Investors-presentation JULY 2020 · 2020. 8. 5. · 3 investors presentation august 2020 vilmorin & cie at a glance s. 04 vilmorin & cie growth strategy s. 11 csr program s. 22 sales

AUGUST 2020INVESTORS PRESENTATION1

AUGUST 2020

INVESTORS PRESENTATION


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

DISCLAIMER


VILMORIN & CIE AT A GLANCE s. 04VILMORIN & CIE GROWTH STRATEGY s. 11CSR PROGRAM s. 22SALES FOR FISCAL YEAR 2019-2020 s. 26OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020 s. 38NEWS s. 41APPOINTMENT s. 46VILMORIN & CIE ON THE STOCK EXCHANGE s. 48SCHEDULE AND CONTACTS s. 51GLOSSARY s. 54APPENDICES s. 57

AGENDA


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 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, both an agricultural cooperative owned by French farmers and an international seed group


N°1worldwide

for vegetable seeds

N°6worldwide

for field seeds


A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESSVILMORIN & CIE AT A GLANCE

ANALYZING NEEDS

CREATING NEW SEEDS

COLLECTING GENETIC

RESOURCES

PRODUCING SEEDS

DISTRIBUTING AND SELLING SEEDS

255 VARIETIES LAUNCHED IN 2018-2019

A 7 TO 10 YEARS CYCLE


A TRACK RECORD COMBINING ORGANIC AND EXTERNAL GROWTH


In M€

Brasmilho SementesGuerra / 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

61.7

AdvanSeed / Denmark

53 54,1

80,6

99,4

84,1

72,9

59,3

86,9

76,9 77,91002

1064

11921338

1472 15001531

16271715

1606 1634

12691325

14141346

1391

0

20

40

60

80

100

120

140

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

Sursem and Geneze /South America

29.3

61,7

(*) Share of profit of associates.Acquisitions examples are not exhaustive.

Net income (Groupe share)SalesSales (IFRS 11)Capital gains from sale of minority stakesin China


A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESSVILMORIN & CIE AT A GLANCE

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 brands:


A LONG TERM REFERENCE SHAREHOLDER

Groupe Limagrain:

An agricultural cooperative owned by French farmers

An international seed group involved in the development ofintegrated agricultural chains

Vegetable Seeds and Field Seeds

Cereal Products (Cereal Ingredients and Bakery Products)

BREAKDOWN OF THE CAPITAL ON DECEMBER 31, 2019

5.43%

20.31%

74.26%

Groupe Limagrain*

Individual shareholders

* of which BPI France as a strategic shareholder of Limagrain

Sources: Euroclear and Euronext

TOTAL NUMBER OF SHARES:

22,917,292


Institutional investors

(of which ~50% internationally based: USA, UK, Singapore, Germany, etc.)


Cooperating for the progress of agriculture everywhere, for everyone

A LONG TERM REFERENCE SHAREHOLDER

Groupe Limagrain, a reference shareholder guaranteeing:

Stable corporate governanceLong term strategy A perfect knowledge of agriculture, customers and their needs

LIMAGRAIN IN BRIEF

MISSION

* Strategic partnerships: AgReliant, AGT, Genective, Seed Co, Soltis, Canterra Seeds, Hengji Limagrain Seeds, Carthage Génétique and Prime Seed Co. 2018-2019.


STRATEGY

KEY FIGURES

Serving all types of agriculture, taking into account theirdiversityHelping to meet the food needs in terms of nutrition, health and consumption patterns

Nearly 1,500 farmer members1,883 million euros in sales + 678 million euros in sales from strategic partnerships*More than 10,000 employees


11

VILMORIN & CIE GROWTH STRATEGY


1/ PROMISING WORLD SEEDS MARKETSVILMORIN & CIE GROWTH STRATEGY

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

Adoption of genetically modified(“GM”) seeds worldwide

Vegetable seeds(Conventional seeds)

WORLD MARKETFOR COMMERCIAL SEEDS (2019)

Field seeds –Conventional seeds

Field seeds –GM seeds

14.2%

34.7%

51.1%

MARKET VALUE 2019:

$39.8 BN.

