Complete release in PDF format:
http://www.syngenta.com/en/downloads/040211_pressreleasefullversion.pdf
The following is being issued by
Syngenta (NYSE: SYT):
* Sales up 6 percent to $6.6 billion, -1% CER(1); growth in second half +2% CER
* New product sales of half a billion dollars
* Earnings per share(2) up 36 percent to $3.56
* Free cash flow(3) $562 million: dividend doubled to CHF1.70
* Progressive dividend plus share repurchase: more than $800 million return planned over three years
* Operational efficiency program: further $300 million annual savings by 2008
Financial Highlights
Including
Excluding Restructuring and Restructuring
Impairment(4) and
Impairment(4)
2003 2002 Actual CER 2003 2002
$m $m % % $m $m
Sales 6578 6197 +6 - 1 6578 6197
EBITDA(5) 1219 1154 +6 +4
Net Income 363 265 +37 268 (27)
Earnings per Share $3.56 $2.61 +36 $2.63 $(0.26)
Heinz Imhof, Chairman, said:
"Syngenta has again
demonstrated the quality of its product portfolio and its
ability to adapt to changing markets. The results achieved in
2003 reflect the determination of all employees in a highly
competitive environment. Today's announcement attests to our
commitment to create value for our shareholders, and this
leads the Board to recommend an enhanced cash return to our
shareholders."
Michael Pragnell, Chief
Executive Officer, said:
"In 2003 Syngenta delivered a
strong performance which provides an excellent platform for
future growth. The second half of the year was particularly
encouraging with sales growth in both the third and fourth
quarters. In Crop Protection we took full advantage of buoyant
conditions in Latin America and generated high growth; this
partly offset European and Asian market weakness; performance
in NAFTA was robust, driven by growth in Selective Herbicides
and Insecticides. Seeds and Professional Products delivered
strong results. Merger synergies are running one year ahead of
plan and our continuing focus on cost and capital efficiency
will deliver further savings over the next five years."
(1) For a definition of constant exchange rates, see Appendix A.
(2) EPS on a fully-diluted basis is before restructuring and impairment.
(3) For a definition of free cash flow, see Appendix C.
(4) The amounts including restructuring and impairment are reported in
accordance with International Financial Reporting Standards (IFRS) set
out in Note 4. The impact of these charges in 2003 is $95m
(2002: $292m) on net income and $0.93 (2002: $2.87) on earnings per
share.
(5) EBITDA is a non-GAAP measure in regular use as a measure of gross cash
flow generation and is defined in Appendix D.
Highlights for 2003
Sales, at constant exchange
rates (CER), were one percent lower, with growth in the second
half of two percent (CER). Crop Protection sales were two
percent lower; excluding the impact of range rationalization
they were unchanged. Seeds sales rose by five percent. A
disciplined pricing strategy resulted in the stabilization of
Crop Protection prices and, with a contribution from Seeds,
pricing at group level was positive.
EBITDA improved by four
percent (CER) due to second half sales growth, cost savings
and an improving product mix.
Earnings per share excluding
restructuring and impairment were up 36 percent to $3.56
reflecting lower net financial expenses and a further
reduction in the tax rate. After charges for restructuring and
impairment earnings per share were $2.63 (2002: $(0.26)).
Dividend and Share Repurchase
Program: In recognition of the growth in earnings and strong
cash flow, the Board has recommended a doubling of the
dividend to CHF 1.70 per share (2002: CHF 0.85) to be paid by
way of a nominal par value reduction, subject to shareholder
approval at the Annual General Meeting (AGM) on 27 April 2004.
In addition, the Board has approved a share repurchase program
which, in conjunction with a progressive dividend policy,
should lead to more than $800 million being returned to
shareholders over the next three years. The share repurchase
program is expected to commence after the AGM.
Currency: Sales were
positively impacted by seven percent due to the weakness of
the US dollar. At the EBITDA level this positive impact was
partly offset by the strength of European currencies, in
particular the Swiss franc and sterling, which increased
European costs reported in dollars.
Crop Protection: Sales showed
a slight decline for the full year but with a marked upturn in
the second half, driven by Latin America and NAFTA. The
performance of Insecticides and Professional Products was
particularly encouraging and sales of Selective Herbicides,
the largest product line, were up after several years of
decline. Modernization of the product portfolio continued to
be a prime focus throughout the year. Total sales of new
products reached $501 million; growth in new product sales,
notably the CALLISTO® range and ACTARA®/CRUISER®, was $177
million (CER), more than offsetting the impact of range
rationalization ($107 million). The cumulative growth of new
products since merger is $418 million (CER) with the
cumulative impact of range rationalization at $256 million
(CER). The benefit of new launches, portfolio rationalization
and continued focus on cost of goods sold resulted in an
increase in gross profit margin at constant exchange rates to
50.3 percent (2002: 49.0 percent). EBITDA rose one percent
(CER) to $1239 million.
Seeds: Sales in Field Crops
and Vegetables and Flowers progressed well throughout the
year. The main drivers were corn in Latin America and
vegetables in Europe. The expansion of higher margin
businesses, good cost control and the benefits of a
disciplined pricing strategy contributed to a 15 percent (CER)
increase in EBITDA to $146 million.
Plant Science: QUANTUM(TM)
microbial phytase, developed jointly with Diversa Corporation,
received its first registration in Mexico at the end of 2003
and is expected to achieve US registration in 2004 and will
generate the first revenues for Plant Science.
Synergies: Synergies totaling
$197 million were realized in 2003. Since the start of the
program in 2000, $559 million of savings have been generated
at an associated net cash cost of some $820 million. It is now
expected that the $625 million target will be achieved in
2004, one year ahead of schedule; the cumulative cash cost of
the program is expected to be just over $1 billion. During
2003 cost savings of $94 million were made in Cost of Goods;
$55 million in Selling, General and Administrative; and $48
million in Research and Development. Since merger, the total
number of employees has been reduced by some 3,600.
Restructuring and Impairment:
Restructuring and Impairment charges of $163 million (2002:
$396 million) largely relate to restructuring costs associated
with implementation of the merger synergy program. Of the
total amount $35 million is a non-cash charge. A gain of $39
million was realized through the receipt of shares and
warrants from the research agreement with Diversa, announced
in early 2003.
Operational Efficiency: In
line with the commitment to sustain operational excellence,
Syngenta will continue to streamline global operations. This
new program is expected to deliver annual cost savings of $300
million by 2008. It will include the relocation of assets to
lower cost regions, a further reduction of the asset base, an
increase in the globalization of purchasing and the
streamlining of global processes. The cash cost is expected to
be around $500 million over five years with an associated
non-cash charge of around $350 million.
