RESULTS FOR THE FISCAL YEAR ON JUNE 30, 2020
- VILMORIN & CIE ACHIEVES QUALITY PERFORMANCES AT THE END OF
A FISCAL YEAR THAT CONFIRMS THE RESILIENCE OF ITS
ACTIVITY
- CONFIRMATION OF BPIFRANCE'S STRATEGIC COMMITMENT TO VILMORIN
& CIE
- OUTLOOK FOR 2020-2021: BUSINESS GROWTH OBJECTIVE OF AT LEAST
3%* AND OF A CURRENT OPERATING MARGIN RATE CLOSE TO 8%
* On a
like-for-like basis
SOLID RESULTS FOR FISCAL YEAR 2019-2020 WHEN COMPARED WITH
2018-2019, WHICH WAS MARKED BY NON-RECURRING POSITIVE ITEMS
The consolidated financial statements for
2019-2020, closing on June 30, 2020, were approved by the
Vilmorin & Cie Board at its
meeting of October 14, 2020. The Statutory Auditors have examined
this annual financial information with no particular comments or
reservations to make in their conclusions.
In millions of euros |
2018-2019published |
2018-2019restated(1) |
2019-2020 |
Variationwith current datavs 2018-2019 restated |
Sales for the
year |
1,390.7 |
1,390.7 |
1,435.2 |
+3.2% |
EBITDA |
321.8 |
347.6 |
347.9 |
+0.3 M€ |
Operating income |
111.0 |
114.6 |
109.8 |
-4.8 M€ |
Income from associated
companies |
26.0 |
26.0 |
17.9 |
-8.1 M€ |
Financial income |
-45.0 |
-48.4 |
-53.3 |
-4.9 M€ |
Income
taxes
Of which:
- Current taxes
- Deferred taxes
|
-14.1 -22.78.6 |
-14.2 -22.78.5 |
-6.9 -11.04.1 |
+7.3 M€ +11.7 M€-4.4 M€ |
Consolidated
net income |
77.9 |
78.0 |
67.5 |
-10.5 M€ |
Group share of
net income |
73.9 |
74.0 |
66.2 |
-7.8 M€ |
(1) Concerns the application of the standard
IFRS 16.
The consolidated financial information has been
established in compliance with the IFRS reference (International
Financial Reporting Standards), as applied by the European Union on
June 30, 2020. The accounting methods and principles adopted in the
consolidated financial statements on June 30, 2020 have changed
compared with June 30, 2019 in order to account for the first
application of the standard IFRS 16.No changes in accounting
methods or estimates affecting the yearly consolidated financial
statements of Vilmorin & Cie were made by Vilmorin & Cie
during fiscal year 2019-2020.NB: The data presented hereafter for
2018-2019, and any variations compared with the data for 2018-2019
are restated for the application of the standard IFRS 16.
Consolidated sales(1), corresponding to revenue
from ordinary activities for fiscal year 2019-2020, came to 1,435.2
million euros, a significant increase of 3.2% with current data
compared to the previous fiscal year.
After taking into account the cost of
destruction and depreciation of inventory, the margin on the cost
of goods stood at 49.8%, an increase of 1 percentage point compared
with 2018-2019.Net operating charges came to 604.4 million euros,
as opposed to 564.1 million euros on June 30, 2019.In
compliance with its strategic orientations, Vilmorin & Cie
continued its research programs in 2019-2020, both in terms of
conventional plant breeding and biotechnologies.Total research
investment came to 260.2 million euros as opposed to 241.5 million
euros in 2018-2019 and now represents 16.7% of seeds activity sales
intended for the professional markets, integrating the activities
of the North American company AgReliant, held 50%.
Consequently, the consolidated operating income
stood at 109.8 million euros, slightly down compared to the
previous fiscal year (114.6 million euros), resulting in a recorded
operating margin of 7.7%, a decrease of 0.5 percentage points
compared with 2018-2019. The current operating margin came to 7.8%,
down 0.8 percentage points compared with the previous fiscal year.
Nevertheless, it should be noted that in 2018-2019, the current
operating margin rate accounted for several non-recurring operating
items(2) for a total net amount estimated to stand at 7 million
euros, i.e. 0.5 percentage points.
