INVESTORS PRESENTATION JANUARY, 2019

Transcription

1 JANUARY,

2 DISCLAIMER Some of the statements contained in this document may be forwardlooking statements concerning Vilmorin & Cie SA's financial position, results, businesses, strategy or projects. Vilmorin & Cie SA considers that such statements are based on reasonable assumptions but cannot and does not give any assurance that the Group's future performance will be consistent with those statements. Actual results could differ from those currently anticipated in such statements due to a certain number of inherent risks and uncertainties, most of which are beyond Vilmorin & Cie SA's control, such as those described in the documents filed or to be filed by Vilmorin & Cie SA with the French securities regulator (Autorité des marchés financiers) and made available for downloading from the Company's website: 2

3 AGENDA VILMORIN & CIE AT A GLANCE s. 04 VILMORIN & CIE GROWTH STRATEGY s. 11 SALES FOR THE 1 ST QUARTER s. 22 NEWS s. 30 OUTLOOK FOR s. 37 VILMORIN & CIE ON THE STOCK EXCHANGE s. 41 SCHEDULE AND CONTACTS s. 44 APPENDICES s. 47 3

4 VILMORIN & CIE AT A GLANCE 4 4

5 VILMORIN & CIE AT A GLANCE VILMORIN & CIE, 4 TH LARGEST SEEDS COMPANY IN THE WORLD Fourth largest seeds company in the world with leading positions on its core activities N 2 worldwide for vegetable seeds N 6 worldwide for field seeds Pure player built up on historical expertise in botany since 1743 and on the basis of real proximity with the agricultural world A long-term vision of the development, strengthened by the consistent support of its reference shareholder, Limagrain, an international agricultural cooperative group 5

6 VILMORIN & CIE AT A GLANCE A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS ANALYZING NEEDS A 7 TO 10 YEARS CYCLE COLLECTING GENETIC RESOURCES CREATING NEW SEEDS PRODUCING SEEDS AROUND 300 VARIETIES LAUNCHED PER YEAR DISTRIBUTING AND SELLING SEEDS 6

7 VILMORIN & CIE AT A GLANCE Eureka Seed / USA Canterra Seeds / Canada(*) A SOLID TRACK RECORD In M BSF/Genesis/Trigen/ Trio Research / USA Su Tarim / Turkey Link Seed / South Africa Bisco Bio Sciences / India Century Seeds / India Seed Co / Africa (*) Seed Asia / Thailand Shamrock / USA and Mexico Hengji Limagrain Seeds / China (JV) Golden Acres / USA Genica Research / USA 2000 Meza Maize / USA Brasmilho Sementes Guerra / Brazil Tropdicorp/Vietnam AdvanSeed / Denmark Field Seeds acquisition Vegetable Seeds acquisition , ,0 54, , , ,4 84,1 72, , , ,

8 VILMORIN & CIE AT A GLANCE A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESS VEGETABLE SEEDS FIELD SEEDS GARDEN PRODUCTS VEGETABLE GROWERS FARMERS MARKET GARDENERS 3 BUSINESS UNITS 6 BUSINESS UNITS 1 BUSINESS UNIT Key leading brands: Key leading brands: Key leading brand: 8

9 VILMORIN & CIE AT A GLANCE A LONG TERM REFERENCE SHAREHOLDER Groupe Limagrain: BREAKDOWN OF THE CAPITAL ON JUNE 30 th 2018 Individual shareholders 5.87% An international agricultural cooperative group, founded and managed by French farmers A seed group involved in the development of integrated agricultural chains Groupe Limagrain* 73.80% Investors 20.33% (of which ~50% internationally based: USA, UK, Singapore, Germany, etc.) Vegetable seeds and field seeds Cereal products (cereal ingredients and bakery products) * of which BPI France as a strategic shareholder of Limagrain TOTAL NUMBER OF SHARES: Sources: Euroclear and Euronext 9

