INVESTORS PRESENTATION
DECEMBER 2021
1
INVESTORS PRESENTATION
DECEMBER 2021
DISCLAIMER
Some of the statements contained in this document may be forwardlooking statements concerning Vilmorin & Cie SA's financial position,
results, businesses, strategy or projects.
Vilmorin & Cie SA considers that such statements are based on
reasonable assumptions but cannot and does not give any assurance
that the Group's future performance will be consistent with those
statements.
Actual results could differ from those currently anticipated in such
statements due to a certain number of inherent risks and uncertainties,
most of which are beyond Vilmorin & Cie SA's control, such as those
described in the documents filed or to be filed by Vilmorin & Cie SA with
the French securities regulator (Autorité des marchés financiers) and
made available for downloading from the Company's website:
www.vilmorincie.com
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INVESTORS PRESENTATION
DECEMBER 2021
AGENDA
VILMORIN & CIE AT A GLANCE
s. 04
VILMORIN & CIE GROWTH STRATEGY
s. 11
CSR PROGRAM
s. 24
SALES FOR THE 1ST QUARTER 2021-2022
s. 28
OBJECTIVES FOR 2021-2022 AND MID-TERM OUTLOOK
s. 36
NEWS
s. 43
VILMORIN & CIE ON THE STOCK EXCHANGE
s. 47
SCHEDULE AND CONTACTS
s. 50
GLOSSARY
s. 53
APPENDICES
s. 56
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE
AT A GLANCE
4
INVESTORS PRESENTATION
DECEMBER 2021
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
N°1
N°6
worldwide
worldwide
for vegetable seeds
for field seeds
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
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE AT A GLANCE
A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS
ANALYZING
NEEDS
A 7 TO 10 YEARS CYCLE
COLLECTING
GENETIC
RESOURCES
CREATING
NEW SEEDS
PRODUCING
SEEDS
DISTRIBUTING AND
SELLING SEEDS
6
INVESTORS PRESENTATION
DECEMBER 2021
324 VARIETIES
LAUNCHED IN 2020-2021
VILMORIN & CIE AT A GLANCE
A TRACK RECORD COMBINING ORGANIC
AND EXTERNAL GROWTH
Link Seed / South Africa
BSF/Genesis/Trigen/
Trio Research / USA
In M€
Bisco Bio Sciences / India
Seed Co / Africa (*)
Canterra Seeds / Canada(*)
Seed Asia / Thailand
Hengji Limagrain Seeds /
China (JV)
Su Tarim / Turkey
Century Seeds / India
Shamrock / USA and
Mexico
Golden Acres / USA
Sursem and Geneze /
South America
Meza Maize / USA
Brasmilho Sementes
Guerra / Brazil
Tropdicorp / Vietnam
Genica Research / USA
AdvanSeed / Denmark
2000
Field Seeds acquisition
Eureka Seed / USA
140
1715
1800
1627
1600
1472
1400
1192
1414
1338
1269
99,4
1002
1064
1634
1677
1531
1346
1325
1391
1435,2
1698
120
1476,6
100
93,4
91
1200
Vegetable Seeds acquisition
1500
1606
29.3
86,9
84,1
80,6
1000
80
76,9
72,9
61.7
77,9
67,5
61,7
800
53
60
59,3
54,1
600
(*) Share of profit of associates.
Acquisitions examples are not exhaustive.
40
400
20
Net income (Groupe share)
Sales
Sales (IFRS 11)
Capital gains from sale of minority stakes
in China
7
INVESTORS PRESENTATION
200
0
0
2008-09
DECEMBER 2021
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
VILMORIN & CIE AT A GLANCE
A BUSINESS ORGANIZATION CLOSE TO THE MARKETS: KEY FOR SUCCESS
VEGETABLE SEEDS
FIELD SEEDS
GARDEN PRODUCTS
VEGETABLE GROWERS
FARMERS
MARKET GARDENERS
3 BUSINESS UNITS
6 BUSINESS UNITS
1 BUSINESS UNIT
Key leading brands:
8
INVESTORS PRESENTATION
Key leading brands:
DECEMBER 2021
Key leading brands:
VILMORIN & CIE AT A GLANCE
A LONG TERM REFERENCE SHAREHOLDER
BREAKDOWN OF THE CAPITAL
ON JUNE 30, 2021
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
Agri-Food
(Ingredients and
Bakery Products)
TOTAL NUMBER OF SHARES:
22,917,292
Sources: Euroclear, Internal.
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE AT A GLANCE
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
STRATEGY
KEY FIGURES
Cooperating for the progress of agriculture everywhere, for
everyone
Serving all types of agriculture, taking into account their
diversity
Helping to meet the food needs in terms of nutrition, health
and consumption patterns
Nearly 1,500 farmer members
1,984 million euros in sales + 680 million euros in sales
from strategic partnerships*
More than 9,000 employees
* Strategic partnerships: AgReliant, AGT, Genective, Seed Co, Soltis, Canterra Seeds, Hengji
Limagrain Seeds, Carthage Génétique and Prime Seed Co. 2020-2021.
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE
GROWTH STRATEGY
11
INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE GROWTH STRATEGY
1/ PROMISING WORLD SEEDS MARKETS
POWERFUL GROWTH FACTORS:
WORLD MARKET
FOR COMMERCIAL SEEDS (2020)
13.7%
Vegetable seeds
(Conventional seeds)
Increase in seeds demand
Growth in the world population (almost 10 bn in 2050)
Improvement in the standards of living
51.7%
Field seeds GM seeds
34.6%
Field seeds –
Conventional seeds
Increase in the use of commercial seeds
MARKET VALUE 2020:
Adoption of genetically modified
(“GM”) seeds worldwide
$41 BN.
