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1 / 42 2021 08 20 - - 2021.8.15 -USDA -2021.8.15 -7 -2021.8.12 S0790520030001 2700 / - 2020 2698 608/ 463/ 1627 2020 3918 2021 1758 2017 A 2020 228.15 111.59 2020 100.68 374.42 2021 - 2020 49.48 210% 2021Q1 18.11 295% -46% -31% -15% 0% 15% 31% 2020-08 2020-12 2021-04 2021-08 3002 / 42 1 . 8 1.1 . 9 1.2 . 10 1.3 . 11 1.4 . 15 1.5 . 17 2 . 20 2.1 . 20 2.2 . 22 2.3 . 24 3 . 24 3.1 . 24 3.2 . 25 4 . 27 4.1 . 27 4.2 . 29 5 . 32 5.1 . 32 5.2 . 34 6 . 35 6.1 . 36 6.2 EBITDA Margin . 38 6.3 . 39 7 . 40 8 . 40 1 2020 2698 . 8 2 2020 3918 . 8 3 1961 . 9 4 . 9 5 . 10 6 . 11 7 . 11 8 5 . 12 9 . 13 10 . 13 11 . 13 12 . 15 13 1995 EPA . 15 14 2019 1.90 . 16 15 2013 . 163 / 42 16 . 16 17 CR5 90.7% . 16 18 2018 HT 62.3% . 17 19 . 18 20 . 18 21 86.21% . 19 22 2019 . 19 23 20 . 19 24 2018 52% . 19 25 90% . 20 26 . 20 27 . 20 28 . 21 29 . 21 30 . 21 31 . 22 32 2020 . 22 33 2020 . 22 34 . 22 35 . 23 36 2020 95.33% . 23 37 . 23 38 . 23 39 2020 . 24 40 “ + ” . 25 41 . 25 42 . 25 43 MAP beside . 25 44 . 26 45 . 26 46 95% . 26 47 . 26 48 . 27 49 . 27 50 . 29 51 2019 25% . 29 52 15-35% . 32 53 350 . 34 54 . 34 55 . 38 56 . 38 57 . 38 58 . 39 59 EBITDA . 39 60 . 394 / 42 61 . 40 1 . 8 2 . 10 3 . 11 4 . 11 5 2000 2015 . 13 6 / 90% . 16 7 75 . 18 8 236 65 . 24 9 2020 . 27 10 . 28 11 2020 11 . 28 12 . 30 13 . 30 14 9 . 31 15 . 31 16 42 . 32 17 2020 . 33 18 2018 80% . 33 19 50 . 34 20 2019 / . 34 21 2018 55.61 . 35 22 . 36 23 . 36 24 2020 EBITDA . 37 25 . 37 26 A . 40 1 . 8 1.1 . 9 1.2 . 10 1.3 . 11 1.4 . 15 1.5 . 17 2 . 20 2.1 . 20 2.2 . 22 2.3 . 24 3 . 24 3.1 . 24 3.2 . 25 4 . 275 / 42 4.1 . 27 4.2 . 29 5 . 32 5.1 . 32 5.2 . 34 6 . 35 6.1 . 36 6.2 EBITDA Margin . 38 6.3 . 39 7 . 40 8 . 40 1 2020 2698 . 8 2 2020 3918 . 8 3 1961 . 9 4 . 9 5 . 10 6 . 11 7 . 11 8 5 . 12 9 . 13 10 . 13 11 . 13 12 . 15 13 1995 EPA . 15 14 2019 1.90 . 16 15 2013 . 16 16 . 16 17 CR5 90.7% . 16 18 2018 HT 62.3% . 17 19 . 18 20 . 18 21 86.21% . 19 22 2019 . 19 23 20 . 19 24 2018 52% . 19 25 90% . 20 26 . 20 27 . 20 28 . 21 29 . 21 30 . 21 31 . 226 / 42 32 2020 . 22 33 2020 . 22 34 . 22 35 . 23 36 2020 95.33% . 23 37 . 23 38 . 23 39 2020 . 24 40 “ + ” . 25 41 . 25 42 . 25 43 MAP beside . 25 44 . 26 45 . 26 46 95% . 26 47 . 26 48 . 27 49 . 27 50 . 29 51 2019 25% . 29 52 15-35% . 32 53 350 . 34 54 . 34 55 . 38 56 . 38 57 . 38 58 . 39 59 EBITDA . 39 60 . 39 61 . 40 1 . 8 2 . 10 3 . 11 4 . 11 5 2000 2015 . 13 6 / 90% . 16 7 75 . 18 8 236 65 . 24 9 2020 . 27 10 . 28 11 2020 11 . 