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Investors Presentation INVESTORS PRESENTATION NOVEMBER 2020 1 INVESTORS PRESENTATION NOVEMBER 2020 DISCLAIMER Some of the statements contained in this document may be forward- looking 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 2 INVESTORS PRESENTATION NOVEMBER 2020 AGENDA VILMORIN & CIE AT A GLANCE s. 04 VILMORIN & CIE GROWTH STRATEGY s. 11 CSR PROGRAM s. 22 SALES FOR THE 1ST QUARTER 2020-2021 s. 26 OUTLOOK FOR 2020-2021 s. 34 NEWS s. 38 VILMORIN & CIE ON THE STOCK EXCHANGE s. 42 SCHEDULE AND CONTACTS s. 45 GLOSSARY s. 48 APPENDICES s. 51 3 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE AT A GLANCE 4 4 INVESTORS PRESENTATION NOVEMBER 2020 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 5 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE AT A GLANCE A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS ANALYZING NEEDS A 7 TO 10 YEARS CYCLE COLLECTING CREATING GENETIC NEW SEEDS RESOURCES PRODUCING SEEDS 337 VARIETIES LAUNCHED IN 2019-2020 DISTRIBUTING AND SELLING SEEDS 6 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE AT A GLANCE A TRACK RECORD COMBINING ORGANIC Eureka Seed / USA AND EXTERNAL GROWTH Link Seed / South Africa Seed Co / Africa (*) Canterra Seeds / Canada(*) In M€ BSF/Genesis/Trigen/ Bisco Bio Sciences / India Hengji Limagrain Seeds / Trio Research / USA Seed Asia / Thailand China (JV) Shamrock / USA and Sursem and Geneze / Su Tarim / Turkey Century Seeds / India Mexico Golden Acres / USA South America Brasmilho Sementes Meza Maize / USA Tropdicorp/Vietnam Genica Research / USA AdvanSeed / Denmark Guerra / Brazil 2000 140 Field Seeds acquisition 1715 1800 1677 1627 1606 1634 120 1600 1531 1472 1500 1435,2 1414 1391 1346 1400 1338 1325 100 1192 99,4 1269 1200 91 29.3 86,9 1064 84,1 80 Vegetable Seeds acquisition 1002 80,6 77,9 61.7 1000 76,9 72,9 67,5 60 800 61,7 59,3 53 54,1 600 40 (*) Share of profit of associates. 400 Acquisitions examples are not exhaustive. 20 Net income (Groupe share) 200 Sales Sales (IFRS 11) 0 0 Capital gains from sale of minority stakes in China 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 7 INVESTORS PRESENTATION NOVEMBER 2020 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: Key leading brands: Key leading brands: 8 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE AT A GLANCE A LONG TERM REFERENCE SHAREHOLDER Groupe Limagrain: BREAKDOWN OF THE CAPITAL ON JUNE 30, 2020 Individual shareholders Institutional (of which ~50% investors internationally 6.33% based: USA, UK, 17.75% Singapore, An agricultural cooperative owned by French farmers Germany, etc.) Groupe An international seed group involved in the development of Limagrain integrated agricultural chains 75.92% Vegetable Seeds and Field Seeds On October 14, 2020, Bpifrance Participations entered the capital of Vilmorin & Cie and holds 5.71%, thus becoming the second largest shareholder of Vilmorin & Cie, alongside Limagrain. Agri-Food TOTAL NUMBER OF SHARES: (Ingredients and Bakery Products) 22,917,292 Sources: Euroclear, Internal 9 INVESTORS PRESENTATION NOVEMBER 2020 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 Cooperating for the progress of agriculture everywhere, for everyone STRATEGY Serving all types of agriculture, taking into account their diversity Helping to meet the food needs in terms of nutrition, health and consumption patterns KEY FIGURES Nearly 1,500 farmer members 1,909 million euros in sales + 642 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. 2019-2020. 