10 VILMORIN & CIE AT A GLANCE A LONG TERM REFERENCE SHAREHOLDER Groupe Limagrain, a reference shareholder guaranteeing: Stable corporate governance Long term strategy A perfect knowledge of agriculture, customers and theirs needs LIMAGRAIN IN BRIEF MISSION Moving agriculture forward to meet food challenges STRATEGY KEY FIGURES Develop the current position as an international seed company from the cooperative base in France Nearly 2,000 farmer members Nearly 2.5 billion euros in sales More than 10,000 employees * Figures for the overall scope of activity worldwide, taking into account data from the companies AgReliant, AGT, Genective, Seed Co, Soltis, Canterra Seeds, Hengji Limagrain Seeds, Carthage Génétique and Prime Seed Co. 10

11 VILMORIN & CIE GROWTH STRATEGY 11 11

12 VILMORIN & CIE GROWTH STRATEGY 1/ PROMISING WORLD SEEDS MARKETS POWERFUL GROWTH FACTORS: Increase in seeds demand WORLD MARKET FOR COMMERCIAL SEEDS (2017) 14 % Vegetable seeds (Conventional seeds) Growth in the world population (10 bn in 2050) Improvement in the standards of living Increase in the use of commercial seeds 54 % Field seeds GM seeds 32 % Field seeds Conventional seeds Ever greater use of genetically modified ( GM ) seeds worldwide MARKET VALUE 2017: $39.4 BN. GLOBAL CAGR: +1% / YEAR (CAGR between 2012 and 2017) Sources: Phillips McDougall 2018 and ISAAA

13 VILMORIN & CIE GROWTH STRATEGY 1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2017 WORLD MARKET ACREAGE million hectares (around 10% of arable land), +3% / 2016, grown by 17 million farmers in 24 countries 189,8 GMO : ACREAGE PER COUNTRY million ha Others China India Canada Argentina Brazil USA WORLD MARKET VALUE More than $21 billion in 2017 (i.e. 54 % of the world market for seeds), +3% / 2016 Sources: ISAAA Phillips McDougall

14 VILMORIN & CIE GROWTH STRATEGY 1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY A concentrated competitive environment High barriers to entry: Width and depth of the genetic resources R&D investment (conventional breeding and biotechnologies) International coverage Bayer - Monsanto Corteva (Dow Dupont) Syngenta - ChemChina Vilmorin & Cie BASF KWS DLF LPHT - Citic Rijk Zwaan Sakata ,396 WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS 1,557 1,345 2,716 Seeds companies Sales in millions of euros ,759 9, Vegetable seeds Field seeds Others 31% KWS 4% KWS 4% BASF Vilmorin & Cie Vilmorin & Cie, KWS, Rijk Zwaan, Sakata: 2018 figures. Vilmorin & Cie sales excluding the Garden Products and before IFRS 11. KWS sales before IFRS11. Sources: Company release and internal est. sales for % 8% Syngenta- ChemChina 28% 20% Bayer- Monsanto Corteva (DowDupont) 14

15 VILMORIN & CIE GROWTH STRATEGY 2/ A STRATEGY OF WINNING MARKET SHARES STRATEGIC FOUNDATIONS 1. Strong, continuous investment in research STRATEGIC PRIORITIES Vegetable seeds OBJECTIVE Reinforce world leadership 2. Strong internationalization of the activities Corn seeds OBJECTIVE Become a global player 3. Capacity to combine targeted acquisitions and partnerships Wheat seeds OBJECTIVE Ultimately become the world reference 15

16 VILMORIN & CIE GROWTH STRATEGY 3 / VEGETABLE SEEDS. DIVISION PROFILE KEY FIGURES N 2 worldwide for vegetable seeds - A very strong competitive position addressing worldwide vegetable growers and food processors - An extremely diversified product line-up with more than 30 species (tomato, carrot, melon, pepper, bean, etc.) 673 M SALES 17.1% 33 OPERATING MARGIN Current operating margin : 17.1% COUNTRIES WITH LOCATIONS SALES OF VEGETABLE SEEDS PER CROP SALES OF VEGETABLE SEEDS PER GEOGRAPHICAL AREA Others Tomato (1) Sweet and hot pepper (3) Africa/Middle East 16% Asia/Oceania 16% Europa 37% Cauliflower (1) Bean (2) Melon (1) Squash (1) Carrot (1) Americas 31% 16 (1),(2),(3): worldwide competitive positions

