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Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer

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Page 1: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

Investor Update

August 17, 2020

James C. Collins, Jr

Chief Executive Officer

Greg Friedman

EVP & Chief Financial Officer

Page 2: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

2

Forward-Looking Statements

This presentation contains certain estimates and forward-looking statements within 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 covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be

identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” 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 of recent acquisitions, timing of

anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures, and financial results, as well as expected benefits from, the

separation of Corteva from DuPont, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties,

many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and

uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those

anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could

have a material adverse 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 any such forward-looking statements include: (i) failure to successfully develop and commercialize Corteva's pipeline; (ii) effect of competition and consolidation in Corteva's industry; (iii)

failure to obtain or maintain the necessary regulatory approvals for some Corteva's products; (iv) failure to enforce Corteva's intellectual property rights or defend against intellectual property claims

asserted by others; (v) effect of competition from manufacturers of generic products; (vi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and

commercialization; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of the degree of

public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (ix) effect of changes in agricultural and related policies of governments

and international organizations; (x) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xi) competitor's establishment of an

intermediary platform for distribution of Corteva's products; (xii) effect of volatility in Corteva's input costs; (xiii) failure to raise capital through the capital markets or short-term borrowings on terms

acceptable to Corteva; (xiv) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xv) failure to realize the anticipated benefits of the internal

reorganizations taken by DowDuPont in connection with the spin-off of Corteva, including failure to benefit from significant cost synergies; (xvi) risks related to the indemnification obligations of legacy

EID liabilities in connection with the separation of Corteva; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) effect of compliance with environmental laws and

requirements and adverse judgments on litigation; (xix) risks related to Corteva's global operations; (xx) effect of climate change and unpredictable seasonal and weather factors; (xxi) effect of counterfeit

products; (xxii) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; (xxiii) risks related to non-cash charges from impairment of goodwill or intangibles assets; (xxiv)

risks related to COVID-19; (xxv) risks related to oil and commodity markets, and (xxvi) other risks related to Corteva’s Separation from DowDuPont.

Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any

forward-looking statement or other estimate, an expectation or belief as to 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 believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva

disclaims and does not undertake any 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 which may 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 by subsequent reports on Forms 10-Q and Current Reports on Form 8-K.

Safe Harbor Regarding Forward-Looking Statements

Page 3: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

3

Corteva Unaudited Pro Forma Financial Information In order to provide the most meaningful comparison of results of operations, supplemental unaudited pro forma financial information for the first quarter of 2019 has been included in this presentation. This presentation presents the pro

forma results of Corteva, after giving effect to events that are (1) directly attributable to the merger of DuPont and Dow, debt retirement transactions related to paying off or retiring portions of Historical DuPont’s existing debt liabilities,

and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock; (2) factually supportable and (3) with respect to the pro forma statements of income, expected to have a

continuing impact on the consolidated results. Refer to Corteva’s Form 10 registration statement filed on May 6, 2019, which can be found on the investors section of the Corteva website, for further details on the above transactions.

The pro forma financial statements were prepared in accordance with Article 11 of Regulation S-X, and are presented for informational purposes only, and do not purport to represent what the results of operations would have been

had the above actually occurred on the dates indicated, nor do they purport to project the results of operations for any future period or as of any future date.

Regulation G (Non-GAAP Financial Measures)This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA,

pro forma operating EBITDA, operating EBITDA margin, pro forma operating EBITDA margin, operating earnings per share, pro forma operating earnings per share, base tax rate and pro forma base tax rate. Management uses these

measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures reflect the ongoing performance of the Company during

the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results.

These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent

with similar measures provided or used by other companies For first quarter 2019 and prior, these non-GAAP measures are being reconciled to a pro forma GAAP financial measure prepared and presented in accordance with Article

11 of Regulation S-X. Reconciliations for these non-GAAP measures to their most directly attributable U.S. GAAP measure are provided on slides 21 - 23 of this presentation.

