Syngenta: 18 ethanol plants now contracted to use Enogen
Syngenta
February 8, 2016
BY Kassidi Andres
On Feb. 3, Syngenta International AG released financial results for 2015, reporting it has signed commercial agreements for Enogen corn with 18 ethanol plants, up from 16 in October. According to information released by the company, an additional 28 prospects are considering signing on to use Enogen technology.
Last year, Enogen corn was used as feedstock for 1.4 billion gallons of ethanol capacity, equating to approximately 10 percent of industry output. In October, Syngenta announced that Enogen was grown on 225,000 acres last year. This year, the company is expecting to top 400,000 acres.
Enogen, an in-seed innovation product of Syngenta, uses modern biotechnology in order to provide an alpha amylase enzyme directly in corn grain for increased ethanol production and efficiency without the use of liquid enzymes.
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Regarding its financial results, Syngenta reported sales at $13.4 billion for the year. Sales rose by 1 percent at constant exchange rates, with volume down 2 percent and prices up 3 percent. Integrated sales were unchanged, with volume down 2 percent and prices 2 percent higher.
Excluding glyphosate and a change in sales terms in Brazil, integrated sales were 2 percent higher. Reported sales were down 11 percent due to the strength of the U.S. dollar.
EBITDA, at $2.8 billion, was down 5 percent largely due to the currency impact of around $100 million excluding the CIS. The EBITDA margin increased to 20.7 percent, up from 19.3 percent in 2014, despite this currency impact, which reduced the reported margin by 150 basis points. The margin improvement reflected the realization of cost savings, determination in raising prices, higher trait licensing revenue and the initial benefit of lower oil prices.
Net income including restructuring and impairment was $1.34 billion, down from $1.62 billion in 2014. The charge for restructuring and impairment before taxes at $388 million was higher than the $206 million reported for the previous year mainly due to charges relating to cost savings programs. Earnings per share, excluding restructuring and impairment, were $17.78, down from $19.42 in 2014.
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