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Syngenta AG (SYT)

April 18, 2013 2:30 am ET

Executives

Jennifer Gough - Head of Investor Relations

Michael T. Mack - Chief Executive Officer, Executive Director, Member of Chairmans Committee and Member of Corporate Responsibility Committee

John Ramsay - Chief Financial Officer

Analysts

Andrew Stott - BofA Merrill Lynch, Research Division

Sophie Jourdier - Liberum Capital Limited, Research Division

Christian Faitz - Macquarie Research

Andrew Benson - Citigroup Inc, Research Division

Jeremy Redenius - Sanford C. Bernstein & Co., LLC., Research Division

John Philipp Klein - Berenberg Bank, Research Division

Patrick Rafaisz - Bank Vontobel AG, Research Division

Patrick Lambert - Nomura Securities Co. Ltd., Research Division

Operator

Thank you for standing by, and welcome to the Syngenta Q1 2013 Sales/Trading statement. [Operator Instructions] I must advise you the conference is being recorded today Thursday, the 18th of April, 2013. And I would now like to hand the conference over to your first speaker today, Jennifer Gough. Please go ahead.

Jennifer Gough

Good morning, and welcome to the call, which will be hosted by Mike Mack, CEO; and John Ramsay, CFO. The slides to accompany the call are available on our website syngenta.com. I'd like first to refer to Slide 2 regarding forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from these statements. And now Mike will begin the presentation starting at Slide #3.

Michael T. Mack

Thank you, Jennifer. Good morning, ladies and gentlemen. In the first quarter of 2013, our integrated sales increased by 8% at constant exchange rates. Volume was up 6%, and I'm pleased to report that we were, again, able to raise prices in both Crop Protection and Seeds. This performance shows we're sustaining last year's top line momentum with growth across all regions. We're also reinforcing our emerging market leadership with double-digit growth in Latin America, Eastern Europe and Southeast Asia. In these areas, we're seeing discrete growth rates in Crop Protection and Seeds which reflect the benefits of marketing, a combined portfolio. 2013 is the first year in which our worldwide sales force is fully integrated, and we expect to see further benefits now as the year progresses.

Let me hand you now over to John for some detail on the first quarter performance. John?

John Ramsay

Well, thank you, Mike, and good morning. I'm pleased to turn now to Slide 4. We achieved the strong start to the Northern Hemisphere season despite delays in March due to the cold weather. In North America, snow brought much needed moisture, following a prolonged dry spell, the low temperatures have meant that plantings are already a month behind last year. And this could pose a challenge to record corn planting intentions estimated at around 97 million acres. The propensity of growers to invest, however, continues to be high, following several years of very strong farm incomes.

In Europe, cold wet weather in the North and in Italy did affect sales in March, but we were still able to register growth of 10%. And this reflected further dynamic growth in the CIS and Southeast Europe and the strong performance in France, driven by new product launches as well as the realization of some sales which we postponed from the fourth quarter of last year in order to take account of a reduced mois saison [ph]. In Asia Pacific, we saw a say strong start to the year in a number of countries, notably Thailand, Indonesia and Bangladesh. In Southeast Asia, growth was driven, in particular, by corn seed and fungicides. Sales in Australia continue to be affected by severe weather conditions and excluding Australasia, sales were up 6%. It was a strong end to the southern hemisphere season in Latin America, with sales up 14% in the quarter. And fungicides made a substantial contribution, reflecting the timing of applications later in this season. Insecticides also grew significantly owing to increased insect pressure.

On Slide 5, this shows you that we, again, achieved a strong performance in crop protection, with sales up 10%. In selective herbicides, growth was driven by our leading corn portfolio and by AXIAL, we saw sales increases of over 20% in all regions. Nonselective herbicides were led by TOUCHDOWN with the substantial volume increase augmented by price. Fungicide growth of more than 30% in Brazil was partly offset by the late start to the season in Northern Europe, and U.S. sales were also lower in line with our expectations, and we expect an acceleration as we move closer to the period of application. Growth in insecticides was led by Brazil and by the success of our resistance management solutions in the U.S. And seed care growth was driven by the successful launch of VIBRANCE and the expansion of CRUISER in emerging markets.