Cash Flow and Balance Sheet:
Free cash flow of $562 million (2002: $542 million) reflected
the benefits of a continuing reduction in trade working
capital and lower financial expenses and tax. The ratio of
trade working capital as a percentage of sales at year end
improved to 40 percent (2002: 42 percent). Fixed capital
expenditure of $221 million was below depreciation ($263
million). At the period end, net debt was $1.2 billion (2002:
$1.7 billion) representing a gearing ratio of 24 percent
(2002: 38 percent).
Cash Return to Shareholders
and Treasury Shares: Over the period 2004-2006 Syngenta
intends to return over $800 million to shareholders through
the combination of a progressive dividend policy and a share
repurchase program. Since the creation of the company,
Syngenta has held treasury shares purchased as part of the
merger agreement. On 10 February 2004 Syngenta entered into an
agreement to sell 4.5 million of these shares; this agreement
will allow the Company to purchase an equivalent number of
shares which will subsequently be cancelled, subject to
approval at the 2005 AGM. The remaining 6.4 million shares are
to be allocated to share-based compensation plans through
2006.
Outlook
Michael Pragnell, Chief
Executive Officer, said:
"Our confidence is reflected
in our target of high teens compound annual growth in earnings
per share* over the three years through 2006; this will be
underpinned by further operational efficiency improvements
which we expect to deliver $300 million in annual savings by
2008. Consistently strong cash flow affords us the opportunity
to return cash to shareholders whilst retaining the
flexibility to drive future growth, and this is reflected in
our intention to return more than $800 million over the next
three years. For 2004, early signs of stabilization in the
crop protection market point to a more favorable environment
and our organizational strength will allow us to take full
advantage of all opportunities."
* Fully diluted, excluding proposed share repurchase program, before restructuring and impairment.
Crop Protection
Except where stated, all
narrative in this section refers to the full year. For a
definition of constant exchange rates and of range
rationalization, see Appendix A and Appendix B respectively.
4th
Full Year Growth Quarter Growth
Ex RR Ex RR
2003 2002 Actual CER (CER) 2003 2002 Actual CER (CER)
Product line $m $m % % % $m $m % % %
Selective
herbicides 1717 1606 +7 +1 +2 285 280 +2 -5 -3
Non-selective
herbicides 616 650 -5 -10 -10 107 110 -3 -8 -8
Fungicides 1438 1398 +3 -6 -4 316 295 +7 -1 +1
Insecticides 960 855 +12 +7 +10 242 177 +37 +31 +33
Professional
products 642 585 +9 +4 +7 143 126 +14 +8 +15
Others 134 166 -19 -29 -28 28 35 -21 -27 -27
Total 5507 5260 +5 -2 - 1121 1023 +10 +3 +5
Selective Herbicides: major
brands BICEP® MAGNUM, CALLISTO®/LUMAX(TM), DUAL® MAGNUM,
FUSILADE®MAX, TOPIK®
Sales of selective herbicides
were driven by the CALLISTO® range which more than doubled to
$218 million, augmented by the successful U.S. launch of the
new combination product, LUMAX(TM), for broad-spectrum weed
control. Sales of DUAL®/BICEP® MAGNUM were strong in the
second half, notably in the USA. In cereals, sales of the
grass herbicide TOPIK® increased in NAFTA and Asia Pacific
where wheat markets were buoyant. FUSILADE® sales for soybeans
in Brazil advanced and new products were successfully
rolled-out in central and Eastern Europe.
Non-selective Herbicides:
major brands GRAMOXONE®, TOUCHDOWN®
Sales of GRAMOXONE® were
impacted by our channel de-stocking program in China which
more than offset growth in Brazil and Australasia.
TOUCHDOWN®IQ® sales were lower due to a highly competitive
U.S. glyphosate market; two new product launches aimed at the
chemfallow and premium glyphosate-tolerant segments have
broadened the portfolio.
Fungicides: major brands
ACANTO®, AMISTAR®, BRAVO®, RIDOMIL GOLD®, SCORE®, TILT®, UNIX®
ACANTO®, AMISTAR® and UNIX®
were all negatively affected by drought conditions in Western
Europe, notably France and Germany, which resulted in
significantly lower usage on cereals. AMISTAR® partly
compensated for this with strong growth in Brazil where it is
used to treat soybean rust, a significant new disease. Sales
of RIDOMIL GOLD® were up slightly, with growth in the USA
outweighing declines in Asia Pacific. SCORE® achieved strong
growth on rice and vegetables in Asia Pacific and on a range
of crops in Western Europe.
Insecticides: major brands
ACTARA®, FORCE®, KARATE®, PROCLAIM®, VERTIMEC®
Sales of insecticides showed
robust growth despite a marked impact from range
rationalization. ACTARA® achieved sales of $127 million with
continuing strong growth, particularly on cotton and soybean
in the USA and Brazil, and on rice in Japan. Sales of FORCE®
were buoyant associated with an increase in corn rootworm
pressure in the USA. Growth in KARATE® was broad-based.
PROCLAIM® showed good growth in Japan, with expanded labels
for vegetables, and in Australia where the cotton market
recovered after a drought in 2002. VERTIMEC® benefited from
high pest pressure and gained market share, notably in the USA
and Italy.
Professional Products: major
brands CRUISER®, DIVIDEND®, HERITAGE®, ICON®, MAXIM®
Professional Products also
grew strongly despite a marked impact from range
rationalization. Seed Treatment continued its strong growth
particularly in North America, Brazil and Argentina. The main
driver was CRUISER®, which increased sales by over 50 percent
to $88 million. MAXIM® benefited from strong demand in soybean
and corn. Turf and Ornamental sales were adversely affected by
phase-outs and by cool U.S. weather. Public Health sales were
stable with good sales of ICON® for vector control in Asia and
Africa offsetting low pest pressure in the USA. First U.S.
sales of IMPASSE(TM), the innovative termite barrier, were
made.
4th
Full Year Growth Quarter Growth
Ex RR Ex RR
2003 2002 Actual CER (CER) 2003 2002 Actual CER (CER)
Regional $m $m % % % $m $m % % %
Europe, Africa &
Middle East 2053 1919 +7 -8 -5 376 367 +2 -11 -10
NAFTA 1853 1864 -1 -1 - 219 238 -8 -7 -4
Latin America 750 596 +26 +26 +26 279 177 +57 +56 +56
Asia Pacific 851 881 -3 -10 -6 247 241 +2 -6 -3
Total 5507 5260 +5 -2 - 1121 1023 +10 +3 +5
Sales in Europe, Africa and
the Middle East were particularly affected by range
rationalization. In addition, extremely dry weather conditions
in Western Europe negatively affected demand for the first
nine months of the year. In the fourth quarter sales were
restricted by prudent channel inventory management in France.
