SALES AND RESULTS FOR THE 1ST SEMESTER 2019-2020
SALES FOR THE 1ST SEMESTER ON DECEMBER 31, 2019: 490.8 MILLION
EUROS, UP BY 6.6%*
NET INCOME FOR THE 1ST SEMESTER 2019-2020: -63.4 MILLION
EUROS
CONFIRMATION OF THE OBJECTIVES FOR FISCAL YEAR
2019-2020
* With current data
On average, sales for the first semester
globally represent around only one third of the annual sales for
Vilmorin & Cie. Because of this highly seasonal pattern, the
consolidated financial statements for the first semester
traditionally show very negative income.
In millions of euros |
2018-2019 |
2019-2020 |
Variationwith
current data |
Variationon a
like-for like basis |
Sales Vegetable Seeds Field Seeds Garden Products
and Holdings |
239.2209.012.2 |
248.4228.913.5 |
+3.9%+9.5%+10.3% |
+1.9%+2.5%+14.5% |
Sales for the first semester |
460.4 |
490.8 |
+6.6% |
+2.5% |
|
|
|
|
|
In millions of euros |
2018-2019 |
2019-2020 |
Variationwith
current data |
|
EBITDA |
62.4 |
70.9 |
+8.5 |
|
Operating
income |
-40.5 |
-46.7 |
-6.2 |
|
Income
from associated companies |
-7.9 |
-22.4 |
-14.5 |
|
Financial
income |
-19.4 |
-23.0 |
-3.6 |
|
Income
taxes |
+28.2 |
+28.7 |
+0.5 |
|
Net incomeof which group
share |
-39.6-39.2 |
-63.4-61.9 |
-23.8-22.7 |
|
The consolidated financial statements for the
first semester 2019-2020, closed on December 31, 2019, were
approved at the Vilmorin & Cie Board meeting of February 26,
2020. The Statutory Auditors have carried out a limited audit of
the financial information for the first semester; in their
conclusions they have not indicated any reservations or particular
remarks.
Consolidated financial information is
established in compliance with the IFRS referential (International
Financial Reporting Standards) as endorsed by the European Union on
December 31, 2019. It takes into account the application of
IAS 29 with regard to the treatment of hyperinflation, applied to
activities in Argentina and also by Seed Co1 for its activities in
Zimbabwe.In addition, the accounting principles and methods adopted
in the condensed consolidated financial statements for the first
semester on December 31, 2019 have changed compared to June 30,
2019 to take into account the first application of IFRS 16, the
impacts of which are presented in detail in appendix 6, as well as
the first application of IFRIC 23, which had no impact on the
financial statements of Vilmorin & Cie.
No other change in accounting methods or
estimates with any impact on Vilmorin & Cie’s consolidated
financial statements was applied by Vilmorin & Cie over the
course of the semester.
MARKED INCREASE IN SALES FOR THE FIRST SEMESTER (+6.6% WITH
CURRENT DATA), PERFECTLY IN LINE WITH THE OBJECTIVES FOR THE FISCAL
YEAR
Vilmorin & Cie’s consolidated sales
for the first semester 2019-2020, closed on December 31, 2019, came
to 490.8 million euros, an increase of 6.6% with current data, and
2.5% on a like-for-like basis.
Vegetable Seeds division: measured
growth in business over the second quarter
Over the second quarter, the Vegetable Seeds
division made sales of 139.8 million euros, an increase of 3% with
current data, and 1.2% on a like-for-like basis. All the
geographical zones posted growth in business, with the exception of
Asia, affected in particular by delays in carrot orders in China.
Following on from the first quarter, the increase in sales was
particularly dynamic in North America - both in the United States
and Mexico - in South America and the Middle East, particularly in
Turkey.With regard to the different crops, tomato, onion, pepper
and carrot achieved the best performances, demonstrating the high
quality of Vilmorin & Cie's product portfolio.Finally, it
should be noted that the increase in sales posted over the quarter
concerns all three Business Units - HM.CLAUSE, Hazera and
Vilmorin-Mikado, allowing Vilmorin & Cie to cover the highly
fragmented vegetable seed markets with efficiency.
