- Sales $14.7 billion, up 3 percent; up 5 percent at constant exchange rates
- Integrated sales up 6 percent1
- underlying growth excluding corn rootworm royalty 8 percent1
- EBITDA $2.9 billion: 7 percent lower
- lower royalty income, non-recurring seeds costs
- Earnings per share2 $19.30: 12 percent lower
- Proposed dividend increased by 5 percent to CHF 10.00
- New program to accelerate operational leverage: ~$1 billion annual savings by 2018
Reported Financial Highlights
|Earnings per share2
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 2013 diluted earnings per share of $17.78).
Mike Mack, Chief Executive Officer, said:
"Over the last three years we have put in place a new integrated business model, which has meant a rapid pace of change across our company. Tangible benefits are already coming from leveraging a combined sales force, which has produced clear gains in a number of territories, with increasing acceptance of our integrated offers in the field. However, our financial performance in 2013 did not meet expectations. While this was mainly due to non-recurring costs in our seeds business, we are determined to intensify our focus on cost and capital efficiency while maintaining our ambitious growth objectives. Today we are announcing a program to accelerate operational leverage across the organization.
"Our growth rate over the last three years has been in line with our sales target for the eight key crops of $25 billion in 2020. In each year we have achieved double digit growth in the emerging markets, where the huge scope for productivity improvements is driving an accelerated pace of technology adoption. At the same time growth in developed markets has been underpinned by the strength of our field force and by innovation. As we continue to bring major new products to market while scaling up our integrated offers, we look forward with confidence to sustained profitable growth and cash 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 forwardlooking 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.