Financial results for 2019-2020

In the face of the crisis, InVivo once again demonstrates the strength of its model

The year 2020 was marked by the COVID-19 pandemic, which led to a major global economic crisis. In this exceptional context, the InVivo group made it a priority to ensure the safety of its employees, maintain its relations with its partners and satisfy its customers.

The group's teams, most of whom have been working from home since the beginning of the crisis, have shown increased commitment to dealing with this unprecedented situation, while major economic adjustments have been made, which are essential to preserve liquidity, control costs and maintain investments.

A good economic performance for the group

The joint efforts paid off, as InVivo managed to get through this year of crisis in the best possible conditions and became stronger. The group, which shifted its closing date from 30 June to 30 September, recorded 15-month sales of €5.1 billion, stable compared to last year. It is maintaining its EBITDA growth momentum: after a return to cooperatives in the form of rebates and services for €101.3m, the group's EBITDA stood at €72.1m at 30 September 2020, up 30% on a proforma 12-month basis compared to 30 September 2019, excluding the Neovia scope.

InVivo also has a solid financial structure. The group's equity reached €1.1 billion at 30 September 2020. Excluding external growth, the group had a net cash surplus of €53.6m at 30 September 2020. Cash was used to finance the group's priority strategic investments (€94.3m), particularly in wine (acquisition of Café de Paris) and in support of the cereals sector (acquisition of a stake in Ariane), bringing debt to €40.7m.

The leverage level of 0.6 is therefore still very satisfactory. The very significant reduction in net debt compared to that at 30 September 2019 (-66%) is explained in particular by the major efforts made to control working capital.

"On the strength of our strategic choices and a proactive policy, our group has been able to adapt to the unprecedented context of this crisis with speed and agility. The group has shown great resilience, proving the solidity of its results and its model while accelerating its transformation projects, as demonstrated by the creation of Cordier by InVivo and its merger with Vinadeis, and our plan to acquire the Soufflet group," says Thierry Blandinières, InVivo's CEO.

CSR and innovation for the agricultural, food and ecological transition

The events of the year have also led the group to accelerate the 2030 by InVivo strategy in order to achieve a major ambition: that of becoming the benchmark in the implementation of the agricultural transition to serve the ecological and food transition. This project, which places the fight against climate change and the preservation of biodiversity at the centre, is based on the implementation of the principles of regenerative agriculture and the increasing digitalisation of the agricultural world.

One of the highlights this year concerns the group's CSR policy: InVivo has defined and reported for the first time in its Extra-Financial Performance Statement (EFPS) its key performance indicators that measure progress in the commitments made by the group with regard to the main CSR issues identified. "2020 has been a challenging and stimulating year for everyone. It has proven - if necessary - that agriculture is essential and should be considered a public good. Continuing to invest in it and improve its performance is an obvious choice for InVivo, which has made CSR and innovation its two priority pillars," says Thierry Blandinières.