JANUARY, 2018 1
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: www.vilmorincie.com 2
AGENDA VILMORIN & CIE AT A GLANCE s. 04 VILMORIN & CIE GROWTH STRATEGY s. 11 SALES FOR THE 1 st QUARTER 2017-2018 s. 22 OUTLOOK FOR 2017-2018 AND MID TERM AMBITIONS s. 30 VILMORIN & CIE ON THE STOCK EXCHANGE s. 34 SCHEDULE AND CONTACTS s. 37 APPENDICES s. 40 3
VILMORIN & CIE AT A GLANCE 4 4
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 1 in Europe for straw cereals (1) N 2 worldwide for vegetable seeds N 3 in North America for corn seeds N 4 in Europe for corn 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 (1) Wheat and barley 5
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
VILMORIN & CIE AT A GLANCE Eureka Seed / USA 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 Canterra Seeds / Canada(*) Hengji Limagrain Seeds / China (JV) Golden Acres / USA Meza Maize / USA Brasmilho Sementes Guerra / Brazil Tropdicorp/Vietnam Genica Research / USA Field seeds acquisition Vegetable seeds acquisition 2000 1800 1600 1400 1200 1000 800 600 400 Integration of European and US field seeds 494 43.8 939 54.8 897 44.3 1 002 1 064 53.0 54.1 1 192 29.3 61.7 1 338 80.6 1 472 1 500 1 531 1 269 99.4 84.1 72.9 1 627 1 325 59.3 1 715 1 414 86.9 140 120 100 80 60 40 200 20 0 0 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 7
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
VILMORIN & CIE AT A GLANCE A LONG TERM REFERENCE SHAREHOLDER Groupe Limagrain: BREAKDOWN OF THE CAPITAL ON JUNE 30 th 2017 Individual shareholders 6.2% An international agricultural cooperative group, founded and managed by French farmers A seed group involved in the development of integrated agricultural chains Groupe Limagrain* 73.8% Investors 20.0% (of which ~50% internationally based: USA, UK, Singapore, Belgium ) 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: 20 833 902 Sources: Euroclear and Euronext 9
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 To provide farmers throughout the world with sustainable solutions to improve their farms' profitability Nearly 2,000 farmer members 2.6 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 and Soltis. 10
VILMORIN & CIE GROWTH STRATEGY 11 11
VILMORIN & CIE GROWTH STRATEGY 1/ PROMISING WORLD SEEDS MARKETS POWERFUL GROWTH FACTORS: Increase in seeds demand WORLD MARKET FOR COMMERCIAL SEEDS (2016) 14,1 % 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 55,3 % Field Seeds GM seeds 30,6 % Field Seeds Conventional seeds Ever greater use of genetically modified ( GM ) seeds worldwide MARKET VALUE 2016: $36.9 BN. GLOBAL CAGR: +1,4% / YEAR (CAGR between 2011 and 2016) Sources: Phillips McDougall 2017 and ISAAA 2017 12
VILMORIN & CIE GROWTH STRATEGY 1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2016 WORLD MARKET ACREAGE 185.1 million hectares (around 10% of arable land), +3% / 2015, grown by 18 million farmers in 26 countries GMO : ACREAGE PER COUNTRY 190 185 million ha 170 150 130 110 90 70 50 30 10-10 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Others China India Canada Argentina Brazil USA WORLD MARKET VALUE More than $20 billion in 2016 (i.e. 55 % of the world market for seeds), +3% / 2015 Sources: ISAAA 2017. Phillips McDougall 2017 13
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 WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS Monsanto Dow Dupont Syngenta / Chemchina Vilmorin & Cie KWS Bayer DLF Rijk Zwaan LPHT Sakata 479 420 304 285 1,663 1,394 1,358 2,437-160 M acquired by DLF (sugar beet) - 830 M acquired by BASF + 160 M were acquired from Syngenta (sugar beet) + 260 M with Citic 0 2 000 4 000 6 000 8 000 10 000 12 000 Seeds companies Sales in millions of euros 2016 (Monsanto and Vilmorin & Cie: data 2016-2017) (Vilmorin & Cie: sales excluding Garden products and without IFRS 11 impact) (Bayer : estimations of the repartition between Field seeds and Vegetable seeds) 10,011 7,496-260 M acquired by Citic Vegetable seeds Field seeds Bayer / Monsanto Others Bayer KWS 34% 4% 4% 5% Vilmorin & Cie 6% 27% 20% Monsanto Dow Dupont Syngenta - ChemChina Sources: Company publications and internal. 2016 14