Corteva is not able to reconcile its forward-looking non-GAAP financial measures to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control,

such as Significant Items, without unreasonable effort. For Significant Items reported in the periods presented, refer to page A-9 of the Financial Statement Schedules. Beginning January 1, 2020, the company presents accelerated

prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the noncash charge associated with the recognition of upfront payments made to Monsanto in connection with the

Company’s non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® Roundup Ready 2 Xtend® herbicide tolerance traits. During the five-year ramp-up period of Enlist E3®, Corteva is

expected to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform after the completion

of the ramp-up.

Organic sales is defined as price and volume and excludes currency and portfolio impacts. Operating EBITDA is defined as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation,

amortization, non-operating benefits, net and foreign exchange gains (losses), excluding the impact of significant items (including goodwill impairment charges). Non-operating benefits, net consists of non-operating pension and other

post-employment benefit (OPEB) credits, tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. Tax indemnification adjustments relate to

changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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, and the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from

DowDuPont. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue

generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible

assets. Base tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits, net, amortization of intangibles as of the Separation from DowDuPont, and significant items

(including goodwill impairment charges). All periods for the first quarter of 2019 and prior are on a pro forma basis as discussed above in the paragraph ‘Corteva Unaudited Pro Forma Financial Information’.

A Reminder About Non-GAAP Financial Measures and Pro Forma Financial Information

Page 4: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Looking Beyond the Crisis to the Future

1 Operational momentum is clear

2 Strategy is durable

3 Growth expectations are achievable

Execution is disciplined and focused4

Page 5: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Keeping our Priorities for Shareholder Value Creation in Focus

5

› Accelerate Enlist E3®(2) soybean launch

› Continue corn technology penetration globally

› Scale Brevant™ seed brand in key markets

› Increase patented and differentiated Crop Protection sales

› Deliver ~$400 million in earnings improvement from new

Crop Protection products

› Drive ~$1 billion of additional cost savings and productivity

› Fund key product and pipeline growth

› Pursue opportunistic, bolt-on M&A

› Maintain competitive dividend policy

› Complete the $1 billion share repurchase program

› Optimize pension liability

✓ Launched key seed technologies in corn and soybeans

✓ Delivered seed price improvement in all regions

✓ Implemented multi-channel, multi-brand strategy

✓ Delivered insecticide growth

✓ Implemented best owner strategy in Crop Protection

✓ Delivered more than $300 million in earnings improvement from

new Crop Protection products

✓ Realized merger cost synergies and productivity of ~$930 million

since merger close

✓ Approved capacity expansion in Spinosyn insecticides

✓ Acquired PhytoGen Seed Company – cottonseed asset

✓ Returned approximately $400 million to shareholders since spin

through dividends

✓ Repurchased $75 million in shares

(1) Accomplishments represent the time period between the close of the DowDuPont merger and 1H 2020, unless otherwise stated.

(2) The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Dow AgroSciences LLC and M.S. Technologies, L.L.C. Royalty income for Enlist E3® is shared with MS Technologies.

Accomplishments through 1H 2020(1) Mid-Term Focus

Page 6: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

6

Market Opportunity

Corteva Opportunity

17%~35%

~90%

2020E 2021E Peak

% of volumes

>20%~30%

~50%

2020E 2021E Peak

% of Market

Peak% CTVA

Germplasm ~10% ~25% 100%

2020E 2021E

Earnings Expansion through Penetration of Enlist E3®(2) Soybean System

(1) Annualized improvement reflects earnings improvements from reduced in-licensed trait and germplasm costs, out-licensing income for Enlist E3® trait and benefit from Enlist™ herbicide. Estimate does not include any

assumption for changes in market share or pricing opportunity for Enlist E3® seed.

(2) The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Dow AgroSciences LLC and M.S. Technologies, L.L.C. Royalty income for Enlist E3® is shared with MS Technologies.

