Garza Garcia, Mexico
July 25, 2002

Savia (BMV:SAVIA) (NYSE:VAI) 

EXECUTIVE SUMMARY

Savia reported its second consecutive increase in consolidated net income reaching US$15 million in the second quarter.

This represents an important recovery of US$151 million compared to the same period last year. At the same time, Savia reported an accumulated income of US$35 million for the first six months of the year.

Savia reported an increase in its operating cash flow of US$65 million over the same period last year. At the close of the second quarter of 2002 the company reported EBITDA of US$11 million.

Savia's subsidiary Seminis, the world's principal producer and distributor of fruit and vegetable seeds, newly confirmed its successful results in the second quarter. Following its strategy of recovery and operational efficiency, the company has transformed itself with improved income and competitive capacity allowing it to strengthen its leadership position in the seed market.

Seminis' results improved for the sixth consecutive quarter. Sales for the second quarter remained stable and the operating margin reached 61% in relation to sales allowing the company to report a gross income of US$65 million. The income from operations for this period increased by US$56 million with respect to the same period last year to produce an operating income of US$10 million.

Seminis made a payment of US$20 million to its bankers during the quarter, reducing the company's total debt in $20.8 million. The company debt repayment program continues to strengthen its financial structure and it has reduced its debt more than US$54 million during the last nine months.

Seminis has been included in the list of the Russell 3000 and 2000 Indices during the second quarter. These indices contain those companies that have high market value and liquidity and are used by analysts to monitor the country's economy. Inclusion in the Russell Indices represents an important recognition of Seminis' progress and improves its image with the investment community.

REPORTED RESULTS

Monterrey, Mexico, July 25, 2002. Savia S.A. de C.V. (BMV:SAVIA) (NYSE:VAI) announced today is results for the second quarter of 2002.

Business Indicators
(Millions of Dollars as of June 2002)

(a) Variation due to the sale of Interfruver de Mexico, a non-strategic asset of the subsidiary Bionova

CONSOLIDATED SECOND QUARTER RESULTS
Net Consolidated Sales

The net consolidated sales were US$164 million, a decrease of 10% in comparison to the same period last year. The reduction resulted principally from the impact of the sale of Interfruver de Mexico, a non-strategic asset of Bionova. 47% of sales were in dollars, 20% in Euros, 11% in Pesos and 22% in other currencies.

Consolidated Operating Income

Consolidated operating income was US$5 million during the quarter, a recovery of US$66 million compared to the same period in the previous year. This considerable increase was the result of growth in the operating margin of US$56 million over the same period last year, with the company reporting a gross income of US$75 million, or 46% of sales, and a decrease in operating expenses of 13%. The operating cash flow recovered by US$65 million and the company reported a positive cash flow of US$11 million during the quarter.

Net Consolidated Income

The consolidated net income was US$15 million, an important recovery of US$151 million compared to the same period last year. This achievement was the result of significant reductions in the cost of sales and operating expenses. Financing charges were also reduced due to important debt reductions at Savia and Seminis. Net majority income at US$11 million was positive for the second consecutive quarter recovering US$118 million over the same period last year.

SECOND QUARTER RESULTS FOR SUBSIDIARIES
Seminis

As a result of its optimization strategy, Seminis (Nasdaq:SMNS) maintained its sales levels reaching US$107 million, a figure very similar to that reported in the same period last year. The operating margin showed improvement at US$65 million, or 61% of sales.

At the same time, operating income (EBIT) recovered US$56 million, compared to the same period in 2001, with the company reporting a profit of US$10 million. These results show the positive effect of the initiatives that were implemented and that continue to guide the profitability of the business.

Bionova

The sales of Bionova (AMEX:BVA) were US$43 million in the second quarter, a reduction of 30% compared to the same period last year. This reduction was the result of the sale of Interfruver de Mexico, a non-strategic asset of this subsidiary.

During the reported quarter the company also closed the biotechnology operations of DNA Plant Technology, a subsidiary of Bionova.

CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2002
Net Consolidated Sales

The net consolidated sales were US$374 million, a decrease of 11% in comparison to the same period last year. The reduction was due principally to the sale of Interfruver de Mexico, a non-strategic asset of the Bionova subsidiary. 48% of sales were denominated in dollars, 22% in Euros, 8% in Mexican Pesos and the remaining 22% in other currencies.

Consolidated Operating Income

As a result of an increase in the operating margin of 40% and a reduction in operating expenses of 17%, the consolidated operating income (EBIT) during the first half of 2002 was US$43 million, a recovery of US$79 million compared to the same period last year. Similarly, the operating cash flow of US$54 million, a recovery of US$77 million, is also an important increase with respect to the same period last year.

Net Consolidated Income

In this period the net consolidated income was US$35 million, a recovery of US$170 million compared to the same period in the prior year. The net majority income, at US$21 million, recovered US$144 million compared to the same period last year.

RESULTS FOR SUBSIDIARIES DURING THE FIRST HALF OF 2002

Seminis

Total sales for Seminis (Nasdaq:SMNS) corresponded to the first half of 2002 reaching US$261 million, a level very similar to that achieved during the same period last year.

The operating margin was US$162 million representing 62% in relation to sales. The operating expenses decreased by 7% compared to the same period in 2001. As a result, the operating income (EBIT) reached US$52 million.

Bionova

The sales of Bionova (AMEX:BVA) were US$90 million, a reduction of 30% with respect to the same period last year. This reduction is the result of the sale of Interfruver de Mexico, a non-strategic asset of this subsidiary. The operating income recovered 38% in comparison to the same period last year.

Savia participates in industries that offer high growth potential in Mexico and internationally. Among its main subsidiaries are: Seminis, a global leader in the development, production and commercialization of fruit and vegetable seeds; Bionova, a company focused in plant science for the development and improvement of fruit and vegetable seeds; and Omega, a real estate development company.

Savia's financial statements are prepared in compliance with generally accepted accounting principles in Mexico. For the consolidation of domestic subsidiaries, Savia follows the guidelines set forth in bulletin B-10 and for foreign companies follows the guidelines set forth in bulletin B-15. Seminis and Bionova report following the generally accepted accounting principles of Mexico. These results are adjusted to reflect the above-mentioned guidelines. In addition, Seminis reports its fiscal year the first quarter of October through the last of September. Savia reports its fiscal year on a calendar basis,
including in its consolidated results the operations of Seminis according to calendar year.