Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Re: | SYNGENTA AG |
Press Release: | “Syngenta 2010 Half Year Results” |
Syngenta International AG
Media Office
CH-4002 Basel
Switzerland
Tel: +41 61 323 23 23
Fax: +41 61 323 24 24
www.syngenta.com
|
Médard Schoenmaeckers
Switzerland +41 61 323 2323
|
Jennifer Gough
Switzerland +41 61 323 5059
USA +1 202 737 6521
John Hudson
Switzerland +41 61 323 6793
USA +1 202 737 6520
|
·
|
Sales up 1 percent at $6.7 billion: 3 percent lower at constant exchange rates(1)
|
·
|
Q2: volume growth offsetting lower Crop Protection prices, notably NAFTA
|
·
|
Seeds growth accelerating, increased margin
|
·
|
Investments driving emerging market growth: sales up 15 percent(1)
|
·
|
Earnings per share(2) $13.95, 9 percent lower
|
·
|
Earnings per share $13.39 after restructuring and impairment, 10 percent lower
|
Reported Financial Highlights
|
Excluding Restructuring, Impairment
|
|||||||
H1 2010
$m
|
H1 2009
$m
|
Actual
%
|
H1 2010
$m
|
H1 2009
$m
|
Actual
%
|
CER(1)
%
|
||
Sales
|
6,740
|
6,655
|
+ 1
|
6,740
|
6,655
|
+ 1
|
- 3
|
|
Crop Protection
|
4,996
|
5,000
|
-
|
4,996
|
5,000
|
-
|
- 4
|
|
Seeds
|
1,763
|
1,676
|
+ 5
|
1,763
|
1,676
|
+ 5
|
+ 2
|
|
Operating Income
|
1,558
|
1,783
|
- 13
|
1,652
|
1,833
|
- 10
|
||
Net Income(3)
|
1,254
|
1,402
|
- 11
|
1,307
|
1,440
|
- 9
|
||
Earnings per share
|
$13.39
|
$14.96
|
- 10
|
$13.95
|
$15.36
|
- 9
|
(1)
|
Growth at constant exchange rates, see Appendix A.
|
(2)
|
EPS on a fully-diluted basis, excluding restructuring and impairment.
|
(3)
|
Net income to shareholders of Syngenta AG.
|
1st Half
|
Growth
|
2nd Quarter
|
Growth
|
||||||
Product line
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
|
Selective Herbicides
|
1,620
|
1,615
|
-
|
- 4
|
877
|
814
|
+ 8
|
+ 5
|
|
Non-selective Herbicides
|
548
|
691
|
- 21
|
- 25
|
316
|
362
|
- 13
|
- 16
|
|
Fungicides
|
1,488
|
1,356
|
+ 10
|
+ 6
|
681
|
634
|
+ 7
|
+ 5
|
|
Insecticides
|
700
|
673
|
+ 4
|
-
|
349
|
318
|
+ 10
|
+ 8
|
|
Seed Care
|
369
|
392
|
- 6
|
- 10
|
130
|
135
|
- 4
|
- 6
|
|
Professional Products
|
242
|
225
|
+ 7
|
+ 4
|
122
|
115
|
+ 6
|
+ 4
|
|
Others
|
29
|
48
|
- 38
|
- 39
|
11
|
37
|
-68
|
- 68
|
|
Total
|
4,996
|
5,000
|
-
|
- 4
|
2,486
|
2,415
|
+ 3
|
-
|
1st Half
|
Growth
|
2nd Quarter
|
Growth
|
||||||
Crop Protection
by region
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
|
Europe, Africa, Mid. East
|
1,790
|
1,810
|
- 1
|
- 5
|
831
|
823
|
+ 1
|
-
|
|
NAFTA
|
1,662
|
1,882
|
- 12
|
- 15
|
942
|
989
|
- 5
|
- 8
|
|
Latin America
|
710
|
550
|
+ 29
|
+ 29
|
330
|
262
|
+ 26
|
+ 26
|
|
Asia Pacific
|
834
|
758
|
+ 10
|
+ 2
|
383
|
341
|
+ 12
|
+ 5
|
|
Total
|
4,996
|
5,000
|
-
|
- 4
|
2,486
|
2,415
|
+ 3
|
-
|
1st Half
|
Growth
|
2nd Quarter
|
Growth
|
||||||
Product line
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
|
Corn & Soybean
|
806
|
843
|
- 4
|
- 7
|
253
|
213
|
+ 19
|
+ 16
|
|
Diverse Field Crops
|
386
|
304
|
+ 27
|
+ 19
|
193
|
155
|
+ 24
|
+ 19
|
|
Vegetables
|
360
|
322
|
+ 12
|
+ 9
|
200
|
180
|
+ 11
|
+ 11
|
|
Flowers
|
211
|
207
|
+ 2
|
- 1
|
81
|
74
|
+ 9
|
+ 8
|
|
Total
|
1,763
|
1,676
|
+ 5
|
+ 2
|
727
|
622
|
+ 17
|
+ 14
|
1st Half
|
Growth
|
2nd Quarter
|
Growth
|
||||||
Seeds by region
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
2010
$m
|
2009
$m
|
Actual
%
|
CER
%
|
|
Europe, Africa, Mid. East
|
762
|
659
|
+ 16
|
+ 9
|
297
|
251
|
+ 18
|
+ 15
|
|
NAFTA
|
826
|
880
|
- 6
|
- 7
|
329
|
300
|
+ 9
|
+ 8
|
|
Latin America
|
62
|
41
|
+ 52
|
+ 52
|
31
|
14
|
+ 122
|
+ 122
|
|
Asia Pacific
|
113
|
96
|
+ 18
|
+ 11
|
70
|
57
|
+ 24
|
+ 16
|
|
Total
|
1,763
|
1,676
|
+ 5
|
+ 2
|
727
|
622
|
+ 17
|
+ 14
|
Third quarter trading statement 2010
|
October 14, 2010
|
Announcement of 2010 Full Year Results
|
February 9, 2011
|
First quarter trading statement 2011
|
April 15, 2011
|
AGM
|
April 19, 2011
|
For the six months ended June 30,
(US$ million, except share and per share amounts)
|
2010
|
2009(a)
|
||||||
Sales
|
6,740 | 6,655 | ||||||
Cost of goods sold
|
(3,245 | ) | (3,208 | ) | ||||
Gross profit
|
3,495 | 3,447 | ||||||
Marketing and distribution
|
(903 | ) | (836 | ) | ||||
Research and development
|
(507 | ) | (444 | ) | ||||
General and administrative
|
(443 | ) | (335 | ) | ||||
Restructuring and impairment
|
(84 | ) | (49 | ) | ||||
Operating income
|
1,558 | 1,783 | ||||||
Income from associates and joint ventures
|
21 | 2 | ||||||
Financial expense, net
|
(55 | ) | (46 | ) | ||||
Income before taxes
|
1,524 | 1,739 | ||||||
Income tax expense
|
(265 | ) | (329 | ) | ||||
Net income
|
1,259 | 1,410 | ||||||
Attributable to:
|
||||||||
Non-controlling interests
|
5 | 8 | ||||||
Syngenta AG shareholders
|
1,254 | 1,402 | ||||||
Net income
|
1,259 | 1,410 | ||||||
Earnings per share (US$):
|
||||||||
Basic
|
13.47 | 15.05 | ||||||
Diluted
|
13.39 | 14.96 | ||||||
Weighted average number of shares:
|
||||||||
Basic
|
93,075,102 | 93,179,087 | ||||||
Diluted
|
93,660,855 | 93,758,202 |
For the six months ended June 30,
(US$ million)
|
2010
|
2009(a)
|
||||||
Net income
|
1,259 | 1,410 | ||||||
Components of other comprehensive income (OCI):
|
||||||||
Actuarial losses of defined benefit post-employment plans
|
(173 | ) | (143 | ) | ||||
Unrealized holding gains/(losses) on available-for-sale financial assets
|
2 | (18 | ) | |||||
Unrealized gains on derivatives designated as cash flow and net investment hedges
|
8 | 84 | ||||||
Currency translation effects
|
(277 | ) | 155 | |||||
Income tax relating to OCI
|
41 | 50 | ||||||
Total comprehensive income
|
860 | 1,538 | ||||||
Attributable to:
|
||||||||
Non-controlling interests
|
5 | 8 | ||||||
Syngenta AG shareholders
|
855 | 1,530 | ||||||
Total comprehensive income
|
860 | 1,538 |
(US$ million)
|
June 30,
2010
|
June 30,
2009(a)
|
December 31,
2009(a)
|
|||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
881 | 1,765 | 1,552 | |||||||||
Trade receivables
|
4,197 | 4,245 | 2,506 | |||||||||
Other accounts receivable
|
575 | 432 | 558 | |||||||||
Inventories
|
3,441 | 3,356 | 3,922 | |||||||||
Derivative and other financial assets
|
268 | 366 | 156 | |||||||||
Other current assets
|
284 | 198 | 200 | |||||||||