The share of income from associated companies
came to 17.9 million euros, including in particular AgReliant and
the African seed companies Seed Co Ltd (Zimbabwe) and Seed Co
International (Botswana). In 2018-2019, it stood at 26 million
euros and included a revaluation profit of 11 million euros as a
result of the financial and legal reorganization of Seed Co's
international businesses. If this item is excluded from the
comparison, the contribution from associated companies increased by
19%.
The financial income showed a net charge of 53.3
million euros compared with 48.4 million euros in 2018-2019, a
decrease of 4.9 million euros, including 3.4 million euros in
funding costs, since there was full impact over fiscal year
2019-2020 of the funding of the acquisition of the companies Geneze
and Sursem (South America. Field Seeds). Other financial income and
charges, down 1.5 million euros, account for net exchange losses of
20.2 million euros, an increase of 11.6 million euros, since the
health crisis had an unfavorable impact on the group's hedging
operations.Partial compensation for this deterioration, 8.6 million
euros, was achieved by recording non-recurring income of 3.3
million euros in 2019-2020 from the change in functional currency
(from the Argentine peso to the US dollar) for the Argentinian
companies, whereas fiscal year 2018-2019 included a charge of 5.3
million euros for the restatement of hyperinflation In
Argentina.
The net charge of income taxes came to 6.9
million euros as against 14.2 million euros in 2018-2019. This
reflects a decrease of the net current tax charge, which amounted
to 11 million euros compared with 22.7 million euros the previous
year.
Finally, the total net income came to 67.5
million euros, down 10.5 million euros compared with the previous
fiscal year. If the non-recurring operating items for fiscal year
2018-2019 are excluded, and also the above-mentioned revaluation
profit, it nevertheless shows a marked increase of more than 12%.
The group's share of net income stood at 66.2 million
euros.
Compared with the previous fiscal year, the
balance sheet structure on June 30, 2020 was marked by an increase
in the net indebtedness to equity ratio (a gearing of 76% compared
to 69% on June 30, 2019), due in particular to the operations to
purchase minority interests and an unfavorable evolution of
currency reserves in the context of strong devaluation of certain
currencies on June 30, 2020.
Net of cash and cash equivalents
(235.2 million euros), total net financial indebtedness came
to 933.5 million euros on June 30, 2020 compared with 911.5
million euros on June 30, 2019. The share of non-current financial
indebtedness stood at 600 million euros.The group's share
of equity stood at 1,214.8 million euros and minority
interests at 15 million euros. With these figures, leverage on
June 30, 2020 stood at 2.7 compared with 2.6 on June 30, 2019.
(1) Cf. Vilmorin & Cie press release
published on August 3, 2020.(2) Cf. Vilmorin & Cie press
release published on October 15, 2019. The non-recurring operating
items of fiscal year 2018-2019 particularly concerned capital gains
from the reorganization of the biotechnology research company
Biogemma, and profit on the disposal of industrial plant devoted to
corn seed production in Hungary.
DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO
DISTRIBUTE PROFITS
The Board of Vilmorin & Cie has decided to
propose to the Annual General Meeting of Shareholders of December
11, 2020 a dividend of 1 euro per share. Even though this is lower
in nominal value than the previous fiscal year, this dividend
confirms Vilmorin & Cie's intention to pursue its policy to
distribute profits, bearing in mind the resilience of its activity
as demonstrated in the context of the global health crisis. This
dividend corresponds to a pay-out rate of 34.6%, compared to 42% in
2019. Dividends will be detached on December 14, 2020, with payment
on December 16, 2020.
NEWS: BPIFRANCE CONFIRMS ITS STRATEGIC COMMITMENT TO VILMORIN
& CIE AND BECOMES THE 2ND LARGEST SHAREHOLDER ALONGSIDE
LIMAGRAIN
Vilmorin & Cie announces today that
Bpifrance Participations has acquired a stake in its capital.