In NAFTA sales were down
slightly in the USA owing to highly competitive conditions in
the non-selective herbicide market. Syngenta reinforced its
leading position in U.S. corn selective herbicides with
impressive growth in the CALLISTO® range and a strong second
half performance by DUAL®/BICEP®. Other product lines also
performed well, notably Seed Treatment and Insecticides, which
were driven by the success of CRUISER® and FORCE®. Sales
showed good growth in Canada and Mexico.
Latin America: Sales expanded
across the portfolio in Brazil and Argentina as Syngenta
capitalized on buoyant conditions and its broad product offer
and marketing strength. Higher commodity prices, more
competitive currencies and strong export increased grower
confidence and led to expanded corn and soybean acreage.
In Asia Pacific sales were
lower largely due to channel de-stocking in China, market
decline in South Korea and the impact of range
rationalization. Japan was also heavily affected by range
rationalization; excluding this, sales showed growth in a
declining market. In Australia sales improved following an
easing of drought conditions.
Seeds
Except where
stated, all narrative in this section refers to the full year.
For a definition of constant exchange rates, see Appendix A.
4th
Full Year Growth Quarter Growth
Ex RR Ex RR
2003 2002 Actual CER (CER) 2003 2002 Actual CER (CER)
Product line $m $m % % % $m $m % % %
Field Crops 570 503 +13 +4 +4 82 88 -8 -11 -11
Vegetables &
Flowers 501 434 +16 +5 +5 97 85 +16 +8 +8
Total 1071 937 +14 +5 +5 179 173 +3 -2 -2
Field Crops:
major brands NK® corn, NK® oilseeds, HILLESHOG® sugar beet
NK® corn
sales performed strongly, driven by Latin America, but were
lower in the fourth quarter due to closer alignment with
consumption in NAFTA. Sunflower and oilseed rape showed strong
growth in Europe; soybean sales increased, notably in NAFTA.
These improvements more than offset a decrease in HILLESHOG®
sugar beet mainly attributable to declining EU acreage.
Sales of GM
products accounted for 17 percent of total Seeds sales.
Vegetables
and Flowers: major brands S&G® vegetables, ROGERS® vegetables,
S&G® flowers
Vegetables
grew particularly strongly in Europe, where Syngenta has
established leading positions in tomato, pepper and
watermelon. In the USA, New Produce Network(TM) sales
continued to expand driven by the PUREHEART(TM) watermelon;
the new BELLAHEART(TM) cantaloupe melon was launched.
Sales of S&G®
flowers increased, primarily in Europe reflecting strength in
the fast-growing young plant segment and improved customer
relationship management.
4th
Full Year Growth Quarter Growth
Ex RR Ex RR
2003 2002 Actual CER (CER) 2003 2002 Actual CER (CER)
Regional $m $m % % % $m $m % % %
Europe, Africa &
Middle East 538 427 +26 +6 +6 52 40 +29 +11 +11
NAFTA 394 396 -1 -1 -1 86 101 -15 -16 -16
Latin America 79 65 +22 +22 +22 24 19 +29 +29 +29
Asia Pacific 60 49 +22 +14 +14 17 13 +37 +25 +25
Total 1071 937 +14 +5 +5 179 173 +3 -2 -2
Sales in
Europe, Africa and the Middle East grew strongly in oilseeds,
vegetables and flowers. The main impetus came from Eastern
Europe, in particular sunflower and oilseed rape. Varieties of
high-value fresh vegetables continued to grow in both
Mediterranean and northern European markets.
NAFTA sales
decreased slightly owing to the closer alignment of corn sales
to the planting season. Soybean sales showed strong growth in
the USA.
Sales in
Latin America benefited from the recovery in Brazil (corn and
soybean) and Argentina (corn and sunflower).
In Asia
Pacific growth in sales of corn in India and the Philippines
contributed to an improved performance.
Currency
Syngenta is subject to
material currency exposure which arises from two main factors:
just over five percent of sales are in Swiss franc and
sterling whereas these currencies represent some 30 percent of
the cost base. In addition, some 19 percent of sales are made
in emerging markets.
Most Euro-denominated sales
occur in the first half; costs are spread more evenly
throughout the year. Reported results are therefore affected
by the timing of currency changes.
The weakness of the U.S.
dollar throughout the year had a positive impact of $443
million on sales and of $23 million at the EBITDA level. This
included a hedging gain of $39 million (2002: $43 million).
Taxation
The 2003 tax rate has been
reduced to 36 percent (December 2002: 39 percent). The company
is on track to achieve the target of a tax rate in the low
thirties in 2004, with a potential further reduction below 30
percent thereafter.
Presentation of Results
In line with the Company's
continuing commitment to transparency in communication, the
impact of major restructuring and impairment on the income
statement is separately disclosed, in order to facilitate the
understanding of underlying performance.
Syngenta is a world-leading
agribusiness committed to sustainable agriculture through
innovative research and technology. The company is a leader in
crop protection, and ranks third in the high-value commercial
seeds market. Sales in 2003 were approximately $6.6 billion.
Syngenta employs some 19,000 people in over 90 countries.
Syngenta is listed on the Swiss stock exchange (SYNN) and in
New York (SYT). Further information is available at
www.syngenta.com.
Financial Summary
Excluding Including
Restructuring Restructuring Restructuring
and and and
Impairment(1) Impairment(1) Impairment
For the year to 31 CER
December 2003 2002 (2) 2003 2002 2003 2002
$m $m % $m $m $m $m
Sales 6578 6197 - 1 - - 6578 6197
Gross profit 3285 3065 + 1 - - 3285 3065
Marketing & distribution (1204) (1146) + 3 - - (1204) (1146)
Research and development (727) (697) + 4 - - (727) (697)
General and administrative (645) (582) - 3 - - (645) (582)
Restructuring and
impairment - - - (163) (396) (163) (396)
Operating income 709 640 + 12 (163) (396) 546 244
Income before taxes and
minority interests 574 445 + 29 (163) (396) 411 49
Income tax expense (207) (174)- 19 68 104 (139) (70)
Net income 363 265 + 37 (95) (292) 268 (27)
Earnings/(loss) per
share(3)
- basic $3.57 $2.61 $(0.93) $(2.87) $2.64 $(0.26)
- diluted $3.56 $2.61 $(0.93) $(2.87) $2.63 $(0.26)
2003 2002 CER(2)
Gross profit margin
49.9% 49.5% 50.5%
EBITDA margin(4)
18.5% 18.6% 19.5%
EBITDA(4) 1219 1154
Tax rate(5) 36% 39%
Free cash flow(6) 562 542
Trade working capital to
sales(7) 40% 42%
Debt/Equity gearing(8) 24% 38%
Net debt(9) 1209 1671
(1) For further analysis of restructuring and impairment charges, see Note
4.
