Crop Science
Key Data – Crop Science
|
|
Q3 2015 |
Q3 2016 |
|
Change |
|
9M 2015 |
9M 2016 |
|
Change |
||||||||
|
|
€ million |
€ million |
|
Reported % |
Fx & p adj. % |
|
€ million |
€ million |
|
Reported % |
Fx & p adj. % |
||||||
|
||||||||||||||||||
Sales |
|
2,081 |
2,057 |
|
–1.2 |
0.0 |
|
7,723 |
7,511 |
|
–2.7 |
+0.6 |
||||||
Change in sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Volume |
|
+4.3% |
–4.0% |
|
|
|
|
0.0% |
–1.6% |
|
|
|
||||||
Price |
|
–2.7% |
+4.0% |
|
|
|
|
+0.6% |
+2.2% |
|
|
|
||||||
Currency |
|
+7.4% |
–1.2% |
|
|
|
|
+7.4% |
–3.4% |
|
|
|
||||||
Portfolio |
|
+0.6% |
0.0% |
|
|
|
|
+0.7% |
+0.1% |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
€ million |
€ million |
|
Reported % |
Fx adj. % |
|
€ million |
€ million |
|
Reported % |
Fx adj. % |
||||||
Sales by region |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Europe |
|
450 |
463 |
|
+2.9 |
+5.8 |
|
2,629 |
2,576 |
|
–2.0 |
+1.9 |
||||||
North America |
|
351 |
368 |
|
+4.8 |
+5.7 |
|
2,132 |
2,089 |
|
–2.0 |
+0.9 |
||||||
Asia / Pacific |
|
363 |
367 |
|
+1.1 |
+1.1 |
|
1,165 |
1,164 |
|
–0.1 |
+2.7 |
||||||
Latin America / Africa / Middle East |
|
917 |
859 |
|
–6.3 |
–5.3 |
|
1,797 |
1,682 |
|
–6.4 |
–2.5 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
EBITDA1 |
|
313 |
247 |
|
–21.1 |
|
|
1,986 |
1,966 |
|
–1.0 |
|
||||||
Special items |
|
(3) |
(71) |
|
|
|
|
(73) |
(104) |
|
|
|
||||||
EBITDA before special items1 |
|
316 |
318 |
|
+0.6 |
|
|
2,059 |
2,070 |
|
+0.5 |
|
||||||
EBITDA margin before special items1 |
|
15.2% |
15.5% |
|
|
|
|
26.7% |
27.6% |
|
|
|
||||||
EBIT |
|
187 |
135 |
|
–27.8 |
|
|
1,603 |
1,602 |
|
–0.1 |
|
||||||
Special items |
|
(4) |
(71) |
|
|
|
|
(79) |
(104) |
|
|
|
||||||
EBIT before special items1 |
|
191 |
206 |
|
+7.9 |
|
|
1,682 |
1,706 |
|
+1.4 |
|
||||||
Gross cash flow2 |
|
213 |
187 |
|
–12.2 |
|
|
1,433 |
1,421 |
|
–0.8 |
|
||||||
Net cash flow2 |
|
603 |
1,027 |
|
+70.3 |
|
|
574 |
1,449 |
|
+152.4 |
|
Third quarter of 2016
Sales
In the third quarter of 2016, Crop Science posted sales of €2,057 million (Fx & portfolio adj. 0.0%). Business at Crop Protection / Seeds was steady overall at the prior-year level despite an ongoing weak market environment, particularly in Latin America. Sales of Environmental Science developed very encouragingly.
