DuPont 2012 Annual Report Download - page 24

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Rynaxypyr® insecticide and continued expansion of picoxystrobin fungicides. Sales grew in all regions, particularly Latin America and Europe.
2011 PTOI and PTOI margin increased on continued new product penetration and leverage on volume growth, partially offset by a $175 million charge related
to Imprelis®. Additionally, aligned with the segment's long-term plan, research and development expense increased 15 percent to support continued growth in
breeding, biotechnology and crop chemistry. 2011 and 2010 PTOI each included a licensing agreement charge of $50 million.
Outlook Pioneer anticipates continued strong demand in global corn and soybean markets, as well as pricing gains from new corn hybrids and soybean
varieties and increased penetration of the Optimum ® AcreMax® Family of integrated and reduced refuge corn hybrids and Optimum ® AQUAmaxTM products
for improved drought tolerance. Pioneer anticipates PTOI growth in 2013 reflecting higher sales, partially offset by higher seed input costs resulting from
commodity price increases and the multi year weather related impact on production yields, as well as continued investment in commercial and R&D activities
to support growth.
In the Crop Protection business, sales and earnings growth in 2013 is expected in all regions, and for all product groups, primarily in insect control products
and fungicides. Sales and PTOI are expected to benefit from continued growth of Rynaxypyr ®, broad registrations in new markets for Cyazypyr TM insect
control products, as well as the launch of picoxystrobin fungicides in the U.S. and continued expansion of penthiopyrad fungicide.
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(Dollars in millions)   
 $ 2,701 $ 3,173 $2,764
 $ 135 $ 355 $445
 5%11%16%
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Price (4)% 23 %
Volume (11)% (8)%
Portfolio / Other — % — %
Total change (15)% 15 %
2012 versus 2011 Sales declined on lower volume in PV materials, partially offset by increased demand for smart phones and tablets. Lower price
primarily reflects pass-through of lower metals prices.
2012 PTOI decreased on lower volume and a $150 million asset impairment charge noted above, partially offset by a $122 million gain related to the sale of
an equity method investment. PTOI margin decreased primarily reflecting lower volume.
2011 versus 2010 Sales growth reflects higher selling prices, primarily pass-through of metals prices. Lower sales volume primarily reflects destocking in
PV and softness in consumer electronics in the second half 2011, which more than offset strong demand in all market segments in the first half 2011.
2011 PTOI decreased primarily due to lower volume in the second half 2011. PTOI margin decreased primarily reflecting higher metal prices, as well as
weaker product mix.
Outlook For 2013, sales are expected to increase slightly on higher volumes. PV installations are expected to be essentially flat versus 2012. Sales volumes
are anticipated to improve as inventories across the value chain are at reasonable levels entering into 2013, offset in part by lower materials usage in modules.
Sales into consumer electronics, driven by smart phones and tablets, are expected to be soft in the first half of the year with stronger demand in second half.
Earnings are expected to increase reflecting the impact of higher volume.
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