安道麦A(000553) - 2019 Q1 - 季度财报

Financial Performance - First quarter sales reached $1.006 billion, slightly below last year's record, with a 1.0% increase year-over-year at fixed exchange rates[1] - Gross profit for the first quarter was $344 million, with a gross margin of 34.2%, consistent with Q1 2018[1] - EBITDA for the first quarter was $187 million, maintaining an EBITDA margin of 18.6% compared to the same period last year[1] - Net profit for the first quarter was $80 million, a decrease of $4 million year-over-year, with a net margin of 8.0%[2] - Adjusted revenue for Q1 2019 was $1,006 million, a slight decrease of 1.6% compared to $1,022 million in Q1 2018[24] - Gross profit margin remained stable at 34.2% for both Q1 2019 and Q1 2018, with gross profit of $344 million in Q1 2019[24] - Net profit for Q1 2019 was $80 million, down 4.8% from $84 million in Q1 2018, resulting in a net profit margin of 8.0%[24] - Adjusted net profit for Q1 2019 was $80.1 million, compared to $83.8 million in Q1 2018, reflecting a decrease of 2.1%[31] Operating Expenses and Cash Flow - Operating expenses totaled $218 million, representing 21.6% of sales, with a notable impact from the $11 million cost associated with the shutdown of the Jingzhou facility[7] - Operating expenses totaled $218 million in Q1 2019, slightly up from $216 million in Q1 2018, with R&D expenses increasing to $14 million from $13 million[24] - The company consumed $191 million in operating cash flow during the first quarter, compared to a consumption of $34 million in the same period last year[9] - The company reported a negative cash flow from operating activities of $191 million in Q1 2019, compared to a negative $34 million in Q1 2018[26] - Free cash flow for Q1 2019 was negative $355 million, worsening from negative $31 million in Q1 2018[26] Sales Performance by Region - Sales in Europe decreased by 11.1% year-over-year at fixed exchange rates, primarily due to supply constraints, particularly for intermediates sourced from China[12] - Latin America saw a significant sales increase of 25.9% at fixed exchange rates, driven by strong demand for differentiated products despite ongoing supply limitations[14] - The Asia-Pacific region experienced a 2.9% increase in sales at fixed exchange rates, with China specifically growing by 14.3% due to strong demand for differentiated formulation products[15] - The company achieved a 23.9% sales growth in the India, Middle East, and Africa region at fixed exchange rates, with significant growth in Turkey and continued strong performance in India despite drought conditions[16] Challenges and Operational Issues - The company faced challenges due to adverse weather in North America and ongoing supply constraints, impacting product availability[4] - The company incurred approximately $11 million in production downtime costs due to the gradual recovery of the old plant at the Jingzhou base, which is expected to continue affecting operations into the second quarter[11] Acquisitions and Product Development - The acquisition of Bonide Products Inc. and Jiangsu Anbang Chemical Co., Ltd. contributed to the company's performance in the first quarter[3] - The company launched several new products in Q1, including GIGANT® and PRIZM® in Germany and the UK, and MAVRIK JET® in France[13] - The company continues to expand its product line in China, introducing several global flagship products in Q1[15] - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[30] Financial Position - Working capital increased to $2.082 billion, up $325 million year-over-year, driven by higher accounts receivable and inventory accumulation[9] - The net debt at the end of the first quarter was $875 million, reflecting the impact of the Bonide acquisition and other financial obligations[10] - Total assets as of March 31, 2019, were $6,758 million, an increase from $6,339 million as of March 31, 2018[25] - Total liabilities increased to $3,455 million as of March 31, 2019, compared to $3,109 million as of March 31, 2018[25] - Equity totaled $3,304 million as of March 31, 2019, up from $3,230 million as of March 31, 2018[25] Exchange Rates and Economic Indicators - The exchange rate of USD to RMB increased by 7.1% from 6.288 to 6.734 compared to the same period last year[37] - The exchange rate of USD to Brazilian Real decreased by 17.2% from 3.324 to 3.897 compared to the same period last year[36] - The 3-month London Interbank Offered Rate (LIBOR) for USD rose by 28.4% from 2.03% to 2.60% compared to the same period last year[36] - The exchange rate of USD to South African Rand increased by 23.9% from 11.82 to 14.64 compared to the same period last year[36] - The exchange rate of Euro to USD decreased by 8.8% from 1.232 to 1.123 compared to the same period last year[36] - The exchange rate of Euro to RMB decreased by 2.4% from 7.746 to 7.561 compared to the same period last year[37] - The exchange rate of RMB to South African Rand increased significantly by 68.2% from 1.789 to 0.570 compared to the same period last year[37] - The average exchange rate of USD to Polish Zloty increased by 12.4% from 3.414 to 3.837 compared to the same period last year[36] - The average exchange rate of Australian Dollar to USD decreased by 7.8% from 0.768 to 0.708 compared to the same period last year[36] - The average exchange rate of GBP to USD decreased by 7.4% from 1.407 to 1.303 compared to the same period last year[36]