Basel, Switzerland, 24-7-2014 — /EuropaWire/ — Syngenta reports on its 2014 Half Year Results
- Sales $8.5 billion, up 1 percent: up 4 percent at constant exchange rates
- Late start to North American season reduced crop protection use
- Strong growth in all other regions
- price increases across the business
- EBITDA $2.1 billion, 3 percent lower owing to currency movements
- up 6 percent at constant exchange rates
- Earnings per share1 $15.60, 2 percent lower
Reported Financial Highlights
|1st Half 2014||1st Half 2013||Actual||CER2|
|Earnings per share1||$15.60||$15.92||-2|
1 Excluding restructuring and impairment; EPS on a fully-diluted basis.
2 Growth at constant exchange rates.
3 Net income to shareholders of Syngenta AG (equivalent 1st Half 2014 diluted earnings per share of $15.11).
Mike Mack, Chief Executive Officer, said:
“The pace of sales growth in the first half was held back by adverse weather conditions in North America which, combined with a reduction in corn acreage, significantly impacted the crop protection market. Growth in all other regions was robust, exceeding our full year target rate of six percent at constant exchange rates. Emerging market sales increased by 11 percent, with performance clearly demonstrating the success of our integrated strategy. Pricing remained firm across the business.
“Profitability was affected by the lower sales volume in North America and by emerging market currency weakness. At constant exchange rates the EBITDA margin increased, helped by price increases, lower seeds costs and savings from our existing operational efficiency program. In February we announced a comprehensive new program to accelerate operational leverage from 2015. Project teams are working on the implementation of this program across the company, and we are on track to deliver significant savings in production, commercial operations and R&D. Our priority is to ensure that ongoing sales growth is accompanied by improved profitability and strong cash flow generation.”
Syngenta is one of the world’s leading companies with more than 28,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.
Cautionary Statement Regarding Forward-Looking Statements
This document contains forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta’s publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract there for.
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