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September, 2017INVESTORS PRESENTATION1
INVESTORS PRESENTATION
SEPTEMBER, 2017
September, 2017INVESTORS PRESENTATION2
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
September, 2017INVESTORS PRESENTATION3
AGENDA
VILMORIN & CIE AT A GLANCE s. 04
VILMORIN & CIE GROWTH STRATEGY s. 11
SALES FOR THE FISCAL YEAR 2016-2017 s. 22
OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017
AND MID TERM AMBITIONS s. 33
VILMORIN & CIE ON THE STOCK EXCHANGE s. 38
SCHEDULE AND CONTACTS s. 41
APPENDICES s. 44
September, 2017INVESTORS PRESENTATION4
4
VILMORIN & CIE AT A GLANCE
September, 2017INVESTORS PRESENTATION5
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
VILMORIN & CIE AT A GLANCE
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
September, 2017INVESTORS PRESENTATION6
A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS
VILMORIN & CIE AT A GLANCE
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
September, 2017INVESTORS PRESENTATION7
A SOLID TRACK RECORD
VILMORIN & CIE AT A GLANCE
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
43.8
54.8
44.353.0 54.1
91
80.6
99.4
84.1
72.9
59.3494
939 8971 002
1 064
1 192
1 338
1 472 1 500 1 5311 627
1 2691 325
0
20
40
60
80
100
120
140
0
200
400
600
800
1000
1200
1400
1600
1800
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Vegetable seeds acquisition
Tropdicorp/Vietnam
Shamrock / USA and Mexico
Canterra Seeds / Canada(*)
Genica Research / USA
Su Tarim / Turkey
Meza Maize / USA
61.7
29.3
September, 2017INVESTORS PRESENTATION8
A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESS
VILMORIN & 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 brand:
September, 2017INVESTORS PRESENTATION9
Investors
(of which ~50%
internationally
based: USA, UK,
Singapore,
Belgium…)
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 JUNE 30th 2017
6.2%
20.0%
73.8%
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
VILMORIN & CIE AT A GLANCE
September, 2017INVESTORS PRESENTATION10
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.
VILMORIN & CIE AT A GLANCE
STRATEGY
KEY FIGURES
To provide farmers throughout the world with sustainable solutions to improve their farms' profitability
Nearly 2,000 farmer membersClose to 2.5 billion Euros in salesMore than 10,000 employees
September, 2017INVESTORS PRESENTATION11
11
VILMORIN & CIE GROWTH STRATEGY
September, 2017INVESTORS PRESENTATION12
1/ PROMISING WORLD SEEDS MARKETS
VILMORIN & 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
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
September, 2017INVESTORS PRESENTATION13
1/ MARKET FOR SEEDS: SLIGHT SLOWDOWN FOR GMO IN 2015
VILMORIN & CIE GROWTH STRATEGY
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
$20.4 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
September, 2017INVESTORS PRESENTATION14
1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY
VILMORIN & CIE GROWTH STRATEGY
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 – 2016(KWS, Monsanto 2015-2016 data.). Vilmorin & Cie 2016-2017 data: excluding Garden products.
Sources: Company publications and internal. 2016
27%
22%
8%5%
4%
4%
30%
Dow Dupont
Syngenta
KWS
Bayer
Vilmorin & Cie
Monsanto
Others
*Without IFRS 11 impact
Vegetable seeds
Field seeds
1 663
(1) Following Dow Dupont merger completed on 09.01.2017
9 080
7 428
2 415 + ChemChina
1 357
1 356
480
388
270
Bayer / Monsanto
(1)
September, 2017INVESTORS PRESENTATION15
2/ A STRATEGY OF WINNING MARKET SHARES
VILMORIN & CIE GROWTH STRATEGY
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
September, 2017INVESTORS PRESENTATION16
34%
32%
17%
17%
3 / VEGETABLE SEEDS. DIVISION PROFILE
VILMORIN & CIE GROWTH STRATEGY
Tomato
Sweet and hot pepper
Carrot
Melon
BeanSquashOnion
Others
SALES OF VEGETABLE SEEDSPER CROP. 2015-2016
SALES OF VEGETABLE SEEDSPER GEOGRAPHICAL AREA. 2015-2016
Europe
Americas
Africa / Middle East
Asia / Oceania
KEY FIGURES 2015-2016
31689
15.9%
COUNTRIES
WITH
LOCATIONS
M€
SALES
OPERATING
MARGIN
Current operating margin : 16.2%
1
3
1
1
21
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.)
