SALES AND RESULTS FOR THE 1ST SEMESTER 2020-2021
STRONG GROWTH IN HALF-YEARLY
SALES ON DECEMBER 31, 2020: +14% ON A LIKE-FOR-LIKE BASIS
SIGNIFICANT IMPROVEMENT IN
HALF-YEARLY RESULTS FOR 2020-2021
UPWARD REVISION OF THE ANNUAL OBJECTIVES FOR 2020-2021
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 |
2019-2020 |
2020-2021 |
Variationwith current data |
Variationon a like-for-like basis |
Sales
- Vegetable Seeds
- Field Seeds
- Garden Products and Holdings
|
248.4228.913.5 |
253.1254.218.4 |
+1.9%+11.1%+36.5% |
+7.9%+19.1%+42.4% |
Sales for the first semester |
490.8 |
525.7 |
+7.1% |
+14.0% |
|
|
|
|
|
In millions of euros |
2019-2020 |
2020-2021 |
Variationwith current data |
|
EBITDA |
70.9 |
111.7 |
+40.8 |
|
Operating
income |
-46.7 |
-5.5 |
+41.2 |
|
Income
from associated companies |
-22.4 |
-12.0 |
+10.4 |
|
Financial
income |
-23.0 |
-27.3 |
-4.3 |
|
Income
taxes |
+28.7 |
+12.9 |
-15.8 |
|
Net incomeof which group
share |
-63.4-61.9 |
-31.9-31.9 |
+31.5+30.0 |
|
The consolidated financial statements for the
first semester 2020-2021, closed on December 31, 2020, were
approved at the Vilmorin & Cie Board meeting of March 3, 2021.
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, 2020.The accounting principles and methods
adopted in the condensed interim consolidated financial statements
at December 31, 2020 are identical to those used in the annual
consolidated financial statements of June 30, 2020. No 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.
SALES FOR THE FIRST SEMESTER: VERY DYNAMIC GROWTH BOTH IN
VEGETABLE SEEDS AND FIELD SEEDS
Vilmorin & Cie's consolidated sales
for the first semester 2020-2021, closed on December 31, 2020, came
to 525.7 million euros, an increase of 7.1% with current data, and
14% on a like-for-like basis.
Vegetable Seeds division: a high quality
second quarter
Over the second quarter, the Vegetable Seeds
division made sales of 148.3 million euros, an increase of 6% with
current data and 12.2% on a like-for-like basis. All the Business
Units – HM.CLAUSE, Hazera and Vilmorin-Mikado – contributed to this
truly fine performance, marked by significant increases in several
strategic crops: carrot, tomato, pepper, cauliflower and bean.
Following on from the first quarter, most of the
geographical zones posted solid progress in business. Growth was
particularly dynamic in Europe, in North America, and South America
too, where the increase in sales was excellent. Business also
increased in Asia, even though there was less growth than in other
areas.
This high quality quarter has resulted in market
share gains in several segments, particularly carrot. It also
partly includes anticipated orders, particularly in Europe and
North America, due to the health crisis that has led certain
grower-customers to fear new restrictions that could affect the
delivery of seeds.
At the end of the first semester, sales for the
Vegetable Seeds division stood at 253.1 million euros, an increase
of 1.9%. Restated on a like-for-like basis, it increased by
7.9%.
This very good start to the fiscal year
now means that the growth target for 2020-2021 can be anticipated
to be exceeded. Accordingly, Vilmorin & Cie is now aiming for
an increase in sales of between 4% and 5% on a like-for-like basis
for this activity for fiscal year 2020-2021, as opposed to at least
3% previously.
Field Seeds division: an excellent level
of business over the second quarter
Over the second quarter, Field Seeds posted
sales of 133.7 million euros, an increase of 18.6% with current
data and 29.2% on a like-for-like basis.
In Europe, Vilmorin & Cie posted a very
strong business increase over the second quarter (+24.2% on a
like-for-like basis), largely as a result of anticipated sales of
corn seed compared to the beginning of the previous year's
campaign, which moreover was particularly late. As a direct
consequence of the difficulties encountered this year in terms of
seed production on the European market due to climatic conditions,
farmers were anxious to secure their supplies as soon as
possible.Even accounting for these early sales, order books are
fuller compared to last year, while corn acreage is expected to
drop slightly. As for order books for the sunflower seed campaign,
they are looking promising, particularly in Russia, in a context of
an expected increase in the acreage devoted to this
crop. Furthermore, Vilmorin
& Cie again recorded an excellent rapeseed campaign this year.