(2) Growth rates are shown at constant exchange rates except for income
before taxes, income tax expense and net income which are at actual
dollar rates. For a description of CER see Appendix A.
(3) The weighted average number of ordinary shares in issue used to
calculate the earnings per share were as follows: for 2003 basic EPS
101,682,672 and diluted EPS 101,952,669; 2002 basic EPS 101,541,119
and diluted EPS 101,635,654.
(4) EBITDA is a non-GAAP measure but in regular use by investors as a
measure of an issuer's gross cash flow generation and is defined in
Appendix D.
(5) Tax rate on results excluding restructuring and impairment.
(6) Includes restructuring and impairment cash outflows. For a description
of free cash flow, see Appendix C.
(7) Period end trade working capital as a percentage of twelve-month
sales, see Appendix G.
(8) The calculation of debt/equity gearing is set out in Appendix F.
(9) For a description of net debt, see Appendix F.
Full Year Segmental Results(1)
Full Year Full Year
2003 2002 CER(2)
Syngenta $m $m %
Sales 6578 6197 - 1
Gross Profit 3285 3065 + 1
Marketing and distribution (1204) (1146) + 3
Research and development (727) (697) + 4
General and administrative (645) (582) - 3
Operating income 709 640 + 12
EBITDA(3) 1219 1154 + 4
EBITDA(%) 18.5 18.6
Full Year Full Year
2003 2002 CER(2)
Crop Protection $m $m %
Sales 5507 5260 - 2
Gross Profit 2724 2579 + 1
Marketing and distribution (927) (909) + 5
Research and development (454) (425) + 3
General and administrative (563) (500) - 4
Operating income 780 745 + 7
EBITDA(3) 1239 1214 + 1
EBITDA(%) 22.5 23.1
Full Year Full Year
2003 2002 CER(2)
Seeds $m $m %
Sales 1071 937 + 5
Gross Profit 561 486 + 4
Marketing and distribution (275) (237) - 7
Research and development (127) (119) + 5
General and administrative (59) (62) + 12
Operating income 100 68 + 24
EBITDA(3) 146 109 + 15
EBITDA(%) 13.6 11.6
Full Year Full Year
2003 2002 CER(2)
Plant Science $m $m %
Sales - - -
Gross Profit - - -
Marketing and distribution (2) - n/a
Research and development (146) (153) + 8
General and administrative (23) (20) - 10
Operating loss (171) (173) + 5
EBITDA(3) (166) (169) + 5
EBITDA(%) n/a n/a
(1) Excluding restructuring and impairment, see Note 4.
(2) Growth at constant exchange rates, see Appendix A.
(3) For a reconciliation of segment EBITDA to segment operating income,
see Appendix E.
Unaudited Second Half Segmental Results(1)
2nd Half 2nd Half
2003 2002 CER(2)
Syngenta $m $m %
Sales 2473 2295 + 2
Gross Profit 1100 1010 + 5
Marketing and distribution (602) (597) + 6
Research and development (372) (361) + 4
General and administrative (327) (259) - 11
Operating income (201) (207) + 30
EBITDA(3) 54 55 + 81
EBITDA (%) 2.2 2.4
2nd Half 2nd Half
2003 2002 CER(2)
Crop Protection $m $m %
Sales 2137 2004 + 1
Gross Profit 925 863 + 4
Marketing and distribution (457) (476) + 10
Research and development (230) (219) + 2
General and administrative (289) (223) - 13
Operating income (51) (55) + 94
EBITDA(3) 179 186 + 17
EBITDA (%) 8.4 9.3
2nd Half 2nd Half
2003 2002 CER(2)
Seeds $m $m %
Sales 336 291 + 9
Gross Profit 175 147 + 10
Marketing and distribution (143) (121) - 10
Research and development (65) (62) + 7
General and administrative (24) (25) + 10
Operating income (57) (61) + 16
EBITDA(3) (34) (39) + 23
EBITDA (%) -10.1 -13.6
2nd Half 2nd Half
2003 2002 CER(2)
Plant Science $m $m %
Sales - - -
Gross Profit - - -
Marketing and distribution (2) - n/a
Research and development (77) (80) + 6
General and administrative (14) (11) - 19
Operating income (93) (91) + 1
EBITDA(3) (91) (92) + 3
EBITDA (%) n/a n/a
(1) Excluding restructuring and impairment, see Note 4.
(2) Growth at constant exchange rates, see Appendix A.
(3) For a reconciliation of segment EBITDA to segment operating income,
see Appendix E.
Unaudited Full Year Product Line and Regional Sales
Full Year Full Year
Syngenta 2003 2002 Actual CER(1) Ex RR(2)
$m $m % % %
Crop Protection 5507 5260 + 5 - 2 -
Seeds 1071 937 + 14 + 5 + 5
Total 6578 6197 + 6 - 1 + 1
Crop Protection
Product line
Selective herbicides 1717 1606 + 7 + 1 + 2
Non-selective herbicides 616 650 - 5 - 10 - 10
Fungicides 1438 1398 + 3 - 6 - 4
Insecticides 960 855 + 12 + 7 + 10
Professional products 642 585 + 9 + 4 + 7
Others 134 166 - 19 - 29 - 28
Total 5507 5260 + 5 - 2 -
Regional
Europe, Africa and
Middle East 2053 1919 + 7 - 8 - 5
NAFTA 1853 1864 - 1 - 1 -
Latin America 750 596 + 26 + 26 + 26
Asia Pacific 851 881 - 3 - 10 - 6
Total 5507 5260 + 5 - 2 -
Seeds
Product line
Field Crops 570 503 + 13 + 4
Vegetables and Flowers 501 434 + 16 + 5
Total 1071 937 + 14 + 5
Regional
Europe, Africa and
Middle East 538 427 + 26 + 6
NAFTA 394 396 - 1 - 1
Latin America 79 65 + 22 + 22
Asia Pacific 60 49 + 22 + 14
Total 1071 937 + 14 + 5
(1) Growth at constant exchange rates, see Appendix A.
(2) Growth at constant exchange rates excluding the effects of range
rationalization, see Appendix B.
