Syngenta Annual Profit Down; Says On Track To Meet Growth Targets - Quick Facts

(RTTNews) - Swiss agribusiness firm Syngenta AG (SYT) reported a 11% drop in its full-year net income attributable to shareholders to $1.64 billion, from $1.85 billion a year before, with EBITDA falling by 7% year-on-year to $2.9 billion, from $3.11 billion. According to the company, the primary factors affecting profitability were reduced trait royalty income; an increase in seeds production costs of $175 million following the drought in the USA in 2012; and a seeds inventory write-down of $170 million.

Earnings per share were $17.78 this year, lower than the prior year's $20.05. Excluding restructuring and impairment charges, earnings per share amounted to $19.30, down 12%, compared with $22.03 last year.

However, the firm clocked $14.7 billion of annual sales, a 3 percent increase from the previous year's $14.2 billion; and up by 5 percent at constant exchange rate.

Looking ahead, Syngenta anticipates integrated sales in 2014 to grow at a similar rate to 2013.

Commenting on the outlook, Chief Executive, Mike Mack, said: "Looking further ahead, we remain on track to deliver our 2020 sales ambition of $25 billion. In 2015 we expect to be at the lower end of our target margin range. We will accelerate operational leverage through significant efficiency gains, enabling us to raise the EBITDA margin target to 24-26 percent by 2018."