~70%

Peak% Acres Treated

with Enlist™

Herbicide

2020E 2021E

~65% ~65%

Components of Earnings Improvement

Driving Earnings Improvement with Proprietary System

• Reduction of royalty costs for in-licensed traits and germplasm

• Royalty income on out-licensing of trait(2)

• Herbicide margins for Corteva branded acres

• Market share expansion opportunity

• Value capture on best-in-class performance

Incremental upside

excluded from

~$400 million in

annualized improvement

Targeted Annualized Earnings

Improvement at Peak>$400 million1

Page 7: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

7

Driving Corn Seed Price Improvement with New Technology

• Proprietary molecular-stack technology with proven insect

protection and dual modes of action defend against above- and

below-ground pests

• Maximum corn rootworm control – balancing insect protection

and agronomics for industry-leading performance

• Compatible with a wide range of Corteva germplasm

Branded Offering

Qrome® Sales

~ $0.7 ~ $0.8

~ $1.1

2020E 2021E Peak

$ billions

~20%~25%

> 35%

2020E 2021E Peak

% of volumes

Triple-stack market represents approximately

1/3 of total North America corn acres

Superior performance on best-in-class genetics

8.2 bu/A1

6.9 bu/A2

Corn on corn Allacres/rotations

Extracting Value on Yield-Advantaged Technology

2020 Pricing

Improvement

– North

America

Corn(2)

>$40

million

2019 Yield Advantage(1)

(1) 2019 comparison data is based on the average of 1,330+ comparisons1 and on the average of 3,500+ comparisons2 made in the U.S. through Nov. 1, 2019. Comparisons are against all competitors, technology segment matched,

unless otherwise stated, and within +/- 3 CRM of the competitive brand. Product responses are variable and subject to any number of environmental, disease and pest pressures. Individual results may vary. Multi-year and multi-

location data are a better predictor of future performance.

(2) Based on 2020 season.

Page 8: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Exclusive to Pioneer seed brand –

direct to farmer via independent

Pioneer sales representatives

Pioneer Agency Model

Connects customers to our regional

brand employees or farmer-dealer

networks

Regional Seed Brands

Some seed brands – including

Brevant™ Seeds – via wholesale,

independent and distribution-owned

retailers

Retail

Strategic distribution and licensing

opportunities with retailers and

independent seed companies

outside our brands

Licensing and Distribution

Four Differentiated Channels

Executing Strategy to Enhance Market Presence in the Retail Channel

Multi-Brand, Multi-Channel Approach Expands Market Presence

Po

Multiple Seed Brands

Premium

Global

Seed

Brands

Regional

and Retail

Seed

Brands

Unique customer value proposition defined by

differentiated product and service offerings

delivered through each brand

Recently announced introduction of Brevant™ seed brand in the U.S.

for sale exclusively through retail, focused in the Midwest and Eastern

Corn Belt starting in 2021 season

Page 9: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Scaling Brevant™ Seed Brand in Key Global Retail Markets

Po

North America

Po

Latin America

Launched in Key Countries Globally to Drive Penetration in the Retail Channel

• With an initial launch in 2018, Brevant™ seed brand

has now launched in 11 countries to date, including

the U.S., Canada, Brazil and Argentina

• As a global brand, Brevant™ provides farmers

greater choice with a high-performance retail solution

• Brand has received favorable customer response

and is a sales and earnings growth driver for the

Seed segment in the mid-term

• Greater than 6 million units sold globally

Recently announced

introduction of Brevant™

seed brand in the U.S.

for sale exclusively

through retail, focused in

the Midwest and Eastern

Corn Belt starting in 2021

season

Launched Brevant™

seed brand in Brazil in

2018 and increased

sales by 15% since that

date – expanded market

share by more than 100

basis points in Brazil

corn market

Page 10: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

Portfolio

Rationalization

Cross

Licensing

Organic

Growth(1)

Source: Internal analysis.

(1) Organic sales growth is defined as price and volume, excluding currency and portfolio impact.

2019 CP Sales

Patented

34%

2023E CP Sales Vision(2)

Off-Patent

50%

Acquisitions

Differentiated

16%

Shaping the Crop Protection Portfolio of the Future

10(2) Estimated.

