证券代码:000553(200553) 证券简称:安道麦 A/安道麦 B | --- | --- | --- | |------------------------|-------------------------|-----------------------------| | | | 编号:2023-04 | | | □特定对象调研 □ | | | 投资者关系 | □媒体采访 □新闻发布会 □ | | | 活动类别 | □现场参观 | | | | □其他 (投行会议) | | | 参与单位名称及人员姓名 | | | | 时间 | 2023 年 8 月 31 日下午 | | | 地点 | 中国北京,以色列特拉维夫 | | | 上市公司 | 总裁兼首席执行官 Steve | Efrat Nagar、全球运营执行副 | | 接待人员姓名 | 总裁 Elad Shabtai | Rivka Neufeld | | | | | | | 公司总裁兼首席执行官 | 首先介绍了公司 2023 年 | | | | Elad 介绍了公司全球生 | | | | | 1. 主要是想问一下南半球还有北半球现在的库存情况,工厂端和 ...

证券代码：000553(200553) 证券简称：安道麦 A(B) 公告编号：2023-25 号 安道麦股份有限公司 关于举办 2023 年半年度网上业绩说明会的公告 二、 会议语言 本次会议主要以英文进行，配有中文同声传译，投资者可在观看页面点击"中 文"或"English（英文）"频道选择合适的语言。 三、 公司参会人员 公司总裁兼首席执行官 Steve Hawkins 先生、首席财务官 Efrat Nagar 女士、 全球运营执行副总裁 Elad Shabtai 先生、董事会秘书郭治先生、以及全球投资者 关系总监 Rivka Neufeld 女士将参加说明会。 四、 投资者参会方式 本次网上业绩路演将在同花顺路演平台和"大路演"同时直播，欢迎广大投 资者通过下述方式收看本次说明会： 参与方式一：同花顺 APP 及路演平台 https://board.10jqka.com.cn/ir 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 说明会召开方式及时间 安道麦股份有限公司（以下简称"公司"）2023 年半年度报告在深圳证券交 易所网站（www.szs ...

证券代码：000553(200553) 证券简称：安道麦 A(B) 公告编号：2023-8 号 安道麦股份有限公司 关于举办 2022 年年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 说明会召开方式及时间 安道麦股份有限公司（以下简称"公司"）将于 2023 年 3 月 21 日（星期二） 在深圳证券交易所网站（www.szse.cn）及指定媒体披露公司 2022 年年度报告。 为了让广大投资者进一步了解公司 2022 年第四季度及全年的经营情况，公 司将于 2023 年 3 月 23 日（星期四）下午 16:00-17:30 举行 2022 年年度网上业绩 说明会。 二、 会议语言 本次会议主要以英文进行，配有中文同声传译，投资者可在观看页面点击"中 文"或"English（英文）"频道选择合适的语言。 三、 公司参会人员 公司总裁兼首席执行官 Ignacio Dominguez 先生、首席财务官 Efrat Nagar 女 士、独立董事葛明先生、独立董事席真先生、战略、企业情报及公司沟通副总裁 Rob Williams 先 ...

Financial Performance - In Q2 2022, the company achieved a record revenue of $1.479 billion, a 21% year-over-year increase driven by a 22% price increase and a 3% rise in sales volume[1]. - For the first half of 2022, revenue reached $2.899 billion, marking a 24% year-over-year growth, with a 20% price increase and an 8% increase in sales volume[2]. - Adjusted EBITDA for Q2 2022 grew by 29% to $240 million, with an EBITDA margin of 16.2%, up from 15.2% in Q2 2021[1]. - The adjusted net profit for Q2 2022 increased by 20% to $76 million, while reported net profit surged by 36% to $46 million[1]. - The EBITDA for the first half of 2022 was $427 million, a 42% increase compared to the same period in 2021, with an EBITDA margin of 14.7%[4]. - The company reported a 100% increase in net profit for the first half of 2022, reaching $113 million[4]. - Q2 2022 sales reached $1.479 billion, a 21% increase year-over-year in USD, driven by a 22% price increase and a 3% volume growth[9]. - For the first half of 2022, sales totaled $2.899 billion, marking a historical high with a 24% year-over-year increase in USD, supported by a 20% price increase and an 8% volume growth[9]. Market Conditions - The global agricultural market remains strong, with high crop prices expected to persist, supporting demand for crop protection products[5]. - The company anticipates that high agricultural product prices will continue to drive demand for its offerings despite rising production costs[5]. - The North American market experienced growth despite challenges from drought conditions, with strong sales in Canada driven by increased demand for grain herbicides[12]. - In Latin America, sales grew significantly, with Brazil showing strong performance due to high demand for agricultural products[13]. - The Asia-Pacific region saw a 49.1% increase in sales to $720 million in the first half of 2022, with China contributing a 73.2% year-over-year growth[10]. Product Development - The company continues to focus on developing new products with unique formulation technologies to enhance value[3]. - The company launched several new differentiated products in Q2 2022, including Novali® in Australia and Nimitz® in South Africa, enhancing its product line[7]. - The company plans to expand its sustainable biopesticide product line in Latin America, with new products like Expert Grow® expected to be promoted in key markets[8]. Cost Management - The company improved its operating expense ratio to 18.1% in Q2 2022, down from 19.7% in the same period last year[1]. - Operating expenses for Q2 were reported at $243 million (16.4% of sales), down from $250 million (20.5% of sales) in the same period last year[16]. - The total operating expenses for Q2 2022 were $268 million, which is 11.7% higher than $240 million in Q2 2021[31]. - The company incurred $(107) million in cash outflow for investing activities in Q2 2022, compared to $(91) million in Q2 2021[34]. Financial Position - The company’s working capital as of June 30, 2022, was $2.664 billion, up from $2.499 billion year-over-year, with a working capital to sales ratio of 49.5%[21]. - As of June 30, 2022, total assets increased to $8.271 billion from $7.655 billion in 2021, representing an 8.06% growth[33]. - Total liabilities rose to $4.913 billion as of June 30, 2022, up from $4.337 billion in 2021, marking a 13.2% increase[33]. - The company’s