Source: AgbioInvestor 2020.
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE GROWTH STRATEGY
1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2018
WORLD MARKET ACREAGE
190.4 million hectares (more than 10% of arable land), -0.7% /2018,
grown by 17 million farmers in 29 countries
190
GMO :
ACREAGE PER COUNTRY
million ha
Others
China
Canada
170
150
130
110
90
India
Argentina
Brazil
USA
70
50
30
10
WORLD MARKET VALUE
-10
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
More than $21 billion in 2020 (i.e. 51.7% of the world market for seeds)
Sources: ISAAA 2020, AgbioInvestor 2020.
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE GROWTH STRATEGY
1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY
WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS
A concentrated competitive environment
Bayer* (DEU)
High barriers to entry:
Width and depth of the genetic resources
R&D investment
(conventional breeding and biotechnologies)
International coverage
Corteva (USA)
Syngenta (CHN)
Vilmorin & Cie (FRA)
KWS (DEU)
BASF (DEU)
DLF* (DNK)
Rijk Zwaan (NLD)
LPHT (CHN)
Sakata (JPN)
0
1000
2000
Field Seeds
3000
4000
Strategic partnerships
5000
6000
7000
8000
9000
Vegetable Seeds
In M€. Sources: company release and internal est. sales for 2021 (Limagrain, DLF, Sakata), and 2020 (other companies).
Limagrain and KWS figures before IFRS11. Strategic partnerships include 50% of AgReliant and Soltis sales for Vilmorin & Cie and AgReliant and
Kenfeng sales for KWS.
*Estimated sales:
- Bayer: field seed sales include soybean, corn and an internal est. of other field seed sales (cotton, rapeseed, wheat, rice & sorghum).
- DLF 2021 seed sales restated excluding potato business (2020 estimation) and forage seed sales to Limagrain Europe. Vegetable seed sales used
here are from 2020 financial report.
Exchange rate: EUR 1 = USD 1.19
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INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE GROWTH STRATEGY
2/ A STRATEGY OF WINNING MARKET SHARES. FOUNDATIONS
3 STRATEGIC FOUNDATIONS
Strong, continuous
investment
in research
Strong
internationalization
of the activities
41%
of sales for
2020-2021
realized outside
Europe
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INVESTORS PRESENTATION
DECEMBER 2021
Capacity to combine
targeted acquisitions
and partnerships
VILMORIN & CIE GROWTH STRATEGY
2/ A STRATEGY OF WINNING MARKET SHARES. PRIORITIES
STRATEGIC PRIORITIES
VEGETABLE SEEDS
Objective: Reinforce
world leadership
FIELD SEEDS
Objective: Be positioned as a player
acknowledged on all continents and with a
broad portfolio of crops
2 GLOBAL STRATEGIC SPECIES :
CORN SEEDS
Objective: Confirm
its position as a
global player
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INVESTORS PRESENTATION
DECEMBER 2021
WHEAT SEEDS
Objective: Ultimately
become the world
reference
VILMORIN & CIE GROWTH STRATEGY
3/ VEGETABLE SEEDS. DIVISION PROFILE
KEY FIGURES 2020-2021
- A very strong competitive position addressing
worldwide vegetable growers and food processors
N°1
worldwide
for vegetable
seeds
- An extremely diversified product line-up with
more than 80 different crops for which around 40
Vilmorin & Cie develops research programs: tomato,
sweet and hot pepper, carrot, etc.
ANALYSIS OF VEGETABLE SEEDS
PER CROP. 2020-2021
(sales of products)
700.6
M€
SALES
15.6
35
COUNTRIES
WITH
LOCATIONS
OPERATING
% MARGIN
Current operating margin: 15.8%
ANALYSIS OF VEGETABLE SEEDS
PER GEOGRAPHICAL AREA. 2020-2021
(sales of products)
Tomato (1)
Africa/Middle East
Others
Europa
Sweet and hot
pepper (2)
Carrot (1)
Bean (1)
Squash (2)
(1),(2): worldwide competitive positions
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INVESTORS PRESENTATION
DECEMBER 2021
Asia/Oceania
Onion
Melon (1)
Americas
VILMORIN & CIE GROWTH STRATEGY
3/ VEGETABLE SEEDS. STRATEGY
Strengthen world leadership
Maintain organic growth higher than that of the market thanks to the virtuous circle of innovation
combined with close proximity to its markets, while permanently optimizing the efficiency of the
Vegetable Seeds activity.
Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops
and/or certain geographical zones
Attain global presence and become a leader in all major markets, with a strong ambition in Asia, and
in all strategic crops.