2020E CP Sales(2)

Patented

22%

Differentiated

14%Off-Patent

64%

Strategic partnerships strengthen

portfolio co-development and research

funding & risk share – >70 agreements

announced since separation

Recently announced multi-year global

agreement reflecting continued

commitment to growing biologicals

portfolio, while increasing technology

differentiation and competitive advantage

Completed 4 portfolio divestitures since

separation, and exited Chlorpyrifos –

reinforcing commitment to active

portfolio management focused on

margin expansion and value creation

Patented

19%

Differentiated

12%Off-Patent

69%

Ramping up new product sales and

driving sales of differentiated higher

margin technology while continuing to

invest in R&D and advancing pipeline

Driving a best-owner strategy and disciplined portfolio management focus

Page 11: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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New Crop Protection Products Drive Sales and Margin Diversity

New Fungicide Product Sales

$150 MM

2020E

$10 MM

2020E

$100 MM

2020E

New Herbicide Product Sales

$200 MM $90 MM $150 MM

New Active Ingredients and Formulations Drive Incremental Sales and Margins

2023 Launch

New Crop Protection

Product Sales

$450

$750

~$1,000

2018 2019 2020E

Net Sales

~$2,600

2023E

$ millions160%

>$200 MM

2023E

>$275 MM

2023E

>$200 MM

2023E

2020E 2020E 2020E2023E 2023E 2023E>$600 MM >$200 MM >$300 MM

2020E 2020E2023E 2023E

$200 MM $80 MM>$300 MM

New Insecticide Product Sales

>33% >27x >100%

>200% >120% >100%

>$150 MM>50% >90%

Est. 2023 Launch(1)

Est. 2021 Launch(1)

(1) Estimated launches pending all applicable regulatory approvals.

Page 12: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

12

Expanding Position in Growing Insecticide Market

Market Opportunity

Corteva Sales

2018 2019 2020E 2023E

$ in billions

$1.51$1.65 $1.76 $2.03

$13.3

$13.9

$14.5

2018 2019 2020E

$ in billions

Currency Impact

2020E

Currency ~$(25) MM ~$(65) MM ~$(120) MM

$ in millions

2018 2019

$200 MM >$300 MM

2023E New

Product Sales

2020E New

Product Sales

>50%

• Novel, technology with fast-

acting and long-lasting

control for hard-to-control

insect pests – targeted for

use in fruits and vegetables,

cereals, soybeans and rice

• U.S. EPA restored

registration in 2020 –

expanded critical uses

$80 MM >$150 MM

2023E New

Product Sales

2020E New

Product Sales

>90%

• Novel, insect control solution

targeted for Asian rice

growers

• Differentiated MOA and no

cross resistance

$770 MM >$1 B

2023E

Differentiated

Product Sales

2020E

Differentiated

Product Sales

>30%

• Naturally derived insecticide developed and

manufactured through proprietary process

• Provides organic farmers with highly

effective and needed insect control option

with broad spectrum offering for insect

control in key crops such as fruits,

vegetables, soybean and others

• Unique, world-class fermentation facilities

and processes enable us to innovate

natural products and increase productivity

and scalability

• Authorized Spinosyns capacity expansions

are expected to deliver 50% increase in

fermentation capacity by 2023

Spinosyns Insecticides

Spinosad Spinetoram

Page 13: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

13

New Products Enabling Differentiation and Growth in Herbicides

Market Opportunity

Corteva Sales

2018 2019 2020E 2023E

$ in billions

NewProducts

BaseBusiness

$3.42$3.27 $3.19

>$3.89

$27.7 $28.0 $28.9

2018 2019 2020E

$ in billions

Currency Impact

2020E

Currency ~$(40) MM ~$(100) MM ~$(160) MM

$ in millions

2018 2019

$200 MM >$600 MM

2023E New

Product Sales

2020E New

Product Sales

>200%

• Novel, with new MOA for

fast, effective control of hard-

to-control broadleaf weeds

for the cereals, OSR and

sunflower markets

• Innovative resistance

management tool with low

use rates

$90 MM >$200 MM

2023E New

Product Sales

2020E New

Product Sales

>120%

• Novel, effective broad

spectrum post-emergence

weed-control solution for rice

markets, with new MOA

• Targeted site resistance with

low use rates

• Recipient of multiple “green

chemistry” awards

$150 MM >$300 MM

2023E New

Product Sales

2020E New

Product Sales

• Accelerated production of

Enlist™ herbicides, ahead of the

2021 selling season

• Ramp-up plan focuses on the

solid long-term fundamentals of

Enlist™ weed control system

• Enlist One® offers additional

tank-mix flexibility and

provides exceptional weed

control designed to land and

stay on target

• Enlist Duo® provides two sites

of action that work together to

deliver control and help

prevent resistance.