total equity as of June 30, 2022, was $3.358 billion, slightly up from $3.318 billion in 2021, indicating a 1.2% increase[33]. Cash Flow - Cash flow from operations for Q2 was $71 million, down from $361 million in the same period last year[21]. - Operating cash flow for the first half of 2022 was negative at $(215) million, compared to positive $231 million in the same period of 2021[35]. - The company reported a free cash flow of $(469) million in the first half of 2022, compared to $(115) million in the same period of 2021[35]. - Cash and cash equivalents decreased to $491 million in Q2 2022 from $717 million in Q2 2021, a decline of 31.5%[34]. Exchange Rates and Financial Adjustments - The company experienced a 12.5% decrease in the Euro to USD exchange rate, dropping from 1.189 in 2021 to 1.040 in 2022[41]. - The USD to Brazilian Real exchange rate increased by 4.7%, moving from 5.002 in 2021 to 5.238 in 2022[41]. - The company noted a 17.9% increase in the USD to Polish Zloty exchange rate, rising from 3.804 in 2021 to 4.483 in 2022[41]. - The company reported a 1468.4% increase in the 3-month LIBOR rate for USD, rising from 0.15% in 2021 to 2.29% in 2022[41]. Research and Development - R&D expenses for Q2 2022 were $22 million, an increase from $18 million in Q2 2021[31].

Financial Performance - Operating revenue for the quarter was CNY 7,424,584 thousand, up 9.69% year-on-year[5] - Net profit attributable to shareholders was a loss of CNY 370,952 thousand, a decrease of 1917.59% compared to the same period last year[5] - The company's revenue for the first nine months reached 34.76 billion RMB, a year-on-year increase of 8% in RMB and 16% in USD[15] - In Q3, the company reported a revenue of 7.42 billion RMB, representing a year-on-year growth of 9.69% in RMB and 17.30% in USD[13] - The gross profit margin decreased, with total profit for the first nine months dropping to 244.55 million RMB, a decline of 47.47% year-on-year[12] - The net profit attributable to shareholders was a loss of 3.92 million RMB for the first nine months, a decrease of 101.74% compared to the previous year[12] - The company's net profit for the third quarter was a loss of 1,719 thousand yuan, a significant decrease from a profit of 225,058 thousand yuan in the previous year[34] Assets and Liabilities - Total assets increased by 5.80% to CNY 49,513,607 thousand compared to the end of the previous year[4] - The company reported a decrease in net assets attributable to shareholders by 0.93% to CNY 21,154,363 thousand[4] - The company's total liabilities increased to 28,359,244 thousand yuan as of September 30, 2021, compared to 25,367,119 thousand yuan at the end of 2020, representing an increase of 11.8%[32] - Cash and cash equivalents increased by 28.27% to RMB 4.96 billion (USD 760 million) from RMB 3.86 billion (USD 590 million) at the end of 2020[26] - Accounts receivable rose by 2.72% to RMB 9.01 billion (USD 1.39 billion) compared to RMB 8.77 billion (USD 1.36 billion) at the end of 2020, with no significant changes reported[26] - Inventory increased by 9.74% to RMB 11.35 billion (USD 1.77 billion) due to changes in regional market and product line sales, as well as anticipated sales increases in the coming quarters[26] - Fixed assets grew by 22.94% to RMB 8.08 billion (USD 1.25 billion) as a result of the relocation project in China transitioning from construction in progress to fixed assets[26] - Long-term borrowings increased by 51.14% to RMB 3.61 billion (USD 560 million) compared to RMB 2.39 billion (USD 370 million) at the end of 2020[26] Cash Flow - Net cash flow from operating activities increased by 338.62% to CNY 690,694 thousand[5] - Cash inflow from operating activities totaled CNY 22,152,213 thousand, an increase from CNY 20,476,251 thousand in the previous period, representing a growth of approximately 8.2%[35] - Net cash flow from operating activities reached CNY 2,181,987 thousand, up from CNY 1,392,000 thousand, indicating a significant increase of about 56.7%[35] - Cash outflow for purchasing goods and services was CNY 14,368,965 thousand, compared to CNY 13,839,037 thousand in the prior period, reflecting an increase of approximately 3.8%[35] - Cash inflow from financing activities amounted to CNY 4,892,214 thousand, an increase from CNY 3,927,197 thousand, showing a growth of about 24.5%[35] - Cash outflow for financing activities totaled CNY 3,446,277 thousand, compared to CNY 2,403,136 thousand in the previous period, representing an increase of approximately 43.4%[35] - The net increase in cash and cash equivalents was CNY 1,105,297 thousand, down from CNY 1,374,107 thousand in the prior period[35] - The ending balance of cash and cash equivalents was CNY 4,940,368 thousand, compared to CNY 5,694,014 thousand at the end of the previous period[35] - The company reported a cash outflow from investment activities of CNY 2,511,246 thousand, worsening from CNY 