Source: AgbioInvestor 2018 and 2019


1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2018VILMORIN & CIE GROWTH STRATEGY

WORLD MARKET ACREAGE

191.7 million hectares (more than 10% of arable land), +1% / 2017, grown by 17 million farmers in 26 countries

Sources: ISAAA 2019. AgbioInvestor 2018

WORLD MARKET VALUE

Nearly $22 billion in 2018 (i.e. 55.5% of the world market for seeds), +2% / 2017

million ha

191,7

GMO :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 2018

OthersChinaCanadaIndiaArgentinaBrazilUSA


1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRYVILMORIN & CIE GROWTH STRATEGY

A concentrated competitive environment WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS

High barriers to entry:Width and depth of the genetic resourcesR&D investment(conventional breeding and biotechnologies)International coverage

In M€. Sources: company release and internal est. sales for 2019. KWS sales for 2018-2019.Vilmorin & Cie and KWS sales before IFRS11Bayer seed sales = soybean, corn and vegetables sales only - Other field seed sales are est. between 0.5B€ and 1B€Exchange rate: EUR 1 = USD 1.14

0 1000 2000 3000 4000 5000 6000 7000 8000 9000

Sakata (JPN)

LPHT (CHN)

Rijk Zwaan (NLD)

DLF (DNK)

KWS (DEU)

BASF (DEU)

Vilmorin & Cie (FRA)

Syngenta (CHN)

Corteva Agriscience (USA)

Bayer (DEU)

Field Seeds Vegetable Seeds


2/ A STRATEGY OF WINNING MARKET SHARESVILMORIN & CIE GROWTH STRATEGY

3 STRATEGIC FOUNDATIONS

OBJECTIVEReinforce world

leadership

OBJECTIVEBecome a global

player

OBJECTIVEUltimately

become the world reference

2Strong internationalization of the activities

1Strong, continuous investment in research

3Capacity to combine targeted acquisitions and partnerships

3 STRATEGIC PRIORITIES

Corn seeds

Vegetable seeds

Wheat seeds


37%

32%

15%

16%

3/ VEGETABLE SEEDS. DIVISION PROFILE VILMORIN & CIE GROWTH STRATEGY

Tomato (1)

Carrot (1)

Sweet and hot pepper (3)

Melon (1)Squash (1)

Bean (2)

Onion

Others

SALES OF VEGETABLE SEEDSPER CROP. 2018-2019

SALES OF VEGETABLE SEEDSPER GEOGRAPHICAL AREA. 2018-2019

Europa

Americas

Africa/Middle East

Asia/Oceania

KEY FIGURES 2018-2019

36687.5

14.9%

COUNTRIES WITH LOCATIONS

M€SALES

OPERATING MARGIN

Current operating margin: 14.9%

(1),(2),(3): worldwide competitive positions

- 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.)

N°1worldwidefor vegetable seeds


3/ VEGETABLE SEEDS. STRATEGYVILMORIN & CIE GROWTH STRATEGY

Reinforce world leadership Make full use of the virtuous circle of innovation and proximity to the markets to continue to win market shares

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

ADVANSEED July 2018

Spinach and leafy vegetablesDenmarkSales: 3 M€

Examples of acquisitions:

CENTURY SEEDSOctober 2012

10 local cropsIndiaSales: 4 M€

TROPDICORP March 2015

Bitter gourd, pumpkin, wax gourdVietnamSales: 6 M$

GENICA RESEARCHFebruary 2016

Sweet and hot peppers, cucumber, summer squashUnited StatesSales: more than 25 M$


59%36%

3% 2%

4 / FIELD SEEDS. DIVISION PROFILE VILMORIN & CIE GROWTH STRATEGY

SALES OF FIELD SEEDS*PER GEOGRAPHICAL AREA. 2018-2019

EuropeAmericas

Asia/Oceania

KEY FIGURES 2018-2019

35

649.94.2%

COUNTRIES WITH LOCATIONS*

M€SALES

OPERATING MARGIN

Current operating margin: 5.1%

(892.6 M€)*

- 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

10%6%

5%

16%63%

SALES OF FIELD SEEDS*PER CROP. 2018-2019

Cereals (corn, wheat, barley)

Other field seeds

Rapeseed

Feed grains

Sunflower

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)

N°6worldwidefor field seeds

- One of the top players in strategic crops targeting farmers- 4 strategic crops: corn, wheat, sunflower and rapeseed - 2 of which are worldwide: corn and wheat- And regional crops adapted to each region: barley, soybean, millet, rice, and pulses


4/ CORN SEEDS. STRATEGYVILMORIN & CIE GROWTH STRATEGY

CORN SEEDS: BECOME A GLOBAL PLAYERon the largest world seed market in terms of value (nearly $15 bn in 2018*)

SEED COMinority stake. 2014

#1 African seeds companySales: 140 M$ in 2018-20196 factories & 9 research stations in south east Africa