Slide 6 highlights the innovation in crop protection which has been a hallmark of our success. Sales of the new products shown have come from almost nothing in 2009 and demonstrate our ability to scale up rapidly. Sales of the insecticide Durivo doubled in Brazil in the quarter and we have seen continuing adoption in Asia Pacific. The fungicide SEGURIS, one of our SDHI chemistries, is also expanding rapidly having received full EU registration last year. And VIBRANCE, our first molecule specifically tailored for seed treatment was launched in North America where sales for the quarter exceeded $50 million. Our new fungicide Solatenol made its first sale in Paraguay and is awaiting registration in the major market of Brazil. And together, these products have combined peak sales potential of over $1.2 billion and along with many other still in the pipeline, they will make a significant contribution to achieving our sales target for the 8 key crops of $25 billion in 2020.

And turning now to seeds on Slide 7. Corn and soybean were up 2%, excluding the MIR604 licensing income bought last year from DuPont, Pioneer. You'll recall that the 2012 exit rate in North America was very strong with U.S. corn seeds sales up by more than 20% in the fourth quarter. As we moved into the first quarter of this year, we were able to support volume using winter production, although this, of course, has some impact on our cost of goods. We saw continuing strong growth in corn in both the CIS and Asia Pacific. And diverse field crops, again, showed an impressive performance with sunflower growth more than offsetting a significant decline in sugar beet acreage in both the U.S. and Europe. In vegetables, I'm pleased to report that the improvement seen in the fourth quarter of last year has continued with the market rebound in the Americas and in Asia. With that, let me hand you back to Mike for some strategy updates.

Michael T. Mack

Thank you, John. I'd like to briefly now cover some of the ways in which our integrated sales force and portfolio leverage are driving growth, starting first with corn on Slide 8. The slide shows the different components of our corn offer, as they performed over the last 6 months, recognizing of course that a good chunk of the Northern Hemisphere sales are still to come. Our Seeds business is characterized by the diversity of our germplasm which is adapted to different needs around the world. Sales were up 8% for the season so far, with growth in every region. Looking at the middle and right-hand blocks on the chart, you can see that our herbicide and insecticide sales have already exceeded $1 billion. In both cases, sales growth of over 30% is partly attributable to our ability to provide integrated resistance management solutions. The importance of a broad array of chemistry in creating these solutions is becoming increasingly clear. No other company can rival our toolbox in this respect. Moreover, our insect trait portfolio is second to none and we've just announced now a further addition to it.

Slide 9. In February, we received USDA approval for Agrisure Duracade, enabling us to move ahead with launch in time for the 2014 season. This is our fourth proprietary corn trait introduction in 6 years, demonstrating the power of our biotech innovation. When stacked with our existing corn rootworm trait 604, Duracade achieves a tenfold reduction in the emergence of Western corn rootworm. We'll be incorporating it into our refuge-in-a-bag offers, which will have the added advantage of broadleaf control with VIPTERA. Both our existing and upcoming RIB offers allow refuge reduction to 5%, which, as many of you now know, is currently the best economic practice.

Turning now to Slide 10 and the growth of our combined portfolio in the CIS. Seeds growth has been founded on our leading sunflower portfolio and is now being augmented through the introduction of new corn hybrids. Seeds still represent over half of our sales, but as you can see from the chart, since commercial integration in 2011, the pace of growth in crop protection has also now accelerated and a large number of new launches over the last 5 years have significantly expanded sales in all product lines. Overall, our integrated sales in the CIS have increased tenfold since 2005.

Slide 11 gives you now just one example from Southeast Asia of accelerating growth through integration. In Indonesia, we're building on our early footprint in the market which has been cemented through a strong positioning with retailers. In corn, StartRight is the brand name for our 45-day solution which enables growers to achieve yields as high as 10 tons per hectare. Our Vegetables business has expanded rapidly as we complement our leading seeds portfolio with crop protection solutions. We also see significant potential in rice through marketing the GroMore solution which will be a key pillar of our development throughout the region.

Before concluding, let me say a word on the overall environment, particularly in light of the many discussions now about the direction of crop prices on Slide 12. The upper chart is based on profitability for U.S. corn grower, but it would be similar picture for other crops in other regions. You can see that these past 6 years have been much better for growers than the preceding 6 and most recently, incomes have reached record levels. This means that growers are in a pretty good place, as they then think about investing in the current season. The lower chart shows the stocks-to-use ratio for the major crops. While technology has resulted in significant yield improvement over this period, continuing growth in demand has meant that the current estimate puts this ratio back to where it was 6 years ago. And with demand growth concentrated in emerging markets, the productivity drive in those countries continues unabated.

