Company Announcements

Combined Annual General Meeting 2021

Source: OMX
Combined Annual General Meeting 2021
  • APPROVAL OF THE FINANCIAL STATEMENTS FOR FISCAL YEAR 2020-2021, WITH A TOTAL NET INCOME OF 93.4 MILLION EUROS
  • A NET DIVIDEND OF 1.60 EUROS PER SHARE, UP 60%
  • CONFIRMATION OF THE OBJECTIVES FOR 2021-2022

The Combined Annual General Meeting of Vilmorin & Cie's Shareholders was held on Friday December 10,
2021 in Paris, under the chairmanship of Sébastien VIDAL, Vilmorin & Cie's Chairman and CEO.

More than 150 Shareholders therefore had the opportunity to deliberate on the resolutions submitted for their approval and exchange on the Company's strategy and outlook.

APPROVAL OF THE RESOLUTIONS

All the resolutions submitted to the vote of the Shareholders were approved, with the exception of the twentieth resolution, which proposed delegation to the Board of Directors to proceed with an increase in capital stock reserved for employees. The Board of Directors had made no voting recommendation on this resolution, as the employees already benefit from other forms of profit-sharing in the results.

Approval of the financial statements for 2020-2021

The Combined General Meeting of Shareholders approved the financial statements for fiscal year 2020-2021, posting sales of 1,476.6 million euros, an increase of 8% on a like-for-like basis, in a context still marked by the global health crisis. Thanks to growth in all its business activities throughout the majority of geographical regions, Vilmorin & Cie posted solid financial performances. The operating income stood at 127.4 million euros and the total net income, up by 25.9 million euros compared to 2019-2020, came to 93.4 million euros, the highest net income since 2012-2013.

A dividend of 1.60 euros per share, confirmation of the policy to distribute results

The Combined General Meeting of Shareholders fixed the net dividend at 1.60 euros per share, corresponding to a significantly higher pay-out rate of 39.7%, as opposed to 34.6% in 2020. With a strong increase in nominal value compared with the previous fiscal year (+60%), the dividend shows Vilmorin & Cie's intention to pursue its policy of distributing results, bearing in mind the resilience of its activity as demonstrated in the context of the global health crisis.

Dividends will be detached on December 13, 2021, with payment on December 15, 2021.

Appointment of Sébastien BRIFFOND as Board Member

The Combined General Meeting of Shareholders appointed Sébastien BRIFFOND as Board Member for Vilmorin & Cie, for a period of three years, i.e. until the end of the General Meeting called to approve the financial statements for the fiscal year ending on June 30, 2024.

A farmer and Limagrain Board Member since 2015, Sébastien BRIFFOND has been Vice Chairman of Limagrain since December 2020. He holds several mandates within the Group's different activities and is Chairman of Vilmorin & Cie's Garden Products activity.

CONFIRMATION OF THE OBJECTIVES FOR 2021-2022

Vilmorin & Cie confirmed its objectives in terms of sales and current operating margin for fiscal year 2021-2022. These objectives correspond to an increase in consolidated sales of at least 4% on a like-for-like basis, and a current operating margin rate of at least 8.5%, including research investment comparable to that of the previous fiscal year.

Finally, Vilmorin & Cie is aiming for a contribution from associated companies – mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds) – of close to 30 million euros.

It should be noted that at the end of the first quarter for fiscal year 2021-20221, Vilmorin & Cie posted sales of 258.4 million euros, an increase of 9.7% on a like-for-like basis.

Over the course of fiscal year 2021-2022, Vilmorin & Cie intends to pursue the dynamic growth of its activities, while continuing to deliver solid financial performances, on a resolutely buoyant seeds market, whose strategic role has been highlighted by the health crisis.

  • You can consult a presentation (in French) and detailed results of the votes on the website www.vilmorincie.com

COMING DISCLOSURES AND EVENTS

Monday December 13, 2021
Detachment of the dividends

Wednesday December 15, 2021
Payment of the dividends

Tuesday March 1, 2022(1)
Disclosure of sales and results for the first semester 2021-2022

Thursday May 5, 2022(1)
Disclosure of sales at the end of the 3rd quarter 2021-2022

Monday August 1, 2022(1)
Disclosure of sales for fiscal year 2021-2022

Wednesday October 12, 2022(1)
Disclosure of results for fiscal year 2021-2022

Friday December 9, 2022
Annual General Meeting of Shareholders

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

FOR ANY FURTHER INFORMATION

Olivier FALUT
Chief Financial Officer
olivier.falut@vilmorincie.com

Édouard ROCHE
Head of Financial Communication and Investor Relations
edouard.roche@vilmorincie.com

Tel: + 33 473 634 485
www.vilmorincie.com

Vilmorin & Cie, the 4th largest seed company in the world, develops vegetable and field seeds with high added value, contributing to meeting global food requirements.

A multi-crop seed company, every year Vilmorin & Cie brings around 300 new varieties to market to meet the needs of all diverse types of agriculture and allow farmers to produce better and produce more.

Accompanied by its reference shareholder Limagrain, both an agricultural cooperative owned by French farmers and an international seed group, Vilmorin & Cie’s strategy for growth relies on research and international development to durably strengthen its market shares on resilient world markets.

True, since its origins in 1743, to its vision of sustainable development, Vilmorin & Cie ensures its achievements fully respect its three founding values: progress, perseverance and cooperation.

  

GLOSSARY

Like-for-like data

Like-for-like data is data that is restated for constant scope and currency translation. Thus, data for the previous fiscal year is restated with the average rate for the current fiscal year, and any other changes to the consolidation scope, in order to be comparable with data for the current fiscal year.

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

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


1 Cf. Vilmorin & Cie's press release of November 8, 2021.

 

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