Company Results 2019 · 2020-03-02 · Email: [email protected] . IHS Markit | Agribusiness | Agrow | Company Results 2019 / 5 Syngenta’s crop protection sales increased by 1.7%

Agribusiness | Agrow

Company Results 2019Published February 2020

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IHS Markit | Agribusiness | Agrow | Company Results 2019 / 3www.agribusinessintelligence.com

05 Syngenta crop protection sales up 2% in 2019

08 Bayer crop protection sales up 10% in 2019

13 BASF agchem sales up 9% in 2018

15 Corteva’s agchem sales up 3% in Q4

18 FMC sales up 9% in fourth quarter

22 Nufarm earnings down in first quarter

24 Adama expects higher Q4 sales and earnings but a net loss

26 Nissan agchem sales down 7% in Q3

26 Rallis sales up 28% in Q3

28 Sumitomo agchem sales down in first nine months

28 Nippon Kayaku’s agchem sales down in Q3

28 Sharda Q3 agchems down 18%

29 Insecticides India Q3 sales rise 22%

29 SDS Biotech sales up 1% in Q3

30 Nihon Nokyaku agchem sales up 3% in fiscal 2019

31 China Company List

Contents

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Syngenta’s crop protection sales increased by 1.7% to $10,118 million in 2019 compared with the same period of the previous year. A strong performance in Brazil more than compensated for a weak US market. “We are very pleased with Syngenta’s performance given large challenges in 2019 including historical floods in the US, drought in Australia and currency headwinds,” says chief executive officer Erik Fyrwald.

Including revenues from the professional solutions business, which comprises turf and landscape and professional pest management products, sales were up by 1.3% (5% at constant exchange rates) to $10,588 million.

Seed and trait sales decreased by 3.9% (+1% at CER) to $3,083 million. Total revenues for the year, including crop protection, professional solutions and seeds, were flat (+4% at CER) at $13,582 million. The increase in total revenues at CER included price increases in Brazil to mitigate the decline of the Brazilian real, the company points out.

Earnings before interest, tax, depreciation

and amortisation (EBITDA) rose 9.4% to $2,927 million. EBITDA included $344 million of development costs capitalised for the first time in 2019, bringing it into line with other parts of the soon-to-be-formed Syngenta Group. Excluding those costs, EBITDA at $2.6 billion was 3% lower than in 2018, but flat when adjusted for change of control royalties and divestments. Excluding the capitalisation, EBITDA margin was 19% (19.7% in 2018). Adjusted for change of control royalties and divestments, the margin was 0.1% lower, including the impact of higher oil prices and raw material costs.

Net income was flat at $1,450 million, which included $291 million related to the capitalised development costs. Excluding that, net income was 20% lower than in 2018, which included pre-tax gains of $365 million on mandated divestments.

Product category salesHerbicides remained the company’s largest crop protection category, accounting for 35% of such revenues. Sales were down 4.1% to $3,538 million. Sales of selective herbicides fell by 7.3% to $2,619 million.

Non-selective products boosted revenues, rising by 6.5% to $919 million.

Fungicides made up 32.3% of crop protection sales. The category increased by 4.5% to $3,269 million.

Insecticides led sales growth, with revenues rising by 8.2% to $2,065 million, and made up 20.4% of crop protection business.

Seedcare (seed treatment business) sales dipped by 0.4% to $1,128 million.

Regional salesLatin America was the company’s largest region for crop protection and professional solutions sales, accounting for almost a third (32.6%) of revenues. Annual sales in the region rose by 16% (20% at CER) to $3,450 million. Robust volume growth was partially offset by the impact of weaker currencies. The company reports volume growth in Argentina.

North American pesticide sales declined by 3.3% (2%) to $2,534 million. Syngenta notes a “strong recovery” from a first half heavily impacted by extreme weather conditions. Extreme weather severely delayed the season, it adds. But lower full-year sales also reflected a reduced planted area.

Sales in the Europe, Africa and the Middle East (EAME) region declined by 7.2% (-1% at CER) to $2,665 million. That resulted from challenging credit conditions in the east and the de-registration of some older products. Syngenta notes “solid” growth in volumes in Russia, Turkey, Poland and the AME region. A weaker euro reduced reported sales.

Syngenta crop protection sales up 2% in 2019

Syngenta’s sales by business segment ($ million)Year ended Dec 31st 2017 % change 2018Crop protection 9,950 +1.7 10,118

Professional solutions 504 -6.7 470

Seeds & traits 3,209 -3.9 3,083

Inter-business elimination [negative] [94] na [89]

Total 13,569 +0.1 13,582EBITDA1 2,675 +9.4 2,927

Net income 1,447 +0.2 1,4501 earnings before interest, tax, depreciation and amortisation.

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In Asia Pacific excluding China, revenues were down by 1.4% (+2%) to $1,385 million. Strong growth in India and Pakistan partially offset the effects of drought in Australia.

Crop protection sales in China increased by 3.1% (+8%).

Syngenta expects the merger of the agricultural businesses of ChemChina and Sinochem to be completed within the first quarter. The businesses are being merged into a holding company within ChemChina, domiciled in Shanghai, which will be called the Syngenta Group.

Mr Fyrwald points out that the new company will have sales of around $23 billion (at 2019 levels) comprising crop protection, seeds, crop nutrition (including fertilisers) and farmer services (such as drone spraying services). Of that, crop protection comprises some $14 billion through Syngenta, Adama and Yangnong Chemical (in which Sinochem holds a 40% controlling stake). Seeds (including Syngenta, Sanbei Seeds and China National Seeds, which is a joint venture between Bayer and China National Seeds) make up over $3 billion. The Syngenta Group within China will make up another $4 billion-$5 billion. That includes crop nutrition through Sinofert and farmer services through Modern Agriculture Platform.

The new company will be listed by 2022. My Fyrwald pointed out that when ChemChina acquired Syngenta, the decision was to list it within five years, which works out to the middle of 2022. The company is considering listing in China as well as a secondary listing on an overseas stock exchange, the location of which is yet to be decided.

OutlookSyngenta notes the partial recovery of the US market following the “major” flooding in 2019. In Latin America, the company sees growth normalising.

The company expects low single-digit sales growth in 2020 and above market growth in China.

Syngenta's crop protection sales by category ($ million)Year ended Dec 31st 2017 % change 2018Herbicides 3,689 -4.1 3,538

Selective 2,826 -7.3 2,619

Non-selective 863 +6.5 919

Fungicides 3,128 +4.5 3,269

Insecticides 1,909 +8.2 2,065

Seedcare 1,133 -0.4 1,128

Other 91 +29.7 118

Total 9,950 1.7 10,118

Syngenta’s crop protection and professional solutions sales by region ($ million)Year ended Dec 31st 2017 % change 2018Latin America 2,975 +16.0 3,450

Europe, Middle East & Africa 2,871 -7.2 2,665

North America 2,621 -3.3 2,534

Asia Pacific (ex China) 1,404 -1.4 1,385

China 291 +3.1 300

Other 292 -13.0 254

Total 10,454 +1.3 10,588


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Bayer’s Crop Science division’s crop protection sales grew by 9.8% to €10,866 million ($11,784 million at the current rate) in 2019. That includes sales of herbicides, fungicides, insecticides and revenues under “other” business, which is dominated by seed treatments but also includes oilseed rape and cotton seed business. However, on a pro-forma basis, as if the Monsanto acquisition had taken place on January 1st 2018, the business grew at a lower 1.6% to €10,622 million ($11,519 million).

Bayer says that the global seed and crop protection market remained flat in 2019. Growth momentum was strongest in the Latin America region, with an above-average increase in market volume in Brazil following the normalization of inventory levels for crop protection products and an expansion of soybean, maize and cotton acreages. On the other hand, adverse weather conditions across key regions counteracted this development. The market in North America was especially negatively impacted by flooding and heavy rains in the Mid-western US as well as continued uncertainties driven by the ongoing trade disputes leading to a significant decline in soybean acreages.

Product categoriesHerbicides dominated revenues. Reported sales added 22.2% at $5,097 million. On a pro-forma basis, sales were flat (+0.4%) at €5,034 million. Extreme weather in the mid-western US during the first half of the year and drought in Canada led to lower volumes sold of Roundup (glyphosate). On the other hand, shifts in demand for selective herbicides from 2020 into 2019 had a positive impact on sales. Business also declined in the Asia Pacific region,

partly as a result of drought in Australia. Sales were level year on year in the Europe, Middle East and Africa region but rose substantially in Latin America, particularly due to price and volume increases in Brazil.

Fungicides rose by 2.7% €2,718 million, and by 2.8% on a pro-forma basis. Growth was driven by the “very positive” development of business in Latin America, where the company benefitted in particular from the

launch of Fox Xpro (bixafen + prothioconazole + trifloxystrobin) in Brazil. But there were weather-related declines in the North America and Europe, Middle East and Africa regions.