Let me now conclude with the outlook for the full year on Slide 13. With high-grower profitability and ongoing momentum from integration, we aim to achieve sales growth in line with our long-term target of 8%. With regard to costs, we expect the impact of currencies and chemical raw materials to be broadly neutral for the year, along with the rest of the industry, will be affected by higher seed production cost but the strength of the top line, coupled with our ability to maintain a sharp focus on operational efficiency, will underpin earnings growth. We also expect to continue our track record of significant free cash flow generation.

That concludes our presentation today, and I would now like to open up the call for questions. Operator?

Question-and-Answer Session

Operator

[Operator Instructions] And our first question comes from the line of Andrew Stott from Bank of America.

Andrew Stott - BofA Merrill Lynch, Research Division

Mike, John, a couple of questions please. Firstly on seed production costs, are you willing to go one step further and quantify, roughly, what they may be for this season? And secondly, just going back to your slide on Agrisure Duracade. Do you think the intention here ultimately will be to license out that product, just thinking about licensing income going out over the next 2 or 3 years?

Michael T. Mack

I'll take the Duracade question and then John will address the seed production cost. Firstly on Duracade, the answer is, yes, we've already been very clear that we're prepared to get the value from Duracade, certainly on the farmer's fields because it is going to be a terrific trait coming at exactly the right time as resistance to some of the present technologies are beginning to be experienced by growers throughout that -- throughout the region. But of course, we need to get paid for that trait. And I think what you saw from the experience we had with 604, we are prepared to be patient to be sure that we do that. So whether Duracade helps us to grow our branded market share or we out-license it, I think it's going to be a terrific trait, and I look forward to getting the value of this technology. John, on seed production cost.

John Ramsay

Andrew, yes, I'm not prepared to give an exact number. We're still working it through, but I think I can break it down for you a bit to get a better handle on it. We've mentioned this in February, there's 2 components to it. One is the higher grower cost associated with the higher commodity prices which prevail through 2012. And then secondly, issue isolated to North America is the consequences of the drought and that basically has affected yields and has required the whole industry to step up the level of their winter production from South America, that results in higher costs, higher freight costs and higher distribution costs and logistics in getting the right hybrids to the right grower. The first of those, the commodity price will be offset largely by increases in product prices in terms of the dollar value. In terms of the second component, then we're going to basically be looking at our operational excellence program to offset some of that. So just exactly where those costs went up and where we'll be precisely, not entirely clear at this stage but, look, it's not going to be that material in terms of the overall group profitability which we still expect in terms of EBITDA levels to be within the corridor of 22% to 24% EBITDA margin that we set for 2015. So I hope that's helpful.

Operator

Our next question comes from the line of Sophie Jourdier from Liberum Capital.

Sophie Jourdier - Liberum Capital Limited, Research Division

I just wondered whether I could ask for a little bit more detail on your North American corn seed business. You talked about the sort of growth in the entire season. Could you perhaps just give us a bit of detail about the penetration of the VIPTERA trait now? I think, last year, it was 25% to 30% of the crop. Where is that now? On ENOGEN, whether there have been any new contracts on that trait? And then also with your refuge reduction offerings, where do you think -- where are those now in terms of penetration? So just a bit of detail on your different traits question North American corn business?

Michael T. Mack

Sure, sure. Sophie, look, I think the short answer is there's nothing material to report from where we were and describe -- we describe this quite some length in February at the full year results and a reminder, of course, that corn is only 2% planted and it's behind where it was last year. So the ultimate outcome of the corn season 2013 is still to be all played out. And I just wouldn't want to venture a guess. We never do at the first quarter. I mean, VIPTERA is 30% and we expect that the growth of that to continue over the coming years. You ask about ENOGEN and we've got 4 commercial contracts and 4 trials underway, and these are, of course, dedicated trials because once an ethanol plant switches over ENOGEN, it's full time. As more and more discussion is underway around the bioethanol industry, the utility of this trait is really coming into ever more sharp focus, and we expect this to be really exciting commercial opportunity over the coming years. Refuge-in-a-bag is on its way to being more penetrated in North America. 12% is our portfolio this year and that will be increasing, of course, over the years with the 5% refuge. And so it's onward and upward with the corn business. But again, I want to stress that the season itself is early days, I wouldn't even want to guess how and when it's going to get fully planted.

Operator

Your next question comes from Christian Faitz from Macquarie.

