• Sales up 12 percent to $4.6 billion, +6% CER(1)
• EBITDA(2) up 17 percent to $1367 million, +13% CER
• Earnings per share(3) up 49 percent to $7.70
• Free cash flow(4) $676 million

Financial highlights (unaudited)

(1) For a definition of constant exchange rates, see Appendix A.
(2) EBITDA before restructuring and impairment is a non-GAAP measure in regular use as a measure of operating performance, see Appendix D.
(3) EPS on a fully-diluted basis before restructuring and impairment, see Note 4, and before a one-off tax credit associated with the crystallization of previously unrecognized tax losses.
(4) For a definition of free cash flow, see Appendix C.
(5) The amounts including restructuring and impairment are reported in accordance with International Financial Reporting Standards (IFRS). The impact of restructuring and impairment in 2004 is $172m (2003: $59m) on net income and $1.61 (2003: $0.58) on earnings per share.

Michael Pragnell, Chief Executive Officer, said:

“In the first half of 2004 the strength of our business and market leading products has enabled us to take full advantage of a recovery in agricultural markets. This has resulted in robust sales growth across both Crop Protection and Seeds. Professional Products and our consumer-driven Seeds businesses, Vegetables and Flowers, have again registered significant growth. With the recently announced acquisitions in Seeds we have reinforced our position in US corn and soybean. Improved product mix driven by higher sales of new products coupled with the further streamlining of the cost base has led to a significant improvement in profit; combined with a lower tax rate, this has contributed to strong growth in earnings per share.”

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