Total current assets
|
9,646 | 10,362 | 8,894 | |||||||||
Non-current assets:
|
||||||||||||
Property, plant and equipment
|
2,685 | 2,404 | 2,738 | |||||||||
Intangible assets
|
3,006 | 3,058 | 3,102 | |||||||||
Deferred tax assets
|
707 | 528 | 747 | |||||||||
Defined benefit pension assets
|
2 | 20 | 25 | |||||||||
Derivative financial assets
|
115 | 147 | 248 | |||||||||
Other non-current financial assets
|
346 | 333 | 375 | |||||||||
Total non-current assets
|
6,861 | 6,490 | 7,235 | |||||||||
Total assets
|
16,507 | 16,852 | 16,129 | |||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Trade accounts payable
|
(2,828 | ) | (2,743 | ) | (2,468 | ) | ||||||
Current financial debt
|
(223 | ) | (852 | ) | (281 | ) | ||||||
Income taxes payable
|
(465 | ) | (475 | ) | (376 | ) | ||||||
Derivative financial liabilities
|
(150 | ) | (389 | ) | (145 | ) | ||||||
Other current liabilities
|
(675 | ) | (851 | ) | (827 | ) | ||||||
Provisions
|
(189 | ) | (164 | ) | (214 | ) | ||||||
Total current liabilities
|
(4,530 | ) | (5,474 | ) | (4,311 | ) | ||||||
Non-current liabilities:
|
||||||||||||
Financial debt and other non-current liabilities
|
(3,369 | ) | (3,425 | ) | (3,527 | ) | ||||||
Deferred tax liabilities
|
(658 | ) | (432 | ) | (688 | ) | ||||||
Provisions
|
(1,186 | ) | (1,243 | ) | (1,116 | ) | ||||||
Total non-current liabilities
|
(5,213 | ) | (5,100 | ) | (5,331 | ) | ||||||
Total liabilities
|
(9,743 | ) | (10,574 | ) | (9,642 | ) | ||||||
Equity:
|
||||||||||||
Shareholders’ equity
|
(6,755 | ) | (6,258 | ) | (6,473 | ) | ||||||
Non-controlling interests
|
(9 | ) | (20 | ) | (14 | ) | ||||||
Total equity
|
(6,764 | ) | (6,278 | ) | (6,487 | ) | ||||||
Total liabilities and equity
|
(16,507 | ) | (16,852 | ) | (16,129 | ) |
For the six months ended June 30,
(US$ million)
|
2010
|
2009(a)
|
||||||
Income before taxes
|
1,524 | 1,739 | ||||||
Reversal of non-cash items
|
428 | 312 | ||||||
Cash (paid)/received in respect of:
|
||||||||
Interest and other financial receipts
|
63 | 56 | ||||||
Interest and other financial payments
|
(183 | ) | (212 | ) | ||||
Income taxes
|
(139 | ) | (94 | ) | ||||
Restructuring costs
|
(22 | ) | (48 | ) | ||||
Contributions to pension plans, excluding restructuring costs
|
(69 | ) | (59 | ) | ||||
Other provisions
|
(31 | ) | (32 | ) | ||||
Cash flow before change in net working capital
|
1,571 | 1,662 | ||||||
Change in net working capital:
|
||||||||
Change in inventories
|
293 | 205 | ||||||
Change in trade and other accounts receivable and
other net current assets
|
(1,953 | ) | (1,726 | ) | ||||
Change in trade and other accounts payable
|
410 | 218 | ||||||
Cash flow from operating activities
|
321 | 359 | ||||||
Additions to property, plant and equipment
|
(183 | ) | (283 | ) | ||||
Proceeds from disposals of property, plant and equipment
|
8 | 21 | ||||||
Purchases of intangible assets
|
(75 | ) | (71 | ) | ||||
Purchases of investments in associates and other financial assets
|
(8 | ) | (10 | ) | ||||
Proceeds from disposals of intangible and financial assets
|
29 | 70 | ||||||
Cash flow from disposal of marketable securities
|
30 | 5 | ||||||
Acquisitions and divestments, net
|
(6 | ) | (7 | ) | ||||
Cash flow used for investing activities
|
(205 | ) | (275 | ) | ||||
Increases in third party interest-bearing debt
|
91 | 1,464 | ||||||
Repayments of third party interest-bearing debt
|
(252 | ) | (142 | ) | ||||
Sale/(purchase) of treasury shares and options over own shares
|
(73 | ) | 26 | |||||
Acquisition of non-controlling interests
|
(12 | ) | - | |||||
Dividends paid
|
(524 | ) | (491 | ) | ||||
Cash flow (used for)/from financing activities
|
(770 | ) | 857 | |||||
Net effect of currency translation on cash and cash equivalents
|
(17 | ) | 21 | |||||
Net change in cash and cash equivalents
|
(671 | ) | 962 | |||||
Cash and cash equivalents at the beginning of the period
|
1,552 | 803 | ||||||
Cash and cash equivalents at the end of the period
|
881 | 1,765 |
Condensed Consolidated Statement of Changes in Equity
|
Attributable to Syngenta AG shareholders | ||||||||||||||||||||||||||||||||||||
(US$ million)
|
Par
value of
ordinary
shares
|
Additional
paid-in
capital
|
Treasury
shares,
at cost
|
Fair
value
reserves
|
Cumulative
translation
adjustment
|
Retained
earnings
|
Total
share-
holders’
equity
|
Non-controlling interests
|
Total
equity
|
|||||||||||||||||||||||||||
January 1, 2009(a),(b)
|
6 | 3,577 | (745 | ) | (152 | ) | 176 | 2,412 | 5,274 | 17 | 5,291 | |||||||||||||||||||||||||
Net Income(a)
|
1,402 | 1,402 | 8 | 1,410 | ||||||||||||||||||||||||||||||||
OCI(a),(b)
|
55 | 175 | (102 | ) | 128 | 128 | ||||||||||||||||||||||||||||||
Share-based payment and income tax thereon
|
18 | 38 | 56 | 56 | ||||||||||||||||||||||||||||||||
Dividends paid
|
(491 | ) | (491 | ) | (491 | ) | ||||||||||||||||||||||||||||||
Share repurchases
|
(111 | ) | (111 | ) | (111 | ) | ||||||||||||||||||||||||||||||
Other
|
- | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||
June 30, 2009(a),(b)
|
6 | 3,577 | (838 | ) | (97 | ) | 351 | 3,259 | 6,258 | 20 | 6,278 | |||||||||||||||||||||||||
January 1, 2010(a),(b)
|
6 | 3,491 | (217 | ) | (113 | ) | 486 | 2,820 | 6,473 | 14 | 6,487 | |||||||||||||||||||||||||
Net Income
|
1,254 | 1,254 | 5 | 1,259 | ||||||||||||||||||||||||||||||||
OCI
|
12 | (292 | ) | (119 | ) | (399 | ) | (399 | ) | |||||||||||||||||||||||||||
Share-based payment and income tax thereon
|
12 | 35 | 47 | 47 | ||||||||||||||||||||||||||||||||
Dividends paid
|
(524 | ) | (524 | ) | (524 | ) | ||||||||||||||||||||||||||||||
Share repurchases
|
(93 | ) | (93 | ) | (93 | ) | ||||||||||||||||||||||||||||||
Other
|
(3 | ) | (3 | ) | (10 | ) | (13 | ) | ||||||||||||||||||||||||||||
June 30, 2010
|
6 | 3,491 | (298 | ) | (101 | ) | 194 | 3,463 | 6,755 | 9 | 6,764 |
·
|
“Improvements to IFRSs”, issued April 2009. Disclosure of assets by reportable segment is now required only if that information is provided to the chief operating decision maker. As Syngenta does not provide assets by reportable segment to its chief operating decision maker, assets by reportable segment are not disclosed in the condensed consolidated financial statements.