Examples of acquisitions:
CENTURY SEEDS
October 2012
10 local crops
India
Sales: 4 M€
18
INVESTORS PRESENTATION
TROPDICORP
GENICA RESEARCH
ADVANSEED
March 2015
February 2016
July 2018
Bitter gourd, pumpkin,
wax gourd
Vietnam
Sales: 6 M$
DECEMBER 2021
Sweet and hot peppers,
cucumber, summer squash
United States
Sales: more than 25 M$
Spinach and leafy
vegetables
Denmark
Sales: 3 M€
VILMORIN & CIE GROWTH STRATEGY
4/ FIELD SEEDS. DIVISION PROFILE
- Oneofofthe
thetop
topplayers
playersin
in strategic
strategic crops
- One
crops targeting
targeting
farmers
farmers with a multi-crop strategy
N°6
4 strategic crops:
corn,
wheat,
sunflower
and
- 2- worldwide
strategic
crops:
corn
and wheat
worldwide
for field seeds
KEY FIGURES 2020-2021*
716,1
M€
SALES
rapeseed - 2 of which are global: corn and wheat
- And regional strategic crops: sunflower, rapeseed
- And
a fullinrange
adapted
to India,
the needs
farmers in
and
barley
Europe,
rice in
and of
soybean,
eachVilmorin
region where
operates: barley,
soybean,
millet,
which
& Cieit distributes
in North
and South
rice, and
pulses.
America
and
in South Africa
ANALYSIS OF FIELD SEEDS*
PER CROP. 2020-2021
Other field seeds
(sales of products)
5%
36
COUNTRIES
WITH
LOCATIONS
4.1%
OPERATING
MARGIN
Current operating margin: 4.4%
ANALYSIS OF FIELD SEEDS*
PER GEOGRAPHICAL AREA. 2020-2021
(sales of products)
6% Feed grains
Africa/Middle East 5%
3% Asia/Oceania
10% Rapeseed
Americas 14%
58%
Cereals (corn,
wheat, barley)
21% Sunflower
* Taking into account the impact of the standard IFRS 11, i.e. excluding AgReliant (North America. Field Seeds).
19
INVESTORS PRESENTATION
DECEMBER 2021
Europe
78%
VILMORIN & CIE GROWTH STRATEGY
4/ FIELD SEEDS. STRATEGY
Developing a multi-species offer based on four strategic species: corn, wheat, sunflower
and rapeseed (two of which are global: corn and wheat) and a portfolio of crops
adapted to each region.
Rely on several complementary pillars :
a presence on every continent,
a strong brand : LG,
an efficient research,
an ability to develop strong international partnerships.
20
INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE GROWTH STRATEGY
4/ CORN SEEDS. STRATEGY
CORN SEEDS: CONFIRM ITS POSITION AS A GLOBAL PLAYER
on the largest world seed market in terms of value (more than $18 bn in 2020*)
Reinforce leading positions in Europe and North America
Develop activities in South America, Asia and Africa
Recent operations:
SEED CO
Hengji Limagrain Seeds
SURSEM and GENEZE
Minority stake. 2014
JV. September 2015
December 2018
#1 African seeds company
Sales: 132 M$ in 2020-2021
6 factories & 9 research stations
in south east Africa
Corn
China
Production and
distribution
Corn
Argentina and Brazil
Sales: more than 40 M$ in
2017
Develop a proprietary portfolio of GM seeds
Technological strategic partnership between
Vilmorin & Cie and KWS
*Source: AgbioInvestor 2020.
21
INVESTORS PRESENTATION
DECEMBER 2021
GM corn traits licensing agreements with
Syngenta (October 2015)
VILMORIN & CIE GROWTH STRATEGY
4/ WHEAT SEEDS. STRATEGY
WHEAT SEEDS: ULTIMATELY BECOME THE WORLD REFERENCE
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 (more than 220
million hectares in 2020*)
AUSTRALIA
(Australian Grain Technologies)
NORTH AMERICA
Develop more efficient seeds and contribute
to converting the market to high value seeds
Develop solid positions in North America
*Source: USDA.
22
INVESTORS PRESENTATION
DECEMBER 2021
United States
Canada
VILMORIN & CIE GROWTH STRATEGY
5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH
Maintain regular investment in research (breeding
and biotechnologies) and broaden the partnerships
1 576
1 523
1 494
1 482
1 561
1 567
2020-2021
16.4% OF SEED SALES
INVESTED IN RESEARCH
11%
INVESTED IN BIOTECHNOLOGIES
MORE THAN
€310 MILLION
2015-2016
2016-2017
2017-2018
2018-2019
Sales of seeds
Investment in research
Investment in research/Sales of seeds (incl. 50% AgReliant)
INVESTORS PRESENTATION
2020-2021
RESEARCH INVESTMENTS
INTEGRATING PARTNERSHIPS*
*of which €257 million research investments without integrating partnerships
AgReliant sales of seeds (50%)
23
2019-2020
DECEMBER 2021
CSR PROGRAM
24
INVESTORS PRESENTATION
DECEMBER 2021
CSR PROGRAM
VILMORIN & CIE’S BUSINESS MODEL
25
INVESTORS PRESENTATION
DECEMBER 2021
CSR PROGRAM
A CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNA
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:
1 Contribute to lasting progress in
2 Act responsibly
3
Encourage cooperation
agriculture through seed
A program truly anchored in Vilmorin & Cie’s DNA,
with the challenges that Vilmorin & Cie was already meeting in its daily actions
26
INVESTORS PRESENTATION
DECEMBER 2021
CSR PROGRAM
A CSR PROGRAM ANCHORED IN VILMORIN & CIE’s DNA
Particularly through:
Contribute to lasting progress
in agriculture through seed
Innovative and responsible solutions originating in plant genetics,
for all forms of agriculture
E.g. Rapeseed varieties LG Aviron and LG Ambassador
Access to quality seeds for all farmers
E.g. Adaptation of the marketing and commercial offer
according to customer typology
Protection and enrichment of plant biodiversity
Vilmorin & Cie invests in the conservation of plant
biodiversity worldwide by contributing to the activities of
gene banks
Act responsibly
Encourage the professional fulfilment of employees
Act according to the ethical principles and to the Code of Conduct
Nearly 6,000 varieties
marketed worldwide and
research work covering
55 plant species
324 new varieties
launched in 2020-2021
Among objectives with
regard to the environment:
recover 85% of waste by
2022
Limit the environmental impact of activities
Particularly through:
Encourage cooperation
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
27
INVESTORS PRESENTATION
DECEMBER 2021
169 measures
devoted to societal actions
in 2020-2021 such as
support for the creation of
gardens in schools
SALES FOR THE 1ST QUARTER 2021-2022
(ON SEPTEMBER 30, 2021)
28
INVESTORS PRESENTATION
DECEMBER 2021
SALES FOR THE 1ST QUARTER 2021-2022
KEY POINTS
High sales growth for the 1st quarter: 258.4 M€ (+10.3%*)
Vegetable Seeds: 101.4 M€ (-3.2%*) ➔ contrasting trends depending on geographical
regions and crops;
Field Seeds: 148.2 M€ (+23%*) ➔ a significant increase for the start of the fiscal year, driven
by a very good rapeseed campaign in Europe and a strong momentum of business in South
America.