Insecticides increased by 7.7% on a reported basis and 7.6% on a pro-forma basis to €1,448 million. Sales increased as a result of higher prices and volumes, especially in the Europe, Middle East and

Bayer crop protection sales up 10% in 2019

Bayer’s reported agchem/seed sales by category (€ million)Year ended Dec 31st 2018 ($ million)1 % change 2019 ($ million)1

Crop protection2 9,897 (10,733) +9.8 10,866 (11,784) Herbicides 4,171 (4,523) +22.2 5,097 (5,528)

Fungicides 2,647 (2,871) +2.7 2,718 (2,948)

Insecticides 1,345 (1,459) +7.7 1,448 (1,570)

Other3 1,734 (1,880) -7.6 1,603 (1,738)

Seeds4 3,637 (3,944) +119.2 7,972 (8,645) Maize seed & traits 1,808 (1,961) +185.6 5,164 (5,600)

Soybean seed & traits 1,200 (1,301) +76.6 2,119 (2,298)

Vegetable seeds 629 (682) +9.5 689 (747)

Total (CP + seeds) 13,534 (14,677) +39.2 18,838 (20,429)Fourth quarterCrop protection2 2,703 (2,931) -4.8 2573 (2,790) Herbicides 1,172 (1,271) +2.6 1203 (1,305)

Fungicides 757 (821) +4.1 788 (855)

Insecticides 364 (395) +4.4 380 (412)

Other3 410 (445) -50.7 202 (219)

Seeds4 1,729 (1,875) +6.7 1844 (2,000) Maize seed & traits 1,036 (1,124) +6.2 1100 (1,193)

Soybean seed & traits 602 (653) -2.5 587 (637)

Vegetable seeds 91 (99) +72.5 157 (170)

Total (CP + seeds) 4,432 (4,806) -0.3 4,417 (4,790)1 at the current rate; 2 includes other business, which is dominated by seed treatments; 3 includes seed treatments as well as oilseed rape and vegetable seed businesses; 4 does not include oilseed rape and vegetable seed businesses.

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Africa region, where increased pest pressure had a positive effect, and in Latin America.

Sales of “other” products including seed treatments and some seed businesses fell by 7.6% to €1,603 million. On a pro-forma basis, they dropped by 2.3% to €1,422 million. The decline in the SeedGrowth (seed treatment) segment was a result of the loss of registrations in northern and central Europe.

Seeds and traitsThe Monsanto acquisition has propelled Bayer into becoming the world’s major seed company, which is underlined by growth in maize and soybean businesses. Seed and trait sales more than doubled (+119.2%) to €7,972 million, although pro-forma sales were almost flat (+0.7%).

Maize seed and traits’ reported sales almost trebled (+185.6%) to €5,164 million. But on a pro-forma basis, the revenue increase was 6%. Bayer says that the rise was partly attributable to growth in North America, where acreages increased slightly despite the weather conditions in the US. Volumes also expanded as a result of increased market share and shifts in demand from 2020 into 2019, which stood against negative product mix effects. In addition, the company achieved double-digit-percentage growth rates in the Europe, Middle East and Africa region. But sales decreased in Latin America, where Bayer had benefitted from a special effect and the associated license revenues in Brazil in the previous year. Furthermore, the difficult economic situation in Venezuela led to lower volumes in 2019.

Soybean seed and traits business was up

76.6% on a reported basis but down 10.9% on a pro-forma basis to €2,119 million. The decline was mainly attributable to North America, where business was impacted by lower acreages, strong competitive pressure, weather conditions and uncertainties driven by trade conflicts.

Vegetable seed sales grew by 9.5% and by 2.8% on a pro-forma basis to €689 million. As expected, shifts in demand from prior quarters led to a very strong fourth quarter, especially in the Europe, Middle East and Africa region, Bayer, says.

In seed sales within the company’s “other” business, oilseed rape/canola was held back by lower demand in Europe due to drought along with lower acreages in Canada, among other factors. The cotton seed and traits business posted strong growth in North America, where a significant increase in market share more than offset a slight decline in acreages. Sales were down in the Asia Pacific region, however, where extreme drought in Australia led to considerably lower acreages.

Combined crop protection and all seed and trait sales rose on a reported basis by 39.2% to €18,838 million, and on a pro-forma basis by 1.2% to €18,594 million.

Crop ScienceOverall, Bayer’s Crop Science business reported sales rose by 39% (+1.4% on a currency and portfolio-adjusted basis) to €19,832 million. The top line was boosted by positive portfolio effects of 36.3%, a 1.7% rise in prices, positive currency adjustments worth 1.3%. Volumes slipped by 0.3%.

The non-crop Environmental Science business rose by 35.8% (+2.8%) to €994 million on a reported basis. Pro-forma revenues increased by 3.8% to €991 million. Growth in the company’s business with professional users stood against a decline in its consumer business.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 13.4% to €3,895 million. Before special items, EBITDA rose by 24.9% to €527 million. Earnings before interest and tax (EBIT) plunged 81.5% to €582 million after net special charges of €1,423 million that mainly included a total of €688 million in connection with the acquisition and integration of Monsanto and the divestments to BASF, of which €483 million comprised pro-rated reversals of inventory step-ups. Further special charges comprised €522 million in impairment losses on the dicamba production facility in the herbicides business and legal fees in connection with the glyphosate litigations.

Regional salesNorth America was the company’s largest region for its Crop Science business in 2019. Sales shot up by 86.2% to €8,743 million. Of that, the portfolio effect amounted to €3,896 million. After adjusting for currency and portfolio effects, sales were level year on year (+0.1%). There was an increase in maize seed and traits sales, where the company registered higher volumes despite the weather in the US in the first half of the year. Soybean seed and traits business was also impacted by extreme weather conditions, which, together with uncertainties driven by trade conflicts, resulted in a decline in sales.

http://www.yngf.com



Sales in Latin America advanced by 26.5% to €5,090 million. The portfolio effect was €677 million. After adjusting for currency and portfolio effects, business expanded by 9.4%. The “very positive” overall sales development was mainly attributable to price and volume increases for fungicides in Brazil, where business benefited particularly from the launch of Fox Xpro. Herbicide sales were up as well.

Sales in the Europe, Middle East and Africa region improved by 13 to €4,170 million. The portfolio effect amounted to €568 million. Adjusted for currency and portfolio effects, business declined by 1.9%. This was largely due to the loss of registrations in the SeedGrowth (seed treatment) business in northern and central Europe. Bayer also saw a decline in fungicide sales because of drought but

achieved sales gains in insecticides and vegetable seeds.

Business in the Asia Pacific region was 8.1% off on a portfolio-adjusted basis at €418 million. Herbicide business particularly deteriorated due to dry weather in Australia, and in China. Revenues from vegetable seeds “substantially” declined, partly offset by increased business for maize seeds.

Sales in the Asia / Pacific region decreased by 1.6% to €1,829 million, with the portfolio effect amounting to €36 million. On a currency- and portfolio-adjusted basis, sales fell by 5.7%. There was a significant decline in the company’s cotton seed business and in herbicides in Australia due to extreme drought.

Fourth quarterBayer’s fourth-quarter crop protection sales decreased by 4.8% to €2,573 million ($2,790 million) in the fourth quarter of 2019. That includes sales of herbicides, fungicides, insecticides and revenues under “other” business, which is dominated by seed treatments but also includes oilseed rape and cotton seed business. However, on a pro-forma basis, , the business was almost flat (-0.6%) at €2,489 million ($2,699 million).

Herbicides, fungicides and insecticides grew by 2.6%, 4.1% and 4.4%, respectively. But that was offset by a 50.7% decline in “other” sales. It was a similar case in pro-forma sales. Herbicides, fungicides and insecticides sales growth of 6.2%, 4.6% and 3.8%, respectively, was offset by a 51.7% decline in “other” sales.

Glyphosate litigationBayer says that as of February 6th, lawsuits from approximately 48,600 plaintiffs claiming to have been exposed to glyphosate-based products manufactured by Bayer legacy company Monsanto had been served upon Monsanto in the US. The next trial is scheduled to begin in late March in the Missouri state court. However, the trial schedule remains fluid and subject to change, it adds.

As of February 6th, eleven Canadian lawsuits relating to Roundup seeking class action certification had been served upon Bayer. The company believes that it has meritorious defenses and intends to defend the safety of glyphosate and our glyphosate-based formulations vigorously.

Bayer’s pro-forma agchem/seed sales by category (€ million)Year ended Dec 31st 2018 ($ million)1 % change 2019 ($ million)1

Crop protection2 10,458 (11,341) +1.6 10,622 (11,519) Herbicides 5,014 (5,438) +0.4 5,034 (5,459)

Fungicides 2,643 (2,866) +2.8 2,718 (2,948)

Insecticides 1,346 (1,460) +7.6 1,448 (1,570)

Other3 1,455 (1,578) -2.3 1,422 (1,542)


Soybean seed & traits 2,378 (2,579) -10.9 2,119 (2,298)

Vegetable seeds 670 (727) +2.8 689 (747)

Total (CP + seeds) 18,377 (19,929) +1.2 18,594 (20,165)Fourth quarterCrop protection2 2,505 (2,717) -0.6 2,489 (2,699) Herbicides 1,125 (1,220) +6.2 1,195 (1,296)

Fungicides 753 (817) +4.6 788 (855) Insecticides 366 (397) +3.8 380 (412) Other3 261 (283) -51.7 126 (137)


Soybean seed & traits 651 (706) -9.8 587 (637)

Vegetable seeds 91 (99) +72.5 157 (170)

Total (CP + seeds) 4,283 (4,645) +1.2 4,333 (4,699)1 at the current rate; 2 includes other business, which is dominated by seed treatments; 3 includes seed treatments as well as oilseed rape and vegetable seed businesses; 4 does not include oilseed rape and vegetable seed businesses.

