安道麦A(000553) - 2020 Q1 - 季度财报

Financial Performance - Revenue for the reporting period was 6,782,243 thousand yuan, a slight decrease of 0.08% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was -16,707 thousand yuan, a significant decrease of 104.56% year-on-year[4] - Basic earnings per share were -0.007 yuan per share, a decrease of 104.67% year-on-year[4] - Revenue for the reporting period was 6,782,243 thousand yuan, a slight decrease of 0.08% compared to the same period last year[11] - Gross profit decreased by 13.41% to 2,024,830 thousand yuan, with gross margin dropping from 34.45% to 29.85%[11] - Net profit turned negative at -16,707 thousand yuan, a significant decline of 104.56% year-over-year[11] - EBITDA decreased by 24.69% to 927,888 thousand yuan, with EBITDA margin falling from 18.15% to 13.68%[11] - Revenue for the first quarter was 6,782,243 thousand yuan, a slight decrease from the previous quarter's 6,787,751 thousand yuan[42] - Operating profit for the first quarter was 134,304 thousand yuan, significantly lower than the previous quarter's 418,600 thousand yuan[42] - Net profit for the first quarter was a loss of 16,707 thousand yuan, compared to a profit of 366,756 thousand yuan in the previous quarter[42] - Comprehensive income attributable to the parent company's owners was 127,500 thousand yuan, a significant improvement from the previous quarter's loss of 23,287 thousand yuan[42] Cash Flow and Liquidity - Net cash flow from operating activities was -384,708 thousand yuan, a decrease of 70.17% compared to the same period last year[4] - Cash flow from operating activities was negative 384,708 thousand yuan, an improvement from the previous quarter's negative 1,289,484 thousand yuan[44] - Cash flow from investing activities was negative 373,099 thousand yuan, an improvement from the previous quarter's negative 1,069,729 thousand yuan[44] - Cash flow from financing activities was positive 629,227 thousand yuan, a decrease from the previous quarter's positive 833,545 thousand yuan[44] - The company's cash and cash equivalents at the end of the quarter were 4,237,919 thousand yuan, a decrease from the previous quarter's 4,319,907 thousand yuan[44] - Sales of goods and services received cash of 309,170 thousand yuan, a decrease of 51.2% compared to the previous period's 633,069 thousand yuan[46] - Cash received from tax refunds increased to 17,306 thousand yuan from 15,759 thousand yuan in the previous period[46] - Total cash inflow from operating activities decreased to 334,675 thousand yuan from 656,565 thousand yuan in the previous period[46] - Cash paid for goods and services decreased to 169,917 thousand yuan from 290,452 thousand yuan in the previous period[46] - Net cash flow from operating activities decreased to 59,343 thousand yuan from 238,276 thousand yuan in the previous period[46] - Net cash flow from investing activities was negative 32,861 thousand yuan, compared to negative 24,042 thousand yuan in the previous period[46] - Net cash flow from financing activities was positive 13,270 thousand yuan, compared to negative 9,687 thousand yuan in the previous period[46] - The net increase in cash and cash equivalents was 43,348 thousand yuan, a significant decrease from 199,770 thousand yuan in the previous period[46] - The ending balance of cash and cash equivalents was 1,439,342 thousand yuan, compared to 2,205,083 thousand yuan in the previous period[46] Assets and Liabilities - Total assets at the end of the reporting period were 47,780,240 thousand yuan, an increase of 5.50% compared to the end of the previous year[4] - Net assets attributable to shareholders of the listed company were 22,500,143 thousand yuan, an increase of 0.57% compared to the end of the previous year[4] - Total assets increased to 47,780,240 thousand yuan as of March 31, 2020, compared to 45,288,940 thousand yuan at the end of 2019[39] - Current assets rose to 27,638,597 thousand yuan, up from 25,142,226 thousand yuan at the end of 2019[39] - Accounts receivable increased to 8,577,783 thousand yuan, up from 8,004,157 thousand yuan at the end of 2019[39] - Inventory grew to 10,091,315 thousand yuan, compared to 9,932,654 thousand yuan at the end of 2019[39] - Total liabilities increased to 25,280,097 thousand yuan, up from 22,917,275 thousand yuan at the end of 2019[39] - Short-term borrowings rose to 2,515,622 thousand yuan, compared to 2,009,882 thousand yuan at the end of 2019[39] - Long-term borrowings increased to 1,181,250 thousand yuan, up from 927,159 thousand yuan at the end of 2019[39] - Total equity slightly increased to 22,500,143 thousand yuan, compared to 22,371,665 thousand yuan at the end of 2019[39] - Cash and cash equivalents decreased to 4,264,450 thousand yuan, down from 4,348,588 thousand yuan at the end of 2019[39] - The company's total assets on a standalone basis were 19,896,661 thousand yuan as of March 31, 2020, slightly down from 19,993,212 thousand yuan at the end of 2019[40] Derivative Investments - Derivative financial assets increased by 273.38% to RMB 1,829,988 thousand compared to the end of the previous year[27] - Derivative financial liabilities rose by 144.02% to RMB 1,687,360 