Hengji Limagrain SeedsJV. September 2015

CornChinaProduction and distribution

SURSEM and GENEZEDecember 2018

CornArgentina and BrazilSales: more than 40 M$ in 2017

Technological strategic partnership between Vilmorin & Cie and KWS

*Source: AgbioInvestor 2018

Reinforce leading positions in Europe and North AmericaDevelop activities in South America, Asia and Africa

GM corn traits licensing agreements with Syngenta (October 2015)

Develop a proprietary portfolio of GM seeds

Recent acquisitions:


4 / WHEAT SEEDS. STRATEGYVILMORIN & CIE GROWTH STRATEGY

WHEAT SEEDS: ULTIMATELY BECOME THE WORLD REFERENCE

*Sources: AgbioInvestor 2018, USDA.

Consolidate a position of leader in Europe and Australia and become the world reference of the first worldwide crop in terms of cultivated surface areas (215 million hectares in 2018*)

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

AUSTRALIA(Australian Grain Technologies)

NORTH AMERICAUnited States

Canada

OTHER ZONESSouth America

Asia

Africa


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

2018-2019

*of which €242 million research investments without integrating partnerships

€300 MILLIONRESEARCH INVESTMENT INTEGRATING PARTNERSHIPS*

14%INVESTED IN BIOTECHNOLOGIES

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

Sales of seedsAgReliant’ sales of seeds (50%)Investment in researchInvestment in research/Sales of seeds (incl. 50% AgReliant)

1 119 1 1801 274 1 234 1 280

261302

301260 243

211 225 240 241 241

18,9% 19,1% 18,8% 19,6% 18,9%

15,3% 15,2% 15,2%16,2% 15,9%

2017-20182014-2015 2015-2016 2016-2017

1,4941,380 1,482 1,576

2018-2019

1,523

242


CSR PROGRAM

22


VILMORIN & CIE’S BUSINESS MODELCSR PROGRAM


A CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNACSR PROGRAM

The foundations of the program:- 3 founding values: progress, perseverance and cooperation- The standard ISO 26000 and the 10 principles of United Nations Global Compact which the Group has signed- Vilmorin & Cie’s specific development model:

A single core business of seedOrganization very close to its marketsA long-term vision

The CSR program is deployed around 3 priorities:

A program truly anchored in Vilmorin & Cie’s DNA,with the challenges that Vilmorin & Cie was already meeting in its daily actions

Favoriser la coopérationContribute to lasting progress in agriculture through seed

Act responsibly Encourage cooperation


A CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNA

Particularly through:Innovative and responsible solutions originating in plant genetics, for all forms of agriculture

E.g. LG Architect

Access to quality seeds for all farmersE.g. partnership with Fair Planet

The preservation of the genetic diversity of the crops worked on Every year Vilmorin & Cie devotes more than 20 M€

Encourage the professional fulfilment of employees

Act according to the ethical principles of the Code of Conduct

Limit the environmental impact of activities

Particularly through:A societal commitment framework that aims to developsustainable, efficient integrated chains with localstakeholders

Commitment in regions where Vilmorin & Cie has sites withrespect to local cultures and specificities, fostered by itsorganization and management model

Almost 5,000 varieties marketed worldwide covering more than 60 plant species

255 new varieties launched in 2018-2019

Among objectives with regard to the environment: reduce energy consumption by 10% by 2022 (vs 2015-2016)

150 measures devoted to societal actions in 2018-2019

CSR PROGRAM

Contribute to lasting progress in agriculture through seed

Act responsibly

Encourage cooperation


SALES FOR FISCAL YEAR2019-2020 (ON JUNE 30, 2020)


KEY POINTS

Significant growth in sales for the fiscal year: +3.2%*, in spite of a fourth quarter down moderately

Outlook for the end of fiscal year 2019-2020: Good resistance of the current operating margin rate Forecast of a higher net income compared to 2018-2019, excluding non-recurring items

* With current data

Vilmorin & Cie continues its growthafter a fiscal year that revealed the strategic nature of its business,

the first link in the food chain


REFERENCESSALES FOR FISCAL YEAR 2019-2020

Accounting referenceIFRS on June 30, 2020

ScopeAcquisition of the companies Sursem and Geneze (South America. Field Seeds), finalized in December 2018Sale of the company Van Den Berg (Netherlands. Garden Products) in June 2019

Rates of the main currencies on June 30, 2020 (and June 30, 2019)average close

June 2019 June 2020 June 2019 June 2020$ 1.14 1.10 1.14 1.12¥ 127 119.51 123 120.66£ 0.88 0.88 0.90 0.91