17 VILMORIN & CIE GROWTH STRATEGY 3 / VEGETABLE SEEDS. STRATEGY Reinforce world leadership Make full use of the virtuous circle of innovation and proximity to the markets to continue to win market shares Recent acquisitions: Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops and/or certain geographical zones Develop business on complementary crop/territory segments and become a leader on all markets with strong ambitions in Asia and all the strategic crops CENTURY SEEDS October 2012 TROPDICORP March 2015 GENICA RESEARCH February 2016 ADVANSEED July local crops India Sales: 4 M Bitter gourd, pumpkin, wax gourd Vietnam Sales: 6 M$ Sweet and hot peppers, cucumber, summer squash United States Sales: more than 25 M$ Spinach and leafy vegetables Denmark Sales: 3 M 17

18 VILMORIN & CIE GROWTH STRATEGY 4 / FIELD SEEDS. DIVISION PROFILE N 6 worldwide for field seeds - One - One of of the the top top players in in strategic crops crops targeting farmers worldwide strategic crops: crops: corn corn and and wheat wheat - And - And regional strategic crops: crops: sunflower, rapeseed and and barley barley in in Europe, rice rice in in India, India, and and soybean, which which Vilmorin & & Cie Cie distributes in in North North and and South South America and and in in South South Africa Africa Cereals (corn, wheat, barley) SALES OF FIELD SEEDS* PER CROP % 12% Other field seeds 4% Rapeseed 4% 16% Feed grains Sunflower KEY FIGURES (884 M )* Americas 38% M SALES COUNTRIES WITH LOCATIONS* SALES OF FIELD SEEDS* PER GEOGRAPHICAL AREA Africa/Middle East 3% 2% 0.4% Asia/Oceania OPERATING MARGIN Current operating margin : 0.4% Europe 57% * Without the application of the standard IFRS 11 ( Joint arrangements ) resulting in certain activities being consolidated using the Equity method since (in particular AgReliant. North America. Field Seeds) 18

19 VILMORIN & CIE GROWTH STRATEGY 4 / CORN SEEDS. STRATEGY CORN SEEDS: BECOME A GLOBAL ACTOR on the largest world seed market in terms of value (more than $16 bn in 2017*) Reinforce leading positions in Europe and North America Develop activities in new regions: South America, Asia and Africa Recent acquisitions: SEED CO Minority stake #1 African seeds company Sales: 129 M$ in factories & 9 research stations in south east Africa SEED ASIA March 2014 Hybrid tropical corn Thailand Sales: 9 M$ SURSEM and GENEZE November 2018 Corn Argentina and Brazil Sales: more than 40 M$ Develop a proprietary portfolio of GM seeds Technological strategic partnership between Vilmorin & Cie and KWS GM corn traits licensing agreements with Syngenta (October 2015) *Source: Phillips McDougall

20 VILMORIN & CIE GROWTH STRATEGY 4 / WHEAT SEEDS. STRATEGY WHEAT SEEDS: BECOME THE WORLD REFERENCE Consolidate a position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (nearly 220 million hectares in 2017*) NORTH AMERICA United States Canada Develop more efficient seeds and contribute to converting the market to high value seeds AUSTRALIA (Australian Grain Technologies) Gradually extend the positions to other major wheat markets and develop strong partnerships internationally OTHER ZONES South America Asia Africa *Source: Phillips McDougall