Bayer’s Crop Science reported results (€ million)Year ended Dec 31st 2018 ($ million)1 % change 2019 ($ million)1

Crop Science 14,266 (15471) 39.0 19,832 (21,507)CP/seeds 13,534 (14677) 39.2 18,838 (20,429)

Environmental Science 732 (794) 35.8 994 (1,078)

EBIT2 [loss] 4,500 (4,880) -13.4 3,895 (4,224)

EBITDA3 3,138 (3,403) -81.5 582 (631)

Fourth quarterCrop Science 4,661 (5055) -0.2 4,652 (5,045)CP/seeds 4,432 (4806) -0.3 4,417 (4,790)

Environmental Science 229 (248) 2.6 235 (255)

EBIT2 (441) (-478) na 797 (864)

EBITDA3 (933) (-1012) na (453) (-491)1 at the current rate; 2 earnings before interest and tax; 3 earnings before interest, tax, depreciation and amortisation.

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Dicamba litigationAs of February 6th, lawsuits from approximately 170 plaintiffs have been served upon Monsanto and co-defendant BASF in state as well as federal courts in the US, alleging that Monsanto’s Xtendimax herbicide as well as other products containing dicamba caused crop damage from off-target movement. Plaintiffs claim, inter alia, that Monsanto and BASF knew or should have known that the application of dicamba would cause such damage and failed to prevent it. Additional lawsuits are anticipated, the company says.

Bayer says that in 2018, 35 separate cases were coordinated in a multi-district litigation (MDL) before a federal court in Missouri. Plaintiffs are seeking class action

certification. In February 2020, the first trial in the MDL proceeding (Bader Farms) resulted in a $265 million award to the plaintiff, consisting of compensatory damages of $15 million and punitive damages of $250 million. Monsanto and co-defendant BASF are jointly and severally liable for the total US$ 265 million award. “We disagree with the decision and plan to swiftly appeal. In the case of Bader Farms there was no competent evidence presented which showed that Monsanto’s products were present on the farm and were responsible for the alleged losses,” the company says.

Class actions over neonicotinoids in CanadaProposed class actions against Bayer were

Bayer’s Crop Science regional sales (€ million)Year ended Dec 31st 2018 ($ million)1 % change 2019 ($ million)1

North America 4,696 (5,093) +86.2 8,743 (9,482)

Latin America 4,023 (4,363) +26.5 5,090 (5,520)

Europe, Middle East/Africa 3,689 (4,001) +13.0 4,170 (4,522)

Asia Pacific 1,858 (2,015) -1.6 1,829 (1,983)

Fourth quarterNorth America 1,703 (1,847) +3.4 1,761 (1,910)

Latin America 1,836 (1,991) -0.9 1,820 (1,974)

Europe, Middle East/Africa 592 (642) -1.9 581 (630)

Asia Pacific 530 (575) -7.5 490 (531)1 at the current rate

filed in Quebec and Ontario (Canada) concerning crop protection products containing the neonicotinoid insecticides, imidacloprid and clothianidin. The plaintiffs are honey producers, who have filed a proposed nationwide class action in Ontario and a Quebec-only class action in Quebec. Plaintiffs claim for compensatory damages and punitive damages and allege that Bayer and another crop protection company were negligent in the design, development, marketing and sale of neonicotinoid insecticides. The proposed Ontario class action is in a very early procedural phase. In Quebec, a court certified a class action proposed by plaintiffs in 2018. Bayer believes it has meritorious defences and intends to defend itself vigorously.

Insurance against statutory product liability claimsIn connection with the above-mentioned product-related litigations, Bayer is insured against statutory product liability claims to the extent customary in the respective industries and has, based on the information currently available, taken appropriate accounting measures for anticipated defence costs. However, the company adds that the accounting measures relating to Roundup claims exceed the available insurance coverage.


BASF recorded a rise of 8.6% in agrochemical sales in 2019 to €6,360 million ($6,897 million at the current rate). Seed and trait sales almost quadrupled from the small base of €300 million ($325 million) in 2018 (when the company entered the seed market in August following acquisition of assets from Bayer) to €1,454 million ($1,577 million) in 2019.

Revenues for the company’s Agricultural Solutions division, comprising agrochemicals and seeds, grew by 26.9% to €7,814 million. Positive portfolio effects of 24% were accentuated by a 3% rise in prices and a 1% positive currency effect. Volumes, however, were down by 1%. In a continuing difficult market environment, sales volumes in North America and Europe were lower than in the previous year, BASF says.

Earnings before interest and tax (EBIT) before special items rose by 49.2% to €1,095 million. The increase was largely attributable to considerably higher sales.

EBIT increased by 57% to €928 million. Special charges primarily arose from the integration of the acquired Bayer businesses. That was offset by special income from divestitures in accordance with the conditions imposed by the authorities in connection with the acquisition, the company says.

Fourth quarterCombined agrochemical and seed revenues for the fourth quarter rose by 7.4% to €1,808 million. EBIT for the quarter was €84 million after recording a loss of €46 million in 2018.

Product categoriesHerbicides were the company’s largest category, accounting for 41.1% of annual

agrochemical sales. The category grew by 7.4% during the year to €2,616 million.

Fungicides made up 36.2% of crop protection revenues. The category inched up by 0.8% to €2,305 million. Insecticide sales increased by 19.4% to €800 million.

Seed treatments led growth rising by 38% to €639 million.

Regional salesNorth America remained BASF’s largest region, accounting for 40% of total revenues. Sales grew by 43.5% to €3,108

BASF agchem sales up 9% in 2018

BASF’s crop protection results (€ million)Year ended Dec 31st 2017 ($ million)1 % change 2018 ($ million)1

Sales 6,156 (6,676) +26.9 7814 (8474)

Agchems 5,856 (6,351) 8.6 6360 (6,897)

EBITDA2 before special items 1128 (1,223) +60.4 1809 (1962)

EBIT3 before special items 734 (796) +49.2 1095 (1187)

EBIT3 591 (641) +57.0 928 (1006)

Fourth quarterSales 1,684 (1,826) +7.4 1808 (1961)

EBITDA2 before special items 188 (204) +86.7 351 (381)

EBIT3 before special items 38 (41) +323.7 161 (175)

EBIT3 [loss] [(46) (50)] na 84 (91)1 at the current rate; 2 earnings before interest, tax, depreciation and amortisation; 3 earnings before interest and tax.


million. The growth was mainly the result of portfolio effects. Positive currency effects and a higher price level helped as well. Sales volumes were significantly lower than in the previous year, particularly for herbicides and fungicides, BASF says. This was attributable to distributor destocking and challenges relating to weather conditions and the trade conflicts,

BASF’s sales by region (€ million)Year ended Dec 31st 2017 ($ million)1 % change 2018 ($ million)1

North America 2,166 (2,349) +43.5 3,108 (3,371)

Europe 2,022 (2,193) +4.8 2,120 (2,299)

South America, Africa & Middle East 1,323 (1,435) +36.1 1,801 (1,953)

Asia 645 (699) +21.7 785 (851)

Total 6,156 (6,676) +26.9 7,814 (8,474)1 at the current rate

especially in the first half of 2019.

Europe made up 27% of total sales. Revenues from the region were up by 4.8% to €2,120 million. That was largely attributable to portfolio effects. In addition, the company recorded a slightly higher price level. Sales development was dampened by lower volumes, especially for

herbicides and fungicides, and negative currency effects, particularly in Turkey.

The company’s South America/Africa/Middle East business region led growth, with revenues increasing by 36.1% to €1,801 million. That was primarily due to “significantly” higher volumes, particularly for fungicides and herbicides. The volume rise was especially noticeable in Brazil. A higher price level and portfolio effects from the acquired businesses also contributed to the sales increase. Currency effects had an offsetting impact.

Sales in Asia grew by 21.7% to €785 million. The growth mainly came from portfolio effects. Higher volumes, especially for herbicides, and currency effects also contributed to sales growth.

OutlookBASF anticipates considerable sales growth in its Agricultural Solutions division despite the continuing challenging market environment. The company aims to considerably increase its sales volumes, which it says should more than offset negative currency effects. Overall, BASF expects a slight increase in EBIT before special items. It plans to continue investing at a high level in research and development and digitalisation in 2020.

BASF’s sales by category (€ million)Year ended Dec 31st 2017 ($ million)1 % change 2018 ($ million)1

Herbicides 2,436 (2,642) +7.4 2,616 (2,837)

Fungicides 2,287 (2,480) +0.8 2,305 (2,500)

Insecticides 670 (727) +19.4 800 (868)

Seed treatments 463 (502) +38.0 639 (693)

Total agchems 5,856 (6,351) +8.6 6,360 (6,897)Seed and traits 300 (325) +384.7 1,454 (1,577)

Total 6,156 (6,676) +26.9 7,814 (8,474)1 at the current rate


Corteva Agriscience’s crop protection revenues rose by 3% to $1,740 million in the fourth quarter of 2019. Seed sales grew by 10.4% to $1,243 million and overall sales were up by 6% to $2,983 million.