|
·
|
Amendments to IAS 39, “Eligible Hedged Items”, issued July 2008.
|
·
|
IFRIC 17, “Distributions of Non-Cash Assets to Owners”, issued November 2008.
|
·
|
Syngenta has early adopted the amendment to IAS 1 “Presentation of Financial Statements” contained in “Improvements to IFRSs”, issued May 2010 and has therefore shown net income and other comprehensive income as separate line items in the statement of changes in equity.
|
For the six months ended June 30, 2009
(US$ million, except per share amounts)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Sales
|
6,655 | - | 6,655 | |||||||||
Cost of goods sold
|
(3,215 | ) | 7 | (3,208 | ) | |||||||
Gross profit
|
3,440 | 7 | 3,447 | |||||||||
Marketing and distribution
|
(839 | ) | 3 | (836 | ) | |||||||
Research and development
|
(448 | ) | 4 | (444 | ) | |||||||
General and administrative
|
(346 | ) | 11 | (335 | ) | |||||||
Restructuring and impairment
|
(49 | ) | - | (49 | ) | |||||||
Operating income
|
1,758 | 25 | 1,783 | |||||||||
Income from associates and joint ventures
|
2 | - | 2 | |||||||||
Financial expense, net
|
(46 | ) | - | (46 | ) | |||||||
Income before taxes
|
1,714 | 25 | 1,739 | |||||||||
Income tax expense
|
(321 | ) | (8 | ) | (329 | ) | ||||||
Net income
|
1,393 | 17 | 1,410 | |||||||||
Attributable to:
|
||||||||||||
Non-controlling interests
|
8 | - | 8 | |||||||||
Syngenta AG shareholders
|
1,385 | 17 | 1,402 | |||||||||
Net income
|
1,393 | 17 | 1,410 | |||||||||
Earnings per share (US$):
|
||||||||||||
Basic
|
14.87 | 0.18 | 15.05 | |||||||||
Diluted
|
14.78 | 0.18 | 14.96 |
For the six months ended June 30, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Net income
|
1,393 | 17 | 1,410 | |||||||||
Components of OCI:
|
||||||||||||
Actuarial gains/(losses)
|
- | (143 | ) | (143 | ) | |||||||
Unrealized gains/(losses) on available-for-sale financial assets
|
(18 | ) | - | (18 | ) | |||||||
Unrealized gains/(losses) on derivatives designated as cash flow and net investment hedges
|
84 | - | 84 | |||||||||
Currency translation effects
|
180 | (25 | ) | 155 | ||||||||
Income tax relating to OCI
|
9 | 41 | 50 | |||||||||
Total comprehensive income
|
1,648 | (110 | ) | 1,538 | ||||||||
Attributable to:
|
||||||||||||
Non-controlling interests
|
8 | - | 8 | |||||||||
Syngenta AG shareholders
|
1,640 | (110 | ) | 1,530 | ||||||||
Total comprehensive income
|
1,648 | (110 | ) | 1,538 |
At June 30, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Assets
|
||||||||||||
Total current assets
|
10,362 | - | 10,362 | |||||||||
Non-current assets:
|
||||||||||||
Deferred tax assets
|
516 | 12 | 528 | |||||||||
Defined benefit pension asset
|
666 | (646 | ) | 20 | ||||||||
Other non-current assets
|
5,942 | - | 5,942 | |||||||||
Total non-current assets
|
7,124 | (634 | ) | 6,490 | ||||||||
Total assets
|
17,486 | (634 | ) | 16,852 | ||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Provisions
|
(145 | ) | (19 | ) | (164 | ) | ||||||
Other current liabilities
|
(5,310 | ) | - | (5,310 | ) | |||||||
Total current liabilities
|
(5,455 | ) | (19 | ) | (5,474 | ) | ||||||
Non-current liabilities:
|
||||||||||||
Deferred tax liabilities
|
(721 | ) | 289 | (432 | ) | |||||||
Provisions
|
(887 | ) | (356 | ) | (1,243 | ) | ||||||
Other liabilities
|
(3,425 | ) | - | (3,425 | ) | |||||||
Total non-current liabilities
|
(5,033 | ) | (67 | ) | (5,100 | ) | ||||||
Total liabilities
|
(10,488 | ) | (86 | ) | (10,574 | ) | ||||||
Equity:
|
||||||||||||
Shareholders’ equity
|
(6,978 | ) | 720 | (6,258 | ) | |||||||
Non-controlling interests
|
(20 | ) | - | (20 | ) | |||||||
Total equity
|
(6,998 | ) | 720 | (6,278 | ) | |||||||
Total liabilities and equity
|
(17,486 | ) | 634 | (16,852 | ) |
At December 31, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Assets
|
||||||||||||
Total current assets
|
8,894 | - | 8,894 | |||||||||
Non-current assets:
|
||||||||||||
Deferred tax assets
|
660 | 87 | 747 | |||||||||
Defined benefit pension asset
|
679 | (654 | ) | 25 | ||||||||
Other non-current assets
|
6,463 | - | 6,463 | |||||||||
Total non-current assets
|
7,802 | (567 | ) | 7,235 | ||||||||
Total assets
|
16,696 | (567 | ) | 16,129 | ||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Provisions
|
(154 | ) | (60 | ) | (214 | ) | ||||||
Other current liabilities
|
(4,097 | ) | - | (4,097 | ) | |||||||
Total current liabilities
|
(4,251 | ) | (60 | ) | (4,311 | ) | ||||||
Non-current liabilities:
|
||||||||||||
Deferred tax liabilities
|
(884 | ) | 196 | (688 | ) | |||||||
Provisions
|
(879 | ) | (237 | ) | (1,116 | ) | ||||||
Other liabilities
|
(3,527 | ) | - | (3,527 | ) | |||||||
Total non-current liabilities
|
(5,290 | ) | (41 | ) | (5,331 | ) | ||||||
Total liabilities
|
(9,541 | ) | (101 | ) | (9,642 | ) | ||||||
Equity:
|
||||||||||||
Shareholders’ equity
|
(7,141 | ) | 668 | (6,473 | ) | |||||||
Non-controlling interests
|
(14 | ) | - | (14 | ) | |||||||
Total equity
|
(7,155 | ) | 668 | (6,487 | ) | |||||||
Total liabilities and equity
|
(16,696 | ) | 567 | (16,129 | ) |
For the six months ended June 30, 2009
(US$ million)
|
2009
As reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Income before taxes
|
1,714 | 25 | 1,739 | |||||||||
Reversal of non-cash items
|
337 | (25 | ) | 312 | ||||||||
Cash flow from operating activities
|
359 | - | 359 |
At January 1, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Total shareholders’ equity
|
(5,884 | ) | 610 | (5,274 | ) | |||||||
Total equity
|
(5,901 | ) | 610 | (5,291 | ) |
For the six months ended June 30,
(US$ million)
|
2010
|
2009
|
||||||
Cost:
|
||||||||
January 1
|
1,617 | 1,559 | ||||||
Additions from business combinations
|
53 | 4 | ||||||
Currency translation effects
|
(16 | ) | (2 | ) | ||||
June 30
|
1,654 | 1,561 | ||||||
Accumulated amortization and impairment losses:
|
||||||||
January 1
|
322 | 318 | ||||||
Currency translation effects
|
(5 | ) | (1 | ) | ||||
June 30
|
317 | 317 | ||||||
Net book value, June 30
|
1,337 | 1,244 |
For the six months ended June 30, 2010
(US$ million)
|
Crop
Protection
|
Seeds
|
Business Development
|
Elimination(1)
|
Total
|
|||||||||||||||
Segment sales – third party
|