September, 2017INVESTORS PRESENTATION17
3 / VEGETABLE SEEDS. STRATEGY
VILMORIN & CIE GROWTH 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:
September, 2017INVESTORS PRESENTATION18
54%40%
4% 2%
4 / FIELD SEEDS. DIVISION PROFILE
VILMORIN & CIE GROWTH STRATEGY
SALES OF FIELD SEEDS*PER GEOGRAPHICAL AREA. 2015-2016
Europe
Americas
Asia / Oceania
KEY FIGURES 2015-2016
33
582
1.8%
COUNTRIES
WITH
LOCATIONS*
M€
SALES
OPERATING
MARGIN
Current operating margin : 2.8%
(884 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
10%
3%
4%
14%
69%
SALES OF FIELD SEEDS*PER CROP. 2015-2016
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)
September, 2017INVESTORS PRESENTATION19
4 / CORN SEEDS. STRATEGY
VILMORIN & CIE GROWTH STRATEGY
CORN SEEDS: BECOME A GLOBAL ACTOR
SEED COMinority stake. 2014
#1 African seeds company
Sales: 96 M$
5 factories & 6 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: ISAAA 2016
Internationalize activitiesfurther afield from European and North American activities on the largest world seed market in terms of value
(about $15 bn in 2015*)
GM corn traits licensing agreements with Syngenta (October 2015)
Develop a proprietary portfolio of GM seeds
Recent acquisitions:
September, 2017INVESTORS PRESENTATION20
4 / WHEAT SEEDS. STRATEGY
VILMORIN & CIE GROWTH STRATEGY
WHEAT SEEDS: BECOME THE WORLD REFERENCE
*Source: ISAAA 2016
Consolidate position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (≈ 222 million hectares in 2015*)
Develop more efficient seeds and contributeto converting the market to high yield 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
September, 2017INVESTORS PRESENTATION21
5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH
VILMORIN & CIE GROWTH STRATEGY
2015-2016
*of which €225 million research investments without integrating partnerships
€300 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
255 242261
302
183 194 211 225
14.2% 14.6% 15.3% 15.2%
17.4% 17.4%18.9% 19.1%
0
200
400
600
800
1 000
1 200
1 400
1 6002012-2013 2013-2014 2014-2015 2015-2016
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)
September, 2017INVESTORS PRESENTATION22
22
SALES FOR FISCAL YEAR 2016-2017(ON JUNE 30, 2017)
September, 2017INVESTORS PRESENTATION23
Increase in sales over the 4th quarter 2016-2017: +2.7%*
Marked increase in sales for the year: +6.7%*, above the objective
Solid dynamic growth of the Vegetable Seeds activity: +6.2%*
Strong growth of the Field Seeds activity: +8.3%*
Outlook for 2016-2017: confirmation of the increase in the current operating margin
rate and strong increase in results
*On a like-for-like basis
A high quality fiscal year 2016-2017
KEY POINTS
SALES FOR FISCAL YEAR 2016-2017
September, 2017INVESTORS PRESENTATION24
REFERENCES
SALES FOR FISCAL YEAR 2016-2017
average close
2016 2017 2016 2017
$ 1.11 1.09 1.11 1.14
¥ 129 119 114 128
£ 0.75 0.86 0.83 0.88
TRY 3.22 3.68 3.21 4.01
ILS 4.28 4.08 4.28 3.99
BRL 4.10 3.51 3.59 3.76
INR 73.61 72.43 74.96 73.74
MXN 19.24 21.09 20.63 20.58
UAH 26.52 28.56 27.58 29.75
RUB 74.86 66.38 71.52 67.54
Accounting reference
IFRS on June 30, 2017
Rates of the main currencies on June 30, 2017 (and June 30, 2016)
September, 2017INVESTORS PRESENTATION25
CONSOLIDATED SALES*
