INVESTORS PRESENTATION - Vilmorin€¦ · 3 investors presentation may, 2018 agenda vilmorin & cie...

May, 2018INVESTORS PRESENTATION1

MAY, 2018

INVESTORS PRESENTATION


DISCLAIMER

Some of the statements contained in this document may be forward-looking statements concerning Vilmorin & Cie SA's financial position,results, businesses, strategy or projects.

Vilmorin & Cie SA considers that such statements are based onreasonable assumptions but cannot and does not give any assurancethat the Group's future performance will be consistent with thosestatements.

Actual results could differ from those currently anticipated in suchstatements due to a certain number of inherent risks and uncertainties,most of which are beyond Vilmorin & Cie SA's control, such as thosedescribed in the documents filed or to be filed by Vilmorin & Cie SA withthe French securities regulator (Autorité des marchés financiers) andmade available for downloading from the Company's website:www.vilmorincie.com


AGENDA

VILMORIN & CIE AT A GLANCE s. 04

VILMORIN & CIE GROWTH STRATEGY s. 11

SALES AT THE END OF THE 3RD QUARTER 2017-2018 s. 22

OUTLOOK FOR THE END OF FISCAL YEAR 2017-2018 s. 33

VILMORIN & CIE ON THE STOCK EXCHANGE s. 38

SCHEDULE AND CONTACTS s. 41

APPENDICES s. 44


4

VILMORIN & CIE AT A GLANCE


VILMORIN & CIE, 4TH LARGEST SEEDS COMPANY IN THE WORLD

Fourth largest seeds company in the world with leading positions on its core activities

Pure player built up on historical expertise in botany since 1743and 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


N°2worldwide

for vegetable

seeds

N°1in Europe

for straw

cereals (1)

N°3in North

America for

corn seeds

N°4in Europe

for corn

seeds

(1) Wheat and barley


A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS


ANALYZING

NEEDS

CREATING

NEW SEEDS

COLLECTING

GENETIC

RESOURCES

PRODUCING

SEEDS

DISTRIBUTING AND

SELLING SEEDS

AROUND 300 VARIETIES LAUNCHED PER YEAR

A 7 TO 10 YEARS CYCLE


43.8

54.8

44.3

53.0 54.1

80.6

99.4

84.1

72.9

59.3

86.9

494

939897

1 0021 064

1 192

1 338

1 472 1 500 1 531

1 6271 715

1 2691 325

1 414

0

20

40

60

80

100

120

140

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

A SOLID TRACK RECORD


In M€

Integration of European

and US field seeds

Brasmilho Sementes

Guerra / Brazil

Bisco Bio Sciences / IndiaBSF/Genesis/Trigen/

Trio Research / USA

Century Seeds / India

Link Seed / South Africa

Eureka Seed / USA

Seed Co / Africa (*)

Seed Asia / Thailand

Field Seeds acquisition

Hengji Limagrain Seeds /

China (JV)

Golden Acres / USA

Vegetable Seeds acquisition

Tropdicorp/Vietnam

Shamrock / USA and

Mexico

Canterra Seeds / Canada(*)

Genica Research / USA

Su Tarim / Turkey

Meza Maize / USA

29.3

61.7


A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESS


VEGETABLE SEEDS

VEGETABLE GROWERS

3 BUSINESS UNITS

Key leading brands:

FIELD SEEDS

FARMERS

6 BUSINESS UNITS

Key leading brands:

GARDEN PRODUCTS

MARKET GARDENERS

1 BUSINESS UNIT

Key leading brand:


Investors

(of which ~50%

internationally

based: USA, UK,

Singapore,

Germany, etc.)

