Sintesis Agraria - Todas las noticias del agro

"The company delivered solid underlying sales growth of 9 percent compared to 2017, in a tough year where difficult weather conditions, currency and supply chain headwinds presented substantial operational challenges. It is a pleasing result maintaining profitability and record free cash flow of $1.76 billion. Our strong focus on customers, delivering greater innovation, and ongoing commitment to productivity improvement enabled solid top- and bottom-line growth. Our Seeds business continues to improve its performance, while the integration of the Nidera™ and Abbott & Cobb™ businesses has progressed well. The acquisition of FarmShots™ and Strider® has improved digital capability and capacity. Farmer profitability continues to decline in most countries and ongoing regulatory pressure in the European Union is affecting growers access to technologies. We expect that market conditions will remain challenging in 2019 and difficult farm economics will continue to weigh on sector growth, which is likely to remain at low single digit levels. We will continue to improve productivity and focus on serving our customers through technology and services that meet their growing needs. Within this environment, we are confident that the trajectory of solid growth can be maintained." Financial highlights 2018 Sales $13.5 billion Sales of $13.5 billion were up 7 percent, 9 percent adjusted for 2017 sugar beet and mandated crop protection antitrust divestments. Crop protection sales of $10.4 billion increased 7 percent against 2017, 10 percent at CER and in dollars were 8 percent higher adjusted for antitrust divestments. Seeds sales of $3.0 billion were 6 percent higher than in 2017, 8 percent at CER and in dollars were 10 percent higher adjusted for the sugar beet divestment. EBITDA $2.6 billion EBITDA of $2.6 billion, was flat against an adjusted 20174 and 4 percent higher excluding divestments. The EBITDA margin was 19.3 percent (2017 20.6 percent4) and adjusted for divestments was 0.8 percent lower than 2017 including higher product costs and the impact of adverse currency movements. Net income $1.4 billion Net income was $1,438 million compared to a loss of $98 million in 2017 reflecting provision for the US litigation settlement and one-off impacts from US tax changes; excluding these items, 2017 net income was $1,246 million. On the same basis, 2018 net income excluding restructuring was $1,375 million (2017 $1,607 million) with higher interest costs in 2018 after the $4.75 billion bond issue. Free Cash Flow $1.76 billion Free cash flow before acquisitions, ChemChina transaction outflows and US litigation settlement was a record $1.76 billion (2017 $1.68 billion).