BASEL, Switzerland--(BUSINESS WIRE)--Syngenta Group today announced full year and fourth quarter 2021 results. Sales for full year 2021 grew 23 percent ($5.2 billion) year-on-year to $28.2 billion. EBITDA for 2021 was $4.6 billion, 14 percent higher year-on-year.
Sales in the fourth quarter were $7.2 billion, up 17 percent compared to the prior year period. Fourth-quarter EBITDA increased 4 percent to $1.1 billion.
Full Year 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Sales |
28.2 |
23.0 |
+23% |
|||
EBITDA |
4.6 |
4.0 |
+14% |
|||
Q4 2021
|
Q4 2021 |
Q4 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Sales |
7.2 |
6.2 |
+17% |
|||
EBITDA |
1.1 |
1.1 |
+4% |
|||
Syngenta Group’s growth was above market, fueled by demand for products and services that help farmers increase yields.
Syngenta Group China delivered strong growth across all segments with total sales of $7.4 billion in 2021. MAP revenues more than doubled to $1.8 billion and expanded to 492 centers (167 new) across China (average MAP center sales were up 43 percent year over year), equipping farmers with solutions that reduce greenhouse gases.
Syngenta Group managed its supply chains in the face of difficult procurement and ongoing logistics challenges to meet grower needs.
Synergy-driven sales increased by more than 60 percent to more than $0.7 billion, with a profit contribution of $0.3 billion.
For further information, see the reporting of financial results for ADAMA Ltd. (SHE: 000553), Sinofert Holdings (SEHK: 0297), Winall Hi-tech Seed (SHE: 300087) and Yangnong Chemical (SHA: 600486).
Highlights
Sales by Business Units
Full Year 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Syngenta Group |
28.2 |
23.0 |
+23% |
|||
Syngenta Crop Protection |
13.5 |
11.4 |
+19% |
|||
ADAMA |
5.8 |
4.7 |
+24% |
|||
Syngenta Seeds |
4.1 |
3.3 |
+24% |
|||
Syngenta Group China |
7.4 |
5.2 |
+41% |
|||
Eliminations |
-2.5 |
-1.6 |
n/a |
|||
Q4 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Syngenta Group |
7.2 |
6.2 |
+17% |
|||
Syngenta Crop Protection |
3.5 |
3.0 |
+17% |
|||
ADAMA |
1.5 |
1.3 |
+21% |
|||
Syngenta Seeds |
1.3 |
1.1 |
+23% |
|||
Syngenta Group China |
1.5 |
1.2 |
+26% |
|||
Eliminations |
-0.6 |
-0.4 |
n/a |
|||
Syngenta Crop Protection
In 2021, Syngenta Crop Protection sales grew 19 percent to $13.5 billion.
Sales in Europe, Africa and the Middle East grew 11 percent; North America 14 percent; Latin America 26 percent; Asia Pacific (excluding China) 19 percent; and China 27 percent.
Initial registrations were achieved for the new PLINAZOLIN® insecticide, with growers in Argentina the first to benefit from this innovative active ingredient under the brand name of VIRANTRA™. PLINAZOLIN® delivers a new standard of performance, particularly against pests for which existing products no longer can provide effective control.
Launched in the U.S. and Canada, VAYANTIS® seed care is a broad-spectrum novel seed treatment fungicide dedicated to protecting soybean and corn from key diseases such as pythium. It also supports early planting to maximize yield and enables low tillage practices to protect the soil.
In China, we launched VESTORIA™, another innovative, low-use rate product to help smallholder rice farmers control the damaging brown planthopper.
Syngenta Crop protection saw increasing growth of ISABION®, a biostimulant which increases harvest quality and yield by improving plant nutrition.
ADAMA
ADAMA sales grew by 24 percent in 2021, with continued robust growth in all regions, resulting in full-year sales of $5.8 billion.
Driven by the positive start of the autumn season, Europe grew 4 percent; North America 18 percent; Latin America 17 percent; India, Middle East and Africa 14 percent; Asia Pacific (excluding China) 16 percent; and China 59 percent. Sales benefited from the acquisition of Huifeng’s crop protection business, completed in Q2 2021.
ADAMA continues to strengthen its presence in the biologicals space with the launch in Europe of VIGNEXEL®, a plant extract biostimulant for the treatment of abiotic stress in vines.
Syngenta Seeds
In 2021, Syngenta Seeds sales grew 24 percent to $4.1 billion.
Field crop sales in Europe, Africa and the Middle East grew by 8 percent; North America 5 percent; Latin America 26 percent; and Asia Pacific (excluding China) 6 percent. Sales in China more than tripled due to the consolidation and growth of Winall and higher sales across field crops overall. Vegetable Seeds saw growth in all regions, resulting in a 7 percent increase in sales. Flowers recovered from a challenging year in 2020 and recorded sales growth of 17 percent.
ENOGEN™ corn for feed saw record sales in North America; farm animals better digest the corn, which helps lower feed needs and livestock emit around 10 percent less methane, significantly reducing greenhouse gas emissions.
Syngenta Group China
Syngenta Group China, consisting of the Group’s seeds, crop protection, crop nutrition, MAP and digital activities in China, achieved sales of $7.4 billion in 2021 and grew 41 percent compared to the previous year.
