ISAGRO: THE SMALL GLOBAL PLAYER OF AGROPHARMA. Corporate Profile Milan, March 2012

Transcription

1 ISAGRO: THE SMALL GLOBAL PLAYER OF AGROPHARMA Corporate Profile Milan, March 2012

2 WHO IS ISAGRO THE MARKET OF AGROPHARMA MISSION AND OBJECTIVES Attachment: Our history

3 Who is Isagro ISAGRO GROUP: KEY-DATA million E Revenues of which: 3 rd parties products EBITDA % on Revenues Result from cont. operations Result from disposed activities (6.4) Net Result (4.3) Net Financial Position Debt/Equity N. Employees

4 Who is Isagro GROUP STRUCTURE AS OF DECEMBER 2011 * Company operating in the R&D of biology and molecular genetics 4

5 Who is Isagro CONTROLLING STRUCTURE AS OF DECEMBER

6 Who is Isagro ISAGRO: THE SMALL GLOBAL PLAYER SMALL FOR ITS SIZE, GLOBAL FOR BEING BASED ON INNOVATION ISAGRO S S CORE-BUSINESS: RESEARCH OF NEW MOLECULES AND DEVELOPMENT/MARKETING OF PROPRIETARY PRODUCTS WORLDWIDE (new molecules time-to to-market years, high investments) IN PARTNERSHIP ALONE AND / OR SALES IN WITH CHEMTURA IN PARTNERSHIP > 70 COUNTRIES REVENUES 144 M (75% EX-ITALY) WORKFORCE 619 (311 EX-ITALY) 15 INNOVATIVE RESEARCH 66 DEVELOPMENT 189 SYNTHESIS 112 FORMULATION 41 INT L MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) 49 Research center in Novara (Italy) Field-trial center in Galliera (Italy) Synthesis and formulation plants in Panoli (India) and in Adria (copper products) Synthesis plant in Bussi (Italy) Formulation plant in Aprilia (Italy) Fermentation plant in Novara (Italy) Direct presence in Brasil, China, Colombia, Cuba, Greece, India, Italy, Spain, USA and Vietnam Direct presence in Colombia, India, Spain and USA N Employees (47 staff operations) Consolidated Revenues 2011 ( ( million) 6

7 Who is Isagro BASED ON INNOVATION, WITH BACKGROUND IN MONTEDISON S R&D INNOVATIVE DEVELOPMENT RESEARCH SYNTHESIS FORMULATION INT L MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) Only Italian company running Innovative Research ~ 100 people employed in R&D (including Registrations staff) INVESTMENTS ( MILLION) DISCOVERED MOLECULES Tetraconazole Kiralaxyl Orthosulfamuron Valifenalate Bio-stimulators/Pheromones Benalaxyl Novaluron 7

8 Who is Isagro INTEGRATED IN MANUFACTURING, IN PARTICULAR IN THE CHEMICAL SYNTHESIS OF PROPRIETARY PRODUCTS 5 plants in Italy and India INNOVATIVE RESEARCH DEVELOPMENT SYNTHESIS FORMULATION Panoli (India): strategic site for the synthesis of proprietary A.I. INT L MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) Novara Fermentation of biological products IN ITALY Adria Synthesis and formulation of copper products IN INDIA Panoli Synthesis and formulation Aprilia Formulation Bussi Synthesis of Tetraconazole 8

9 Who is Isagro INNOVATIVE RESEARCH DEVELOPMENT SYNTHESIS WITH A PORTFOLIO BASED ON PROPRIETARY PRODUCTS FORMULATION INT L MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) million (Total revenues) (Agropharma only) Consolidated sales 144 (+7.9%) 2011 Rest of Europe 22% 134 Americas 27% total Agropharma: 134 Asia 21% +51% -23% +11% 2010 Italy 24% RoW 6% total Agropharma: 128 Consolidated sales 134 Rest of Europe 29% 128 Americas 22% Asia 21% Other products/ services Third Parties Agropharma Proprietary Agropharma Italy 22% RoW 6% 9

