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This excerpt taken from the SYT 6-K filed Feb 14, 2006. Cash return to shareholders: The Company continued its share repurchase program in 2005, repurchasing 2.3 million shares at an average price of CHF 129.1, in total $251 million. A
total dividend of $207 million was paid on 22 July in the form of a nominal value reduction. Total cash returned to shareholders since the start of the program in May 2004 through dividends and share repurchase amounts to $743 million. In
view of the ongoing strength of financial performance, it is the intention of the Company to pursue a progressive cash return policy.
For 2005 a dividend of CHF 3.30 per share, to be paid by way of a nominal par value reduction, will be submitted for shareholder approval at the AGM on 19 April 2006 together with a request to cancel the shares repurchased in 2005. In addition, the Company will, on 22 February, grant a free put option per share with an initial intrinsic value of CHF 1.50. The put option gives each shareholder the right to sell a fixed number of shares to the Company. Each put option has a maturity of three months from grant and will be tradeable on the SWX Swiss exchange; the exercise of all options will result in the Company being committed to repurchase approximately 3.3 million shares in 2006. SYNGENTA FULL YEAR RESULTS 2005 / PAGE 3 OF 30
Michael Pragnell, Chief Executive Officer, said: “2005 marked the fifth anniversary of Syngenta and during the year we further reinforced our leadership position with share gains in Crop Protection, expansion in Field Crop seeds and progress in our consumer-led businesses of Vegetables seeds and Professional Products. Looking ahead, the strength of the business and our exciting pipeline products enable us to plan additional expenditure in marketing and product development and, for the three years through 2008, target double digit growth in earnings per share*. In addition the ongoing strength of our financial performance enables us to pursue our program of progressive cash return to shareholders whilst investing in future growth.”
SYNGENTA FULL YEAR RESULTS 2005 / PAGE 4 OF 30
For a definition of constant exchange rates, see Appendix A.
This excerpt taken from the SYT 6-K filed Jul 28, 2005. Cash return to shareholders: The company continued its share repurchase program in the first half of 2005, repurchasing 2 million shares at an average price of CHF 128.4
amounting to $216 million; a total dividend of $209 million was paid on 22 July in the form of a nominal value reduction. The total amount returned to shareholders since the start of the program in May 2004 through dividends and share repurchase is
$710 million. The 1.7 million shares repurchased in 2004 were cancelled on 22 July.
Michael Pragnell, Chief Executive Officer, said: “Determined execution of our strategy by our sales and marketing teams worldwide will enable us to sustain Syngenta’s strong performance. For the full year 2005, notwithstanding a slowing in Brazil, we remain committed to our target of high teens growth in earnings per share*. Looking further ahead, the numerous opportunities to capture growth across all our businesses, including new product launches, reinforce our confidence in the achievement of our target of high teens earnings growth in 2006. We remain on track to return more than $1 billion to shareholders over the period 2004 to 2006.”
* Fully diluted, before restructuring, impairment, IFRS 3 adjustment and one-off tax credit in 2004. SYNGENTA HALF YEAR RESULTS 2005 / PAGE 3 OF 24
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