A LONG TERM REFERENCE SHAREHOLDER

Groupe Limagrain:

An international agricultural cooperative group, founded and managed by French farmers

A seed group involved in the development of

integrated agricultural chains

Vegetable seeds and field seeds

Cereal products

(cereal ingredients and bakery products)

BREAKDOWN OF THE CAPITAL

ON DECEMBER 31st 2017

5.75%

20.47%

73.78%

Groupe Limagrain*

Individual shareholders

* of which BPI France as a strategic shareholder of Limagrain

Sources: Euroclear and Euronext

TOTAL NUMBER OF SHARES:

20 833 902



Moving agriculture forward to meet food challenges

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

* Figures for the overall scope of activity worldwide, taking into account data from the

companies AgReliant, AGT, Genective, Seed Co and Soltis.


STRATEGY

KEY FIGURES

Develop the current position as an international seedcompany from the cooperative base in France

Nearly 2,000 farmer membersMore than 2.6 billion euros in salesMore than 10,000 employees


11

VILMORIN & CIE GROWTH STRATEGY


1/ PROMISING WORLD SEEDS MARKETS


POWERFUL GROWTH FACTORS:

Increase in seeds demand

Growth in the world population (10 bn in 2050)

Improvement in the standards of living

Increase in the use of commercial seeds

Ever greater use of genetically modified

(“GM”) seeds worldwide

Vegetable seeds

(Conventional seeds)

WORLD MARKET

FOR COMMERCIAL SEEDS (2016)

(CAGR between 2011 and 2016)

Field seeds –

Conventional seeds

Field seeds –

GM seeds

14,1 %

30,6 %

55,3 %

MARKET VALUE 2016:

$36.9 BN. GLOBAL CAGR: +1,4% / YEAR

Sources: Phillips McDougall 2017 and ISAAA 2017


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

Sources: ISAAA 2017. Phillips McDougall 2017

WORLD MARKET VALUE

More than $20 billion in 2016 (i.e. 55 % of the world market for seeds), +3% / 2015

million ha

185GMO :

ACREAGE PER COUNTRY

-10

10

30

50

70

90

110

130

150

170

190

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Others

China

India

Canada

Argentina

Brazil

USA


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

Seeds companies – Sales in millions of euros – 2017(Monsanto, Vilmorin & Cie, KWS and Rijk Zwaan: 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)Sources: Company publications and internal. 2016

KWS

Vegetable seeds

Field seeds

0 2 000 4 000 6 000 8 000 10 000 12 000

LPHT

Sakata

Nidera

Rijk Zwaan

DLF

KWS

Bayer

Vilmorin & Cie

Syngenta / Chemchina

Corteva (Dow Dupont)

Monsanto

+ ≈ 260 M€ with Citic

- 1396 M€ acquired by BASF

Bayer / Monsanto

+ ≈ 160 M€ were acquired from Syngenta (sugar beet)

7,541 - ≈ 260 M€ acquired by Citic

1,663

1,394

420

474

306

304

2,593 - ≈ 160 M€ acquired by DLF (sugar beet)

10,012

1,503 32%

24%8%

5%

4%

5%

22%

Corteva

(DowDupont)Syngenta - ChemChina

Bayer

Vilmorin & Cie

Others

323

Monsanto


2/ A STRATEGY OF WINNING MARKET SHARES


3 strategic priorities

3 strategic foundations

INNOVATION TARGETED POLICY OF

EXTERNAL GROWTHINTERNATIONALIZATION

Vegetable seeds: reinforce world leadership

Corn seeds: become a global actor

Wheat seeds : become the world reference


34%

33%

17%

16%

3 / VEGETABLE SEEDS. DIVISION PROFILE


Tomato

Sweet and hot pepper

Carrot

Melon

SquashBeanOnion

Others

SALES OF VEGETABLE SEEDSPER CROP. 2016-2017

SALES OF VEGETABLE SEEDSPER GEOGRAPHICAL AREA. 2016-2017

Europe

Americas

Africa / Middle East

Asia / Oceania

KEY FIGURES 2016-2017

32736

17.1%

COUNTRIES

WITH

LOCATIONS

M€

SALES

OPERATING

MARGIN

Current operating margin : 17.3%

1

3

1

1

22

1,2,3: worldwide competitive positions

N°2in 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.)


