AgroPages-Vilmorin & Cie sales up 3.8% in H1 FY2019-Agricultural news

Sales for the 1^st semester on December 31, 2018 up by 3.8% (On a like-for-like basis)
Slight improvement of the operating income and moderate dip in the net income for the 1^st semester
Objectives for fiscal year 2018-2019 maintained

On average, sales for the first semester globally represent around only one third of the annual sales for Vilmorin & Cie. Because of this highly seasonal pattern, the consolidated financial statements for the first semester traditionally show very negative income.

The consolidated financial statements for the first semester 2018-2019, closed on December 31, 2018, were approved at the Vilmorin & Cie Board meeting of March 1^st, 2019. The Statutory Auditors have carried out a limited audit of the financial information for the first semester; in their conclusions they have not indicated any reservations or particular remarks.

Consolidated financial information is established in compliance with the IFRS referential (International Financial Reporting Standards) as endorsed by the European Union on December 31, 2018. It takes into account the application of IAS 29 with regard to the treatment of hyperinflation in Argentina.

The other accounting methods and principles adopted in the condensed consolidated financial statements for the first semester on December 31, 2018 are identical to those used in the consolidated financial statements for the fiscal year closing on June 30, 2018.

Thus, no change in accounting methods or estimates with any impact on Vilmorin & Cie’s consolidated financial statements was applied by Vilmorin & Cie over the course of the semester.

Check the full report here.