Christian Faitz - Macquarie Research

Just 2 quick questions. First of all, on fungicides, how much in the U.S. do you attribute to lower fungicide sales due to the inventory effect from the drought last year and would you also see this for Q2 still at least a bit? Second of all, also in the U.S., soybeans, lower soybean sales. Do you think Q2 will catch up weather related and will this just be a timing effect? What's your view on that?

Michael T. Mack

Yes, I mean, look, Christian. I'm sorry I have to give you a little bit of a version of the answer that I just gave to Sophie, which is that the season is not planted yet. And it's starting a bit late and we've had varying experiences over the years. I mean a couple of years ago, the corn crop didn't get planted until June. And here we are now in April so I wouldn't want to guess what the outcome is going to be in terms of acreage beyond to say that like you, we follow the USDA estimates and we obviously keep very close to how things are progressing. But it's going to play out now over the coming days and weeks. So ultimately, I just wouldn't want to speculate on the soybean sales beyond to say that the overall season that we have we're predicting to be broadly flat to the 2011, '12 season. Fungicide sales. The penetration of fungicides on corn continues to grow. Farmers, increasingly, are seeing the benefit of it. That application doesn't go down until a little bit later in the summer. And again, I just couldn't tell you how that's all going to turn out in the 2013 season beyond to say that the inventory of 2012 didn't have any impact, of course, on pricing and it was -- there was some excess inventory but it wasn't anything that would lead to destabilization of the growth of this product. John, any other color on the sales themselves?

John Ramsay

Well, just remember that fungicide sales in North America were up. And if it helps, Christian, you can say fungicide sales in North America in the first quarter were down about 10%. But this is entirely in line with the expectations. We do expect the market tick up. This is a fast-growing segment, and we'll see growth in this product in terms of consumption.

Operator

Our next question comes from Andrew Benson from Citi.

Andrew Benson - Citigroup Inc, Research Division

Slightly wooly question, so you may or may not but the corn seed sales, do you think that this year, your business is going to be adversely impacted because of your production problems last year? In other words, do you think you're going to be constrained in what you can sell and that may be a limiting factor? Then, and these are the wooly questions. On the issues of integration and weather you talked up the benefits of that integration and also the adverse impact of the weather, and yet your full year growth projections are just in line with the first quarter. And yet you should have increasing benefits from the integration during the course of this year, you should have increasing benefits from the weather if sales were delayed in the first quarter. So why are you not being more positive on the full year, is that just Scottish conservatism or is that caution or what are the factors there that are, if you like, constraining your optimism for the full year?

Michael T. Mack

Andrew, I'll let your Scottish conservatism meet my Scottish CFO. But I mean one of the things we wanted to do this morning with -- a reminder of that, that 2013 is the first year where we have integrated sales force around the world and all the territories. And then we wanted to share with you that each of these territories will end up evolving in the benefits of this integration in slightly different ways, in slightly different crops. So by selecting Southeast Asia in to CIS, you can see how they can go together in clever combinations, sunflower versus corn versus rice, for example. And of course, the benefits of this are all going to play out over time. And one of the tricky things always with Q1 is so much of it is still yet to go. We're particularly pleased that even though things have been late getting started both in Europe, as well as North America, that our integrated sales for crop protection is up 10% is, of course, very pleasing to us. But it is because things have gotten started late and there are still so much to go, we must necessarily be circumspect about how the whole year is going to go. And we already shared with you that yes, the seed production costs are going to be higher from the drought of 2012, of course, we had more winter production. We've flagged that to you in February as well. And again, how that ultimately comes to pass when everything gets totted up is still in front of us. John, any other color on that?

John Ramsay

No. I don't -- just kidding up, sorry. Do you want me to answer the question on the corn seed?

Michael T. Mack

Yes, sure.

John Ramsay

Okay. I think on corn seed, we are just talking about North America and the consequences of having to get more production from South America and clearly some time in the market still to go and there we're really still right in the thick of it. But it's safe [ph] to say, Andrew, I think the core of your question, this is not the type of market situation where it lends itself to a strategy of being focused and segmented and growing share. We're having to make sure that we're getting the right product to the right customer and making sure we're servicing the customers that we want to service. And it's disrupted, of course, with the shipments coming from South America. So I think taking account of the whole season, and we're not expecting to grow share this year now. I think we'll be saying, we'll be holding share which we feel very confident about because the focus has been very much in terms of supporting our existing customer base and making sure where people have had experience of the technology that they get another experience this season. So it's very much the situation that we're dealing with.