Bpifrance is now a shareholder at the level of Vilmorin & Cie,
after acquiring a stake in the capital of Limagrain, Vilmorin &
Cie's reference shareholder, in March 2010(1). It should be
recalled that this investment was made through a capital stock
increase of Groupe Limagrain Holding (GLH) - Limagrain's lead
holding company - and the issue by GLH of bonds redeemable as
Vilmorin & Cie shares. In 2016, Bpifrance extended this
partnership, formalized through a shareholders' agreement(2).
The operation was finalized today through the
early conversion(3) of redeemable bonds into Vilmorin & Cie
shares held by Bpifrance, representing 3.9% of Vilmorin & Cie's
capital stock, as well as through the additional sale by
Limagrain(4) of 1.81% of Vilmorin & Cie shares.
Directly holding a stake of 5.71%, Bpifrance has
thus become the second largest shareholder in Vilmorin & Cie,
alongside Limagrain, and will now have a position on the Board of
Directors(5). The operation has been structured through the
framework of a new shareholders' agreement between Vilmorin &
Cie, Limagrain and Bpifrance.
This operation recognizes the strategic
character of seeds, and materializes Bpifrance's desire to pursue
the partnership initiated ten years ago in support of the
deployment of Vilmorin & Cie's strategy. Since 2010, Bpifrance
has thus contributed both financially and strategically to the
intensification of Vilmorin & Cie's organic growth, to its
strategy of targeted acquisitions, and to the launch of the
internationalization of its Field Seeds positions (corn and wheat),
beyond Europe and North America.Bpifrance today confirms its
strategic commitment to Vilmorin & Cie, around reaffirmed
priorities: research, international development, partnerships and
targeted acquisitions. This partnership with Bpifrance will notably
contribute to addressing the new challenges facing Vilmorin &
Cie, in particular the acceleration of the development of Vegetable
Seeds in Asia and the intensification of the international
deployment of Field Seeds, from already-existing bases all over the
world, with a strong focus on Africa.
(1) Operation achieved through the SIF - Strategic Investment
Fund, today Bpifrance Participations. (2) This agreement may
be consulted on the AMF website: www.amf-france.org. (3) Conversion
on October 14, 2020, instead of March 2021 as stipulated in the
shareholders' agreement. (4) Following this operation, Limagrain
now holds a total 70.18% in Vilmorin & Cie's capital stock.(5)
Subject to approval of the corresponding resolution at the Annual
General Meeting of Shareholders on December 11, 2020.
OUTLOOK FOR 2020-2021: OBJECTIVE OF AT LEAST 3%(1) IN BUSINESS
GROWTH AND OF A CURRENT OPERATING MARGIN RATE CLOSE TO 8%
(1) On a like-for-like basis
Fiscal year 2019-2020 was characterized by an
environment of uncertain markets, made even more complex by the
global health crisis, both for Vegetable Seeds and Field Seeds. In
spite of this context, Vilmorin & Cie is nevertheless managing
to post growth in all its activities, demonstrating the resilience
of its model and potential for development. In Vegetable Seeds,
thanks to a fiscal year with marked growth, Vilmorin & Cie can
confirm its position as No. 1 worldwide, illustrating the
pertinence of its strategy, combining innovation and proximity to
markets. In Field Seeds, the fiscal year was marked by significant
business progression, particularly in development regions.Moreover,
Vilmorin & Cie pursued the deployment of its strategic
orientations, particularly in terms of investment in research and
development throughout the world, on professional markets for
agriculture and vegetable production.
Fiscal year 2020-2021 should allow Vilmorin
& Cie to continue to strengthen its competitive positions in
market conditions that will probably remain uncertain and lack
visibility as a result of the probable continuation of the global
health crisis. Vilmorin & Cie will continue to strengthen its
investments in research and development, particularly in upstream
technologies, while remaining on the look-out for any external
growth opportunity that fits in with its strategic challenges.
For fiscal year 2020-2021, Vilmorin
& Cie is fixing the objective of achieving an increase in its
consolidated sales of at least 3% on a like-for-like basis, a
figure that also corresponds to the growth targeted both for
Vegetable Seeds and for Field Seeds.
Moreover, Vilmorin & Cie has set the
objective of achieving a current operating margin rate close to 8%.