Unaudited Second Half Product Line and Regional Sales
2nd Half 2nd Half
Syngenta 2003 2002 Actual CER(1) Ex RR(2)
$m $m % % %
Crop Protection 2137 2004 + 6 + 1 + 3
Seeds 336 291 + 16 + 9 + 9
Total 2473 2295 + 8 + 2 + 4
Crop Protection
Product line
Selective herbicides 530 481 + 10 + 4 + 7
Non-selective herbicides 252 269 - 7 - 11 - 11
Fungicides 540 527 + 2 - 3 - 1
Insecticides 454 375 + 21 + 17 + 19
Professional products 314 281 + 11 + 6 + 10
Others 47 71 - 35 - 40 - 40
Total 2137 2004 + 6 + 1 + 3
Regional
Europe, Africa and
Middle East 718 701 + 2 - 9 - 7
NAFTA 508 486 + 5 + 5 + 7
Latin America 507 386 + 31 + 31 + 31
Asia Pacific 404 431 - 6 - 12 - 9
Total 2137 2004 + 6 + 1 + 3
Seeds
Product line
Field Crops 140 122 + 15 + 10
Vegetables and Flowers 196 169 + 16 + 8
Total 336 291 + 16 + 9
Regional
Europe, Africa and
Middle East 144 111 + 29 + 14
NAFTA 108 126 - 15 - 15
Latin America 54 32 + 71 + 71
Asia Pacific 30 22 + 40 + 30
Total 336 291 + 16 + 9
(1) Growth at constant exchange rates, see Appendix A.
(2) Growth at constant exchange rates excluding the effects of range
rationalization, see Appendix B.
Unaudited Fourth Quarter Product Line and Regional Sales
4th 4th
Syngenta Quarter Quarter
2003 2002 Actual CER(1) Ex RR(2)
$m $m % % %
Crop Protection 1121 1023 + 10 + 3 + 5
Seeds 179 173 + 3 - 2 - 2
Total 1300 1196 + 9 + 2 + 4
Crop Protection
Product line
Selective herbicides 285 280 + 2 - 5 - 3
Non-selective herbicides 107 110 - 3 - 8 - 8
Fungicides 316 295 + 7 - 1 + 1
Insecticides 242 177 + 37 + 31 + 33
Professional products 143 126 + 14 + 8 + 15
Others 28 35 - 21 - 27 - 27
Total 1121 1023 + 10 + 3 + 5
Regional
Europe, Africa and
Middle East 376 367 + 2 - 11 - 10
NAFTA 219 238 - 8 - 7 - 4
Latin America 279 177 + 57 + 56 + 56
Asia Pacific 247 241 + 2 - 6 - 3
Total 1121 1023 + 10 + 3 + 5
Seeds
Product line
Field Crops 82 88 - 8 - 11
Vegetables and Flowers 97 85 + 16 + 8
Total 179 173 + 3 - 2
Regional
Europe, Africa and
Middle East 52 40 + 29 + 11
NAFTA 86 101 - 15 - 16
Latin America 24 19 + 29 + 29
Asia Pacific 17 13 + 37 + 25
Total 179 173 + 3 - 2
(1) Growth at constant exchange rates, see Appendix A.
(2) Growth at constant exchange rates excluding the effects of range
rationalization, see Appendix B.
Condensed Consolidated Financial Statements
The following condensed consolidated financial statements and notes
thereto have been prepared in accordance with International Financial
Reporting Standards (IFRS). A reconciliation to US GAAP has been prepared
for US investors.
Condensed Consolidated Income Statement
For the year to 31 December 2003 2002
$m $m
Sales 6578 6197
Cost of goods sold (3293) (3132)
Gross profit 3285 3065
Marketing & distribution (1204) (1146)
Research and development (727) (697)
General and administrative (645) (582)
Restructuring and impairment (163) (396)
Operating income 546 244
Income/(loss) from associates and joint ventures (1) (7)
Financial expenses, net (134) (188)
Income before taxes and minority interests 411 49
Income tax expense (139) (70)
Income/(loss) before minority interests 272 (21)
Minority interests (4) (6)
Net income/(loss) 268 (27)
Earnings/(loss) per share(1)
- Basic $2.64 $(0.26)
- Diluted $2.63 $(0.26)
(1) The weighted average number of ordinary shares in issue used to
calculate the earnings per share were as follows: for 2003 basic EPS
101,682,672 and diluted EPS 101,952,669; 2002 basic EPS 101,541,119
and diluted EPS 101,635,654.
Condensed Consolidated Balance Sheet
31 December 31 December
2003 2002
$m $m
Assets
Current assets
Cash and cash equivalents 206 232
Trade accounts receivable 1707 1602
Other accounts receivable 308 243
Other current assets 696 516
Inventories 1811 1704
Total current assets 4728 4297
Non-current assets
Property, plant and equipment 2374 2310
Intangible assets 2658 2813
Investments in associates and joint
ventures 107 95
Deferred tax assets 668 666
Other financial assets 430 345
Total non-current assets 6237 6229
Total assets 10965 10526
Liabilities and equity
Current liabilities
Trade accounts payable (862) (725)
Current financial debts (749) (1207)
Income taxes payable (289) (210)
Other current liabilities (747) (794)
Provisions (265) (222)
Total current liabilities (2912) (3158)
Non-current liabilities
Non-current financial debts (1017) (925)
Deferred tax liabilities (1071) (1098)
Provisions (845) (915)
Total non-current liabilities (2933) (2938)
Total liabilities (5845) (6096)
Minority interests (67) (80)
Total shareholders' equity (5053) (4350)
Total liabilities and equity (10965) (10526)
Condensed Consolidated Cash Flow Statement
For the year to 31 December 2003 2002
$m $m
Operating income 546 244
Reversal of non-cash items;
Depreciation, amortization and impairment on:
Property, plant and equipment 312 374
Intangible assets 243 282
Loss/(gain) on disposal of fixed assets (67) (26)
Charges in respect of provisions 420 432
Cash (paid)/received in respect of;
Interest and other financial receipts 72 181
Interest and other financial payments (185) (398)
Taxation (120) (191)
Restructuring provisions (210) (246)
Contributions to pension schemes (110) (209)
Other provisions (157) (49)
Cash flow before working capital changes 744 394
Change in net current assets and other operating cash
flows 55 408
Cash flow from operating activities 799 802
Additions to property, plant and equipment (221) (165)
Proceeds from disposals of property, plant and
equipment 36 54
Purchase of intangibles, investments in associates and
other financial assets (58) (166)
Proceeds from disposals of intangible and financial
assets 21 6
Proceeds from business divestments 14 11
Acquisition of minorities (29) -
Cash flow used for investing activities (237) (260)
Increases in third party interest-bearing debt 369 511
Repayment of third party interest-bearing debt (938) (1067)
Sale of Treasury stock 4 3
Dividends paid to group shareholders (65) (48)
Dividends paid to minorities (4) (6)
Cash flow used for financing activities (634) (607)
Net effect of currency translation on cash and cash
equivalents 46 9
Net change in cash and cash equivalents (26) (56)
Cash and cash equivalents at the beginning of the
period 232 288
Cash and cash equivalents at the end of the period 206 232
Condensed Consolidated Statement of Changes in Equity
Total equity
$m
31 December 2001 4086
Net income (27)
Unrealized holding gains/(losses) on available for sale
financial assets (40)
Unrealized gains/(losses) on derivatives designated as cash
flow hedges 30
Income tax (charged)/credited to equity 34
Dividends paid to group shareholders (48)
Issue of shares under employee purchase plan 3
Foreign currency translation effects 312
31 December 2002 4350
Net income 268
Unrealized holding gains/(losses) on available for sale
financial assets 17
Unrealized gains/(losses) on derivatives designated as cash
flow hedges 44
Income tax (charged)/credited to equity 8
Acquisition of minority interests (5)
Dividends paid to group shareholders (65)
Issue of shares under employee purchase plan 4
Foreign currency translation effects 432
31 December 2003 5053
Notes to the Condensed Consolidated Financial Statements
Note 1: Basis of Preparation
Nature of operations:
Syngenta AG ('Syngenta') is a world leading crop protection
and seeds business that is engaged in the discovery,
development, manufacture and marketing of a range of
agricultural products designed to improve crop yields and food
quality.