21 VILMORIN & CIE GROWTH STRATEGY 5/ R&D: INNOVATE TO INSURE TOMORROW S GROWTH Maintain regular investment in research (breeding and biotechnologies) and broaden the partnerships % % 15.3% 15.2% 15.2% 16.2% 1,086 1,120 1,180 1,274 1, % 19.1% 18.8% % Investment Effort de recherche in research AgReliant Chiffre d'affaires sales of semences seeds (50%) AgReliant (à 50%) Sales Chiffre of d'affaires seeds semences Investment Effort de recherche/chiffre in research/sales d'affaires of seeds semences (incl. 50% (yc AgReliant) 50%) Investment Effort de recherche/chiffre in research/sales d'affaires of seeds semences (IFRS 11) (IFRS 11) % INVESTED IN BIOTECHNOLOGIES NEARLY 310 MILLION RESEARCH INVESTMENT INTEGRATING PARTNERSHIPS* *of which 241 million research investments without integrating partnerships 21

22 SALES FOR THE 1 ST QUARTER (ON SEPTEMBER 30, 2018) 22

23 SALES FOR THE 1 ST QUARTER KEY POINTS Significant increase in sales over the first quarter: M, up 5.3%*, with double-digit growth for the field seeds activity - Vegetable Seeds (+0.7%*): measured growth for the first quarter, marked by wide variations in performances according to geographic regions - Field Seeds (+11.4%*): an excellent start to the fiscal year on a globally unrepresentative basis for the fiscal year The 1 st quarter has represented, in recent years, on average around 15% of sales for the year Confirmation of objectives for Acquisition of the companies Sursem and Geneze (South America. Field Seeds) * On a like-for-like basis 23

24 SALES FOR THE 1 ST QUARTER REFERENCES Accounting reference IFRS on September 30, 2018 Scope Consolidation scope: acquisition of the company AdvanSeed (Denmark. Vegetable Seeds), made in July 2018 Scope of activity: withdrawal by the Business Unit Vilmorin-Mikado (Vegetable Seeds) from the distribution of agricultural supplies in Japan undertaken in fiscal year Average rates of the main currencies on September 30, 2018 (and September 30, 2017) $ TRY ILS BRL INR MXN UAH RUB

25 SALES FOR THE 1 ST QUARTER CONSOLIDATED SALES* In M 0% +5.3% SALES* FOR THE 1 ST QUARTER PER DIVISION Garden Products and Holdings 4% Vegetable Seeds Field Seeds 46 % 50 % * Revenue from ordinary activities 25

26 SALES FOR THE 1 ST QUARTER SALES * OF VEGETABLE SEEDS In M Strong increase in sales of several strategic crops: hot pepper, carrot, summer squash and bean, in particular -5.4% +0.7% Variations in performances according to geographical regions: Strong business increase in North America, indicating a progressive return to a healthier situation in distributors inventory levels Significant business growth in Asia (especially in China for carrot seeds) and in Africa Increase in activity in Europe On the other hand, sales dropped considerably in the Middle East (Iran, Turkey) and South America, related to the unstable geopolitical and monetary context currently affecting sales activities in these regions Business recovery lessened by these disruptions Measured sales growth at the end of the first quarter * Revenue from ordinary activities Confirmation of the objective for sales growth for the fiscal year (i.e. +2% to +3% on a like-for-like basis) 26

27 SALES FOR THE 1 ST QUARTER SALES * FIELD SEEDS In M +6.7% +11.4% Europe: Rapeseed: Very strong growth (volume and value), particularly in France, and also in Central Europe and Germany, the fruit of a portfolio of technically very efficient products High-quality achievement that could be partially offset during the 2 nd quarter by an end of campaign affected by the consequences of the drought in Western Europe Straw cereals (wheat, barley): drop in sales, in a market environment that remains uncertain Forage and amenity grass seeds: considerable increase in sales South America: Strong increase in sales, particularly through the sales of soybean seeds, a relevant complement to the corn offering Stable sales for the 1 st corn campaign in Brazil (safra), reflecting the current evolution of acreage for this crop, in a more favorable price context Satisfactory prospects for orders for the 2 nd corn campaign (safrinha), for which acreage should increase In Argentina, very significant increase in corn seed sales (volume and value), since the market in this country is growing For sales in the second half of the fiscal year in corn: seed availability is expected to be adequate, with harvests having taken place in satisfactory conditions * Revenue from ordinary activities after application of IFRS 11 (i.e. excluding AgReliant) Reaffirmation of the objective to increase sales for the fiscal year (by +2% to +3% on a like-for-like basis) 27