A globally unrepresentative basis for the fiscal year:
the 1st quarter represents, on average, 15% of total sales for the fiscal year.
The objectives for fiscal year 2021-2022 are confirmed.
* With current data
29
INVESTORS PRESENTATION
DECEMBER 2021
SALES FOR THE 1ST QUARTER 2021-2022
REFERENCES
Accounting reference
IFRS on September 30, 2021
Consolidation scope
No variation
Average rates of the main currencies on September 30, 2021 (and September 30, 2020)
$
¥
£
TRY
ILS
BRL
INR
MXN
UAH
RUB
30
INVESTORS PRESENTATION
DECEMBER 2021
2020
1.17
124.09
0.90
8.47
4.00
6.29
86.95
25.83
32.33
86.32
2021
1.18
129.76
0.86
10.07
3.81
6.16
87.33
23.60
31.69
86.59
SALES FOR THE 1ST QUARTER 2021-2022
CONSOLIDATED SALES*
In M€
SALES* FOR THE 1ST QUARTER 2021-2022
PER DIVISION
+10.3%
+9.7%
Garden Products
& Holdings
4%
Field Seeds
57%
* Revenue from ordinary activities
31
INVESTORS PRESENTATION
DECEMBER 2021
Vegetable Seeds
39%
SALES FOR THE 1ST QUARTER 2021-2022
SALES* OF VEGETABLE SEEDS
Contrasting trends depending on regions and crops ➔ while good progress
was noted in Europe and throughout the Americas, the ending of the
seedling activity in Japan had an impact on sales for the first quarter.
In M€
•
-3.2%
-3.8%
•
•
•
•
INVESTORS PRESENTATION
Beyond these geographical disparities, sales increased for several
strategic crops, foremost of which were tomato, carrot and cauliflower.
This contrasted fiscal year
does not question the objective for 2021-2022,
i.e. an increase in sales of ≥ 3%
on a like-for-like basis
* Revenue from ordinary activities
32
A very good start to the fiscal year in Western Europe (particularly in
Spain), even though Italy is experiencing more difficulties.
Although faced with unfavorable weather conditions (heat and drought),
North and South America signed off fine performances, mainly in Mexico
and South America.
Except for the Turkish market, the Middle East and the Maghreb were
affected by the geopolitical context and currency difficulties.
In Asia, good volumes of sales in Vietnam and India were unable to
offset the ending of the seedling activity in Japan.
DECEMBER 2021
SALES FOR THE 1ST QUARTER 2021-2022
SALES* OF FIELD SEEDS
In M€
+23.0%
+22.2%
Europe
• Rapeseed: another excellent season, in a context of rising prices and
cultivated acreage, with more favorable sowing conditions than last
year ➔ an extremely efficient product portfolio, leading to new market
shares,
• Straw cereals: declining sales volumes.
South America
• Growth in sales driven by Brazil, for both corn and soybean, while in
Argentina, sunflower sales have offset a weaker performance in corn,
• Focus on Brazil:
✓ corn: the Safra campaign progressed considerably, both in terms
of volumes and value, in a context of rising commodity prices,
✓ soybean: also a very good campaign, both in volumes and value.
* Revenue from ordinary activities, after application of IFRS 11
(i.e. excluding AgReliant)
33
INVESTORS PRESENTATION
DECEMBER 2021
Confirmation of the objective for 2021-2022,
i.e. an increase in sales of ≥ 6 %
on a like-for-like basis
SALES FOR THE 1ST QUARTER 2021-2022
CONSOLIDATED SALES* PER GEOGRAPHICAL ZONE
Africa/
Middle East
8%
Asia/Oceania
7%
60 %
Americas
28%
10 %
Europe
145 M€. +11.0%**
Americas
73 M€. +17.2%**
Africa/Middle East
21 M€. +9.6% **
Asia/Oceania
17 M€. -18.6%**
* Sales of products
** On a like-for-like basis compared with 2020-2021
34
INVESTORS PRESENTATION
DECEMBER 2021
57%
Europe
SALES FOR THE 1ST QUARTER 2021-2022
CONSOLIDATED SALES* PER QUARTER
SALES*
PER QUARTER
(In M€)
580
Vegetable Seeds
Field Seeds Europe
Field Seeds other zones
Garden Products and Holdings
212
101
148
100
88
105
85
35
9
48
9
46
9
T1 20-21
T1 21-22
T2 20-21
* Revenue from ordinary activities
35
INVESTORS PRESENTATION
DECEMBER 2021
T2 21-22
305
33
30
T3 20-21
T3 21-22
235
110
14
12
T4 20-21
Disclosure on August 1st, 2022
234
Disclosure on May 5, 2022
291
258
Disclosure on March 1st, 2022
371
T4 21-22
OBJECTIVES FOR 2021-2022
AND MID-TERM OUTLOOK
36
INVESTORS PRESENTATION
DECEMBER 2021
OBJECTIVES FOR 2021-2022
SEEDS MARKET: A FAVORABLE OUTLOOK
A market driven, in the short term, by the evolution of agricultural commodity prices
€/t
$/t
350
300
Price of wheat.