The increase in crop protection sales was due to an 8% volume gain, which was partly offset by a 3% decline from currency effects, a 1% reduction in prices and a 1% portfolio impact. Strong demand in North America was led by a ramp up of the 2,4-D choline-based Enlist herbicide and in Latin America for insecticides. Those gains were partly offset by currency headwinds, customer programme discounts and portfolio changes, the company points out.

Growth in North America and the Europe/Middle East/Africa (EMEA) region was partly offset by a decline in the Asia Pacific region. Sales in Latin America were flat.

Crop protection operating earnings before interest, tax, depreciation and amortisation

(EBITDA) rose by 63.9% to $277 million. The increase was due to a $70 million gain from product divestitures as well as cost synergies and improved volumes of new products. The improvement was partly offset by higher selling costs. The business posted an operating EBITDA margin of 15.9% compared with 10% in the same period a year earlier.

Higher seed sales were driven by an 8% increase in prices and a 5% volume gain, partly offset by a 3% adverse currency effect. Higher prices were due to a favourable mix in Latin America from genetically modified herbicide-tolerant and insect-resistant PowerCore Ultra maize and in North America from maize and licensing income. Volume gains were driven by increased deliveries of multi-channel brands in North America.

Strong growth in the Americas was partly offset by lower sales in the EMEA region and the Asia Pacific region.

The seed business posted an operating EBITDA loss of $26 million in the fourth quarter compared with a loss of $87 million in the same period in 2018. The improvement was attributed to stronger pricing, cost synergies and ongoing productivity, partly offset by higher input costs. The operating EBITDA loss margin of 2.1% compared with 7.7% a year earlier.

Annual resultsAnnual crop protection sales fell by 2.9% to $6,256 million. A 1% rise in volumes was more than offset by a 3% adverse currency effect and 1% portfolio impact. Average prices were flat. Excluding currency and portfolio effects, Corteva points to 1% organic growth for the business in 2019.

Volume gains were driven by product launches including Enlist and halauxifen-methyl (trade-marked as Arylex) herbicides and the insecticide, sulfoxaflor (trade-marked as Isoclast). However, those gains were partly offset by unfavourable weather conditions in North America, which resulted in lost spring applications. Unfavourable currency impacts were mainly due to the Brazilian real and the euro. Pricing gains from product launches were offset by increased grower incentive programme discounts in North America. The portfolio impact was driven by divestitures in North America and the Asia Pacific region.

In North America, reported sales were down by some 10% and organic sales by 9%. There was a 6% drop in volumes, a 3% fall in prices and a 1% negative portfolio effect. Reduced volumes came from fewer applications due to weather-related delays and lower planted area.

Sales in Latin America grew by 3% or by 8% on an organic basis. A 7% volume gain and 1% price increase were partly offset by a

Corteva’s agchem sales up 3% in Q4

Corteva’s fourth-quarter crop protection sales by region ($ million)Region 2018 % change 2019Latin America 613 +0.3 615

North America 594 +8.2 643

Asia Pacific 282 -9.2 256

Europe/Middle East/Africa 200 +13.0 226

Total 1,689 +3.0 1,740

Corteva’s fourth-quarter seed sales by region ($ million)Region 2018 % change 2019Latin America 470 +5.1 494

North America 384 +26.6 486

Europe/Middle East/Africa 186 -4.3 178


Total 1,126 +10.4 1,243


5% adverse currency effect. Strong demand for new products included sulfoxaflor and the fungicide, Vessarya (picoxystrobin).

The EMEA region posted flat sales or a 7% organic increase. The continued penetration of new products included halauxifen-methyl and the fungicide, oxathiapiprolin (trade-marked as Zorvec).

In the Asia Pacific region, reported sales were down by 1% but up by 3% on an organic basis. The company notes price improvements for insecticides and successful farmer engagement programmes.

Despite lower sales, operating EBITDA was almost flat, dipping by 0.7% to $1,066 million. Volume declines in North America,

Corteva’s annual crop protection sales by region ($ million)Region 2018 % change 2019North America 2,438 -9.6 2,205

Latin America 1,715 +2.6 1,759

Europe/Middle East/Africa 1,357 +0.4 1,362


Total 6,445 -2.9 6,256

Corteva’s annual seed sales by region ($ million)Region 2018 % change 2019North America 4,974 -5.0 4,724

Europe/Middle East/Africa 1,408 -2.1 1,378

Latin America 1,102 +2.5 1,130

Asia Pacific 358 0 358

Total 7,842 -3.2 7,590

unfavourable currency effects and higher input costs were more than offset by cost synergies, sales from new products and ongoing productivity, Corteva points out. The EBITDA margin was barely changed at 17% from the 16.8% seen in 2018.

SeedsAnnual seed sales fell by 3.2% to $7,590 million, or an approximate 1% increase on an organic basis. Volumes were down by 1% and there was an adverse 2% currency effect. Prices were flat. Volume gains for maize in the EMEA region were more than offset by weather-related planting delays in North America, leading to reduced plantings of soybeans and multi-channel and -brand rationalisation impacts in North America. Competitive pricing pressure in US soybeans and increased soybean and maize replanting in North America were offset by a favourable product mix and continued penetration of PowerCore Ultra in Latin America.

Reported and organic sales in North America were about 5% lower than in the previous year. Volumes were down by 3% and prices by 2%.

In Latin America, reported sales were up by


some 3% and organic sales by 7%. An 8% increase in prices was partly offset by a 1% volume drop and a 4% adverse currency effect. Growth was driven by PowerCore Ultra maize and Intacta soybeans. An early start to the safrinha season in the fourth

quarter of 2018 adversely impacted comparative volumes.

The EMEA region posted 2% lower sales but recorded 6% growth on an organic basis. A 5% volume gain and 1% higher prices were

more than offset by an 8% adverse currency effect.

Sales were flat in the Asia Pacific region, with organic growth of 4%. Volumes and prices were each up by 2% and were offset by a 4% adverse currency effect.

Operating EBITDA for the seed business fell by 8.7% to $1,040 million. Volume declines, competitive pricing pressure, unfavourable currency impacts and increased commissions and input costs more than offset cost synergies and ongoing productivity. The operating EBITDA margin amounted to 13.7% compared with 14.5% in 2018.

OutlookCorteva forecasts a 4-5% sales increase to some $14,500 million in 2020. That compares with forecast overall market growth of 1-2.5%, the company notes. Operating EBITDA is expected to rise by about 12% to some $2,200 million. Earnings per share is expected to increase from $1.43 in 2019 to $1.45-1.55 in 2020, representing a 5% mid-point gain.

Corteva’s results ($ million)Year ended Dec 31st 2018 % change 2019Sales 14,287 -3.0 13,846

Crop protection 6,445 -2.9 6,256

Seed 7,842 -3.2 7,590

Operating EBITDA1 2,072 -4.1 1,987

Crop protection 1,074 -0.7 1,066

Seed 1,139 -8.7 1,040

Fourth quarterSales 2,815 +6.0 2,983

Crop protection 1,689 +3.0 1,740

Seed 1,126 +10.4 1,243

Operating EBITDA1 (loss) 50 +348.0 224

Crop protection 169 +63.9 277

Seed (87) - (26)1 earnings before interest, tax, depreciation and amortisation.

http://www.agrochemex.org



[email protected]


Growth across all regions contributed to an 8.9% increase in FMC’s agrochemical sales to $1,197.3 million in the fourth quarter of 2019. An 11% rise in volumes was partly offset by a 2% adverse currency effect. “FMC delivered continued strong growth in the quarter, driven by high demand in all regions despite adverse weather conditions in Europe and Asia,” says chairman and CEO Pierre Brondeau.

Sales in Latin America grew by about 10% (+13% excluding currency effects) to $518 million. Double-digit growth in Argentina was led by herbicide demand on soybeans and expanded market access, the company notes. It also points to herbicide sales on sugar cane in Brazil.

North American business was up by 10% to $273 million. There was strong demand for the fungicide, Lucento (bixafen + flutriafol) and the maize in-furrow insecticide/fungicide, Ethos XB (bifenthrin + Bacillus amyloliquefaciens strain D747). Herbicide sales were strong in Canada.

Sales in Asia rose by 9% (10%) to $259 million. There was double-digit growth in India, China, Indonesia and Pakistan. The company points to product launches worth $7 million and strength in biologicals in South Korea and Japan.

Business in the Europe, Middle East and

Africa (EMEA) region grew by 5% (7%) to $147 million. There was double-digit growth in the UK, France, Russia, Italy and Romania. Growth in insecticide sales was led by chlorantraniliprole (trade-marked as Rynaxypyr) due to strong demand in France and Russia.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 17.1% to $320 million. Volume gains worth $75 million were partly

offset by $25 million in higher costs and a $3 million adverse currency effect. Price increases were seen across all geographic regions except North America where strong volume resulted in higher-than-expected rebates.

Full-year sales rose by 7.6% to $4,609.8 million. Organic revenue growth of some 11% was partly offset by a 3% adverse currency effect. Sales growth exceeded market performance globally and in all geographic regions, FMC points out. Business in Latin America was up by 19% to $1,442 million compared with market growth of some 13%. North American sales were up by 3% to $1,121 million compared with a market drop of about 6%. The EMEA region recorded 4% growth to $1,002 million while the market fell by 3% and sales in Asia were up by 3% to $1,045 million with the market down by 5%.