28 SALES FOR THE 1 ST QUARTER CONSOLIDATED SALES * PER GEOGRAPHICAL AREA Africa/ Middle East Asia/Oceania 11% 8% 60 % Americas 20% 10 % 61% Europe Americas 41 M. +7.2%** Europe 126 M. +9.7%** Africa/Middle East 17 M % ** Asia/Oceania 23 M. -4.1%** * Sales of goods 28 ** On a like-for-like basis compared with

29 Disclosure March 4, 2019 Disclosure April 25, 2019 Disclosure August 1, 2019 SALES FOR THE 1 ST QUARTER CONSOLIDATED SALES * PER QUARTER SALES* PER QUARTER 528 In M Vegetable Seeds Field Seeds Europe Field Seeds other regions Garden Products and Holdings Q Q Q Q Q Q Q Q * Revenue from ordinary activities 29

30 NEWS 30

31 NEWS ACQUISITION OF THE COMPANIES SURSEM AND GENEZE (South America. Field Seeds) Sursem (Argentina) and Geneze (Brazil) in brief: 2 independent companies, acquired from the investment fund Pampa Agribusiness* An activity of breeding, production and distribution mainly of hybrid corn seeds, with a complement of wheat, sunflower and soybean seeds A comprehensive set-up: 4 research centers, 2 production sites, and an extensive commercial network Head offices Production sites Sursem and Geneze: key data for 2017 Total sales of more than 40 M$ More than 160 employees Breakdown of sales Sursem (Argentina) Geneze (Brazil) Sunflower 4% Soybean 3% Wheat 4% Corn 89% Soybean 11% Corn 89% Research centers * This acquisition is made through the acquisition of Mars Holding B.V., a Dutch holding entity which owns Sursem and Geneze. 31

32 NEWS ACQUISITION OF THE COMPANIES SURSEM AND GENEZE (South America. Field Seeds) Strategic interests of the operation: In Argentina: A relevant, significant extension of Vilmorin & Cie s organization (research, production, commercial network) Immediate access to commercial positions in corn, wheat and sunflower In Brazil: Consolidation of market shares => Very significant reinforcement of Vilmorin & Cie s organization and its commercial positions in South America in key crops A new, major step in the internationalization of Vilmorin & Cie s Field Seeds activity Argentina, a major market 4 th largest world market for field seeds 6.6 Mha of corn acreage Temperate corn germplasm, that fits in well with the genetic resources of Europe, North America and south of Africa 32

33 NEWS UPSTREAM RESEARCH SET-UP THAT IS CHANGING, TO BETTER SUPPORT THE GROWTH STRATEGY Signature of an agreement with the Broad Institute (United States) Agreement granting access to genome editing technologies known as CRISPR-Cpf1 and covering research and potential commercial applications Objective: broaden the range of tools at Vilmorin & Cie s disposal to increase the efficiency of its research Project to split Biogemma s oilseed and cereal activities Oilseed research: towards a new structure with the current partners each holding the same proportion of shares Wheat and corn research: towards full integration into Vilmorin & Cie Project subject to social and legal procedures and approvals. Confirmation of Vilmorin & Cie s capacity and willingness to work through alliances 33

34 NEWS RAMP-UP OF VILMORIN & CIE S ENGAGEMENT IN AFRICA, THROUGH THE CONSOLIDATION OF ITS PARTNERSHIP WITH SEED CO The completed operation: Reorganization, by Seed Co, of its activities, through a partial unbundling (1) Separate listing of its holding structure Seed Co International (SCIL) (2), based in Botswana and grouping all its international activities (outside Zimbabwe) Objective: ensure its continuous expansion over the continent, particularly through access to new financial resources Participation of Vilmorin & Cie in the reserved capital stock increase of SCIL After this operation, through the reserved capital stock increase and the shares distributed by Seed Co, Vilmorin & Cie holds 28.77% of Seed Co International s capital stock Vilmorin & Cie, Seed Co International s main shareholder, fully associates itself, through a shareholders agreement, with Seed Co in the definition and deployment of the new structure s strategic ambitions (1) Decision approved at the Seed Co General Meeting, on August 9, (2) Seed Co International is now listed on the stock markets of Gaborone (Botswana) and Harare (Zimbabwe). 34