4,972 | 1,763 | 5 | - | 6,740 | |||||||||||||||
Segment sales – other segments
|
24 | - | - | (24 | ) | - | ||||||||||||||
Segment sales
|
4,996 | 1,763 | 5 | (24 | ) | 6,740 | ||||||||||||||
Cost of goods sold
|
(2,357 | ) | (946 | ) | (2 | ) | 60 | (3,245 | ) | |||||||||||
Gross profit
|
2,639 | 817 | 3 | 36 | 3,495 | |||||||||||||||
Marketing and distribution
|
(619 | ) | (281 | ) | (3 | ) | - | (903 | ) | |||||||||||
Research and development
|
(275 | ) | (200 | ) | (32 | ) | - | (507 | ) | |||||||||||
General and administrative
|
(342 | ) | (94 | ) | (7 | ) | - | (443 | ) | |||||||||||
Restructuring and impairment
|
(42 | ) | (35 | ) | (7 | ) | - | (84 | ) | |||||||||||
Operating income/(loss)
|
1,361 | 207 | (46 | ) | 36 | 1,558 | ||||||||||||||
Income from associates and joint ventures
|
21 | |||||||||||||||||||
Financial expense, net
|
(55 | ) | ||||||||||||||||||
Income before taxes
|
1,524 |
For the six months ended June 30, 2009(a)
(US$ million)
|
Crop
Protection
|
Seeds
|
Business Development
|
Elimination(1)
|
Total
|
|||||||||||||||
Segment sales – third party
|
4,974 | 1,676 | 5 | - | 6,655 | |||||||||||||||
Segment sales – other segments
|
26 | - | - | (26 | ) | - | ||||||||||||||
Segment sales
|
5,000 | 1,676 | 5 | (26 | ) | 6,655 | ||||||||||||||
Cost of goods sold
|
(2,343 | ) | (910 | ) | (1 | ) | 46 | (3,208 | ) | |||||||||||
Gross profit
|
2,657 | 766 | 4 | 20 | 3,447 | |||||||||||||||
Marketing and distribution
|
(556 | ) | (276 | ) | (4 | ) | - | (836 | ) | |||||||||||
Research and development
|
(237 | ) | (173 | ) | (34 | ) | - | (444 | ) | |||||||||||
General and administrative
|
(256 | ) | (69 | ) | (10 | ) | - | (335 | ) | |||||||||||
Restructuring and impairment
|
(28 | ) | (23 | ) | 2 | - | (49 | ) | ||||||||||||
Operating income/(loss)
|
1,580 | 225 | (42 | ) | 20 | 1,783 | ||||||||||||||
Income from associates and joint ventures
|
2 | |||||||||||||||||||
Financial expense, net
|
(46 | ) | ||||||||||||||||||
Income before taxes
|
1,739 |
For the six months ended June 30,
|
||||||||
(US$ million)
|
2010
|
2009
|
||||||
Non-cash restructuring and impairment, net
|
31 | 5 | ||||||
Cash costs:
|
||||||||
Operational efficiency programs
|
53 | 33 | ||||||
Integration and acquisition costs
|
10 | 12 | ||||||
Total cash costs
|
63 | 45 | ||||||
Total restructuring and impairment
|
94 | 50 |
For the six months ended June 30,
(US$ million)
|
2010
|
2009(a)
|
||||||
Depreciation, amortization and impairment of:
|
||||||||
Property, plant and equipment
|
135 | 117 | ||||||
Intangible assets
|
122 | 111 | ||||||
Financial assets
|
18 | (2 | ) | |||||
Deferred revenue and gains
|
(19 | ) | - | |||||
Gain on disposal of non-current assets
|
(1 | ) | (15 | ) | ||||
Charges in respect of share based compensation
|
33 | 30 | ||||||
Charges in respect of provisions
|
67 | 37 | ||||||
Financial expense, net
|
55 | 46 | ||||||
Losses/(gains) on hedges reported in operating income
|
39 | (10 | ) | |||||
Share of income from associates
|
(21 | ) | (2 | ) | ||||
Total
|
428 | 312 |
(a)
|
After effect of accounting policy change for post-employment benefit described in Note 3.
|
Average
|
|||||||||||||||||||||
six months ended June 30,
|
June 30,
|
June 30,
|
December 31,
|
||||||||||||||||||
Per US$
|
2010
|
2009
|
2010
|
2009
|
2009
|
||||||||||||||||
Brazilian real
|
BRL
|
1.79 | 2.25 | 1.81 | 1.95 | 1.74 | |||||||||||||||
Swiss franc
|
CHF
|
1.08 | 1.12 | 1.08 | 1.08 | 1.03 | |||||||||||||||
Euro
|
EUR
|
0.74 | 0.75 | 0.82 | 0.71 | 0.69 | |||||||||||||||
British pound
|
GBP
|
0.65 | 0.68 | 0.67 | 0.60 | 0.62 |
(US$ million)
|
June 30,
2010
|
December 31,
2009
|
||||||
Commitments for the purchase of:
|
||||||||
Property, plant and equipment
|
57 | 65 | ||||||
Raw materials
|
1,740 | 2,038 | ||||||
Other commitments
|
305 | 307 | ||||||
Total
|
2,102 | 2,410 |
Ex Restructuring
& impairment(1)
|
Restructuring &
impairment
|
As reported under
IFRS
|
||||||||||||||||||||||
For the six months ended June 30,
(US$ million)
|
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
||||||||||||||||||
Sales
|
6,740 | 6,655 | - | - | 6,740 | 6,655 | ||||||||||||||||||
Gross profit
|
3,505 | 3,448 | (10 | ) | (1 | ) | 3,495 | 3,447 | ||||||||||||||||
Marketing and distribution
|
(903 | ) | (836 | ) | - | - | (903 | ) | (836 | ) | ||||||||||||||
Research and development
|
(507 | ) | (444 | ) | - | - | (507 | ) | (444 | ) | ||||||||||||||
General and administrative
|
(443 | ) | (335 | ) | - | - | (443 | ) | (335 | ) | ||||||||||||||
Restructuring and impairment
|
- | - | (84 | ) | (49 | ) | (84 | ) | (49 | ) | ||||||||||||||
Operating income
|
1,652 | 1,833 | (94 | ) | (50 | ) | 1,558 | 1,783 | ||||||||||||||||
Income before taxes
|
1,618 | 1,789 | (94 | ) | (50 | ) | 1,524 | 1,739 | ||||||||||||||||
Income tax expense
|
(306 | ) | (341 | ) | 41 | 12 | (265 | ) | (329 | ) | ||||||||||||||
Net income
|
1,312 | 1,448 | (53 | ) | (38 | ) | 1,259 | 1,410 | ||||||||||||||||
Attributable to non-controlling interests
|
5 | 8 | - | - | 5 | 8 | ||||||||||||||||||
Attributable to Syngenta AG shareholders:
|
1,307 | 1,440 | (53 | ) | (38 | ) | 1,254 | 1,402 | ||||||||||||||||
Earnings/(loss) per share(2)
|
||||||||||||||||||||||||
- basic
|
$14.04 | $15.45 | $(0.57 | ) | $(0.40 | ) | $13.47 | $15.05 | ||||||||||||||||
- diluted
|
$13.95 | $15.36 | $(0.56 | ) | $(0.40 | ) | $13.39 | $14.96 |
2010
|
2009
|
2010 CER(3)
|
||||||||||
Gross profit margin excl. restructuring & impairment
|
52.0 | % | 51.8 | % | 51.7 | % | ||||||
EBITDA(4)
|
1,927 | 2,058 | ||||||||||
EBITDA margin
|
28.6 | % | 30.9 | % | 28.9 | % | ||||||
Tax rate on results excl. restructuring & impairment
|
19 | % | 19 | % | ||||||||
Free cash flow(5)
|
74 | 79 | ||||||||||
Trade working capital to sales(6)
|
43 | % | 44 | % | ||||||||
Debt/Equity gearing(7)
|
36 | % | 35 | % | ||||||||
Net debt(7)
|
2,455 | 2,203 |
(1)
|
For further analysis of restructuring and impairment charges, see Note 7 on page 22. Net income and earnings per share excluding restructuring and impairment are provided as additional information and not as an alternative to net income and earnings per share determined in accordance with IFRS.