VILMORIN & CIE GROWTH STRATEGY 2/ A STRATEGY OF WINNING MARKET SHARES 3 strategic foundations INNOVATION TARGETED POLICY OF EXTERNAL GROWTH INTERNATIONALIZATION 3 strategic priorities Vegetable seeds: reinforce world leadership Corn seeds: become a global actor Wheat seeds : become the world reference 15
VILMORIN & CIE GROWTH STRATEGY 3 / VEGETABLE SEEDS. DIVISION PROFILE N 2 in the world - 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.) KEY FIGURES 2016-2017 736 M SALES 17.1% 32 OPERATING MARGIN Current operating margin : 17.3% COUNTRIES WITH LOCATIONS SALES OF VEGETABLE SEEDS PER CROP. 2016-2017 Others 1 Tomato Sweet and hot pepper 3 SALES OF VEGETABLE SEEDS PER GEOGRAPHICAL AREA. 2016-2017 Africa / Middle East 16% Asia / Oceania 17% Europe 34% 1 Carrot Onion Bean 2 2 Squash 1 Melon Americas 33% 16 1,2,3: worldwide competitive positions
VILMORIN & CIE GROWTH STRATEGY 3 / VEGETABLE SEEDS. STRATEGY Reinforce world leadership Make full use of the virtuous circle of innovation and proximity to continue to win market shares Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops and/or certain geographical zones (particularly in Asia) Recent acquisitions: CAMPBELLS SEEDS September 2012 CENTURY SEEDS October 2012 TROPDICORP March 2015 GENICA RESEARCH February 2016 Tomato and pepper United States Sales: more than 5 M$ 10 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$ 17
VILMORIN & CIE GROWTH STRATEGY 4 / FIELD SEEDS. DIVISION PROFILE N 1 in Europe for straw cereals(1) (1) Wheat and barley N 3 in North America And N 4 in Europe for corn seeds - One of the top players in strategic crops targeting farmers - 2 worldwide strategic crops: corn and wheat - And regional strategic crops: sunflower, rapeseed and barley in Europe, rice in India, and soybean, which Vilmorin & Cie distributes in North and South America and in South Africa Cereals (corn, wheat, barley) SALES OF FIELD SEEDS* PER CROP. 2016-2017 66% 11% Other field seeds 4% Rapeseed 4% 15% Feed grains Sunflower KEY FIGURES 2016-2017 626 33 Africa / Middle East Asia / Oceania 3% 3% Americas 42% M SALES COUNTRIES WITH LOCATIONS* (928 M )* 2.7% OPERATING MARGIN Current operating margin : 3.6% SALES OF FIELD SEEDS* PER GEOGRAPHICAL AREA. 2016-2017 Europe 52% 18 * Without the application of the standard IFRS 11 ( Joint arrangements ) resulting in certain activities being consolidated using the Equity method since 2014-2015 (in particular AgReliant. North America. Field Seeds)
VILMORIN & CIE GROWTH STRATEGY 4 / CORN SEEDS. STRATEGY CORN SEEDS: BECOME A GLOBAL ACTOR Internationalize activities further afield from European and North American activities on the largest world seed market in terms of value (more than $15 bn in 2016*) Recent acquisitions: SEED CO Minority stake. 2014 #1 African seeds company Sales: 135 M$ 6 factories & 8 research stations in south east Africa SEED ASIA March 2014 Hybrid tropical corn Thailand Sales: 9 M$ HENGJI LIMAGRAIN SEEDS JV. September 2015 Corn China Production and distribution Develop a proprietary portfolio of GM seeds Technological strategic partnership between Vilmorin & Cie and KWS GM corn traits licensing agreements with Syngenta (October 2015) 19 *Source: USDA
VILMORIN & CIE GROWTH STRATEGY 4 / WHEAT SEEDS. STRATEGY WHEAT SEEDS: BECOME THE WORLD REFERENCE Consolidate position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (more than 220 million hectares in 2016*) Develop more efficient seeds and contribute to converting the market to high yield seeds NORTH AMERICA United States Canada AUSTRALIA Australian Grain Technologies Gradually extend the positions to other major wheat markets and develop strong partnerships internationally OTHER ZONES South America Asia *Source: USDA 20