10 Who is Isagro INNOVATIVE RESEARCH DEVELOPMENT SYNTHESIS FORMULATION INT L MARKETING DISTRIBUTION AND LOCAL (on local basis) DEVELOPMENT AND FOCUSED ON FUNGICIDES, PROPRIETARY AGROPHARMA 119 MILLION (83% OF TOTAL REVENUES) FUNGICIDES 77% ~ 50% from COPPER PRODUCTS, for which Isagro is one of the two global leaders INSECTICIDES 13% BIOLOGICAL 8% HERBICIDES/OTHERS 2% 10

11 Who is Isagro INNOVATIVE RESEARCH DEVELOPMENT SYNTHESIS WITH SALES IN MORE THAN 70 COUNTRIES, FORMULATION INT L MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) Important market shares in selected segments Business-development presences in key markets to support the commercial penetration of existing proprietary products and the development of new ones REVENUES BY PRODUCT FAMILY REVENUES 2011: 144 M Fungicides 64% Insecticides 11% Herbicides/ Others 1% Biological 7% Toll manuf. 7% 3 rd parties products 10% 11

12 Who is Isagro INNOVATIVE DEVELOPMENT SYNTHESIS FORMULATION RESEARCH INT L MARKETING DISTRIBUTION AND LOCAL (on local basis) DEVELOPMENT DEVELOPMENT A FEW TARGETED DIRECT PRESENCES IN DISTRIBUTION INDIA COLOMBIA SPAIN USA REVENUES (2011) 36.8M 4.4M 8.1M 10.4M N. OF EMPLOYEES (2011) 257* STAKE 100% 100% 100% 100% * Includes employees working in production 12

13 Chi è Isagro AND A GROWTH PROJECT FROM NEW REGISTRATIONS OF PROPRIETARY PRODUCTS NUMBER OF NEW REGISTRATIONS (cumulated since ) 326 REVENUES FROM NEW REGISTRATIONS ( million, at Isagro S.p.A. level) 304 INVESTMENTS FOR COMPLETION OF NEW REGISTRATIONS ( million) * E E E E 0.2 * Including 2007 investments 13

14 WHO IS ISAGRO THE MARKET OF AGROPHARMA MISSION AND OBJECTIVES Attachment: Our history

15 The market of Agropharma THE INCREASE OF THE DEMAND FOR FOOD There will be more people in the world tomorrow than today, they will earn more, they will eat better diets than in the past CAGR 1.3% CAGR 1.5% World Population (billion) World per Capita Income (2005 US$ 000) The increase of per-capita income in developing countries (mainly China and India) is to be spent largely to buy food Source: USDA 15

16 The market of Agropharma AND THE GROWTH OF BIOFUELS Billion litres (production, use) Ethanol in USA Production Total use Net trade 0,00-1,00-2,00-3,00-4,00 Billion litres (net trade) Billion litres (production, use) Ethanol in Brazil Production Total use Net trade 10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 Billion litres (net trade) 10-5, ,00 1, , ,00 Billion litres (production, use) Ethanol in European Union Production Total use Net trade 0,00-0,50-1,00-1,50-2,00-2,50 Billion litres (net trade) Billion litres (production, use) Bio-diesel in European Union Production Total use Net trade 0,00-0,50-1,00-1,50-2,00-2,50-3,00 Billion litres (net trade) , ,50 Source: FAO Agricultural outlook

17 The market of Agropharma IMPLY FOR AGRICULTURE TO INCREASE PRODUCTIVITY LIMITATIONS LIMITATIONS INCREASE IN FOOD/BIOFUELS DEMAND LIMITED CULTIVATED AREAS CHALLENGE CHALLENGE NEED TO INCREASE PRODUCTIVITY PER HECTARE MEANS MEANS AGROPHARMA (innovative, low dosage) G.M.O. and other technologies 17

18 The market of Agropharma AGROPHARMA: A KEY ROLE IN AGRICULTURE The Pharmaceuticals for crop health and yield 2011 world market value: US$ 45.2 bln* Unavoidable losses: ~ 40%** Losses avoided thanks to agropharma: ~ 30%** Production without agropharma: ~ 30%** * Source: Phillips McDougall ** Source: Agrofarma Potential production (100%) 18

19 The market of Agropharma A GLOBAL MARKET US$ 45.2 billion in 2011 NAFTA 18% Europe 27% Fungicides 26% Insecticides 25% Other 3% Herbicides 46% Center & South America 24% Africa & Middle East 4% Asia & Oceania 27% Source: Phillips McDougall 19

