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SYNGNETA ISSUES UPDATED OUTLOOK
Source: Syngenta news release

Mike Mack, Chief Executive Officer, said:

"In 2014 we expect integrated sales to grow at a similar rate to 2013. The gross margin will improve with lower seeds costs including the non-repetition of the inventory provision incurred in 2013.

"An improvement in gross margin and cost savings from the current operational efficiency program will offset further growth investments, with research and development spend at the upper end of the forecast 9-10 percent range.

"Earnings growth combined with an increased focus on working capital efficiency will drive a significant increase in free cash flow before acquisitions to around $1.5 billion.

"Looking further ahead, we remain on track to deliver our 2020 sales ambition of $25 billion. In 2015 we expect to be at the lower end of our target margin range.

"We will accelerate operational leverage through significant efficiency gains, enabling us to raise the EBITDA margin target to 24-26 percent by 2018.

"In addition, we expect sustained strong free cash flow generation and are committed to increasing cash return to shareholders, primarily through ongoing increases in the dividend."


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