2022 COMBINED GENERAL MEETING
- Approval of the financial statements for the 2021-2022 financial year, showing total net income of 95.4 million euros
- Net dividend of €1.60 per share, constant in nominal value compared to the previous financial year
- Confirmation of 2022-2023 objectives
The Annual Combined General Meeting of Shareholders of Vilmorin & Cie met on Friday December 9, 2022 in Cournon-d’Auvergne (63), under the chairmanship of Sébastien VIDAL, Chairman and Chief Executive Officer.
Shareholders thus had the opportunity to express their views on the resolutions submitted for their approval and to discuss the Company’s strategy and outlook.
Approval of resolutions
All of the resolutions submitted to the vote of the Shareholders were approved, with the exception of the twentieth resolution, which proposed a delegation of authority to the Board of Directors with a view to carrying out a capital increase reserved for employees. The Board of Directors had not made any voting recommendation concerning this resolution, as employees also have other methods of profit-sharing.
Approval of accounts for the year 2021-2022
The Combined General Meeting of Shareholders approved the accounts for the 2021-2022 financial year. These show sales of 1,587.2 million euros, up 6.2% like-for-like. Despite a difficult situation on the vegetable seeds market throughout the year and the emergence of the Russian-Ukrainian conflict during the second half, Vilmorin & Cie posted solid commercial and financial performances. Operating profit amounted to €136.3 million and total net profit, up €2.0 million compared to 2020-2021, amounted to €95.4 million. This is the highest net result since 2012-2013.
Un dividend of 1.60 euro per share, confirmant the distribution policy of rIt isresults
The Combined General Meeting of Shareholders set the amount of the dividend at €1.60 per share, which corresponds to a payout rate of 39.8%, stable compared to 2020-2021. Constant in nominal value compared to the previous financial year, the dividend shows Vilmorin & Cie’s desire to pursue its policy in terms of the distribution of results, despite a highly disturbed general context.
The ex-dividend will take place on December 13, 2022 and its payment will be effective on December 15, 2022.
Ratification of the provisional appointment of Éric GRELICHE, as Administrator
The Combined General Meeting of Shareholders ratified the provisional appointment, as Director, of Éric GRELICHE, for the remainder of his predecessor’s term of office, i.e. until the end of the General Meeting called to approve the financial statements for the year ended June 30, 2023.
Director of Groupe Limagrain since 2005, Éric GRELICHE has held several positions in different branches of the Group. Currently, he is Vice-Chairman of Groupe Limagrain and Chairman of the Field Seeds branch.
Ratification of Provisional Appointment by Pierre-Antoine RIGAUD, as Administrator
The Combined General Meeting of Shareholders ratified the provisional appointment, as Director, of Pierre-Antoine RIGAUD, for the remainder of his predecessor’s term of office, i.e. until the end of the General Meeting called to approve the financial statements for the year ended June 30, 2024.
Director of Groupe Limagrain since 2016, Pierre-Antoine RIGAUD has held several offices in different branches of the Group. Currently, he is Vice-Chairman of Groupe Limagrain and Chairman of the Vegetable Seeds branch.
Renewal of the term of office as Independent Director of Marie-Yvonne CHARLEMAGNE
The Combined General Meeting of Shareholders renewed the term of office as Independent Director of Marie-Yvonne CHARLEMAGNE, for a period of three years expiring at the end of the General Meeting called to approve the financial statements for the year ended. June 30, 2025.
Confirmation of 2022-2023 objectives
Despite market conditions that should remain uncertain and fluctuating, Vilmorin & Cie confirmed, during the Combined General Meeting of Shareholders, its objectives for the 2022-2023 financial year:
- an increase in consolidated turnover of between 6% and 8%1excluding the positive impact of the EGalim law (which will however be neutral on the level of operating income)2;
- a current operating margin rate of at least 8%, which will take into account a research effort of a similar level (as a percentage of turnover) to that of the two previous years and distributed in a balanced manner between Vegetable Seeds and Field Crop Seeds;
- a contribution from associates – mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds), AGT (Australia. Field Seeds) and Hengji Limagrain (China. Field Seeds) – at least equal to that of the 2021-2022 fiscal year.
It is recalled that at the end of the first quarter of the 2022-2023 financial year, Vilmorin & Cie recorded sales of €331.9 million, up 23.7% like-for-like3.
Find the presentation and the detailed results of the votes of the Combined General Meeting of Shareholders on the website www.vilmorincie.com
| Upcoming meetings | For further information | |
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Tuesday, December 13, 2022 Thursday, December 15, 2022 Tuesday, February 28, 2023 Wednesday, May 3, 2023 Monday July 31, 2023 Wednesday, October 11, 2023 Friday, December 8, 2023 *Publication following market close. Dates provided for information only and subject to change. |
Anthony CARVALHO Edouard ROCHE Such. : + 33 (0)4 73 63 40 08 www.vilmorincie.com |
Annexe
Glossary
Comparable data
Comparable data is data reconstituted at constant scope and exchange rates. Thus, the financial data for the previous year are applied at the average rate for the current year, as well as any changes in scope, to be comparable with the data for the current year.
Research effort
The research effort corresponds to the gross research expenditure before capitalization of research costs and research tax credit.
Current operating margin
The current operating margin is defined as the accounting operating margin, restated for impairments and restructuring costs.
1 On a comparable basis.
2 The law of October 30, 2018 for the balance of commercial relations in the agricultural and food sector and healthy, sustainable and accessible food for all, known as the EGalim law, modifies certain product flows between Vilmorin & Cie and its supplier, the Limagrain Cooperative .
3 See Vilmorin & Cie press release of November 8, 2022.