20 The market of Agropharma WHICH EVOLVED IN THE LAST 20 YEARS CONTEXT DEMAND FOR NEW PRODUCTS New parameters of environmental compatibility Low dosage, targeted action New products substituting existing ones A NUMBER OF PATENTS ABOUT TO EXPIRE 2 ND EFFECT CONCENTRATION First six players (all with innovative research) represent ~ 70% of the world market in 2010 COMPETITION SEGMENT BY SEGMENT (country/crop/disease) COMPANIES TECHNOLOGICAL INNOVATION Players with innovative research: 7-10% of revenues invested in R&D Time-to-market for a new molecule: years DEVELOPMENT OF GENERICS 1 ST EFFECT GLOBALIZATION Extraction of value on a global basis for both Innovators and Generics players required 20

21 The market of Agropharma WITH INNOVATIVE AND GENERIC PLAYERS With Innovative Research (based on Specialties) Without Innovative Research (based on Generics) Bayer Syngenta BASF Monsanto Dow AgroSciences DuPont Sumitomo Chemical* Nippon Soda Mitsui Nihon Nohyaku Market share % > ,8-2 ISAGRO 0,5 Maktheshim-Agan Nufarm Arysta FMC Cheminova UPL Chemtura Sipcam-Oxon Market share % ,8-2 * Holds 20% stake in Nufarm Source: Phillips McDougall (2010 DATA) 21

22 The market of Agropharma WHERE ISAGRO, BASED ON INNOVATIVE RESEARCH, CAN COMPETE THESIS THE MARKET OFFERS SPACE TO A SMALL INNOVATOR,, BECAUSE: It is strongly segmented (country/crop/disease combinations) Local/multi-local local players without innovative research but with distribution network have a strategic interest for innovative products, substitution of products in phase-out, portfolio enhancing, fixed cost efficiency EVIDENCES ISAGRO HAS SALES IN MORE THAN 70 COUNTRIES WITH IMPORTANT MARKET SHARES IN SELECTED SEGMENTS COMPETITION OCCURS ON A WORLD-WIDE WIDE BASIS, SEGMENT BY SEGMENT (Isagro s s market shares for country/crop/ disease combination) Brazil/Cotton/Ramularia 48% Japan/Sugar beet/cercospora leafspot 40% Italy/Olive/Various fungus diseases 54% Italy/Grape/Downy mildew 12% USA/Sugar beet/cercospora leafspot 20% USA/Soybean/Various diseases 12% Spain/Olive/Various fungus diseases 10% Brazil/Soybean/Asian rust 4% (2010 DATA) 22

23 WHO IS ISAGRO THE MARKET OF AGROPHARMA MISSION AND OBJECTIVES Attachment: Our history

24 Mission and objectives ISAGRO IS, ALTHOUGH SMALL, A GLOBAL COMPANY GLOBAL because based on R&D HUMAN RESOURCES ~ 100 people, mostly headquartered at the R&D center in Novara (Italy), engaged on a world-wide basis in the discovery of new molecules and in the obtaining of new registrations for all targeted countries PROPRIETARY PRODUCTS (SOLD IN MORE THAN 70 COUNTRIES) Consolidated: Tetraconazole Airone Remedier Ergostim XL Siapton X Ecodian Recent: Kiralaxyl Orthosulfamuron Valifenalate PRODUCTION, COMMERCIALIZATION AND DISTRIBUTION integrated 2 plants for organic synthesis (Bussi - Italy and Panoli - India) 1 plant for inorganic synthesis (Adria - Italia) 3 plants for formulation (Adria, Aprilia Italy; Panoli India) 4 companies for local market development (Brazil, China, Cuba and Greece) 4 direct distribution presences (Colombia, India, Spain and USA) 24

25 Mission and objectives INCREASING THE REGISTRATION ASSETS OF PROPRIETARY PRODUCTS thanks to investments already largely sustained, (with a growing cash generation) Fixed assets financed by Equity (which underestimates the market value of Isagro s proprietary products) Net working capital financed by debt Investments in R&D for a new growth phase Development and commercialization of proprietary products on a global basis 25