Adjusted EBITDA for the full year rose by 10.1% to $1,220.5 million. Volume gains worth $203 million and price/mix gains of $137 million were partly offset by $167 million in costs and a $61 million currency headwind. The business posted an adjusted EBITDA margin of 26.5% in 2019 compared with 25.9% in the previous year.

OutlookFMC forecasts revenues of $1,230-1,270 million in the first quarter of 2020. That would represent 5% growth at the mid-point, or 7% if expected adverse currency effects are excluded. Adjusted EBITDA is forecast to rise by 4% to $346-366 million compared with the first quarter of 2019.

Full-year sales are expected to reach $4,800-4,950 million in 2020, representing mid-point growth of 6% or 7% in organic terms. Adjusted EBITDA is forecast to increase by 8% to $1,300-1,340 million.

FMC sales up 9% in fourth quarter

FMC’s results ($ million)Year ended Dec 31st 2018 % change 2019Sales 4,285.3 +7.6 4,609.8

Adjusted EBITDA1 1,108.9 +10.1 1,220.5

Fourth quarterSales 1,099.4 +8.9 1,197.3

Adjusted EBITDA1 273.3 +17.1 320.01 earnings before interest, tax, depreciation and amortisation.

www.chemspeceurope.comGet your ticket now:

35th International Exhibition for Fine and Speciality Chemicals

Koelnmesse, Cologne, Germany 27 – 28 May 2020

Organisers:

Top conferences and workshops offer valuable insights into ongoing R&D projects!

Agrochemical Lecture Theatre

Chemspec Careers Clinic

Pharma Lecture Theatre

Regulatory Services Lecture Theatre

RSC Lecture Theatre

Innovative Start-ups

• custom synthesis • pharmaceuticals • fine chemicals • chemical intermediates • agrochemicals • adhesives & sealants• paints & coatings

• colourants & dyestuffs • flavours & fragrances • green chemicals• household & industrial

cleaning • biocatalysts• bio-based chemicals

• plastics additives • cosmetics • polymers • surfactants • petrochemicals • electronic chemicals • and much more

Fine and speciality

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Europe’s No 1 trade fair for the

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Chemspec Europe 2020 is the place to be: Find bespoke solutions & innovative substances for your enterprise and take your networking to the next level

CSE20-Advert-A4-EN.indd 1 10/01/2020 10:29

The huge success of the previous event in Basel, Switzerland, not only illustrates the high demand for bespoke chemicals and innovative products. With a total of 379 exhibitors and 4,295 trade visitors from 65 countries, it also underlines the show’s unique position as the primary specialised trading and networking event for the fine and speciality chemicals industry in Europe.

Looking at the current booking status, Chemspec Europe 2020 is set to continue its success story: three months before the start of the event, more exhibition space than ever has been sold and booked. Amongst the exhibiting companies are Albemarle, Arkema France, CABB AG, Chevron Phillips Chemicals International N.V., Evonik, Johnson Matthey, Kemira Oyj, Lonza Ltd, Solvay, Sumitomo Chemical Europe SA/NV, Tosoh Europe B.V, Vertellus, WeylChem International GmbH and many more.

“Sustainability, new trends such as power foods and bio-based cosmetics, and digitalisation are not just buzzwords. In fact, these aspects and the ongoing demand for innovations determine the industry. The choice of the right suppliers and the exchange of knowledge within international industry networks is more important than ever”, says Liljana Goszdziewski, Exhibition Director of Chemspec Europe, on behalf of the organisers, Mack Brooks Exhibitions. “With a highly specialised exhibition profile, Chemspec Europe is a key event for buyers, traders and agents in search of bespoke solutions and innovative substances. Furthermore, the

exhibition is a powerful gateway to global business and industry knowledge and makes the event so appealing to both exhibitors and visitors.”

Chemspec Europe 2020 features the full spectrum of fine and speciality chemicals for various applications and industries, including pharmaceuticals, agrochemicals, polymers, green chemicals, food and feed ingredients, flavours and fragrances, bio-based chemicals, pigments and dyes, paints and coatings, household and cleaning chemicals, adhesives and sealants, petrochemicals, electronic chemicals and many

Chemspec Europe, the International Exhibition for Fine and Speciality Chemicals, returns to Cologne for its 35th edition. From 27–28 May 2020, renowned manufacturers, suppliers and distributors of fine and speciality chemicals present their latest products, services and research findings to a dedicated audience of industry experts.

Europe’s No 1 trade fair for the fine and speciality chemicals industry returns to Cologne with a strong line-up

20

others. Visitors of the event have the opportunity to explore bespoke solutions, new approaches and innovative substances as well as to discuss the latest market trends, technical innovations, business opportunities and regulatory issues.

Extensive 2-day conference programme alongside the exhibition

Chemspec Europe works with a number of partner organisations to host various conferences on a wide range of subjects – from regulatory and pharma outsourcing to current market trends and developments. All conferences are free to attend, offering first-class content and excellent networking opportunities.

• The Chemspec Agrochemical Outlook Conference, sponsored by AGROW

• The Pharma Outsourcing Best Practices Panel, chaired by Dr Susan Billings

• The Regulatory Services Conference, organised by REACHReady

• The RSC Symposium, organised by the Royal Society of Chemistry

• The Chemspec Careers Clinic, organised by Chemical Search International

• Innovative Startups, organised by the European Chemistry Partnering

The full conference programme and further updates will be published on www.chemspeceurope.com

Information for visitors

Chemspec Europe 2020 will take place in hall 8 of the Koelnmesse in Cologne, Germany. Dates and opening hours of the exhibition are 27 – 28 May 2020, from 9.00 – 17.00h. From late February, visitor registration will be available on the exhibition website. Visitors who register online by 12th May 2020 will benefit from free admission. After this date, registration will be chargeable.

Visitors can now order the new visitor brochure on the website and subscribe to a regularly published Chemspec Europe newsletter.

www.chemspeceurope.com

21


Nufarm recorded lower earnings in all regions during the first quarter of fiscal 2020 (ending July 31st), the company’s managing director and CEO, Greg Hunt, told shareholders at Nufarm’s annual general meeting this week. While the first quarter traditionally contributes only a small proportion of full-year earnings, Mr Hunt reiterated the recent warning that the slow start would result in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half being “significantly lower” than those in the same period a year earlier.

The company is still facing “some headwinds” due to difficult trading conditions in the first quarter, the executive pointed out. Severe drought conditions have continued in parts of Australia and Indonesia. In North America, Nufarm has experienced lower demand and competitive pricing because customers are reducing inventory levels following a period of unprecedented floods across major cropping regions.

The company increased sales in Europe during the first quarter despite mixed

weather conditions across the region. However, continued supply challenges and higher product costs impacted margins. The first quarter also carried higher costs due to the additional resources put in place over the past year to service the needs of a larger portfolio. The cost base will be “more fully leveraged” in the second half of the year when the majority of sales is generated.

Demand in Brazil was strong during the first quarter but margins continued to be impacted by increased competition. Earnings in Argentina were adversely affected by economic and political volatility.

Looking ahead to the rest of the year, Nufarm is hoping for improved weather conditions in Australia and is looking at further opportunities to reduce costs. “We have reduced our cost base and we will continue to be very disciplined in managing working capital,” Mr Hunt said.

The company claims to be well positioned to meet increased demand in North America. The commissioning of the new formulation plant in Greenville, Mississippi

will be a “small drag” on first-half earnings, but it will support future earnings by providing a “local manufacturing footprint that allows us to respond more quickly to customer demand and reduce logistics costs”.

In Latin America, the company aims to focus on meeting the needs of key customers while balancing this with pricing discipline.

Nufarm intends to continue the efforts of the past 12 months in Europe to stabilise and improve performance. “We have strengthened our management teams and while we are still working through change, we are confident that with the improvements we have made to our supply chain processes and new region-wide IT system we are in a better position to service our customers’ supply needs this year,” Mr Hunt stated. The most recent insights from the Chinese supply chain suggest that margins will continue to be impacted by higher cost of goods throughout 2020, but Nufarm is hopeful of an improved supply towards the end of the fiscal year.

Nufarm earnings down in first quarter

http://www.kingtechem.com

http://www.kintechem.com



ChemChina subsidiary Adama anticipates strong fourth-quarter sales and earnings but with higher financial expenses leading to reduced net income. Despite higher sales and earnings, reported net income for the quarter is expected to have turned into a loss. The company expects full-year income of $38-50 million, while the first nine months of 2019 saw a fall to $173 million. That would imply a fourth-quarter loss $123-135 million.

Adama expects 7% sales growth to top $1 billion in the fourth quarter. The company reports “certain” price increases and “robust” volume growth, which more than offset lost sales due to the disruption in supplies from the Chinese Jingzhou “old” facility and from currency effects. The company expects to report strong growth in Europe, North America and the Asia Pacific region. But it highlights “noteworthy” results from Brazil led by sales of Cronnos (picoxystrobin + tebuconazole + mancozeb) fungicide, and across Latin America. Adama emphasises contributions from Armero (prothioconazole + mancozeb) fungicide and its first “self-produced” prothioconazole-based mixture that was recently launched in Paraguay.

Strong volumes, higher prices and an “improved” portfolio mix is expected to have compensated for the loss of sales from the impacted Jingzhou site, higher procurement costs and weaker currencies, resulting in gross profit in line with the same period in 2018.