35 NEWS ACQUISITION OF ADVANSEED (DENMARK. VEGETABLE SEEDS) AdvanSeed in brief: Company founded in 2005 and based in Denmark, specialized in the breeding, production and sales of hybrid spinach and leafy vegetable seeds. Commercial presence in 23 countries: essentially Asia, the Middle East, South America and Europe. Sales of around 3 million euros in , with very strong development of the business for several years. Strategic interests of the operation: Capitalize on AdvanSeed s genetic resources, exploiting them in the main commercial basins (California, Europe, China, Japan, etc.). Complement the Vegetable Seeds product portfolio, with a new position for a crop not worked on until now, and strengthen its global presence in leafy vegetables. 35

36 NEWS VILMORIN & CIE CONTINUES TO RISE IN THE GAÏA INDEX Vilmorin & Cie integrated the Gaïa Index in 2016 The Gaïa Index is the reference stock exchange index in France for medium-sized companies in terms of Socially Responsible Investment It brings together the 70 French securities that obtained the best non-financial ratings from a panel of 230 listed companies New rise in Vilmorin & Cie s rating in the 2018 index: 36 th position out of the 230 companies analyzed (as opposed to 45 th last year) An overall score of 79/100 (the average score of companies stood at 59/100) A clear sign of the progress Vilmorin & Cie has made in terms of non-financial performance 36

37 OUTLOOK FOR

38 OUTLOOK FOR CONFIRMATION OF OBJECTIVES Vegetable Seeds Strengthen world leadership in market conditions that offer little visibility > By continuing to rely on a specific market approach, characterized by very close proximity to customers, in a context where the main competitors are reorganizing their businesses following major consolidation operations > By accentuating development investments in Asia (China, Southeast Asia, Japan, etc.), in order to accelerate expansion in this region with very strong potential Objective for Sales for Vegetable Seeds with growth of 2% to 3% on a like-for-like basis Field Seeds Strengthen positions in regions where it has set up business in a market environment that lacks stability > By continuing to gain market shares in Western Europe, in a context that remains difficult > By confirming strong business development in Eastern Europe (Ukraine and Russia) > By returning to dynamic business growth in South America Objective for Sales for Field Seeds with growth of 2% to 3% on a like-for-like basis 38

39 OUTLOOK FOR CONFIRMATION OF OBJECTIVES Achieve an increase in activity and the current operating margin rate: Consolidated sales up by 2% to 3% on a like-for-like basis Current operating margin rate with growth of 0.5 to 1 percentage points compared with , including research investment > 250 M Aim for a contribution from its associated companies*, at least equivalent to that of * Mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds). Pursue deployment of the development and innovation strategy, in a long-term vision, over a fiscal year that will probably continue to be affected by very volatile market environments 39

40 MID-TERM OUTLOOK OUTLOOK Offer perspectives of sustainable, resilient development in the midand long-term Vegetable Seeds Affirm world leader status Strengthen positions on the more mature markets (Europe, Middle East, North America) Strongly develop presence in Asia, ultimately reaching about 20% of global activity in this region (vs about 13% in ) Build up the foundations of the organization in Africa, beyond positions in North Africa, to bring out the continent s potential Field Seeds Be positioned as a global player, with worldwide presence in corn and wheat, and a portfolio of crops adapted to each region Consolidate and develop alliances and partnerships to gain access to technologies and pursue varietal innovation with greater efficiency Develop corn activities in new regions South America, Asia and Africa, to eventually reach 5% to 10% of market shares 40