Despite the significant drop in acreages devoted to this crop, the
increase in sales was remarkable. Vilmorin & Cie, which has
thus gained significant market shares, is now clearly positioned as
the European leader for this crop.The first part of the campaign
for straw cereal seeds (wheat, barley) posted a drop in sales,
while sales of forage seeds, which complement the commercial
line-up in Europe, increased.
In South America, sales had grown very fast by
the end of December, both in Brazil and Argentina. In Brazil, sales
of corn seed recorded strong growth: after a quality first corn
campaign (safra), the second campaign (safrinha) is also looking
very promising on agricultural markets that remain dynamic and
marked by the context of an increase in cultivated acreage. Sales
of soybean seeds remain stable compared with last year: the
increase in prices, in favorable market conditions, offsets the
decline in marketed volumes, which had risen significantly last
year.Finally, in Argentina, Vilmorin & Cie achieved a very good
corn campaign, with strong growth in sales volumes, in line with
the first quarter, reflecting gains in market share.
In other development regions, business was up
sharply in South Africa, reflecting the recent development
operations of Vilmorin & Cie in the country, with the creation
of the joint venture Limagrain Zaad South Africa1.
This performance is also underpinned by
favorable sowing conditions, after several years impacted by
drought. In Asia, sales were down, due to lower sales in India on a
high benchmark basis, and despite significant growth in business in
South-East Asia.
Consequently, sales for the Field Seeds division
for the first semester came to 254.2 million euros, an increase of
11.1% with current data and 19.1% on a like-for-like basis compared
with the first semester for 2019-2020.
On these bases, and bearing in mind
particularly dynamic business over the first semester, even though
significantly due to anticipated sales in Europe, Vilmorin &
Cie is readjusting its objective for the increase in its Field
Seeds sales for fiscal year 2020-2021, and is now aiming for growth
of between 5% and 6% on a like-for-like basis compared with the
previous fiscal year, as opposed to at least 3% previously
targeted.
Moreover, with regard to associated
companies:
- On the North American market, the start of the commercial corn
and soybean seed season is slightly up on a like-for-like basis
compared to December 31, 2019. The outlook for the 2021 commercial
campaign is well on track, despite the current decline in orders
for corn, in a context of expected near stability in corn
acreage.
- On the African market, Seed Co posted robust sales growth on
all its markets2.
SIGNIFICANT IMPROVEMENT IN RESULTS FOR THE FIRST SEMESTER,
DIRECTLY RELATED TO THE INCREASE IN BUSINESS AND CONTROL OVER
OPERATING CHARGES
After taking into account the cost of
destruction and impairment of inventory, margin on the cost of
sales came to 279.9 million euros and represents 53.2% of total
sales, an increase of 1.2 percentage points compared to the first
semester for the previous fiscal year; over the semester it mainly
benefitted from the increase in margins for Vegetable Seeds and the
Garden Products business.
Net operating charges came to 285.4 million
euros, a significant drop of 16.6 million euros with current data
compared to the first semester of fiscal year 2019-2020, in the
context of the continuing health crisis (travelling expenses,
commercial events, etc.), but which had not affected the first
semester of the previous fiscal year.
Consequently, the operating income for
the first semester shows a loss limited to 5.5 million euros on
December 31, 2020, a strong improvement of 41.2 million euros
compared to the loss of the first semester 2019-2020; the operating
margin, traditionally negative at the end of the first semester,
came to -1.0%, as opposed to -9.5% on December 31,
2019.
The income contribution from associated
companies, including in particular AgReliant (North America. Field
Seeds) and Seed Co (Africa. Field Seeds), stood at -12.0 million
euros at the end of the first semester for 2020-2021, as opposed to
-22.4 million euros for the first semester of the previous fiscal
year, including in particular a profit of 6.4 million euros for the
share of income from Seed Co Limited (Zimbabwe), favorably impacted
by restatements for hyperinflation.
1 Cf. Vilmorin & Cie press release published on August 3,
2020.
2 At the end of the first semester (on September
30, 2020). Seed Co's financial disclosures are available on the
website: www.seedcogroup.com.
The financial income shows a net charge of 27.3
million euros as opposed to 23 million euros on December 31, 2019.
In particular this year, it posted an improvement in the cost of
funding of 4.2 million euros, specifically as a result of the
redemption of certain debts and the impacts of the health crisis on
interest rates and currency rates in certain countries. It also
includes an erosion of 8.5 million euros in other financial income
and charges compared to the previous fiscal year, mainly as a
result of a deterioration in foreign exchange transactions and
positions.
