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January 2020INVESTORS PRESENTATION1
JANUARY 2020
INVESTORS PRESENTATION
January 2020INVESTORS PRESENTATION2
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
January 2020INVESTORS PRESENTATION3
VILMORIN & CIE AT A GLANCE s. 04
VILMORIN & CIE GROWTH STRATEGY s. 11
CSR PROGRAM s. 22
SALES FOR THE 1ST QUARTER 2019-2020 s. 26
NEWS s. 34
OUTLOOK FOR 2019-2020 s. 38
VILMORIN & CIE ON THE STOCK EXCHANGE s. 42
SCHEDULE AND CONTACTS s. 45
APPENDICES s. 48
AGENDA
January 2020INVESTORS PRESENTATION4
4
VILMORIN & CIE AT A GLANCE
January 2020INVESTORS 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 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
VILMORIN & CIE AT A GLANCE
N°1worldwide
for vegetable seeds
N°6worldwide
for field seeds
January 2020INVESTORS 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
255 VARIETIES LAUNCHED IN 2018-2019
A 7 TO 10 YEARS CYCLE
January 2020INVESTORS PRESENTATION7
A TRACK RECORD COMBINING ORGANIC AND EXTERNAL GROWTH
VILMORIN & CIE AT A GLANCE
In M€
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
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 1500 1531
1627
1715
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
January 2020INVESTORS 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 brands:
January 2020INVESTORS PRESENTATION9
A LONG TERM REFERENCE SHAREHOLDER
Groupe Limagrain:
An agricultural cooperative owned by French farmers
An international 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 30, 2019
6.03%
19.95%
74.02%
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
VILMORIN & CIE AT A GLANCE
Institutional investors
(of which ~50%
internationally
based: USA, UK,
Singapore,
Germany, etc.)
January 2020INVESTORS PRESENTATION10
Cooperating for the progress of agriculture everywhere, for everyone
A LONG TERM REFERENCE SHAREHOLDER
Groupe Limagrain, a reference shareholder guaranteeing:
Stable corporate governance
Long 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.
VILMORIN & CIE AT A GLANCE
STRATEGY
KEY FIGURES
Serving all types of agriculture, taking into account theirdiversity
Helping 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
January 2020INVESTORS PRESENTATION11
11
VILMORIN & CIE GROWTH STRATEGY
January 2020INVESTORS 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
Adoption of genetically modified
(“GM”) seeds worldwide
Vegetable seeds
(Conventional seeds)
WORLD MARKET
FOR COMMERCIAL SEEDS (2018)
(CAGR between 2013 and 2018)
Field seeds –
Conventional seeds
Field seeds –
GM seeds
14.3%
30.2%
55.5%
MARKET VALUE 2018:
$39.4 BN. GLOBAL CAGR: +1% / YEAR
Source: AgbioInvestor 2018
January 2020INVESTORS PRESENTATION13
1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2018
VILMORIN & 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
Others
China
Canada
India
Argentina
Brazil
USA
January 2020INVESTORS PRESENTATION14
1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY
VILMORIN & CIE GROWTH STRATEGY
A concentrated competitive environment WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS
High barriers to entry:Width and depth of the genetic resources
R&D investment(conventional breeding and biotechnologies)
International coverage
Sources: corporate disclosures and internal estimates for sales in 2018.
Vilmorin & Cie data for 2018-2019; Vilmorin & Cie and KWS data pre IFRS 11.
Bayer and BASF: internal estimates as if the acquisitions and disposals made by
Bayer and BASF had occurred on January 1, 2018 in order to give a more precise
idea of the size and performance of the two companies following these
operations.