TRY 6.40 6.76 6.57 7.68ILS 4.16 3.88 4.06 3.88BRL 4.41 4.95 4.35 6.11INR 80.53 80.13 78.52 84.62MXN 22.00 22.66 21.82 25.95UAH 31.13 28.05 29.79 29.98RUB 74.93 73.94 71.60 79.63ARS 48.27 66.06 48.27 79.13


CONSOLIDATED SALES*SALES FOR FISCAL YEAR 2019-2020

SALES FOR FISCAL YEAR

* Revenue from ordinary activities

In M€

49%47%

4%

SALES* 2019-2020BY DIVISION

VegetableSeeds

FieldSeeds

Garden Products and Holdings

+3.2%+2.7%


CONSOLIDATED SALES*SALES FOR FISCAL YEAR 2019-2020

FOURTH QUARTER


(1) of which:Vegetable Seeds: 241Field Seeds: 115

-4.1%

-1.4%

Business growth had been very strong over the 3rd quarter –particularly in March – partly due to the anticipated orders of certain clients who were concerned to secure their supplies as the context of the health crisis emerged.

⇒ Sales temporarily fell back at the beginning of the 4th quarter, before growing again towards the end of this period.

In M€

Confirmation of the resilience of business, both in Vegetable Seeds and Field Seeds

(1)


SALES* OF VEGETABLE SEEDSSALES FOR FISCAL YEAR 2019-2020

0


In M€

SALES FOR THE FISCAL YEAR

FOURTH QUARTER+2.6% +2.5%

-3.3%

-1.6%


SALES OF VEGETABLE SEEDSSALES FOR FISCAL YEAR 2019-2020

After a very strong 3rd quarter, decrease in business over the 4th quarter.

At the end of the fiscal year, particularly dynamic business in North America, both in Mexico and the United States, and in Turkey too.

In Asia, the situation varied depending on the country, with significant progress in India in an upbeat market, but the fiscal year was more difficult in China, where the market was under pressure as of January because of the health crisis and in spite of a good quality 4th quarter.

Truly fine performances for several strategic global crops: tomato (market share gains in Europe and in North America), sweet pepper, hot pepper, cauliflower and carrot.

Marked growth for several crops grown for canning and freezing, such as sweet corn, bean and pea.

⇒ In spite of a context made uncertain by the health crisis, business was not in fact significantly affected taking the fiscal year as a whole, thus showing its resilience.

ANALYSIS OF VEGETABLE SEED SALES*PER GEOGRAPHICAL ZONE

Vilmorin & Cie managed to post marked business growth at the end of the fiscal year, and was able to confirm its position

as No. 1 worldwide for vegetable seeds

* Sales of products

36%

32%

15%

17%

Europe

Africa/Middle East

Asia/Oceania

Americas


SALES* OF FIELD SEEDSSALES FOR FISCAL YEAR 2019-2020

SALES FOR THE FISCAL YEAR

FOURTH QUARTER

* Revenue from ordinary activities, after application of IFRS 11 (i.e. excluding AgReliant)

In M€

+4.2%

+2.9%

-6.9%

-2.7%


TRENDS FOR FIELD SEEDS MARKETS

Sources: USDA, CONAB, internal. June 2020

Corn acreage on the increase on the main markets

United States↗ Acreage

Greater Europe↗ Acreage

Brazil↗ Safrinha

acreage

SALES FOR FISCAL YEAR 2019-2020


SALES OF FIELD SEEDSSALES FOR FISCAL YEAR 2019-2020

571

242

106

In M€

Europe A satisfactory commercial campaign:

For corn, a fine performance, with growth in commercial volumes, particularly in Russia, France, Germany and Turkey.For sunflower, sales fell back because of a drop in business in Ukraine and in spite of a good increase in volumes sold in Russia.For rapeseed, strong growth in volumes sold, thanks to an extremely efficient product portfolio reflecting significant gains in market share, in a market temporarily experiencing a very sharp decrease. At the end of the 4th quarter, excellent level of sales for the start of the new rapeseed campaign.For cereal seeds (wheat and barley), increase in the royalties received.

Other zones (South America, Asia)In South America, a strong increase in activity posted over the fiscal year:

Solid performances both in corn and soybean.Strengthening of commercial positions both in Brazil and Argentina.

In Asia, a good level of growth, especially in India, with overall confirmation of a quality fiscal year, even though business was impacted by drought in certain countries.