SALES FOR FISCAL YEAR
FOURTH QUARTER(1)
* Revenue from ordinary activities
(1) of which:
Vegetable Seeds: 237
Field Seeds: 95
In M€
SALES FOR FISCAL YEAR 2016-2017
52%44%
4%
SALES* FOR FISCAL YEAR 2016-2017 BY DIVISION
Vegetable
SeedsField
Seeds
Garden Products
and Holdings
1 3251 414
0.1 89
Juin 2016 Impactdevises
Activité Juin 2017
+6.7%
+6.7%
335
344
9-0.4
Juin 2016 Impactdevises
Activité Juin 2017
+2.5%
+2.7%
June 2016 June 2017Currency
impactActivity
June 2016 June 2017Currency
impactActivity
September, 2017INVESTORS PRESENTATION26
VEGETABLE SEEDS SALES*
* Revenue from ordinary activities
In M€
SALES FOR FISCAL YEAR
SALES FOR FISCAL YEAR 2016-2017
FOURTH QUARTER
689736
4.2 43
Juin 2016 Impactdevises
Activité Juin 2017
+6.8%
+6.2%
218
2370.4
19
Juin 2016 Impactdevises
Activité Juin 2017
+8.7%
+8.5%
June 2016 June 2017Currency
impactActivity June 2016 June 2017Currency
impactActivity
September, 2017INVESTORS PRESENTATION27
VEGETABLE SEEDS SALES
34%
33%
17%
16%
An excellent level of commercial activity for the 4th quarter,
in spite of the programmed run-down of the agricultural
supplies and equipment activity of the Business Unit Vilmorin-
MKS in Japan
Solid dynamic growth for 2016-2017, following on from
previous fiscal years
Increase in business for all three Business Units, in all the
geographical areas, and particularly in key zones and
especially North America
Remarkable performances for several strategic crops: tomato,
carrot, summer squash, sweet and hot pepper as well as onion
Very good performance, perfectly in line with the objective set
(+6% on a like-for-like basis), which fully confirms the
pertinence of Vilmorin & Cie’s strategy
Europe
Africa/Middle East
Asia/Oceania
Americas
ANALYSIS OF VEGETABLE SEEDS SALES*
PER GEOGRAPHICAL ZONE
Confirmation of world leadership
on the vegetable seeds market* Sales of products
SALES FOR FISCAL YEAR 2016-2017
ANALYSIS OF VEGETABLE SEEDS SALES*
PER CROP
Tomato
Sweet/Hot pepper
Carrot
MelonBeanSummer squash
Onion
Others
↗
↗
↗
↗
↗↗
↗
Evolution trends compared with June 30, 2016
Final Data
September, 2017INVESTORS PRESENTATION28
FIELD SEEDS SALES*
SALES FOR FISCAL YEAR
FOURTH QUARTER
* Revenue from ordinary activities,
after application of IFRS 11 (i.e. without AgReliant)
In M€
SALES FOR FISCAL YEAR 2016-2017
582
626
48-3.7
Juin 2016 Impactdevises
Activité Juin 2017
+7.6%
+8.3%
103
95
-0.8
-7
Juin 2016 Impactdevises
Activité Juin 2017
-8.1%
-7.4%
June 2016 June 2017Currency
impactActivity
June 2016 June 2017Currency
impactActivity
September, 2017INVESTORS PRESENTATION29
TRENDS FOR THE FIELD SEEDS MARKET
A market context that remains difficult for field seeds
Corn
Sunflower
United States
↘ Acreage
Europe 28
↘ Acreage
Greater Europe
↘ Acreage
Brazil
↗ Safra acreage
↗ Safrinha acreage
Europe 28
↗ Acreage
Greater Europe
↗ Acreage
Low prices for agricultural raw materials
Trends in the evolution of acreage
SALES FOR FISCAL YEAR 2016-2017
September, 2017INVESTORS PRESENTATION30
FIELD SEEDS SALES
531301
95
In M€
Corn and sunflower. Europe Drop in sales over the 4th quarter mainly due to the seasonal nature of invoicing at the end
of the 3rd quarter
Increase in business for fiscal year 2016-2017, in a context this year once again
