(RTTNews.com) – Syngenta ( SYT ), an agriculture company, reported that its net income for fiscal year 2016 declined 12 percent to $ 1.178 billion from last year’s $ 1.339 billion. The post-tax restructuring and impairment charge increased from $ 300 million in 2015 to $ 390 million, including ChemChina transaction costs and incremental charges relating to the cash settlement of employee share plans post transaction.
Earnings per share, excluding restructuring and impairment, declined to $ 17.03 from $ 17.78 last year.
EBITDA was 4 percent lower in reported terms but increased by 2 percent at constant exchange rates.
In view of the proximity of the closure of the ChemChina transaction, the Board of Directors has decided to schedule the Annual General Meeting (AGM) in June 2017. With the first settlement of the transaction expected to take place before the AGM, there will not be a proposal for payment of a regular dividend. As previously communicated, a special dividend of CHF 5.00 will be paid conditional upon and prior to the first settlement of the transaction.
For the full year 2017, the company expects low single digit growth in sales at constant exchange rates. It targets an improvement in the EBITDA margin and another year of strong free cash flow generation.
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Plantations International