very good performance, perfectly in line with the objective set

(+6% on a like-for-like basis), which fully confirms the

pertinence of Vilmorin & Cie’s strategy

Europe

Africa/Middle East

Asia/Oceania

Americas

ANALYSIS OF VEGETABLE SEEDS SALES*

PER GEOGRAPHICAL ZONE

Confirmation of world leadership

on the vegetable seeds market* Sales of products


ANALYSIS OF VEGETABLE SEEDS SALES*

PER CROP

Tomato

Sweet/Hot pepper

Carrot

MelonBeanSummer squash

Onion

Others

↗

↗

↗

↗

↗↗

↗

Evolution trends compared with June 30, 2016

Final Data


FIELD SEEDS SALES*


FOURTH QUARTER

* Revenue from ordinary activities,

after application of IFRS 11 (i.e. without AgReliant)

In M€


582

626

48-3.7


Activité Juin 2017

+7.6%

+8.3%

103

95

-0.8

-7


Activité Juin 2017

-8.1%

-7.4%


impactActivity


impactActivity


TRENDS FOR THE FIELD SEEDS MARKET

A market context that remains difficult for field seeds

Corn

Sunflower

United States

↘ Acreage

Europe 28

↘ Acreage

Greater Europe

↘ Acreage

Brazil

↗ Safra acreage

↗ Safrinha acreage

Europe 28

↗ Acreage

Greater Europe

↗ Acreage

Low prices for agricultural raw materials

Trends in the evolution of acreage



FIELD SEEDS SALES

531301

95

In M€

Corn and sunflower. Europe Drop in sales over the 4th quarter mainly due to the seasonal nature of invoicing at the end

of the 3rd quarter

Increase in business for fiscal year 2016-2017, in a context this year once again

characterized by the low level of prices for agricultural production and strong pressure on

pricing policies

Decline in the sales of corn seeds:

Mainly in Western Europe, directly caused by the reduction in cultivated acreage

In spite of significant business increase in Ukraine and Russia

Remarkable increase in sales of sunflower seeds (Ukraine and Russia), confirming the

quality of the product portfolio, and demonstrating gains in market shares

Corn. Other zones (South America, Asia and Africa)Very strong increase in business, particularly with extremely strong growth for the second

corn commercial campaign in Brazil (Safrinha), embodying gains in market shares

Corn. North America (AgReliant(1))Drop in volumes of marketed corn seeds, proportionately to the estimated reduction of

cultivated acreage for this crop

Corn. Africa (Seed Co(1))Fiscal year of excellent quality with strong growth driven by sales of corn seeds

Europe

North

America

(AgReliant)

Other zones

ANALYSIS

PER GEOGRAPHICAL ZONE (evolution on a like-for-like basis,

before application of IFRS 11)

(+3.1%)

(-2%)

(+50%)

TOTAL SALES

(including 50% of AgReliant): €927 M

Solid performance of the activity, above the objective set(2)

in a market environment that remains difficult


(1) Associated companies

(2) Reminder of the objective set in April 2017 : growth >5% on a like-for-like basis


CONSOLIDATED SALES* PER GEOGRAPHICAL ZONE

Americas

€307 M. +23%**

Africa/Middle East

€143 M. +1.6% **

Europe

€757 M. +2.2%**

Asia/Oceania

€152 M. +10.7%**

60 %

10 %

* Sales of products

** With current data compared with 2015-2016

56%

23%

11%

10%

Africa/

Middle East

Americas

Asia/Oceania

Europe



CONSOLIDATED SALES* PER QUARTER


8 8 6 625 25 15 12

13 22 15 3719 25

11 11

66 63 77

79

289305

92 83

122138

149

149

200

212

218 237

Q1 15-16 Q1 16-17 Q2 15-16 Q2 16-17 Q3 15-16 Q3 16-17 Q4 15-16 Q4 16-17

In M€

210

247

533

335

232

Vegetable Seeds

Field Seeds Europe

Field Seeds other zones

Garden Products and Holdings

SALES*

PER QUARTER

271

___

567


344


OUTLOOKFOR THE END OF FISCAL YEAR 2016-2017AND MID-TERM AMBITIONS


ESTIMATED TRENDS

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

Increase in the current operating margin rate, in line with the ambition disclosed last April, including research investment of about 240 million euros