characterized by the low level of prices for agricultural production and strong pressure on
pricing policies
Decline in the sales of corn seeds:
Mainly in Western Europe, directly caused by the reduction in cultivated acreage
In spite of significant business increase in Ukraine and Russia
Remarkable increase in sales of sunflower seeds (Ukraine and Russia), confirming the
quality of the product portfolio, and demonstrating gains in market shares
Corn. Other zones (South America, Asia and Africa)Very strong increase in business, particularly with extremely strong growth for the second
corn commercial campaign in Brazil (Safrinha), embodying gains in market shares
Corn. North America (AgReliant(1))Drop in volumes of marketed corn seeds, proportionately to the estimated reduction of
cultivated acreage for this crop
Corn. Africa (Seed Co(1))Fiscal year of excellent quality with strong growth driven by sales of corn seeds
Europe
North
America
(AgReliant)
Other zones
ANALYSIS
PER GEOGRAPHICAL ZONE (evolution on a like-for-like basis,
before application of IFRS 11)
(+3.1%)
(-2%)
(+50%)
TOTAL SALES
(including 50% of AgReliant): €927 M
Solid performance of the activity, above the objective set(2)
in a market environment that remains difficult
SALES FOR FISCAL YEAR 2016-2017
(1) Associated companies
(2) Reminder of the objective set in April 2017 : growth >5% on a like-for-like basis
September, 2017INVESTORS PRESENTATION31
CONSOLIDATED SALES* PER GEOGRAPHICAL ZONE
Americas
€307 M. +23%**
Africa/Middle East
€143 M. +1.6% **
Europe
€757 M. +2.2%**
Asia/Oceania
€152 M. +10.7%**
60 %
10 %
* Sales of products
** With current data compared with 2015-2016
56%
23%
11%
10%
Africa/
Middle East
Americas
Asia/Oceania
Europe
SALES FOR FISCAL YEAR 2016-2017
September, 2017INVESTORS PRESENTATION32
CONSOLIDATED SALES* PER QUARTER
* Revenue from ordinary activities
8 8 6 625 25 15 12
13 22 15 3719 25
11 11
66 63 77
79
289305
92 83
122138
149
149
200
212
218 237
Q1 15-16 Q1 16-17 Q2 15-16 Q2 16-17 Q3 15-16 Q3 16-17 Q4 15-16 Q4 16-17
In M€
210
247
533
335
232
Vegetable Seeds
Field Seeds Europe
Field Seeds other zones
Garden Products and Holdings
SALES*
PER QUARTER
271
___
567
SALES FOR FISCAL YEAR 2016-2017
344
September, 2017INVESTORS PRESENTATION33
OUTLOOKFOR THE END OF FISCAL YEAR 2016-2017AND MID-TERM AMBITIONS
September, 2017INVESTORS PRESENTATION34
ESTIMATED TRENDS
OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017
Increase in the current operating margin rate, in line with the ambition disclosed last April, including research investment of about 240 million euros
Fruit of the dynamic growth in businessAnd the tight management of all the operating charges
Global contribution of associated companies higher than 2015-2016
Strong increase in the net income compared with the previous fiscal year
15-16 16-17 (Trend)
Sales €1,325.1 M €1,414.0 M
Current operating margin 8.4% ≈9%
Total net income €60.8 M
September, 2017INVESTORS PRESENTATION35
REMINDER OF THE STRATEGIC AMBITIONS FOR 2020
MID-TERM AMBITIONS
Accelerate development to reach business growth higher than market trends and increase operating margins, both in Vegetable Seeds and Field Seeds