26 Mission and objectives OPENING A NEW DEVELOPMENT CYCLE FULL COMPETITIVENESS OF BLOCKBUSTERS (Tetraconazole and Copper Products) GROWING CONTRIBUTION FROM NEW REGISTRATIONS HARVEST OF RESULTS IN THE MID TERM In a market situation climatically regular with production increase due to growing demand for agricultural products 26

27 Mission and objectives AND EXPLOITING OPPORTUNITIES IN TERMS OF DISTRIBUTION AND TARGETED ALLIANCES DISTRIBUTION Presence, through controlled companies, in markets of strategic interest for proprietary products, respecting, however, the commitment of not employing huge financial resources to finance the distribution of third parties products TARGETED ALLIANCES Partnership, in coherence with our mission,, in single markets and/or single levels of the value-chain, aimed at better exploiting the potential of commercial development of proprietary products 27

28 WHO IS ISAGRO THE MARKET OF AGROPHARMA MISSION AND OBJECTIVES Attachment: Our history

29 Attachment: Our history COMPARING TWO MOMENTS CONTROLLING STRUCTURE 1993 (Management Buy Out) After 40 years of Montedison history Today Managers 60% 40% Manisa Sipcam Isagro S.r.l. 29

30 Attachment: Our history COMPARING TWO MOMENTS GROUP STRUCTURE (AFTER STRATEGIC OPERATIONS OF 2011) From 1993 ISAGRO S.R.L. to today * Company operating in the R&D of biology and molecular genetics 30

31 Attachment: Our history COMPARING TWO MOMENTS KEY DATA million 1993 Revenues 53 of which: outside Italy 38% EBITDA 5 Net result 0,5 Equity 21 Net financial position 9 Memo: Net working capital 19 Employees (number) 116 of which: outside Italy %

32 Attachment: Our history PHASE 1: THE MANAGEMENT BUY OUT Before M.B.O. (before July 93) M.B.O. set-up (July 93) Enichem Montedison Managers Enimont, then Enichem (Nov. 90) Manisa 60% 40% Sipcam Enichem Agricoltura Isagro Isagro S.r.l. 32

33 Attachment: Our history PHASE 1: THROUGH MANAGERIAL ACTIONS R&D Before the M.B.O Oversized if compared with commercial capacity but with high innovation power Partners without R&D but with distribution capacity Proprietary products Commercialized mostly in Italy... but with a global potential Development of registrations on a world-wide basis Distribution Not adequately fed by Innovative Research... but well positioned in Italy Partners without distribution in Italy but with R&D 33

34 Attachment: Our history PHASE 1: AND A STRATEGIC ALLIANCE SYSTEM Strategic alliances granted a contribution to R&D expenses and the access to the distribution networks of the partners on a world-wide basis R&D + Distribution ARYSTA Distribution (From 2002, Sumitomo Chemical) Manufacturing (Former Aventis CropScience) 34

35 Attachment: Our history PHASE 1: ESTABLISHMENT OF A R&D INTANGIBLE COMPANY BUSINESS MODEL 2000-END MANUFACTURING R&D REGISTRATIONS MARKETING DISTRIBUTION (Synthesis & Formulation) Innovative research and development of proprietary molecules For a large share owned by third parties Outsourced Support to third party distributors Outsourced to third parties (except in Italy) 35

36 Attachment: Our history PHASE 1: WITH GROWING PROFITS AND MINIMUM DEBT million Increase of Tetraconazole sales, with cut of products with low marginality Increase of Tetraconazole sales on sugar beet/usa 1992 (before M.B.O.) < Since 1993 (after M.B.O.) Revenues EBITDA Net result Net Financial Position 36

37 Attachment: Our history PHASE 2: THE QUESTION IN 2001 What to do? To remain small To grow and become more integrated (exploiting the possibility of leveraging on debt to finance growth) 37

38 Attachment: Our history PHASE 2: OUR CHOICE: TO BECOME INTEGRATED ACQUISITIONS In 2001: Italy: synthesis and formulation of copper products (from Caffaro) India: synthesis and distribution (from RPG LifeScience) In 2006 (taking advantage of low valuations due to market crisis): Brazil: 50% stake in Sipcam Isagro Brasil (distribution) Argentina/Colombia: JV 50/50 with Sipcam-Oxon (distribution) NEW INVESTMENTS IN PRODUCTION Adria (Italy): WG line 2003 Bussi (Italy): plant for synthesis of Tetraconazole Novara (Italy): plant for fermentation of biological products Panoli (India): Line for the synthesis of intermediate material of Tetraconazole Line for the synthesis of new molecules /2007 Pilot plant