|
(2)
|
The weighted average number of ordinary shares in issue used to calculate the earnings per share were as follows: For 2010 basic EPS 93,075,102 and diluted 93,660,855; for 2009 basic EPS 93,179,087 and diluted EPS 93,758,202.
|
(3)
|
For a description of CER see Appendix A on page 30.
|
(4)
|
EBITDA is defined in Appendix B on page 30.
|
(5)
|
For a description of free cash flow, see Appendix E on page 33.
|
(6)
|
Period end trade working capital as a percentage of twelve-month sales, see Appendix F on page 33.
|
(7)
|
For a description of net debt and the calculation of debt/equity gearing, see Appendix G on page 34.
|
Syngenta
|
For the six months ended June 30,
|
|||||||||||
(US$ million)
|
2010
|
2009
|
CER %
|
|||||||||
Third party sales
|
6,740 | 6,655 | - 3 | |||||||||
Gross profit
|
3,505 | 3,448 | - 3 | |||||||||
Marketing and distribution
|
(903 | ) | (836 | ) | - 5 | |||||||
Research and development
|
(507 | ) | (444 | ) | - 11 | |||||||
General and administrative
|
(443 | ) | (335 | ) | - 13 | |||||||
Operating income
|
1,652 | 1,833 | - 13 | |||||||||
EBITDA(1)
|
1,927 | 2,058 | - 9 | |||||||||
EBITDA (%)
|
28.6 | 30.9 | ||||||||||
Crop Protection
(US$ million)
|
||||||||||||
Total sales
|
4,996 | 5,000 | - 4 | |||||||||
Inter-segment elimination
|
(24 | ) | (26 | ) | n/a | |||||||
Third party sales
|
4,972 | 4,974 | - 4 | |||||||||
Gross profit
|
2,639 | 2,657 | - 6 | |||||||||
Marketing and distribution
|
(619 | ) | (556 | ) | - 8 | |||||||
Research and development
|
(275 | ) | (237 | ) | - 12 | |||||||
General and administrative
|
(342 | ) | (256 | ) | - 10 | |||||||
Operating income
|
1,403 | 1,608 | - 16 | |||||||||
EBITDA(1)
|
1,573 | 1,758 | - 13 | |||||||||
EBITDA (%)
|
31.5 | 35.2 | ||||||||||
Seeds
(US$ million)
|
||||||||||||
Third party sales
|
1,763 | 1,676 | + 2 | |||||||||
Gross profit
|
827 | 767 | + 5 | |||||||||
Marketing and distribution
|
(281 | ) | (276 | ) | + 1 | |||||||
Research and development
|
(200 | ) | (173 | ) | - 14 | |||||||
General and administrative
|
(94 | ) | (69 | ) | - 32 | |||||||
Operating income
|
252 | 249 | - 2 | |||||||||
EBITDA(1)
|
352 | 320 | + 7 | |||||||||
EBITDA (%)
|
20.0 | 19.1 | ||||||||||
Business Development
(US$ million)
|
||||||||||||
Third party sales
|
5 | 5 | - 4 | |||||||||
Gross profit
|
3 | 4 | - 3 | |||||||||
Marketing and distribution
|
(3 | ) | (4 | ) | + 17 | |||||||
Research and development
|
(32 | ) | (34 | ) | + 8 | |||||||
General and administrative
|
(7 | ) | (10 | ) | + 29 | |||||||
Operating (loss)
|
(39 | ) | (44 | ) | + 14 | |||||||
EBITDA(1)
|
(34 | ) | (40 | ) | + 18 | |||||||
EBITDA (%)
|
n/a | n/a |
(1)
|
For a reconciliation of segment EBITDA to segment operating income, see Appendix D on page 32.
|
Syngenta
|
For the six months ended June 30,
|
|||||||||||||||
(US$ million)
|
2010
|
2009
|
Actual %
|
CER %
|
||||||||||||
Crop Protection
|
4,996 | 5,000 | - | - 4 | ||||||||||||
Seeds
|
1,763 | 1,676 | + 5 | + 2 | ||||||||||||
Business Development
|
5 | 5 | - 4 | - 4 | ||||||||||||
Inter-segment elimination
|
(24 | ) | (26 | ) | - | - | ||||||||||
Third party sales
|
6,740 | 6,655 | + 1 | - 3 | ||||||||||||
Crop Protection
|
||||||||||||||||
Product line
|
||||||||||||||||
Selective Herbicides
|
1,620 | 1,615 | - | - 4 | ||||||||||||
Non-selective Herbicides
|
548 | 691 | - 21 | - 25 | ||||||||||||
Fungicides
|
1,488 | 1,356 | + 10 | + 6 | ||||||||||||
Insecticides
|
700 | 673 | + 4 | - | ||||||||||||
Seed Care
|
369 | 392 | - 6 | - 10 | ||||||||||||
Professional Products
|
242 | 225 | + 7 | + 4 | ||||||||||||
Others
|
29 | 48 | - 38 | - 39 | ||||||||||||
Total
|
4,996 | 5,000 | - | - 4 | ||||||||||||
Regional
|
||||||||||||||||
Europe, Africa and Middle East
|
1,790 | 1,810 | - 1 | - 5 | ||||||||||||
NAFTA
|
1,662 | 1,882 | - 12 | - 15 | ||||||||||||
Latin America
|
710 | 550 | + 29 | + 29 | ||||||||||||
Asia Pacific
|
834 | 758 | + 10 | + 2 | ||||||||||||
Total
|
4,996 | 5,000 | - | - 4 | ||||||||||||
Seeds
|
||||||||||||||||
Product line
|
||||||||||||||||
Corn and Soybean
|
806 | 843 | - 4 | - 7 | ||||||||||||
Diverse Field Crops
|
386 | 304 | + 27 | + 19 | ||||||||||||
Vegetables
|
360 | 322 | +12 | + 9 | ||||||||||||
Flowers
|
211 | 207 | + 2 | - 1 | ||||||||||||
Total
|
1,763 | 1,676 | + 5 | + 2 | ||||||||||||
Regional
|
||||||||||||||||
Europe, Africa and Middle East
|
762 | 659 | + 16 | + 9 | ||||||||||||
NAFTA
|
826 | 880 | - 6 | - 7 | ||||||||||||
Latin America
|
62 | 41 | + 52 | + 52 | ||||||||||||
Asia Pacific
|
113 | 96 | + 18 | + 11 | ||||||||||||
Total
|
1,763 | 1,676 | + 5 | + 2 |
Syngenta
|
2nd Quarter
|
|||||||||||||||
(US$ million)
|
2010
|
2009
|
Actual %
|
CER %
|
||||||||||||
Crop Protection
|
2,486 | 2,415 | + 3 | - | ||||||||||||
Seeds
|
727 | 622 | + 17 | +14 | ||||||||||||
Business Development
|
3 | 4 | - 30 | - 30 | ||||||||||||
Inter-segment elimination
|
(4 | ) | (8 | ) | - | - | ||||||||||
Third party sales
|
3,212 | 3,033 | + 6 | + 3 | ||||||||||||
Crop Protection
|
||||||||||||||||
Product line
|
||||||||||||||||
Selective Herbicides
|
877 | 814 | + 8 | + 5 | ||||||||||||
Non-selective Herbicides
|
316 | 362 | - 13 | - 16 | ||||||||||||
Fungicides
|
681 | 634 | + 7 | + 5 | ||||||||||||
Insecticides
|
349 | 318 | + 10 | + 8 | ||||||||||||
Seed Care
|
130 | 135 | - 4 | - 6 | ||||||||||||
Professional Products
|
122 | 115 | + 6 | + 4 | ||||||||||||