>100%

Page 14: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

14

$10 MM >$275 MM

2023E New

Product Sales

2020E New

Product Sales

$100 MM >$200 MM

2023E New

Product Sales

2020E New

Product Sales

$150 MM >$200 MM

2023E New

Product Sales

2020E New

Product Sales

>100%

>33%

Targeted Actions to Build Strength in Fungicides

• Novel, naturally derived

fungicide for the

management of key diseases

in cereals and banana

• Favorable regulatory profile

• Novel fungicide for the

management of key diseases

in soybean, corn, wheat, rice,

sunflower, canola and OSR

• Onmira™ Active reflects

Corteva superior research,

development and testing

• New site and MOA fungicide

for the management of key

diseases in potatoes, grapes

and vegetables

• Favorable regulatory profile

• Expanding market presence in line

with rapid ramp-up of new products

• Product development rigor, coupled

with favorable regulatory profiles on

technologies, expected to accelerate

competitive advantages

Market Opportunity

Corteva Sales

2018 2019 2020E 2023E

$ in billions

$17.0 $17.1

$17.4

2018 2019 2020E

$ in billions

$1.14 $1.08 $1.06

Currency Impact

2018 2019 2020E

Currency ~$(65) MM ~$(45) MM ~$(130) MM

$ in millions

Emerging Fungicides Portfolio$1.38

>27x

Page 15: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

15

Global Team Engaged in Driving and Sustaining Productivity Benefits

Merger-Related Synergies

Productivity Program

ERP Harmonization

2020 Spending Actions

Announced ~$100 million in spending actions to

increase cash and financial resiliency

Continued realization of $1.2 billion merger-related

synergies through 2021

~$930 million realized to date, ~$1.0 billion additional savings expected to be realized

Instilling “owner mindset” across the organization

to drive accretive return

~$200 million in “dis-synergies” as a result of

disparate ERP systems

Expect to begin achieving savings in 2023

~$300 million investment with approximately 50%

of the costs capitalized

Expect to maintain the majority of savings run-

rate based on new operating environment for

foreseeable future

~$900 million realized through 2Q 2020

Remaining programs focus on COGS

improvements via operational footprint and

procurement

Executing on ~$30 million in savings targeted for

2020

$500 million savings run-rate by 2024

Focused Emphasis on Productivity and Removing Inefficiencies

Page 16: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

16

(1) “Software as a service”

ExternalInternal

Pipeline Innovation

EnterpriseCustomer Software

›Enterprise strategy & applications

›Process automation

›Data-driven decision-making

Improved customer experience

Cross-selling opportunities

Reduced costs

›Automation, data science and digital

tools in R&D

Reduced costs

Accuracy

Speed of new product introduction

›SaaS(1) through Granular

Customer experience

Farmer profitability

Standalone revenue

Cross-selling opportunities

Application of Digital Tools to Create Operating Leverage

Extracting Additional Benefit from Investments in Digital Tools

Delivering Continued Progress on Digital Transformation Strategy

Providing agronomic services remotely –

currently conducting drone flights to help

U.S. growers do seed counts and

scouting via Corteva Flight program

Expanding the use of digital marketing

tools to facilitate customer training and

product knowledge transfer

First ERP Module delivered

Secured first electronic Crop Protection

registrations

2020 Achievements Against Backdrop of COVID-19

✓ ✓

Page 17: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

17

Prioritizing Capital Deployment Actions to Drive Stronger Returns

› Committed to

return excess

cash to

shareholders

Share Repurchase

(1) Target rating (expressed using S&P nomenclature).(2) Corteva’s dividend policy and associated actions are subject to the approval of the Corteva Board of Directors.

