VILMORIN & CIE: JOINT ANNUAL GENERAL MEETING 2020
A DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO
DISTRIBUTE
RESULTS
APPROVAL OF THE FINANCIAL STATEMENTS FOR 2019-2020
Bearing in mind the health crisis and in
accordance with the provisions of decree No. 2020-1497 of December
2, 2020, the Joint Annual General Meeting of Vilmorin & Cie's
Shareholders was held exceptionally in camera, without the physical
presence of the shareholders, on Friday December 11, 2020, under
the chairmanship of Sébastien VIDAL, Vilmorin & Cie's Chairman
and CEO.
The Shareholders were able to follow the full
proceedings of the Annual General Meeting directly by
teleconference. In order to foster shareholder dialogue, the
Shareholders also had the opportunity to ask questions directly
during the Annual General Meeting.A replay of the Meeting (in
French) is freely available on the website www.vilmorincie.com, on
the home page, and in the section Publications / Annual General
Meeting.Shareholders were invited to vote before the Annual General
Meeting. The number of Shareholders voting for the Ordinary part
came to 654, which is 88.83% of the total shares with voting rights
and 93.29% of the existing voting rights. For the Extraordinary
part, the number of Shareholders voting was 653, which is 88.83% of
the total shares with voting rights and 93.29% of the existing
voting rights.
APPROVAL OF THE FINANCIAL STATEMENTS FOR
2019-2020
Vilmorin & Cie's Joint Annual General
Meeting approved the financial statements for fiscal year
2019-2020, posting sales of 1,435.2 million euros, a significant
increase of 3.2 % with current data. Vilmorin & Cie posted
growth in all its activities, whether in Vegetable Seeds, Field
Seeds or Garden Products, and in all its geographical regions. Due
to its strategic nature, Vilmorin & Cie's activity was not
significantly affected by the health crisis.
Sales for Vegetable Seeds for fiscal year
2019-2020 came to 705.5 million euros, an increase of 2.6% with
current data compared with the previous fiscal year. Vilmorin &
Cie posted truly fine performances for several of its strategic
global crops (tomato, sweet pepper, hot pepper, cauliflower and
carrot), and for crops intended for the canning and freezing market
(sweet corn, bean and pea). Business was particularly dynamic in
North America, whereas fortunes in Asia were mixed. At the end of
the fiscal year, Vilmorin & Cie confirmed its position as No. 1
worldwide for vegetable seeds.
In 2019-2020, Field Seeds made sales of 677
million euros, an increase of 4.2% with current data compared with
2018-2019, confirming a solid performance at the end of the fiscal
year. In Europe, in spite of a drop in sunflower seeds, Vilmorin
& Cie achieved a satisfactory commercial campaign, with a good
performance in corn and a very high-quality year in rapeseed,
resulting in market share gains. In the development regions (South
America, Asia and Africa), Vilmorin & Cie posted a very marked
growth in sales, particularly in South America, both in Brazil and
Argentina. As
for the total net income, it came to 67.5 million euros, a decrease
of 10.5 million euros compared with the previous fiscal year, which
had nevertheless recorded several non-recurring positive items1.
Excluding these items, it posted a marked increase of more than
12%.
Therefore, in spite of the unprecedented lack of
visibility which marked the second semester, Vilmorin & Cie
achieved quality performances for fiscal year 2019-2020. The
Company can thus confirm both the resilience of its activity in the
context of the global health crisis and the robustness of its
development model.Moreover, Vilmorin & Cie pursued the
deployment of its strategy, which focuses on three foundations:
strong, continuous investment in research, strong
internationalization of its activities, and the capacity to combine
targeted acquisitions and partnerships.
A DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO
DISTRIBUTE RESULTS
The General Meeting of Shareholders fixed the
dividend at 1 euro per share. Even though it is lower in nominal
value compared with the previous fiscal year, this dividend
demonstrates Vilmorin & Cie's intention to pursue its policy to
distribute results, 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 41.9%
in 2019. Dividends will be detached as of today, with payment on
December 16, 2020.
CONFIRMATION OF THE OUTLOOK FOR 2020-2021
Vilmorin & Cie confirmed its objectives in
terms of sales and current operating margin for fiscal year
2020-2021. These objectives correspond to an increase in
consolidated sales of at least 3% on a like-for-like basis, and a
current operating margin rate of close to 8%, including research
investment that should be higher than 265 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 about 22
million euros.