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 2016-2017 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 255 242 17.4% 17.4% 14.2% 14.6% 261 302 1,036 1,086 1,120 1,180 301 18.9% 19.1% 18.8% 15.3% 15.2% 15.2% 1,274 183 194 211 225 240 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 MORE THAN 14% INVESTED IN BIOTECHNOLOGIES 310 MILLION RESEARCH INVESTMENT INTEGRATING PARTNERSHIPS* *of which 240 million research investments without integrating partnerships 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) 21
SALES FOR THE 1 ST QUARTER 2017-2018 (ON SEPTEMBER 30, 2017) 22 22
SALES FOR THE 1 ST QUARTER 2017-2018 KEY POINTS A marked drop in sales for the 1 st quarter : 207.6 M i.e. -8.2%*, marked by contrasting performances according to activities Vegetable Seeds (-18.1%*): a sharp decline in the 1 st quarter, on a high benchmark basis Field Seeds (+7%*): significant growth for the start of the fiscal year, buoyed by a quality performance in Europe 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 2017-2018 In market conditions still affected by pressure on agricultural prices and marked by the consolidation operations taking place in the agrochemical sector * On a like-for-like basis 23
SALES FOR THE 1 ST QUARTER 2017-2018 REFERENCES Accounting reference IFRS on September 30, 2017 Consolidation scope No variation Average rates of the main currencies on September 30, 2017 (and September 30, 2016) 2016 2017 $ 1.12 1.17 114 130 0.85 0.90 TRY 3.31 4.13 ILS 4.25 4.18 BRL 3.62 3.71 INR 75 76 MXN 20.9 20.9 UAH 28.3 30.5 RUB 72.1 69.3 24
SALES FOR THE 1 ST QUARTER 2017-2018 CONSOLIDATED SALES* In M -10.5% -8.2% SALES* FOR THE 1 ST QUARTER 2017-2018 PER DIVISION -6-18 Garden Products and Holdings 4% Vegetable Seeds 232 208 Field Seeds 43% 53% sept.-16 Impact devises impact Currency Activité Activity sept.-17 * Revenue from ordinary activities 25
SALES FOR THE 1 ST QUARTER 2017-2018 SALES * VEGETABLE SEEDS In M Clear drop in business, on a high benchmark basis (with a 1 st quarter 2016-2017 that had progressed by 12.3% on a like-for-like basis). -20.9% -18.1% One-off decline in business: which concerns the three Business Units (HM.CLAUSE, Hazera and VILMORIN-MIKADO), particularly in North America, without however altering, in the shortterm, the potential of this region, on which Vilmorin & Cie had recorded several quarters of extremely strong growth. 138-5 -24 109 Performance that follows an extremely dynamic 4 th quarter and which reflects certain delays in activity, due in particular to temporary problems of availability for certain seed varieties. Acceleration of the programmed rundown of the Japanese agricultural supplies and equipment business in the VILMORIN-MIKADO Business Unit. sept.-16 Impact devises impact Currency Activité Activity sept.-17 Performance which does not call into question the growth dynamics of the activity. * Revenue from ordinary activities Confirmation of the global growth objective in sales for the fiscal year (4% on a like-for-like basis) 26