Consequently, sales for the Vegetable Seeds
division for the first semester came to 248.4 million euros, an
increase of 3.9%. Restated on a like-for-like basis, they rose by
1.9%.This result means that Vilmorin & Cie can confirm its
position as N°1 worldwide for vegetable seeds.
At the end of a first semester that
represents, on average over the last few years, less than 40% of
annual sales, Vilmorin & Cie confirms its sales growth target
for this activity for 2019-2020, i.e. an increase of 3% on a
like-for-like basis compared to 2018-2019.
Field Seeds division: an activity driven
by the dynamic impetus of business in South America
Over the second quarter, Field Seeds posted
sales that were virtually stable with current data (+0.2%) and down
by 2.6% on a like-for-like basis.
In Europe,
Vilmorin & Cie posted a drop in business over the second
quarter, largely as a result of a delay in sales of corn seed
compared with December 31, 2018. After a first quarter posting
significant growth in sales, this slow-down does not call into
question the outlook for the 2020 sales campaign: the order books
look promising and fuller than last year, with corn acreage that
should slightly increase. With regard to orders for the sunflower
seeds campaign, they are holding up well, in a context of lower
acreage predicted for this crop.
Furthermore,
Vilmorin & Cie once again this year posted an excellent
rapeseed campaign, with a very sharp increase in sales. This
performance was all the more remarkable as it was achieved in the
context of a strong drop in acreage devoted to this crop. As a
result, Vilmorin & Cie has gained very significant market
shares and is now positioned among the top European players for
this crop. As for the first part of
the straw cereal seed (wheat, barley) campaign, sales were down in
the context of a slight drop in cultivated acreage. Similarly,
sales of forage crop seeds, which complement the commercial offer
in Europe, fell, particularly in Germany and the Netherlands.
In
South America, sales were up significantly at the end of December,
materializing Vilmorin & Cie's reinforced commercial presence
on this continent of such great potential.
In Brazil, sales for the first corn
campaign (safra) were down compared with the previous year, whereas
the second campaign (safrinha) has made a promising start, in a
more favorable market environment this year. Sales of soybean seeds
have experienced very high growth; as a consequence, Vilmorin &
Cie is continuing to strengthen its positions for this major crop
in South America.Finally, in Argentina, sales increased noticeably.
Integration of the company Sursem, acquired in December 2018, has
now been finalized and it has contributed significantly to the
increase in sales in the country.
In the other development regions, business in
South Africa was down slightly, whereas in Asia, sales showed
strong growth, thanks to a very good performance on the Indian
market.
Consequently, sales for the Field Seeds division
for the first semester came to 228.9 million euros, an increase of
9.5% with current data, and 2.5% on a like-for-like basis compared
with the first semester for 2018-2019.
On these bases, Vilmorin & Cie can
confirm its objective for an increase in sales for Field Seeds for
fiscal year 2019-2020, an increase of 2% on a
like-for-like basis compared with the previous fiscal
year.
Moreover, with regard to associated
companies:
- On the North American market, in comparison to a campaign which
had begun early the previous year, the start of the commercial
campaign for corn and soybean seeds is slower. Nevertheless, orders
for corn seed are currently higher than last year, in the context
of fairly stable acreage expected for corn.
- On the African market, Seed Co's business2 has been affected in
Zimbabwe by a strong monetary impact, a direct consequence of the
introduction of the RTGS dollar in the country, while on the other
African markets, the company posted strong growth in sales3.
INCOME FOR THE FIRST SEMESTER DOWN, IN SPITE OF THE FINE GROWTH
IN THE COMMERCIAL MARGIN
After taking into account the cost of
destruction and impairment of inventory, margin on the cost of
sales came to 255.3 million euros and represents 52% of total
sales, a strong increase of 2.3 percentage points on a
like-for-like basis compared to the first semester for the previous
fiscal year; over the semester it mainly benefitted from the
increase in margins for Field Seeds.
Net operating charges came to 302 million euros,
an increase of 28.5 million euros with current data compared to the
first semester for fiscal year 2018-2019. Nevertheless, it should
be noted that the first semester of the previous fiscal year
included an exceptional income resulting from the partial demerger
of Biogemma, a biotechnology research company of which Vilmorin
& Cie is now the sole shareholder.
Consequently, the operating income for
the first semester shows a loss of 46.7 million
euros on December 31, 2019, an increase of 6.2 million euros
compared to the first semester for 2018-2019; the operating margin,
traditionally negative at the end of the first semester, came to
-9.5%, as opposed to -8.8% on December 31, 2018.
The income
contribution from associated companies, in particular AgReliant
(North America. Field Seeds) and Seed Co (Africa. Field Seeds),
stood at -22.4 million euros at the end of the
first semester for 2019-2020, as opposed to -7.9 million euros for
the first semester of the previous fiscal year, which took into
account a revaluation profit of 11 million euros, as a result of
the financial and legal reorganization of the company Seed Co’s
international activities.
The financial income shows a net charge of 23
million euros as opposed to 19.4 million euros on December 31,
2018. In particular this year, it posted an increase in interest
costs of 5.8 million euros, as a result of the increase in average
indebtedness, and of the recording of interest costs of 1.6 million
euros on lease obligations, due to the application of IFRS 16.
Moreover, it includes an improvement in foreign exchange losses,
standing at -4.5 million euros as opposed to -6.7 million euros the
previous fiscal year.
On December 31,
2019, a net tax income of 28.7 million euros was recorded, almost
the same amount as for the previous year.
As a
result of these factors, the net result for the semester shows a
loss of 63.4 million euros, including a group
share loss of 61.9 million euros, an increase of 23.8 million euros
compared with the first semester for fiscal year 2018-2019, which
had been impacted by several non-recurring positive elements for an
amount equivalent to the drop in net income recognized on December
31, 2019.
At the end of
December 2019, the balance sheet structure is naturally influenced
to a large extent by the seasonal nature of the annual business
cycle. Net of cash and cash
equivalents (207.9 million euros), financial indebtedness came to
1,261.5 million euros, including a non-current share of 1,097.2
million euros. The group share of
equity stood at 1,130.2 million euros and minority interests at
86.5 million euros.
NEWS:
Governance
It should be reminded that, following the Annual
General Meeting held on December 6, 2019, the Board of Directors
met to appoint a successor to Philippe AYMARD, Chairman and CEO,
and designated, with the same functions, Sébastien VIDAL, a Board
Member of Vilmorin & Cie since 20161; the Board also confirmed
Daniel JACQUEMOND's mandate as Delegate CEO.
Moreover, the Annual General Meeting appointed
Marie-Yvonne CHARLEMAGNE as Independent Board Member4 to replace
Miriam MAES whose term of office expired, and who, in agreement
with the Board of Directors, did not wish to renew it.
Furthermore, on February 26, 2020, the Board of
Directors co-opted Philippe BLATEYRON as Board Member for Vilmorin
& Cie. Philippe BLATEYRON is a farmer and has been a Board
Member of Limagrain since 2009; he has been Vice President since
January 2020, and has held several mandates within the Group's
different divisions, particularly for the Vegetable Seeds
activity.
Vilmorin & Cie continues to make
progress in the development of insect resistant GM traits for
corn
Dedicated to the development of GM corn
proprietary traits, Genective, a 50/50 joint venture with the
German seed company KWS, recently announced that it has signed a
partnership agreement with AgBiome, a leading American company
specializing in microbial technology for crop protection. Through
this partnership, Genective will have access to all the genes of
resistance to insects identified by AgBiome. This multi-year
program will provide Genective with considerable capabilities to
discover new modes of action to fight against the main corn pests,
as an alternative to agrochemical treatment products.
Building on this work, Vilmorin & Cie aims
eventually to offer a proprietary line-up of genetically modified
seed corn varieties. Vilmorin & Cie will thus be able to
position itself among the few global players providing these
technologies.
Vilmorin & Cie signs a long-term
funding agreement dedicated to research with the European
Investment
Bank Vilmorin
& Cie has announced it has signed a long-term funding agreement
with the European Investment Bank (EIB). Finalized with highly
favorable conditions, this funding, for a total of 170 million
euros, involves two maturity tranches at 5 years and 7 years. It
will be dedicated to Vilmorin & Cie's R&D projects, thus
illustrating the support of a major European institution for the
Company's strategy on seed research, the first link in the food
chain.
