Vilmorin & Cie - Annual report 2017-2018

1.1. Key figures 2 1.1.1. Main indicators 2 1.1.2. Key indicators 2017-2018 for each activity 5 1.2. History and evolution of the Company 10 1.2.1. Historical expertise in plant improvement 10 1.2.2. Key stages in development 10 1.3. The seed market 13 1.3.1. Powerful growth factors 13 1.3.2. An essentially growing seed market 16 1.3.3. Strong barriers preventing entry into the seed market 20 1.3.4. A concentrated competitive environment undergoing reorganization 20 1.4. Activities 22 1.4.1. Vegetable Seeds 23 1.4.2. Field Seeds 25 1.4.3. Garden Products 31 1.5. Development model 33 1.5.1. A single core business: seeds 33 1.5.2. Close proximity to its markets 36 1.5.3. A long-term vision of its development 36 1.6. Strategy and perspectives 37 1.6.1. Strong, permanent investment in research 38 1.6.2. Strong internationalization of activities 40 1.6.3. The capacity to combine targeted acquisitions and partnerships 42 1.6.4. Three strategic priorities 42 1.6.5. Objectives for 2018-2019 49 1.6.6. Mid-term outlook 50 1.7. Risk factors 51 1.7.1. Risk management organization 51 1.7.2. Risk related to Vilmorin & Cie's strategy 51 1.7.3. Operational risks 54 1.7.4. Financial risks 60 1.7.5. Provisions for crisis management 62 1.7.6. Insurance 62 1 PRESENTATION of Vilmorin & Cie