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SYT » Topics » Appendix E: Net Debt Reconciliation

This excerpt taken from the SYT 6-K filed Feb 8, 2007.

Appendix E: Net Debt Reconciliation

Net debt comprises total debt net of related hedging derivatives, cash and cash equivalents and marketable securities. Net debt is not a measure of financial position under generally accepted accounting principles and the net debt measure used by Syngenta may not be comparable to the similarly titled measure of other companies. Net debt has been included as it is used by many investors as a useful measure of financial position and risk. The following table provides a reconciliation of movements in net debt during the period:

  2006     2005  
  $m     $m  
Opening balance at 1 January 860     863  
Acquisitions and other non-cash items 52     10  
Foreign exchange effect on net debt 34     (48 )
Purchase/(sale) of treasury shares 557     183  
Dividends paid to group shareholders 260     207  
Dividends paid to minorities 4     1  
Discontinued operations -     -  
Free cash flow (614 )   (356 )
Closing balance as at 31 December 1153     860  
           
Constituents of closing balance;          
Cash and cash equivalents (445 )   (458 )
Marketable securities(1) (101 )   (4 )
Current financial debts 143     514  
Non-current financial debts 1569     847  
Financing-related derivatives(2) (13 )   (39 )
Closing balance as at 31 December 1153     860  
(1)   Long-term marketable securities are included in other financial assets.          
(2)   Included within other current assets.          
           
The following table presents the derivation of the Debt/Equity gearing ratio:          
  2006     2005  
  $m     $m  
Net debt 1153     860  
Shareholders’ equity 5666     5403  
Debt/Equity gearing ratio (%) 20 %   16 %
This excerpt taken from the SYT 6-K filed Jul 27, 2006.

Appendix E: Net Debt Reconciliation

Net debt comprises total debt net of related hedging derivatives and cash and cash equivalents. Net debt is not a measure of financial position under generally accepted accounting principles and the net debt measure used by Syngenta may not be comparable to the similarly titled measure of other companies. Net debt has been included as it is used by many investors as a useful measure of financial position and risk. The following table provides a reconciliation of movements in net debt during the period:

    2006     2005  
    $m     $m  
Opening balance at 1 January   865     864  
Acquisitions and other non-cash items   10     20  
Foreign exchange effect on net debt   34     (54 )
Purchase/(sale) of treasury shares   584     271  
Dividends paid to group shareholders   -     -  
Dividends paid to minorities   3     1  
Discontinued operations   -     -  
Free cash flow   (98 )   25  
Closing balance as at 30 June   1398     1127  
             
Constituents of closing balance;            
Cash and cash equivalents   (231 )   (321 )
Current financial debts   833     613  
Non-current financial debts   877     885  
Financing-related derivatives(1)   (81 )   (50 )
Closing balance at 30 June   1398     1127  
(1)   Included within other current assets.            

The following table presents the derivation of the Debt/Equity gearing ratio:

    30 June     30 June  
    2006     2005  
    $m     $m  
Net debt   1398     1127  
Shareholders’ equity   5771     5673  
Debt/Equity gearing ratio (%)   24%     20%  

This excerpt taken from the SYT 6-K filed Feb 14, 2006.

Appendix E: Net Debt Reconciliation

Net debt comprises total debt net of related hedging derivatives and cash and cash equivalents. Net debt is not a measure of financial position under generally accepted accounting principles and the net debt measure used by Syngenta may not be comparable to the similarly titled measure of other companies. Net debt has been included as it is used by many investors as a useful measure of financial position and risk. The following table provides a reconciliation of movements in net debt during the period:

2005
$m 		  2004
$m
 
Opening balance at 1 January 864   1209
Acquisitions and other non-cash items 10   90
Foreign exchange effect on net debt (48 )   (12 )
Purchase/(sale) of treasury shares 183   98
Dividends paid to group shareholders 207   142
Dividends paid to minorities 1   1
Discontinued operations -   (41 )
Free cash flow (353 )   (623 )
 
Closing balance as at 31 December 864   864
 
Constituents of closing balance;  
Cash and cash equivalents (458 )   (227 )
Current financial debts 514   423
Non-current financial debts 847   1117
Financing-related derivatives (1) (39 )   (449 )
 
Closing balance as at 31 December 864   864
 
(1) Included within other current assets.  
     
The following table presents the derivation of the Debt/Equity gearing ratio:    
2005   2004
$m   $m
 
Net debt 864   864
Shareholders’ equity 5403   5658
 
Debt/Equity gearing ratio (%) 16 %   15 %
 

This excerpt taken from the SYT 6-K filed Jul 28, 2005.

Appendix E: Net Debt Reconciliation

Net debt comprises total debt net of related hedging derivatives and cash and cash equivalents. Net debt is not a measure of financial position under generally accepted accounting principles and the net debt measure used by Syngenta may not be comparable to the similarly titled measure of other companies. Net debt has been included as it is used by many investors as a useful measure of financial position and risk. The following table provides a reconciliation of movements in net debt during the period:

    2005     2004  
    $m     $m  
Opening balance at 1 January   864     1209  
Acquisitions and other non-cash items   20     (32 )
Foreign exchange effect on net debt   (54 )   (13 )
Purchase/(sale) of treasury shares   271     97  
Dividends paid to group shareholders   -     -  
Dividends paid to minorities   1     1  
Discontinued operations   -     -  
Free cash flow   25     (672 )
Closing balance as at 30 June   1127     590  
             
Constituents of closing balance;            
Cash and cash equivalents   (321 )   (277 )
Current financial debts   613     234  
Non-current financial debts   885     977  
Financing-related derivatives (1)   (50 )   (344 )
Closing balance at 30 June   1127     590  
(1) Included within other current assets.            
             
The following table presents the derivation of the Debt/Equity gearing ratio:            
    30 June     30 June  
    2005     2004  
    $m     $m  
Net debt   1127     590  
Shareholders’ equity   5673     5581  
Debt/Equity gearing ratio (%)   20 %   11 %

This excerpt taken from the SYT 6-K filed Feb 15, 2005.

Appendix F: Net Debt Reconciliation

Net debt comprises total debt net of related hedging derivatives and cash and cash equivalents. Net debt is not a measure of financial position under generally accepted accounting principles and the net debt measure used by Syngenta may not be comparable to the similarly titled measure of other companies. Net debt has been included as it is used by many investors as a useful measure of financial position and risk. The following table provides a reconciliation of movements in net debt during the period:

2004 2003(1)
$m $m
Opening balance at 1 January 1209 1671
Acquisitions and other non-cash items 90 (33)
Foreign exchange effect on net debt (12) 68
Purchase/(sale) of treasury shares 98 (4)
Dividends paid to group shareholders 142 65
Dividends paid to minorities 1 -
Discontinued operations (41) 1
Free cash flow (623) (559)
Closing balance as at 31 December 864 1209
Constituents of closing balance;
Cash and cash equivalents (227) (206)
Current financial debts 423 749
Non-current financial debts 1117 1017
Financing-related derivatives (2) (449) (351)
Closing balance at 31 December 864 1209
   
(1) Adjusted in accordance with recent changes in accounting standards, see Note 2 on page 17.
(2) Included within other current assets.

The following table presents the derivation of the Debt/Equity gearing ratio:

2004 2003 (1)
$m $m
Net debt 864 1209
Shareholders’ equity 5658 5056
Debt/Equity gearing ratio (%) 15% 24%

EXCERPTS ON THIS PAGE:

6-K
Feb 8, 2007
6-K
Jul 27, 2006
6-K
Feb 14, 2006
6-K
Jul 28, 2005
6-K
Feb 15, 2005

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