The company expects a double-digit increase in earnings before interest, tax, depreciation and amortisation (EBITDA) for the final quarter. It cites “ongoing tight

management of operating expenses” to help produce an all-time fourth quarter record-high.

However, the company warns of a lower adjusted net income for the final three months, citing higher financial expenses. They include a stronger Chinese currency on balance sheet positions, while fourth-quarter taxes in 2018 “were exceptionally low” due to a greater portion of the taxable profit in that quarter being recognised in lower tax jurisdictions.

AnnualFull-year financial expenses are expected to be higher than in 2018. Adama cites the effect on balance sheet positions of the “more moderate weakening” of the yuan in 2019 compared with its more marked weakening the previous year, a higher borrowing base, and the impact of accounting changes. Those were partially offset by the reduction in financing costs on the NIS (new Israeli Shekel)-denominated, consumer price index (CPI)-linked bonds due to a lower CPI. Lower taxes on the lower pre-tax income partly offset those.

Reported net income is expected to have fallen from $377.6 million to $38-50 million. The higher income in 2018 was due to the divestiture of several products

in the EU in connection with the acquisition of Syngenta by ChemChina. Earnings per share (eps) will have fallen from 15.4 cents to 1.6-2 cents. Adjusted net income is expected in the range of $199.5-211.5 million, down on the $248.7 million in 2018. Adjusted eps is expected to have fallen from 10.2 cents to 8.2-8.6 cents.

Adama is expecting to report a 3% rise in sales in US dollar terms to some $4 billion. Those should show market share gains, and strong growth in Brazil and the rest of Latin America. European business is expected to have been rescued by the final quarter, while Adama’s sales in China are expected to record another double-digit increase.

The company expects to report slightly lower gross profit on higher procurement costs, weaker currencies and the impact of lost sales from the impacted Jingzhou facility, largely offset by “significantly” higher prices and volume growth from a “differentiated portfolio”.

EBITDA is expected to be similar on an adjusted basis with “the record high” of 2018.

Adama is to become part of the Syngenta group following the merger of ChemChina and Sinochem’s agriculture businesses.

Adama expects higher Q4 sales and earnings but a net loss

Adama anticipated full-year earningsFull year 20181 % change 20191

Adjusted net income ($ million) 248.7 -19.8 199.5

EPS2 ($) 0.1017 -19.9 0.0815

Reported net income ($ million) 377.6 -89.9 38

EPS2 ($) 0.1543 -90.0 0.01551 low end of range; 2 earnings per share.


http://www.good-harvest.cn


Nissan Chemical’s consolidated agrochemical sales (including some veterinary products) fell by 6.7% to ¥5,572 million ($50.7 million at the current exchange rate) in the three months to December 31st 2019. The business posted an operating loss of ¥1,895 million ($17.2 million) in the third quarter of its fiscal year ending March 31st 2020. That compares with a loss of ¥1,319 million ($12 million) in the same period a year earlier.

Revenues in the first nine months of the fiscal year fell by 3.5% to ¥33,443 million ($304.1 million) and operating income was down by 11.6% to ¥7,535 million. Lower overseas sales were attributed to the herbicide, Targa (quizalofop-ethyl), which

saw a decline of 20-29%, and the fungicide, Leimay (amisulbrom). Sales of the herbicide, Roundup (glyphosate), grew by more than 10%, with Roundup AL for home use accounting for 26% of the total. Sales of the herbicide, Altair (metazosulfuron), were up

by 10-19%. The new insecticide, Gracia (fluxametamide), posted a sales increase of more than 400%. Nissan began selling the fungicide, Quintec (quinoxyfen), in December 2019 following its acquisition from Corteva Agriscience in November.

Nissan agchem sales down 7% in Q3Nissan’s consolidated agchem results (¥ million)3rd qtr ended Dec 31st 2018 ($ million)1 % change 2019 ($ million)1

Sales 5,969 (54.3) -6.7 5,572 (50.7)

Operating profit [loss] [1,319] [(12.0)] - [1,895] [(17.2)]

Nine monthsSales 34,648 (315.1) -3.5 33,443 (304.1)

Operating profit 8,527 (77.5) -11.6 7,535 (68.5)1 at the current exchange rate.

Rallis India recorded a 27.9% increase in consolidated sales to Rs 5,336 million ($75.3 million at the current rate) in its third quarter ended December 31st 2019. Sales comprised agrochemicals, seeds and plant growth nutrients. The majority of the growth came through volumes across domestic and international businesses.

Insecticides accounted for 36% of business, down from 37% in the previous corresponding period. The share for herbicides rose to 35% (32%), while that for fungicides fell to 30% (31%). Seeds

business registered “modest” growth for the quarter largely coming from paddy, millet and vegetables.

Earnings before interest tax, depreciation and amortisation (EBITDA) doubled to some Rs 560 million ($7.9 million). Profit before tax (before exceptional items) grew by 146% to Rs 483 million ($6.8 million), and the profit after tax also more than doubled (+177%) to Rs 380.5 million ($5.4 million). EBITDA for the quarter increased due to higher contribution coming through volume growth across businesses and a

reduction in raw material costs net of unfavourable price variations, the company notes. Seeds business saw improved gross margins due to product mix, it adds.

Nine monthsNine-month revenues rose by 15.9% to Rs 19,055.3 million ($268.8 million). EBITDA increased some 16.7% to Rs 2,700 million ($38.1 million). Profit before tax was up 11.9% at Rs 2,401.5 million ($33.9 million), while profit after tax advanced by 19.5% to Rs 1,834.2 million ($25.9 million).

Rallis sales up 28% in Q3


http://www.milagrochem.com


http://www.chinalimin.com



Sumitomo Chemical’s crop protection sales declined in the nine months to December 31st 2019 due to the impact of extreme weather in North America. The results held back the growth of its health and crop sciences business, which posted a 2.7% increase in revenues to ¥218,500 million ($1,987 million at the current exchange rate) in the first nine months of fiscal 2020.

Operating income fell by ¥17,500 million ($159.1 million) to a loss of ¥13,600 million ($123.7 million). Agrochemicals accounted for 82.5% of health and crop sciences sales in fiscal 2019. Sumitomo warned in October 2019 that the weak performance of its crop protection business would adversely impact its full-year results.

Japanese company Nippon Kayaku’s agrochemical business “underperformed” in domestic and overseas markets in the third quarter of its fiscal year ending March 31st 2020 compared with the same period a year earlier. Agrochemicals are included in Nippon Kayaku’s “other” business

segment, which recorded a 9% drop in sales to ¥6,055 million ($55.1 million at the current exchange rate) in the three months to December 31st 2019. However, operating profit rose by 15.7% to ¥1,145 million ($10.4 million).

Indian company Sharda Cropchem (Mumbai) recorded a 17.8% drop in agrochemical sales to Rs 3,115 million ($43.9 million at the current rate) in its third quarter ended December 31st 2019. Agrochemicals made up 81.4% of total revenues of the company, up from 80.5%.

Agrochemical sales rose by 83.4% in Latin America, bucking the general trend. Revenues were down by 15.1% in Europe, and by 32.5% in North American markets. They added 5.1% elsewhere. Sales of formulations became more dominant, making up 78.6% (70.8% in the same period the previous year) of agrochemical business against 21.4% (29.2%) for active ingredient sales.

Gross profit on all sales fell, with the

company citing impacts from market conditions in Europe and North America. It declined by 31.6% to Rs 994.5 ($14 million), while the gross profit margin dropped from 29.4% to 24.7%. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined even further, losing 40.9% to Rs 302.6 million ($7.2 million). The EBITDA margin dipped from 10.9% to 7.9%. Profit after tax fell by over 70% to Rs 58.6 million ($827,000) with a major hit from higher depreciation costs.

Nine monthsNine-month agrochemical sales were down by 13.1% at Rs 8,627 million ($121.7 million). Agrochemicals made up 76.5% of total revenues, down from 80.5%.

Sales of herbicides were down by 13.7% to Rs 4,207 million ($59.3 million) and

accounted for 49% of agrochemical sales, the same proportion as in the first nine months of the previous year. Fungicides replaced insecticides as the second major segment over the first nine months. They dipped by 2.5% to Rs 2,307 million ($32.5 million), accounting for 27% (24%) of agrochemical business, while insecticides business fell by 21.5% to Rs 2,113 million ($29.8 million) and made up 24% (27%) of sales.

EBITDA for the three quarters on all business fell by 31.5% to Rs 1,157 million ($16.3 million), with the margin dropping 3.4 percentage points to 10.3%.

Sumitomo agchem sales down in first nine months

Nippon Kayaku’s agchem sales down in Q3

Sharda Q3 agchems down 18%


Japanese company Idemitsu Kosan’s agrochemical subsidiary, SDS Biotech, recorded a 1% increase in sales to ¥8,262 million ($75.1 million at the current rate) in the three months to December 31st 2019, which was the third quarter of its fiscal 2020. The business posted a 38.4% drop in operating profit to ¥427 million ($3.9 million). However, net income more than doubled (+183.3%) to ¥776 million ($7.1 million).

Fungicide sales grew by 41.8% to ¥2,596 million ($23.6 million). That was mainly due to increased shipments of Daconil (chlorothalonil) and chlorothalonil technical to overseas markets.