41 VILMORIN & CIE ON THE STOCK EXCHANGE 41

42 VILMORIN & CIE ON THE STOCK EXCHANGE EVOLUTION OF THE SHARE PRICE (over 1 year) CAC SHARE PRICE ON JANUARY 4 TH, 2019 Vilmorin & Cie MARKET CAPITALIZATION ON JANUARY 4 TH, BN. Sources: Euronext.com; internal. Vilmorin & Cie : % 15 years % 10 years % 1 year 42

43 VILMORIN & CIE ON THE STOCK EXCHANGE DIVIDENDS (1) In Free allotment of shares * 2015** 2016** 2017** 2018** The General Meeting of Shareholders approved on December 7, 2018 the eighteenth resolution delegating powers necessary to the Board of Directors to allot free shares to the Shareholders. This operation was deployed in January Profit (group share) per share * calculated on the basis of 18,939,911 shares ** calculated on the basis of 20,833,902 shares Dividend Pay-out 37.2% 44.8% 38.6% 38.4% 38.0% (1) Data restated for the allotment of free shares of January 2013 and January

44 SCHEDULE AND CONTACTS 44

45 SCHEDULE MONDAY MARCH 4, 2019 (1) Disclosure of sales and results for the first semester THURSDAY APRIL 25, 2019 (1) Disclosure of sales at the end of the third quarter NEW DATE : MONDAY AUGUST 5, 2019 (1) Disclosure of sales for fiscal year TUESDAY OCTOBER 15, 2019 (1) Disclosure of results for fiscal year (1) Disclosure after trading on the Paris stock market Dates provided as an indication only, and liable to be changed 45

46 CONTACTS FOR ANY FURTHER INFORMATION: Vincent SUPIOT Chief Financial Officer Valérie MONSERAT Head of Financial Communication and Investor Relations Vilmorin & Cie Head Office: 4 quai de la Mégisserie F PARIS Postal address: CS Saint-Beauzire F GERZAT Tel: +33 (0) All our financial information on 46

47 APPENDICES Key financial data for fiscal year Organization chart 47 47

48 APPENDICES KEY FINANCIAL DATA FOR FISCAL YEAR

49 RESULTS FOR FISCAL YEAR INCOME STATEMENT In M Variation Sales % Sales margin M Sales margin rate 48.6% 48.9% +0.3 pt Operating income M Operating margin rate 8.4% 7.2% -1.2 pt Current operating margin rate 9.2% 7.2% -2.0 pts Income from associated companies M Financial income M Income taxes M Net income M Net income Group share M 49

50 RESULTS FOR FISCAL YEAR KEY FIGURES FOR EACH ACTIVITY S CONTRIBUTION TO CONSOLIDATED SALES Sales* Operating income Net income In M Vegetable Seeds Field Seeds Garden Products Holdings Consolidated * Revenue from ordinary activities 50

51 RESULTS FOR FISCAL YEAR FREE CASH-FLOW In M Net indebtedness at the beginning of the FY EBITDA Variation of working capital needs Other operating items Net industrial investments Activated development costs Operating cash-flow 57-3 Net financial investments -5-8 Capital and other equity contributions - -3 Dividends Net financial charges Free cash-flow Other restatements (IFRS/Currency, etc.) 3 5 Net indebtedness at the end of the FY

52 RESULTS FOR FISCAL YEAR BALANCE SHEET STRUCTURE In M Net fixed assets Net working capital needs Gearing 58% Leverage Equity Provisions Net deferred taxes Net indebtedness Total balance sheet Of which cash

53 APPENDICES VILMORIN & CIE ORGANIZATION CHART 53

54 ORGANIZATION CHART FIELD SEEDS Limagrain Europe VEGETABLE SEEDS HM.CLAUSE AgReliant (corn, soybean) Limagrain Asia-Pacific Hazera Limagrain Cereal Seeds (wheat) Limagrain South America Vilmorin-Mikado Limagrain Africa 54

55 THANK YOU VILMORIN & CIE Head office: 4 quai de la Mégisserie F PARIS Postal address: CS Saint-Beauzire F GERZAT Tel: