Basel, Switzerland
April 23, 2002
Syngenta AG sales for the
first quarter of 2002 were $1.84 billion (Q1 2001: $1.91
billion). At constant exchange rates sales were unchanged;
currency movements reduced reported sales by 3 percent
essentially due to the weakness of the Euro and of Asian
currencies.
Crop Protection sales in Europe benefited from a strong
performance in Germany following new product launches, coupled
with a recovery in the UK, notably for cereal fungicides; this
offset a slow start in France. Sales in NAFTA were flat with a
strong start in Canada and Mexico mitigating anticipated US
channel destocking of selective herbicides, particularly in the
corn market; the non-selective herbicide TOUCHDOWN continued to
grow. In Asia Pacific a change in order pattern adversely
affected sales in Japan. New product launches - ACANTO and
CALLISTO - are proceeding well; in addition, CRUISER seed
treatment (thiamethoxam) in professional products grew strongly.
Ongoing range rationalization is expected to offset new product
sales growth for the full year but will enhance future
profitability.
Seeds field crop sales were down largely due to more intense
competition in the US corn market and reduced soybean acreage.
Vegetable and flower sales were strong in Europe.
Market conditions have shown little change since the start of
the year with commodity crop prices remaining low. However,
first quarter performance indicates that barring further
unfavorable currency movements, synergy realization will result
in some margin improvement in 2002.
Syngenta is a world-leading agribusiness. The company ranks
first in crop protection, and third in the high-value commercial
seeds market. Sales in 2001 were approximately US $6.3 billion.
Syngenta employs more than 20,000 people in over 50 countries.
The company is committed to sustainable agriculture through
innovative Research and Technology. Syngenta (NYSE: SYT) is
listed on the Swiss stock exchange and in London, New York and
Stockholm.
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