0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000
Sakata (JPN)
LPHT (CHN)
Rijk Zwaan (NLD)
DLF (CHE)
KWS (DEU)
BASF (DEU)
Vilmorin & Cie (FRA)
Syngenta (CHN)
Corteva Agriscience (USA)
Bayer (DEU)
Field Seeds Vegetable Seeds
January 2020INVESTORS PRESENTATION15
2/ A STRATEGY OF WINNING MARKET SHARES
VILMORIN & 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
January 2020INVESTORS PRESENTATION16
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
January 2020INVESTORS PRESENTATION17
3/ VEGETABLE SEEDS. STRATEGY
VILMORIN & 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
vegetables
Denmark
Sales: 3 M€
Examples of acquisitions:
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$
January 2020INVESTORS PRESENTATION18
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
649.9
4.2%
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
January 2020INVESTORS PRESENTATION19
4/ CORN SEEDS. STRATEGY
VILMORIN & CIE GROWTH STRATEGY
CORN SEEDS: BECOME A GLOBAL PLAYERon the largest world seed market in terms of value (nearly $15 bn in 2018*)
SEED COMinority stake. 2014
#1 African seeds company
Sales: 140 M$ in 2018-2019
6 factories & 9 research stations in south
east Africa
Hengji Limagrain SeedsJV. September 2015
Corn
China
Production and
distribution
SURSEM and GENEZEDecember 2018
Corn
Argentina and Brazil
Sales: more than 40 M$ in
2017
Technological strategic partnership between Vilmorin & Cie and KWS
*Source: AgbioInvestor 2018
Reinforce leading positions in Europe and North America
Develop 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:
January 2020INVESTORS PRESENTATION20
4 / WHEAT SEEDS. STRATEGY
VILMORIN & 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 AMERICA
United States
Canada
OTHER ZONES
South America
Asia
Africa
January 2020INVESTORS PRESENTATION21
5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH
VILMORIN & CIE GROWTH STRATEGY
2018-2019
*of which €242 million research investments without integrating partnerships
€300 MILLION
RESEARCH INVESTMENT
INTEGRATING PARTNERSHIPS*
14%INVESTED IN BIOTECHNOLOGIES
Maintain regular investment in research (breeding and biotechnologies) and broaden the partnerships
Sales of seeds
AgReliant’ sales of seeds (50%)
Investment in research
Investment in research/Sales of seeds (incl. 50% AgReliant)
1 087 1 119 1 1801 274 1 234 1 280
242261
302301
260 243
190 211 225 240 241 241
17,5%18,9% 19,1% 18,8%
19,6%18,9%
14,3%15,3% 15,2% 15,2%
16,2% 15,9%
Réel
1314
Réel
1415
Réel
1516
Réel
1617
Réel
17-18
Réel
18-19
en M€
CA semences marchés professionnels
CA semences AgReliant @50%
Dépenses de recherche
Effort de recherche (en % de CA IFRS 11)
Effort de recherche (en % de CA yc AgReliant)
2017-20182014-2015 2015-2016 2016-2017
1,4941,380 1,482 1,576
2018-2019
1,523
242
January 2020INVESTORS PRESENTATION22
CSR PROGRAM
January 2020INVESTORS PRESENTATION23
VILMORIN & CIE’S BUSINESS MODEL
CSR PROGRAM
January 2020INVESTORS PRESENTATION24
A CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNA
CSR 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 seed
Organization very close to its markets
A 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 seedAct responsibly Encourage cooperation
January 2020INVESTORS PRESENTATION25
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 farmers
E.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 develop
sustainable, efficient integrated chains with local
stakeholders
Commitment in regions where Vilmorin & Cie has sites with
respect to local cultures and specificities, fostered by its
organization 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
January 2020INVESTORS PRESENTATION26
SALES FOR THE 1ST QUARTER 2019-2020 (ON SEPTEMBER 30, 2019)
January 2020INVESTORS PRESENTATION27
Dynamic sales growth for the 1st quarter: 231.9 M€, up 5.2%*
• Vegetable Seeds (+2.8%*): marked increase in business over the first quarter
• Field Seeds (+7.9%*): a very good start to the fiscal year, boosted by a high quality
rapeseed campaign
… on a globally unrepresentative basis for the fiscal year
• The 1st quarter has represented, in recent years, on average around 15% of sales for the year
Confirmation of objectives for 2019-2020
* On a like-for-like basis
KEY POINTS
SALES FOR THE 1ST QUARTER 2019-2020
January 2020INVESTORS PRESENTATION28
REFERENCES
SALES FOR THE 1ST QUARTER 2019-2020
2018 2019
$ 1.16 1.11
¥ 130 119
£ 0.89 0.90
TRY 6.60 6.31
ILS 4.23 3.92
BRL 4.60 4.41
INR 82 78
MXN 22.1 21.6
UAH 31.9 28.0
RUB 76.3 71.8
January 2020INVESTORS PRESENTATION29
CONSOLIDATED SALES*
In M€
SALES* FOR THE 1ST QUARTER 2019-2020 PER DIVISION
Vegetable
Seeds
Field
Seeds
Garden Products
and Holdings
* Revenue from ordinary activities
SALES FOR THE 1ST QUARTER 2019-2020
+11.8%
+5.2%
January 2020INVESTORS PRESENTATION30
SALES* VEGETABLE SEEDS
In Mۥ Strong increase in sales of several strategic crops, along the lines of the
fourth quarter 2018-2019 which was of a very high level
