Crop Science

Key Data – Crop Science

 

 

Q1 2015

 

Q1 2016

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj. %

Fx & p adj. = currency- and portfolio-adjusted; Fx adj. = currency-adjusted

1

For definition see “Calculation of EBIT(DA) Before Special Items.”

2

For definition see “Statements of Cash Flows.”

Sales

 

3,092

 

3,023

 

−2.2

+1.2

Change in sales

 

 

 

 

 

 

 

Volume

 

−2.2%

 

−0.5%

 

 

 

Price

 

+3.2%

 

+1.7%

 

 

 

Currency

 

+5.1%

 

−3.5%

 

 

 

Portfolio

 

+0.5%

 

+0.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

€ million

 

Reported %

Fx adj. %

Sales by region

 

 

 

 

 

 

 

Europe

 

1,378

 

1,348

 

−2.2

+0.7

North America

 

943

 

952

 

+1.0

+3.8

Asia / Pacific

 

360

 

342

 

−5.0

−2.5

Latin America / Africa / Middle East

 

411

 

381

 

−7.3

+1.0

 

 

 

 

 

 

 

 

EBITDA1

 

998

 

1,103

 

+10.5

 

Special items

 

(42)

 

(3)

 

 

 

EBITDA before special items1

 

1,040

 

1,106

 

+6.3

 

EBITDA margin before special items1

 

33.6%

 

36.6%

 

 

 

EBIT

 

874

 

970

 

+11.0

 

Special items

 

(47)

 

(3)

 

 

 

EBIT before special items1

 

921

 

973

 

+5.6

 

Gross cash flow2

 

705

 

778

 

+10.4

 

Net cash flow2

 

(823)

 

(715)

 

+13.1

 

Sales

Sales of Crop Science in the first quarter of 2016 moved ahead by 1.2% (Fx & portfolio adj.) to €3,023 million. We slightly expanded business at Crop Protection / Seeds despite an ongoing weak market environment. Sales of Environmental Science developed positively.

Sales by Business Unit

 

 

Q1 2015

 

Q1 2016

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj. %

Fx & p adj. = currency- and portfolio-adjusted

Herbicides

 

906

 

845

 

−6.7

−3.8

Fungicides

 

830

 

827

 

−0.4

+2.9

Insecticides

 

335

 

284

 

−15.2

−12.2

SeedGrowth

 

221

 

226

 

+2.3

+5.4

Crop Protection

 

2,292

 

2,182

 

−4.8

−1.7

Seeds

 

597

 

637

 

+6.7

+11.9

Crop Protection / Seeds

 

2,889

 

2,819

 

−2.4

+1.1

Environmental Science

 

203

 

204

 

+0.5

+3.0

Sales by region

  • Sales in Europe were level year on year at €1,348 million (Fx adj. +0.7%). Sales of Seeds grew by a double-digit percentage, thanks above all to positive development for vegetable seed. We also saw a significant increase in sales of seed treatments, while business at Fungicides expanded slightly. Sales of the Insecticides business were down considerably against the prior-year quarter, due particularly to lower sales of products for application in oilseed rape / canola. Environmental Science posted a decline in sales.
  • Sales in North America climbed by 3.8% (Fx adj.) to €952 million in the first quarter of 2016. Business at both SeedGrowth and Seeds expanded by double-digit percentages; sales of our soybean and oilseed rape / canola seeds developed especially positively. On the other hand, sales declined sharply at both Herbicides and Insecticides. Environmental Science posted encouraging growth.
  • Sales in the Asia / Pacific region declined by 2.5% (Fx adj.) to €342 million. Business receded at Insecticides and Fungicides. Higher sales of vegetable seed and seed treatments were not sufficient to offset this trend.
  • Sales in the Latin America / Africa / Middle East region improved by 1.0% (Fx adj.) to €381 million. We posted considerable sales gains at Fungicides, particularly with products for use in soybeans, and with vegetable seed. By contrast, sales declined especially at SeedGrowth, but also at Herbicides and Insecticides.

Earnings

EBITDA before special items improved by 6.3% to €1,106 million in the first quarter of 2016 (Q1 2015: €1,040 million). Earnings contributions from higher selling prices and lower cost of goods sold stood against higher research and development spending and a negative currency effect of €15 million.

EBIT of Crop Science increased by 11.0% to €970 million, after special charges of €3 million (Q1 2015: €47 million).