thousand due to derivative disposal and value re-evaluation[27] - The company's derivative investments totaled 21,201,548 thousand yuan, with a final investment amount of 21,532,509 thousand yuan, accounting for 95.70% of the company's net assets at the end of the reporting period[35] - The company's derivative investments generated an actual profit of 246,392 thousand yuan during the reporting period[35] - The company's derivative investments were funded entirely with its own capital[35] - The company's derivative investments were primarily in options and forward contracts, with initial investment amounts of 2,078,908 thousand yuan and 19,122,640 thousand yuan, respectively[35] - The company's derivative investments were conducted with large, key banks to mitigate credit and liquidity risks[35] - The company's derivative investments were managed using approved computer software and detailed guidelines approved by the subsidiary's board of directors[35] - The company's derivative investments were subject to quarterly and local internal control audits to ensure compliance and risk management[35] - The company's derivative investments were evaluated for fair value by external experts, with the company's accounting department providing exchange rates and external experts providing other parameters[35] - The company's derivative investment policies and accounting principles remained unchanged from the previous reporting period[35] - The company's independent directors affirmed that the derivative investments were conducted to hedge market risks and were in compliance with relevant laws and regulations[35] Regional Sales Performance - Q1 revenue reached $973 million, a 2$357 million[14][15] - North America sales fell 6.7% to $168 million, impacted by COVID-19's effect on consumer and professional solutions demand[14][15] - Latin America sales grew 12.5$159 million, with strong performance in Peru and Mexico[14][16] - Asia-Pacific sales dropped 14.9% to $158 million, with China sales down 27.1$131 million, driven by strong performance in India and South Africa[14][19] COVID-19 Impact - The COVID-19 pandemic severely impacted global operations, causing temporary shutdowns at the Jingzhou base and increased logistics costs[9] - Currency fluctuations, particularly in Brazil, Australia, Turkey, and India, negatively affected Q1 performance[9] - The company plans to strengthen distribution channels, optimize logistics, and potentially adjust prices to mitigate pandemic impacts[10] Shareholder Information - China National Chemical Agriculture Co., Ltd. holds 74.02% of the company's shares, totaling 1,810,883,039 shares[7] - The top 10 shareholders collectively hold approximately 84.38% of the company's shares[7] - No share repurchase transactions were conducted by the top 10 shareholders during the reporting period[8] Research and Development - The company's R&D strength and production facilities are at the forefront of the global agrochemical industry[2] - Research and development expenses for the first quarter were 92,008 thousand yuan, a decrease from the previous quarter's 96,353 thousand yuan[42] Non-Recurring Items - Non-recurring gains and losses amounted to -33,520 thousand yuan, primarily due to expenses related to an employee early retirement plan[5] - Employee early retirement costs in Israel amounted to $8.6 million[23] Operational Expenses - Operating expenses were controlled, with$9.6 million impact from amortization of 2011 acquisition costs and $7.9 million from 2017 Syngenta-related asset transfers[21] - Sales expenses for the first quarter were 1,256,871 thousand yuan, a slight decrease from the previous quarter's 1,268,966 thousand yuan[42] Financial Expenses and Income - Financial expenses (pre-hedging) for Q1 2020 were RMB 412 million (USD 59 million), compared to RMB 479 million (USD 71 million) in the same period of 2019[24] - Net gains from fair value changes and investment income in Q1 2020 were RMB 194 million (USD 28 million), down from RMB 244 million (USD 36 million) in Q1 2019[24] - Total net financial expenses and investment income for Q1 2020 were RMB 217 million (USD 31 million), a decrease from RMB 236 million (USD 35 million) in Q1 2019[25] Product Launches - New product launches included EMINENT® in Argentina, UBERTOP® in Mexico, and QUALIPRO ENCLAVE® in Australia[18] Corporate Governance - The company's leadership, including the CEO and CFO, has confirmed the accuracy and completeness of the financial report[3] - The company's first quarter report for 2020 was not audited[48] Strategic Initiatives - The company announced its intention to join the Syngenta Group in January 2020, which is expected to become a leading global agricultural enterprise[28] - The company will receive compensation in shares from its parent company, reducing the parent's direct and indirect shareholding from 78.9% to 78.0%[31] Contract Liabilities and Deferred Taxes - Contract liabilities increased by 33.72% to RMB 888,232 thousand, reflecting seasonal growth in rebates[27] - Deferred tax liabilities grew by 38.41% to RMB 447,499 thousand, mainly due to changes in the tax basis of non-monetary assets in Brazil[27]