Consolidate the financial profile, both in terms of leverage (aiming a level of between 1.5 and 2) and indebtedness (with gearing lower than 40%), making sure in particular to increase cash generation
Materialize the 3 strategic priorities:
VEGETABLE SEEDS
REINFORCE WORLD LEADERSHIP
CORN SEEDS
BECOME A GLOBAL PLAYER
WHEAT SEEDS
ULTIMATELY BECOME THE WORLD REFERENCE
September, 2017INVESTORS PRESENTATION36
REMINDER OF AMBITIONS FOR 2020. VEGETABLE SEEDS
MID-TERM AMBITIONS
Pursue the strategy of combining organic and external growth
Regular renewal and optimization of the product portfolio
Even greater proximity to markets
Targeted external growth operations
Continue to increase value in emerging markets
AVERAGE SALES GROWTH
OF MORE THAN 5% PER YEAR
REACH AN ANNUAL OPERATING MARGIN LEVEL OF 18%
AMBITION FOR 2020
September, 2017INVESTORS PRESENTATION37
REMINDER OF AMBITIONS FOR 2020. FIELD SEEDS
MID-TERM AMBITIONS
Continue the strategy of innovation and internationalization
Quality of the products pipeline
International deployment
Development of a proprietary range of genetically modified varieties
REACH SALES
OF AROUND 1 BILLION EUROS
AND AN ANNUAL OPERATING MARGIN LEVEL OF 10%
(INCLUDING AGRELIANT AT 50%)
AMBITION FOR 2020
September, 2017INVESTORS PRESENTATION38
VILMORIN & CIEON THE STOCK EXCHANGE
September, 2017INVESTORS PRESENTATION39
(Source: Euronext.com)
€76.01SHARE PRICE
ON SEPTEMBER 15TH, 2017
VILMORIN & CIE ON THE STOCK EXCHANGE
EVOLUTION OF THE SHARE PRICE
Vilmorin & Cie :
Vilmorin & Cie
CAC 40
MARKET CAPITALIZATION
ON SEPTEMBER 15TH, 2017
€1.6 Bn.
+ 41.2% 10 years + 6.6% 5 years + 23.2% 1 year
September, 2017INVESTORS PRESENTATION40
VILMORIN & CIE ON THE STOCK EXCHANGE
DIVIDENDS (1)
* Capital gain from the disposal of a minority stake in China.
(1) Data restated for the allotment of free shares of January 2013 and January 2015.
28.4%Pay-out 35.3% 31.4% 37.2% 44.8% 38.6%
4.37
3.87
4.77
4.04
3.50
2.85
1.24 1.36 1.50 1.50 1.571.10
2011 2012 2013 2014 2015 2016
Profit (group share) per share Dividend
1.40*
September, 2017INVESTORS PRESENTATION41
SCHEDULE AND CONTACTS
September, 2017INVESTORS PRESENTATION42
WEDNESDAY OCTOBER 18, 2017, AFTER TRADING
Disclosure of results for fiscal year 2016-2017 (on June 30, 2017)
MONDAY NOVEMBER 6, 2017, AFTER TRADING
Disclosure of sales at the end of the first quarter 2017-2018 (on September 30, 2017)
SCHEDULE
September, 2017INVESTORS PRESENTATION43
Daniel JACQUEMOND
Chief Financial Officer
FOR ANY FURTHER INFORMATION:
CONTACTS
Valérie MONSERAT
Head of Financial Communication
and Investor Relations
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
September, 2017INVESTORS PRESENTATION44
APPENDICESKey financial data for fiscal year 2015-2016Organization chart
September, 2017INVESTORS PRESENTATION45
APPENDICESKey financial data for fiscal year 2015-2016
September, 2017INVESTORS PRESENTATION46
INCOME STATEMENT FOR FISCAL YEAR 2015-2016 (CLOSING JUNE)
VILMORIN & CIE KEY FINANCIALS
(1) The current operating margin is defined as the operating margin in the accounts restated for impairments, reorganization costs and certain items
of an extraordinary nature(additional procurement costs and partial allocation of goodwill in 2015-2016).