• Performances varied according to geographical area:
• Strong increase in sales in North America
• Very significant business growth in South America and the Middle
East, whereas sales activity was considerably affected at the
beginning of the previous fiscal year by the instability of the
geopolitical and monetary context
• However, less dynamic business in Asia, Africa and Europe,
especially Western Europe (drops in acreage for certain crops)
Marked growth in sales at the end of the first quarter, which
nevertheless is still not very representative of the fiscal year
* Revenue from ordinary activities
Confirmation of the objective for sales growth for the fiscal
year (i.e. +3% on a like-for-like basis)
SALES FOR THE 1ST QUARTER 2019-2020
+5.0%
+2.8%
January 2020INVESTORS PRESENTATION31
SALES* FIELD SEEDS
In M€
Europe:• Rapeseed:
• Excellent level of growth, as for previous campaigns
• High-quality achievement, which was built on an extremely technically efficient
product portfolio, providing Vilmorin & Cie with a solid competitive advantage
Continuing significant market share gains, enabling Vilmorin & Cie to be positioned
among the top European players
• Straw cereals (wheat, barley): fine increase in sales• Forage and amenity grass seeds: sharp drop in sales
South America:• Strong increase in sales, as a result of the integration of the companies Sursem and
Geneze, acquired in December 2018
• Like-for-like, measured business growth
• In Brazil: - Very significant increase in sales of soybean seeds
- Contraction of sales for the 1st corn campaign in Brazil (safra), in a context of almost stable
expected acreage devoted to this crop
- Satisfactory prospects for orders for the 2nd corn campaign (safrinha), for which acreage
should slightly drop
• In Argentina, the sales activity is marked by the wait-and-see attitude of farmers, linked
to the political context in this country
For the coming commercial spring campaign: procurement of corn seeds is nearly complete (Europe
and North America) and marked by the difficulties encountered affecting certain European production
(severe drought), the impacts of which will be covered by making use of security reserves
* Revenue from ordinary activities,
after application of IFRS 11 (i.e. excluding AgReliant)
SALES FOR THE 1ST QUARTER 2019-2020
+20.3%
+7.9%
Reassertion of the objective to increase sales
for the fiscal year (by +2% on a like-for-like basis)
January 2020INVESTORS PRESENTATION32
CONSOLIDATED SALES* PER GEOGRAPHICAL AREA
60 %
10 %
Africa/
Middle East
Americas
Asia / Oceania
Europe
* Sales of products
** On a like-for-like basis compared to 2018-2019
Americas
57 M€. +8.9%**
Europe
127 M€. +0.8%**
Africa/Middle East
22 M€. +30.7% **Asia/Oceania
24 M€. +2.0%**
SALES FOR THE 1ST QUARTER 2019-2020
January 2020INVESTORS PRESENTATION33
* Revenue from ordinary activities
CONSOLIDATED SALES* PER QUARTER
Vegetable Seeds
Field Seeds Europe
Field Seeds other regions
Garden Products and Holdings
SALES FOR THE 1ST QUARTER 2019-2020
In M€
253
389
541
232
Dis
clo
su
re F
eb
rua
ry 2
6,
20
20
Dis
clo
su
re A
pril 2
3,
20
20
Dis
clo
su
re A
ug
ust
3,
20
20
208
January 2020INVESTORS PRESENTATION34
NEWS
January 2020INVESTORS PRESENTATION35
RESEARCH
NEWS
> Non-exclusive license agreement signed with Corteva
Agriscience(1) and the Broad Institute (United States)
- Agreement granting access to certain patents covering genome editing
tools known as CRISP-Cas9 for agricultural use, and covering research
and potential commercial applications
- CRISPR-Cas9: a reference technology complementary to so-called
CRISPR-Cpf1, to which Vilmorin & Cie also has access
Confirmation of Vilmorin & Cie’s willingness to collaborate to
access the latest technologies
Signing of a new agreement on genome editing techniques
Vilmorin & Cie now has access to a wide range of genome editing tools,
which will enable it to increase its research efficiency
(1) The agreement was formally signed with Pioneer, now known as Corteva Agriscience.
January 2020INVESTORS PRESENTATION36
NEWS
GARDEN PRODUCTS. THE TRANSFORMATION OF VILMORIN JARDIN CONTINUES
1. Streamlining of the global business organizationDisposal of the flower bulb activity run in the Netherlands (Van Den Berg)
Disposal of activities in Turkey ongoing, and disposal of activities in Poland initiated at the
end of September
Refocus on business in France
2. Consolidation of the packet seed sales activity in FranceSuccessful integration of the French company Graines Gondian(1)
3. Diversification of the commercial line-up around the leading brand VilmorinLaunch of new products (for example, a Vilmorin application for smartphones and
connected objects with a sensor), supported by an extensive consumer advertising
campaign
Opening of new distribution means (e-commerce)
Reminders: This activity has been impacted considerably by the ongoing decrease in the market for seed packets.
