Monterrey, Mexico
October 28, 2002

Savia S.A. de C.V. (NYSE:VAI) (BMV:SAVIA) today announced its results for the third quarter of 2002.

Executive Summary

• Savia reported a consolidated net profit of 29 million dollars for the nine months ending on September 30, 2002.
• Savia reported third quarter accumulated sales of 519 million dollars.
• Savia increased its operating income by 92 million dollars (222%) for the nine months ending on September 30, 2002.
• Savia attained an accumulated cash flow of 68 million dollars, four times greater than the figure reported during the same period in 2001.
• As part of the process of restructuring the company's debt, Savia is in negotiations with its bank lenders regarding a three-year extension on its maturity. Following these negotiations, and as approved by the company's shareholders, Savia will proceed to issue common stock convertible bonds.
• Seminis in addition to a decrease in bank debt reported an operating income of 68 million dollars, an increment of 71 million dollars with a cash flow increase seven times greater for the nine months ending on September 30, 2002.
• Seminis reduced its bank debt by 57.6 million dollars, or 17% during the last 12 months.
• Seminis Annual General Shareholders Meeting approved the issue of Common Class 'A' shares to be exchanged for Preferred Class 'C' shares owned by Savia. With this operation Savia will increase its share in Seminis to 76%.
• Bionova will meet a committee of the American Stock Exchange to present its business plan and to discuss the company's continued listing on the exchange.

REPORT OF RESULTS
ACCUMULATED RESULTS TO THE THIRD QUARTER
Consolidated Net Sales

Consolidated net sales were 519 million dollars, a decrease of 11% compared to the same period last year. This reduction in sales is a consequence of the divestiture of operations related to Bionova and Agrosem. Of the total consolidated net sales, Seminis accounted for 72%, Bionova 21% and other businesses 7%. In terms of currencies, 48% of the sales were denominated in dollars, 21% in Euros, 8% in Mexican pesos and the remaining 23% in Asiatic and other currencies.

Consolidated Operating Income

Consolidated operating income accumulated to in the third quarter of 2002 was 50 million dollars, a recovery of 92 million dollars (222%) in comparison to a loss of 42 million dollars registered during the same period last year. This substantial strengthening in operating income was the result of a more efficient operation, which reported a reduction of 31% in the cost of sales and a decrease of 16% in operating expenses. Cash flow was 68 million dollars, a figure that is a significant reversal to the negative cash flow of 22 million dollars reported in the same period last year.

Consolidated Net Income

In this period the consolidated net income rose to 29 million dollars, a recovery of 281 million dollars in comparison to the loss of 252 million dollars reported during the same period in 2001. The majority net income was 16 million dollars, a recovery of 232 million dollars, reflecting a per share income of 0.35 pesos or USD 0.14 per ADR.

ACCUMULATED RESULTS TO THE THIRD QUARTER FOR THE PRINCIPAL SUBSIDIARIES

Seminis

Accumulated sales for Seminis for the third quarter were 376 million dollars, a figure similar to that reported during the same period last year. The gross profit as a percentage of sales increased to 62% in comparison to 46% obtained in the same quarter of 2001. During the period, Seminis reduced its operating expenses by 7%. As a result of its improved efficiency, Seminis reported operating income of 68 million dollars, a figure that reflects an increase of 23 times that obtained in 2001. The net cash flow from operations for the period was 80 million dollars, an increase of 70 million dollars or seven times the cash flow reported in 2001.

Bionova

The sales for Bionova were 108 million dollars, 38% less than those reported during the same period in 2001. This reduction was the result of the divestiture of Interfruver de Mexico completed in 2001. The operating loss was 5 million dollars, 2 million dollars (30%) less than the loss reported in the same period last year.

CONSOLIDATED RESULTS FOR THE THIRD QUARTER
Consolidated Net Sales

Net sales were 144 million dollars in the third quarter of 2002, 11% less than in the third quarter of 2001. This reduction was the result of the divestiture of operations related to Bionova and Agrosem. Of the total consolidated net sales, Seminis contributed 79%, Bionova 12% and the other businesses 9%. In terms of currencies, 47% were in U.S. Dollars, 18% in Euros, 10% in Mexican pesos and the remaining 25% in Asiatic and other currencies.

Consolidated Operating Income

The consolidated operating income recovered 13 million dollars during the quarter with the company reporting operating income of 7 million dollars compared to a loss of 6 million dollars in 2001. This substantial strengthening in operating income was a result of a 23% improvement in the cost of sales and a reduction of 15% in operating expenses. Operating cash flow was 15 million dollars, almost 10 times higher to the figure reported in the same period last year.

Consolidated Net Income

The consolidated net income improved by 112 million dollars and reported a loss of 6 million dollars, 95% less than the loss of 117 million dollars reported in the same period last year. The majority loss in the third quarter was 5 million dollars, reflecting a per share loss of 0.11 pesos or USD 0.05 per ADR.

THIRD QUARTER RESULTS FOR THE PRINCIPAL SUBSIDIARIES

Seminis

The total sales for Seminis (Nasdaq:SMNS) for the third quarter were 114 million dollars, a figure similar to that which was reported during the same period last year. The gross profit as percent of sales increased to 62% in comparison to 61% obtained in the same period in 2001. The company reduced its operating expenses by 4 million dollars (7%). The operating income was 16 million dollars, 6 million dollars (56%) above the income level achieved in 2001. The company increased its cash flow by 35% to 20 million dollars in comparison to the figure of 15 million dollars reported in the same period last year.

Bionova

For the third quarter the results for Bionova (AMEX:BVA) showed sales of 17 million dollars. This represents a reduction of 60% compared to the previous year. This reduction was the result of the divestiture of Interfruver de Mexico done in 2001. During the third quarter the gross loss was 1 million dollars. The operating income showed a loss of 3 million dollars in the third quarter of 2002, less than the loss of 5 million dollars registered in the third quarter of 2001. 

RELEVANT EVENTS
Savia

Savia's bank debt accounted for USD 60 million due October 31, 2002. As part of the process of restructuring the company's debt, Savia is in negotiations with its bank lenders regarding a three-year extension on its maturity. During the fourth quarter, the company expects to arrange long term refinancing of its debt. Following these negotiations, and as approved by the company's shareholders, Savia will proceed to the conversion of Series "A" Shares Class I into a Unique Series "B" Shares; the
underwriting of unsecured convertible bonds to Series "B" Shares and the corresponding issuing of Treasury Common Stock.

Seminis

During the period encompassing September 2001 and September 2002, Seminis reduced its bank debt by 57.6 million dollars or 17%. Seminis' total liabilities as at the last day of September 2002 were 278.5 million dollars. During the Annual General Shareholders Meeting conducted on September 26, 2002, the company approved the issuance of 37,559,480 shares of Common, Class "A' stock in exchange for Savia's Class "C" preferred stock, and additional Paid-In Capital. In addition, as part of this operation, Savia will receive 15 million dollars in cash from accrued and unpaid dividends and will increase it share in Seminis to 76%.

Bionova

On September 18, 2002 Bionova announced that it had received a notification from the American Stock Exchange stating that the company is no longer in compliance with the requirements for continued listing on this Exchange. In response to a request from Bionova, an Exchange committee will meet with company officials on November 7. During the meeting Bionova will present a business plan for the continued listing of the company in this market.

Savia is a company with global reach focused on agro businesses. Its principal subsidiaries include Seminis, a global leader in the production and marketing of fruit and vegetable seeds, Bionova, distributor and marketer of fresh fruits in the NAFTA market, and Desarrollo Inmobiliario Omega, a company dedicated to the development of real estate in Northern Mexico.