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)

CAMPBELLS’ SEEDSSeptember 2012

Tomato and pepper

United States

Sales: more than 5 M$

CENTURY SEEDSOctober 2012

10 local crops

India

Sales: 4 M€

TROPDICORP March 2015

Bitter gourd, pumpkin,

wax gourd

Vietnam

Sales: 6 M$

GENICA RESEARCHFebruary 2016

Sweet and hot peppers,

cucumber, summer squash

United States

Sales: more than 25 M$

Recent acquisitions:

http://www.campbellseeds.com/default.aspx


52%

42%

3% 3%

4 / FIELD SEEDS. DIVISION PROFILE


SALES OF FIELD SEEDS*PER GEOGRAPHICAL AREA. 2016-2017

Europe

Americas

Asia / Oceania

KEY FIGURES 2016-2017

33

626

2.7%

COUNTRIES

WITH

LOCATIONS*

M€

SALES

OPERATING

MARGIN

Current operating margin : 3.6%

(928 M€)*

N°1in Europe

for straw

cereals

N°3in North

America

And N°4in 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

11%

4%

4%

15%

66%

SALES OF FIELD SEEDS*PER CROP. 2016-2017

Cereals (corn,

wheat, barley)

Other field seeds

Rapeseed

Feed grains

Sunflower

(1) Wheat and barley

Africa / Middle East

* 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)

(1)


4 / CORN SEEDS. STRATEGY


CORN SEEDS: BECOME A GLOBAL ACTOR

SEED COMinority stake. 2014

#1 African seeds company

Sales: 135 M$

6 factories & 8 research stations in south

east Africa

SEED ASIAMarch 2014

Hybrid tropical corn

Thailand

Sales: 9 M$

HENGJI LIMAGRAIN SEEDSJV. September 2015

Corn

China

Production and distribution

Technological strategic partnership between Vilmorin & Cie and KWS

*Source: USDA

Internationalize activitiesfurther afield from European and North American activities on the largest world seed market in terms of value

(more than $15 bn in 2016*)

GM corn traits licensing agreements with Syngenta (October 2015)

Develop a proprietary portfolio of GM seeds

Recent acquisitions:


4 / WHEAT SEEDS. STRATEGY


WHEAT SEEDS: BECOME THE WORLD REFERENCE

*Source: USDA

Consolidate a 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 contributeto converting the market to high value seeds

Gradually extend the positions to other major wheat markets and develop strong partnerships internationally

NORTH AMERICA

United States

Canada

AUSTRALIA

Australian Grain Technologies

OTHER ZONES

South America

Asia


5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH


2016-2017

*of which €240 million research investments without integrating partnerships

€310 MILLION

RESEARCH INVESTMENT

INTEGRATING PARTNERSHIPS*

MORE THAN

14%INVESTED IN BIOTECHNOLOGIES

Maintain regular investment in research (breeding and biotechnologies) and broaden the partnerships

1,036 1,086 1,120 1,180 1,274

255 242261

302301

183 194 211 225 240

14.2% 14.6% 15.3% 15.2% 15.2%

17.4% 17.4%18.9% 19.1% 18.8%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 8002012-2013 2013-2014 2014-2015 2015-2016 2016-2017

Effort de recherche

Chiffre d'affaires semences AgReliant (à 50%)

Chiffre d'affaires semences

Effort de recherche/chiffre d'affaires semences (yc AgReliant 50%)

Effort de recherche/chiffre d'affaires semences (IFRS 11)

Investment in research

AgReliant’ sales of seeds (50%)

Sales of seeds

Investment in research/Sales of seeds (incl. 50% AgReliant)

Investment in research/Sales of seeds (IFRS 11)