10 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 11 11 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 1/ PROMISING WORLD SEEDS MARKETS WORLD MARKET POWERFUL GROWTH FACTORS: FOR COMMERCIAL SEEDS (2019) 14.2% Vegetable seeds Increase in seeds demand (Conventional seeds) Growth in the world population (10 bn in 2050) 51.1% Field seeds – Improvement in the standards of living GM seeds 34.7% Field seeds – Conventional seeds Increase in the use of commercial seeds MARKET VALUE 2019: Adoption of genetically modified (“GM”) seeds worldwide $39.8 BN. Source: AgbioInvestor 2018 and 2019 12 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2018 WORLD MARKET ACREAGE 191.7 million hectares (more than 10% of arable land), +1.9% / 2017, grown by 17 million farmers in 26 countries 191,7 190 GMO : 170 ACREAGE PER COUNTRY 150 million ha 130 110 90 Others 70 China 50 Canada India 30 Argentina 10 Brazil USA -10 WORLD MARKET VALUE 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 More than $20 billion in 2019 (i.e. 51.1% of the world market for seeds) Sources: ISAAA 2019. AgbioInvestor 2018 13 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 1/ MARKET FOR SEEDS: HIGH BARRIERS TO ENTRY A concentrated competitive environment WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS High barriers to entry: Bayer (DEU) Width and depth of the genetic resources R&D investment Corteva Agriscience (USA) (conventional breeding and biotechnologies) Syngenta (CHN) International coverage Vilmorin & Cie (FRA) BASF (DEU) KWS (DEU) DLF (DNK) Rijk Zwaan (NLD) Sakata (JPN) LPHT (CHN) 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 Field Seeds Strategic partnerships Vegetables Seeds In M€. Sources: company release and internal est. sales for 2019 Vilmorin & Cie, DLF and Sakata sales for 2020 Bayer: field seed sales include soybean, corn and an internal est. of other field seed sales (cotton, rapeseed, wheat, rice & sorghum) Exchange rate: EUR 1 = USD 1.11 14 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 2/ A STRATEGY OF WINNING MARKET SHARES 3 STRATEGIC FOUNDATIONS 3 STRATEGIC PRIORITIES OBJECTIVE 1 Reinforce world Strong, continuous Vegetable seeds leadership investment in research OBJECTIVE 2 Confirm its position as a global player Strong Corn seeds internationalization of the activities OBJECTIVE Ultimately 3 become the Capacity to combine Wheat seeds world reference targeted acquisitions and partnerships 15 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 3/ VEGETABLE SEEDS. DIVISION PROFILE KEY FIGURES 2019-2020 - A very strong competitive position addressing worldwide vegetable growers and food processors M€ COUNTRIES SALES WITH N°1 705.5 36 LOCATIONS worldwide - An extremely diversified product line-up with more than 80 different crops for which around 40 OPERATING for vegetable MARGIN Vilmorin & Cie develops research programs: tomato, 14.6% seeds sweet and hot pepper, carrot, etc Current operating margin: 14.6% SALES OF VEGETABLE SEEDS SALES OF VEGETABLE SEEDS PER CROP. 2019-2020 PER GEOGRAPHICAL AREA. 2019-2020 Africa/Middle East Tomato (1) 17% Europa Others 36% Asia/Oceania 15% Carrot (1) Sweet and hot pepper (3) Onion Americas Cauliflower Melon (1) Squash (1) 32% (1),(2),(3): worldwide competitive positions 16 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY 3/ VEGETABLE SEEDS. STRATEGY Strengthen world leadership Make full use of the virtuous circle of innovation and proximity to the markets to continue to win market shares Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops and/or certain geographical zones Develop business on complementary crop/zone segments and become a leader on all key markets with strong ambitions in Asia and all the strategic crops Examples of acquisitions: CENTURY SEEDS TROPDICORP GENICA RESEARCH ADVANSEED October 2012 March 2015 February 2016 July 2018 10 local crops Bitter gourd, pumpkin, Sweet and hot peppers, Spinach and leafy India wax gourd cucumber, summer squash vegetables Sales: 4 M€ Vietnam United States Denmark Sales: 6 M$ Sales: more than 25 M$ Sales: 3 M€ 17 INVESTORS PRESENTATION NOVEMBER 2020 VILMORIN & CIE GROWTH STRATEGY
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