On December 31, 2020 a net tax income of
12.9 million euros was recorded, down by 15.8 million euros
compared to last year, in line with the evolution of the
income.
As a result of these factors, the net
result for the semester shows a loss of 31.9 million euros,
attributable in total to the group share, and representing an
improvement of 31.5 million euros compared with the first semester
of fiscal year
2019-2020. At
the end of December 2020, the balance sheet structure is naturally
very much influenced by the seasonal nature of the annual business
cycle. Net of cash and cash equivalents (227.8 million euros),
financial indebtedness came to 1,196.7 million euros, including a
non-current share of 843.2 million euros. The group share of equity
stood at 1,090.3 million euros and minority interests at
27 million euros.
NEWS:
Governance: Géraldine BÖRTLEIN becomes a
Member of the Board of Vilmorin & Cie
On March 3, 2021, Vilmorin & Cie's Board of
Directors co-opted Géraldine BÖRTLEIN as Independent Board Member
to replace Claude RAYNAUD1, who informed the Board of his desire to
resign from his mandate as Board Member of Vilmorin & Cie.
Géraldine BÖRTLEIN graduated from Centrale
Paris, with a specialization in bioengineering, and a PhD in
biochemistry-pharmacology. She co-founded Alcimed, a consultancy in
innovation and development of new markets, in 1993. Since then she
has co-managed the company, and can therefore boast almost 30
years' experience in sectors of high technology. She is also Vice
Chairman of the Association for Consultancy in Innovation.
Vilmorin & Cie and Sofiprotéol
consolidate their strategic partnership devoted to Field Seeds
activities in Europe
Vilmorin &
Cie announces the strengthening of the equity capital of its
Business Unit Limagrain Europe, with the support of Sofiprotéol, a
financing and development company, a subsidiary of the Avril group,
committed to companies in the agro-industrial and agri-food world.
Sofiprotéol, a historical minority shareholder of Limagrain Europe,
has indeed increased its stake in the capital of Limagrain Europe
SAS by 25 million euros.
This investment has been concluded through the
sale by Vilmorin & Cie of existing shares, and the issue by
Limagrain Europe of bonds redeemable as shares. Through this
long-term commitment, Vilmorin & Cie and Sofiprotéol are
consolidating their strategic partnership, with the common
objective of accelerating the development of Limagrain Europe,
notably through continued investment in research, while sustainably
strengthening its solid competitive positions on the continent.
1 For the remaining duration of Claude RAYNAUD's term of office,
expiring at the close of the Annual General Meeting of Shareholders
called to approve the financial statements for the fiscal year
ending June 30, 2021. Claude RAYNAUD had been a Board Member of
Vilmorin & Cie since 2018.
This operation comes at a time when an initial
restructuring of the capital of Limagrain Europe SAS was finalized
at the end of fiscal year 2019-2020. At the time, Vilmorin &
Cie strengthened its stake in Limagrain Europe SAS, by acquiring
the minority interests previously held by Verneuil Agro
Financement, a holding company controlled by French
cooperatives.
It should be recalled that Limagrain Europe is
the Business Unit that combines all the Field Seeds activities of
Vilmorin & Cie in Europe. As a major player on this market,
Limagrain Europe offers farmers a wide portfolio of crops, and
benefits from leading competitive positions on its main species
(corn, straw cereals, sunflower and rapeseed).
OUTLOOK FOR 2020-2021: UPWARD REVISION OF THE TARGETS FOR
BUSINESS GROWTH AND THE CURRENT OPERATING MARGIN RATE
At the end of a first semester 2020-2021 of
excellent quality, Vilmorin & Cie continues to achieve its
strategic objectives:
- in Vegetable Seeds, Vilmorin & Cie is consolidating its
world leadership, thanks to a very high-level commercial
performance in most geographic zones and strategic crops,
- in Field Seeds, Vilmorin & Cie achieved progress perfectly
in line with its ambitions in South America, and has concluded a
good first part of the fiscal year in Europe, in particular by
reaching the top European spot in rapeseed,
- finally, the Garden Products activity confirmed its excellent
trend, thanks in particular to the dynamism of the Vilmorin brand,
at the end of the first part of the fiscal year, which nevertheless
remained atypical given the changes in consumer habits related to
the health crisis.
Nevertheless, the first semester was also marked
by a partial lack of visibility and uncertainties related to the
health context, leading to anticipated sales and orders in both the
Vegetable and Field Seeds activities. In addition, the first
semester includes currency impacts which are expected to continue
in the second half of the fiscal year.
In this context, in light of the results for the
first semester, as presented above, and on the basis of the
information currently available, Vilmorin & Cie is
raising its objectives in terms of sales and the current operating
margin for fiscal year 2020-2021.