MAP and digital revenues more than doubled.
Syngenta Group China’s Crop Protection business increased sales by 30 percent despite supply chain challenges in the fourth quarter.
Sales of Seeds, including vegetables, more than tripled, driven by the launch of new rice and vegetable varieties and following the addition of Winall. Crop Nutrition sales increased 15 percent benefiting from high growth of specialty products.
New MIRAVIS® products continue to help millions of Chinese farmers better control pest diseases at 20 percent lower use rates, with improved crop yields. The Group’s TYMIRIUM® technology has demonstrated effective control of wheat fusarium crown rot disease and rice bakanae disease.
Plant biostimulants have also been utilized throughout China to promote crop growth and increase crop yield. Newly launched biostimulant UHA enhances nitrogen uptake.
MEILINMEI®, an improved phosphorus fertilizer, increases phosphorus absorption efficiency by 15-20 percent.
Syngenta Group China developed MAIMIAOLE®, a seed care product which is used to foster seed germination in extreme weather, humid conditions and when soil is flooded, saline or alkaline. The product increases seedling emergence rates by 8-23 percent.
Syngenta Group Summary Financials
Full Year 2021
|
FY 2021 |
FY 2020 |
FY 2021 |
FY 2020 |
||||
|
$bn |
$bn |
¥bn |
¥bn |
||||
Sales |
28.2 |
23.0 |
182.0 |
158.8 |
||||
Syngenta Crop Protection |
13.5 |
11.4 |
87.0 |
78.5 |
||||
ADAMA |
5.8 |
4.7 |
37.3 |
32.1 |
||||
Syngenta Seeds |
4.1 |
3.3 |
26.5 |
22.9 |
||||
Syngenta Group China |
7.4 |
5.2 |
47.5 |
35.9 |
||||
Of which MAP |
1.8 |
0.7 |
11.4 |
5.1 |
||||
Eliminations |
-2.5 |
-1.6 |
-16.4 |
-10.7 |
||||
EBITDA |
4.6 |
4.0 |
29.9 |
27.9 |
||||
Q4 2021
|
Q4 2021 |
Q4 2020 |
Q4 2021 |
Q4 2020 |
||||
|
$bn |
$bn |
¥bn |
¥bn |
||||
Sales |
7.2 |
6.2 |
46.0 |
40.6 |
||||
Syngenta Crop Protection |
3.5 |
3.0 |
22.5 |
19.9 |
||||
ADAMA |
1.5 |
1.3 |
9.8 |
8.4 |
||||
Syngenta Seeds |
1.3 |
1.1 |
8.3 |
7.0 |
||||
Syngenta Group China |
1.5 |
1.2 |
9.4 |
7.7 |
||||
Of which MAP |
0.3 |
0.3 |
1.9 |
1.9 |
||||
Eliminations |
-0.6 |
-0.4 |
-4.0 |
-2.3 |
||||
EBITDA |
1.1 |
1.1 |
7.2 |
7.2 |
||||
Endnotes
Unless otherwise mentioned, comparisons are to the same period in 2020.
The results presented in this release are a consolidation of the business units in the Syngenta Group which includes Syngenta AG, Syngenta Group China, ADAMA Ltd., Sinofert Holdings, Winall Hi-tech Seed and Yangnong Chemical. Yangnong Chemical was purchased through a business combination under common control in July 2021, and its respective sales as of the beginning of 2020 appended to the Group’s crop protection units and domestically to Syngenta Group China.
Syngenta Group was formed in 2020 as a business combination under common control under PRC GAAP; on this basis, consolidation starts from the period either ChemChina or Sinochem acquired control of the relevant entity and reported figures for 2020 include the respective companies in the consolidation scope for the year.
EBITDA is a non-GAAP measure and EBITDA as defined by Syngenta Group may not be comparable to similarly described measures at other companies. Syngenta Group has defined EBITDA as earnings before interest, tax, non-controlling interests, depreciation, amortization, restructuring and impairment. Information concerning EBITDA has been included as it is used by management and by investors as a supplementary measure of operating performance. Syngenta Group excludes restructuring and impairment from EBITDA to focus on results excluding items affecting comparability from one period to the next.
EBITDA as used in this press release excludes one-time events (note Syngenta AG full year condensed consolidated financial statements); other documents may treat this as an underlying or adjusted EBITDA. EBITDA excludes other one-off or non-cash/non-operational items that do not impact the ongoing performance of the business, as well as the impact of a time-bound, Group launch long-term incentive scheme for leadership.
When referred to as such, “the Group” implies Syngenta Group.
About Syngenta Group
Syngenta Group is one of the world’s leading agriculture innovation companies, with roots going back more than 250 years. In more than 100 countries, the company strives to transform agriculture through breakthrough products and technologies that play a vital role in enabling the food chain to feed the world safely, sustainably and with respect for our planet. Syngenta Group, registered in Shanghai, China and with its management headquarters in Switzerland, draws strength from its four business units – Syngenta Crop Protection headquartered in Switzerland, Syngenta Seeds headquartered in the United States, ADAMA® headquartered in Israel, and Syngenta Group China – that provide industry-leading ways to serve customers everywhere.
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Cautionary Statement Regarding Forward-Looking Statements
This document may contain 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 Group, 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 grain prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta Group assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.