Fruit of the dynamic growth in businessAnd the tight management of all the operating charges

Global contribution of associated companies higher than 2015-2016

Strong increase in the net income compared with the previous fiscal year

15-16 16-17 (Trend)

Sales €1,325.1 M €1,414.0 M

Current operating margin 8.4% ≈9%

Total net income €60.8 M


REMINDER OF THE STRATEGIC AMBITIONS FOR 2020

MID-TERM AMBITIONS

Accelerate development to reach business growth higher than market trends and increase operating margins, both in Vegetable Seeds and Field Seeds

Consolidate the financial profile, both in terms of leverage (aiming a level of between 1.5 and 2) and indebtedness (with gearing lower than 40%), making sure in particular to increase cash generation

Materialize the 3 strategic priorities:

VEGETABLE SEEDS

REINFORCE WORLD LEADERSHIP

CORN SEEDS

BECOME A GLOBAL PLAYER

WHEAT SEEDS

ULTIMATELY BECOME THE WORLD REFERENCE


REMINDER OF AMBITIONS FOR 2020. VEGETABLE SEEDS

MID-TERM AMBITIONS

Pursue the strategy of combining organic and external growth

Regular renewal and optimization of the product portfolio

Even greater proximity to markets

Targeted external growth operations

Continue to increase value in emerging markets

AVERAGE SALES GROWTH

OF MORE THAN 5% PER YEAR

REACH AN ANNUAL OPERATING MARGIN LEVEL OF 18%

AMBITION FOR 2020


REMINDER OF AMBITIONS FOR 2020. FIELD SEEDS

MID-TERM AMBITIONS

Continue the strategy of innovation and internationalization

Quality of the products pipeline

International deployment

Development of a proprietary range of genetically modified varieties

REACH SALES

OF AROUND 1 BILLION EUROS

AND AN ANNUAL OPERATING MARGIN LEVEL OF 10%

(INCLUDING AGRELIANT AT 50%)

AMBITION FOR 2020


VILMORIN & CIEON THE STOCK EXCHANGE


(Source: Euronext.com)

€76.01SHARE PRICE

ON SEPTEMBER 15TH, 2017

VILMORIN & CIE ON THE STOCK EXCHANGE

EVOLUTION OF THE SHARE PRICE

Vilmorin & Cie :

Vilmorin & Cie

CAC 40

MARKET CAPITALIZATION

ON SEPTEMBER 15TH, 2017

€1.6 Bn.

+ 41.2% 10 years + 6.6% 5 years + 23.2% 1 year


VILMORIN & CIE ON THE STOCK EXCHANGE

DIVIDENDS (1)

* Capital gain from the disposal of a minority stake in China.

(1) Data restated for the allotment of free shares of January 2013 and January 2015.

28.4%Pay-out 35.3% 31.4% 37.2% 44.8% 38.6%

4.37

3.87

4.77

4.04

3.50

2.85

1.24 1.36 1.50 1.50 1.571.10

2011 2012 2013 2014 2015 2016

Profit (group share) per share Dividend

1.40*


SCHEDULE AND CONTACTS


WEDNESDAY OCTOBER 18, 2017, AFTER TRADING

Disclosure of results for fiscal year 2016-2017 (on June 30, 2017)

MONDAY NOVEMBER 6, 2017, AFTER TRADING

Disclosure of sales at the end of the first quarter 2017-2018 (on September 30, 2017)

SCHEDULE


Daniel JACQUEMOND

Chief Financial Officer

[email protected]

FOR ANY FURTHER INFORMATION:

CONTACTS

Valérie MONSERAT

Head of Financial Communication

and Investor Relations

[email protected]

