Results for the fiscal year on June 30, 2021
- VILMORIN & CIE COMPLETES A YEAR OF EXCELLENT QUALITY,
CLEARLY EXCEEDING ALL THE OBJECTIVES SET
- STRONG INCREASE IN THE DIVIDEND TO 1.60 EUROS PER SHARE
(+60%)
- NEWS: APPOINTMENT OF FRANCK BERGER AS CEO OF VILMORIN &
CIE
- OUTLOOK FOR 2021-2022: BUSINESS GROWTH OBJECTIVE OF AT LEAST
4%* AND A CURRENT OPERATING MARGIN RATE OF AT LEAST 8.5%
* On a like-for-like basis
FINANCIAL STATEMENTS FOR FISCAL YEAR 2020-2021STRONG INCREASE IN
FINANCIAL PERFORMANCES
The consolidated financial statements for
2020-2021, closing on June 30, 2021, were approved by the Vilmorin
& Cie Board at its meeting of October 13, 2021. The Statutory
Auditors have examined this annual financial information with no
particular comments or reservations to make in their
conclusions.
In millions of euros |
2019-2020 |
2020-2021 |
Variationwith current datavs 2019-2020 |
Sales for the year |
1 435.2 |
1 476.6 |
+8.0%(1) |
EBITDA |
347.9 |
367.2 |
+19.3 M€ |
Operating income |
109.8 |
127.4 |
+17.6 M€ |
Income from associated companies |
17.9 |
26.3 |
+8.4 M€ |
Financial income |
-53.3 |
-46.9 |
+6.4 M€ |
Income taxesOf which:
- Current taxes
- Deferred taxes
|
-6.9 -11.04.1 |
-13.4 -21.58.1 |
-6.5 M€ -10.5 M€+4.0 M€ |
Consolidated net income |
67.5 |
93.4 |
+25.9 M€ |
Group share of net income |
66.2 |
92.3 |
+26.1 M€ |
(1) On a like-for-like basis
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, 2021.
Consolidated sales(1), corresponding to revenue from ordinary
activities for fiscal year 2020-2021, came to 1,476.6 million
euros, a significant increase of 2.9% with current data compared to
the previous fiscal year. Restated on a like-for-like basis, they
rose steeply: +8%.
After taking into account the cost of
destruction and depreciation of inventory, the margin on the cost
of goods stood at 49.3%, a decrease of 0.5 percentage points
compared with 2019-2020.Net operating charges came to 600.6 million
euros, as opposed to 604.4 million euros on June 30,
2020.In compliance with its strategic orientations, Vilmorin &
Cie continued its research programs in 2020-2021, both in terms of
conventional plant breeding and biotechnologies.Total research
investment came to 257 million euros as opposed to 260.2 million
euros in 2019-2020 and now represents 16.4% 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 127.4 million euros, a marked increase compared to the
previous fiscal year (109.8 million euros); resulting in a recorded
operating margin of 8.6%, an increase of0.9 percentage points
compared with 2019-2020. The current operating margin came to 8.9%,
a marked increase (+1.1 percentage points) compared with the
previous fiscal year. This reflects the fine commercial performance
of all activities as well as the very effective control of
operating charges, partly linked to the health crisis.
The share of income from associated companies
came to 26.3 million euros, an increase of 8.4 million euros
compared with the previous fiscal year. This achievement
illustrates the remarkable performance of Seed Co, both
internationally and in Zimbabwe, despite the context of
hyperinflation, as well as the good results of AGT (Australia) and
Hengji Limagrain Seeds (China). In spite of a slight contraction in
its activity, AgReliant also posted an increase in its results and
contributed significantly to the increase in the income from
associated companies.
The financial income showed a net charge of 46.9
million euros compared with 53.3 million euros in 2019-2020, an
improvement of 6.4 million euros, including 8.6 million euros in
funding costs, in particular as a result of the refinancing
operations carried out during the year. Other financial income and
charges, down 2.2 million euros, account for net exchange losses of
17.2 million euros, since the context of the health crisis
continued to have a significant effect on the group's
positions.
The net charge of income taxes came to 13.4
million euros as opposed to 6.9 million euros in 2019-2020. This
reflects an increase in the net current tax charge from 11 million
euros to 21.5 million euros the previous year, partly due to the
tax incentives introduced by governments in 2020, notably that of
the United States, in response to the first health crisis.
