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Syngenta reports third-quarter sales resultsqrcode

Oct. 26, 2009

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Oct. 26, 2009

Syngenta reports third-quarter sales results


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.

Unaudited Nine Months Product Line and Regional Sales
 
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
 
(1) Growth at constant exchange rates.
(2) Crop Protection inter-segment sales to Seeds.
 
Unaudited Third Quarter Product Line and Regional Sales
 
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

(1) Growth at constant exchange rates.
(2) Crop Protection inter-segment sales to Seeds.



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