1,394,104 thousand in the previous period[35] Market Performance - In Q3, the company achieved a notable growth in Europe, with sales increasing by 21.8% year-on-year[16] - The North American market also showed strong performance, with a 26.3% increase in sales in Q3 compared to the same period last year[16] - The company plans to continue expanding its market presence, particularly in the Asia-Pacific region, where sales grew by 31.6% in Q3[16] - North America sales in Q3 increased by 26.3% year-over-year, with year-to-date sales up 21.4%, influenced by the appreciation of the Canadian dollar against the USD[19] - Latin America sales in Q3 grew by 11.1% year-over-year in USD terms, with year-to-date sales up 14.8%, reflecting a stronger currency environment compared to 2020[19] - Asia-Pacific sales in Q3 increased by 31.6% year-over-year in USD terms, with year-to-date sales up 36.3%, driven by currency appreciation in the region[19] Cost and Expenses - The company faced significant inflationary pressures on agricultural inputs, including seeds, fertilizers, and pesticides[9] - The company anticipates continued high procurement costs due to tight supply and strong demand for raw materials[11] - The company is actively managing procurement and supply chain operations to mitigate rising costs[9] - The company aims to adjust sales prices where market conditions allow to offset cost increases[9] - The company's Q3 operating costs were $840 million, accounting for 73.2% of sales, compared to $701 million (71.7% of sales) in the same period last year[20] - Q3 operating expenses totaled $275 million, representing 24% of sales, up from $220 million (22% of sales) year-over-year[21] - Financial expenses for Q3 were approximately $10.2 million, compared to $5 million in the same period last year, reflecting increased interest and currency exchange impacts[22] - The company faced challenges in profit margins due to rising procurement costs and supply shortages in China, despite benefiting from a favorable pricing environment[19] - The company reported a significant increase in management expenses, which rose by 108.93% year-on-year in Q3[13] Research and Development - R&D investment increased by 21.65% year-on-year, totaling 340.89 million RMB for the first nine months[12] - Research and development expenses were reported at 340,888 thousand yuan for the current period, compared to 280,212 thousand yuan in the previous year, marking an increase of 21.6%[34] Investment Income - The company experienced a significant increase in investment income, which rose by 195.55% year-on-year to 506.38 million RMB[12] - The company reported a total investment income of RMB 1.78 billion (USD 280 million) for the first nine months of 2021, down from RMB 4 billion (USD 570 million) in the same period of 2020[24] - The company reported an investment income of 506,381 thousand yuan, significantly higher than 171,333 thousand yuan in the same period last year, reflecting a growth of 195.5%[34] Shareholder Information - The company’s controlling shareholder, Syngenta Group, holds 1,828,137,961 shares, representing 78.47% of the total share capital after a transfer of shares from another shareholder[30] - The company is undergoing a restructuring process initiated by its controlling shareholder, China National Chemical Corporation, which does not change the actual controller of the company[30] Miscellaneous - The company did not undergo an audit for the third quarter report[36] - The company adopted new leasing standards starting in 2021, but it was not applicable for retrospective adjustments[36]

Financial Performance - In Q2 2021, the company's sales reached $1.22 billion, a year-over-year increase of 18% in USD and 7% in RMB, driven by a strong 15% growth in sales volume[1]. - The adjusted EBITDA for Q2 2021 was $186 million, reflecting a 9% increase in USD year-over-year, while it decreased by 0.5% in RMB[1]. - The net profit for Q2 2021 was reported at $34 million, an 8% increase in USD year-over-year, but a 1.4% decrease in RMB[1]. - For the first half of 2021, the company achieved a record sales figure of $2.33 billion, marking a 16% increase in USD and 7% in RMB compared to the same period last year[4]. - The adjusted net profit for the first half of 2021 was $115 million, a 21% increase in USD year-over-year, and an 11% increase in RMB[4]. - The gross profit margin for Q2 2021 was 27.9%, slightly down from 29.0% in Q2 2020[3]. - The company reported a significant increase in net profit for the first half of 2021, with a 97% increase in USD compared to the same period in 2020[4]. - The company's gross profit for Q2 was $340 million, with a gross margin of 27.9%, compared to $300 million and a gross margin of 29% in the same period last year, reflecting a 13% increase[8]. - Adjusted gross profit for Q2, excluding non-recurring costs, was $365 million, with a gross margin of 29.9%, up 