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SYT » Topics » Plant Science Operating Income

This excerpt taken from the SYT 20-F filed Mar 16, 2005.

Plant Science Operating Income
  Total   Restructuring
and impairment 		  Before Restructuring
and impairment 		           
(US$ million, except growth %) 2003
(adjusted) 		  2002
(adjusted) 		  2003   2002   2003
(adjusted) 		  2002
(adjusted) 		  %
Growth
 Actual 		    %
Growth
 CER 		 
Sales –   –   –     –     –   –   –     –  
Cost of goods sold –   –   –     –     –   –   –     –  
Gross profit –   –   –     –     –   –   –     –  
as a percentage of sales –   –   –     –     –   –   –     –  
                                           
Marketing and distribution (2 )   –   –     –     (2 )   –   –     –  
Research and development (109 )   (116 )   –     –     (109 )   (116 )   +6     +10  
General and administrative (22 )   (19 )   –     –     (22 )   (19 )   - 16     - 11  
Restructuring and impairment 29   –   29     –     –   –      
Operating income (104 )   (135 )   29     –     (133 )   (135 )   +1     +6  
as a percentage of sales –   –       –   –      

Research and development spending was lower than 2002, benefiting from the focusing of research spend on core sites and closure of the Torrey Mesa Research Institute announced in 2002, offset by higher development spend as projects moved closer to the market. QUANTUM™ microbial phytase received its first registration in Mexico in 2003.

The restructuring and impairment net gain represents the gain of US$39 million on the sale of technology and intellectual property to Diversa Corporation (“Diversa”), net of a charge of US$10 million for closure of the Torrey Mesa Research Institute.

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