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Syngenta: 2019 Full Year Results

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Reported Financial Highlights

 

 

 

2019 $m

 

20181 $m

 

Actual %

 

CER2

%

 

Sales

13,582

 

13,569

 

 

+4

 

Net Income

1,450

 

1,447

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income5

1,426

 

1,384

 

+3

 

 

 

EBITDA

2,927 [2,5835]

 

2,675

 

+9 [-6]

 

+12 [+36]

       
 __________________________________

1 After effects of accounting policy changes and restatements

2 Constant Exchange Rates

3 Before one-offs, excluding divestments and change of control royalties

4 Before US litigation settlement and acquisitions

5 Excluding capitalized development and restructuring and impairment

6 Excluding capitalized development, change of control royalties and divestments

 Erik Fyrwald, Chief Executive Officer, said:

We are very pleased with Syngentas performance given large challenges in 2019 including historical floods in the US, drought in Australia and currency headwinds. Syngenta teams around the world responded to the impacts of extreme weather conditions by quickly adjusting our offer to the immediate needs of farmers. Sales for the full year were up 4 percent at constant exchange rates.

We are extremely excited to have announced the new Syngenta Group. This further strengthens our ability to serve farmers all across the world with innovation for more sustainable agriculture, to help deal with weather extremes, reduce the impact of climate change, protect biodiversity and improve nutrition.

Financial highlights Full Year 2019

Sales $13.6 billion

Sales of $13.6 billion were flat with 2018, 4 percent higher at constant exchange rates including price increases in Brazil to mitigate the decline of the Brazilian real. Crop Protection sales of $10.6 billion were 1 percent higher, 5 percent at constant exchange rates, with a strong performance in Brazil more than compensating for a weak US market. Seeds sales of $3.1 billion were 4 percent lower than 2018, 1 percent at constant exchange rates, but were flat adjusted for change of control royalties and divestments.

EBITDA $2.9 billion

EBITDA of $2.9 billion included $344 million of development costs capitalized for the first time in 2019, bringing it in line with other parts of Syngenta Group. Otherwise, EBITDA of $2.6 billion was 3 percent lower than 2018, but flat adjusted for change of control royalties and divestments. Excluding the capitalization, EBITDA margin was 19.0 percent (2018: 19.7 percent) and adjusted for change of control royalties and divestments was 0.1 percent lower including the impact of higher oil prices and raw material costs.

Net income $1,450 million

Net income of $1,450 million (2018: $1,447 million) included $291 million related to the capitalized development costs. Excluding this, net income was 20 percent lower than 2018, which included pre-tax gains of $365 million on mandated divestments; before restructuring, net income was 3 percent higher, with a one-off deferred tax revaluation gain from Swiss tax reform, offsetting higher interest costs after the 2018 bond issuance and increased oil and raw material costs.

Free Cash Flow $1.39 billion

Free cash flow before acquisitions and the US litigation settlement was $1.39 billion (2018: $1.76 billion). 2019 included some increased factoring and $522 million proceeds from fixed asset disposals, while 2018 included $486 million disposal proceeds largely from the mandated product divestments.

Business highlights 2019

 

Full Year

 

Growth

 

Adjusted3

Total Syngenta sales

2019 $m

 

2018 $m

 

Actual %

 

CER %

 

Actual %

 

CER %

Crop Protection

10,588

 

10,454

 

+1

 

+5

 

+2

 

+6

Seeds

3,083

 

3,209

 

-4

 

-1

 

-3

 

Inter-business elimination

-89

 

-94

 

n/a

 

n/a

 

 

 

 

Total Sales

13,582

 

13,569

 

 

+4

 

+1

 

+5

           

 

Full Year

 

Growth

 

Adjusted3

Crop Protection

regional sales

2019 $m

 

2018 $m

 

Actual %

 

CER %

 

Actual %

 

CER %

Europe, Africa, Middle East

2,665

 

2,871

 

-7

 

-1

 

-7

 

-1

North America

2,534

 

2,621

 

-3

 

-2

 

-3

 

-3

Latin America

3,450

 

2,975

 

+16

 

+21

 

+16

 

+21

Asia Pacific

1,385

 

1,404

 

-1

 

+2

 

 

+3

China

300

 

291

 

+3

 

+8

 

+3

 

+9

Other

254

 

292

 

 

 

 

 

 

 

 

Crop Protection Sales

10,588

 

10,454

 

+1

 

+5

 

+2

 

+6

 

 

Full Year

 

Growth

 

Adjusted3

Crop Protection by product line

2019 $m

 

2018 $m

 

Actual %

 

CER %

 

Actual %

 

CER %

Selective herbicides

2,619

 

2,826

 

-7

 

-4

 