It should be noted that at the end of the first
quarter for fiscal year 2020-20212, Vilmorin & Cie posted sales
of 234.4 million euros, a sustained increase representing +6.7% on
a like-for-like basis. On the basis of the information available to
date, these trends were confirmed over the beginning of the second
quarter 2020-2021.
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.
APPROVAL OF THE RESOLUTIONS
All the resolutions submitted to the vote of the
Shareholders were approved, with the exception of the twenty-third
resolution, which proposed delegation to the Board of Directors to
proceed with an increase in capital stock reserved for employees.
The Board of Directors made no voting recommendation on this
resolution, as the employees already benefit from other forms of
profit-sharing in the results.
Appointment of Séverine DARSONVILLE as Member of the
Board
The Annual General Meeting appointed Ms.
Séverine DARSONVILLE as Member of the Board, for a period of three
years3, to replace Ms. Mary DUPONT-MADINIER whose term of office,
which expired at the end of the Annual General Meeting, was not
proposed for renewal in compliance with the by-laws concerning the
age limit of Members of the Board.
A farmer, Séverine DARSONVILLE has been a Member
of the Board of Limagrain since 2012; she has held several mandates
within the Group's different activities. Since June 2019, she has
also been Chairwoman of Vegepolys Valley, the global
competitiveness cluster for plants.She also represents the Group on
the Board of Directors of Vetagro Sup, an educational and research
institute for veterinary doctors, agronomic engineers and health
inspectors. Finally, she represents the Agricultural Cooperation on
the Executive Committee of the High Council for Agricultural
Cooperation (HCCA).
Appointment of Benoist DE SAINT LAGER,
representing Bpifrance Participations, as Member of the
Board
The Annual General Meeting appointed Mr. Benoist
DE SAINT LAGER, representing Bpifrance Participations, as Member of
the Board, for a period of three years, i.e. until the end of the
Annual General Meeting of Shareholders called to approve the
financial statements for the fiscal year ending June 30, 2023.This
appointment is the result of the entry of Bpifrance Participations
into Vilmorin & Cie's capital stock, in October 2020, with the
acquisition of a stake of 5.71%4. After acquiring a stake in the
capital of Limagrain, Vilmorin & Cie's reference shareholder,
in March 20105, Bpifrance has thus confirmed its strategic
commitment to Vilmorin & Cie and has become the second largest
shareholder, alongside Limagrain. This operation recognizes the
strategic nature 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.
You can consult a presentation, detailed results
of the votes and a replay of the Annual General Meeting in French
on the website www.vilmorincie.com
COMING DISCLOSURES AND EVENTS
Monday December 14, 2020: Detachment of the dividendsWednesday
December 16, 2020: Payment of the dividendsWednesday March 3,
2021(1): Sales and results for the first semester 2020-2021Thursday
May 6, 2021(1): Sales at the end of the third quarter
2020-2021Monday August 2, 2021(1): Sales for fiscal year
2020-2021Wednesday October 13, 2021(1): Results for fiscal year
2020-2021Friday 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:GLOSSARY
Like-for-like data
Like-for-like data is data that is restated for
constant scope and currency translation. Financial data for
2019-2020 is restated with the average rate for fiscal year
2020-2021, and any other changes to the consolidation scope, in
order to be comparable with data for fiscal year 2020-2021.The
variation in the consolidated scope comes from the disposal of the
Garden Products division's business in Turkey, finalized at the end
of fiscal year 2019-2020.
Current data
Current data is data expressed at the historical
currency exchange rate for the period, and without adjustment for
any changes in scope.
Research investment
Research investment refers to gross research
expenditure before recording any research costs as fixed assetsand
research tax relief.
Current operating margin
The current operating margin is defined as the
accounting operating margin restated for any impairment and
reorganization costs.
1 These items mainly concerned capital gains from the
reorganization of the biotechnology research company Biogemma, and
profit from the disposal of industrial plant devoted to the
production of corn seeds in Hungary. The net income for 2018-2019
also included a revaluation profit of 11 million euros as a result
of the financial and legal reorganization of Seed Co's
international business (Africa. Field Seeds).
2 Cf. Vilmorin & Cie's press release of November 2,
2020.
3 Expiring at the end of the Annual General Meeting of
Shareholders called to approve the financial statements for the
fiscal year ending June 30, 2023.
4 Cf. Vilmorin & Cie's press release of October 14,
2020.
5 Operation achieved through the FSI - Strategic Investment
Fund, today Bpifrance Participations.