- Sales $8.4 billion, up 2 percent
- Underlying integrated sales excluding corn rootworm royalty 7 percent higher1
- growth across all regions
- Double digit growth in emerging markets
- Lower royalty income, higher seeds production costs
- EBITDA $2.2 billion: 3 percent lower, up 9 percent underlying
- Earnings per share2 $15.92: 7 percent lower, up 9 percent underlying
Reported Financial Highlights
||1st Half 2013
||1st Half 2012
|Earnings per share2
All figures expressed as underlying exclude $256m corn rootworm trait royalty income in 2012.
1 Growth at constant exchange rates.
2 Excluding restructuring and impairment; EPS on a fully-diluted basis.
3 2012 stated after effect of accounting policy change for employee benefits.
4 Net income to shareholders of Syngenta AG (equivalent to diluted earnings per share of $15.23).
Mike Mack, Chief Executive Officer, said:
“I am pleased that we delivered underlying integrated sales growth of seven percent in the first half despite unfavorable weather and late planting in the northern hemisphere. This reflects the success of full commercial integration and our ongoing expansion in emerging markets. Underlying profitability improved despite higher seeds production costs, with price increases across all product lines and tight control of operating expenses. New product launches demonstrated the power of our innovation and the scope of our integrated offers continues to expand.
“Our customers are becoming increasingly aware of the need for a broad toolbox encompassing chemistry and genetics in order to maximize yield and improve crop quality and reliability. In the emerging markets, we continue to seek out opportunities to expand the range of technologies available to growers. Africa represents a major opportunity in this respect and we have just announced the acquisition of the MRI white corn seed business in Zambia, which is a further step towards our goal of building a $1 billion business in Africa by 2022. Our performance in the first half attests to our ability to achieve sustainable growth in both emerging and developed markets and reinforces our confidence in achieving integrated sales of $25 billion in 2020.”
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