In M€ 2014-2015 2015-2016 Variation
Sales 1 269.4 1 325.1 +4.4%
Sales margin 603.3 632.2 +28.9 M€
Sales margin rate 47.5% 47.7% +0.2 pt
Operating income 100.2 100.3 +0.1 M€
Operating margin rate 7.9% 7.6% -0.3 pt
Current operating margin rate(1) 8.0% 8.4% +0.4 pt
Financial income -39.2 -36.5 -(2.7) M€
Income from associated companies 29.4 30.8 +1.4 M€
Income taxes -14.5 -33.8 +(19.3) M€
Net income 75.9 60.8 -15.1 M€
Net income Group share 72.9 59.3 -13.6 M€
September, 2017INVESTORS PRESENTATION47
KEY FIGURES CONTRIBUTED TO CONSOLIDATED SALES PER DIVISION FOR FISCAL YEAR 2015-2016
VILMORIN & CIE KEY FINANCIALS
* Revenue from ordinary activities
In M€ Sales* Operating income Net income
2014-15 2015-16 2014-15 2015-16 2014-15 2015-16
Vegetable seeds 614.6 688.7 95.8 109.3 63.9 71.6
Field seeds 595.3 581.7 20.9 10.6 20.7 17.3
Garden products 58.4 53.6 -0.7 -4.6 -1.3 -4.6
Holdings 1.1 1.1 -15.8 -15.0 -7.4 -23.5
Consolidated 1,269.4 1,325.1 100.2 100.3 75.9 60.8
September, 2017INVESTORS PRESENTATION48
FREE CASH FLOW
VILMORIN & CIE KEY FINANCIALS
(1) EBITDA is defined as follows: Operating income + Net depreciation & amortization + Net impairment
In M€ 2014-2015 2015-2016
Net indebtedness at the beginning of the FY 515 660
EBITDA(1) 263 278
Variation of working capital needs (44) 20
Other operating items (41) (28)
Net industrial investments (62) (46)
Activated development costs (148) (157)
Operating cash-flow (32) 68
Net financial investments (62) (116)
Capital and other equity contributions - (1)
Dividends (21) (10)
Net financial charges (28) (23)
Free cash-flow (142) (83)
Other restatements (IFRS/ Currency, etc.) (4) 1
Net indebtedness at the end of FY 660 742
September, 2017INVESTORS PRESENTATION49
BALANCE SHEET STRUCTURE
VILMORIN & CIE KEY FINANCIALS
660 742
63 646989
1,2721,264
30.06.2015 30.06.2016
Total balance sheet 2,064
* of which cash 373 207
In M€
Gearing 59%
Leverage 2.72,159
501 468
1,563 1,691
30.06.2015 30.06.2016
Assets
Net fixed assets
Net working capital needs
Liabilities
Equity
Provisions
Net deferred taxes
Net indebtedness
September, 2017INVESTORS PRESENTATION50
APPENDICESVILMORIN & CIE ORGANIZATION CHART
September, 2017INVESTORS PRESENTATION51
FIELD SEEDS
Limagrain Europe
AgReliant (corn, soybean)
Limagrain Asia
Limagrain Cereal Seeds (wheat)
Limagrain South America
Limagrain Africa
ORGANIZATION CHART
VEGETABLE SEEDS
HM.CLAUSE
Hazera
Vilmorin-MKS
September, 2017INVESTORS PRESENTATION52
THANK YOUVILMORIN & CIE
Head Office : 4 Quai de la Mégisserie – F - 75001 PARIS
Postal address : CS 20001 Saint-Beauzire - 63360 GERZAT
Tel. + 33 (0)4 73 63 44 85
www.vilmorincie.com