Europe

North America (AgReliant)

Other zones

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

before application of IFRS 11)

(+0.9%)(-3.6%)

(+15.5%)

TOTAL SALES(including AgReliant): 919 M€

Solid business performance over the fiscal year

Associated companiesNorth America (AgReliant): last part of the commercial campaign disappointing in terms of volumes sold and marked by higher returns of seeds than anticipated.Africa (Seed Co): strong business growth outside Zimbabwe and, in Zimbabwe, good control of the impacts of the local economic crisis. At the end of the fiscal year, Seed Co confirmed its position as the No. 1 seed company in Africa.


CONSOLIDATED SALES* PER GEOGRAPHICAL ZONESALES FOR FISCAL YEAR 2019-2020

60 %

10 % 59%22%

10%9%Africa /

Middle East

Americas

Asia / Oceania

Europe

* Sales of products** On a like-for-like basis compared with 2018-2019

Americas302 M€. +6.4%**

Europe806 M€. +0.3%**

Africa/Middle East 138 M€. +4.7% ** Asia/Oceania

126 M€. +3.1%**


SALES FOR FISCAL YEAR 2019-2020

CONSOLIDATED SALES* PER QUARTER

Vegetable SeedsField Seeds EuropeField Seeds other zonesGarden Products and Holdings

SALES*PER QUARTER

In M€

8 7 5 6 25 22 16 1716 32 32 41

16 21 20 12

8084 80 72

301 312

104 103

103109 136

140

199216

250241

Q1 18-19 Q1 19-20 Q2 18-19 Q2 19-20 Q3 18-19 Q3 19-20 Q4 18-19 Q4 19-20

253

208

389

541

232259


571

373


OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020


ESTIMATED TRENDSPERSPECTIVES 2017-2018OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020

Good resistance of the current operating margin rate, which should be close to 8%, after accounting for research investment of around 260 million euros

• In 2018-2019, the current operating margin rate came to 8.4%, accounting for several non-recurring operating items(1) for a net total estimated at 7 million euros, i.e. +0.5 percentage points.

A contribution from associated companies standing at a little less than 20 million euros• In 2018-2019, it came to 26 million euros and included a revaluation profit of 11 million euros, resulting from

the financial and legal reorganization of the international activities of Seed Co (Africa. Field Seeds).

Net income lower than that of the previous fiscal year. Nevertheless, excluding non-recurring operating items for 2018-2019 and the above-mentioned revaluation profit, it should show a marked increase.

• In 2018-2019, total net income for the fiscal year came to 77.9 million euros, of which a group share of 73.9 million euros.

(1) Cf. Vilmorin & Cie's press release of October 15, 2019. Non-recurring operating items for fiscal year 2018-2019 mainly concerned capital gains from the reorganization of the biotechnology research company Biogemma, and profit from the disposal of an industrial plant devoted to the production of corn seeds in Hungary.


A FISCAL YEAR THAT REVEALED THE STRATEGIC NATURE OF SEEDS

PERSPECTIVES 2017-2018OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020

Thanks to the full mobilization of its teams, Vilmorin & Cie has been able to ensure the continuity of its activities, contributing to the security of food production

Vilmorin & Cie should manage to preserve its level of profitability and post solid financial performances in 2019-2020

These performances are also the fruit of the measures taken to cushion the additional costs linked to the crisis (control over operating expenses and industrial investments)

A seed market relatively unaffected by the health crisis, because of its strategic nature, even though there remain a number of uncertainties for the coming fiscal year

A fiscal year which demonstrates the robustnessof Vilmorin & Cie’s development model

and the relevance of its strategic foundations combining research and international development,

with a long-term vision


NEWS


VILMORIN & CIE AND AFRICACREATION OF A FIELD SEEDS JOINT VENTURE IN SOUTH AFRICA

Presence in Field Seeds initiated at the beginning of 2013

Acquisition of the seed company Link Seed (South Africa) in January 2013A portfolio of corn seeds, supplemented by soybean seedsSales of 4.1 million euros on June 30, 2020 and a headcount of around 70

Purchase of a minority stake in Seed Co during fiscal year 2013-2014Seed Co, the No. 1 African seed company, with leading positions in Sub-Saharan Africa in corn and high quality genetic resourcesSales (on March 31, 2020): 114 M$ 6 production sites and 18 research centers

⇒ Permanent reinforcement in the deployment of this partnership since 2013-2014⇒ Today Vilmorin & Cie is Seed Co’s reference shareholder(1)

A strategy of progressive development in AfricaContinue to rely simultaneously on direct locations, partnerships and distribution agreements, while adapting to the specific features of the different countries

(1) On June 30, 2020, Vilmorin & Cie held 29.2% of the capital stock of Seed Co Limited and 30.9% of the capital stock of Seed Co International.