Others
|
11 | 37 | - 68 | - 68 | ||||||||||||
Total
|
2,486 | 2,415 | + 3 | - | ||||||||||||
Regional
|
||||||||||||||||
Europe, Africa and Middle East
|
831 | 823 | + 1 | - | ||||||||||||
NAFTA
|
942 | 989 | - 5 | - 8 | ||||||||||||
Latin America
|
330 | 262 | + 26 | + 26 | ||||||||||||
Asia Pacific
|
383 | 341 | + 12 | + 5 | ||||||||||||
Total
|
2,486 | 2,415 | + 3 | - | ||||||||||||
Seeds
|
||||||||||||||||
Product line
|
||||||||||||||||
Corn and Soybean
|
253 | 213 | + 19 | + 16 | ||||||||||||
Diverse Field Crops
|
193 | 155 | + 24 | + 19 | ||||||||||||
Vegetables
|
200 | 180 | + 11 | + 11 | ||||||||||||
Flowers
|
81 | 74 | + 9 | + 8 | ||||||||||||
Total
|
727 | 622 | + 17 | + 14 | ||||||||||||
Regional
|
||||||||||||||||
Europe, Africa and Middle East
|
297 | 251 | + 18 | + 15 | ||||||||||||
NAFTA
|
329 | 300 | + 9 | + 8 | ||||||||||||
Latin America
|
31 | 14 | + 122 | + 122 | ||||||||||||
Asia Pacific
|
70 | 57 | + 24 | + 16 | ||||||||||||
Total
|
727 | 622 | + 17 | + 14 |
For the six months ended June 30,
(US$ million)
|
2010
|
2009
|
||||||
Net income attributable to Syngenta AG shareholders
|
1,254 | 1,402 | ||||||
Non-controlling interests
|
5 | 8 | ||||||
Income tax expense
|
265 | 329 | ||||||
Financial expenses, net
|
55 | 46 | ||||||
Pre-tax restructuring and impairment
|
94 | 50 | ||||||
Depreciation, amortization and other impairment
|
254 | 223 | ||||||
EBITDA
|
1,927 | 2,058 |
For the six months ended June 30, 2010
(US$ million)
|
Sales
|
Gross profit
|
Operating income
|
EBITDA
|
||||||||||||
Crop Protection
|
4,996 | 2,639 | 1,403 | 1,573 | ||||||||||||
Seeds
|
1,763 | 827 | 252 | 352 | ||||||||||||
Business Development
|
5 | 3 | (39 | ) | (34 | ) | ||||||||||
Total
|
6,764 | 3,469 | 1,616 | 1,891 | ||||||||||||
Inter-segment elimination(1)
|
(24 | ) | 36 | 36 | 36 | |||||||||||
Total 3rd party
|
6,740 | 3,505 | 1,652 | 1,927 | ||||||||||||
For the six months ended June 30, 2009
(US$ million)
|
Sales
|
Gross profit
|
Operating income
|
EBITDA
|
||||||||||||
Crop Protection
|
5,000 | 2,657 | 1,608 | 1,758 | ||||||||||||
Seeds
|
1,676 | 767 | 249 | 320 | ||||||||||||
Business Development
|
5 | 4 | (44 | ) | (40 | ) | ||||||||||
Total
|
6,681 | 3,428 | 1,813 | 2,038 | ||||||||||||
Inter-segment elimination(1)
|
(26 | ) | 20 | 20 | 20 | |||||||||||
Total 3rd party
|
6,655 | 3,448 | 1,833 | 2,058 |
For the six months ended June 30, 2010
(US$ million)
|
Crop Protection
|
Seeds
|
Business Development
|
Elimination(1)
|
Total
|
|||||||||||||||
EBITDA
|
1,573 | 352 | (34 | ) | 36 | 1,927 | ||||||||||||||
Depreciation, amortization & impairment
|
(167 | ) | (82 | ) | (5 | ) | - | (254 | ) | |||||||||||
Income from associates & joint ventures
|
(3 | ) | (18 | ) | - | - | (21 | ) | ||||||||||||
Operating income excl. restructuring
& impairment
|
1,403 | 252 | (39 | ) | 36 | 1,652 | ||||||||||||||
Restructuring & impairment(2)
|
(42 | ) | (45 | ) | (7 | ) | (94 | ) | ||||||||||||
Operating income
|
1,361 | 207 | (46 | ) | 36 | 1,558 | ||||||||||||||
For the six months ended June 30, 2009
(US$ million)
|
Crop Protection
|
Seeds
|
Business Development
|
Elimination(1)
|
Total
|
|||||||||||||||
EBITDA
|
1,758 | 320 | (40 | ) | 20 | 2,058 | ||||||||||||||
Depreciation, amortization & impairment
|
(155 | ) | (64 | ) | (4 | ) | - | (223 | ) | |||||||||||
Income from associates & joint ventures
|
5 | (7 | ) | - | - | (2 | ) | |||||||||||||
Operating income excl. restructuring
& impairment
|
1,608 | 249 | (44 | ) | 20 | 1,833 | ||||||||||||||
Restructuring & impairment(2)
|
(28 | ) | (24 | ) | 2 | (50 | ) | |||||||||||||
Operating income
|
1,580 | 225 | (42 | ) | 20 | 1,783 |
For the six months ended June 30,
(US$ million)
|
2010
|
2009
|
||||||
Cash flow from operating activities
|
321 | 359 | ||||||
Cash flow used for investing activities
|
(205 | ) | (275 | ) | ||||
Cash flow from marketable securities
|
(30 | ) | (5 | ) | ||||
Cash flow used for acquisitions of non-controlling interests
|
(12 | ) | - | |||||
Free cash flow
|
74 | 79 |
(US$ million)
|
2010
|
2009
|
||||||
Inventories
|
3,441 | 3,356 | ||||||
Trade accounts receivable
|
4,197 | 4,245 | ||||||
Trade accounts payable
|
(2,828) | (2,743) | ||||||
Net trade working capital
|
4,810 | 4,858 | ||||||
Twelve-month sales
|
11,077 | 10,984 | ||||||
Trade working capital as percentage of sales (%)
|
43 | % | 44 | % |
For the six months ended June 30,
(US$ million)
|
2010
|
2009
|
||||||
Opening balance at January 1
|
1,802 | 1,886 | ||||||
Debt acquired with business acquisitions and other non-cash items
|
126 | (65 | ) | |||||
Foreign exchange effect on net debt
|
4 | (4 | ) | |||||
Purchase/(sale) of treasury shares
|
73 | (26 | ) | |||||
Dividends paid
|
524 | 491 | ||||||
Free cash flow
|
(74 | ) | (79 | ) | ||||
Closing balance at June 30
|
2,455 | 2,203 | ||||||
Components of closing balance:
|
||||||||
Cash and cash equivalents
|
(881 | ) | (1,765 | ) | ||||
Marketable securities(1)
|
(16 | ) | (2 | ) | ||||
Current financial debt
|
223 | 852 | ||||||
Non-current financial debt(2)
|
2,952 | 3,206 | ||||||
Financing-related derivatives(3)
|
177 | (88 | ) | |||||
Closing balance at June 30
|
2,455 | 2,203 |
(1)
|
Long-term marketable securities are included in Other non-current financial assets. Short-term marketable securities are included in Derivative and other current assets.