This margin will take into account research investment that should
be above 265 million euros, balanced in its spread between
Vegetable Seeds and Field Seeds.
Finally, Vilmorin & Cie is aiming
for a contribution from its associated companies – mainly AgReliant
(North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT
(Australia. Field Seeds) of around 22 million euros.
The objectives set for 2020-2021 should enable
Vilmorin & Cie to continue the growth of its activities while
continuing to deliver solid financial performances, in a resolutely
buoyant seeds market, whose strategic nature has been reaffirmed by
the health crisis. As the first link in the food chain, seeds will
ensure tomorrow's food security.Vilmorin & Cie will thus be
able to consolidate its position as the world's fourth largest seed
company, while confirming its capacity to offer resilient
development prospects in the short, medium and long term.
COMING DISCLOSURES AND EVENTSMonday November 2,
2020(1) : Sales at the end of the 1st quarter for fiscal year
2020-2021Friday December 11, 2020 : Annual General Meeting of
ShareholdersMonday December 14, 2020: Detachment of the
dividendsWednesday December 16, 2020: Payment of the dividends
Dates provided as an indication only, and liable to be changed.
(1) Disclosure after trading on the Paris stock market.
FOR ANY FURTHER INFORMATION
Olivier FALUTChief Financial
Officerolivier.falut@vilmorincie.com
Valérie MONSÉRATHead of Financial Communication and Investor
Relationsvalerie.monserat@vilmorincie.com
Tel: + 33 (0)4 73 63 44 85www.vilmorincie.com
Vilmorin & Cie, the 4th largest seed company
in the world, develops vegetable and field seeds with high added
value, contributing to meeting global food requirements.
A multi-crop seed company, every year Vilmorin
& Cie brings about 300 new varieties to market to meet the
needs of all diverse types of agriculture and allow farmers to
produce better and produce more.
Accompanied by its reference shareholder
Limagrain, both an agricultural cooperative owned by French farmers
and an international seed group, Vilmorin & Cie’s strategy for
growth relies on strong, sustained investments in research and
international development to durably strengthen its market shares,
on resilient world markets.
True, since its origins in 1743, to its vision
of sustainable development, Vilmorin & Cie ensures its
achievements fully respect its three founding values: progress,
perseverance and cooperation.
You can consult a presentation of the results
for 2019-2020 on the home page of the website
www.vilmorincie.com,
APPENDIX 1:SALES FOR FISCAL YEAR 2019-2020AND
EVOLUTION PER QUARTER AND PER ACTIVITY
In millions of euros |
2018-2019 |
2019-2020 |
Variationwith current data |
Variationon a like-for-like basis |
Of which: Impact ofcurrency |
Impact of
scope |
First
quarter |
207.5 |
231.9 |
+11.8 % |
+5.2 % |
+1.8 |
+11.2 |
Vegetable Seeds |
103.4 |
108.6 |
+5.0 % |
+2.8 % |
+2.2 |
0.0 |
Field Seeds |
96.5 |
116.1 |
+20.3 % |
+7.9 % |
-0.4 |
+11.6 |
Garden Products and
Holdings |
7.6 |
7.3 |
-4.9 % |
+0.1 % |
0.0 |
-0.4 |
Second
quarter |
252.9 |
258.9 |
+2.3 % |
+0.2 % |
+1.8 |
+3.7 |
Vegetable Seeds |
135.8 |
139.8 |
+3.0 % |
+1.2 % |
+2.4 |
0.0 |
Field Seeds |
112.6 |
112.8 |
+0.2 % |
-2.6 % |
-0.6 |
+3.8 |
Garden Products and
Holdings |
4.6 |
6.2 |
+35.6 % |
+37.7 % |
0.0 |
-0.1 |
Third
quarter |
541.4 |
571.4 |
+5.5 % |
+5.6 % |
+0.6 |
-1.4 |
Vegetable Seeds |
198.7 |
215.8 |
+8.6 % |
+8.2 % |
+0.7 |
0.0 |
Field Seeds |
317.4 |
333.2 |
+5.0 % |
+5.3 % |
-0.1 |
-1.0 |
Garden Products and
Holdings |
25.3 |
22.4 |
-11.4 % |
-9.9 % |
0.0 |
-0.4 |
Fourth
quarter |
388.9 |
373.0 |
-4.1 % |
-1.4 % |
-10.7 |
+0.3 |
Vegetable Seeds |
249.5 |
241.3 |
-3.3 % |
-1.6 % |
-4.4 |
0.0 |
Field Seeds |
123.5 |
115.0 |
-6.9 % |
-2.7 % |
-6.2 |
+0.8 |
Garden Products and
Holdings |
15.8 |
16.8 |
+5.9 % |
+10.8 % |
-0.1 |
-0.5 |
Sales for the
year |
1 390.7 |
1 435.2 |
+3.2 % |
+2.7 % |
-6.5 |
+13.8 |
Vegetable Seeds |
687.5 |
705.5 |
+2.6 % |
+2.5 % |
+1.0 |
0.0 |
Field Seeds |
649.9 |
677.0 |
+4.2 % |
+2.9 % |
-7.3 |
+15.2 |
Garden Products and
Holdings |
53.4 |
52.7 |
-1.3 % |
+1.7 % |
-0.2 |
-1.4 |
APPENDIX 2:CONSOLIDATED INCOME STATEMENT
In
millions of euros |
19-20 |
18-19 |
Restated (1) |
Published |
■
Revenue from ordinary activities |
1 435.2 |
1 390.7 |
1 390.7 |
Cost of goods
sold |
-721.0 |
-712.0 |
-712.0 |
Marketing and sales
costs |
-201.0 |
-199.0 |
-199.0 |
Research and
development costs |
-216.2 |
-199.5 |
-199.5 |
Administrative and
general costs |
-192.8 |
-189.2 |
-189.2 |
Other operating income
and charges |
5.6 |
23.6 |
20.0 |
■
Operating income |
109.8 |
114.6 |
111.0 |
Profit from associated
companies |
17.9 |
26.0 |
26.0 |
Interest costs |
-33.7 |
-30.3 |
-30.4 |
Other financial income
and charges |
-19.6 |
-18.1 |
-14.6 |
Income taxes |
-6.9 |
-14.2 |
-14.1 |
■
Profit from continuing operations |
67.5 |
78.0 |
77.9 |
■
Profit from discontinued operations |
- |
- |
- |
■
Net income for the period |
67.5 |
78.0 |
77.9 |
Attributable to the
controlling company |
66.2 |
74.0 |
73.9 |
Attributable to the
non-controlling minority |
1.3 |
4.0 |
4.0 |
|
|
|
|
Earnings from
continuing operations per share – attributable to controlling
company |
2.89 |
3.23 |
3.23 |
Earnings from
discontinued operations per share – attributable to controlling
company |
- |
- |
- |
Earnings for the
period per share – attributable to controlling company |
2.89 |
3.23 |
3.23 |
|
|
|
|
Diluted earnings from
continuing operations per share – attributable to controlling
company |
2.89 |
3.05 |
3.05 |
Diluted earnings from
discontinued operations per share – attributable to controlling
company |
- |
- |
- |
Diluted earnings for
the period per share – attributable to controlling company |
2.89 |
3.05 |
3.05 |
(1) Concerns the application of
the standard IFRS 16.
APPENDIX 3:DETAILS OF THE GAINS AND LOSSES FOR
THE FISCAL YEAR
In
millions of euros |
19-20 |
18-19 |
Restated (1) |
Published |
Income for the
period |
67.5 |
78.0 |
77.9 |
Variation in currency
translations |
-39.0 |
-20.3 |
-20.3 |
Variation in the fair
value of assets available for sale |
- |
- |
- |
Variation in the fair
value of forward cover instruments |
-1.4 |
-2.3 |
-2.3 |
Change in method |
- |
- |
- |
Impact of taxes |
0.4 |
0.5 |
0.5 |
Items that might be
reclassified to profit or loss |
-40.0 |
-22.1 |
-22.1 |
Variation in the fair
value of forward cover instruments |
-1.8 |
1.8 |
1.8 |
Actuarial losses and
gains |
-8.5 |
-3.9 |
-3.9 |
Impact of taxes |
3.2 |
-0.4 |
-0.4 |
Items not to be
reclassified to profit or loss |
-7.1 |
-2.5 |
-2.5 |
Other items in
the total gains and losses for the period net of
taxes |
-47.1 |
-24.6 |
-24.6 |
Total gains
and losses for the period |
20.4 |
53.4 |
53.3 |
> of which
attributable to controlling company |
20.5 |
50.8 |
50.7 |
> of which
attributable to non-controlling minority |
-0.1 |
2.6 |
2.6 |
(1) Concerns the application of the standard
IFRS 16.
APPENDIX 4:FINANCIAL PROGRESS
REPORT
Assets
In
millions of euros |
06.30.20 |
06.30.19 |
Restated (1) |
Published |
Goodwill |
434.9 |
434.8 |
434.8 |
Other intangible fixed
assets |
737.7 |
739.5 |
739.5 |
Tangible fixed
assets |
288.9 |
292.4 |
292.8 |
Right-of-use leased
assets(1) |
63.2 |
68.7 |
|
Non-current financial
assets |
34.5 |
29.9 |
29.9 |
Equity shares |
349.9 |
349.1 |
349.1 |
Deferred taxes |
24.9 |
25.0 |
23.8 |
■
Total non-current assets |
1 934.0 |
1 939.4 |
1 869.9 |
Inventories |
528.7 |
533.7 |
533.7 |
Trade receivables and
other receivables |
494.1 |
526.7 |
526.7 |
Cash and cash
equivalents |
235.2 |
248.7 |
248.7 |
■
Total current assets |
1 258.0 |
1 309.1 |
1 309.1 |
Total
assets |
3 192.0 |
3 248.5 |
3 179.0 |
Liabilities
In
millions of euros |
06.30.20 |
06.30.19 |
Restated (1) |
Published |
Share capital |
349.5 |
349.5 |
349.5 |
Reserves and
income |
865.3 |
883.8 |
886.4 |
■ Equity – controlling
company |
1 214.8 |
1 233.3 |
1 235.9 |
■ Equity – non-controlling
company |
15.0 |
87.9 |
88.0 |
■ Consolidated
equity |
1 229.8 |
1 321.2 |
1 323.9 |
Provisions for
employee benefits |
69.1 |
61.7 |
61.7 |
Non-current financial
debts |
600.0 |
964.0 |
964.4 |
Non-current lease
obligations(1) |
46.2 |
52.1 |
|
Deferred taxes |
93.1 |
99.3 |
99.1 |
■ Total non-current
liabilities |
808.4 |
1 177.1 |
1 125.2 |
Other provisions |
18.3 |
15.2 |
15.2 |
Accounts payable |
513.1 |
489.4 |
489.4 |
Deferred income |
29.3 |
29.0 |
29.0 |
Current financial
debts |
572.9 |
196.2 |
196.3 |
Current lease
obligations(1) |
20.2 |
20.4 |
|
■
Total current liabilities |
1 153.8 |
750.2 |
729.9 |
Total
liabilities |
3 192.0 |
3 248.5 |
3 179.0 |
(1) Concerns the application of the standard
IFRS 16.
APPENDIX 5:VARIATION IN CONSOLIDATED EQUITY
In millions of euros |
Attributable to controlling company |
Attributable to non-controlling minorities |
Total |
Capital |
Premiums |
Income and other reserves |
Currency translation reserves |
Total |
07.01.18 |
317.7 |
332.4 |
596.7 |
-51.8 |
1 195.0 |
109.7 |
1 304.7 |
IFRS16 application impacts |
- |
- |
-2.9 |
0.1 |
-2.7 |
-0.1 |
-2.8 |
07.01.18 restated |
317.7 |
332.4 |
593.8 |
-51.7 |
1 192.2 |
109.6 |
1 301.8 |
Other items of the global income net of taxes |
- |
- |
-4.2 |
-19.0 |
-23.2 |
-1.4 |
-24.6 |
Net income |
- |
- |
74.0 |
- |
74.0 |
4.0 |
78.0 |
Global income for the fiscal year |
- |
- |
69.8 |
-19.0 |
50.8 |
2.6 |
53.4 |
Variation in treasury shares |
- |
- |
0.1 |
- |
0.1 |
- |
0.1 |
Dividends paid out |
- |
- |
-28.0 |
- |
-28.0 |
-2.6 |
-30.6 |
Variations in scope |
- |
- |
-1.1 |
- |
-1.1 |
- |
-1.1 |
Variation in the capital stock of the parent company |
31.8 |
-31.8 |
- |
- |
- |
- |
- |
Variation in the capital stock of the subsidiaries |
- |
- |
-4.4 |
- |
-4.4 |
0.1 |
-4.3 |
Variation in the minorities share |
- |
- |
5.2 |
8.4 |
13.6 |
-21.9 |
-8.3 |
Bonds redeemable as shares |
- |
- |
- |
- |
- |
- |
- |
Impact of hyperinflationary currency adjustments |
- |
- |
11.2 |
- |
11.2 |
0.1 |
11.3 |
Reclassifications |
- |
- |
-3.5 |
3.5 |
- |
- |
- |
Others |
- |
- |
-1.1 |
- |
-1.1 |
- |
-1.1 |
06.30.19 restated |
349.5 |
300.6 |
642.0 |
-58.8 |
1 233.3 |
87.9 |
1 321.2 |
Other items of the global income net of taxes |
- |
- |
-8.1 |
-37.6 |
-45.7 |
-1.4 |
-47.1 |
Net income |
- |
- |
66.2 |
- |
66.2 |
1.3 |
67.5 |
Global income for the fiscal year |
- |
- |
58.1 |
-37.6 |
20.5 |
-0.1 |
20.4 |
Variation in treasury shares |
- |
- |
- |
- |
- |
- |
- |
Dividends paid out |
- |
- |
-31.0 |
- |
-31.0 |
-1.1 |
-32.1 |
Variations in scope |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the parent company |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the subsidiaries |
- |
- |
-3.9 |
- |
-3.9 |
0.7 |
-3.2 |
Variation in the minorities share |
- |
- |
3.4 |
- |
3.3 |
-72.3 |
-69.0 |
Bonds redeemable as shares |
- |
- |
- |
- |
- |
- |
- |
Impact of hyperinflationary currency adjustments |
- |
- |
2.3 |
- |
2.3 |
- |
2.3 |
Impact of adjustments related to the change in functional
currency |
- |
- |
-9.6 |
- |
-9.6 |
-0.1 |
-9.7 |
Reclassifications |
- |
- |
0.3 |
-0.3 |
- |
- |
- |
Others |
- |
- |
-0.1 |
- |
-0.1 |
- |
-0.1 |
06.30.20 |
349.5 |
300.6 |
661.4 |
-96.7 |
1 214.8 |
15.0 |
1 229.8 |
APPENDIX 6:GLOSSARY
Like-for-like dataLike-for-like
data is data that is restated for constant scope and currency
translation. Financial data for 2018-2019 is restated with the
average rate for fiscal year 2019-2020, and any other changes to
the consolidation scope, in order to be comparable with data for
fiscal year 2019-2020.
The variation in consolidation scope comes from
the acquisition of the companies Sursem and Geneze (South America.
Field Seeds) finalized in December 2018 and the disposal of the
company Van Den Berg (Netherlands. Garden Products) in June
2019.
Current dataCurrent data is data expressed at
the historical currency exchange rate for the period, and without
adjustment for any changes in scope.
EBITDAThe EBITDA is defined as
the operating result to which are added any provisions for
depreciation, amortization and impairment.
Research investmentResearch investment refers
to gross research expenditure before recording any research costs
as fixed assets and research tax relief.
Gearing
Gearing is defined as the ratio comparing the
net financial debt(1) to the equity(2).
LeverageLeverage is defined as
the ratio comparing net financial debt(1) to EBITDA.
Current operating marginThe current operating
margin is defined as the accounting operating margin restated for
any impairment and reorganization costs.
(1) The net financial debt is equal to the net
financial indebtedness.(2) Equity corresponds to the line
"Consolidated equity", as presented in the Financial progress
report.
- CP résultats annuels 2019-2020_GB