Syngenta increased sales by 1 percent at constant exchange rates in 2015, it reported Feb. 3.

The Switzerland-based company had sales of $13.4 billion, which is 11 percent lower at actual rates due to the U.S. dollar strength. Its EBITDA margin increased from 19.3% to 20.7% and earnings per share are $17.78. Its net income including restructuring and impairment was $1.34 billion in 2015, compared to $1.62 billion in 2014.

“We’re very pleased with our financial performance in 2015,” said Syngenta COO Davor Pisk in a conference call, noting that the agricultural economy has been tough with low commodity prices, El Nino and competitive pricing pressures.

Davor Pisk is COO of Syngenta, based in Switzerland. (Photo: Syngenta)

“Over the last two years we have been dealing not only with low crop prices, but also with emerging market instability and massive movements in currencies,” said John Ramsay, Syngenta CEO, in a media statement. “Our ability to navigate our way through these headwinds was notably evident in 2015 when exchange rates reduced our full year sales by $1.8 billion and yet the impact on EBITDA was contained at just $100 million.”

North American sales were down 4% due to reduced use of glyphosate. But the company had a successful launch of Acuron, a corn herbicide, and trait revenues of $145 million from a licensing agreement with KWS and Limagrain.

In 2015, Syngenta’s new crop protection products, fungicides Elatus and Seguris; seed treatments Clariva, Fortenza and Vibrance; and Acuron had sales of more than $800 million.

In seeds, the company’s Enogen platform is expanding with commercial agreements in place with 18 ethanol plants and 28 prospects, Pisk said. Syngenta is also working toward introducing a hybrid wheat at the end of the decade.

“Growth in sales of new products and further enhancements in sales force effectiveness should enable us to maintain and grow market share,” Ramsay said.