28 12 . 30 13 . 30 14 9 . 317 / 42 15 . 31 16 42 . 32 17 2020 . 33 18 2018 80% . 33 19 50 . 34 20 2019 / . 34 21 2018 55.61 . 35 22 . 36 23 . 36 24 2020 EBITDA . 37 25 . 37 26 A . 408 / 42 1 2700 / - 2020 2698 608/463/1627 2020 3918 CPI 1 / 4000 30000 10000 35000 54000 R&D rate 15% 0% 1% 1-2% 1% 100 0 80 EBIT rate 15% 2-5% 10-20% 5% Phillips McDougall 1 2020 2698 2 2020 3918 1372 1410 1456 1512 1568 1627 1943 569 559 564 582 593 608 680 435 432 459 466 450 463 527 0 500 1000 1500 2000 2500 3000 3500 2015 2016 2017 2018 2019 2020 2025E 1372 1410 1456 1512 1568 1627 1943 569 559 564 582 593 608 680 435 432 459 466 450 463 527 0 500 1000 1500 2000 2500 3000 3500 2015 2016 2017 2018 2019 2020 2025E9 / 42 1.1 60 1961-2020 1961 31 2020 78 1.22 13.95 FAO 2050 97 30 30 3 1961 FAO 50 1969-2019 4 FAO 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 11.0 11.5 12.0 12.5 13.0 13.5 14.0 14.5 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021E / -200% 0% 200% 400% 600% 800% 0 2 4 6 8 10 12 14 1969 1979 1989 1999 2009 2019 50 CAGR10 / 42 1.2 1990-2018 20-50% 30 40 50 60 5 FAO 16.5% 13.7% 2 2018 1996-2018 3530 27763 4787 49774 243 3260 132 1407 ISAAA 1.0 1.2 1.4 1.6 1.8 2.0 2.2 200.0 250.0 300.0 350.0 400.0 450.0 1990 1994 1998 2002 2006 2010 2014 2018 / /11 / 42 3 2018 2010-2018 / 14.21 20.92 % 3.00% 3.70% / 14.21 -2.50 / 5.24 29.05 77.2 2240 ISAAA 1.3 AgbioInvestor 2020 608 2015 1.3% 2020- 2025 2.3% 2020 454 2.2% 3.6% IHS Markit AgroPages 2019 CR10 88.8% 2017 13pct 2019 152.4 25.5% 6 7 4 2017 2018 2019 2019/2018 13149 14314 15240 6.5% 1 9244 9909 10378 4.7% 2 7622 9641 10374 7.6% 3 6704 6916 7123 3.0% 4 6185 6445 6255 -2.9% 5 2531 4285.3 4609.8 7.6% 6 2296 2688 4461 66.0% 7 3259 3617 3611 -0.2% 8 2487 2538 2575 1.5% 9 2234 2332 2517 7.9% 569 558 564 581 593 608 680 408 412 403 423 447 454 541 0 200 400 600 800 2015 2016 2017 2018 2019 2020 2025E / / , 261.8 , 44% , 151.5 , 25% , 163.6 , 27% , 21.5 , 412 / 42 2017 2018 2019 2019/2018 10 646 788 1251 58.8% 43208 49159 53155 57003 60304 59827 CR10 75.8% 81.5% 88.8% AgroPages IHS Markit 1 AgroPages 2019 Top20 IHS Markit 2 2019 2019 6.976 3 2019 9.13 100% 100% 4 IHS Markit - - - - 8 5 Phillips McDougall 2005 Phillips McDougall 2010-2014 1995 88.2% 313 / 42 9 Phillips McDougall Database 2010-2020 600 2010-2019 2000 10 11 Phillips McDougall Phillips McDougall 5 2000 2015 1 glyphosate 49.65 1972 2 paraquat 6.95 1962 3 mesotrione 6.10 HPPD 2001 4 2.4- 2.4-D 6.05 1945 5 glufosinate 5.70 1986 6 atrazine 5.65 1957 7 metolachlor 5.60 1975 0.0% 