Paddy rice herbicide business increased by 12.2% to ¥3,162 million ($28.8 million). Sales were boosted by favourable shipments of benzobicyclon technical and products to overseas markets. The company also registered its first sales of the herbicide in Turkey following registration in November 2019. Sales of greenery-related products fell by 6.9% to ¥1,598 ($14.5 million). That was due to adjusted sales of Dako-Green WDG for the domestic market and reduced domestic shipments of karbutilate technical and products.

Sales of the insecticide segment fell by 25.3% to ¥403 million ($3.7 million) due to reduced shipments of the nematicide, DD (1,3-dichloropropene).

Indian company Insecticides India recorded a 21.8% rise in revenues to Rs 2,629 million ($36.7 million at the current rate) in its third quarter ended December 31st 2019. Sales of branded products drove growth with a 70% increase in the business. The boost was partly offset by lower international sales. Managing director Rajesh Aggarwal says that market demand increased in the quarter with late rains in parts of the country where planting had been delayed in the autumn season.

However, “fair valuation on inventory” and reduced margins on international business hit earnings before interest, tax, depreciation and amortisation (EBITDA). They fell by 28.2% to Rs 230 million ($3.2 million), with the EBITDA margin dropping from 14.8% to 8.7%. Net profit after tax for the period almost halved (down 49%) to Rs 86 million ($1.2 million).

Nine-month sales increased by 13.2% to Rs 11,246 million ($157.1 million). EBITDA was up 1% at Rs 1,583 million ($22.1 million), with the margin falling by 1.7 percentage points to 14.1%. Profit after tax for the three quarters dipped 0.5% to Rs 934 million ($13 million). The company launched eight products in the nine months.

SDS Biotech sales up 1% in Q3

Insecticides India Q3 sales rise 22%

http://www.lierchem.com


30 www.agribusinessintelligence.com

ISO9001, ISO14001, OHSAS18001 Certified

Focus on Pesticide Formulation over 10 years

Expert R&D Team

Producing over 800 Formulations

Customized New Formulas, esp. Mixtures

Customized Packaging

Professional Exporting Team and Service

Experienced Registration Support

Completed Commercial Solution

Nanjing Essence Fine-Chemical Co., Ltd.

Supply Insecticides, Fungicides, Herbicides, Growth Regulators, Herbicide Safeners and Mixtures including various formulation types such as WDG, WSG, WP, SP, SC, SL, FS, EC, WS… etc.

Email: [email protected] Tel: 86 25 86518999-866 Fax: 86 25 86455985Add: 4th Floor, Building 5, No. 150 Pubin Road, Nanjing 211800, China

Higher international revenues boosted Japanese company Nihon Nokyaku’s agrochemical sales by 3.4% to ¥57,400 million ($514.3 million at the current rate) in its fiscal year ended September 30th 2019. International business grew by 5% to ¥35,500 million ($318.1 million) while domestic sales fell by 1.5% to ¥19,800 million ($177.4 million). Other agrochemical business (comprising licensing fees and home and garden products) rose by 31.3% to ¥2,100 million ($18.8 million).

International business was boosted by a 16.8% increase in sales in Latin America to ¥13,900 million due to the recovery of the Brazilian market. The company also saw growth in Europe but sales in Asia and North America were lower than in the previous fiscal year. Sales in Asia were adversely affected by distribution inventories and other factors in South Korea and China.

Nihon Nohyaku worked to increase sales of its proprietary products in Japan, including the fungicide, Parade (pyraziflumid). Proprietary products accounted for 60% of domestic agrochemical sales in fiscal 2019 compared with 59% a year earlier.

OutlookNihon Nohyaku is changing its fiscal year end from September 30th to March 31st. It expects overall sales of ¥37,000 million in the six months to March 31st 2020, down

0.3% on the corresponding period in the previous year. International agrochemical sales are forecast to rise by 3.6% to ¥19,900 million while domestic agrochemical sales are set to fall by 8.6% to ¥12,700 million. Other agrochemical business is expected to grow by 9.1% to ¥2,400 million.

The company is seeking to expand sales of core products such as Phoenix (flubendiamide) in Asia and to strengthen its domestic marketing platform in India.

Nihon Nohyaku is targeting the launch of its paddy rice insecticide, Orchestra (benzpyrimoxan), in Japan in 2021 and in India in 2022. Registrations were granted in both countries last year. The company peak annual sales for the product of

¥1 billion in Japan and ¥6 billion in India.

Nihon Nohyaku is seeking to develop combination products with various insecticides and fungicides and to pursue registrations in South-East Asia and elsewhere. Two early-stage insecticides are scheduled for introduction in 2026 and 2028, respectively, with a fungicide targeted for launch in 2027.

Nihon Nokyaku agchem sales up 3% in fiscal 2019

Nihon Nohyaku’s agrochemical sales (¥ million)Year ended Sept 30th 2018 ($ million)1 % change 2019 ($ million)1

Domestic 20,100 (180.0) -1.5 19,800 (177.4)

International 33,800 (302.8) +5.0 35,500 (318.1)

Latin America 11,900 (106.6) +16.8 13,900 (124.5)

Asia 11,700 (104.8) -6.0 11,000 (98.6)

North America 7,500 (67.2) -2.7 7,300 (65.4)

Europe 1,700 (15.2) +11.8 1,900 (17.0)

Rest of World 1,100 (9.9) +27.3 1,400 (12.5)

Other2 1,600 (14.3) +31.3 2,100 (18.8)

Total 55,500 (497.3) +3.4 57,400 (514.3)1 at the current rate; 2 licensing fees and home and garden products.



54 www.agra-net.com/ Agrow Top 20 and company results

Company Name Address Telephone Web addressAgro Dragon Group 9F Shuangge Mansion, No.438, Pudian

Road, Pudong New Area, Shanghai 200122, China

+86 215 1172566 www.agrodragon.com

Anhui Fengle Agrochemical Co.,Ltd No. 4 Chuangye Road, Hefei City, 230031, P.R China

+86 551 65360940 www.fengle-agrochem.com

Anhui Guangxin Agrochemical Co., Ltd. Caijiashan Pengcun Village, Xinhang Town, Guangde, Anhui, 242235, China

+86 215 0817211 www.chinaguangxin.com

Anhui Huaxing Chemical Co.,Ltd No. 6 Hongfeng road, Hefei City, Anhui Province, 230088, P.R. China

+86 551 65848156 www.huaxingchem.com

CAC Group Co., Ltd No. 785 China Zhai North Road, Changning District, Shanghai, 200335, China

Tel: +86 216 2398696 www.cacch.com

Eastchem Co.,Ltd. Floor 26, Haoyuan Mansion, No.266, Middle Tongjiang Road, Changzhou, Jiangsu, China

+86 519 68786699 www.eastchem.net

Fuhua Tongda Agro-Chemical Technology Co., Ltd.

Qiaogou Town, WuTongqiao District, 614800 China

+86 216 8865055 www.fuhua-tongda.com

Golden Harvest Chemical Co., Ltd. Rm 10C Top Boss Bldg, 159 Handan Road, Shanghai, PR China

+86 216 5520181 www.goldenharvest-chem.com

Guangxi Tianyuan Biochemistry Co., Ltd.

Kaifeng City, Henan Province, Weishi County Industrial Development Zone, China

+86 771 2310509 www.gxty.com

Hailir Pesticides And Chemicals Group Co., Ltd.

2nd Floor, Hailir Mansion ,No.216, Guocheng Road, Chengyang District, Qingdao, 266109, China

+86 216 032 5568 www.hailir.cn

HangzhouUdragon Chemical Co., Ltd. No.172,ZhangjiadunRoad, Tangxi Development Zone, Hangzhou, Zhejiang, China

+86 571 89287689 www.udragon.cn

Hebei Veyong Bio-Chemical Co., Ltd. China +86 311 85915963 www.veyong.com

Hubei Sanonda Co., Ltd. No. 93 Beijing East Road, Jingzhou City, Hubei Province, 434 001, China

+86 071 68314802 www.sanonda.cn

Hunan Haili Chemical Industry Group Co., Ltd.

No.251, 2nd section, Furong(M) road, Changsha, Hunan, China

+86 731 85540475 www.hnhlc.com

Jadesheen Chemical Co., Ltd 901, No.299 North Tongdu Road, jiangyin, Jiangsu, 214440 P.R. China

+86 510 86005061 www.jadesheen.com

Jiangsu Changlong Chemicals Co., Ltd. No. 1229, Changzhou New District, Jiangsu Province, the Yangtze River Road, 213033, China

+86 519 68867715 www.jschanglong.com

Jiangsu Changqing Agrochemical Co., Ltd.

1 Jiangling Road, Putou Town, Jiangdu District, Yangzhou City, Jiangsu, 225218, China

+86 514 86421237 www.jscq.com

Jiangsu Fengshan Group Co., Ltd. 1903 Central International Plaza, 105-6 North Zhongshan Road, Nanjing, China

+86 258 6558671 www.fschem.com

Jiangsu Flag Chemical Co.,Ltd Changfenghe Road, Nanjing Chemical Industry Park, Luhe District, Nanjing, 210047, P.R.China

+86 255 8375015 www.flagchem.com

Jiangsu Good Harvest-Weien Agrochemical Co., Ltd.