These objectives now correspond to an
increase in consolidated sales of between 4% and 6% on a
like-for-like basis, and a current operating margin rate of at
least 8%, including research investment which
should be higher than 260 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 around 22 million
euros.
Over the second semester, reaching these
objectives will partly depend on the ability, over the most
important period of the fiscal year, to continue to strengthen its
commercial positions, particularly bearing in mind the anticipated
sales recorded on December 31, 2020, the final impact of currency
translations, and the fact that the second semester of fiscal year
2019-2020, marked by the emergence of the world health crisis,
represents an atypical benchmark.
You can consult the presentation of sales and
results at the end of the first semester 2020-2021 on the home page
of the website www.vilmorincie.com
COMING DISCLOSURES AND EVENTS
Thursday March 11, 2021: Registration with the AMF of the update
of the annual report for 2019-2020
Thursday May 6, 2021(1):
Disclosure of sales at the end of the 3rd quarter 2020-2021
Monday August 2,
2021(1): Disclosure of sales for fiscal year 2020-2021
Wednesday October 13, 2021(1):
Disclosure of results for fiscal year 2020-2021
Friday December 10, 2021: Annual General Meeting of
Shareholders 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 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 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.
APPENDIX 1:
SALES FOR THE FIRST SEMESTER 2020-2021 AND
EVOLUTION PER QUARTER AND PER DIVISION
In millions of euros |
2019-2020 |
2020-2021 |
Variationwith current data |
Variationon a like-for-like basis |
Of which: Impact ofcurrency |
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 |
First
semester |
490.8 |
525.7 |
+7.1% |
+14.0% |
-29.3 |
-0.4 |
Vegetable Seeds |
248.4 |
253.1 |
+1.9% |
+7.9% |
-13.8 |
0.0 |
Field Seeds |
228.9 |
254.2 |
+11.1% |
+19.1% |
-15.3 |
0.0 |
Garden Products and
Holdings |
13.5 |
18.4 |
+36.5% |
+42.4% |
-0.2 |
-0.4 |
APPENDIX 2:
CONSOLIDATED INCOME STATEMENT ON DECEMBER 31,
2020
In
millions of euros |
12.31.20 |
12.31.19 |
■
Revenue from ordinary activities |
525.7 |
490.8 |
Cost of goods
sold |
- 245.8 |
- 235.5 |
Marketing and sales
costs |
- 89.5 |
- 100.4 |
Research and
development costs |
- 104.7 |
- 107.8 |
Administrative and
general costs |
- 92.3 |
- 97.3 |
Other operating income
and charges |
1.1 |
3.5 |
■
Operating income |
- 5.5 |
- 46.7 |
Profit from associated
companies |
- 12.0 |
- 22.4 |
Interest costs |
- 12.7 |
- 16.9 |
Other financial income
and charges |
- 14.6 |
- 6.1 |
Income taxes |
12.9 |
28.7 |
■
Profit from continuing operations |
- 31.9 |
- 63.4 |
■
Profit from discontinued operations |
- |
- |
■
Net income for the period |
- 31.9 |
- 63.4 |
> Attributable to
controlling company |
- 31.9 |
- 61.9 |
> Attributable to
non-controlling minority |
- |
- 1.5 |
|
|
|
Earnings from
continuing operations per share - attributable to controlling
company |
- 1.39 |
- 2.70 |
Earnings from
discontinued operations per share - attributable to controlling
company |
- |
- |
Earnings for the
period per share - attributable to controlling company |
- 1.39 |
- 2.70 |
|
|
|
Diluted earnings from
continuing operations per share - attributable to controlling
company |
- 1.39 |
- 2.62 |
Diluted earnings from
discontinued operations per share - attributable to controlling
company |
- |
- |
Diluted earnings for
the period per share - attributable to controlling company |
- 1.39 |
- 2.62 |
APPENDIX 3:
DETAILS OF THE GAINS AND LOSSES
In
millions of euros |
12.31.20 |
12.31.19 |
Income for the
period |
- 31.9 |
- 63.4 |
Variation in currency
translations |
- 66.7 |
- 7.8 |
Variation in the fair
value of assets for sale |
- |
- |
Variation in the fair
value of financial instruments |
2.0 |
- |