SALES FOR THE 1 ST QUARTER 2017-2018 SALES * FIELD SEEDS In M +5.9% +7.0% Europe: Rapeseed: high level of growth (volume and value), particularly in Central Europe, France and the United Kingdom, leading to significant market shares gains, thanks to a portfolio of highly efficient products from a technical point of view. Straw cereals (wheat, barley): very slight increase in sales, in a market still affected by a reduction in certified seeds. Forage and amenity grass seeds: slight growth in business. 85-1 6 90 South America: Increase in sales, particularly for soybean, a relevant complement to the corn offering. Drop in sales for the first corn campaign in Brazil (safra), reflecting the current evolution of cultivated acreage for this crop. Promising outlook for orders for the 2 nd corn campaign (safrinha), for which acreage should increase, but with less intensity than during the previous fiscal year. Confirmation of the growth objectives fixed for this region. Asia: Good start to the fiscal year, with a strong increase in business particularly in India. sept.-16 Impact devises impact Currency Activité Activity sept.-17 Europe and North America: Procurement of corn seeds is nearly complete, and according to the latest estimates, is globally in line with production plans objectives. Revenue from ordinary activities after application of IFRS 11 (i.e. excluding AgReliant) Reaffirmation of the objective to increase sales for the fiscal year (at least 5% on a like-for-like basis) 27
SALES FOR THE 1 ST QUARTER 2017-2018 CONSOLIDATED SALES * PER GEOGRAPHICAL AREA Africa/ Middle East Asia/Oceania 10% 13% 60 % Americas 43 M. -23.6%** Europe 115 M. +1.4%** Americas 21% 10 % 56% Europe Africa/Middle East 20 M. -16.3% ** Asia/Oceania 28 M. -24.0%** * Sales of goods 28 ** Current data compared with 2016-2017
Disclosure February 27, 2018 Disclosure April 23, 2018 Disclosure August 6, 2018 SALES FOR THE 1 ST QUARTER 2017-2018 CONSOLIDATED SALES * PER QUARTER SALES* PER QUARTER 567 In M Vegetable Seeds Field Seeds Europe Field Seeds other regions Garden Products and Holdings 212 344 271 232 208 149 305 237 138 109 79 63 70 83 37 25 22 21 8 8 6 25 11 12 Q1 16-17 Q1 17-18 Q2 16-17 Q2 17-18 Q3 16-17 Q3 17-18 Q4 16-17 Q4 17-18 * Revenue from ordinary activities 29
OUTLOOK FOR 2017-2018 AND MID-TERM AMBITIONS 30
OUTLOOK FOR 2017-2018 CONFIRMATION OF OBJECTIVES Vegetable Seeds Strengthen world leadership: > By pursuing innovation in plant breeding and close proximity to markets. > While remaining on the look-out for any external growth opportunity to consolidate positions for strategic zones and crops. In Japan, Vilmorin & Cie will pursue its programmed rundown of the agricultural supplies and equipment activity of the Business Unit VILMORIN-MIKADO. Objective for 2017-2018 Sales for Vegetable Seeds = +4% on a like-for-like basis Field Seeds Strengthen positions in regions where facilities have been established: > In market conditions that will probably remain difficult in Europe. > Pursuing the deployment of the strategic plan for Field Seeds aiming to: - Become a global player in corn seeds. - Ultimately become the world reference for wheat seeds. Objective for 2017-2018 Sales for Field Seeds > +5% on a like-for-like basis 31
OUTLOOK FOR 2017-2018 CONFIRMATION OF OBJECTIVES Achieve significant growth in sales and consolidate the current operating margin rate Consolidated sales +5% on a like-for-like basis Current operating margin rate at the same level as in 2016-2017, taking into account research investment 255 M Aim for a contribution from its associated companies* at least equivalent to that of 2016-2017. * 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 which should continue to be affected by the pressure on agricultural prices and will be marked by the consolidation operations in the agrochemical sector. 32
MID-TERM AMBITIONS STRATEGIC ORIENTATIONS Confirmation of the strategic ambitions for 2020 Accelerate development to reach business growth higher than market trends and increase operating margins, both in Vegetable Seeds and Field Seeds Materialize the three strategic priorities: VEGETABLE SEEDS CORN SEEDS WHEAT SEEDS ULTIMATELY REINFORCE BECOME A BECOME THE WORLD GLOBAL WORLD LEADERSHIP PLAYER REFERENCE Fiscal year 2016-2017 fully confirmed these ambitions Objectives for 2017-2018 firmly in line with these trends 33