Basis of presentation and
accounting policies: The condensed consolidated financial
statements for the year ended 31 December 2003 are prepared in
accordance with International Financial Reporting Standards
(IFRS), which comprise standards and interpretations approved
by the International Accounting Standards Board (IASB), and
International Accounting Standards and Standing
Interpretations Committee interpretations approved by the
International Accounting Standards Committee (IASC) that
remain in effect. The condensed consolidated financial
statements have been prepared in accordance with our policies
as set out in the 2003 Financial Report, applied consistently.
These principles differ in certain significant respects from
generally accepted accounting principles in the United States
('US GAAP'). Application of US GAAP would have affected
shareholders' net income and equity for the year ended 31
December 2002 and 2003 as detailed in Note 6.
The condensed consolidated
financial statements are presented in United States dollars
('$') as this is the major trading currency of the company.
The preparation of financial
statements requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimated.
Note 2: New Accounting
Standards - IFRS
With effect from 1 January
2003, Syngenta adopted IAS 41, 'Agriculture'. This did not
have a material effect on the consolidated financial
statements.
The effect of adoption of new
US GAAP accounting pronouncements is described in Note 7 to
the condensed consolidated financial statements below.
Note 3: Changes in the Scope
of Consolidation
On 28 January 2003 additional
shares were acquired in Syngenta India Limited increasing
Syngenta's shareholding to 84 percent from 51 percent. The
acquisition was accounted for under the purchase method at a
cost of $29 million. Goodwill of $6 million was recognized on
this transaction and will be amortized over a period of 10
years. Goodwill amortization is included in general and
administrative expenses on the consolidated income statement.
Note 4: Restructuring and Impairment
For the year to 31 December 2003 2002
$m $m $m $m
Merger integration costs (21) (28)
Restructuring costs:
Write-off or impairment
- property, plant & equipment (44) (102)
- intangible assets - (32)
Non-cash pension
restructuring charges 9 (14)
Cash costs (163) (220)
Total (198) (368)
Other impairment of assets - -
Gains from product disposals 17 -
Gain on sale of technology &
intellectual property license 39 -
Total restructuring and impairment
charge (163) (396)
Restructuring represents the
effect on reported performance of initiating business changes
which are considered major and which, in the opinion of
management, will have a material effect on the nature and
focus of Syngenta's operations, and therefore require separate
disclosure to provide a more thorough understanding of
business performance. Restructuring includes the effects of
completing and integrating significant business combinations
and divestments. The incidence of these business changes may
be periodic and the effect on reported performance of
initiating them will vary from period to period. Because each
such business change is different in nature and scope, there
will be little continuity in the detailed composition and size
of the reported amounts which affect performance in successive
periods. Separate disclosure of these amounts facilitates the
understanding of underlying performance.
Restructuring and impairment
includes the impairment costs associated with major
restructuring and also impairment losses and reversals of
impairment losses resulting from major changes in the markets
in which a reported segment operates.
In 2003 Syngenta signed a
research agreement with Diversa Corporation ('Diversa'), under
which Diversa acquired an exclusive, royalty-free perpetual
license for technology and intellectual property in the
pharmaceutical field in exchange for stock and warrants in
Diversa. Following completion of this transaction Syngenta
closed the Torrey Mesa Research Institute, Syngenta's facility
in La Jolla, California. Costs relating to the closure are
included in restructuring costs.
The non-cash pension
restructuring charges represent those direct effects of
restructuring initiatives on defined benefit pension plans,
for which there is no corresponding identifiable cash payment.
Where identifiable cash payments to pension funds are required
to provide incremental pension benefits for employees leaving
service as a result of restructuring, the amounts involved
have been included within cash costs.
Restructuring and impairment
charges in 2002 and 2003 relate primarily to merger and
integration activities following the formation of Syngenta in
November 2000. The post-tax impact of restructuring and
impairment reduced diluted earnings per share by $0.93 to
$2.63 during 2003 (by $2.87 to $(0.26) in 2002).
Note 5: Principal Currency
Translation Rates
As an international business
selling in over 100 countries, with major manufacturing and
R&D facilities in Switzerland, the UK and the USA, movements
in currencies impact business performance. The principal
currencies and adopted exchange rates against the U.S. dollar
used in preparing the financial statements contained in this
communication were as follows:
Period end Period end
31 December 31 December
Average 2003 Average 2002 2003 2002
Brazilian real. BRL 3.12 2.89 2.90 3.54
Swiss franc. CHF 1.35 1.57 1.24 1.39
Euro. EUR 0.89 1.07 0.79 0.95
British pound. GBP 0.61 0.67 0.56 0.62
Japanese yen. JPY 116.5 125.6 106.9 118.7
The above average rates are
an average of the monthly rates used to prepare the condensed
consolidated income and cash flow statements. The period end
rates were used for the preparation of the condensed
consolidated balance sheet.
