(AOF) – Vilmorin & Cie’s net income amounted to 95.4 million euros for the 2021/2022 financial year, ending at the end of June, an increase of 2 million euros compared to the previous financial year. This is the highest net result since fiscal 2012-2013. Group share, it came to 92.2 million euros, down 0.1 million euros. The seed company’s consolidated operating income amounted to 136.3 million euros, up on the previous year (127.4 million euros) for all seeds activities, including the Products activity. of garden.
It shows a current operating margin rate of 8.6%, down slightly by 0.3 points compared to the 2020-2021 financial year.
Its consolidated revenue, corresponding to revenue from ordinary activities, for the 2021-2022 financial year amounts to 1.59 billion euros, up 7.5% with current data and 6.2% at comparable data compared to 2020-2021. In a general context, however destabilized by the Russian-Ukrainian conflict, Vilmorin & Cie managed to exceed the growth target for its consolidated sales as revised at the end of the third quarter of the financial year (i.e. a growth of around 5% like-for-like).
Compared to the previous year, the balance sheet structure as of June 30, 2022 is marked by a drop in the ratio of net debt to equity (i.e. a gearing of 61%, compared to 65% as of June 30, 2021). The leverage ratio as of June 30, 2022 stands at 2.3x compared to 2.4x as of June 30, 2021 and reflects an improvement in the Group’s debt reduction capacity.
For the 2022-2023 fiscal year, Vilmorin & Cie has set itself the objective of achieving an increase in its consolidated turnover of between 6% and 8%6, excluding the positive impact of the EGalim law on turnover (which will however be neutral on the level of operating profit).
The company is targeting a current operating margin rate of at least 8%, impacted by the change in the mix of its activities in favor of Field Seeds. This rate 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 Seeds.
A dividend of 1.60 euro per share, stable compared to the previous year, will be proposed this year. This corresponds to a payout ratio of 39.8%. The ex-dividend will take place on December 13, 2022 and its payment will be effective on December 15, 2022.
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Development of the Chinese dairy industry
The Chinese government encourages the consumption of dairy products to improve the nutrition and immune defenses of the population, while seeking to reduce the country’s dependence on imports. Wishing to turn the page on the melamine infant milk scandal, which affected 300,000 babies in 2008, milk production is picking up again in the country, after ten years of stagnation. The big industrial groups (Mengniu, Yili, Youran or Modern Dairy) do not export and concentrate on a domestic market, which is growing by 4 to 5% per year. They develop very large farms and rely heavily on innovation, investing four times more than all their competitors in the world.