Implementation of a Job Protection Plan in 2015-2016 and 2016-2017
Reorientation of the marketing strategy initiated in 2017-2018, with the aim of reconnecting with all consumer
profiles, from the novice gardener to the expert
(1) The acquisition of the business activities of Graines Gondian was finalized at the beginning of the fiscal year 2018-2019
Action plan:
January 2020INVESTORS PRESENTATION37
VILMORIN & CIE CONTINUES TO RISE IN THE GAÏA INDEX
NEWS
Vilmorin & Cie rises again in the Gaïa index in 2019
23rd in the ranking out of the 230 companies analyzed (as opposed to 36th last
year)
An overall score of 81/100 (the average score of the companies stood at 54/100)
Reminder: Vilmorin & Cie joined the Gaïa Index in 2016
The Gaïa Index is the reference Sustainable Development index for listed French midmarket
companies
It includes the 70 French securities with the highest non-financial ratings out of a panel of 230
listed companies
A clear sign of Vilmorin & Cie’s continuous progress
in terms of non-financial performance
January 2020INVESTORS PRESENTATION38
OUTLOOK FOR 2019-2020
January 2020INVESTORS PRESENTATION39
OUTLOOK FOR 2019-2020
Vegetable Seeds
Strengthen its position as No. 1 worldwide
in heterogeneous market conditions
> By pursuing the dynamic growth posted at the end of fiscal year 2018-2019
> By reinforcing commercial positions, with the aim of becoming a leader on all
the markets and for all the main crops, with a special effort in Asia
Objective for 2019-2020
Sales for Vegetable Seeds
up by 3%on a like-for-like basis
Field Seeds
Develop business in all the areas it operates
> In a market environment marked by strong competitive pressure
> By confirming the excellent performance posted by its European activities in
2018-2019
> By leveraging the integration of the companies Sursem and Geneze to offer a
complete product portfolio to South American farmers
Objective for 2019-2020
Sales for Field Seeds
up by 2%on a like-for-like basis
CONFIRMATION OF OBJECTIVES
January 2020INVESTORS PRESENTATION40
Consolidated sales
up by 2% to 3%
on a like-for-like basis
Current operating margin rate
of at least 8%,
including research investment > 255 M€
Pursue the business growth trajectoryon a world seed market that fundamentally remains buoyant
Aim for a contribution from its associated companies*
of at least 20 million euros* Mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT
(Australia. Field Seeds)
CONFIRMATION OF OBJECTIVES
OUTLOOK FOR 2019-2020
January 2020INVESTORS PRESENTATION41
MID-TERM OUTLOOK
Vegetable Seeds Field Seeds
Offer perspectives of sustainable, resilient development in the mid-and long-term
Reinforce world leadership
Strengthen positions on the more mature
markets (Europe, Middle East, North America)
Strongly develop presence in Asia, ultimately
reaching about 20% of sales on this continent
(vs about 12% in 2018-2019)
Build up the foundations for business
organization in Africa, beyond current positions
in North Africa, to bring out the continent’s
potential
Be positioned as a global player,
with worldwide presence in corn and
wheat, and a portfolio of crops
adapted to each region
Consolidate and develop alliances and
partnerships to gain access to technologies
and pursue varietal innovation as efficiently as
possible
Develop corn activities in new regions, as a
priority in South America and Africa, eventually
to reach between 5 and 10% of market shares
OUTLOOK FOR 2019-2020
January 2020INVESTORS PRESENTATION42
VILMORIN & CIEON THE STOCK EXCHANGE
January 2020INVESTORS PRESENTATION43
€48.55SHARE PRICE
ON JANUARY 3, 2020
VILMORIN & CIE ON THE STOCK EXCHANGE
EVOLUTION OF THE SHARE PRICE (over 1 year)
MARKET CAPITALIZATION
ON JANUARY 3, 2020
€1.1 BN.
Sources: Euronext.com; internal.
