Monterrey, Mexico
May 2,  2001

1Q01 Highlights 
* Consolidated sales remained relatively unchanged at US$ 838 million. 
* Operating income rose four fold to US$ 79 million. Net income amounted to US$ 1.4 million, representing a year-over-year increase of US$ 18 million, reverting the negative trend registered in the previous quarters. 
* Savia reached an initial agreement with its lender banks regarding its bank debt and is currently preparing the final documentation in connection with the terms and conditions of the Company's financial obligations. The Company's assets exceed its bank loans, presenting a strong balance
sheet to comply with its financial obligations. 
* Seguros Comercial America (SCA) posted operating income of US$ 48 million, also reverting
the negative trend of the previous quarters. Seguros' performance confirmed the company's market leadership position and reported outstanding efficiency indicators, comparable with those of world leading insuranc

Savia S.A. de C.V. (NYSE: VAI) (BMV: SAVIA) announced today results for the three-month period ended March 31, 2001. 

Consolidated Results
Highlights

* In millions of US dollars as of March 31, 2001

First Quarter 2001 Results

Net Consolidated Sales 

Net sales for the period amounted to US$ 838 million, representing a 2% decline from US$ 851 million for the same quarter last year. Foreign currency denominated sales amounted to US$ 320 million, or 38% of total consolidated sales. To facilitate the analysis, Savia segregates results in two segments: the industrial and commercial sector (ICS) and the financial services sector (FSS). The ICS includes agrotechnology, packaging and other business operations. The FSS includes Seguros Comercial America (SCA) and its subsidiaries. ICS sales for the quarter amounted to US$ 263 million, representing a 16% decline from the year-ago period. SSF sales increased by 7% to US$ 575 million. 

Consolidated Operating Income 

Consolidated operating income for the quarter reached US$ 79 million, up year-over-year by 400% from US$ 16 million. ICS reported operating income for the period of US$ 31 million, a decline from US$ 41 million last year. This decline resulted mainly from a US$ 10 million reduction in operating income at the agro technology and packaging sectors. FSS reported operating income for the quarter of US$ 48 million, compared with a US$ 26 million loss for the last year's quarter. 

Net Consolidated Income 

Net consolidated income for the quarter amounted to US$ 1.4 million, compared with a US$ 17 million loss for the same period last year. Majority loss for quarter reached US$ 15.6 million, or a loss of Ps.0.32 per share (US$0.14 per ADR.) 

First Quarter Results by Subsidiary

Financial Services Sector (FSS)

Seguros Comercial America 

Seguros Comercial America, S.A. de C.V., (BMV: SEGCOAM) and its subsidiaries, contributed US$ 575 million in sales, representing a 7% year-over-year increase from US$ 537 million. This increase was mainly the outcome of successful marketing and commercial efforts to strengthen the company's leadership, resulting in an increase of the company's share of the market to 28.8%. Operating income for the quarter was US$ 48 million, compared with a loss of US$ 26 million for the first quarter of last year. The company reported outstanding efficiency
indicators, comparable with those of world leading insurance companies. The underwriting income, main indicator of the company's strength, was 10.9%, while the combine ratio reached 97.1%. 

Industrial and Commercial Sector (ICS)

Seminis 

Seminis' (Nasdaq: SMNS) sales for the first quarter of 2001 amounted to US$ 152 million, representing a 21% decline from the same period last year. The year-over-year decline in sales was primarily due to the expected impact of discontinued operations under the Global Optimization Plan and a refocus of the company's sales strategy. In 2000, Seminis focused on expanding market share and consolidating its global leadership in the fruit and vegetable seed industry. The rapid growth, together with the slow integration process, negatively impacted the company's results. This year, Seminis is focused on returning to profitability, controlling operating costs while maintaining its global leadership. As a result of the Global Optimization Plan, operating expenses, including US$ 2.2 million in non-recurring extraordinary charges, declined year-over-year by US$ 8 million, or by 12%. Operating income for the quarter was US$ 32 million, compared with US$ 48 million for the same period last year. 

Bionova 

Sales for the quarter at Bionova (Amex: BVA) were US$ 66 million, representing a 14% year-over-year increase. Operating income for the quarter reached US$ 3 million, up from a loss of US$ 7 million for the same period last year, reverting the negative trend of previous quarters. On April 24, 2001, the company announced a restructuring of its technology business in Oakland. Going forward, the technology group will concentrate on the development of its trait genomics platform and seek new sources of funding and strategic options. The company expects that
this initiative will contribute to reduce Bionova's cash flow needs. 

Empaques Ponderosa 

Sales for the period at Empaques Ponderosa (BMV: EMPAQ) amounted to US$ 34 million, representing a 17% decline from the US$ 41 million for the same quarter last year. The decline in sales was principally due to the scheduled biannual maintenance of the boxboard equipment and the impact of the strong peso. In addition, the company exported 24% of its boxboard production. Operating income for the first quarter was US$ 6 million, compared with US$ 10 million for the equivalent period last year. 

The company's results were negatively affected by the increase in energy costs and the pressure exerted by the strong peso on prices. 

Key Developments 

Savia reached an initial agreement with its lender banks regarding its bank debt and is currently negotiating the final documentation in connection with the terms and conditions of the Company's financial obligations. The Company's assets amply cover its bank loans, presenting a strong balance sheet to comply with its financial obligations. 

On April 6, 2001, Empaques Ponderosa reached an agreement with Organizacion Editorial Mexicana (OEM) to sell Cartones Ponderosa, Ecofibras Ponderosa y Ponderfibers Corporation for a total consideration of US$ 285 million. The portion of the proceeds from this transaction available to Savia will be applied to debt payment. 

Savia is a diversified group of companies strategically oriented toward leadership and to the creation of value. Savia participates in industries that offer high growth potential in Mexico and abroad. Among its principal subsidiaries are: Seguros Comercial America, the largest insurance company in Mexico; Seminis, global leader in the production and marketing of fruit and vegetable seeds; Bionova, geared toward plant science to develop and improve fruits and vegetables, and Empaques Ponderosa, national leader in the production of pliable paperboard manufactured from recycled fibers. 

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. SCA reports under accounting principles established by the National Commission of Insurance and Surety, whereas Seminis and Bionova report following the generally accepted accounting principles in the United States of America (US GAAP), which differ from those 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 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. 

Company news release
N3495