› Targeting 25-

35% of net

income with

earnings and

free cash flow

growth(2)

› Opportunistic to

accelerate

competitive

advantage and

expand reach in

key strategic

sectors and

adjacencies

› Investing in

innovation for

customers

including R&D

investment and

capital

expenditures

› Maintain

financial

flexibility to

support industry

leading

business model

Committed to Maintain

an A- Credit Profile(1) Strategic Investments Opportunistic M&ACompetitive Dividend

Policy

Growth InvestmentHealthy Balance Sheet Return Cash to Shareholders

Page 18: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

18Insert Risk Classification

Appendix

Page 19: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Differentiated Crop Protection Products Enable Competitive Advantages

Differentiated Crop

Protection Product Sales

$680$760

$860

>$1,160

2018 2019 2020E 2023E

Net Sales

$ millions 35%

2020E 2023E

$770 MM >$1 B

Spinosyns Insecticides

>30%

2020E 2023E

$90 MM >$160 MM

Optinyte™ Technology

>80%

Spinosad Spinetoram

• Naturally derived insecticide developed and

manufactured through proprietary process

• Provides organic farmers with highly

effective and needed insect control option

with broad spectrum offering for insect

control in key crops such as fruits,

vegetables, soybean and others

• Enables Nitrogen to remain available in the

root zone longer for crop uptake

• Supports increases in yield in corn (maize),

cereals, and many other crops

• Improves crop quality and plant health

Creating Value for Customers and Driving Returns via Proprietary Technology

Page 20: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Product DisclosuresTM ® SM Trademarks and service marks of Dow AgroSciences, DuPont or Pioneer, and their affiliated companies or their respective owners. © 2020 Corteva

The transgenic soybean event in Enlist E3TM soybeans is jointly developed and owned by Dow AgroSciences LLC and M.S. Technologies, L.L.C. The Enlist weed control system is owned and developed by Dow

AgroSciences LLC. Enlist Duo® and Enlist One® herbicides are not registered for sale or use in all states or counties. Contact your state pesticide regulatory agency to determine if a product is registered for sale or

use in your area. Enlist Duo and Enlist One are the only 2,4-D products authorized for use with Enlist crops. Consult Enlist herbicide labels for weed species controlled. Always read and follow label directions.

Qrome® products are approved for cultivation in the U.S. and Canada. They have also received approval in a number of importing countries, most recently China. For additional information about the status of

regulatory authorizations, visit http://www.biotradestatus.com/

Pioneer® brand products are provided subject to the terms and conditions of purchase which are part of the labeling and purchase document.

Page 21: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Corteva

Non-GAAP Calculation of Corteva Operating EBITDA

2020 2019

As Reported Pro Forma

Income from continuing operations, net of tax (GAAP) 1,047$ 595$

Provision for income taxes on continuing operations 205 250

Income from continuing operations before income taxes 1,252$ 845$

+ Depreciation and Amortization 583 485

- Interest income (27) (33)

+ Interest expense 24 48

+ / - Exchange (gains) losses, net 60 59

+ / - Non-operating benefits, net (164) (74)

+ Significant items charge 302 640

Corteva Operating EBITDA (Non-GAAP) 1

2,030$ 1,970$

1. Corteva Operating EBITDA is defined as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation,

amortization, non-operating benefits (costs) - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating

benefits (costs) - net consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments,

environmental remediation and legal costs associated with Historical DuPont businesses and sites. Tax indemnification adjustments relate to

changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or

DuPont that are recorded by the company as pre-tax income or expense.