SALES AT THE END OF THE3RD QUARTER 2017-2018 (ON MARCH 31, 2018)


KEY POINTS

A 3rd quarter 2017-2018 down by 1.7%*, marked by temporary difficulties for

the Vegetable Seeds and Field Seeds activities

Decrease in the aggregate sales (9 months): -2.6%*Vegetable Seeds activity affected by a more contrasted market context: -3.5%*

A decrease for Field Seeds globally in line with market trends: -1.3%*

Readjustment of objectives for 2017-2018Slight increase in sales

Reduction of the current operating margin rate

SALES AT THE END OF THE 3RD QUARTER 2017-2018

*On a like-for-like basis


REFERENCES


Accounting referenceIFRS on March 31, 2018

ScopeConsolidation scope: minority stake in Prime Seed Co (Zimbabwe. Vegetable Seeds)

Activity scope: withdrawal by the Business Unit VILMORIN-MIKADO (Vegetable Seeds) from the distribution

of agricultural supplies in Japan

Rates of the main currencies on March 31, 2018 (and March 31, 2017)

average close

2017 2018 2017 2018

$ 1.09 1.19 1.07 1.23

¥ 118 132 120 131

£ 0.86 0.89 0.86 0.87

TRY 3.60 4.43 3.89 4.90

ILS 4.12 4.19 3.89 4.33

BRL 3.51 3.84 3.38 4.09

INR 73 77 69 80

MXN 21.31 22.10 20.02 22.52

UAH 28 32 29 33

RUB 68 69 60 71


CONSOLIDATED SALES*

In M€


AT THE END OF THE THIRD QUARTERTHIRD QUARTER

* Revenue from ordinary activities

* of which:

Vegetable Seeds: 191

Field Seeds: 314

1 070

988

-38

-18

-26

mar.-17 Impactdevises

Fournituresagricoles

Activité mar.-18

-7.7%

-2.6%

567

528

-22

-8

-9



Activité mar.-18

-6.9%

-1.7%

*

Currency

impact

Agricultural

supplies

ActivityMarch 17 March 18

Currency

impact

Agricultural

supplies



SALES* OF VEGETABLE SEEDS

In M€



THIRD QUARTER

AT THE END OF THE THIRD QUARTER

499

439

-25

-18

-17



Activité mar.-18

-11.9%

-3.5%

212191

-13-8

-



Activité mar.-18

-10.0%

-0.1%

0

Currency

impactAgricultural

supplies

ActivityMarch 17 March 18 Currency

impact

Agricultural

supplies



SALES OF VEGETABLE SEEDS


Stability of the business over the quarter, in a more contrasted market

context

Business still affected by globally high inventory levels at distributors

(North America)

Sales also affected by:

- problems concerning the management of seed procurement in

certain countries

- the temporary contraction of several markets

Dynamic performances in several high potential regions: Asia, Middle

East and South America

Continuation of the programmed withdrawal by the Business Unit

VILMORIN-MIKADO from the distribution of agricultural supplies in

Japan

A more difficult fiscal year for the Vegetable Seeds division, which in

recent years, has posted strong business growth; these difficulties are

of a temporary nature

Europe

Africa/Middle East

Asia/Oceania

Americas

ANALYSIS OF SALES*

OF VEGETABLE SEEDS PER GEOGRAPHICAL ZONE

A performance which in no way calls into question the market

fundamentals nor the global growth trend of the Vegetable

Seeds division

* Sales of products

35%

32%

16%

17%


SALES* OF FIELD SEEDS

AT THE END OF THE THIRD QUARTER

THIRD QUARTER


after application of IFRS 11 (i.e. excluding AgReliant)


In M€

532 512

-13

-7


Activité mar.-18

-3.6%

-1.3%

330 314

-9-7


Activité mar.-18

-4.8%

-2.1%

Currency

impact

ActivityMarch 17 March 18Currency

impact



TRENDS FOR THE FIELD SEEDS MARKET


A difficult market context for field seeds

Corn

Sunflower

United States

↘ Acreage (-2%)