Note 6: Reconciliation to
U.S. GAAP from the Condensed Consolidated Financial Statements
The condensed consolidated
financial statements have been prepared in accordance with
IFRS which, as applied by Syngenta, differs in certain
significant respects from U.S. GAAP. The effects of the
application of U.S. GAAP to net income and equity are set out
in the following tables:
Net income (for the year ended 31 December) 2003 2002
$m $m
Net income/(loss) under IFRS 268 (27)
U.S. GAAP adjustments:
Purchase accounting:
Zeneca agrochemicals 43 46
Other acquisitions (67) (167)
Impairment losses (3) (30)
Restructuring charges 32 (3)
Pension provisions (including post-retirement
benefits) 2 1
Stock-based compensation (4) (3)
Deferred taxes on unrealized profit in inventory 36 (4)
Other items (4) (2)
Deferred tax effect on U.S. GAAP adjustments (41) 24
Net income/(loss) under U.S. GAAP 262 (165)
Weighted average number of ordinary shares in issue
(million) - basic 101.68 101.54
Weighted average number of ordinary shares in issue
(million) - diluted 101.92 101.64
Earnings/(loss) per share under U.S. GAAP - basic and
diluted $2.57 $(1.62)
For the year ended 31
December 2003, the net income under IFRS was $268 million,
compared to a net income of $262 million under U.S. GAAP.
The differences for purchase
accounting result from the application of different purchase
accounting requirements under IFRS and U.S. GAAP to business
combinations completed in prior periods, and the different
subsequent accounting for goodwill. These different IFRS and
U.S. GAAP purchase accounting requirements resulted in
different balance sheet values for goodwill and intangible
assets related to those business combinations. For intangible
assets, this has led to different amortization charges in each
subsequent accounting period, including 2002 and 2003. Also,
as Syngenta adopted SFAS No. 142 "Goodwill and Intangible
Assets," as of 1 January 2002, it ceased to record goodwill
amortization for US GAAP from that date. The difference of $43
million arising in pre-tax income in respect of purchase
accounting for Zeneca agrochemicals principally represents the
goodwill amortization expense recorded under IFRS. The
difference of $(67) million in pre-tax income in respect of
other acquisitions mainly arises because the Sandoz and
Ciba-Geigy merger was accounted for as a uniting of interests
under IFRS. For U.S. GAAP the merger was accounted for as a
purchase, including recognition and subsequent amortization of
purchased product rights.
The difference of $32 million
in pre-tax income in respect of restructuring provisions
mainly represents employee termination costs which have been
recorded under IFRS, but have not been recognized for U.S.
GAAP because the employees affected will continue to work
beyond the minimum retention period stipulated by SFAS No.146.
These costs will be recognized for U.S. GAAP in future periods
as the employees complete their remaining service.
Equity (as at 31 December) 2003 2002
$m $m
Equity under IFRS 5053 4350
U.S. GAAP adjustments:
Purchase accounting:
Zeneca agrochemicals (494) (483)
Other acquisitions 868 931
Impairment losses 23 23
Restructuring charges 26 (7)
Pension provisions (including post-retirement
benefits) (166) (97)
Stock-based compensation - -
Deferred taxes on unrealized profit in inventory (3) (37)
Other items 32 27
Deferred tax effect on U.S. GAAP adjustments (144) (174)
Equity under U.S. GAAP 5195 4533
The difference arising in
shareholders' equity for pension provisions at 31 December
2003 includes $75 million which was directly charged to U.S.
GAAP shareholders' equity in 2003 (2002: $94 million), due to
falls during 2003 in the corporate bond yields which determine
the discount rate used to value the pension liability, offset
only partly by the recovery in asset market values. U.S. GAAP,
unlike IFRS, requires provisions to be at least equal to the
unfunded pension liability for each pension plan on an
accumulated benefit basis. This adjustment did not affect cash
or earnings.
Note 7: New U.S. GAAP
Accounting Pronouncements
SFAS No. 143, "Accounting for
Asset Retirement Obligations," was adopted by Syngenta with
effect from 1 January 2003 and did not have a material effect
on the financial statements.
SFAS No. 146, "Accounting for
Costs Associated with Exit and Disposal Activities," was
adopted by Syngenta with effect from 1 January 2003 and
applies to exit and disposal activities initiated after 31
December 2002. Therefore it had no effect on the opening
balance of consolidated retained earnings at 1 January 2003.
SFAS No. 146 superseded EITF 94-3. Restructuring costs of $32
million, which would have been recognized in net income for
the year ended 31 December 2003 had EITF 94-3 still been in
force, will be recognized in later periods in accordance with
SFAS No. 146.
The initial recognition and
initial measurement provisions of FASB Interpretation No. 45,
"Guarantor's Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of
Others," were adopted by Syngenta with effect from 1 January
2003, and did not have a material effect on the financial
statements.
FASB Interpretation No. 46
(Revised December 2003), "Consolidation of Variable Interest
Entities," was adopted by Syngenta with effect from 1 January
2003 and did not have a material effect on the scope of
consolidation or on the financial statements.
Supplementary Financial
Information
Appendix A: Constant Exchange
Rates (CER)
In this report results from
one period to another period are, where appropriate, compared
using constant exchange rates (CER). To present that
information, current period results for entities reporting in
currencies other than U.S. dollars are converted into U.S.
dollars at the prior period's exchange rates, rather than at
the exchange rates for the current year. CER margin
percentages for gross profit and EBITDA are calculated by the
ratio of these measures to sales after restating the measures
and sales at prior period exchange rates. The CER presentation
indicates the underlying business performance before taking
into account currency exchange fluctuations. See Note 5:
Principal Currency Translation Rates for information on
average exchange rates in 2003 and 2002.
Appendix B: Sales Excluding
Range Rationalization (Ex RR)
Following the formation of
Syngenta, the Crop Protection business has set out to improve
business quality and create value through the rationalization
and modernization of the product portfolio. From 121 active
ingredients (AIs) at the time of the merger, plans are in
place to reduce the portfolio to 76 AIs and the range had been
reduced to 83 AIs by the end of 2003. In addition, various
third party products previously formulated and distributed by
Syngenta but generating lower levels of profitability have
been exited. Sales growth rates excluding rationalization
impact has been calculated by excluding the sales decline at
constant exchange rates between current year and prior period
caused by these phase-out products.
Appendix C: Free Cash Flow
Free cash flow comprises cash
flow after operating activities, investing activities, taxes
and operational financing activities prior to capital
financing activities such as drawdown or repayment of debt,
dividends paid to Syngenta Group shareholders, share
repurchase and other equity movements. Free cash flow is not a
measure of financial performance under generally accepted
accounting principles and the free cash flow measure used by
Syngenta may not be comparable to similarly titled measures of
other companies. Free cash flow has been included as it is
used by many investors as a useful supplementary measure of
cash generation.