Rouen: 246 €/t
Chicago: 252 $/t
250
September 2021
$/t
€/t
350
300
300
Price of corn.
Bordeaux: 216 €/t
Chicago: 198 $/t
300
250
250
250
September 2021
200
200
Rendu Rouen (€/t)
Chicago ($/t)
600
Rendu Bordeaux (€/t)
€/t
Chicago ($/t)
Price of rapeseed.
Rouen: 592 €/t
550
500
September 2021
450
Price Rouen (€/t)
400
350
300
37
INVESTORS PRESENTATION
DECEMBER 2021
15/09/21
15/07/21
15/05/21
15/03/21
15/01/21
15/11/20
15/09/20
15/07/20
15/05/20
15/03/20
15/01/20
15/11/19
15/09/19
15/07/19
15/05/19
15/03/19
15/01/19
250
Sources: Stratégie Grains, internal – September 2021.
15/09/21
15/07/21
15/05/21
15/03/21
15/01/21
15/11/20
15/09/20
15/07/20
15/05/20
15/03/20
15/01/20
15/11/19
15/09/19
15/07/19
15/05/19
15/03/19
15/01/19
15/09/21
15/07/21
15/05/21
15/03/21
15/01/21
15/11/20
15/09/20
15/07/20
100
15/05/20
100
15/03/20
100
15/01/20
100
15/11/19
150
15/09/19
150
15/07/19
150
15/05/19
150
15/03/19
200
15/01/19
200
OBJECTIVES FOR 2021-2022
CONFIRMATION OF THE OBJECTIVES FOR 2021-2022
Vegetable Seeds
Pursue robust business growth
▪ By continuing to rely on the virtuous circle of innovation and
proximity to markets
▪ While permanently optimizing the efficiency of the Vegetable Seeds
activity
Objective for 2021-2022
Sales for Vegetable Seeds
growth of ≥ 3%
on a like-for-like basis
Field Seeds
Significantly develop activities in all the regions where we
operate from
▪By pursuing consolidation of European positions, both in Western and
Eastern Europe, where development prospects remain highly
promising
▪And by confirming the excellent, dynamic growth posted in the
development areas, particularly in South America, in 2020-2021
38
INVESTORS PRESENTATION
DECEMBER 2021
Objective for 2021-2022
Sales for Field Seeds
growth of ≥ 6%
on a like-for-like basis
OBJECTIVES FOR 2021-2022
CONFIRMATION OF THE OBJECTIVES FOR 2021-2022
Consolidated sales
with growth of at least 4%
on a like-for-like basis
Current operating margin rate
of at least 8.5%,
including research investment
comparable to that of 2020-2021
Contribution from associated companies*
of almost 30 million euros.
* Mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds)
and AGT (Australia. Field Seeds).
Objectives for 2021-2022 which should allow Vilmorin & Cie
to pursue its fine business growth impetus
while continuing to deliver solid financial performances
39
INVESTORS PRESENTATION
DECEMBER 2021
MID-TERM OUTLOOK
CONFIRMATION OF THE MID-TERM PROSPECTS
Vilmorin & Cie, as a seed producer, offers sustainable solutions
to rise to the challenges of the agricultural transition and climate changes
Confirmation of the capacity of Vilmorin & Cie,
the 4th largest seed company in the world and leading non agro-chemical company worldwide,
to offer sustainable prospects for resilient development
Vegetable Seeds
Field Seeds
Reinforce world leadership
Be positioned as a player acknowledged on all
continents and with a broad portfolio of crops
Consolidate positions on the more mature markets
Strongly develop presence in Asia, ultimately reaching 20% of
activity on this continent (vs 11% in 2020-2021)
Build up the foundations for business organization in Africa,
beyond current positions in North Africa, to bring out the
continent’s potential
40
INVESTORS PRESENTATION
DECEMBER 2021
Consolidate and develop alliances and partnerships to gain
access to technologies and pursue varietal innovation as
efficiently as possible
Develop corn activities in high-potential regions,
as a priority in South America and Africa, eventually
reaching between 5 and 10% of market share
MID-TERM OUTLOOK
CONFIRMATION OF THE MID-TERM PROSPECTS
Vegetable Seeds
Focus on the organization in Asia
Reinforce world leadership
The strongest presence in this zone for a vegetable seed
company, with direct presence in 6 countries: China, South
Korea, Japan, Vietnam, Thailand and India
▪ In India:
- a solid base, as much in terms of breeding, production and
distribution,
- in a country which represents high growth potential
▪ In China:
- organization which was recently reinforced through the creation of
the joint venture Hazera Qiming,
- on the largest vegetable seeds market in the world in terms of
value.