-7

 

-4

Non-selective herbicides

919

 

863

 

+6

 

+11

 

+6

 

+11

Fungicides

3,269

 

3,128

 

+5

 

+9

 

+5

 

+10

Insecticides

2,065

 

1,909

 

+8

 

+13

 

+9

 

+13

Seedcare

1,128

 

1,133

 

 

+3

 

 

+3

Professional Solutions

470

 

504

 

-7

 

-5

 

-7

 

-5

Other

118

 

91

 

 

 

 

 

 

 

 

Crop Protection Sales

10,588

 

10,454

 

+1

 

+5

 

+2

 

+6

 

Crop Protection regional sales performance

Sales in Europe, Africa and the Middle East were 1 percent lower at constant exchange rates compared with 2018. Performance was solid in the face of challenging credit conditions in the East and the de-registration of some older products. A weaker euro reduced reported sales.

In North America, sales for the full year were down 2 percent at constant exchange rates, with strong recovery from a first half heavily impacted by extreme weather conditions, but lower full year sales also reflected reduced planted area.

In Latin America, positive momentum continued through the year with robust volume growth partially offset by the impact of weaker currency.

In Asia Pacific, sales were up by 2 percent (CER), with strong growth in India and Pakistan offsetting the effects of drought in Australia.

China experienced continued momentum with Crop Protection sales increasing by 8 percent (CER).

 

Full Year

 

Growth

 

Adjusted3

Seeds

regional sales

2019 $m

 

2018 $m

 

Actual %

 

CER %

 

Actual %

 

CER %

Europe, Africa, Middle East

982

 

1,038

 

-5

 

+1

 

-4

 

+2

North America

738

 

929

 

-21

 

-21

 

-11

 

-11

Latin America

741

 

737

 

+1

 

+4

 

+1

 

+4

Asia Pacific incl. China

343

 

297

 

+16

 

+18

 

+16

 

+18

Other

80

 

8

 

 

 

 

 

 

 

 

Flowers

199

 

200

 

 

+4

 

 

+4

Seeds Sales

3,083

 

3,209

 

-4

 

-1

 

-3

 

 

 

Full Year

 

Growth

 

Adjusted3

Seeds by product line

2019 $m

 

2018 $m

 

Actual %

 

CER %

 

Actual %

 

CER %

Corn and soybean

1,632

 

1,679

 

-3

 

-1

 

-3

 

-1

Diverse field crops

619

 

659

 

-6

 

-1

 

-4

 

+1

Vegetables

621

 

653

 

-5

 

-1

 

-5

 

-1

Other seeds

12

 

18

 

 

 

 

 

 

 

 

Flowers

199

 

200

 

 

+4

 

 

+4

Seeds Sales

3,083

 

3,209

 

-4

 

-1

 

-3

 

 

Seeds regional sales performance

Seeds sales in Europe, Africa and the Middle East were 1 percent higher at constant exchange rates (CER) against 2018, up 2 percent adjusted for divestments. Reported sales reflect a weaker euro.

In North America the market was reduced by extreme flooding, which severely delayed planting and reduced acreage. Adjusted for change of control royalties received in 2018, seeds sales were 11 percent lower.

In Latin America, sales rose by 4 percent (CER) with volume gains. A weaker Brazilian real reduced reported sales.

Sales in Asia Pacific, increased by 18 percent (CER) compared to 2018, driven by continued strong momentum in bringing new products to the market.

More detailed financial information is available on: www.financial-results.syngenta.com

About Syngenta

Syngenta is one of the worlds leading agriculture companies. Our ambition is to help safely feed the world while taking care of the planet. We aim to improve the sustainability, quality and safety of agriculture with world-class science and innovative crop solutions. Our technologies enable millions of farmers around the world to make better use of limited agricultural resources. With 28,000 people in more than 90 countries we are working to transform how crops are grown. Through partnerships, collaboration and The Good Growth Plan we are committed to improving farm productivity, rescuing land from degradation, enhancing biodiversity and revitalizing rural communities. To learn more visit www.syngenta.com and www.goodgrowthplan.com. Follow us on Twitter at www.twitter.com/Syngenta and www.twitter.com/SyngentaUS.

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as ˜expect, ˜would, ˜will, ˜potential, ˜plans, ˜prospects, ˜estimated, ˜aiming, ˜on track and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. For Syngenta, such risks and uncertainties include risks relating to legal proceedings, regulatory approvals, new product development, increasing competition, customer credit risk, general economic and market conditions, compliance and remediation, intellectual property rights, implementation of organizational changes, impairment of intangible assets, consumer perceptions of genetically modified crops and organisms or crop protection chemicals, climatic variations, fluctuations in exchange rates and/or commodity prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.