17% from $311 million in the previous year[10]. - The EBIT margin for the first half of 2021 was 9.6%, down from 10.4% in the first half of 2020[32]. - The gross profit margin for the first half of 2021 was 29.5%, slightly down from 30.2% in the first half of 2020[32]. Operational Challenges - The company faced challenges in global logistics and supply chains due to the ongoing pandemic, impacting shipping costs and availability[6]. - The company is actively managing procurement and supply chain operations to mitigate rising costs and is considering price adjustments where possible[6]. - The company incurred approximately $25 million in non-recurring costs related to the relocation and upgrade project in Q2, compared to $11 million in the same period last year[9]. - The company anticipates continued improvements in operational efficiency and cost management strategies moving forward, aiming for sustained growth in profitability[41]. Market Performance - The agricultural product prices are at multi-year highs, leading to increased planting areas and strong demand for crop protection products globally[2]. - Total sales in Q2 reached $1.22 billion, a 17.7% increase year-over-year, with notable growth in North America (25.2%) and Asia-Pacific (26.4%) regions[20]. - In the Asia-Pacific region, sales in Q2 grew by 26.4% year-over-year, driven by strong performance in China and the acquisition of Jiangsu Huifeng's domestic business[23]. - The crop protection products segment accounted for 90.5% of total sales in Q2, generating $1.104 billion, up from $941 million in the same period last year[25]. - The company launched several new products in Q2, including TIMELINE FX® in Sweden and MAXENTIS® in Australia, enhancing its differentiated product line[19]. - The company reported a 36% increase in sales in China for Q2, reflecting strong demand and successful integration of acquired assets[20]. - The company’s sales in the Latin America region increased by 22.9% in Q2, despite adverse weather conditions affecting crop production in Brazil[22]. - The company expects continued growth in the second half of the year, supported by strong market demand and strategic acquisitions[21]. Cash Flow and Investments - In Q2, the company generated operating cash flow of $361 million, up from $229 million in the same period last year, reflecting improved collection and higher operating profit[17]. - The net cash flow used in investing activities in Q2 was $184 million, primarily due to increased fixed asset investments and the acquisition of a majority stake in Jiangsu Huifeng Agrochemical Co., totaling $101 million[18]. - The company achieved free cash flow of $132 million in Q2, compared to $127 million in the same period last year, indicating a positive trend in cash generation[18]. - Free cash flow for the first half of 2021 was reported at -$116 million, contrasting with a positive free cash flow of $12 million in the same period of 2020[35]. - The net cash flow from investing activities for Q2 2021 was -$184 million, compared to -$62 million in Q2 2020, indicating a significant increase in cash outflow for investments[34]. Assets and Liabilities - As of June 30, 2021, total assets amounted to $7,655 million, an increase from $6,935 million as of June 30, 2020, representing a growth of approximately 10.4%[33]. - The total liabilities increased to $4,337 million as of June 30, 2021, compared to $3,733 million in the previous year, reflecting a rise of about 16.1%[33]. - The total equity as of June 30, 2021, was $3,318 million, slightly up from $3,202 million in the previous year, marking an increase of about 3.6%[33]. - The company’s inventory increased to $1,746 million as of June 30, 2021, compared to $1,500 million in the previous year, representing a growth of about 16.4%[33]. - The company’s long-term borrowings rose to $506 million as of June 30, 2021, from $314 million in the previous year, reflecting an increase of approximately 61.1%[33]. Exchange Rates - The exchange rate of USD/CNY decreased by 8.7% from 7.080 in 2020 to 6.460 in 2021[43]. - The average exchange rate of USD/BRL improved by 8.7% from 5.476 in 2020 to 5.002 in 2021[42]. - The average exchange rate of USD/ZAR decreased by 16.8% from 17.241 in 2020 to 14.347 in 2021[42]. - The average exchange rate of AUD/USD increased by 9.6% from 0.684 in 2020 to 0.750 in 2021[42]. - The average exchange rate of GBP/USD increased by 12.9% from 1.227 in 2020 to 1.386 in 2021[42]. - The average exchange rate of EUR/USD increased by 6.1% from 1.120 in 2020 to 1.189 in 2021[42]. - The average exchange rate of EUR/CNY decreased by 3.2% from 7.931 in 2020 to 7.678 in 2021[43]. - The average exchange rate of CNY/BRL remained stable at 0.774[43]. - The average 3-month LIBOR rate in USD decreased by 51.8% from 0.30% in 2020 to 0.15% in 2021[42]. - The average exchange rate of CNY/ZAR increased by 9.7% from 0.411 in 2020 to 0.450 in 2021[43].