|
(2)
|
Included within Financial debt and other non-current liabilities.
|
(3)
|
Included within Derivative financial assets and Financial debt and other non-current liabilities.
|
At June 30,
(US$ million)
|
2010
|
2009
|
||||||
Net debt
|
2,455 | 2,203 | ||||||
Shareholders’ equity
|
6,755 | 6,258 | ||||||
Debt/Equity gearing ratio (%)
|
36 | % | 35 | % |
For the year ended December 31, 2009
(US$ million, except per share amounts)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Sales
|
10,992 | - | 10,992 | |||||||||
Cost of goods sold
|
(5,586 | ) | 14 | (5,572 | ) | |||||||
Gross profit
|
5,406 | 14 | 5,420 | |||||||||
Marketing and distribution
|
(1,812 | ) | 7 | (1,805 | ) | |||||||
Research and development
|
(960 | ) | 8 | (952 | ) | |||||||
General and administrative
|
(738 | ) | 24 | (714 | ) | |||||||
Restructuring and impairment
|
(130 | ) | - | (130 | ) | |||||||
Operating income
|
1,766 | 53 | 1,819 | |||||||||
Income/(loss) from associates and joint ventures
|
(3 | ) | - | (3 | ) | |||||||
Financial expense, net
|
(122 | ) | - | (122 | ) | |||||||
Income before taxes
|
1,641 | 53 | 1,694 | |||||||||
Income tax expense
|
(267 | ) | (16 | ) | (283 | ) | ||||||
Net income
|
1,374 | 37 | 1,411 | |||||||||
Attributable to:
|
||||||||||||
Syngenta AG shareholders
|
1,371 | 37 | 1,408 | |||||||||
Non-controlling interests
|
3 | - | 3 | |||||||||
Net income
|
1,374 | 37 | 1,411 | |||||||||
Earnings per share (US$):
|
||||||||||||
Basic earnings per share (US$)
|
14.72 | 0.39 | 15.11 | |||||||||
Diluted earnings per share (US$)
|
14.62 | 0.39 | 15.01 |
For the year ended December 31, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Net income
|
1,374 | 37 | 1,411 | |||||||||
Components of other
comprehensive income:
|
||||||||||||
Actuarial gains/(losses)
|
- | (98 | ) | (98 | ) | |||||||
Unrealized gains/(losses) on available-for-sale financial assets
|
(18 | ) | - | (18 | ) | |||||||
Unrealized gains/(losses) on derivatives designated as cash flow and net investment hedges
|
72 | - | 72 | |||||||||
Currency translation effects
|
289 | (29 | ) | 260 | ||||||||
Income tax relating to OCI
|
34 | 32 | 66 | |||||||||
Total comprehensive income
|
1,751 | (58 | ) | 1,693 | ||||||||
Attributable to:
|
||||||||||||
Syngenta AG shareholders
|
1,749 | (58 | ) | 1,691 | ||||||||
Non-controlling interests
|
2 | - | 2 | |||||||||
Total comprehensive income
|
1,751 | (58 | ) | 1,693 |
At December 31, 2009
(US$ million)
|
2009
as reported
|
Immediate recognition
policy change
|
2009 after
policy change
|
|||||||||
Assets
|
||||||||||||
Total current assets
|
8,894 | - | 8,894 | |||||||||
Non-current assets:
|
||||||||||||
Deferred tax assets
|
660 | 87 | 747 | |||||||||
Defined benefit pension asset
|
679 | (654 | ) | 25 | ||||||||
Other non-current assets
|
6,463 | - | 6,463 | |||||||||
Total non-current assets
|
7,802 | (567 | ) | 7,235 | ||||||||
Total assets
|
16,696 | (567 | ) | 16,129 | ||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Provisions
|
(154 | ) | (60 | ) | (214 | ) | ||||||
Other current liabilities
|
(4,097 | ) | - | (4,097 | ) | |||||||
Total current liabilities
|
(4,251 | ) | (60 | ) | (4,311 | ) | ||||||
Non-current liabilities:
|
||||||||||||
Deferred tax liabilities
|
(884 | ) | 196 | (688 | ) | |||||||
Provisions
|
(879 | ) | (237 | ) | (1,116 | ) | ||||||
Other liabilities
|
(3,527 | ) | - | (3,527 | ) | |||||||
Total non-current liabilities
|
(5,290 | ) | (41 | ) | (5,331 | ) | ||||||
Total liabilities
|
(9,541 | ) | (101 | ) | (9,642 | ) | ||||||
Equity:
|
||||||||||||
Shareholders’ equity
|
(7,141 | ) | 668 | (6,473 | ) | |||||||
Non-controlling interests
|
(14 | ) | - | (14 | ) | |||||||
Total equity
|
(7,155 | ) | 668 | (6,487 | ) | |||||||
Total liabilities and equity
|
(16,696 | ) | 567 | (16,129 | ) |
For the year ended December 31, 2009
(US$ million)
|
2009
As reported
|
Immediate recognition policy change
|
2009 after policy change
|
|||||||||
Income before taxes
|
1,641 | 53 | 1,694 | |||||||||
Reversal of non-cash items
|
668 | (53 | ) | 615 | ||||||||
Cash flow from operating activities
|
1,419 | - | 1,419 |
For the year ended December 31, 2008
(US$ million, except per share amounts)
|
2008
as reported
|
Immediate recognition policy change
|
2008 after policy change
|
|||||||||
Sales
|
11,624 | - | 11,624 | |||||||||
Cost of goods sold
|
(5,713 | ) | 7 | (5,706 | ) | |||||||
Gross profit
|
5,911 | 7 | 5,918 | |||||||||
Marketing and distribution
|
(2,039 | ) | 6 | (2,033 | ) | |||||||
Research and development
|
(969 | ) | 5 | (964 | ) | |||||||
General and administrative
|
(849 | ) | 4 | (845 | ) | |||||||
Restructuring and impairment
|
(196 | ) | - | (196 | ) | |||||||
Operating income
|
1,858 | 22 | 1,880 | |||||||||
Income/(loss) from associates and joint ventures
|
3 | - | 3 | |||||||||
Financial expense, net
|
(169 | ) | - | (169 | ) | |||||||
Income before taxes
|
1,692 | 22 | 1,714 | |||||||||
Income tax expense
|
(307 | ) | (8 | ) | (315 | ) | ||||||
Net income
|
1,385 | 14 | 1,399 | |||||||||
Attributable to:
|
||||||||||||
Syngenta AG shareholders
|
1,385 | 14 | 1,399 | |||||||||
Non-controlling interests
|
- | - | - | |||||||||
Net income
|
1,385 | 14 | 1,399 | |||||||||
Earnings per share (US$):
|
||||||||||||
Basic earnings per share (US$)
|
14.75 | 0.15 | 14.90 | |||||||||
Diluted earnings per share (US$)
|
14.63 | 0.14 | 14.77 |
For the year ended December 31, 2008
(US$ million)
|
2008
as reported
|
Immediate recognition
policy change
|
2008 after
policy change
|
|||||||||
Net income
|
1,385 | 14 | 1,399 | |||||||||
Components of other
comprehensive income:
|
||||||||||||
Actuarial gains/(losses)
|
- | (335 | ) | (335 | ) | |||||||
Unrealized gains/(losses) on available-for-sale financial assets
|
9 | - | 9 | |||||||||
Unrealized gains/(losses) on derivativesdesignated as cash flow and netinvestment hedges