All our financial information on

www.vilmorincie.com

Vilmorin & Cie

Head Office: 4 quai de la Mégisserie – F-75001 PARIS

Postal address: CS 20001 Saint-Beauzire – F-63360 GERZAT

Tel: +33 (0)473 634 485


APPENDICESKey financial data for fiscal year 2015-2016Organization chart


APPENDICESKey financial data for fiscal year 2015-2016


INCOME STATEMENT FOR FISCAL YEAR 2015-2016 (CLOSING JUNE)

VILMORIN & CIE KEY FINANCIALS

(1) The current operating margin is defined as the operating margin in the accounts restated for impairments, reorganization costs and certain items

of an extraordinary nature(additional procurement costs and partial allocation of goodwill in 2015-2016).

In M€ 2014-2015 2015-2016 Variation

Sales 1 269.4 1 325.1 +4.4%

Sales margin 603.3 632.2 +28.9 M€

Sales margin rate 47.5% 47.7% +0.2 pt

Operating income 100.2 100.3 +0.1 M€

Operating margin rate 7.9% 7.6% -0.3 pt

Current operating margin rate(1) 8.0% 8.4% +0.4 pt

Financial income -39.2 -36.5 -(2.7) M€

Income from associated companies 29.4 30.8 +1.4 M€

Income taxes -14.5 -33.8 +(19.3) M€

Net income 75.9 60.8 -15.1 M€

Net income Group share 72.9 59.3 -13.6 M€


KEY FIGURES CONTRIBUTED TO CONSOLIDATED SALES PER DIVISION FOR FISCAL YEAR 2015-2016



In M€ Sales* Operating income Net income

2014-15 2015-16 2014-15 2015-16 2014-15 2015-16

Vegetable seeds 614.6 688.7 95.8 109.3 63.9 71.6

Field seeds 595.3 581.7 20.9 10.6 20.7 17.3

Garden products 58.4 53.6 -0.7 -4.6 -1.3 -4.6

Holdings 1.1 1.1 -15.8 -15.0 -7.4 -23.5

Consolidated 1,269.4 1,325.1 100.2 100.3 75.9 60.8


FREE CASH FLOW


(1) EBITDA is defined as follows: Operating income + Net depreciation & amortization + Net impairment

In M€ 2014-2015 2015-2016

Net indebtedness at the beginning of the FY 515 660

EBITDA(1) 263 278

Variation of working capital needs (44) 20

Other operating items (41) (28)

Net industrial investments (62) (46)

Activated development costs (148) (157)

Operating cash-flow (32) 68

Net financial investments (62) (116)

Capital and other equity contributions - (1)

Dividends (21) (10)

Net financial charges (28) (23)

Free cash-flow (142) (83)

Other restatements (IFRS/ Currency, etc.) (4) 1

Net indebtedness at the end of FY 660 742


BALANCE SHEET STRUCTURE


660 742

63 646989

1,2721,264

30.06.2015 30.06.2016

Total balance sheet 2,064

* of which cash 373 207

In M€

Gearing 59%

Leverage 2.72,159

501 468

1,563 1,691

30.06.2015 30.06.2016

Assets

Net fixed assets

Net working capital needs

Liabilities

Equity

Provisions

Net deferred taxes

Net indebtedness


APPENDICESVILMORIN & CIE ORGANIZATION CHART


FIELD SEEDS

Limagrain Europe

AgReliant (corn, soybean)

Limagrain Asia

Limagrain Cereal Seeds (wheat)

Limagrain South America

Limagrain Africa

ORGANIZATION CHART

VEGETABLE SEEDS

HM.CLAUSE

Hazera

Vilmorin-MKS

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INVESTORS PRESENTATION - Vilmorin · 2017-09-18 · 3 investors presentation september, 2017 agenda...

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Transcript of INVESTORS PRESENTATION - Vilmorin · 2017-09-18 · 3 investors presentation september, 2017 agenda...