Sales by Business Unit
|
|
Q3 2015 |
Q3 2016 |
|
Change |
|
9M 2015 |
9M 2016 |
|
Change |
||||||
|
|
€ million |
€ million |
|
Reported % |
Fx & p adj. % |
|
€ million |
€ million |
|
Reported % |
Fx & p adj. % |
||||
|
||||||||||||||||
Crop Protection / Seeds |
|
1,957 |
1,911 |
|
–2.4 |
–1.1 |
|
7,318 |
7,093 |
|
–3.1 |
+0.3 |
||||
Crop Protection |
|
1,833 |
1,759 |
|
–4.0 |
–2.6 |
|
6,262 |
5,996 |
|
–4.2 |
–0.9 |
||||
Herbicides |
|
487 |
480 |
|
–1.4 |
–1.0 |
|
2,180 |
2,094 |
|
–3.9 |
–0.4 |
||||
Fungicides |
|
577 |
615 |
|
+6.6 |
+8.1 |
|
2,234 |
2,282 |
|
+2.1 |
+5.4 |
||||
Insecticides |
|
471 |
385 |
|
–18.3 |
–16.8 |
|
1,166 |
971 |
|
–16.7 |
–14.1 |
||||
SeedGrowth |
|
298 |
279 |
|
–6.4 |
–3.7 |
|
682 |
649 |
|
–4.8 |
–1.3 |
||||
Seeds |
|
124 |
152 |
|
+22.6 |
+21.6 |
|
1,056 |
1,097 |
|
+3.9 |
+7.9 |
||||
Environmental Science1 |
|
124 |
146 |
|
+17.7 |
+17.7 |
|
405 |
418 |
|
+3.2 |
+6.2 |
Sales by region
- Sales in Europe climbed to €463 million (Fx adj. +5.8%). Following a weak prior-year quarter, Fungicides developed especially well with double-digit growth. We also considerably improved sales at Herbicides and business with oilseed rape / canola seed. By contrast, we registered a decline at SeedGrowth. Business at Environmental Science developed very positively.
- Sales in North America advanced by 5.7% (Fx adj.) to €368 million. We achieved strong double-digit sales growth in the Seeds unit, particularly for soybean seeds. At Crop Protection, business with herbicides for application in corn developed very positively. By contrast, there were considerable sales declines at Fungicides and Insecticides. Sales at Environmental Science increased by a double-digit percentage.
- In the Asia / Pacific region, sales edged forward to €367 million (Fx adj. +1.1%). A gratifying, weather-related increase in sales at Fungicides more than offset declines at Herbicides and Insecticides. Sales at Seeds came in well below the prior-year quarter. Environmental Science developed very positively.
- Sales in the Latin America / Africa / Middle East region declined by 5.3% (Fx adj.) to €859 million. We again registered a substantial decrease in sales in Brazil, due to the difficult market and liquidity situation. Business contracted at both Insecticides and Herbicides. By contrast, there was an increase in sales at Fungicides, primarily with products for use in soybeans and corn. Business with soybean seeds developed very encouragingly. Environmental Science also grew business substantially.
Earnings
EBITDA before special items of Crop Science increased by 0.6% to €318 million in the third quarter of 2016 (Q3 2015: €316 million). Higher selling prices and a positive currency effect of around €80 million stood against lower volumes, higher write-downs on receivables and higher research and development expenses, among other things.
EBIT moved back by 27.8% to €135 million after special charges of €71 million (Q3 2015: €4 million), largely in connection with the agreed acquisition of Monsanto and efficiency improvement measures.
First nine months of 2016
Sales
Sales of Crop Science in the first nine months of 2016 were level year on year at €7,511 million (Fx & portfolio adj. +0.6%) despite the difficult market environment. At Crop Protection, higher sales at Fungicides were offset by a considerable decline at Insecticides and slightly lower sales at SeedGrowth. We expanded business at Seeds and Environmental Science. Sales increased slightly in the Asia / Pacific and Europe regions, whereas business remained at the prior-year level in North America and declined slightly in Latin America / Africa / Middle East.
Earnings
EBITDA before special items of Crop Science in the first nine months of 2016 was level year on year at €2,070 million (+0.5%; 9M 2015: €2,059 million). Higher selling prices and a positive currency effect of around €60 million stood against lower volumes, higher write-downs on receivables and higher research and development expenses, among other things.
EBIT decreased by only a slight 0.1% to €1,602 million after special charges of €104 million (9M 2015: €79 million), largely in connection with the agreed acquisition of Monsanto and efficiency improvement measures.