THE SOUTH AFRICAN SEED MARKETCREATION OF A FIELD SEEDS JOINT VENTURE IN SOUTH AFRICA

Corn, an essential crop in South Africa

The largest African market in terms of value and the 2nd largest in acreage (after Nigeria)

Almost 3 million hectares grown

50% white corn and 50% yellow corn

A market dominated 96% by hybrid seeds

A market with a value of approximately 220 M€ (90% GMO)

The other crops present on the market: soybean (around800 kha), sunflower (around 600 kha) and wheat

Africa, considerable growth potentialA market destined for very strong development, due in particular to extremely dynamic demographic growth⇒ Africa will be home to nearly a

quarter of the world’s population by 2050

(Source: United Nations Food and Agriculture Organization/FAO).

A market with high added value


THE JOINT VENTURE IN BRIEFCREATION OF A FIELD SEEDS JOINT VENTURE IN SOUTH AFRICA

⇒ Combining the strengths of the three companies andcapitalizing on a high level of synergies and strong complementarities in terms of:

- research, - production,- product portfolio, - sales organization, - marketing, with in particular three well-known brands.

Some key facts regarding the joint venture

• A joint venture controlled by Vilmorin & Cie, and operational since July 2020

• Around 300 employees

• Sales of more than 20 million euros

• A joint venture covering South Africa, as well as Lesotho, Eswatini and Namibia, which also require temperate genetics for corn

A joint venture named Limagrain Zaad South Africa, dedicated to field seeds, particularly corn, and grouping together all the field seeds activities in South Africa of the companies:

Vilmorin & Cie (through Link Seed) Klein Karoo Seed Marketing(1), a South African seed company firmly established in the country since its creation in 2002Seed Co

(1) Klein Karoo Seed Marketing is a subsidiary of the South African group Zaad, which in turn belongs to the Zeder Investment group, an investment company specializing in the agricultural sector and listed on the Johannesburg Stock Exchange.


THE OBJECTIVES OF THE JOINT VENTURECREATION OF A FIELD SEEDS JOINT VENTURE IN SOUTH AFRICA

Create a major player in South AfricaBy proposing a specific multi-crop approach standing out on the market by offering soybean, sunflower, wheat, sorghum and forage as a complement to corn

By benefiting from critical mass in an already highly consolidated field seed market in the country

Fully integrated into Vilmorin & Cie’s worldwide field seeds research organization

⇒ Ambition of reaching 10% corn market share in South Africa within three years

A joint venture that is perfectly in line with Vilmorin & Cie’s field seeds strategy,

and is a concrete demonstration of the strengthening of its collaboration with Seed Co

=> A new major stage in Vilmorin & Cie’s development in Africa


APPOINTMENT


APPOINTMENT OF OLIVIER FALUT AS CHIEF FINANCIAL OFFICER,FOLLOWING THE FORTHCOMING DEPARTURE OF VINCENT SUPIOT

APPOINTMENT

Appointment, as of September 1, 2020, of Olivier FALUT as Vilmorin & Cie’s Chief Financial Officer. In this capacity he will also join the Executive Committee.

Expertise and experience:

- Olivier FALUT has combined higher education in finance and business law.- He has built up solid experience in all areas of finance, in different French companies of international dimension, particularly in the agri-food sector (Bel, Lactalis, Sodiaal cooperative group).- Before joining Vilmorin & Cie, Olivier FALUT was Corporate CFO at Segula Technologies.

This appointment is the consequence of the forthcoming departure of Vincent SUPIOT, CFO of Vilmorin & Cie since September 2017. Vincent SUPIOT has expressed the desire to pursue another professional project, after more than 20 years of career within the Group. He will leave his position mid-September 2020, at the end of a transition period with his successor.


VILMORIN & CIEON THE STOCK EXCHANGE


€51.50SHARE PRICE ON AUGUST 3, 2020

VILMORIN & CIE ON THE STOCK EXCHANGE

EVOLUTION OF THE SHARE PRICE (over 1 year)

MARKET CAPITALIZATIONON AUGUST 3, 2020

€1.2BN.Sources: Euronext.com; internal.