|
(34 | ) | - | (34 | ) | |||||||
Currency translation effects
|
(443 | ) | 28 | (415 | ) | |||||||
Income tax relating to OCI
|
(26 | ) | 94 | 68 | ||||||||
Total comprehensive income
|
891 | (199 | ) | 692 | ||||||||
Attributable to:
|
||||||||||||
Syngenta AG shareholders
|
890 | (199 | ) | 691 | ||||||||
Non-controlling interests
|
1 | - | 1 | |||||||||
Total comprehensive income
|
891 | (199 | ) | 692 |
For the year ended December 31, 2008
(US$ million)
|
2008
as reported
|
Immediate recognition
policy change
|
2008 after
policy change
|
|||||||||
Assets
|
||||||||||||
Total current assets
|
7,620 | - | 7,620 | |||||||||
Non-current assets:
|
||||||||||||
Deferred tax assets
|
514 | 107 | 621 | |||||||||
Defined benefit pension asset
|
628 | (602 | ) | 26 | ||||||||
Other non-current assets
|
5,822 | - | 5,822 | |||||||||
Total non-current assets
|
6,964 | (495 | ) | 6,469 | ||||||||
Total assets
|
14,584 | (495 | ) | 14,089 | ||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Provisions
|
(170 | ) | (75 | ) | (245 | ) | ||||||
Other liabilities
|
(4,064 | ) | - | (4,064 | ) | |||||||
Total current liabilities
|
(4,234 | ) | (75 | ) | (4,309 | ) | ||||||
Non-current liabilities:
|
||||||||||||
Deferred tax liabilities
|
(659 | ) | 151 | (508 | ) | |||||||
Provisions
|
(921 | ) | (191 | ) | (1,112 | ) | ||||||
Other liabilities
|
(2,869 | ) | - | (2,869 | ) | |||||||
Total non-current liabilities
|
(4,449 | ) | (40 | ) | (4,489 | ) | ||||||
Total liabilities
|
(8,683 | ) | (115 | ) | (8,798 | ) | ||||||
Equity:
|
||||||||||||
Shareholders’ equity
|
(5,884 | ) | 610 | (5,274 | ) | |||||||
Non-controlling interests
|
(17 | ) | - | (17 | ) | |||||||
Total equity
|
(5,901 | ) | 610 | (5,291 | ) | |||||||
Total liabilities and equity
|
(14,584 | ) | 495 | (14,089 | ) |
For the year ended December 31, 2008
(US$ million)
|
2008
As reported
|
Immediate recognition policy change
|
2008 after policy change
|
|||||||||
Income before taxes
|
1,692 | 22 | 1,714 | |||||||||
Reversal of non-cash items
|
973 | (22 | ) | 951 | ||||||||
Cash flow from operating activities
|
1,466 | - | 1,466 |
Selective Herbicides
|
|
APIRO®
|
novel grass weed herbicide for rice
|
AXIAL®
|
new cereal herbicide
|
BICEP® MAGNUM
|
broad spectrum pre-emergence herbicide for corn and sorghum
|
CALLISTO®
|
novel herbicide for flexible use on broad-leaved weeds for corn
|
DUAL® MAGNUM
|
grass weed killer for corn and soybeans
|
ENVOKE®
|
novel low-dose herbicide for cotton and sugar cane
|
FUSILADE®
|
grass weed killer for broad-leaf crops
|
LUMAX®
|
unique season-long grass and broad leaf weed control for corn
|
TOPIK®
|
post-emergence grass weed killer for wheat
|
Non-selective Herbicides
|
|
GRAMOXONE®
|
rapid, non-systemic burn-down of vegetation
|
TOUCHDOWN®
|
systemic total vegetation control
|
Fungicides
|
|
AMISTAR®
|
broad spectrum strobilurin for use on multiple crops
|
BRAVO®
|
broad spectrum fungicide for use on multiple crops
|
INVINSATM
|
pre-harvest protection for multiple crops from drought stress
|
REVUSTM
|
for use on potatoes, tomatoes, vines and vegetable crops
|
RIDOMIL GOLD®
|
systemic fungicide for use in vines, potatoes and vegetables
|
SCORE®
|
triazole fungicide for use in vegetables, fruits and rice
|
TILT®
|
broad spectrum triazole for use in cereals, bananas and peanuts
|
UNIX®
|
cereal and vine fungicide with unique mode of action
|
ALTO®
|
broad-spectrum triazole fungicide
|
PRIORI Xtra®
|
a fungicide from the AMISTAR® family
|
Insecticides
|
|
ACTARA®
|
second-generation neonicotinoid for controlling foliar and soil pests in multiple crops
|
DURIVOTM
|
broad spectrum, lower dose insecticide, controls resistant pests
|
FORCE®
|
unique pyrethroid controlling soil pests in corn
|
KARATE®
|
foliar pyrethroid offering broad spectrum insect control
|
PROCLAIM®
|
novel, low-dose insecticide for controlling lepidoptera in vegetables and cotton
|
VERTIMEC®
|
acaricide for use in fruits, vegetables and cotton
|
Seed Care/Prof. Products
|
|
AVICTA®
|
breakthrough nematode control seed treatment
|
CRUISER®
|
novel broad spectrum seed treatment - neonicotinoid insecticide
|
DIVIDEND®
|
triazole seed treatment fungicide
|
HERITAGE®
|
strobilurin turf fungicide
|
ICON®
|
public health insecticide
|
IMPASSE®
|
termite barrier
|
MAXIM®
|
broad spectrum seed treatment fungicide
|
INVINSATM
|
a new tool to manage heat and drought stress
|
FAFARD®
|
global brand for growing media
|
Field Crops
|
|
AGRISURETM
|
new corn trait choices
|
AGRISURE VIPTERATM
|
trait which provides broad spectrum insect control in corn
|
GARST®
|
US brand for corn and soybean
|
GOLDEN HARVEST®
|
brand for corn and soybean in North America and Europe
|
HILLESHÖG®
|
global brand for sugar beet
|
NK®
|
global brand for corn, oilseeds and other field crops
|
Vegetables and Flowers
|
|
DULCINEATM
|
consumer produce brand for value-added fruits and vegetables in North America
|
Fischer
|
Global premium flowers brand
|
PUREHEARTTM
|
DULCINEA™ brand for ‘personal size’ seedless watermelon
|
ROGERS® vegetables
|
leading brand throughout the Americas
|
S&G® flowers
|
global brand for seeds and young plants
|
S&G® vegetables
|
leading brand in Europe, Africa and Asia
|
Swiss Depositary
|
Depositary for ADRs
|
Registered Office
|
SEGA Aktienregister AG
|
The Bank of New York
|
Syngenta AG
|
P.O. Box
|
Shareholder Relations
|
Schwarzwaldallee 215
|
CH-4601 Olten
|
PO Box 11258
|
4058 Basel
|
Church Street Station
|
Switzerland
|
|
New York, NY 10286
|
||
Tel: +41 (0)62 205 3695
|
Tel: +1 (212) 815 6917
|
Tel: +41 (0)61 323 1111
|
SYNGENTA AG
|
||||||
Date:
|
July 22, 2010
|
By:
|
/s/ Tobias Meili
|
|||
Name:
|
Tobias Meili
|
|||||
Title: | Head Corporate Legal Affairs | |||||
By:
|
/s/ Brigitte Benz
|
|||||
Name:
|
Brigitte Benz
|
|||||
|
Title:
|
Deputy Head Shareholder Services & Group Administration
|