Corteva : Agriscience 1Q 2021 Earnings Conference Call Presentation – About Your Online Magazine

1Q 2021 Results Conference Call

Safe Harbor in relation to forward-looking statements

Forward-Looking Statements

This presentation contains certain estimates and forward-looking statements in accordance with the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be protected by safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and can be identified by the use of words such as “plans”, “expects”, “will”, “anticipates”, “believes”, “intends,” “projects , “” estimates “,” guidelines “, or other words of similar meaning. All statements that address

expectations or projections about the future, including statements about Corteva’s strategy for growth, product development, regulatory approval, market position, anticipated benefits from

acquisitions, time of anticipated benefits from restructuring actions, result of contingencies, such as litigation and environmental issues, expenses and financial results, as well as expected benefits from the separation of Corteva from DowDuPont, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Corteva’s control. Although the list of factors presented below is considered representative, no list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors can present significant additional obstacles to making forward-looking statements. The consequences of material differences in results compared to those provided for in the forward-looking statements may include, among other things, business interruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a significant adverse effect. effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some Corteva products; (ii) failure to successfully develop and

commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) the effect of changes in agricultural and related policies by governments and international organizations; (v) the effect of competition and consolidation in the Corteva sector; (vi) the effect of competition from manufacturers of generic products; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or license requirements; (viii) the effect of climate change and unpredictable seasonal and meteorological factors; (ix) risks related to the oil and commodities markets; (x) establishment by the competitor of an intermediate platform for the distribution of Corteva products; (xi) the impact of Corteva’s dependence on third parties in relation to some of its raw materials or licenses and marketing; (xii) the effect of industrial espionage and other interruptions in Corteva’s supply chain, information technology or network systems; (xiii) the effect of volatility on Corteva’s input costs; (xiv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva and other cost reduction initiatives; (xv) not obtaining capital through the capital market or raising short-term funds under conditions acceptable to Corteva; (xvi) failure of Corteva’s customers to pay their debts with Corteva, including customer financing programs; (xvii) increases in pensions and other obligations to finance post-employment benefit plans; (xviii) risks related to

the obligations of indemnification of EID liabilities bequeathed in connection with the separation of Corteva; (xix) the effect of complying with laws and requirements and adverse judgments in litigation; (xx) risks

related to Corteva’s global operations; (xxi) failure to effectively manage acquisitions, disposals, alliances and other actions in the portfolio; application failure; (xxii) risks related to COVID-19; (xxiii) risks related to activist shareholders; (xxiv) Corteva’s intellectual property rights or defense against intellectual property claims asserted by third parties; (xxv) the effect of counterfeit products; (xxvi) Corteva’s dependence on cross-intellectual property license agreements; and (xxvii) other risks related to the DowDuPont Separation.

In addition, there may be other risks and uncertainties that Corteva is currently unable to identify or that Corteva does not currently expect to have a significant impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief regarding future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and considered to have a reasonable basis , but there can be no guarantee that the expectation or belief will result or be achieved or realized. Corteva disclaims and undertakes no obligation to update or revise any forward-looking statement or other estimate, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties that could cause results and events to differ materially from such forward-looking statements or other estimates is included in the “Risk Factors” section of Corteva’s Annual Report on Form 10-K, as modified for subsequent quarterly reports on Forms 10-Q and current reports on Form 8-K.

A reminder about non-GAAP financial measures

Regulation G (Non-GAAP Financial Measures)

This presentation includes information that does not comply with US GAAP and is considered non-GAAP. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings per share and basic tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and assessing incentive compensation. Management believes that these non-GAAP measures reflect the Company’s continued performance during the periods presented and provide relevant and meaningful information to investors, as they provide insight into the Company’s ongoing operating results and a useful comparison of the results for the year. after year.

These non-GAAP measures complement the company’s US GAAP disclosures and should not be viewed as an alternative to US GAAP performance measures. In addition, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. The reconciliations between these non-GAAP measures and their most directly attributable U.S. GAAP measure are provided on slides 19 through 25 of this presentation.