25.0% 50.0% 75.0% 100.0% 125.0% 150.0% 175.0% 0 100 200 300 400 500 600 700 1950S 1960S 1970S 1980S 1990S 2000S 2010S yoy 0 20 40 60 80 100 120 140 1950S 1960S 1970S 1980S 1990S 2000S 2010S14 / 42 8 acetochlor 4.30 1985 9 pinoxaden 4.00 2006 10 flumioxaz in 3.70 PPO- 1993 11 pendimethalin 3.50 1976 12 噁 clomazone 3.10 1986 13 clethodim 3.00 1987 14 picloram 2.70 1963 15 fluroxypyr 2.40 1985 1 chlorantraniliprole 14.00 2008 2 thiamethoxam 11.00 1997 3 imidacloprid 10.30 1991 4 chlorpyrifos 6.65 1965 5 lambda-cyhalothrin 6.25 1984 6 fipronil 5.00 1993 7 acephate 4.80 1971 8 flubendiamide 4.80 2007 9 abamectin 4.70 1985 10 clothianidin 3.50 2002 11 deltamethrin 3.30 1977 12 cypermethrin 3.20 1978 13 spinosad 2.90 1995 14 bitenthrin 2.85 1986 Amvac 15 methomyl 3.25 1966 1 azoxystrobin 13.05 1997 2 pyraclostrobin 8.50 2002 3 prothioconazole 8.00 SBI- 2004 4 trifloxystrobin 6.50 2000 5 mancozeb 6.10 1943 UP L 6 copperfungicides 5.70 1885 7 tebuconazole 5.30 SBI- 1988 8 epoxiconazole 5.20 SBI- 1993 9 cyproconazole 4.55 SBI- 1988 10 fluxapyroxad 3.90 SDH I 2012 11 metalaxyl 3.65 1977 12 difenoconazole 3.30 SBI- 1989 12 picoxystrobin 3.30 2001 12 boscalid 3.30 SDH I 2003 15 chlorothalonil 3.10 1963 15 propiconazole 3.10 SBI- 1980 Phillips McDougall15 / 42 1960-1990 3 1990- 2016 11 12 Phillips McDougall 1.4 19 1995 Bt 2019 ISAAA 1.90 2013 2018 219.70 13 1995 EPA From Corgis to Corn16 / 42 14 2019 1.90 15 2013 ISAAA IHS Markit 2019 29 43 48.2% 32.0% 13.5% 1.73 CR5=90.7% 90% 2019 320 16 17 CR5 90.7% ISAAA ISAAA 6 / 90% 94% 92% 94% 99% 96% 86% 84% N/a 100% 98% 93% N/a 83% 99% N/a 91% N/a N/a 95% N/a 98% 51% 100% N/a N/a N/a 95% N/a 1.90 0.0 0.5 1.0 1.5 2.0 2.5 50 100 150 200 250 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 , 48.2% , 32.0% , 13.5% , 5.3% , 1.8% 71.5 52.8 24.0 12.5 11.9 4.1 3.2 2.7 2.5 1.4 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.017 / 42 95% 87% 100% N/a N/a N/a 97% N/a 91% N/a N/a N/a 98% 100% N/a N/a N/a 25% N/a N/a N/a N/a 100% 26% N/a N/a 89% N/a N/a 35% 90% N/a ISAAA 2018 15 IR (HT) IR/HT 2018 HT 35.5% HT IR IR IR 20.5% 19.3% 9.8% 8.7% 2019 IR/HT 6% 8510 45% HT 8150 43% IR Bt C ry C yt V i p Cry 18 2018 HT 62.3% ISAAA 1.5 + FAO 2000-2018 2018 0.097 195 118 2019 3.70% 2.09% 2021 GNAFC 2020 55 1.55 2019 2000 13.3 0.20% 3.80% 8.70% 20.50% 19.30% 2.30% 35.50% 9.80% HT HT IR HT IR HT HT IR18 / 42 2020 2017 2050 98 19 20 FAO FAO Phillips McDougall/IHS Markit 6 1000 2012-2020 2016-2020 7 75 2017 2018 2019 2020 108.4 104.3 106.7 99.2 80.6 78.4 75.9 77.6 