Vilmorin & Cie : +107.3% 15 years -2.5% 10 years +2.6% 1 year
From: 2019-01-03 to: 2020-01-03
Disclosure of sales and
results for the 1st
semester 18-19
CAC 40
Vilmorin & Cie
Disclosure of sales
for the 3rd quarter
18-19
Disclosure of
annual results 18-19
Disclosure of sales
for the 1st quarter 19-20
Disclosure of
annual sales 18-19
January 2020INVESTORS PRESENTATION44
DIVIDENDS
VILMORIN & 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 €
January 2020INVESTORS PRESENTATION45
SCHEDULE AND CONTACTS
January 2020INVESTORS PRESENTATION46
SCHEDULE
WEDNESDAY FEBRUARY 26, 2020(1)
Disclosure of sales and results for the
first semester 2019-2020
THURSDAY APRIL 23, 2020(1)
Disclosure of sales at the end of the
third quarter 2019-2020
MONDAY AUGUST 3, 2020(1)
Disclosure of sales for fiscal year
2019-2020
WEDNESDAY OCTOBER 14, 2020(1)
Disclosure of results for fiscal year
2019-2020
FRIDAY DECEMBER 11, 2020
Annual General Meeting of
Shareholders in Paris
(1) Disclosure after trading on the Paris stock market.
Dates provided as an indication only, and liable to be changed.
January 2020INVESTORS PRESENTATION47
CONTACTS
For any further information:
Vincent SUPIOT Valérie MONSERAT
Chief Financial Officer Head of Financial Communication and Investor Relations
[email protected] [email protected]
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 - Fax: +33 473 634 180
Consult all the financial information on:
www.vilmorincie.com
January 2020INVESTORS PRESENTATION48
48
APPENDICES
January 2020INVESTORS PRESENTATION49
APPENDICESKEY FINANCIAL DATA FOR FISCAL YEAR 2018-2019
January 2020INVESTORS PRESENTATION50
> IAS 29On July 1, 2018, Argentina joined the list of hyperinflationary countries according to the criteria defined by the
standard IAS 29.
Significant impact of this standard on Vilmorin & Cie’s financial statements, in the financial income (-4.4 M€).
> IFRS 9Application by Vilmorin & Cie of the standard IFRS 9 – Financial Instruments, for the first time on July 1, 2018.
Insignificant impact of the application of this standard on Vilmorin & Cie’s financial statements.
> IFRS 16Principle: Lease contracts must be recognized on the lessee’s balance sheet as a right of use and a rent liability
as of July 1, 2019.
Repercussions for Vilmorin & Cie on fiscal year 2019-2020:
- Increase of the debt between 62 and 72 M€.
- Improvement of the EBITDA between 20 and 25 M€.
- Other financial indicators: no significant impact.
FINANCIAL STANDARDS
RESULTS FOR FISCAL YEAR 2018-2019
January 2020INVESTORS PRESENTATION51
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
January 2020INVESTORS PRESENTATION52
KEY FIGURES FOR EACH ACTIVITY’S CONTRIBUTION TO CONSOLIDATED SALES
* Revenue from ordinary activities
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 -26.6
Consolidated 1,346.0 1,390.7 97.1 111.0 76.9 77.9
RESULTS FOR FISCAL YEAR 2018-2019
January 2020INVESTORS PRESENTATION53
In M€ 2017-2018 2018-2019
Net indebtedness at the beginning of the FY 714 766
EBITDA 297 322
Variation of working capital needs -68 -2
Other operating items -15 -61
Net industrial investments -46 -17
Activated development costs -171 -171
Operating cash-flow -3 70
Net financial investments -8 -151
Capital and other equity contributions -3 -3
Dividends -18 -24
Net financial charges -25 -30
Free cash-flow -57 -138
Other restatements (IFRS/Currency, etc.) 5 -8
Net indebtedness at the end of the FY 766 912
FREE CASH-FLOW
RESULTS FOR FISCAL YEAR 2018-2019
January 2020INVESTORS PRESENTATION54
BALANCE SHEET STRUCTURE
Total balance sheet 2,218 2,388
of which cash 197 249
In M€
RESULTS FOR FISCAL YEAR 2018-2019
Gearing 68.9%Leverage 2.8
06.30.201906.30.2018
January 2020INVESTORS PRESENTATION55
APPENDICESVILMORIN & CIE ORGANIZATION CHART
January 2020INVESTORS PRESENTATION56
FIELD SEEDS
Limagrain Europe
AgReliant (corn, soybean)
Limagrain Asia-Pacific
Limagrain Cereal Seeds (wheat)
Limagrain South America
Limagrain Africa
VEGETABLE SEEDS
HM.CLAUSE
Hazera
Vilmorin-Mikado
ORGANIZATION CHART
January 2020INVESTORS PRESENTATION57
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