Laogang,Qidong city Jiangsu China(Binjiang chemical industry park, Qidong, 226221, China

+86 513 83885555 www.good-harvest.cn

Jiangsu Huifeng Agrochemical Co., Ltd. No. 92 People's Road, Dafeng City in Jiangsu Province, 224100, China

+86 515 83252118 www.hfagro.com

China Company List

FINAL-Agrow_Top20-30082016.indd 54 30/08/2016 11:55:27

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Agrow Top 20 and company results / 57www.agra-net.com

Company Name Address Telephone Web addressJiangsu Institute Of Ecomones Co.,Ltd. 95 Huanyuan N. Road, Economic

Development Zone, Jintan, Jiangsu 213200, China

+86 519 82824504 www.jsmone.com

Jiangsu Kesheng Group Co., Ltd. No. 888, Yanhuai Road, Jianhu County, Jiangsu, 224700, China

+86 515 86267666 www.kesheng.com

Jiangsu Lanfeng Biochemical Co., Ltd NO.120, Xinyi Xin'anlu, JiangSu Province, 221400, China

+86 516 88923437 www.jslanfeng.com

Jiangsu Sevencontinent Green Chemical Co., Ltd.

Dongsha Chemical Zone, Zhangjiagang,jiangsu Province, China

+86 512 58609901 www.sevencontinent.com

Jiangyin Suli Chemical Co., Ltd 7-1, Runhua Road, Lingang Street, Jiangyin City, Jiangsu, 214444, China

+86 510 86631388 www.suli.com

Jiangsu Sword Agrochemicals Co., Ltd. No.1008 Guanhua Road (east), Jianhu, Jiangsu, 224700, China

+86 515 86252132 www.swordchem.com

Jiangsu Tianrong Group Co., Ltd. 147 Pingling East Rd. Liyang City, Jiangsu Province, China

+86 519 7299384 www.jstrgf.com

Jiangsu Yangnong Chemical Co.,Ltd 39 Wenfeng Road, Yangzhou Jiangsu, China

+86 514 85889958 www.yangnong.net

Jiangsu Yongan Chemical Co.,Ltd Xuehang Chemical Industrial Park, Lianshui County, Jiangsu Province, 223400, China

+86 574 87065196 www.yachemical.com

Jiangyin Milagro Chemical Co., Ltd RM 1205 Kaisa Plaza, 1091 East Renmin Road, Jiangyin, Jiangsu, China

+86 510 80618091 www.milagrochem.com

China Company List


China Company List




58 www.agra-net.com/ Agrow Top 20 and company results

Company Name Address Telephone Web addressJingbo Agrochemicals Technology Co., Ltd.

Economic Development Zone, Boxing County, Shandong Province, China

+86 543 2510800 www.jbnh.cn

JRB Packaging Co., Ltd. No. 268, Huangpu River Road, Kunshan City, Jiangsu Province Economic and Technological Development Zone, 215300, China

+86 512 57718695 www.jrbpack.com

King Quenson Industry Group Ltd. Room 1402, Block A, Future Plaza, Qiaocheng Bei Road, Nanshan District, Shenzhen City, Guangdong, China

+86 755 86612760 www.kingquenson.com

Kingtai Chemicals Co., Ltd 9F, Huarong Times Mansion Hi-tech Development Zone, Binjiang, Hangzhou, China

+86 571 87110716 www.kingtaichem.com

Lianhetech 8 Yongjiao Road,Huangyan Economic Development Zone, Taizhou City, Zhejiang Province, 318020, China

+86 576 8427 5170 www.lianhetech.com

Lier Chemical Co., Ltd. Economic and Technical Development Zone, Mianyang, Sichuan, 621000, P.R.China

+86 816 2547206 www.lierchem.com

Limin Chemical Co., Ltd. Economic Development Zone, Xinyi Jiangsu Province, China

+86 516 88923527 www.chinalimin.com

Maxunitech Inc. No. 603, Binkang Road, Hangzhou, Zhejiang Province 310052, P.R. China

+86 571 28007880 www.maxunitech.com

Nanjing Essence Fine-Chemical co., Ltd.

9th floor, No. 58 Nanhu Road, Nanjing, 210017, China

+86 258 6518999 www.essencechem.com

Nanjing Red Sun Co. ,Ltd. No. 589 Zhushan Road, Jiangning District, Nanjing 211112, China

+86 258 7151768 www.chinaredsun.com

Nantong Jiangshan Agrochemical&Chemicals Co., Ltd.

No.35 Yaogang Road Nantong Jiangsu Province, 226006, China

+86 513 83513131 www.jsac.com

Noposion Agrochemicals Co., Ltd 113 Iron Kong Resevoir road, Shenzhen Bao'an District, 518102, China

+86 755 29977288 www.noposion.com

Nutrichem Company Limited Building D-1, Dongshen Science Park, No. 66 Xixiaokou Road, Haidian District, Beijing 100192, P.R.China

+86 108 2819999 www.nutrichem.cn

Qingdao Hansen Biologic Science Co., Ltd.

5th Floor, District A, No.3 Building, Shilaoren Technical Innovation Park, No.143, Zhuzhou Road, Laoshan District, Qingdao, 266101, China

+86 532 85766777 www.qdhansen.com

Psyche Chem Group Room 906, 555 Nanjing Road (West), Shanghai, 200040, China

+86 216 136 7911 www.psychem.com

Shandong Binnong Technology Co., Ltd.

No. 518, Yongxin Road, Binbei Town, Binzhou City, Shandong Province, China

+86 543 3368839 www.binnong.com

Shandong Cynda Chemical Co., Ltd. Floor 6, Building D, In-hi tech Square, No. 2008 Xinluo Street, Jinan, Shandong, China

+86 531 88873317 www.cynda.cn

Shandong Huayang Science And Technology Co., Ltd.

China +86 800 8607399 www.huayang.com

Shandong Luba Chemical Co., Ltd. 18th Floor,Building A , Fengrun Business Plaza, No.100 South Gongye Road, Jinan, China

+86 531 81795399 www.lubachem.com

Shandong Qiaochang Chemical Co., Ltd.

China +86 543 2226170 www.qiaochang.com

Shandong Vicome Greenland Chemical Co., Ltd.

Jinan City, Shandong Province Zhangqiu Mateo Town Industrial Park, 250204, China

+86 400 618 6178 www.greenlandchem.com

China Company List


China Company List

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Company Name Address Telephone Web addressShandong Weifang Rainbow Chemical Co., Ltd.

19th & 20th floor, Hanyu Financial Centre, Building A3-4, No.7000 East Jingshi Road, Jinan, China 250101

+86 531 88875225 www.rainbowchem.com

Shenzhen Baocheng Chemical Industry CO.,LTD

A1603 Tian An Plaza,Remin Nan Road, Shenzhen, P.R.China

+86 755 82192178 www.baochengagro.com

Sino Agro Chemical Industry Ltd Rm.2204-05, Tower 4, Excellence Century Center, Fuhua 3rd Rd., Shenzhen, P.R. China P.C.:518084

+86 755 82389033 www.sinoagrochem.com.cn

Sinochem Agro Co.,Ltd 17-19th., No. 33 He Nan Road(S), Shanghai, 200002, China

+86 216 1381888 www.sinochemagro.com

Suzhou Eagro Limited Suite 902, Metropolitan Towers A, 199 Shishan Road, Suzhou 215011, China

+86 512 6818 8055 www.eagro.net

Tide group 7th floor Anno Domini Building Tower South 8 Qiushi Road Hangzhou 310013 China

+86 571 85270003 www.tide-china.com

Trustchem D/23rd Floor Golden Eagle International Plaza, 89 Hanzhong Rd., Nanjing, 210029, China

+86 258 4729803 www.trustchem.com

Wynca - Zhejiang Xinan Chemical Industry Group Co., Ltd.

Xinanjiang, Jiande, Zhejiang, P.R China P.C 311600

+86 571 87220464 www.wynca.com

Yifan Biotechnology Group Co., Ltd. Room NO.1405 Development Mansion New city Avenue, Wenzhou City, Zhejiang Province, China

+86 577 86636638 www.chinayifan.com

Yongnong Biosciences Co., Ltd. No.3 Weiqi Rd(East), Hangzhou Gulf Fine Chemical Zone ShangYu, ZheJiang, China

+86 575 82728868 www.yongnongbiosciences.com

Zhejiang Biok Chemical Co.,Ltd. Rm.1558 ,Beijing New Century Office Buliding,No.6 Southern Road, Capital Gym,Beijing,P.R.China

+86 106 8492166 www.biokchemical.com

Zhejiang Heben Pesticide&Chemicals Co., Ltd.

Yanjiang Industrial Area, Lucheng District, Wenzhou City, Zhejiang Province, China

+86 577 55882935 www.hb-p.com

Zhejiang Jinfanda Biochemical Co., Ltd.

22Floor, Tower B, New Youth Plaza, No. 205 Yingchun Rd.S, Tonglu, Zhejiang, China

+86 571 89803290 www.jinfanda.com

Zhejiang Zhongshan Chemical Group Stock Co., Ltd.

2303# Taihu Avenue, Chanxing County Economic Development Park, Zhejiang, China 313100

+86 572 6121387 www.zschem.com

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Company Results 2019 · 2020-03-02 · Email: [email protected] . IHS Markit | Agribusiness | Agrow | Company Results 2019 / 5 Syngenta’s crop protection sales increased by 1.7%