Following on from the refinancing of its 300
million euros syndicated bank loan in May 2019, and the 250 million
euros "Schuldschein" private placement successfully completed in
June 2019, Vilmorin & Cie continues to confirm its ability to
diversify and make its financial resources more flexible.
Vilmorin & Cie and Seed Co intensify
their collaboration in Africa, through the creation of a joint
venture dedicated to corn in
Ghana Vilmorin
& Cie has announced the creation, in partnership with Seed Co,
of a joint venture primarily dedicated to seed corn located in
Ghana. It is operationally established between Vilmorin & Cie
and Seed Co International and is equally owned by the two
companies. This new structure will make it possible to specifically
address the West and Central African market.
The creation of this entity is reliant on the
complementarities between Vilmorin & Cie and Seed Co, which is
the leading African seed company, and marks the intensification of
collaboration between the two companies. It should be remembered
that Vilmorin & Cie is the reference shareholder of Seed
Co5.
Vilmorin & Cie has thus entered a new stage
in the deployment of its activities in Africa and can confirm its
desire to significantly accelerate its expansion on this continent,
which promises considerable development.
OUTLOOK FOR 2019-2020: CONFIRMATION OF THE OBJECTIVES OF 2% TO
3% BUSINESS GROWTH ON A LIKE-FOR-LIKE BASIS AND OF A CURRENT
OPERATING MARGIN RATE OF AT LEAST 8%
In view of the results for the first semester,
as presented above, and on the basis of information currently
available, Vilmorin & Cie confirms its objectives for
sales and current operating margin for fiscal year
2019-2020.
These correspond to an increase in
consolidated sales of 2% to 3% on a like-for-like basis, and a
current operating margin rate of at least 8%, including research
investment which should be higher than 255 million
euros.
Finally, Vilmorin & Cie is aiming
for a contribution from associated companies – mainly AgReliant
(North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT
(Australia. Field Seeds) of at least 20 million euros.
Over the second semester, reaching these
objectives will nevertheless partly depend on:
- for Vegetable Seeds, the ability to continue, over the most
important period of the fiscal year, to strengthen the commercial
positions, and consolidate the margins;
- for Field Seeds, the definitive evolution of the acreages and
prices of agricultural production, as well as confirmation of the
promising initial trends for orders, in a context of pressure on
margins in Europe due to the evolution of procurement costs;
- and more globally the impact of the evolution of the world
health situation on the economic environment.
You can consult a presentation of sales and
results at the end of the first semester on the home page of the
website www.vilmorincie.com
COMING DISCLOSURES AND EVENTSThursday March 5,
2020: Registration with the AMF of the update of the annual report
for 2018-2019Thursday April 23, 2020(1) : Disclosure of sales at
the end of the 3rd quarter 2019-2020Monday August 3, 2020(1) :
Disclosure of sales for fiscal year 2019-2020Wednesday October 14,
2020(1) : Disclosure of results for fiscal year 2019-2020Friday
December 11, 2020: Annual General Meeting of Shareholders in
Paris
Dates provided as an indication only, and liable to be changed.
(1) Disclosure after trading on the Paris Stock Market.
FOR ANY FURTHER INFORMATION
Vincent SUPIOTChief Financial
Officervincent.supiot@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.
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 promising world markets.
True to its vision of sustainable development,
Vilmorin & Cie ensures its achievements fully respect its three
founding values: progress, at the heart of its beliefs and its
mission, perseverance, inherent to farming and the seeds business,
and cooperation, in the fields of science, industry and
commerce.