Impact of taxes |
- |
- |
Items that might be
reclassified to profit or loss |
- 64.7 |
- 7.8 |
Variation in the fair
value of financial instruments |
- |
- |
Actuarial gains and
losses |
- 2.4 |
- 3.9 |
Impact of taxes |
0.3 |
0.8 |
Items not to be
reclassified to profit or loss |
- 2.1 |
- 3.1 |
Other items in
the total gains and losses for the period net of
taxes |
- 66.8 |
- 10.9 |
Total gains
and losses for the period |
- 98.7 |
- 74.3 |
> Of which
attributable to controlling company |
- 98.3 |
- 72.7 |
> Of which
attributable to non-controlling minority |
- 0.4 |
- 1.6 |
APPENDIX 4:FINANCIAL PROGRESS REPORT
Assets
In
millions of euros |
12.31.20 |
06.30.20 |
Goodwill |
422.7 |
434.9 |
Other intangible fixed
assets |
729.8 |
737.7 |
Tangible fixed
assets |
276.5 |
288.9 |
Right-of-use leased
assets |
58.2 |
63.2 |
Non-current financial
fixed assets |
30.8 |
34.5 |
Equity shares |
318.2 |
349.9 |
Deferred taxes |
31.4 |
24.9 |
■
Total non-current assets |
1,867.6 |
1,934.0 |
Inventories |
699.9 |
528.7 |
Trade receivables and
other receivables |
495.0 |
494.1 |
Cash and cash
equivalents |
227.8 |
235.2 |
■
Total current assets |
1,422.7 |
1,258.0 |
Total
assets |
3,290.3 |
3,192.0 |
Liabilities
In
millions of euros |
12.31.20 |
06.30.20 |
Share capital |
349.5 |
349.5 |
Reserves and
income |
740.8 |
865.3 |
■ Equity –
controlling company |
1,090.3 |
1,214.8 |
■ Equity –
non-controlling minority |
27.0 |
15.0 |
■
Consolidated equity |
1,117.3 |
1,229.8 |
Provisions for
employee benefits |
69.4 |
69.1 |
Non-current financial
debts |
843.2 |
600.0 |
Non-current lease
obligations |
42.2 |
46.2 |
Deferred income
taxes |
88.1 |
93.1 |
■
Total non-current liabilities |
1,042.9 |
808.4 |
Other provisions |
20.7 |
18.3 |
Accounts payable |
476.1 |
513.1 |
Deferred income |
29.3 |
29.3 |
Current financial
debts |
585.2 |
572.9 |
Current lease
obligations |
18.8 |
20.2 |
■
Total current liabilities |
1,130.1 |
1,153.8 |
Total
liabilities |
3,290.3 |
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 in 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 minority interest shares |
- |
- |
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 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 in the global income net of taxes(1) |
- |
- |
- 0.1 |
- 66.3 |
- 66.4 |
- 0.4 |
- 66.8 |
Net income |
- |
- |
- 31.9 |
- |
- 31.9 |
0.0 |
- 31.9 |
Global income for the fiscal period |
- |
- |
- 32.0 |
- 66.3 |
- 98.3 |
- 0.4 |
- 98.7 |
Variation in treasury shares |
- |
- |
0.1 |
- |
0.1 |
- |
0.1 |
Dividends paid out |
- |
- |
- 22.9 |
- |
- 22.9 |
- 0.2 |
- 23.1 |
Variations in scope |
- |
- |
- |
- |
- |
7.3 |
7.3 |
Variation in the capital stock of the parent company |
- |
- |
- |
- |
- |
- |
- |
Variation in the capital stock of the subsidiaries |
- |
- |
- |
- |
- |
- |
- |
Variation in minority interest shares |
- |
- |
- 3.1 |
1.8 |
- 1.3 |
5.4 |
4.1 |
Bonds redeemable as shares |
- |
- |
- |
- |
- |
- |
- |
Impact of hyperinflationary currency adjustments |
- |
- |
- 1.5 |
- 0.2 |
- 1.7 |
- |
- 1.7 |
Reclassifications |
- |
- |
- |
- |
- |
- |
- |
Others |
|
|
- 0.4 |
- |
- 0.4 |
- 0.1 |
- 0.5 |
12.31.20 |
349.5 |
300.6 |
601.6 |
- 161.4 |
1,090.3 |
27.0 |
1,117.3 |
(1) The variation in currency translation reserves includes
an impact of - 45.3 million euros due to the evolution of the rate
for the US dollar.
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.
Financial indebtedness
Financial indebtedness corresponds to the
financial debts less cash and cash equivalents.
Research investment
Research investment corresponds to gross
research expenditure before recording as fixed assets any research
costs and research tax relief.
Current operating margin
The current operating margin is defined as the
accounting operating margin restated for any impairment and
reorganization costs.
- CP_resultats_semestriels_20_21_gb