Europe 28

↘ Acreage (-3%)

Greater Europe

↘ Acreage (-4%)

Brazil

↘ Safra acreage (-20%)

↘ Safrinha acreage (-5%)

Europe 28

↘ Acreage (-6%)

Greater Europe

↗ Acreage (+1%)

Low level of prices for agricultural raw materials

Anticipated reduction of corn acreage on the main markets

Sources: USDA, APPS, CONAB, internal. March 2018


SALES OF FIELD SEEDS


442

207

71

In M€

Corn and sunflower. Europe Business slightly down in a globally sluggish market environment

Spring campaigns marked by delays in sowing because of the difficult weather

conditions (Western Europe)

Contrasting situations depending on crops and countries:Stability in orders for corn seeds, in spite of an expected drop in acreage

Good growth of sunflower seed sales (volume and value)

Very good performances in Ukraine, Russia and Turkey, whereas the market in

Western Europe remains bearish

Strengthening of Vilmorin & Cie’s competitive positions (particularly in corn)

Corn. South AmericaStrong drop in business over the 3rd quarter (safrinha corn), in a very difficult market

context this year: significant reduction in acreage

competitive pressure on pricing policies

decision by Brazilian farmers to opt for varieties with lower added value

Associated companiesNorth America (AgReliant): Expected drop in marketed corn seed volumes in line with

anticipated cultivated acreage

Africa (Seed Co): Strong increase in business

Europe

North

America

(AgReliant)

Other zones

ANALYSIS

PER GEOGRAPHICAL ZONE (evolution on a like-for-like basis,

before application of IFRS 11)

(-0.1%)

(-3%)

(-8.5%)

TOTAL SALES

(including AgReliant): 720 M€

Business downturn in line with market trends


CONSOLIDATED SALES* PER GEOGRAPHICAL ZONE


Americas

192 M€. -7.0%**

Africa/Middle East

100 M€. +0.2% **

Europe

578 M€. -2.4%**

Asia/Oceania

81 M€. -0.1%**

60 %

10 %

61%

20%

10%

9%Africa/

Middle East

Americas

Asia/Oceania

Europe

* Sales of products

** On a like-for-like basis compared with 2016-2017


CONSOLIDATED SALES* PER QUARTER



En M€

8 8 6 625 23 12

22 2137 33

25 1611

63 7079 74

305298

83

138 109

149139

212

191

237

Q1 16-17 Q1 17-18 Q2 16-17 Q2 17-18 Q3 16-17 Q3 17-18 Q4 16-17 Q4 17-18

208

In M€

232

271

Vegetable Seeds

Field Seeds Europe

Field Seeds other zones

Garden Products and Holdings

SALES* PER QUARTER

344

Dis

clo

su

re o

n A

ug

ust

6,

20

18

252

567

528


OUTLOOK FOR THE END OF FISCAL YEAR 2017-2018


VEGETABLE SEEDS


Outlook for the end of the fiscal year:

Objective for Vegetable Seeds sales readjusted lower

Challenge for the end of the fiscal year:

Confirmation of strong growth of the Vegetable Seeds activity

over the 4th quarter, with a high reference base

Objective

Sales = +2%**

** On a like-for-like basis

12/13

Sales*:

+3.5%

FLASHBACK OF THE EVOLUTION OVER THE 4TH QUARTER FOR VEGETABLE SEEDS

15/16

Sales*:

+11.2%

16/17

Sales*:

+8.8%

14/15

Sales*:

+15.8%

13/14

Sales*:

-0.5%

*With current data


FIELD SEEDS


Definitive evolution of corn and sunflower acreage

Resistance to the persistent pressure on pricing policies

Final impact of the exchange rates between certain currencies

Challenges for the end of the fiscal year:

Outlook for the end of the fiscal year:

Objective for Field Seeds sales readjusted downward

Objective

Sales ≈ 0%*

* On a like-for-like basis



DOWNWARD READJUSTMENT OF OBJECTIVES FOR THE YEAR

OBJECTIVE PRESENTED IN FEBRUARY 2018* (following disclosure of the results for the first semester)

Sales

of which:

Vegetable Seeds

Field Seeds

+4%

+4%

+4%

* On a like-for-like basis

2017-2018 sales objective:

Achieve a slight increase in consolidated sales, on a like-for-like basis, compared with fiscal year

2016-2017, taking into account the full impact of the withdrawal from the distribution of

agricultural supplies in Japan

OBJECTIVE READJUSTED

AT THE END OF THE THIRD QUARTER*

Sales

of which:

Vegetable Seeds

Field Seeds

≥ 0%

+2%

≈ 0%



OBJECTIVE PRESENTED IN FEBRUARY 2018 (following disclosure of the results for the first semester)

Current operating

margin

At the same level as in

2016-2017(i.e. ≈ 9.2%),

including a research investment

of ≈ 255 M€

2017-2018 objective for the current operating margin rate:

OBJECTIVE READJUSTED AT THE END OF

THE THIRD QUARTER

Current operating

margin

Down by at least 1% point

compared with 2016-2017,

including a research investment

of ≈ 255 M€

Taking into account the measures adopted several months ago in

all the Business Units,

with the aim of tightening up on industrial investments

and operating charges

Aim for a contribution from associated companies at least equivalent to that of 2016-2017Mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds).

While pursuing the deployment of strategic orientations, with a long-term vision, on a seed market that

remains structurally promising

DOWNWARD READJUSTMENT OF OBJECTIVES FOR THE YEAR



VILMORIN & CIEON THE STOCK EXCHANGE


(Source: Euronext.com)

€57.60SHARE PRICE

ON MAY 2ND, 2018

VILMORIN & CIE ON THE STOCK EXCHANGE

EVOLUTION OF THE SHARE PRICE

Vilmorin & Cie :

Vilmorin & Cie

CAC 40

MARKET CAPITALIZATION

ON MAY 2ND, 2018

€1.2 BN.

- 11.3% 1 year


VILMORIN & CIE ON THE STOCK EXCHANGE

DIVIDENDS (1)

(1) Data restated for the allotment of free shares of January 2013 and January 2015.

Pay-out 35.3% 31.5% 37.2% 44.8% 38.6%

3.87

4.77

4.04

3.50

2.85

4.17

1.36 1.50 1.50 1.571.10

1.60

2012 2013 2014 2015 2016 2017

Profit (group share) per share Dividend

38.4%


SCHEDULE AND CONTACTS


MONDAY AUGUST 6, 2018 AFTER TRADING

Disclosure of the sales at the end of fiscal year 2017-2018

WEDNESDAY OCTOBER 17, 2018 AFTER TRADING

Disclosure of the annual results for fiscal year 2017-2018

SCHEDULE

Dates provided as an indication only, and liable to be changed


FOR ANY FURTHER INFORMATION:

CONTACTS

Valérie MONSERAT

Head of Financial Communication and

Investor Relations

[email protected]

All our financial information on

www.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

Vincent SUPIOT

Chief Financial Officer

[email protected]


44

APPENDICES


APPENDICES

KEY FINANCIAL DATA

FOR THE 1ST SEMESTER 2017-2018


CONSOLIDATED SALES*

RESULTS FOR THE FIRST SEMESTER 2017-2018

In M€


1ST SEMESTER

503

460

-16

-10 -17

Dec. 2016 Currencyimpact

Agriculturalsupplies

Activity Dec. 2017

-8.5%

-3.5%


CONSOLIDATED SALES ON DECEMBER 31, 2017


SALES

PER GEOGRAPHICAL ZONE*

54%43%

3%

SALES

PER DIVISION*

Vegetable

SeedsField

Seeds

Garden Products

and Holdings

49%

26%

13%

12%

Europe

Africa/ Middle East

Asia / Oceania

Americas

* Sales of products

54%

23%

12%

5%6%

Vegetable seeds

Cereals (corn, wheat/barley)