Six Months Ended June 30,

In millions

Page 22: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Corteva

Segment Information - Price, Volume Currency Analysis

Region

$ (millions) % $ (millions) %

North America1

154$ 3% 179$ 3% 0% 3% 0% 0%

EMEA1

79 4% 173 8% 2% 6% -4% 0%

Latin America (69) -7% 66 7% 7% 0% -14% 0%

Asia Pacific 31 4% 75 10% 2% 8% -5% -1%

Rest of World 41 1% 314 8% 3% 5% -7% 0%

Total 195$ 2% 493$ 5% 1% 4% -3% 0%

Seed

$ (millions) % $ (millions) %

North America1

181$ 5% 190$ 5% 1% 4% 0% 0%

EMEA1

67 6% 119 11% 4% 7% -5% 0%

Latin America 57 16% 105 29% 9% 20% -13% 0%

Asia Pacific 22 10% 36 17% 8% 9% -7% 0%

Rest of World 146 9% 260 16% 6% 10% -7% 0%

Total 327$ 6% 450$ 8% 2% 6% -2% 0%

Crop Protection

$ (millions) % $ (millions) %

North America1

(27)$ -2% (11)$ -1% -1% 0% 0% -1%

EMEA1

12 1% 54 6% 1% 5% -4% -1%

Latin America (126) -19% (39) -6% 5% -11% -13% 0%

Asia Pacific 9 2% 39 8% 0% 8% -4% -2%

Rest of World (105) -5% 54 3% 2% 1% -7% -1%

Total (132)$ -4% 43$ 1% 1% 0% -4% -1%

2. Organic sales is defined as price and volume and excludes currency and portfolio impacts.

Six Months Ended June 30, 2020 vs. Six Months Ended June 30, 2019 Percent Change Due To:

Net Sales Change (GAAP) Organic Change (Non-GAAP)2

Local Price &

Product Mix Volume Currency Portfolio / Other

Six Months Ended June 30, 2020 vs. Six Months Ended June 30, 2019 Percent Change Due To:

Net Sales Change (GAAP) Organic Change (Non-GAAP)2

Local Price &

Product Mix Volume Currency Portfolio / Other

1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.

Six Months Ended June 30, 2020 vs. Six Months Ended June 30, 2019 Percent Change Due To:

Net Sales Change (GAAP) Organic Change (Non-GAAP)2

Local Price &

Product Mix Volume Currency Portfolio / Other

Page 23: Investor Update · 2020. 8. 8. · Investor Update August 17, 2020 James C. Collins, Jr Chief Executive Officer Greg Friedman EVP & Chief Financial Officer. 2 Forward-Looking Statements

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Corteva

Non-GAAP Calculation of Adjusted Return on Invested Capital (ROIC)

March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Trailing Twelve Months

Pro Forma As Reported As Reported As Reported Pro Forma

Goodwill $ 10,203 $ 10,249 $ 10,168 $ 10,229 10,212$

Other intangible assets 11,961 11,832 11,667 11,424 11,721

Total goodwill and other intangible assets (existing as of Separation) 22,164 22,081 21,835 21,653 21,933

Short term borrowings and finance lease obligations 2,716$ 2,058$ 3,604$ 7$ 2,096$

Long-term debt 183 117 116 115 133

Total Debt 2,899 2,175 3,720 122 2,229

Total Equity1

25,145 26,067 25,261 24,555 25,257

Total Debt plus Equity 28,044 28,242 28,981 24,677 27,486

Total Debt plus Equity, less goodwill and other intangible assets

(existing as of Separation) ("Adjusted Invested Capital") 5,880$ 6,161$ 7,146$ 3,024$ 5,553$

Adjusted NOPAT 2

1,099$

Adjusted Invested Capital 5,553$

Adjusted Return on Invested Capital 3

19.8%

Adjusted Invested Capital (in millions)

1. The company has revised the balance of additional paid in capital as of 6/30/2019 in the amount of $76 million to reflect the removal of an asset related to the Separation.

3. Adjusted Return on Invested Capital ("ROIC") is defined as Adjusted NOPAT divided by debt plus equity excluding goodwill and intangibles (existing as of Separation).

2. Adjusted NOPAT is defined as net income from continuing operations attributable to Corteva excluding the after-tax impact of significant items (including goodwill impairment charges), the after-tax impact of non-operating benefits, net, the after-tax impact of

amortization expense associated with intangible assets existing as of Separation, the after-tax impact of interest income and the after-tax impact of interest expense divided by debt plus equity excluding goodwill and intangibles (existing as of Separation).