28.3 32.0 30.8 31.9 16.9 18.0 16.2 23.1 15.4 15.7 14.9 13.8 11.7 13.4 12.6 14.1 AgReliant Genetics 6.6 6.4 6.6 NA 5.2 6.9 7.8 NA 4.9 5.2 4.5 5.0 5.3 5.4 5.9 5.4 70% 0.0% 0.5% 1.0% 1.5% 2.0% 0 1000 2000 3000 4000 5000 6000 7000 2000 ( 2018 ( CAGR 0 1000 2000 3000 4000 500019 / 42 24% 16% 14% 50% 8.2% 2000-2018 3.23% 3.08% 2018 52% 360Research Report 2020 9.57 2027 15.54 7.1% 21 86.21% 22 2019 AgbioInvestor 2018 &2019 23 20 24 2018 52% FAO Petal Republic 90.7% 2019 29 - , 34.70% - , 51.51% , 14.20% , 24.0% , 15.7% , 13.9% , 10.1% , 3.6% , 2.4% , 1.3% , 29.1% 0 100 200 300 400 500 600 700 800 900 2000 2010 2018 52% 15% 9% 7% 3% 2% 1% 1% 1% 120 / 42 25 90% 26 FAO Wind 2 2.1 263 1758 20 DDT Atrazine SiMazine Paraquat 1993 , 1999 2000 27 0 100 200 300 400 500 600 700 2013 2014 2015 2016 2017 2018 201921 / 42 2017 6 27 100% 28 29 3022 / 42 2.2 2020 1519.60 5.11% 309.08 7.20% 31 32 2020 2020 1006.81 66.25% 228.15 15.01% 205.98 49.48 13.56% 3.26% + 2020 1.4 64 2020 210.1% 33 2020 34 , 24.5% , 22.6% , 20.3% , 11.7% , 1.4% , 19.5% 0 100 200 300 400 2018 2019 2020 +3.4% -1.7% +7.2% +4.2% +21.1% +23.8% , 66.25% , 15.01% , 13.56% , 3.26% , 1.77% , 0.15% 0 200 400 600 800 1,000 1,200 2018 2019 2020 +5.0% +3.7% -7.0% +210.1% +0.3% -19.423 / 42 2020 48.91% 37.19% 486.00 2020 95.33% 2020 7.83% 7.74% 35 36 2020 95.33% 2018-2020 364.13 363.93 358.02 2020 2020 11-12 37 38 40.61% 40.60% 37.19% 43.94% 48.60% 48.91% 0% 10% 20% 30% 40% 50% 60% 2018 2019 2020 , 374.42 , 73% , 16.13 , 3% , 3.83 , 1% , 3.86 , 1% , 111.59 , 22% 2% 4% 6% 8% 10% 12% 2018 2019 2020 0% 5% 10% 15% 2024 / 42 2.3 2020 186 2020 41.64 2019 80.24 2020 40.58 2020 69.07% 79.97 44.24 8 236 65 80.99 4.89 76.11 5.31 0 55 0 55 3.85 0 Global Chem 100 35 2.29 65 Global Chem 35 35 Global Chem 35 Global Chem 65 39 2020 3 3.1 2011 49.40 38.82 88.04 38.04 47.30 79.97 (40.48) (22.06) 44.24 (60) (40) (20) 0 20 40 60 80 100 2018 2019 2020 +69.1% +200.525 / 42 40 + 41 MAP Land D.B Strider Cropiwise 2020 325 MAP 900 MAP 1.4 1162 42 43 MAP beside 3.2 epsps 0% 2% 4% 6% 8% 10% 12% 0 10 20 30 40 50 26 / 42 44 45 HAL Precision Agriculture 2020 1217 D T S 18 8500 1200 95% 46 95% 47 - / - /27 / 42 48 4 4.1 56% 20% 60% 140 Syngentaflowers Goldsmith Goldfish Yoder Fisher 49 9 2020 1 20% 4% 2 17% 3% 3 7% 2% 0 10 20 30 40 50 60 2018 2019 202028 / 42 4 4% 2% 5 Vilmorin&Cie 4% 1% 52% 12% 100 400 600 2020 6000 GOLDEN HARVEST NK 10 GOLDEN HARVEST INNOTECH SPS NIDERA NK PHOENIX SYNGENTA NK NIDERA SPS FRONTLINE NK AGRIPRO C.C. BENOIST HYVIDO ROGERS ZERAIM GEDERA