VILMORIN & CIE

JOINT ANNUAL GENERAL MEETING 2020 - Seite 2

In 2019-2020, Field Seeds made sales of 677 million euros, an increase of 4.2% with current data compared with 2018-2019, confirming a solid performance at the end of the fiscal year. In Europe, in spite of a drop in sunflower seeds, Vilmorin & Cie achieved a satisfactory commercial campaign, with a good performance in corn and a very high-quality year in rapeseed, resulting in market share gains. In the development regions (South America, Asia and Africa), Vilmorin & Cie posted a very marked growth in sales, particularly in South America, both in Brazil and Argentina.
             
As for the total net income, it came to 67.5 million euros, a decrease of 10.5 million euros compared with the previous fiscal year, which had nevertheless recorded several non-recurring positive items¹. Excluding these items, it posted a marked increase of more than 12%.     

Therefore, in spite of the unprecedented lack of visibility which marked the second semester, Vilmorin & Cie achieved quality performances for fiscal year 2019-2020. The Company can thus confirm both the resilience of its activity in the context of the global health crisis and the robustness of its development model.
Moreover, Vilmorin & Cie pursued the deployment of its strategy, which focuses on three foundations: strong, continuous investment in research, strong internationalization of its activities, and the capacity to combine targeted acquisitions and partnerships.

A DIVIDEND OF 1 EURO PER SHARE, CONFIRMATION OF THE POLICY TO DISTRIBUTE RESULTS

The General Meeting of Shareholders fixed the dividend at 1 euro per share.
Even though it is lower in nominal value compared with the previous fiscal year, this dividend demonstrates Vilmorin & Cie's intention to pursue its policy to distribute results, bearing in mind the resilience of its activity as demonstrated in the context of the global health crisis.
This dividend corresponds to a pay-out rate of 34.6%, compared to 41.9% in 2019.
Dividends will be detached as of today, with payment on December 16, 2020.

CONFIRMATION OF THE OUTLOOK FOR 2020-2021

Vilmorin & Cie confirmed its objectives in terms of sales and current operating margin for fiscal year 2020-2021. These objectives correspond to an increase in consolidated sales of at least 3% on a like-for-like basis, and a current operating margin rate of close to 8%, including research investment that should be higher than 265 million euros.