For the year to 31 December 2003 2002
$m $m
Cash flow from operating activities 799 802
Cash flow used for investing activities (237) (260)
Free cash flow 562 542
Foreign exchange effect on cash and cash
equivalents 46 9
Free cash flow, including foreign exchange effect(1) 608 551
(1) Free cash flow disclosed by Syngenta in prior periods included the
effect of foreign exchange movements on cash and cash equivalents.
Management believes it to be more prudent to exclude this translation
effect in determining free cash flow.
Appendix D: Reconciliation of
EBITDA(1) to Net Income
EBITDA is defined as earnings
before interest, tax, minority interests, depreciation,
amortization and impairment. Information concerning EBITDA has
been included as it is used by investors as one measure of
gross cash flow generation and is used by Syngenta for
performance monitoring and as the basis of part of employee
incentive schemes. EBITDA is not a measure of cash liquidity
or financial performance under generally accepted accounting
principles and the EBITDA measures used by Syngenta may not be
comparable to other similarly titled measures of other
companies. EBITDA should not be construed as an alternative to
operating income or cash flow as determined in accordance with
generally accepted accounting principles.
2003 2002
$m $m
Net Income in accordance with IFRS 268 (27)
Minority interests 4 6
Income tax expense 139 70
Financial expense, net 134 188
Pre-tax restructuring and impairment 163 396
Depreciation, amortization and other
impairment 511 521
EBITDA 1219 1154
Appendix E: Reconciliation of
Segment EBITDA to Segment Operating Income(1)
2003 2002
Crop Crop
Protec- Plant Protec- Plant
tion Seeds Science tion Seeds Science
$m $m $m $m $m $m
Operating income 780 100 (171) 745 68 (173)
Income/(loss) from associates
and joint ventures (1) 2 (2) (4) - (3)
Depreciation, amortization and
other impairment 460 44 7 473 41 7
EBITDA 1239 146 (166) 1214 109 (169)
(1) Excluding restructuring and impairment, see Note 4.
Appendix F: Net Debt
Reconciliation
Net debt comprises total debt
net of related hedging derivatives and cash and cash
equivalents. Net debt is not a measure of financial position
under generally accepted accounting principles and the net
debt measure used by Syngenta may not be comparable to the
similarly titled measure of other companies. Net debt has been
included as it is used by many investors as a useful measure
of financial position and risk. The following table provides a
reconciliation of movements in net debt during the period:
2003 2002
$m $m
Opening balance at 1 January 1671 2219
Acquisitions and disposals - -
Other non-cash items (33) 2
Foreign exchange effect on debt 68 (59)
Sale of Treasury Stock (4) (3)
Dividends paid to group shareholders 65 48
Dividends paid to minorities 4 6
Free cash flow (562) (542)
Closing balance as at 31 December 1209 1671
Constituents of closing balance;
Cash and cash equivalents (206) (232)
Current financial debts 749 1207
Non-current financial debts 1017 925
Financing-related derivatives(1) (351) (229)
Closing balance at 31 December 1209 1671
(1) Included within other current assets.
The following table presents the derivation of the
Debt/Equity gearing ratio:
2003 2002
$m $m
Net debt 1209 1671
Shareholders' equity 5053 4350
Debt/Equity gearing ratio (%) 24% 38%
Appendix G: Period End Trade
Working Capital
The following table provides
detail of trade working capital at the period end as a
percentage of twelve-month sales:
2003 2002
$m $m
Inventories 1811 1704
Trade accounts receivable 1707 1602
Trade accounts payable (862) (725)
Net trade working capital 2656 2581
Twelve-month sales 6578 6197
Trade working capital as percentage of sales (%) 40% 42%
Announcements and Meetings
AGM and first quarter trading statement 2004 27 April 2004
Announcement of half year results 2004 29 July 2004
Third quarter trading statement 2004 22 October 2004
Announcement of 2004 full year results 10 February 2005
Glossary and Trademarks
All product or brand names
included in this results statement are trademarks of, or
licensed to, a Syngenta group company. For simplicity, sales
are reported under the lead brand names, shown below, whereas
some compounds are sold under several brand names to address
separate market niches.
Selective Herbicides
APIRO(R) novel grass weed herbicide for rice
BICEP(R) MAGNUM broad spectrum pre-emergence herbicide for corn andsorghum
CALLISTO(R) novel herbicide for flexible use on broad-leaved weeds for corn
DUAL(R) MAGNUM grass weed killer for corn and soybeans
ENVOKE(R) novel low-dose herbicide for cotton and sugar cane
FLEX(R) broad spectrum broad-leaf weed herbicide for soybeans
FUSILADE(R) grass weed killer for broad-leaf crops
LUMAX(TM) unique season-long grass and broad leaf weed control
TOPIK(R) post-emergence grass weed killer for wheat
Non-selective Herbicides
GRAMOXONE(R) rapid, non-systemic burn-down of vegetation
TOUCHDOWN(R) systemic total vegetation control
TOUCHDOWN(R) IQ(R) improved TOUCHDOWN(R)
Fungicides
ACANTO(R) second-generation strobilurin with particular advantages in early cereal applications
AMISTAR(R) broad spectrum strobilurin for use on multiple crops
BRAVO(R) broad spectrum fungicide for use on multiple crops
RIDOMIL GOLD(R) systemic fungicide for use in vines, potatoes and vegetables
SCORE(R) triazole fungicide for use in vegetables, fruits and rice
TILT(R) broad spectrum triazole for use in cereals, bananas and peanuts
UNIX(R) cereal and vine fungicide with unique mode of action
Insecticides
ACTARA(R) second-generation neonicotinoid for controlling foliar and soil pests in multiple crops
FORCE(R) unique pyrethroid controlling soil pests in corn
KARATE(R) foliar pyrethroid offering broad spectrum insect control
PROCLAIM(R) novel, low-dose insecticide for controlling lepidoptera in vegetables and cotton
VERTIMEC(R) acaricide for use in fruits, vegetables and cotton
Professional Products
AVID(R) acaricide for ornamentals
BARRICADE(R) pre-emergence crabgrass herbicide for turf
CRUISER(R) novel broad spectrum seed treatment -- neonicotinoid insecticide
DIVIDEND(R) triazole seed treatment fungicide
HERITAGE(R) strobilurin turf fungicide
ICON(R) public health insecticide
IMPASSE(TM) termite barrier
MAXIM(R) broad spectrum seed treatment fungicide
Field Crops
NK(R) global brand for corn, oilseeds and other field crops
HILLESHOG(R) global brand for sugar beet
Vegetables and Flowers
S&G(R) vegetables leading brand in Europe, Africa and Asia
S&G(R) flowers global brand for seeds and young plants
ROGERS(R) vegetables leading brand throughout the Americas