Operator

Your next question comes from Jeremy Redenius from Sanford Bernstein.

Jeremy Redenius - Sanford C. Bernstein & Co., LLC., Research Division

This is Jeremy Redenius. Just a quick question about comparing the outlook statements from this time, this year versus same period last year. I noticed last year you talked about margin improvement and you don't this year. And it looks like just looking at recent consensus estimates that consensus, in fact, is a pretty decent margin improvement, especially at the EBIT line. And I just maybe like to hear you talk through kind of where your views in consensus differ on that? Where you might be a little bit more conservative?

John Ramsay

I'm not going to comment on consensus. And the reason for that is, let's be clear, we're into the first quarter and been able to predict with a lot of accuracy exactly where the year is going to end. We've got uncertainty over the weather. We've got Latin American season. We've got in the first quarter about 14% of our total Latin American business which is about $4 billion now. So I think, one has to be realistic about the ability to predict these things with any degree of accuracy. But given the way in which we see the sales momentum, the way in which we see the different dynamics, then we're working to ensure that our EBITDA margin is within the corridor of the 22% to 24%, the target we set for 2015. And I really don't want to be any more specific than that.

Jeremy Redenius - Sanford C. Bernstein & Co., LLC., Research Division

Okay. And just one quick follow-up question. Just I was looking at the improvement in non-selective herbicides, I guess, 30% constant exchange rates. If I understand correctly, that's -- in my math, that's contributed something close to 2% to the interregional sales growth for the quarter. And if I remember right, there's more or less a pasture business where you're buying glyphosate and reselling it as TOUCHDOWN or mixtures of TOUCHDOWN and other. Is my understanding of that correct?

John Ramsay

Yes. The non-selective herbicides business is essentially 3 products, it's glyphosate, it's paraquat [ph], it's diquat [ph]. And the mixture of products are essentially recorded elsewhere in terms of our selective herbicides in the stores that are growing it, particularly because of the resistance issues. And I'm struggling to answer your question because I'm not sure -- sorry, Jeremy, what point are you really getting to?

Jeremy Redenius - Sanford C. Bernstein & Co., LLC., Research Division

So I just wanted to make sure I understood correctly that if I kind of work out how much sales growth that contributed, if that's 30% for that one product, that works out to be about 200 basis points of the 8% that the interregional sales grew. And so it looked like it was a material -- a very material contributor to the group sales growth? And then second, that is primarily a -- basically a pasture business or primarily a resale business.

John Ramsay

I think of all the product lines, one like the herbicides in the first quarter are the smallest. I mean, somewhere around $300 million out of total group sales of $4.5 billion. So the 30% growth is driven by the upsurge in TOUCHDOWN, the glyphosate and also pricing because prices in glyphosate have risen substantially so substantial component of that is price.

Operator

Your next question comes from John Klein from Berenberg Bank.

John Philipp Klein - Berenberg Bank, Research Division

I've got 2 of them. You were talking about Solatenol and that you're waiting approval in Brazil. Can you give us a bit more color on the time line that you're expecting for the rollout in South America? And then secondly, on the soybean seeds market, in the upcoming season in Brazil, Monsanto was pretty positive about that they would resolve their own struggles down there. How are you seeing the competitive situation at the moment between you and particularly Monsanto?

Michael T. Mack

I'm not sure I understand your question about the struggles in Latin America. Tell me -- I want to be sure I answer your question.

John Philipp Klein - Berenberg Bank, Research Division

No, I was referring to Monsanto having their issues after the legal disputes in the Brazilian market and they were quite upbeat about the upcoming season and their positioning.

Michael T. Mack

Yes. Let me -- first, I think that one is simple. We are a licensee of Monsanto for soybean. And so we're very pleased with the lineup that we have there of our soybean varieties. And if and as Roundup ready to, including [indiscernible] come into the market, we're in a good position to take advantage of that. If for whatever reason that is further delayed, of course, as a licensee, I read as you do that they're waiting for Chinese approval. I think that's going to -- that will inform exactly when that's going to get launched. But we're very much a part of that landscape and looking forward to bringing more value to the soybean business. Solatenol, we're hoping for approval in time for the main season in Brazil which gets underway in the third and fourth quarter as you know. And all the companies in Brazil have experienced some delays in registration. I don't think there's anything greatly to be concerned about. But for the moment, everything is on track.