Specific resources devoted to this continent,
intended to increase research investment
and extend market coverage
41
INVESTORS PRESENTATION
DECEMBER 2021
MID-TERM OUTLOOK
CONFIRMATION OF THE MID-TERM PROSPECTS
Field Seeds
Focus on the organization in Africa
Be positioned as a player
acknowledged on all continents
and with a broad portfolio of crops
A strategic alliance with Seed Co, No. 1 African seed
company, and a solid base in all the key zones:
▪ In East Africa: a partnership with Seed Co since 2013-2014, which
has significantly intensified.
▪ In West Africa and Central Africa: a 50/50 joint venture with
Seed Co, specifically to develop this market.
▪ In South Africa: a joint venture set up in 2020, controlled by
Vilmorin & Cie, and combining all its field seeds activities in the
country with those of Seed Co and Klein Karoo Seed Marketing.
 A leading player in South Africa, the largest African market in
value
The will to accelerate development in Africa,
by proposing solutions suited to the specific nature
of the different countries and to the broad diversity
of the continent’s agricultural models
42
INVESTORS PRESENTATION
DECEMBER 2021
NEWS
43
INVESTORS PRESENTATION
DECEMBER 2021
NEWS
GOVERNANCE
Vilmorin & Cie’s Board of Directors
Appointment of Sébastien BRIFFOND as Member of the Board
by the Annual General Meeting held on December 10, 2021
▪ Sébastien BRIFFOND, a farmer, has been a Member of the Board of
Limagrain since 2015 and was appointed Vice Chairman in 2020.
▪ He exercises several mandates within Group’s different divisions.
▪ In particular, he is Chairman of Vilmorin & Cie Garden Products division.
44
INVESTORS PRESENTATION
DECEMBER 2021
NEWS
APPOINTMENT
Vilmorin & Cie management
Appointment of Franck BERGER as CEO of Vilmorin & Cie, with the upcoming
retirement of Daniel JACQUEMOND, CEO of Vilmorin & Cie since the end of 2017.
▪ Franck BERGER had been CEO of Vilmorin & Cie Vegetable Seeds division
since 2016.
▪ He is a graduate of AgroParis Tech (France), with more than 30 years
experience in Group’s main business activities. In particular, he has held several
Management positions in the Vegetables Seeds division in France, in the United
States and in Japan.
▪ He is Vice Chairman of the UFS, the French seed association for seed
companies, and represents France on the Board of the ISF (International Seed
Federation).
45
INVESTORS PRESENTATION
DECEMBER 2021
NEWS
APPOINTMENT
Vilmorin & Cie Executive Committee
Appointment of Rémi BASTIEN as CEO of Vilmorin & Cie Vegetable Seeds division.
He will take up this position at the beginning of 2022, joining the Executive
Committee.
▪ Rémi BASTIEN has been CEO of the Business Unit HM.CLAUSE Vegetable
Seeds since 2017.
▪ Graduate of AgroParis Tech (France), he has almost 20 years experience in the
seeds sector, and has worked in France, Switzerland and Hungary. He joined
Vilmorin & Cie in 2013, and the same year he was appointed CEO of the
Business Unit Limagrain Europe (Field Seeds).
46
INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE
ON THE STOCK EXCHANGE
47
INVESTORS PRESENTATION
DECEMBER 2021
VILMORIN & CIE ON THE STOCK EXCHANGE
EVOLUTION OF THE SHARE PRICE (over 1 year)
From: 2020-12-07 to: 2021-12-07
Disclosure of sales for
the 3rd quarter 20-21
Disclosure of
annual results 20-21
Disclosure of sales and results
for the 1st semester 20-21
€55.70
SHARE PRICE
ON DECEMBER 7, 2021
€1.3BN.
Vilmorin & Cie
MARKET CAPITALIZATION
ON DECEMBER 7, 2021
Sources: Euronext.com, internal.
Disclosure of
annual sales 20-21
Disclosure of sales
for the 1st quarter 21-22
CAC 40
Vilmorin & Cie
48
+431.17% 20 years
INVESTORS PRESENTATION
DECEMBER 2021
+18.41% 5 years
+14.80% 1 year
VILMORIN & CIE ON THE STOCK EXCHANGE
DIVIDENDS
Evolution of the earnings per share, group share, and dividend per action(1)
(in euros)
Free share allotment*
1 for 10
4.03
3.79
3.24
3.23
2.89
2.59
Earnings (group share)
per share
Dividend
(1) Data adjusted for free allotment of
shares.
Pay-out rate
49
38.6%
INVESTORS PRESENTATION
38.4%
DECEMBER 2021
38.0%
41.9%
34.6%
39.7%
SCHEDULE AND
CONTACTS
50
INVESTORS PRESENTATION
DECEMBER 2021
SCHEDULE
TUESDAY MARCH 1ST, 2022(1)
Disclosure of sales and results for the first
semester 2021-2022
WEDNESDAY OCTOBER 12, 2022(1)
Disclosure of results for fiscal year 2021-2022
FRIDAY DECEMBER 9, 2022
THURSDAY MAY 5, 2022(1)
Annual General Meeting of Shareholders
Disclosure of sales at the end of the
3rd quarter 2021-2022
MONDAY AUGUST 1ST, 2022(1)
Disclosure of sales for fiscal year 2021-2022
(1) Disclosure after trading on the Paris stock market.
Dates provided as an indication only, and liable to be changed.
