Syngenta reports third-quarter sales results

Date:10-26-2009


Sales in the third quarter of 2009 were 8 percent lower at constant exchange rates; excluding a decline in glyphosate prices sales were 3 percent lower*.  Reported sales were 12 percent lower at $2 billion.  In the first nine months of the year, sales were unchanged at constant exchange rates at $8.7 billion.

In Crop Protection third quarter sales were 10 percent lower*; excluding glyphosate pricing sales were 4 percent lower*. In Europe and NAFTA, grower sentiment was subdued in a shorter season with lower pest pressure; credit constraint in Eastern Europe also contributed to a reduction in volume.  Latin America saw robust volume growth at the start of the main season supported by higher soybean acres.  In Asia-Pacific sales were driven by the launch of new products and by strong growth in fungicides.  Overall, prices excluding glyphosate were slightly higher for the quarter and for the first nine months were up by 6 percent.

Crop Protection sales by product line saw an increase in Fungicides and Insecticides led by Latin America and Asia Pacific.  Sales of Selective Herbicides were lower primarily due to a product timing issue in France; Non-selective Herbicide performance reflected significantly lower glyphosate prices.  Seed Care sales continued their rapid growth in Asia Pacific but were lower in other regions.  Professional Products have been affected this year by the economic environment.
 
Combined sales of new products reached $274 million in the first nine months, an increase of 30 percent*, driven by DURIVO®, REVUS® and AXIAL®.

Seeds sales increased by 3 percent* in the quarter.  For Corn & Soybean volumes in Latin America showed good growth driven by corn in Argentina and soybean in Brazil; in NAFTA returns of soybean were higher following early season acreage uncertainty.  Diverse Field Crops and Vegetables grew strongly in all regions, with Vegetables continuing their rapid expansion in Eastern Europe and Asia-Pacific, notably China.  Flowers growth reflected the consolidation of acquisitions.

For the full year, Syngenta is targeting earnings per share** close to the record level achieved in 2008.

*  At constant exchange rates.
**  Fully diluted, excluding restructuring and impairment.

Syngenta

	9 months 2009 $m	9 months 2008 $m	Actual %	CER(1) %
Crop Protection	6609	7429	-11	-2
Seeds	2082	2156	-3	+6
Business Development	7	22	-69	-69
Inter-segment elimination(2)	(43)	(35)	-	-
Third Party Sales	8655	9572	-10	-
Crop Protection
Product line
Selective Herbicides	1887	2063	-8	+2
Non-selective Herbicides	961	1101	-13	-5
Fungicides	1810	2103	-14	-4
Insecticides	995	1089	-9	-
Seed Care	578	622	-7	+1
Professional Products	317	387	-18	-15
Others	61	64	-5	-
Total	6609	7429	-11	-2
Regional
Europe, Africa and Middle East	2212	2813	-21	-6
NAFTA	2286	2355	-3	+3
Latin America	1065	1213	-12	-12
Asia Pacific	1046	1048	-	+10
Total	6609	7429	-11	-2
Seeds
Product line
Corn and Soybean	969	958	+ 1	+7
Diverse Field Crops	374	420	-11	+9
Vegetables and Flowers	739	778	-5	+4
Total	2082	2156	-3	+6
Regional
Europe, Africa and Middle East	818	984	-17	+1
NAFTA	974	872	+12	+13
Latin America	156	173	-10	-10
Asia Pacific	134	127	+6	+21
Total	2082	2156	-3	+6

Syngenta

	3rd Quarter 2009 $m	3rd Quarter 2008 $m	Actual %	CER(1) %
Crop Protection	1609	1875	-14	-10
Seeds	406	417	-3	+3
Business Development	2	2	-32	-31
Inter-segment elimination(2)	(17)	(17)	-	-
Third Party Sales	2000	2277	-12	-8
Crop Protection
Product line
Selective Herbicides	272	384	-29	-25
Non-selective Herbicides	270	362	-25	-21
Fungicides	454	454	-	+5
Insecticides	322	310	+4	+9
Seed Care(3)	186	234	-20	-14
Professional Products	92	98	-7	-7
Others	13	33	-59	-64
Total	1609	1875	-14	-10
Regional
Europe, Africa and Middle East	402	563	-29	-19
NAFTA	404	505	-20	-18
Latin America	515	515	-	-
Asia Pacific	288	292	-1	+4
Total	1609	1875	-14	-10
Seeds
Product line
Corn and Soybean	126	144	-13	-13
Diverse Field Crops	70	67	+6	+20
Vegetables and Flowers	210	206	+2	+8
Total	406	417	-3	+3
Regional
Europe, Africa and Middle East	159	173	-8	+4
NAFTA	94	99	-6	-5
Latin America	115	107	+7	+7
Asia Pacific	38	38	+1	+9
Total	406	417	-3	+3