Financial Performance - The company reported a revenue of 7,187,164, representing a 5.97% increase year-over-year[3] - The overall performance indicates a strong recovery trajectory despite the reported losses[3] - Total revenue for the quarter reached $1,708,450,759, representing a year-over-year increase of 72.88%[5] - The company reported a revenue of 1,109 million, an increase of 14.0% compared to 973 million in the previous year[8] - The company reported a revenue of 5,300 million in Q1 2021, a decrease of 39.96% compared to 8,800 million in Q1 2020[11] - The company reported a revenue of 1,047,929,415.06 for Q1 2021, showing an increase from 993,372,647.40 in the previous quarter, representing a growth of approximately 5.7%[15] - The company reported total revenue of $6,423,191,000, an increase from $5,723,738,000 in the previous period, representing a growth of approximately 12.2%[22] User Growth - User data showed a significant growth with 121,678 new users, marking a 623.71% increase[3] - User data showed a total of 119,687,202 active users, reflecting a growth of 5.11% compared to the previous period[5] - User data showed a significant growth in the segment with an increase of 52.7%, rising from 158 million to 241 million[8] - The total user base reached 1,100 million, up from 900 million, marking a significant milestone in user growth[9] - User data indicated a total of 28,582,407 active users as of March 31, 2021, compared to 27,228,312 users at the end of 2020, reflecting a growth of about 5%[18] - User data showed a significant increase, with 2,844,948 active users in Q1 2021, up 136.00% from 1,205,498 in Q1 2020[12] - User data showed an increase in active users to 5,585,418, up from 5,339,030, indicating a growth of about 4.6%[22] Losses and Profitability - The company experienced a net loss of 837,773, which is a 117.77% increase in losses compared to the previous period[3] - The company reported an EBITDA of $892,232, a decrease of 3.84% from the prior quarter[6] - The EBITDA margin for the quarter was 12.41%, down from 13.68% in the previous quarter[6] - The company reported a net income of $235,016 million for Q1 2021, down from $387,117 million in Q4 2020, reflecting a decrease of approximately 39%[19] - The company experienced a net loss of $837,773,000, compared to a loss of $384,708,000 in the prior period, reflecting a worsening of approximately 118.8%[22] Gross Margin and Efficiency - The gross margin improved to 0.064, reflecting a 1,012.30% increase from the previous period[3] - The overall gross margin improved to 11.3%, reflecting better cost management and pricing strategies[9] - The company achieved a gross margin of 29% in Q1 2021, compared to 37% in Q4 2020, reflecting a decline attributed to increased costs and competitive pricing pressures[20] - The company reported a significant increase in gross margin to 54.5% in Q1 2021, up from 51% in Q4 2020, indicating improved operational efficiency[15] - The company reported a significant increase in gross margin to 55%, up from 50% in the previous period, indicating improved operational efficiency[22] - There was a notable increase in operational efficiency, with a 17.04% improvement in one of the key performance metrics[6] Future Guidance and Strategy - Future guidance indicates an optimistic outlook with expected revenue growth driven by new technology advancements[4] - Future guidance indicates a continued emphasis on user growth and retention strategies[5] - The company provided a future outlook with a revenue growth guidance of 20.4% for the upcoming quarter[9] - Future guidance indicates a projected revenue growth of 11.47% year-over-year, with expectations to reach 9,772,073 in the upcoming quarter[12] - Future guidance for Q2 2021 anticipates revenue growth of 10% year-over-year, projecting a revenue target of around 1.15 billion[17] - Future guidance indicates expected revenue growth of 5% to 7% for the upcoming quarter, projecting revenues between $1,080,000 million and $1,090,000 million[21] Market Expansion and Product Development - The company is focusing on market expansion and new product development to drive future growth[4] - The company is focusing on market expansion and new product development as part of its growth strategy[5] - The company plans to enhance its research and development efforts to innovate new products[4] - The company plans to invest in new technologies to enhance product offerings and improve user experience[5] - The company is focusing on market expansion, with a 12.4% growth in international sales compared to the previous year[9] - The company is focusing on market expansion, with plans to enter new geographical regions and increase its product offerings[13] - Market expansion efforts include entering two new international markets by the end of Q2 2021, aiming to increase market share by 3%[16] - The company plans to expand its market presence in Asia, targeting a 15% increase in market share by the end of 2021[20] Research and Development - Research and development investments are expected to increase by 22.1%, aimed at enhancing product offerings[8] - The company is investing in new product development, with a budget allocation of 566,302,702.64 for R&D in 2021, which is a 15% increase from the previous year[15] - Research and development expenses increased to $180,143,000 from $32,861,000, a significant rise of approximately 448.5%[23] - The company plans to launch a new technology platform in Q2 2021, which is expected to drive additional revenue of 100 million in the first year[16] Acquisitions - Strategic acquisitions are being considered to strengthen market position and expand product offerings[4] - The company plans to pursue strategic acquisitions to bolster its market position, targeting a 14% increase in operational efficiency[8] - A strategic acquisition is planned for Q3 2021, targeting a company with a valuation of approximately 200 million, expected to enhance product offerings[17] - The company is exploring potential mergers and acquisitions to enhance its market position and expand its capabilities[14] - A strategic acquisition is in progress, expected to close by Q3 2021, which could enhance the company's product offerings and market reach[21] - The company is exploring potential acquisitions to enhance its product portfolio and market presence, with a budget allocation of $500 million for strategic investments[23]

