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Basel, Switzerland
April 29, 2003
Sales in the first quarter of
2003 increased by 8% to $2 billion (2002: $1.84 billion),
reflecting a positive impact from the further weakening of the
dollar. At constant exchange rates sales were 1% lower.
In Crop Protection, sales at constant exchange rates were 2%
lower. Regional performance for Europe, Africa and the Middle
East was affected by competition in fungicides in France, while
performance in Germany was stable. In NAFTA, sales advanced in
both Canada and the USA, with notable progress across all
product lines except non-selective herbicides. In Latin America
there was a marked recovery in Brazil and ongoing growth in
Argentina. Asian sales were impacted by a decline in South
Korea.
Growth in new products contributed $116 million to sales,
driven by CALLISTO®, which tripled, reflecting the success of
new combinations and underpinning performance in the US
selective herbicide market. In insecticides, ACTARA® and
CRUISER® also registered strong progress. Range rationalization
resulted in a negative sales impact of $20 million.
Seeds sales rose by 3% at constant
exchange rates. Corn sales in the USA benefited from early
spring shipments. Vegetables continued their strong growth in
Europe and Flowers performed well in both NAFTA and Europe due
to distribution chain improvements and new products.
For the full year sales are expected to benefit from ongoing
recovery in Brazil and Argentina, as well as growth in new
products. Cash flow generation will remain strong with improved
business performance delivering increased EBITDA and significant
earnings per share growth, notwithstanding the constraining
effects of currency movements on the EBITDA margin.
Syngenta is a
world-leading agribusiness committed to sustainable agriculture
through innovative research and technology. The company is a
leader in crop protection and ranks third in the high-value
commercial seeds market. Sales in 2002 were approximately US
$6.2 billion. Syngenta employs some 20,000 people in over 90
countries. Syngenta is listed on the Swiss stock exchange (SYNN)
and in London (SYA), New York (SYT) and Stockholm (SYN).
Unaudited First Quarter Product Line and Regional Sales
1st 1st
Quarter Quarter
2003 2002 Actual(1) CER(1)
$m $m % %
Syngenta
Crop Protection 1570 1472 +7 -2
Seeds 429 372 +15 +3
Total 1999 1844 +8 -1
Crop Protection
Product line
Selective herbicides 565 534 +6 -2
Non-selective herbicides 146 151 -3 -9
Fungicides 424 398 +7 -6
Insecticides 218 194 +12 +4
Professional products 169 150 +12 +7
Others 48 45 +6 -13
Total 1570 1472 +7 -2
Regional
Europe, Africa and
Middle East 670 609 +10 -8
NAFTA 562 547 +3 +2
Latin America 110 96 +15 +15
Asia Pacific 228 220 +4 -5
Total 1570 1472 +7 -2
Seeds
Product line
Field Crops 274 240 +14 +2
Vegetables and Flowers 155 132 +18 +6
Total 429 372 +15 +3
Regional
Europe, Africa and
Middle East 244 197 +24 +2
NAFTA 171 157 +9 +9
Latin America 2 6 -72 -72
Asia Pacific 12 12 +2 -7
Total 429 372 +15 +3
(1) CER = constant exchange rate. Product line variances take into
account minor reclassifications made in 2003.
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