39 Attachment: Our history PHASE 2: SECURING THE PRODUCTION OF PROPRIETARY PRODUCTS IN ITALIA ITALY IN INDIA Adria Synthesis and formulation of copper products Panoli Synthesis and formulation Novara Fermentation of biological products Bussi Synthesis of Tetraconazole Aprilia Formulation 39

40 Attachment: Our history PHASE 2: THUS LEADING TO A STRENGTHENING OF VALUE EXTRACTION CAPABILITIES IN THE LONG TERM 2010-END MANUFACTURING R&D REGISTRATIONS MARKETING DISTRIBUTION (Synthesis & Formulation) Innovative research and development of proprietary molecules For the most part owned by Isagro Internalized (India, Italy) Directly development in main markets In some key markets 40

41 Attachment: Our history PHASE 2: ALSO OBTAINING IMPORTANT AWARDS IN 2004 Best Innovator (Italy) Promoted by AT Kearney and Confindustria IN 2005 Entrepreneur Of The Year Category Finance (Italy) Promoted by Ernst&Young IN 2006 Confindustria Awards For Excellence Category Made in Italy in the world IN 2007 Champion of growth (Italy) Promoted by Confindustria in co-operation with Cerved, McKinsey and Università Bocconi 41

42 million Attachment: Our history PHASE 2: BUT WITH UNSATISFACTORY RESULTS IN THE LAST FEW YEARS * Revenues EBITDA Net result Net financial position Change in Revenues / NFP due to disposed activities at the beginning ning of 2011 * Excluding the net result from disposed activities at the beginning ning of

43 Attachment: Our history PHASE 2: BECAUSE OF EXTERNAL AS WELL AS INTERNAL CAUSES EXTERNAL CAUSES INTERNAL CAUSES International financial crisis Delays in obtaining new registrations and in related sales growth ( ) 2010) ( ) 2010) EFFECTS CASH GENERATION LOWER THAN EXPECTED WITH CREDIT-CRUNCH CRUNCH / INCREASE OF SPREADS (IN A SITUATION OF HIGH CORPORATE DEBT, CREATED MAINLY TO FINANCE E THE ACQUISITIONS) IN DISTRIBUTION 50/50 JVs IN BRAZIL AND ITALY, STRONG INCREASE IN DEBT TO FINANCE THE WORKING CAPITAL FOR THIRD PARTIES PRODUCTS (IN BRAZIL, ALSO IMPORTANT INCREASE IN THE COST OF DEBT) DIFFICULTIES IN CONTINUING TO FINANCE BOTH R&D AND DIRECT DISTRIBUTION IN CAPITAL INTENSIVE MARKETS (THE LATTER IMPLYING DEBTS LARGELY TO FINANCE THIRD PARTIES PRODUCTS) 43

44 Attachment: Our history PHASE 2: AND AN UNBALANCED FINANCIAL STRUCTURE million 232 S.I.F. (4) 228 NFP = 148 Net fixed assets 99 Net current assets 51 Disposed assets 82 Equity 79 M/L term 20 Short term 78 NFP of disposed assets 50 Dec. 31 st, 2010 Debt/Equity: 1.88 NFP = 148 R&D, plants, proprietary products distribution 63 Distribution companies of third parties products (Ita/Bra) 85 Core Ancillary Focus on debt for ancillary business a 60% of Group s debt used to finance non-core activities in non-controlled companies with high financial expenses In a situation of INTERNATIONAL FINANCIAL CRISIS 44

45 Attachment: Our history 2011 TURNAROUND STARTING FROM 2010, ACTIONS TAKEN TO COPE WITH EMERGED CRITICALITIES R&D Still oversized compared to the distribution strength and needing a partner culturally, geographically and product portfolio-wise complementary Third parties products Functional to the sales of proprietary products and distributed mainly in Italy and Brazil but with too high requirements of financial resources and subsequent high financial expenses Distribution Still not adequately fed by Innovative Research... and to be pursued in market with a strategic interest for proprietary products 45