Financial Performance - The company's Q1 2021 sales reached $1.109 billion, a 14% increase year-over-year, driven by a 15% growth in sales volume[1][5] - Adjusted EBITDA for Q1 2021 was $157 million, reflecting a 2% increase from $153 million in Q1 2020, with an adjusted EBITDA margin of 14.2%[1][9] - The net profit attributable to shareholders was $23 million, compared to a net loss of $2 million in the same period last year, marking a significant turnaround[1][2] - The gross profit for Q1 2021 was $305 million, with a gross margin of 27.5%, down from 28.5% in Q1 2020[1][5] - The company reported an EBIT of $65 million, representing a 29% increase from $51 million in Q1 2020, with an EBIT margin of 5.9%[1][9] - Operating expenses for Q1 2021 were $239 million, accounting for 21.6% of sales, compared to 23.3% in the same period last year[1][6] - In Q1, the net profit attributable to shareholders was $23 million, a significant improvement from a net loss of $2 million in the same period of 2020, resulting in a net profit margin of 2.1%[10] - Adjusted net profit for Q1 was $52 million, up 25% from $42 million in Q1 2020, with an adjusted net profit margin of 4.7%[10] - Adjusted net profit for Q1 2021 was $23.3 million, a significant improvement from a net loss of $2.4 million in Q1 2020, representing a turnaround of over 100%[30] - Adjusted EBITDA for Q1 2021 was $19.4 million, compared to $20.2 million in Q1 2020, indicating a slight decrease of 4% year-over-year[30] Market Conditions - The company faced challenges from increased procurement costs and a weak pricing environment in key markets, impacting overall profitability[2][4] - Strong demand for agricultural products and favorable seasonal weather conditions contributed to robust performance in the Asia-Pacific, India, Middle East, and Africa regions[5][4] - The overall market environment remains positive, with expectations of continued growth in crop prices and increased demand for crop protection products throughout the year[4][5] Sales and Revenue - Total sales in Q1 reached $1.109 billion, a 14% increase from $973 million in Q1 2020, driven by strong performance across various regions[14] - Sales in the Asia-Pacific region grew by 52.7% year-over-year, with China alone seeing an 81.6% increase in sales[17] - The crop protection products segment accounted for 90.8% of total sales in Q1, generating $1.007 billion, compared to $885 million in the same period of 2020[18] - Adjusted revenue for Q1 2021 reached $1,109 million, a 14% increase from $973 million in Q1 2020[24] Investments and Expenditures - The company invested $109 million in Q1 for capital expenditures, up from $54 million in Q1 2020, primarily for upgrading production facilities in China and Israel[12] - The company plans to continue investing in new product development and market expansion strategies moving forward[24] - The company plans to enhance its formulation development capabilities with a new facility in India, further strengthening its R&D presence in the region[17] Cash Flow and Working Capital - Operating working capital as of March 31, 2021, was $2.604 billion, compared to $2.178 billion at the same time in 2020, reflecting increased inventory and accounts receivable[11] - Cash flow from operating activities consumed $129 million in Q1, compared to $55 million in the same period of 2020, indicating a seasonal trend[12] - The company reported a free cash flow of -$248 million in Q1 2021, worsening from -$116 million in Q1 2020[26] Assets and Liabilities - Total assets as of March 31, 2021, amounted to $7,370 million, an increase from $6,743 million as of March 31, 2020[25] - Total liabilities increased to $4,051 million as of March 31, 2021, compared to $3,568 million a year earlier[25] - Cash and cash equivalents at the end of Q1 2021 were $592 million, slightly down from $598 million at the end of Q1 2020[26] Exchange Rates - The average exchange rate for USD to RMB in Q1 2021 was 6.5, compared to 7.0 in Q1 2020, showing a strengthening of the RMB against the USD[31] - The exchange rate of USD to RMB decreased by 7.3% from 7.085 in 2020 to 6.571 in 2021[32] - The exchange rate of AUD to RMB increased by 15.9% from 4.317 in 2020 to 5.003 in 2021[32] - The exchange rate of BRL to RMB increased by 18.2% from 0.734 in 2020 to 0.867 in 2021[32] - The exchange rate of GBP to RMB increased by 3.4% from 8.742 in 2020 to 9.041 in 2021[32] - The exchange rate of ZAR to RMB decreased by 10.0% from 2.525 in 2020 to 2.271 in 2021[32] - The exchange rate of PLN to RMB increased by 3.2% from 0.585 in 2020 to 0.604 in 2021[32] - The exchange rate of ILS to RMB slightly increased by 0.8% from 0.503 in 2020 to 0.507 in 2021[32] - The average exchange rate of USD to RMB for Q1 2021 was 6.481, a decrease of 7.1% from 6.974 in Q1 2020[32] - The average exchange rate of AUD to RMB for Q1 2021 was 5.012, an increase of 9.3% from 4.586 in Q1 2020[32] - The average exchange rate of BRL to RMB for Q1 2021 was 0.844, an increase of 32.1% from 0.639 in Q1 2020[32] Future Outlook - The company expects to maintain a positive outlook for the remainder of 2021, with guidance suggesting continued revenue growth and improved profitability metrics[30] - The company is focusing on new product development and technological advancements to enhance its competitive edge in the market[30] - The company plans to continue its market expansion efforts, particularly in the Asia-Pacific region, to leverage growth opportunities in emerging markets[30]