Oil and protein rape & sunflower

Other field seeds

Other products

SALES

PER PRODUCT*


* Sales of products


SALES* PER ACTIVITY


In M€


SALES OF

VEGETABLE SEEDS

-13.3%

-6.0%


after application of IFRS 11 (i.e. excluding AgReliant)

SALES OF

FIELD SEEDS

287

249

-12

-10

-16

dec-16 Currencyimpact

Agriculturalsupplies

Activity dec-17

202198

-4

dec-16 Currencyimpact

Activity dec-17

0

-1.8%

0%


INCOME STATEMENT


In M€ 12.31.2016 12.31.2017 Variation*

Sales 503.0 460.1 -8.5%

Commercial margin 246.0 236.8 -9.2 M€

Commercial margin rate 48.9% 51.5% +2.6 pts

Operating income -18.5 -42.4 -23.9 M€

Operating margin rate -3.7% -9.2% -5.5 pts

Financial income -6.8 -16.7 -9.9 M€

Income from associated companies -24.9 -26.6 -1.7 M€

Income taxes 10.5 47.6 +37.1 M€

Net income -39.7 -38.1 -(1.6) M€

Group share of net income -38.8 -37.3 -(1.5) M€

* With current data


INCOME STATEMENT – OPERATING CHARGES


* With current data CG = capital gains

In M€ 12.31.2016 12.31.2017 Variation*

Marketing and sales -91.8 -92.6 +0.9%

Research and development -93.6 -97.1 +3.7%

Administration and other charges -79.6 -89.8 +12.8%

Impairments 0.0 0.1 +0.1 M€

Reorganization -0.8 0.1 +0.9 M€

Disposal of assets 1.3 (CG) 0.1 (CG) -1.2 M€

Net operating charges -264.5 -279.2 +(14.7) M€


KEY FIGURES PER ACTIVITY (CONTRIBUTION TO CONSOLIDATED RESULTS)


Sales* Operating income Net income

In M€ 12.31.2016 12.31.2017 12.31.2016 12.31.2017 12.31.2016 12.31.2017

Vegetable Seeds 286.9 248.7 12.8 1.0 7.9 10.7

Field Seeds 201.6 197.9 -20.7 -29.9 -45.3 -40.1

Garden Products 14.1 13.1 -7.1 -7.7 -7.7 -7.7

Holdings 0.4 0.4 -3.5 -5.8 5.4 -1.0

Consolidated 503.0 460.1 -18.5 -42.4 -39.7 -38.1



BALANCE SHEET STRUCTURE

In M€


Total balance sheet 2,354 2,302

including cash and bank 225 226

989 986

58 4786 76

1 222 1 193

31.12.2016 31.12.2017

Equity

Provision

Net deferred taxes

Net indebtedness

665 671

1 689 1 631

Net fixed assets

Net working capitalneeds

ASSETS

LIABILITIES


APPENDICES

KEY FINANCIAL DATA

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

RESULTS FOR FISCAL YEAR 2016-2017

* The current operating margin is defined as the accounting operating margin restated for any impairment and

reorganization costs


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



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


* The EBITDA is defined as the operating income to which are added any provisions for depreciation, amortization and impairment.


BALANCE SHEET STRUCTURE

Total balance sheet 2 159 2 179

of which cash 207 256

In M€

Gearing 55%

Leverage 2.3

742 714

64 7689 80

1 264 1 309

June 2016 June 2017

Equity

Provisions

Net deferred taxes

Net indebtedness

468 492

1 691 1 687

Net fixed assets

Net working capitalneeds



THANK YOUVILMORIN & 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

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