APPENDIX 1:
SALES FOR THE FIRST SEMESTER 2019-2020AND
EVOLUTION PER QUARTER AND PER DIVISION
In millions of euros |
2018-2019 |
2019-2020 |
Variationwith current data |
Variationon a like-for-like basis |
Of which: Impact of currency |
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 |
First
semester |
460.4 |
490.8 |
+6.6% |
+2.5% |
+3.6 |
+14.9 |
Vegetable Seeds |
239.2 |
248.4 |
+3.9% |
+1.9% |
+4.6 |
0.0 |
Field Seeds |
209.0 |
228.9 |
+9.5% |
+2.5% |
-1.0 |
+15.4 |
Garden Products and
Holdings |
12.2 |
13.5 |
+10.3% |
+14.5% |
0.0 |
-0.5 |
APPENDIX 2:
CONSOLIDATED INCOME STATEMENT ON DECEMBER 31,
2019
In
millions of euros |
12.31.19 |
12.31.18 |
Restated(1) |
Disclosed |
■
Revenue from ordinary activities |
490.8 |
460.4 |
460.4 |
Cost of goods
sold |
- 235.5 |
- 227.4 |
- 227.4 |
Marketing and sales
costs |
- 100.4 |
- 93.8 |
- 93.8 |
Research and
development costs |
- 107.8 |
- 96.0 |
- 96.0 |
Administrative and
general costs |
- 97.3 |
- 92.9 |
- 92.9 |
Other operating income
and charges |
3.5 |
10.5 |
9.2 |
■
Operating income |
- 46.7 |
- 39.2 |
- 40.5 |
Profit from associated
companies |
- 22.4 |
- 7.9 |
- 7.9 |
Interest costs |
- 16.9 |
- 12.7 |
- 12.7 |
Other financial income
and charges |
- 6.1 |
- 8.3 |
- 6.7 |
Income taxes |
28.7 |
28.3 |
28.2 |
■ Profit
from continuing operations |
- 63.4 |
- 39.8 |
- 39.6 |
■ Profit
from discontinued operations |
- |
- |
- |
■ Net
income for the period |
- 63.4 |
- 39.8 |
- 39.6 |
> Attributable to
controlling company |
- 61.9 |
- 39.4 |
- 39.2 |
> Attributable to
non-controlling minority |
- 1.5 |
- 0.4 |
- 0.4 |
|
|
|
|
Earnings from
continuing operations per share - attributable to controlling
company |
- 2.70 |
- 1.89 |
- 1.88 |
Earnings from
discontinued operations per share - attributable to controlling
company |
- |
- |
- |
Earnings for the
period per share - attributable to controlling company |
- 2.70 |
- 1.89 |
- 1.88 |
|
|
|
|
Diluted earnings from
continuing operations per share - attributable to controlling
company |
- 2.62 |
- 1.83 |
- 1.82 |
Diluted earnings from
discontinued operations per share - attributable to controlling
company |
- |
- |
- |
Diluted earnings for
the period per share - attributable to controlling company |
- 2.62 |
- 1.83 |
- 1.82 |
(1) Concerns the application of standard IFRS
16.
APPENDIX 3:
DETAILS OF THE GAINS AND LOSSES
In
millions of euros |
12.31.19 |
12.31.18 |
Restated(1) |
Disclosed |
Income for the
period |
- 63.4 |
- 39.8 |
- 39.6 |
Variation in currency
translation |
- 7.8 |
- 4.9 |
- 4.9 |
Variation in the fair
value of assets for sale |
- |
- |
- |
Variation in the fair
value of financial instruments |
- |
- 0.7 |
- 0.7 |
Change in method |
- |
- |
- |
Impact of taxes |
- |
0.2 |
0.2 |
Items that might be
reclassified to profit or loss |
- 7.8 |
- 5.4 |
- 5.4 |
Actuarial gains or
losses |
- 3.9 |
3.2 |
3.2 |
Impact of taxes |
0.8 |
- 0.6 |
- 0.6 |
Items not to be
reclassified to profit or loss |
- 3.1 |
2.6 |
2.6 |
Other items in
the total gains and losses for the period net of
taxes |
- 10.9 |
- 2.8 |
- 2.8 |
Total gains
and losses for the period |
- 74.3 |
- 42.6 |
- 42.4 |
> Of which
attributable to controlling company |
- 72.7 |
- 41.1 |
- 40.9 |
> Of which
attributable to non-controlling minority |
- 1.6 |
- 1.5 |
- 1.5 |
(1) Concerns the application of standard IFRS
16.