Finally, the total net income came to 93.4
million euros, a significant increase of 25.9 million euros
compared with the previous fiscal year. The group's share of net
income stood at 92.3 million euros. This is the highest net
income since 2012-2013.
Compared with the previous fiscal year, the
balance sheet structure on June 30, 2021 was marked by a decrease
in the ratio of net indebtedness to equity (a gearing of 65%,
compared to 76% on June 30, 2020), related to the reconstitution of
99.2 million euros of equity and a decrease in net indebtedness of
66.1 million euros compared to June 30, 2020.
Net of cash and cash equivalents
(280.5 million euros), total net financial indebtedness came
to 867.4 million euros on June 30, 2021 compared with 933.5
million euros on June 30, 2020. The share of non-current financial
indebtedness stood at 994.8 million euros, compared with
600 million euros the previous year, mainly because of a new 450
million public bond issue.
The group's share of equity stood
at 1,281.2 million euros and minority interests at 47.8
million euros.
With these figures, leverage on June 30,
2021 stood at 2.4 compared with 2.7 on June 30, 2020.
(1) Cf. Vilmorin & Cie press release
published on August 2, 2021.
DIVIDEND OF 1.60 EUROS PER SHARE
The Board of Vilmorin & Cie has decided to
propose to the Annual General Meeting of Shareholders of December
10, 2021, a dividend of 1.60 euros per share, a strong increase
(+60%) compared with the previous fiscal year. This dividend
corresponds to a significantly higher pay-out rate of 39.7%,
compared to 34.6% in 2020.
Dividends will be detached on December 13, 2021,
with payment on December 15, 2021.
NEWS
Proposal to appoint Sébastien BRIFFOND as Member of the
Vilmorin & Cie
Board
At the Combined Annual General Meeting to be
held in Paris on December 10, 2021, it will be proposed to appoint
Mr. Sébastien BRIFFOND as Board Member of Vilmorin & Cie, a
three-year mandate expiring at the end of the Annual General
Meeting of Shareholders called to deliberate on the financial
statements closing on June 30, 2024.
Sébastien BRIFFOND, a farmer, has been a Member
of the Board of Limagrain since 2015, and was appointed Vice
Chairman in 2020. He exercises several mandates within Group's
different divisions, and, in particular, he is Chairman of the
Vilmorin & Cie Garden Products division.
Appointment of Franck BERGER as CEO of Vilmorin
& Cie, to
replaceDaniel JACQUEMOND, soon to
retire
Since he is approaching the age limit laid down
in the by-laws, Daniel JACQUEMOND, CEO of Vilmorin & Cie, will
be retiring at the end of 2021. Daniel JACQUEMOND joined the Group
more than 35 years ago and has been CEO of Vilmorin & Cie since
the end of 2017. He has contributed to the definition and
deployment of the Group's development and innovation strategy. In
this capacity, he participated in the achievement and consolidation
of world leadership in Vegetable Seeds, in the internationalization
of Field Seeds, as well as in the transformation of the Garden
Products activity, enabling Vilmorin & Cie to develop
constantly and to progressively gain in strength to meet the
challenges of tomorrow's markets.
Bearing this retirement in mind, Franck BERGER
was appointed CEO of Vilmorin & Cie at the Board Meeting held
on October 13, 2021. Franck BERGER had been CEO of the Vilmorin
& Cie Vegetable Seeds division since 2016.He is a graduate of
AgroParis Tech (France), and has more than 30 years of experience
in Group’s main business activities. In particular, he has held
several Management positions in the Vegetable Seeds division in
France, in the United States and in Japan. He is Vice Chairman of
the UFS, the French seed association for seed companies & plant
breeders, having been Chairman from 2016 to 2019, and represents
France on the Board of the ISF (International Seed Federation).
Franck BERGER will continue to ensure the
deployment of Vilmorin & Cie's development strategy.
Rémi BASTIEN has been appointed CEO of Vilmorin
& Cie Vegetable Seeds division and will take up this position
at the beginning of 2022, joining Vilmorin & Cie's Executive
Committee.Rémi BASTIEN has been CEO of the Business Unit HM.CLAUSE
(Vegetable Seeds) since 2017.Graduate of AgroParis Tech (France),
he has almost 20 years of experience in the seeds sector, and has
worked in France, Switzerland and Hungary. He joined Vilmorin &
Cie in 2013 and was appointed the same year CEO of the Business
Unit Limagrain Europe (Field Seeds).