S&G DAEHNFELDT GOLDFISCH GOLDSMITH SEEDS YODER SYNGENTAFLOWERS 2017 - Broad CRISPR-Cas9 2020 11 2 9 Bt11 GA21 11 2020 11 3272 amy797E pmi 5307 pmi ecry3.1Ab Bt10 cry1Ab pat bla29 / 42 Bt11 X4334CBR X4734CBR pat cry1Ab Bt176 cry1Ab bar bla MIR162 vip3Aa20 pmi MIR604 mcry3A pmi MZHG0JG 2mepsps pat MZIR098 ecry3.1Ab mcry3A pat COT102 (IR102) vip3A(a) aph4 (hpt) COT67B (IR67B) cry1Ab ISAAA 4.2 2018-2019 17.05% 17.72% 19.34% 3000 2500 50 51 2019 25% 2020 +2% +25% 0 5 10 15 20 25 30 35 4030 / 42 12 2018 2019 2020 1 0.97 0.66 0.48 2 18.65 21.77 23.17 3 0.27 0.13 0.13 4 0.65 0.74 0.66 5 0.48 0.48 0.06 6 0.49 0.84 1.48 7 0.13 0.17 0.11 8 1.25 1.02 0.78 9 0.72 1.54 3.78 10 15.28 11.65 11.94 38.89 39.00 42.58 - 13 977 1230 5569 29923 1050 1250 4000 20000 450 550 5000 10000 295 370 2000 10000 73 129 1400 9000 28 36 200 2000 9 12 200 2000 8 10 100 1000 5 7 100 1000 2895 3594 18569 84923 - - 2020 9 8 7 2021 6 5 Bt11MIR162MON89034GA2131 / 42 14 9 2004 Bt176 2004 007 2004 Bt11 2004 008 2008 GA21 2008 084 2008 MIR604 2008 085 2011 Bt11 GA21 2011 021 2012 3272 2012 174 2014 MIR162 2014 002 2017 5307 2017 033 2018 SYHT0H2 2004 007 2020 MZIR098 2004 008 SYHT0H2 15 5307- Agrisure Duracade Agrisure Duracade 5122 5307 x MIR604 x Bt11 x TC1507 x GA21 Agrisure Duracade 5222 5307 x MIR604 x Bt11 x TC1507 x GA21 x MIR162 Bt11 - Agrisure CB/LL GA21 - AgrisureGT MIR604 - Agrisure RW Agrisure GT/RW MIR604 x GA21 Agrisure GT/CB/LL Bt11 x GA21 Agrisure CB/LL/RW Bt11 x MIR604 Agrisure 3122 Bt11 x 59122 x MIR604 x TC1507 x GA21 MIR162 - Agrisure Viptera Agrisure Viptera 3220 Bt11 x MIR162 x TC1507 x GA21 Agrisure Viptera 2100 Bt11 x MIR162 Agrisure Viptera 3110 Bt11 x MIR162 x GA21 Agrisure Viptera 3100 BT11 x MIR162 x MIR604 Agrisure Viptera 3111 Bt11 x MIR162 x MIR604 x GA21 Agrisure 3000GT Bt11 x MIR604 x GA21 ISAAA 15-3532 / 42 52 15-35% FAO 2020 T / / 82 /12 45% 42 85%-90% 35 16 42 T E T+2Y E T+5Y E T+8Y E T E T+2Y E T+5Y E T+8Y E 6.4 6.5 6.7 6.8 1.5 1.5 1.5 1.5 / 55.0 56.0 58.0 60.0 / 35.3 35.8 36.5 38.0 / 11.0 11.2 14.5 15.0 / 7.1 7.2 9.1 9.5 10% 20% 50% 80% 10% 20% 50% 80% 7.0 14.6 48.6 81.6 1.0 2.1 6.8 11.7 30% 40% 50% 45% 30% 40% 50% 45% 2.1 5.8 24.3 36.7 0.3 0.8 3.4 5.3 2020 FAO 1 2 2020 55.0 /35.3 3 FAO 15-35% 2 20% 5 25% 5 5.1 202033 / 42 17 2020 1 24% 11% 2 20% 3% 3 12% 3% 4 11% 2% 5 UPL 8% 2% 75% 21% 40 40% 10 80% 2001 13 16.9% 1996 100 120 2011 350 2020 11.08% 2020 18 2018 80% 1 17.3 32.50% 6.37 81.70% 2 2.65 28.90% 5.51 85.40% 3 2.31 100.00% 4.35 100.00% 4 1.94 93.70% 3.89 7.30% 5 1.89 77.10% 