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  • From: "Tradingpost" <tradingpost@lobo.net>
  • To: livingontheland@lists.ibiblio.org
  • Subject: [Livingontheland] Vilmorin says 2010/11 organic growth a record 9.6 pct
  • Date: Thu, 29 Sep 2011 10:46:34 -0600


Vilmorin says 2010/11 organic growth a record 9.6 pct
http://www.reuters.com/article/2011/08/03/vilmorin-idUKLDE77210820110803

* Growth led by crop seeds as farmers plant more

* Confirms margin guidance, confident on 2011/12 outlook

PARIS, Aug 3 (Reuters) - French seed group Vilmorin said on Wednesday it
comfortably met its full-year sales goal and expected further strong growth
in the year ahead as higher grain prices encourage farmers to plant more crop.

"For the 2011/12 year we should continue to benefit from pretty favourable
agricultural markets," Chief Financial Officer Daniel Jacquemond said during
a conference call.

"We can consider that we could have a virtuous pricing effect in crop seeds."

U.S. maize (corn) futures Cc1 set an all-time high in June as the market
factored in tight stocks and burgeoning food and fuel demand, although prices
have since eased after U.S. government estimates showing more ample supply.

Vilmorin, the world's fourth-largest seed group, said like-for-like sales
rose by 9.6 percent in the year to June 30, compared with its objective of
growth above 8 percent.

Increased plantings of major crops drove activity over the year, although the
fourth-quarter growth was more modest after the previous quarter was boosted
by an early start to spring planting in Europe and North America.

Crop seed sales in the past year were also supported by some price increases
and market share gains, notably in Europe and to a lesser extent in North
America, Jacquemond said.

The company confirmed its objective for an operating margin of 13 percent in
2010/11, and of at least 10 percent excluding non-recurring items.

In 2009/10, the company generated an operating margin of 10.3 percent, or 9.1
percent excluding exceptional items.

Full-year sales totalled 1.192 billion euros. The crop seed division saw
like-for-like growth of 13.8 percent, while the vegetable seeds posted
underlying growth of 7.7 percent.

Organic growth represented a record level for Vilmorin both at group level
and for its two main divisions, Jacquemond said.

In the latest of a series of small-scale overseas acquisitions, the group
said it had acquired an 85 percent stake in Brazil's Brasmilho, which
produces maize and sorghum seeds and generated sales of close to 10 million
euros in 2010.




  • [Livingontheland] Vilmorin says 2010/11 organic growth a record 9.6 pct, Tradingpost, 09/29/2011

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