Media Relations Switzerland

Victoria Morgan

+41 61 323 23 23

[email protected]

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Huawei Releases Banking Resilience Index for 2020 and Beyond

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Measuring the Banking Industry’s Rises to the New Normal

SHANGHAI, Sept. 27, 2020 /PRNewswire/ — At HUAWEI CONNECT 2020, International Data Corporation (IDC), the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets, along with Huawei, have released a major White Paper titled "Banking Industry Rises up to the New Normal".  In this paper, IDC and Huawei survey the impact that Covid-19 has had on the banking industry and outlines steps that should be taken by banks to ensure their future success.  As part of this report, IDC and Huawei has developed a Banking Resilience Index, which quantifies the current status of banking by region in terms of six key measures.  This Index shows major regional differences and can be used by banks to assess their own Resilience and provides guidance for where to focus for future success.

At HUAWEI CONNECT 2020, Huawei and its partners are showing the wide range of FSI solutions, including Financial Cloud, smart branches, digital CORE and intelligent data platforms.  These solutions allow banks to reduce costs, increase agility to the rapidly changing FSI environment, attract and retain customers and position themselves against emerging competitors.  The recent disruptions to everyday life have moved the focus of financial services to Mobile and Huawei has been a leader in supporting the move to mobile interactions globally, based on the early experiences in China.  The insights we are sharing are allowing financial customers globally to respond and support customers in these trying times.

These experiences led Huawei to work with IDC on this report.  Some of the major findings in the report concern the financial impact of the pandemic on bank’s balance sheets, the exponential increase in digital payments from mobile devices and the dramatic shift in the role of branches in banking services.  In looking to the future, IDC finds that efforts should concentrate on:

Channel Upgrades – moving to a completely digital customer journey,
Communication Rethink – changing how services are delivered to customers,
Infrastructure Overhaul – building on hybrid cloud and microservices,
Data and Analytics Redefinition – building robust data lake and AI capabilities,
Workflow Reimagining – moving beyond paper and PCs to mobile workflows, and
Platform Transformation – incorporating emerging technologies such as 5G, AI and IoT, etc.

Taken together, the Banking Resilience Index and the focus areas, provide guidance for banks as they deal with the continuing challenges of "The New Normal".

Huawei will continue to expand its engagement with the world’s leading financial organizations and the insights provided by this report will provide a solid foundation for that work.

To download the white paper, please click the link: https://e.huawei.com/en/solutions/industries/smart-finance/banking-industry-rises-up-to-the-new-normal

HUAWEI CONNECT 2020 is an annual flagship event hosted by Huawei for the global ICT industry, and is being held in Shanghai from September 23 to 26, 2020. For more information, please visit:
https://www.huawei.com/en/events/huaweiconnect2020/

Related Links :

http://www.huawei.com/cn

http://www.huawei.com

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For Public Safety Due to Severe Weather and Wind, PG&E Expects to Turn Off Power to Approximately 89,000 Customers in Parts of 16 Counties

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Pacific Gas and Electric Company (PG&E) has announced that it will de-energize certain electrical lines as part of a Public Safety Power Shutoff (PSPS) due to a strong and dry offshore wind event. The PSPS event will affect customers in portions of 16 counties, primarily in Northern Sierra and the North Valley.

The first de-energization phase will begin early Sunday morning and impact approximately 15,000 customers. The second phase is expected to begin Sunday afternoon and will impact approximately 74,000 customers. This PSPS event is based on forecasts of widespread, severely dry conditions and strong, gusty winds. These conditions are expected to continue through Monday morning in most locations.

The power shutoff is expected to impact approximately 89,000 customers in portions of 16 counties, including: Alpine, Amador, Butte, Calaveras, El Dorado, Lake, Napa, Nevada, Placer, Plumas, Shasta, Sierra, Tehama and Yuba counties. Two customers within Sonoma County and 15 customers in Kern County are also expected to be included in the scope of this PSPS.

PG&E is working to improve its PSPS program by making events smaller in size, shorter in length and smarter for our customers. While PSPS is an important wildfire safety tool, PG&E understands the burden PSPS places on its customers especially for those with medical needs and customers sheltering-at-home in response to COVID-19.

Timeline for safety shutoffs

Based on wind forecasts, the process to shut off power will begin in the early morning hours of Sunday, Sept. 27. PG&E expects to begin de-energization for the first wave of 15,000 customers at approximately 2:00 a.m. on Sunday morning.

Weather forecasts project a lull in wind activity during the day on Sunday, and then escalating again Sunday late afternoon. At that timeapproximately 4 p.m.PG&E will begin de-energization for the second wave of 74,000 customers, primarily in the Central Sierra region.