APPENDIX 4:FINANCIAL PROGRESS REPORT
Assets
In millions of euros |
12.31.19 |
06.30.19 |
Restated(1) |
Disclosed |
Goodwill |
439.7 |
434.8 |
434.8 |
Other intangible fixed assets |
733.2 |
739.5 |
739.5 |
Tangible fixed assets |
290.7 |
292.4 |
292.8 |
Right-of-use leased assets |
71.1 |
68.7 |
|
Financial fixed assets |
29.9 |
29.9 |
29.9 |
Equity shares |
321.2 |
349.1 |
349.1 |
Deferred taxes |
26.1 |
25.0 |
23.8 |
■ Total non-current assets |
1,911.9 |
1,939.4 |
1,869.9 |
Inventories |
732.6 |
533.7 |
533.7 |
Trade receivables and other receivables |
510.9 |
526.7 |
526.7 |
Cash and cash equivalents |
207.9 |
248.7 |
248.7 |
Assets held for sale |
7.8 |
- |
- |
■ Total current assets |
1,459.2 |
1,309.1 |
1,309.1 |
Total assets |
3,371.1 |
3,248.5 |
3,179.0 |
(1) Concerns the application of standard IFRS
16.
Liabilities
In millions of euros |
12.31.19 |
06.30.19 |
Restated(1) |
Disclosed |
Share capital |
349.5 |
349.5 |
349.5 |
Reserves and income |
780.7 |
883.8 |
886.4 |
■ Equity – controlling company |
1,130.2 |
1,233.3 |
1,235.9 |
■ Equity – non-controlling
minorities |
86.5 |
87.9 |
88.0 |
■ Consolidated equity |
1,216.7 |
1,321.2 |
1,323.9 |
Provisions for employee benefits |
66.4 |
61.7 |
61.7 |
Non-current financial debts |
1,097.2 |
964.0 |
964.4 |
Non-current lease obligations |
49.0 |
52.1 |
|
Deferred income taxes |
79.2 |
99.3 |
99.1 |
■ Total non-current liabilities |
1,291.8 |
1,177.1 |
1,125.2 |
Other provisions |
11.6 |
15.2 |
15.2 |
Accounts payable |
418.1 |
489.4 |
489.4 |
Deferred income |
29.9 |
29.0 |
29.0 |
Current financial debts |
372.2 |
196.2 |
196.3 |
Current lease obligations |
25.2 |
20.4 |
|
Liabilities directly related to the group of assets held for
sale |
5.6 |
- |
- |
■ Total current liabilities |
862.6 |
750.2 |
729.9 |
Total liabilities |
3,371.1 |
3,248.5 |
3,179.0 |
(1) Concerns the application of 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 disclosed |
317.7 |
332.4 |
596.7 |
- 51.8 |
1,195.0 |
109.7 |
1,304.7 |
Impacts of the application of IFRS16 |
- |
- |
- 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 in 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 |
Effect of share purchase commitments |
- |
- |
- |
- |
- |
- |
- |
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 minority interest shares |
- |
- |
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 in the global income net of taxes |
- |
- |
- 3.0 |
- 7.8 |
- 10.8 |
- 0.1 |
- 10.9 |
Net income |
- |
- |
- 61.9 |
- |
- 61.9 |
- 1.5 |
- 63.4 |
Global income for the fiscal year |
- |
- |
- 64.9 |
- 7.8 |
- 72.7 |
- 1.6 |
- 74.3 |
Variation in treasury shares |
- |
- |
- 0.1 |
- |
- 0.1 |
- |
- 0.1 |
Dividends paid out |
- |
- |
- 31.1 |
- |
- 31.1 |
- 0.5 |
- 31.6 |
Variations in scope |
- |
- |
- |
- |
- |
- |
- |
Effect of share purchase commitments |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the parent company |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the subsidiaries |
- |
- |
- 2.6 |
- |
- 2.6 |
0.7 |
- 1.9 |
Variation in minority interest shares |
- |
- |
- 0.6 |
- |
- 0.6 |
- |
- 0.6 |
Bonds redeemable as shares |
- |
- |
- |
- |
- |
- |
- |