46 Attachment: Our history 2011 TURNAROUND WHICH TURNED OUT INTO FOUR AGREEMENTS FINALIZED IN 2011 Partnership with Chemtura AgroSolutions Sharing of the budget of innovative research and of costs for the development of discovered active ingredients Cash available to finance the core-business, thanks to 20 million chasing Strengthening of value extraction from products in partnership, on an incremental basis Divestment of 50% stake in Isagro Italia Divestment of 50% stake in Sipcam Isagro Brasil Termination of ISI 50/50 JV Strong reduction of financial debt linked to the distribution of third parties products Additional cash resources to finance the core-business thanks to 35 million cashing With acquisition of 100% of Barpen 46

47 Attachment: Our history 2011 TURNAROUND WHICH LED TO A STRONG REDUCTION OF DEBT Dec. 31, 2010 WITHOUT STRATEGIC AGREEMENTS 227 Dec. 31, 2010 Dec. 31, ACTUAL ACTUAL (ONLY DECONSOLIDATION OF LOCAL DEBTS OF DISPOSED ASSETS WITH CASH-IN OF PRICES ONLY IN 2011) Equity 79 M/L term 20 short term 78 NFP of disposed assets 50 NFP = Equity 79 M/L term 20 short term 78 NFP = Equity 77 short term 57 NFP = 57 Debt/Equity:

48 Attachment: Our history 2011 TURNAROUND MAKING US STRONGER core business of Isagro VALUE-CHAIN INNOVATIVE RESEARCH DEVELOPMENT SYNTHESIS INTERNATIONAL FORMULATION MARKETING AND LOCAL DEVELOPMENT DISTRIBUTION (on local basis) STRENGTHS / WEAKNESSES BEFORE AGREEMENTS COSTS AND PROJECT SELECTION TO BE BURDEN BY ISAGRO ONLY ISAGRO STRONG IN INNOVATION BUT WITH DEVELOPMENT CAPACITY NOT ADEQUATE TO THE POTENTIAL OF MOLECULES, DUE TO THE RELATIVE SMALL SIZE HIGH WORKING CAPITAL REQUIREMENTS FOR THIRD PARTIES PRODUCTS, TO THE DETRIMENT OF INVESTMENTS IN R&D IMPACT OF AGREEMENTS SHARING OF INNOVATION COSTS AND SUPPORT TO PROJECT SELECTION CO-DEVELOPMENT OF NEW MOLECULES ON A GLOBAL BASIS WITH: IMPORTANT STRATEGIC STRENGTHENING IN THE NEW WORLD AFTER INTERNATIONAL FINANCIAL CRISIS REDUCTION OF DEBTS FOR ~ 90 MILLION SUBSTANTIAL ELIMINATION OF WORKING CAPITAL FOR THIRD PARTIES PRODUCTS WITH M/L TERM DISTRIBUTION AGREEMENTS STRENGTHS < WEAKNESSES 48

49 Attachment: Our history 2011 TURNAROUND AND MORE FOCUSED 2011 R&D REGISTRATION PRODUCTION (Synthesis and Formulation) MARKETING DISTRIBUTION Innovative research and development of proprietary molecules alone or in JV with partners Mostly owned by Isagro For a large part internalized (India, Italy) Direct development in main markets In selected markets, controlled by Isagro and without high financial requirements to back third parties products Core-business 49

50 DISCLAIMER Estimates, considerations, statements and opinion, except for what referring to actuals, are to be considered as data, estimates, considerations, statements and opinion regarding future, and have been elaborated and stated on the basis of available information and/or on the basis of those information considered the most reliable and/or the most reasonable. Such data, estimates, considerations, statements and opinion could prove to be incomplete and/or wrong and they incorporate elements of risk of uncertainty, beyond the company control. For such reasons, actual results may prove to differ versus data, estimates, considerations, statements and opinion contained in such presentation. Such data, estimates, considerations, statements and opinion are not to be considered as a proposal of investment, under any circumstances, in Isagro s shares. Any refer to Isagro products is to be considered exclusively as general information about the group activity and is not to be intended, under any circumstances, as invitation to employ or propose the employment of such products. 50

51 CONTACTS For information: ISAGRO S.p.A. Ruggero Gambini Corporate Director Finance, Control & IR Alessandro Zacchera Assistant to IR Manager & Junior Strategic Planner tel. (+39)