51
INVESTORS PRESENTATION
DECEMBER 2021
CONTACTS
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
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
You can consult all our financial information on the website:
www.vilmorincie.com
52
INVESTORS PRESENTATION
DECEMBER 2021
GLOSSARY
53
INVESTORS PRESENTATION
DECEMBER 2021
GLOASSARY
Sales as reported in this presentation correspond to the revenue from ordinary activities.
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.
Financial indebtedness:
Financial indebtedness corresponds to the financial debts less cash and cash equivalents.
54
INVESTORS PRESENTATION
DECEMBER 2021
GLOSSARY
Like-for-like data:
Like-for-like data is data that is restated for constant scope and currency translation. Therefore, financial data
for 2019-2020 is restated with the average rate for fiscal year 2020-2021, and any other changes to the
scope, in order to be comparable with data for fiscal year 2020-2021.
Variations in the consolidated scope come from the disposal of activities run by the Garden Products division
in Turkey, finalized at the end of fiscal year 2019-2020.
Research investment:
Research investment refers to gross research expenditure before recording as fixed assets any research
costs and research tax relief
55
INVESTORS PRESENTATION
DECEMBER 2021
APPENDICES
56
INVESTORS PRESENTATION
DECEMBER 2021
APPENDICES
RESULTS FOR FISCAL YEAR 2020-2021 (ON JUNE 30, 2021)
57
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
REFERENCES
$
¥
£
TRY
ILS
BRL
INR
ARS
MXN
UAH
RUB
58
INVESTORS PRESENTATION
average
June 2020
June 2021
1.19
1.11
127.08
119.51
0.89
0.88
9.22
6.76
3.96
3.88
6.43
4.95
87.97
80.13
100.34
66.06
24.74
22.66
33.25
28.05
89.11
73.94
DECEMBER 2021
close
June 2020
June 2021
1.19
1.12
131.43
120.66
0.86
0.91
10.32
7.68
3.88
3.88
5.91
6.11
88.32
84.62
113.52
79.13
23.58
25.95
32.35
29.98
86.77
79.63
RESULTS FOR FISCAL YEAR 2020-2021
PERFORMANCES IN 2020-2021. VEGETABLE SEEDS
In M€
Sales
Operating income
Operating margin
Current operating margin
EBITDA
2019-2020
2020-2021
705.5
102.8
14.6%
14.6%
220.6
700.6
109.1
15.6%
15.8%
228.0
Variation
vs 2019-2020
+4.1%(1)
+6.3 M€
+1.0 pt
+1.2 pt
+7.4 M€
(1) On a like-for-like basis
Solid growth for the fiscal year, confirming the position of No. 1 worldwide:
Fine business growth for the three Business Units in all geographical areas, except the Middle East.
High-quality commercial performances for several strategic crops (tomato, carrot, pepper, watermelon, onion,
lettuce) and local crops, for which Vilmorin & Cie has managed to develop leading world positions (fennel and
witloof chicory, for example).
Marked increase in the current operating margin rate, up to 15.8%, as a result of:
A favorable product mix and a positive pricing effect on several crops and geographical areas, leading to an
improvement in the commercial margin.
Savings due to a drop in expenses (traveling, sales events, etc.) because of the health crisis.
59
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
PERFORMANCES IN 2020-2021. FIELD SEEDS
In M€
Sales
Operating income
Operating margin
Current operating margin
EBITDA
2019-2020
2020-2021
677.0
19.5
2.9%
3.2%
126.7
716.1
29.6
4.1%
4.4%
138.3
Variation
vs 2019-2020
+11.5%(1)
+10.1 M€
+1.2 pt
+1.2 pt
+11.6 M€
(1) On a like-for-like basis
Remarkable performance recorded for the fiscal year

In Europe, significant increase in activity (corn, sunflower, rapeseed), leading to market share gains in most strategic crops, and in particular,
reaching No. 1 in Europe for rapeseed.
In development areas, extremely marked business growth, particularly in South America (Brazil), with an excellent performance.
Vilmorin & Cie reinforced its commercial positions in most geographical areas, in a context marked by an increase in the prices of agricultural
production.
Continuing increase in commercial margin, which rose by more than 6 M€:
Thanks to the significant progress made in South America and good control over customer risks.
And despite the higher cost of corn seed produced in Europe and the unfavorable effect of currency exchange rates, especially the ruble.
Drop in net operating charges in spite of the significant increase in business, particularly thanks to controlled overheads and the
impact of restrictions linked to the health crisis (traveling, sales events, etc.).
Critical mass reached in South America, which contained its costs and achieved strong growth in operating income.
As a result, an appreciable increase (+1.2 points) in the current operating margin.
60
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
PERFORMANCES IN 2020-2021. INCOME FROM ASSOCIATED COMPANIES
Income from associated companies: 26.3 M€ (+8.4 M€ with current data)
AgReliant (Field Seeds. North America)
Contribution of 12 M€ (a rise of 4 M€ on a constant currency basis) corresponding to total sales of 527.7 M$
and a total net income of 28.7 M$.
A contribution that rose significantly in 2020-2021, in spite of slightly lower sales.
In accordance with AgReliant’s strategic objectives, the gradual integration of new corn trait technologies.
 An improvement in the operating performance, which relies particularly on a diversification of the product
portfolio on offer to North American farmers.
Seed Co (Field Seeds. Africa)
Contribution of 5.2 M€ (an increase of 4.1 M€ on a constant currency basis).
A high-quality fiscal year for 2020-2021, marked by:
dynamic international development (outside Zimbabwe),
and a good year in Zimbabwe, where business growth, both in volume and value, compensated for the impact of
currency translation.