Restatement for hyperinflation |
- |
- |
4.3 |
- |
4.3 |
- |
4.3 |
Reclassifications |
- |
- |
0.7 |
- 0.7 |
- |
- |
- |
Others |
- |
- |
- 0.3 |
- |
- 0.3 |
- |
- 0.3 |
12.31.19 |
349.5 |
300.6 |
547.4 |
- 67.3 |
1,130.2 |
86.5 |
1,216.7 |
APPENDIX 6:
IMPACTS OF THE STANDARD IFRS 16 ON THE
CONSOLIDATED FINANCIAL STATEMENTS ON DECEMBER 31, 2019
Income statement
In
M€ |
S1 2019/2020 before IFRS 16 |
Impact IFRS 16 |
S1 2019/2020 including IFRS 16 |
Revenue from ordinary activities |
490.8 |
|
490.8 |
Cancellation of leases |
|
12.8 |
12.8 |
EBITDA |
58.1 |
12.8 |
70.9 |
Amortization of leasing contracts |
|
-10.9 |
-10.9 |
Operating income |
-48.6 |
1.9 |
-46.7 |
Profit from associated
companies |
-22.4 |
|
-22.4 |
Interest costs |
-16.9 |
|
-16.9 |
Interest costs related to
leasing contract |
|
-1.6 |
-1.6 |
Other financial income and
charges |
-4.5 |
|
-4.5 |
Income
taxes |
28.8 |
-0.1 |
28.7 |
Net income for the period |
-63.6 |
0.2 |
-63.4 |
Balance sheet
In M€ |
S1 2019/2020 before IFRS 16 |
Impact IFRS 16 |
S1 2019/2020 including IFRS 16 |
Intangible fixed assets |
1,172.9 |
|
1,172.9 |
Tangible fixed assets |
291.4 |
-0.7 |
290.7 |
Right-of-use leased
assets |
|
71.1 |
71.1 |
Financial fixed assets |
351.1 |
|
351.1 |
Deferred taxes |
25.2 |
0.9 |
26.1 |
Current assets |
1,251.3 |
|
1,251.3 |
Cash
and cash equivalents |
207.9 |
|
207.9 |
TOTAL ASSETS |
3,299.8 |
71.3 |
3,371.1 |
|
|
|
|
Consolidated equity |
1,219.2 |
-2.5 |
1,216.7 |
Financial debts |
1,469.8 |
-0.4 |
1,469.4 |
Lease obligations |
|
74.2 |
74.2 |
Other
liabilities |
610.8 |
|
610.8 |
TOTAL LIABILITIES |
3,299.8 |
71.3 |
3,371.1 |
APPENDIX 7:
GLOSSARY
Like-for-like data
Like-for-like data is data that is restated for
constant scope and currency translation. Therefore, financial data
for 2018-2019 is restated with the average rate for fiscal year
2019-2020, and any other changes to the scope, in order to be
comparable with data for fiscal year 2019-2020.
Variations in the consolidated scope come from
the acquisition of the companies Sursem and Geneze (South America.
Field Seeds) finalized in December 2018 and from the sale 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.
Financial indebtednessFinancial
indebtedness corresponds to the financial debts less cash and cash
equivalents.
Research investmentResearch
investment corresponds to gross research expenditure before
recording as fixed assets any research costs and research tax
relief.
Current operating marginThe current operating
margin is defined as the accounting operating margin restated for
any impairment and reorganization costs.
1 On December 31, 2019, Vilmorin & Cie held 29.4% of Seed Co
Limited's capital stock and 31% of Seed Co International's capital
stock.
2 At the end of the first semester (on September 30, 2019).
3 Cf. “Seed Co International Limited Abridged Group unaudited
results for the half year ended 30 September 2019” available on the
website www.seedcogroup.com.
4 Cf. Vilmorin & Cie press release of December 9, 2019.
5 On December 31, 2019, Vilmorin & Cie held 29.4% of Seed Co
Limited's capital stock and 31% of Seed Co International's capital
stock.
- CP_resultats_semestriels_19_20_gb