Vilmorin & Cie : +85.83% 15 years +12.55% 10 years +7.97% 1 year

From: 2019-08-03 to: 2020-08-03

Disclosure of sales for the 3rd quarter

19-20

CAC 40

Vilmorin & Cie

Disclosure ofannual results 18-19

Disclosure of salesfor the 1st quarter 19-20

Disclosure of salesfor the 1st semester 19-20

Disclosure ofannual sales 19-20


DIVIDENDSVILMORIN & CIE ON THE STOCK EXCHANGE

* calculated on the basis of 20,833,902 shares** calculated on the basis of 22,917,292 shares

Pay-out 44.8% 38.6% 38.4% 38.0% 41.9%

In €

Graphique1

2015*2015*

2016*2016*

2017*2017*

2018*2018*

2019**2019**

Bénéfice (part du groupe) par action

Dividende

1,10

1,60

1,35

1,35

3.5

1.57

2.85

1.1

4.17

1.6

3.56

1.35

3.23

1.35

Feuil1

Bénéfice (part du groupe) par actionDividende

2014*4.441.65

2015*3.501.57

2016*2.851.1

2017*4.171.6

2018*3.561.35

2019**3.231.35


SCHEDULE AND CONTACTS


SCHEDULE

WEDNESDAY OCTOBER 14, 2020(1)

Disclosure of results for fiscal year 2019-2020

MONDAY NOVEMBER 2, 2020(1)

Disclosure of sales at the end of the 1st quarter 2020-2021

(1) Disclosure after trading on the Paris stock market.Dates provided as an indication only, and liable to be changed.

FRIDAY DECEMBER 11, 2020Annual General Meeting of Shareholders in Paris


CONTACTS

For any further information:

Vincent SUPIOT Valérie MONSERATChief Financial Officer Head of Financial Communication and Investor [email protected] [email protected]

Vilmorin & CieHead office: 4 quai de la Mégisserie – F-75001 PARISPostal address: CS 20001 Saint-Beauzire – F-63360 GERZATTel: + 33 473 634 485 - Fax: +33 473 634 180

Consult all the financial information on:www.vilmorincie.com


GLOSSARY


GLOSSARY

Current data:Current data is data expressed at the historical currency exchange rate for the period, and without adjustment for any changes in scope.

Current operating margin:The current operating margin is defined as the accounting operating margin restated for any impairment and reorganization costs.

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


GLOSSARY

Financial indebtedness:Financial indebtedness corresponds to the financial debts less cash and cash equivalents.

Like-for-like data:Like-for-like data is data that is restated for constant scope and currency translation. Therefore, financial data for 2018-2019 is restated with the average rate for fiscal year 2019-2020, and any other changes to the scope, in order to be comparable with data for fiscal year 2019-2020.Variations in the consolidated scope come from the acquisition of the companies Sursem and Geneze (South America. Field Seeds) finalized in December 2018 and from the sale of the company Van Den Berg (Netherlands. Garden Products) in June 2019.

Research investment:Research investment corresponds to gross research expenditure before recording as fixed assets any research costs and research tax relief.


57

APPENDICES


APPENDICES

KEY FINANCIAL DATAFOR FISCAL YEAR 2018-2019


INCOME STATEMENT

In M€ 2017-2018 2018-2019 Variation

Sales 1,346.0 1,390.7 +3.3%

Sales margin 658.7 678.7 +20.0 M€

Sales margin rate 48.9% 48.8% -0.1 pt

Operating income 97.1 111.0 +13.9 M€

Operating margin rate 7.2% 8.0% +0.8 pt

Current operating margin rate 7.2% 8.4% +1.2 pt

Income from associated companies 23.3 26.0 +2.7 M€

Financial income -38.0 -45.0 -7.0 M€

Income taxes -5.5 -14.1 -8.6 M€Net income 76.9 77.9 +1.0 M€Net income group share 74.1 73.9 -0.2 M€

RESULTS FOR FISCAL YEAR 2018-2019


KEY FIGURES FOR EACH ACTIVITY’S CONTRIBUTION TO CONSOLIDATED SALES


Sales* Operating income Net income

In M€ 2017-2018 2018-2019 2017-2018 2018-2019 2017-2018 2018-2019

Vegetable Seeds 673.1 687.5 114.8 102.7 80.7 71.7

Field Seeds 623.3 649.9 2.3 27.4 20.4 32.8

Garden Products and Holdings 49.6 53.4 -20.0 -19.1 -24.2 -26.6Consolidated 1,346.0 1,390.7 97.1 111.0 76.9 77.9