OUTLOOK FOR 2021-2022: OBJECTIVE OF AT LEAST 4%(1) IN BUSINESS
GROWTHAND A CURRENT OPERATING MARGIN RATE OF AT LEAST 8.5%
(1) On a like-for-like basis.
Vilmorin & Cie has concluded an excellent
fiscal year 2020-2021, with performances that have progressed
considerably, whether in terms of sales, operational performance
and net income. Although the context of the sanitary crisis
continued to engender uncertainties and operational constraints
during the fiscal year, Vilmorin & Cie's activity was not
significantly impacted. Vegetable Seeds, Field Seeds and Garden
Products: all the activities posted fine progress, once again
demonstrating the resilience of Vilmorin & Cie's model and its
development potential.
In Vegetable Seeds, thanks to a year of robust
growth, Vilmorin & Cie has consolidated 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 a remarkable performance, reflecting the
strengthening of Vilmorin & Cie's commercial positions in most
geographical areas, in a context marked by an increase in the
prices of agricultural production.
Vilmorin & Cie also continued to deploy its
strategic orientations, particularly in terms of investment in
global research and development on the professional markets of
agriculture and vegetable production.
Fiscal year 2021-2022 should allow Vilmorin
& Cie to continue to strengthen its competitive positions, in
market conditions that will probably remain uncertain, due to the
probable continuation of the global health crisis. Vilmorin &
Cie will continue to invest in research and development, in
particular in upstream technologies, while remaining attentive to
any external growth opportunities that fits in with its strategic
challenges.
For fiscal year 2021-2022, Vilmorin
& Cie is fixing the objective
of achieving an increase in its consolidated sales of at least 4%
on a like-for-like basis, with:
- growth of at least 3% on a
like-for-like basis in Vegetable
Seeds,
- growth of at least 6% on a
like-for-like basis in Field
Seeds,
Moreover, Vilmorin &
Cie has set the objective of achieving a
current operating margin rate of at least 8.5%. This margin
will take into account research
investment that should be comparable to that of 2020-2021
and 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
almost 30 million euros.
The objectives set for 2021-2022 should enable
Vilmorin & Cie to continue its successful, dynamic business
growth while continuing to deliver solid financial performances. In
a resolutely buoyant seeds market, whose strategic nature has been
reaffirmed by the health crisis, Vilmorin & Cie will thus be
able to consolidate its position as the world’s fourth largest
seeds company and to confirm its capacity to offer sustainable
prospects for resilient development.
CONTACT FOR FINANCIAL COMMUNICATION AND INVESTOR RELATIONS
As of October 13, 2021, Édouard ROCHE has been
appointed Head of Financial Communication and Investor Relations of
Vilmorin & Cie, under the responsibility of Olivier FALUT,
Chief Financial Officer. Édouard ROCHE succeeds Valérie MONSÉRAT,
who is joining the Corporate Human Resources Department as Head of
Diversity and Talent Acquisition.With a higher education in
corporate communication, Édouard ROCHE has nearly 10 years of
experience in a cooperative bank where he held several positions in
Communication, CSR and Marketing.
COMING DISCLOSURES AND
EVENTS
Monday November 8, 2021(1)Sales at the end of the 1st quarter
for the fiscal year 2021-2022
Friday December 10, 2021Annual General Meeting of
Shareholders
Monday December 13, 2021Detachment of the dividends
Wednesday December 15, 2021Payment 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
Édouard ROCHEHead of Financial Communicationand Investor
Relationsedouard.roche@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 around 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 research and international development to durably