Intensification of collaboration in field seeds, particularly through the creation, in July 2020, of the joint venture
Limagrain Zaad South Africa.
61
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
PERFORMANCES IN 2020-2021. OTHER ASPECTS ANALYZED
Financial result up by 6.4 M€, to -46.9 M€
Reduction in funding costs of 8.6 M€, particularly as a result of the refinancing operations achieved over fiscal
year 2020-2021.
Net currency exchange loss of 17.2 M€ (compared to a loss of 20.2 M€ on June 30, 2020)
- In the context of the health crisis, continuing drop in the exchange rate for certain currencies significantly
affecting the group’s position (US dollar, Turkish lira, ruble, Argentine peso and Brazilian real in particular),
leading to currency exchange losses on transactions settled on June 30, 2021.
- Negative translation differences on balance sheet positions remain significant, although they were mitigated
by a relative recovery of certain currencies at the end of the year.
Global income tax charge up by 6.5 M€, to -13.4 M€
Return to a level of tax expenses that is more consistent with Vilmorin & Cie's activity and good results, after a
year 2019-2020 marked by a low point, in line with the evolution of economic activity and the implementation of
tax incentives in certain countries to deal with the health crisis (particularly in the United States).
62
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
EVOLUTION OF THE BALANCE SHEET STRUCTURE
Net financial debt down (-66 M€),
particularly as a result of:
the fine operating performance of all businesses, which
are reducing their debt, with in particular an
improvement in working capital requirements and a
significant reduction in inventories,
a favorable impact of exchange rates of more than
- 10M€.
63
INVESTORS PRESENTATION
DECEMBER 2021
KEY DATA
ON JUNE 30, 2021
•
Equity: 1,329 M€
•
Net financial debt: 867 M€ incl.
cash and bank 281 M€
•
Gearing: 65%
•
Leverage: 2.4
RESULTS FOR FISCAL YEAR 2020-2021
PERFORMANCES 2020-2021 – SUMMARY
+25.9 M€
In M€
+
+
+
+
64
INVESTORS PRESENTATION
DECEMBER 2021
APPENDICES
KEY FINANCIAL DATA FOR FISCAL YEAR 2020-2021
65
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
INCOME STATEMENT
Variation
2020-2021
/
2019-2020
+8.0%*
In M€
2019-2020
2020-2021
Sales
1 435.2
1 476.6
Sales margin
714.2
728.0
+13.8 M€
Sales margin rate
49.8%
49.3%
-0.5 pt
Operating income
109.8
127.4
+17.6 M€
Operating margin rate
7.7%
8.6%
+0.9 pt
Current operating margin rate
7.8%
8.9%
+1.1 pt
Income from associated companies
17.9
26.3
+8.4 M€
Financial income
-53.3
-46.9
+6.4 M€
Income taxes
Net income
-6.9
-13.4
-6.5 M€
67.5
93.4
+25.9 M€
Net income group share
66.2
92.3
+26.1 M€
* On a like-for-like basis
66
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
KEY FIGURES FOR EACH ACTIVITY’S CONTRIBUTION TO CONSOLIDATED SALES
Sales*
In M€
Operating income
Net income
2019-2020
2020-2021
2019-2020
2020-2021
2019-2020
2020-2021
Vegetable Seeds
705.5
700.6
102.8
109.1
69.0
76.0
Field Seeds
Garden Products and
Holdings
677.0
716.1
19.5
29.6
26.1
38.7
52.7
60.0
-12.5
-11.3
-27.6
-21.3
1 435.2
1 476.6
109.8
127.4
67.5
93.4
Consolidated
* Revenue from ordinary activities
67
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
FREE CASH FLOW
In M€
2019-2020
912
2020-2021
934
EBITDA
348
367
Variation of working capital needs
-29
50
Other operating items
-27
-60
Net industrial investments
-60
-60
-182
-181
Operating cash flow
50
116
Net financial investments
-3
-19
Capital and other equity contributions
0
8
Dividends
-26
-18
Net financial charges
-36
-28
Free cash-flow
-16
58
Other restatements (IFRS/Currency, etc.)
-7
8
Net indebtedness at the end of the FY
934
867
Net indebtedness at the beginning of the FY
Activated development costs
68
INVESTORS PRESENTATION
DECEMBER 2021
RESULTS FOR FISCAL YEAR 2020-2021
BALANCE SHEET STRUCTURE
In M€
Gearing 65%
Leverage 2.4
934
Total balance sheet
of which cash
69
INVESTORS PRESENTATION
DECEMBER 2021
2 326
2 319
281
235
APPENDICES
VILMORIN & CIE ORGANIZATION CHART
70
INVESTORS PRESENTATION
DECEMBER 2021
ORGANIZATION CHART
FIELD SEEDS
VEGETABLE SEEDS
Limagrain Europe
HM.CLAUSE
AgReliant (corn, soybean)
Limagrain Asia-Pacific
Hazera
Limagrain Cereal Seeds (wheat)
Limagrain South America
Vilmorin-Mikado
Limagrain Africa
71
INVESTORS PRESENTATION
DECEMBER 2021
THANK YOU
VILMORIN & CIE
Head Office: 4 Quai de la Mégisserie - 75001 PARIS
Postal address: CS 20001 Saint-Beauzire - 63360 GERZAT
Phone: + 33 (0)4 73 63 44 85
www.vilmorincie.com
72
INVESTORS PRESENTATION
DECEMBER 2021