VILMORIN & CIE ON THE STOCK EXCHANGE 34
VILMORIN & CIE ON THE STOCK EXCHANGE EVOLUTION OF THE SHARE PRICE Vilmorin & Cie 89.70 SHARE PRICE ON JANUARY 5 TH, 2018 CAC 40 MARKET CAPITALIZATION ON JANUARY 5 TH, 2018 1.9 BN. Vilmorin & Cie : + 27.3% 10 years + 26.5% 5 years + 52.3% 1 year (Source: Euronext.com) 35
VILMORIN & CIE ON THE STOCK EXCHANGE DIVIDENDS (1) 4.37 1.40* 3.87 4.77 4.04 3.50 2.85 4.17 1.24 1.36 1.50 1.50 1.57 1.10 1.60 2011 2012 2013 2014 2015 2016 2017 Profit (group share) per share Dividend Proposal 28.4% Pay-out 35.3% 31.4% 37.2% 44.8% 38.6% 38.4% * Capital gain from the disposal of a minority stake in China. (1) Data not restated for the allotment of free shares of January 2013 and January 2015. 36
SCHEDULE AND CONTACTS 37
SCHEDULE TUESDAY FEBRUARY 27, 2018 Disclosure of the sales and results for the 1 st semester 2017-2018 MONDAY APRIL 23, 2018 Disclosure of the sales for the 3 rd quarter 2017-2018 MONDAY AUGUST 6, 2018 Disclosure of the sales at the end for fiscal year 2017-2018 WEDNESDAY OCTOBER 17, 2018 Disclosure of the annual results for fiscal year 2017-2018 38
CONTACTS FOR ANY FURTHER INFORMATION: Vincent SUPIOT vincent.supiot@vilmorincie.com Valérie MONSERAT valerie.monserat@vilmorincie.com Vilmorin & Cie Head Office: 4 quai de la Mégisserie F-75001 PARIS Postal address: CS 20001 Saint-Beauzire F-63360 GERZAT Tel: +33 (0)473 634 485 All our financial information on www.vilmorincie.com 39
APPENDICES Key financial data for fiscal year 2016-2017 Organization chart 40
APPENDICES Key financial data for fiscal year 2016-2017 41
RESULTS FOR FISCAL YEAR 2016-2017 INCOME STATEMENT In M 2015-2016 2016-2017 Variation Sales 1 325.1 1 414.0 +6.7% Sales margin 632.2 687.0 + 54.8 M Sales margin rate 47.7% 48.6% +0.9 pt Operating income 100.3 118.3 + 18.0 M Operating margin rate 7.6% 8.4% +0.8 pt Current operating margin rate 8.4% 9.2% +0.8 pt Income from associated companies 30.8 33.9 + 3.1 M Financial income -36.5-24.5 -( 12.0) M Income taxes -33.8-37.6 +( 3.8) M Net income 60.8 90.1 + 29.3 M Net income Group share 59.3 86.9 + 27.6 M 42
RESULTS FOR FISCAL YEAR 2016-2017 KEY FIGURES FOR EACH ACTIVITY S CONTRIBUTION TO CONSOLIDATED SALES Sales* Operating income Net income In M 2015-2016 2016-2017 2015-2016 2016-2017 2015-2016 2016-2017 Vegetable Seeds 688.7 735.8 109.3 125.8 71.6 84.9 Field Seeds 581.7 626.0 10.6 17.2 17.3 31.9 Garden Products 53.6 51.2-4.6-6.7-4.6-6.9 Holdings 1.1 1.0-15.0-18.0-23.5-19.8 Consolidated 1 325.1 1 414.0 100.3 118.3 60.8 90.1 * Revenue from ordinary activities 43
RESULTS FOR FISCAL YEAR 2016-2017 FREE CASH-FLOW In M 2015-2016 2016-2017 Net indebtedness at the beginning of the FY 660 742 EBITDA 278 316 Variation of working capital needs 20-43 Other operating items -28-12 Net industrial investments -46-38 Activated development costs -157-165 Operating cash-flow 68 57 Net financial investments -116-5 Capital and other equity contributions -1 - Dividends -10-4 Net financial charges -23-23 Free cash-flow -83 25 Other restatements (IFRS/Currency, etc.) 1 3 Net indebtedness at the end of the FY 742 714 44
RESULTS FOR FISCAL YEAR 2016-2017 BALANCE SHEET STRUCTURE In M 1 691 1 687 Net fixed assets Net working capital needs 468 492 Gearing 55% Leverage 2.3 1 264 1 309 Equity Provisions Net deferred taxes Net indebtedness 89 80 64 76 742 714 June 2016 June 2017 Total balance sheet 2 159 2 179 of which cash 207 256 45
APPENDICES VILMORIN & CIE ORGANIZATION CHART 46
ORGANIZATION CHART FIELD SEEDS Limagrain Europe VEGETABLE SEEDS HM.CLAUSE AgReliant (corn, soybean) Limagrain Asia Hazera Limagrain Cereal Seeds (wheat) Limagrain South America VILMORIN-MIKADO Limagrain Africa 47
THANK YOU VILMORIN & CIE Head office: 4 quai de la Mégisserie F-75001 PARIS Postal address: CS 20001 Saint-Beauzire F-63360 GERZAT Tel: +33 473 634 485 www.vilmorincie.com 48