strengthen its market shares on promising 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 fiscal year 2020-2021 on the home page of the website
www.vilmorincie.com
APPENDIX 1:SALES FOR FISCAL YEAR 2020-2021AND
EVOLUTION PER QUARTER AND PER ACTIVITY
In millions of euros |
2019-2020 |
2020-2021 |
Variationwith current data |
Variationon a like-for-like basis |
Of which:Impactof currency |
Impact of scope |
First quarter |
231.9 |
234.4 |
+1.1% |
+6.7% |
-12.2 |
-0.2 |
Vegetable Seeds |
108.6 |
104.8 |
-3.5% |
+2.2% |
-6.1 |
0.0 |
Field Seeds |
116.1 |
120.5 |
+3.8% |
+9.5% |
-6.0 |
0.0 |
Garden Products and Holdings |
7.3 |
9.1 |
+24.9% |
+28.7% |
-0.1 |
-0.2 |
Second quarter |
258.9 |
291.4 |
+12.6% |
+20.6% |
-17.1 |
-0.2 |
Vegetable Seeds |
139.8 |
148.3 |
+6.0% |
+12.2% |
-7.7 |
0.0 |
Field Seeds |
112.8 |
133.7 |
+18.6% |
+29.2% |
-9.3 |
0.0 |
Garden Products and Holdings |
6.2 |
9.4 |
+50.2% |
+58.9% |
-0.1 |
-0.2 |
Third quarter |
571.4 |
579.8 |
+1.5% |
+7.1% |
-29.7 |
-0.2 |
Vegetable Seeds |
215.8 |
212.2 |
-1.7% |
+3.6% |
-10.9 |
0.0 |
Field Seeds |
333.2 |
337.7 |
+1.3% |
+7.3% |
-18.6 |
0.0 |
Garden Products and Holdings |
22.4 |
30.0 |
+33.6% |
+36.4% |
-0.2 |
-0.2 |
Fourth quarter |
373.0 |
371.1 |
-0.5% |
+1.8% |
-8.5 |
0.0 |
Vegetable Seeds |
241.3 |
235.3 |
-2.5% |
+0.8% |
-7.7 |
0.0 |
Field Seeds |
115.0 |
124.1 |
+8.0% |
+8.8% |
-0.8 |
0.0 |
Garden Products and Holdings |
16.8 |
11.6 |
-30.9% |
-31.2% |
0.0 |
0.0 |
Sales for the year |
1,435.2 |
1,476.6 |
+2.9% |
+8.0% |
-67.5 |
-0.5 |
Vegetable Seeds |
705.5 |
700.6 |
-0.7% |
+4.1% |
-32.4 |
0.0 |
Field Seeds |
677.0 |
716.1 |
+5.8% |
+11.5% |
-34.7 |
0.0 |
Garden Products and Holdings |
52.7 |
60.0 |
+13.8% |
+15.9% |
-0.4 |
-0.5 |
APPENDIX 2:CONSOLIDATED INCOME STATEMENT
In millions of euros |
20-21 |
19-20 |
Revenue from ordinary activities |
1
476.6 |
1
435.2 |
Cost of goods sold |
-748.6 |
-721.0 |
Marketing and sales costs |
-193.4 |
-201.0 |
Research and development costs |
-217.0 |
-216.2 |
Administrative and general costs |
-189.3 |
-192.8 |
Other operating income and charges |
-0.9 |
5.6 |
Operating income |
127.4 |
109.8 |
Profit from associated companies |
26.3 |
17.9 |
Interest costs |
-25.1 |
-33.7 |
Other financial income and charges |
-21.8 |
-19.6 |
Income taxes |
-13.4 |
-6.9 |
Profit from continuing operations |
93.4 |
67.5 |
Profit from discontinued operations |
- |
- |
Net income for the period |
93.4 |
67.5 |
Attributable to the controlling company |
92.3 |
66.2 |
Attributable to the non-controlling minorities |
1.1 |
1.3 |
|
|
|
Earnings from continuing operations per share – attributable to
controlling company |
4.03 |
2.89 |
Earnings from discontinued operations per share – attributable to
controlling company |
- |
- |
Earnings for the period per share – attributable to controlling
company |
4.03 |
2.89 |
|
|
|
Diluted earnings from continuing operations per share –
attributable to controlling company |
4.02 |
2.89 |
Diluted earnings from discontinued operations per share –
attributable to controlling company |
- |
|
Diluted earnings for the period per share – attributable to
controlling company |
4.02 |
2.89 |
APPENDIX 3:DETAILS OF THE GAINS AND LOSSES FOR
THE FISCAL YEAR
In millions of euros |
20-21 |
19-20 |
Income for the period |
93.4 |
67.5 |
Variation in currency translations |
-38.1 |
-39.0 |
Variation in the fair value of forward cover instruments |
7.0 |
-1.4 |
Change in method |
- |
- |
Impact of taxes |
-0.3 |
0.4 |
Items that might be reclassified to profit or loss |
-31.4 |
-40.0 |
Variation in the fair value of forward cover instruments |
-0.9 |
-1.8 |
Actuarial losses and gains |
19.1 |
-8.5 |
Impact of taxes |
-4.6 |
3.2 |
Items not to be reclassified to profit or loss |
13.6 |
-7.1 |
Other items in the total gains and losses for the period
net of taxes |
-17.8 |
-47.1 |
Total gains and losses for the period |
75.6 |
20.4 |
> of which attributable to controlling company |
74.7 |
20.5 |
> of which attributable to non-controlling minorities |
0.9 |
-0.1 |
APPENDIX 4:FINANCIAL PROGRESS REPORT
Assets
In millions of euros |
06.30.21 |
06.30.20 |
Goodwill |
429.5 |
434.9 |
Other intangible fixed assets |
741.5 |
737.7 |
Tangible fixed assets |
297.6 |
288.9 |
Right-of-use leased assets |
61.6 |
63.2 |
Non-current financial assets |
24.6 |
34.5 |
Equity shares |
385.0 |
349.9 |
Deferred taxes |
28.3 |
24.9 |
Total non-current assets |
1
968.1 |
1
934.0 |
Inventories |
504.8 |
528.7 |
Trade receivables and other receivables |
505.5 |
494.1 |
Cash and cash equivalents |
280.5 |
235.2 |
Total current assets |
1
290.8 |
1
258.0 |
Total assets |
3
258.9 |
3
192.0 |
Liabilities
In millions of euros |
06.30.21 |
06.30.20 |
Share capital |
349.5 |
349.5 |
Reserves and income |
931.7 |
865.3 |
Equity – controlling company |
1
281.2 |
1
214.8 |
Equity – non-controlling company |
47.8 |
15.0 |
Consolidated equity |
1
329.0 |
1
229.8 |
Provisions for employee benefits |
49.0 |
69.1 |
Non-current financial debts |
994.8 |
600.0 |
Non-current lease obligations |
43.0 |
46.2 |
Deferred taxes |
92.4 |
93.1 |
Total non-current liabilities |
1
179.2 |
808.4 |
Other provisions |
16.8 |
18.3 |
Accounts payable |
527.2 |
513.1 |
Deferred income |
29.7 |
29.3 |
Current financial debts |
157.3 |
572.9 |
Non-current lease obligations |
19.7 |
20.2 |
Total current liabilities |
750.7 |
1,153.8 |
Total liabilities |
3
258.9 |
3
192.0 |
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 |
07.01.19 |
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 |
- |
- |
3.3 |
- |
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 a 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 |
Other items of the global income net of taxes |
- |
- |
20.1 |
-37.7 |
-17.6 |
-0.2 |
-17.8 |
Net income |
- |
- |
92.3 |
- |
92.3 |
1.1 |
93.4 |
Global income for the fiscal year |
- |
- |
112.4 |
-37.7 |
74.7 |
0.9 |
75.6 |
Variation in treasury shares |
- |
- |
-0.1 |
- |
-0.1 |
- |
-0.1 |
Dividends paid out |
- |
- |
-22.9 |
- |
-22.9 |
-1.6 |
-24.5 |
Variations in scope |
- |
- |
- |
- |
- |
7.2 |
7.2 |
Variation in the capital stock of the parent company |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the subsidiaries |
- |
- |
-0.5 |
- |
-0.5 |
0.7 |
0.2 |
Variation in the minorities share |
- |
- |
0.6 |
- |
0.6 |
16.4 |
17.0 |
Bonds redeemable as shares |
- |
- |
- |
- |
- |
9.5 |
9.5 |
Impact of hyperinflationary currency adjustments |
- |
- |
15.9 |
- |
15.9 |
- |
15.9 |
Reclassifications |
- |
- |
-5.7 |
5.7 |
- |
- |
- |
Others |
- |
- |
-1.3 |
- |
-1.3 |
-0.3 |
-1.6 |
06.30.21 |
349.5 |
300.6 |
759.8 |
-128.7 |
1
281.2 |
47.8 |
1
329.0 |
APPENDIX 6:GLOSSARY
Like-for-like data
Like-for-like data is data that is restated for
constant scope and currency translation. Therefore, financial data
for 2019-2020 is restated with the average rate for fiscal year
2020-2021, and any other changes to the scope, in order to be
comparable with data for fiscal year 2020-2021.
Variations in the consolidated scope come from
the disposal of activities run by the Garden Products division in
Turkey, finalized at the end of fiscal year 2019-2020.
Current dataCurrent data is data expressed at
the historical currency exchange rate for the period, and without
adjustment for any changes in scope.
EBITDA
The 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 any research cost and research tax relief.
Gearing
Gearing is defined as the ratio comparing the
net financial debt(1) to the equity(2).
Leverage
Leverage 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 2020-2021_GB_vf