Once the high winds subside Monday morning, PG&E will inspect the de-energized lines to ensure they were not damaged during the wind event, and then restore power. PG&E will safely restore power in stages as quickly as possible, with the goal of restoring power to nearly all customers within 12 daylight hours after severe weather has passed.

Customer notificationsvia text, email and automated phone callbegan Thursday, approximately 48 hours prior to the potential shutoff. Customers enrolled in the companys Medical Baseline program who do not verify that they have received these important safety communications will be individually visited by a PG&E employee to deliver the warning if possible, starting with customers who rely on electricity for critical life-sustaining equipment.

Potentially Impacted Counties and Customers

The power shutoff is currently expected to impact approximately 89,000 customers in the following 16 counties, including:

  • Alpine County: 573 customers, 6 Medical Baseline
  • Amador County: 5,465 customers, 400 Medical Baseline
  • Butte County: 18,001 customers, 1,726 Medical Baseline
  • Calaveras County: 9,978 customers, 386 Medical Baseline
  • El Dorado County: 30,259 customers, 2,011 Medical Baseline
  • Kern County: 15 customers, 0 Medical Baseline
  • Lake County: 55 customers, 2 Medical Baseline
  • Napa County: 216 customers, 5 Medical Baseline
  • Nevada County: 7,260 customers, 434 Medical Baseline
  • Placer County: 9,056 customers, 560 Medical Baseline
  • Plumas County: 785 customers, 24 Medical Baseline
  • Shasta County: 2,816 customers, 241 Medical Baseline
  • Sierra County: 1,099 customers, 22 Medical Baseline
  • Sonoma County: 2 customers, 0 Medical Baseline
  • Tehama County: 1,223 customers, 58 Medical Baseline
  • Yuba County: 1,891 customers, 152 Medical Baseline

Total: 88,703 customers, 6,027 Medical Baseline

Customers can use an address lookup tool to find out if their location is being monitored for the potential safety shutoff at www.pge.com/pspsupdates.

Heres Where to Go to Learn More

  • PG&Es emergency website www.pge.com/pspsupdates is now available in thirteen languages. Currently, the website is available in English, Spanish, Chinese, Tagalog, Russian, Vietnamese, Korean, Farsi, Arabic, Hmong, Khmer, Punjabi and Japanese. Customers will have the opportunity to choose their language of preference for viewing the information when visiting the website.
  • Customers are encouraged to update their contact information and indicate their preferred language for notifications by visiting www.pge.com/mywildfirealerts or by calling 1-800-742-5000, where in-language support is available.
  • Tenants and non-account holders can sign up to receive PSPS Zip Code Alerts for any area where you do not have a PG&E account by visiting www.pge.com/pspszipcodealerts.
  • PG&E has launched a new tool at its online Safety Action Center www.safetyactioncenter.pge.com to help customers prepare. By using the “Make Your Own Emergency Plan” tool and answering a few short questions, visitors to the website can compile and organize the important information needed for a personalized family emergency plan.

Community Resource Centers Reflect COVID-Safety Protocols

PG&E will open approximately 28 outdoor, open-air Community Resource Centers (CRCs) in every county where a PSPS occurs. These temporary CRCs will be open to customers when power is out at their homes and will provide ADA-accessible restrooms, hand-washing stations; medical-equipment charging; Wi-Fi; bottled water; grab-and-go bags and non-perishable snacks. PG&E updates its CRC locations regularly, click here for updates.

All CRCs will follow important health and safety protocols including:

  • Facial coverings and maintaining a physical distance of at least six feet from those who are not part of the same household will be required at all CRCs.
  • Temperature checks will be administered before entering CRCs that are located indoors.
  • CRC staff will be trained in COVID-19 precautions and will regularly sanitize surfaces and use Plexiglass barriers at check-in.
  • All CRCs will follow county and state requirements regarding COVID-19, including limits on the number of customers permitted indoors at any time. 

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

Media Relations

415.973.5930

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Garrett Motion Inc. – GTX

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NEW YORK, Sept. 26, 2020 — Pomerantz LLP is investigating claims on behalf of investors of Garrett Motion Inc. (“Garrett” or the “Company”) (OTCMKTS: GTXMQ).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Garrett and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On August 26, 2020, Garrett Motion issued a press release entitled “Garrett Motion Exploring Alternatives For Balance Sheet Restructuring.”  The press release advised investors that notwithstanding its entry, on June 12, 2020, “into an amendment into its credit agreement to obtain relief from certain financial covenants,” the Company’s “leverage ratio remains high” and “poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.”  

On this news, Garrett Motion’s stock price fell $3.04 per share, or 44%, to close at $3.84 on August 26, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected] 888-476-6529 ext. 7980

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