Operator

Your next question comes from the line of Patrick Rafaisz from Vontobel.

Patrick Rafaisz - Bank Vontobel AG, Research Division

Three questions, please. First, you mentioned the postponed sales from the fourth quarter and that's a first in Europe. Can you quantify that, please? And then on pricing, you mentioned prices were up substantially. Can you give us a number for crop protection pricing in the first quarter, including and excluding glyphosate? And then lastly, just briefly substantial free cash flow generation for this year, and you wouldn't give a range for that during the full year results call and can you do this now or is it still too early?

John Ramsay

Yes, let me -- on the cash flow, still a bit early, given that we've only got the first quarter under our belt and you'll see in the release -- comments I made in relation to giving profit guidance. So I'd like to just hold back. But you would expect no reason why there shouldn't be substantial free cash flow during the year. In terms of the postponed sales, this really relates to France. This has been an ongoing feature of the market in France for a couple of years now in terms of winding down what we call the mois saison [ph]. That is the sales that we'd normally go into the channel in the fourth quarter and sit there for far too long so the industry has been really working to pull those down helped by changes in credit term legislation in France. And I think, something like if you want the number on it, there something like the French sales are up by something like 15%. And that half of that is to do with their new product innovation and half is to do with a carryover from postponement in -- from quarter 4. In terms of glyphosate pricing, within the total Crop Protection, pricing is about 2% and their glyphosate pricing is contributing something between $10 million and $15 million of that in total.

Operator

And our last question comes from the line of Patrick Lambert from Nomura.

Patrick Lambert - Nomura Securities Co. Ltd., Research Division

I have actually 2. The first one was about 20,000 in LATAM, I think you're pointing to a pretty good growth. Can you quantify that? And can you also comment on the recent details on soybean was being much higher this year? What are the reasons? Do you see a resurgence of that and your -- the impact on your business maybe this season and the next one? The second question is also can you -- Asia sales are still lagging. Can you quantify the Australian impact in terms of downturn in Q1?

Michael T. Mack

Patrick, I think I will just say a word first about soybean rust in Latin America and then ask John to address the Asia sales comparison to last year. I mean, firstly, you know this is a feature of our business which is that our solution -- the chemical solutions are over time beginning to build up resistance to the fungicide. And what's going on is not only is Asian soybean rust getting more pernicious on some of those crops but the solutions that worked 8 years ago are not as effective as they are now, which is why our Solatenol product is so exciting. I mean, this is a blockbuster in the making. And if you were to take a look at the efficacy of Solatenol on soybeans relative to today's products, it's really impressive. For those of you who are going to come down to our field demonstration day at the end of the year in Brazil, I think you're going to be very impressed with what we're going to be able to do for growers to address Asian soybean rust because this disease isn't going away and it's going to need new and modern chemistries in order to grow up a good crop. But there was a question, John, about the year-on-year comp for fungicide and then Australasia.

John Ramsay

Yes, firstly, Patrick, on Australasia, if you take Asia-Pacific sales performance and exclude the impact of Australasia in the quarter, then our sales would be up 6% as opposed to being up 2%. So that basically gives you the quantification. In terms of fungicides, this is -- I think your question relates to some of the movement between quarter 4 and quarter 1, where we've mentioned that the year end that we had a switch between selected -- or between herbicides and fungicides in Brazil. Well, Brazil fungicides in the first quarter, up 30%. And some of that is attributable to the carryover, not all because there is a strong season there. And secondly, the selective herbicides in contrast are down by a similar number. And there's been a bit of a switch there between quarter 4 and quarter 1. But in overall scheme of things, it's not something to be -- to focus upon. This fundamental point about Latin America is that we had a very strong end to the season. And we think given the data that we have, preliminary data, we think probably, for the season, have clearly grown market share.

Patrick Lambert - Nomura Securities Co. Ltd., Research Division

Any quantification of this market share?

John Ramsay

Any what, sorry, Patrick?

Patrick Lambert - Nomura Securities Co. Ltd., Research Division

Quantification.

John Ramsay

Not at this stage. These are early figures but the numbers are higher.

Michael T. Mack

Okay. Thank you. Ladies and gentlemen, thank you, again for joining the call. And if you have follow-up questions, of course, please give a call to Jennifer Gough or Lars Oestergaard in Investor Relations. And we look forward to talking to you during the half year results in few months time. Thank you.

Operator

Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

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