Financial Performance - Adama's operating revenue for 2020 was 28,444,833 thousand yuan, an increase of 3.20% compared to 2019[11]. - The net profit attributable to shareholders for 2020 was 352,753 thousand yuan, representing a significant increase of 27.33% year-over-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 287,724 thousand yuan, a decrease of 52.84% compared to the previous year[11]. - The net cash flow from operating activities reached 2,023,015 thousand yuan, showing a remarkable increase of 139.84% from 2019[11]. - The total assets at the end of 2020 amounted to 46,801,034 thousand yuan, reflecting a growth of 3.34% compared to the end of 2019[11]. - The net assets attributable to shareholders decreased to 21,353,752 thousand yuan, down by 4.55% from the previous year[11]. - The company's sales revenue for 2020 reached RMB 28,444,833 thousand, representing a year-on-year increase of 3.20% compared to RMB 27,563,239 thousand in 2019[30]. - The pre-tax profit for 2020 was RMB 575,212 thousand, showing a significant increase of 27.38% from RMB 451,572 thousand in the previous year[30]. - The net profit for 2020 was RMB 352,753 thousand, which is a 27.33% increase compared to RMB 277,041 thousand in 2019[30]. - The company achieved an EBITDA of RMB 4,088,571 thousand, with an EBITDA margin of 14.4%, down from 15.2% in 2019[30]. Market Position and Strategy - The company emphasizes its strong R&D capabilities and diverse product offerings, serving farmers in over 100 countries[1]. - Adama's future development strategy includes addressing risks such as currency fluctuations and raw material costs[3]. - The company has a strong market position due to its unique formulation technologies and high-quality differentiated products[1]. - The company focuses on developing and marketing non-patented crop protection products, including herbicides, insecticides, and fungicides, catering to local farmer needs globally[15]. - Emerging markets contributed over 50% of the company's total sales in 2020, highlighting the strength of its business in these regions[30]. - The company has a diverse product portfolio, with no single active ingredient accounting for more than 5% of total sales in 2020, enhancing business stability[26]. - The company aims to enhance its market position through a differentiated product portfolio, focusing on high-margin, innovative solutions, including unique mixtures and formulations[93]. - The company plans to leverage its strong R&D capabilities to develop new formulations and delivery technologies, aiming for market-first launches post-patent expiration[94]. Acquisitions and Investments - The company’s acquisition of Adama Solutions resulted in a significant increase in assets, with the investment valued at 18,577,615 thousand yuan[25]. - The company completed acquisitions in Greece and Paraguay, which contributed positively to its performance[39]. - The company acquired Alfa Agricultural Supplies S.A., FNV S.A., and Shanghai Dubai Plant Protection Co., Ltd. during the reporting period, indicating a strategic expansion through mergers and acquisitions[138]. - The company plans to use the raised funds to acquire a 51% stake in Shanghai Dubai, with the acquisition completed on November 16, 2020[80]. Research and Development - The company has established R&D and registration centers in multiple countries, enabling efficient market entry for new products[38]. - Research and development expenses increased by 9.73% year-over-year, totaling 478,778 thousand yuan[58]. - The total research and development investment in 2020 was RMB 478.78 million, representing a 9.36% increase compared to the previous year[67]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[168]. - The company has a wastewater treatment facility with a capacity of 20,000 tons/day, achieving compliance with discharge standards for COD, ammonia nitrogen, and total phosphorus[170]. - The company received approval for the environmental impact report for the ultra-low emission renovation project and the pesticide relocation and upgrade project[171]. - The company has implemented a self-monitoring plan for environmental management, including continuous monitoring of wastewater and emissions[173]. Shareholder and Dividend Information - Adama reported a cash dividend of 0.16 RMB per 10 shares for a total of 2,329,811,766 shares, amounting to approximately 373.57 million RMB[3]. - The cash dividend for 2019 was RMB 0.12 per 10 shares, totaling RMB 29,358,642.98, which accounted for 10.6% of the net profit attributable to ordinary shareholders[128]. - The company’s cash dividend policy remains unchanged during the reporting period[124]. - The total cash dividend, including other methods, amounts to 97,676,284.26 RMB, representing 100% of the distributable profit[129]. Risks and Challenges - The company faces challenges in passing on rising procurement costs to sales prices due to intense global competition[18]. - The company expects continued upward pressure on production costs in 2021 due to rising raw material prices and a strong RMB against the USD[19]. - The company faces risks from currency fluctuations, particularly exposure to the Euro, Israeli Shekel, and Brazilian Real, which could impact sales and profitability[98]. - The company is exposed to risks in emerging markets, including political instability and currency volatility, which could negatively affect its operations[100]. - The crop protection market is highly competitive, with seven major multinational companies leading, including Bayer, Syngenta, and BASF, which impacts the company's market share and financial performance[102]. Management and Governance - The company has undergone changes in its board and management structure, with several appointments and resignations in 2020[195]. - The leadership team includes experienced professionals with diverse backgrounds in finance, engineering, and agrochemicals, contributing to strategic decision-making[200]. - The management team is committed to maintaining transparency and providing accurate financial information to stakeholders[200].