Corteva is unable to reconcile its prospective non-GAAP financial measures with its most comparable U.S. GAAP financial measures, as it is unable to reasonably predict items outside the company’s control, such as significant items, without undue effort. For significant items reported in the periods presented, see slide 21. As of January 1, 2020, the company presents the expense for early amortization of royalties as a significant item. The accelerated amortization of prepaid royalties represents the non-monetary charge associated with the recognition of advance payments made to Monsanto in connection with the company’s non-exclusive license in the United States and Canada for herbicide tolerance characteristics Genuity® Roundup Ready 2 Yield® Roundup Ready 2 Xtend® from Monsanto. During the initial five-year period of Enlist E3TM, Corteva is expected to significantly reduce the volume of products with the herbicide tolerance characteristics Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® starting in 2021, with minimum expected use of the characteristics platform after the ramp-up is completed. In addition, on February 1, 2021, Corteva approved restructuring actions designed to scale and optimize the footprint and organizational structure according to the business needs in each region, with a focus on continuous cost and productivity improvement. Corteva expects to record total pre-tax restructuring and related expenses of approximately US $ 130 million to US $ 170 million. The restructuring actions associated with this charge are expected to be substantially completed in 2021.

Organic sales are defined as price and volume and exclude currency and portfolio impacts. Operating EBITDA is defined as earnings (ie, income from continuing operations before income tax) before interest, depreciation, amortization, non-operating benefits, net, foreign exchange gains (losses), net and unrealized net gain or loss of mark-to – market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items (including goodwill impairment charges). Non-operating, net benefits consist of non-operating pensions and other post-employment benefit credits (OPEB), tax indemnity adjustments, environmental remediation and legal costs associated with historic DuPont’s legacy and local businesses. Tax compensation adjustments refer to changes in compensation balances, due to the application of the terms of the Tax Matters Agreement, between Corteva and Dow and / or DuPont, which are recorded by the company as income or expense before taxes . Operating EBITDA margin is defined as operating EBITDA as a percentage of net

sales. Operating earnings per share are defined as “Earnings per common share from continuing operations – diluted”, excluding the after-tax impact of significant items (including goodwill impairment charges), the after-tax impact of non-operating benefits, net, the tax impact of amortization expense associated with existing intangible assets after the separation of DowDuPont, and the net after-tax impact of unrealized gain or loss on mark-to-market activity for certain foreign currency derivative instruments that do not qualify for accounting hedge. Although the amortization of the Company’s intangible assets is excluded from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets contribute to the generation of revenue. The amortization of intangible assets related to previous acquisitions will occur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. The net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-monetary net gain (loss) of changes in the fair value of certain foreign currency derivative contracts not designated. After settlement, which takes place in the same calendar year of execution of the contract, the gain (loss) realized on changes in the fair value of non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing for quarterly results for reflect the economic effects of foreign currency derivative contracts without the unrealized markup resulting from the fair value volatility. The basic tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), net, non-operating benefits, net, amortization of intangibles from the DowDuPont Separation and significant items (including goodwill reduction charges) ).

CEO’s Perspectives – 1Q 2021


Speeding up



Building on

Launch and

strong 2020

climbing quickly







demand for

through both

higher margin





Robust program structure

Fulfilling productivity commitments



Managing pandemic challenges

Supply chain agility



Insight and overall involvement of the board

Capital allocation and return to shareholders

Capitalizing on market fundamentals and competitive strengths

Strong start for 2021


Liquid sales

Organic(1) Sales

Operating EBITDA(1)

Operating EBITDA


1st quarter of 2021

$ 4.18B 6%

$ 4.20B 6%

$ 904M 14%


EMEA-led net sales growth partially offset by North American weather

Organic(1) growth in both segments led by strong price execution, with double-digit organics(1) growth in crop protection

Operating EBITDA(1) increase led by new technologies, reduction of SG&A and cost and productivity actions, partially offset by headwinds of costs driven by the market

Margin delivered(1) organic expansion(1) growth in both segments

Strong volume and price, contributing to margin expansion

(1) Organic sales growth, operating EBITDA and operating EBITDA margin are non-GAAP measures. See slide 3 for a more detailed discussion and reconciliations starting on slide 19.

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Disclaimer of Liability

Corteva Inc. posted this content on May 4, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, in May 04, 2021 21:08:03 UTC.

Publicnow 2021

All news about CORTEVA, INC.

Sales 2021 14 683 mi

Net profit 2021 1,061 mi

Net box 2021 2,580 mi

P / E Ratio 2021 33.8x
Yield 2021 1.12%
Capitalization 36 832 mi
36 832 mi
EV / Sales 2021 2.33x
EV / Sales 2022 2.19x
No. of employees 21,000
Free-Float 99.9%


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Medium consensus OUTPERFORM
Number of Analysts 22
Average target price

$ 48.25

Last closing price

$ 49.73

Spread / Highest target 16.6%
Spread / Average target -2.98%
Spread / Lower target -35.7%

Paula Fonseca