In M€ 2017-2018 2018-2019

Net indebtedness at the beginning of the FY 714 766EBITDA 297 322Variation of working capital needs -68 -2Other operating items -15 -61Net industrial investments -46 -17Activated development costs -171 -171Operating cash-flow -3 70Net financial investments -8 -151Capital and other equity contributions -3 -3Dividends -18 -24Net financial charges -25 -30Free cash-flow -57 -138Other restatements (IFRS/Currency, etc.) 5 -8Net indebtedness at the end of the FY 766 912

FREE CASH-FLOWRESULTS FOR FISCAL YEAR 2018-2019


BALANCE SHEET STRUCTURE

Total balance sheet 2,218 2,388of which cash 197 249

In M€


Gearing 68.9%Leverage 2.8

06.30.201906.30.2018

Graphique1

30.06.201830.06.201830.06.201830.06.2018

30.06.201930.06.201930.06.201930.06.2019

Endettement net

Impôts différés nets

Provisions

Capitaux propres

766

75

73

1304

912

75

77

1324

Feuil1

Endettement netImpôts différés netsProvisionsCapitaux propres

30.06.201876675731304

30.06.201991275771324

Graphique1

30.06.201830.06.2018

30.06.201930.06.2019

BFR net

Actif immobilisé net

530

1688

542

1846

Feuil1

BFR netActif immobilisé netColonne1Colonne2

30.06.20185301688

30.06.20195421846


APPENDICESVILMORIN & CIE ORGANIZATION CHART

63


FIELD SEEDSLimagrain Europe

AgReliant (corn, soybean)

Limagrain Asia-Pacific

Limagrain Cereal Seeds (wheat)

Limagrain South America

Limagrain Africa

VEGETABLE SEEDSHM.CLAUSE

Hazera

Vilmorin-Mikado

ORGANIZATION CHART

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THANK YOUVILMORIN & CIEHead office: 4 quai de la Mégisserie – F-75001 PARISPostal address: CS 20001 Saint-Beauzire – F-63360 GERZATTel: +33 473 634 485www.vilmorincie.com

Diapositive numéro 1DISCLAIMERAGENDADiapositive numéro 4Diapositive numéro 5Diapositive numéro 6Diapositive numéro 7Diapositive numéro 8Diapositive numéro 9Diapositive numéro 10Diapositive numéro 111/ PROMISING WORLD SEEDS MARKETS1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 20181/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY2/ A STRATEGY OF WINNING MARKET SHARES3/ VEGETABLE SEEDS. DIVISION PROFILE 3/ VEGETABLE SEEDS. STRATEGY4 / FIELD SEEDS. DIVISION PROFILE 4/ CORN SEEDS. STRATEGY4 / WHEAT SEEDS. STRATEGY5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTHCSR PROGRAMVILMORIN & CIE’S BUSINESS MODELA CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNAA CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNASALES FOR FISCAL YEAR�2019-2020 (ON JUNE 30, 2020)KEY POINTSREFERENCESCONSOLIDATED SALES*CONSOLIDATED SALES*SALES* OF VEGETABLE SEEDSSALES OF VEGETABLE SEEDSSALES* OF FIELD SEEDSTRENDS FOR FIELD SEEDS MARKETSSALES OF FIELD SEEDSCONSOLIDATED SALES* PER GEOGRAPHICAL ZONEDiapositive numéro 37�OUTLOOK FOR THE END OF FISCAL YEAR 2019-2020ESTIMATED TRENDSA FISCAL YEAR THAT REVEALED THE STRATEGIC NATURE OF SEEDS�NEWSVILMORIN & CIE AND AFRICATHE SOUTH AFRICAN SEED MARKETTHE joint venture In brIefThe OBJECTIVES OF THE joint venture�APPOINTMENTAPPOINTMENT OF OLIVIER FALUT AS CHIEF FINANCIAL OFFICER,�FOLLOWING THE FORTHCOMING DEPARTURE OF VINCENT SUPIOT Diapositive numéro 48Diapositive numéro 49DIVIDENDSDiapositive numéro 51Diapositive numéro 52Diapositive numéro 53GLOSSARYDiapositive numéro 55Diapositive numéro 56APPENDICESAPPENDICESINCOME STATEMENTKEY FIGURES FOR EACH ACTIVITY’S CONTRIBUTION TO CONSOLIDATED SALESFREE CASH-FLOWBALANCE SHEET STRUCTUREAPPENDICES�VILMORIN & CIE ORGANIZATION CHART�Diapositive numéro 64Diapositive numéro 65

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Investors-presentation JULY 2020 · 2020. 8. 5. · 3 investors presentation august 2020 vilmorin & cie at a glance s. 04 vilmorin & cie growth strategy s. 11 csr program s. 22 sales