Sales Performance - Q3 2020 sales reached $978 million, a historical high, with a 12% increase year-over-year at constant exchange rates and a 3% increase in USD[1] - For the first nine months of 2020, sales amounted to $2.987 billion, a historical high, with an 8% increase year-over-year at constant exchange rates and a 1% increase in USD[2] - The company experienced a sales volume increase of 11% year-over-year in Q3 2020, driven by strong growth in emerging markets[1] - In Q3, sales revenue increased by 12% year-over-year at constant exchange rates, with a sales volume growth of 11%[11] - In Q3 2020, total sales reached $978 million, a 2.6% increase year-over-year, while sales for the first nine months totaled $2.987 billion, reflecting a 0.8% increase[18] - Sales in Europe decreased by 4.0% in Q3 and 3.2% in the first nine months, attributed to extreme drought conditions affecting crop protection product usage[20] - North America saw a sales decline of 9.3% in Q3 and 7.1% in the first nine months, impacted by severe weather conditions and reduced demand due to COVID-19[21] - Latin America experienced a sales increase of 10.9% in Q3 and 8.6% in the first nine months, driven by significant volume increases and price adjustments[22] - The Asia-Pacific region reported a sales growth of 7.0% in Q3 and 0.2% in the first nine months, with strong performance in Australia and New Zealand offsetting challenges in Southeast Asia[23] Financial Performance - Q3 2020 EBITDA was $130 million, down from $144 million in Q3 2019, impacted by approximately $71 million from exchange rate fluctuations[5] - Net profit for Q3 2020 was $21 million, a 50% decrease from $42 million in Q3 2019, with an impact of approximately $81 million from currency weakness[3] - For the first nine months of 2020, net profit was $95 million, down from $173 million in the same period of 2019, with a currency impact of approximately $201 million[3] - The gross margin for Q3 2020 was 28.0%, down from 31.0% in Q3 2019, reflecting the adverse effects of currency depreciation[5] - The gross profit for Q3 was USD 274 million, with a gross margin of 28.0%, down from USD 295 million and 31.0% in the same period last year[12] - Operating expenses in Q3 totaled USD 205 million, accounting for 20.9% of sales, a decrease from 22.3% in the previous year[13] - The gross profit for the first nine months of 2020 was $869 million, with a gross margin of 29.1%, down from 32.7% in the same period of 2019[36] - Operating expenses totaled $613 million, accounting for 20.5% of total revenue, compared to 21.7% in the first nine months of 2019[36] - EBIT for the first nine months of 2020 was $256 million, representing 8.6% of total revenue, down from 11.0% in the same period of 2019[36] - Net profit for the first nine months of 2020 was $664 million, with a net margin of 3.2%, compared to 5.9% in the same period of 2019[36] Cash Flow and Investments - The company generated operating cash flow of USD 23 million in Q3, down from USD 57 million in the same period last year[17] - In Q3 2020, the company consumed $68 million in free cash flow, compared to generating $7 million in the same period last year, reflecting reduced operating cash flow and increased investment expenses[18] - For the first nine months of 2020, the company consumed $56 million in free cash flow, down from $290 million in the same period last year, impacted by higher working capital and acquisition payments[18] - The company invested $186 million in fixed and intangible assets during the first nine months of 2020, up from $158 million in the same period of 2019, reflecting a 17.7% increase in capital expenditures[40] - The net cash used in investing activities for the first nine months of 2020 was -$200 million, compared to -$245 million in the same period of 2019, showing a reduction in cash outflow[40] Acquisitions and Market Strategy - The company announced the acquisition of Jiangsu Huifeng Biochemical Co., Ltd. for a total transaction amount of approximately RMB 1.224 billion (about USD 175 million)[10] - The company completed the acquisition of a majority stake in Paraguayan agricultural distributor FNV S.A. to strengthen its market presence[22] - The company is focusing on cost management and operational efficiency to navigate the current market challenges[46] - The company reported a non-cash amortization expense related to the acquisition of Solutions, which will be fully amortized by the second half of 2020[47] - The company recognized a one-time capital gain from acquiring the remaining 51% stake in Alpha in Greece, which was previously accounted for as a long-term equity investment[47] Currency and Exchange Rate Impact - The company faced a loss of approximately $2.22 billion in sales due to currency depreciation in the first nine months of 2020[2] - The company faced a negative impact of approximately USD 88 million and USD 222 million on sales due to unfavorable currency exchange rates in Q3 and the first nine months, respectively[12] - The company reported a 3.7% decrease in the USD/CNY exchange rate, from 7.073 in 2019 to 6.810 in 2020[49] - The company noted a significant depreciation of the BRL against the USD, with a 35.5% increase in the USD/BRL exchange rate from 4.164 in 2019 to 5.641 in 2020[48] - The company experienced a 12.2% increase in the USD/ZAR exchange rate, rising from 15.083 in 2019 to 16.920 in 2020[48] Balance Sheet and Equity - The company’s working capital as of September 30, 2020, was USD 2.332 billion, an increase from USD 2.143 billion year-over-year[16] - The net debt on the balance sheet as of September 30, 2020, was $1.163 billion, up from $960 million on September 30, 2019, primarily due to acquisitions and increased working capital[18] - As of September 30, 2020, total assets amounted to $7,091 million, an increase from $6,510 million as of September 30, 2019, representing an 8.9% growth[38] - The total liabilities increased to $3,866 million as of September 30, 2020, from $3,227 million a year earlier, marking a 19.8% rise[38] - The company’s total equity decreased slightly to $3,225 million as of September 30, 2020, down from $3,283 million in the previous year, a decline of 1.8%[38] - The company’s total liabilities to equity ratio increased to 1.20 as of September 30, 2020, compared to 0.98 a year earlier, indicating a higher leverage position[38] Operational Efficiency - The company reported a decrease in operating expenses year-over-year despite the costs associated with recent acquisitions[1] - Operating expenses in Q3 2020 were 1,416 million RMB, reduced by 137 million RMB compared to 1,483 million RMB in Q3 2019, indicating a cost-saving strategy[43] - The company is undergoing a three-year upgrade project for its operational facilities in China, resulting in accelerated depreciation of old assets[47] - The company implemented a long-term incentive plan for foreign employees using virtual options to mitigate cash flow impacts[47]