3.19 4.50% 1 5 54.30% 9.15 87.10% 2 4.77 100% 3.51 57.70% 3 2.58 79.40% 2.67 48.50% 4 2.32 100% 2.25 14.20% 5 1.6 37.20% 1.85 82.20% 1 7.85 100% 12.05 84.90% 2 7.6 93.00% 3.91 100% 3 4.05 66.90% 3.68 76.70% 4 2.65 100% 2.65 94.60% 5 2.45 100% 2.2 51.00% 2018 6 18 2018 834 / 42 53 350 54 5.2 50 5.58% 5.02% 4.75% 2020 50 19 50 2018 2019 2020 1 1.47 1.74 1.32 2 11.98 12.22 11.36 3 11.02 11.07 9.99 4 10.42 11.21 10.62 5 4.22 3.93 4.31 6 1.49 1.30 1.84 7 7.46 9.42 8.38 48.07 50.89 47.81 47.81 20 2019 / / 1 3 4 7 1 6 6 12 2 3 3 6 2 2 4 6 3 2 3 5 3 5 5 4 0 3 3 4 2 2 4 5 1 2 3 5 1 2 3 0 50 100 150 200 250 300 350 400 2018 2019 2020 54% 56% 58% 60% 62% 64% 66% 68% 70% 0 100 200 300 400 500 600 700 35 / 42 / 1 1 7 8 1 0 1 1 2 1 2 3 2 Helena 0 1 1 3 1 1 2 3 Ihara 0 1 1 4 1 1 2 4 0 1 1 5 1 1 2 5 0 1 1 AgrowPages 2018 8 2018 21 2018 55.61 1 12.05 2011 2 9.15 2016 3 6.37 2010 4 5.51 2001 5 4.35 2019 6 3.91 2023 7 3.89 - 8 3.68 2018 9 3.51 2024 10 3.19 - 55.61 - 636 / 42 22 Bayer BAYN 1863 1953 2 Corteva CTV A 2019 6 DowDuPont BASF BAS 1865 2018 8 76 23 002215.SZ 1999 2008 000998.SZ 1999 2000 5 002041.SZ 1998 2005 4 000713.SZ 1984 1997 002258.SZ 1993 2008 7 30 100 002250.SZ 1985 2008 6 000902.SZ 1986 1999 4 600096.SH 1997 6.1 Crop Science Agricultural Solution 2020 EBITDA EBITDA 202037 / 42 24 2020 EBITDA 2018 2019 2020 EBITDA 2018 2019 2020 170.3 226.2 185.2 27.3 25.9 28.0 170.5 157.9 157.2 22.1 21.01 22.1 161.9 154.9 158.0 11.8 18.8 17.5 93.3 70.2 84.7 53.7 43.6 -73.0 2020 107 EBITDA 25 2018 2019 2020 2018 2019 2020 220.1 220.1 228.2 111.6 107.0 96.7 35.8 31.3 32.9 15.6 12.1 12.7 7.6 8.2 9.0 2.6 2.7 2.6 19.3 24.0 24.6 3.1 3.9 3.6 911.4 958.4 1006.8 370.1 389.1 374.4 40.3 41.6 49.7 13.3 10.8 14.4 41.1 42.8 47.8 11.4 16.7 17.3 227.0 221.5 206.0 14.2 16.1 16.1 100.3 93.3 100.7 19.4 17.4 18.1 529.8 539.8 521.1 78.3 71.5 64.4 1138.4 1180.0 1212.8 384.3 405.2 390.5 40.1 40.6 41.3 11.7 10.6 10.438 / 42 55 6.2 EBITDA Margin EBITDA Margin IFRS Crop Science Agricultural Solution EBITDA EBITDA Margin 13.43% -0.91% Crop Science Agricultural Solution 56 57 GAAP IFRS 95 95 90 78 76 78 32 31 32 4 17 17 119 122 117 64 63 65 104 105 111 70 73 68 17 19 17 0 50 100 150 200 250 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 30% 40% 50% 60% 70% 80% 90% 6% 8% 10% 12% 14% 16% 1839 / 42 58 59 EBITDA / 2018 EBITDA Margin 60 6.3 EAMA 62.53 50.78 40 0 5 10 15 20 25 30 35 40 45 50 2016 2017 2018 2019 2020 -40% -30% -20% -10% 0% 10% 20% 30% 40% 0 10 20 30 4
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