安道麦A(000553) - 2020 Q1 - 季度财报

Financial Performance - In Q1 2020, the company reported sales of $973 million, a 2% increase year-over-year at constant exchange rates, but a 3% decrease in USD terms due to currency depreciation [1]. - The company's EBITDA for Q1 2020 was $142 million, reflecting a 24.1% year-over-year decline, primarily impacted by a $34 million adverse effect from currency fluctuations and a $20 million impact from COVID-19 [7]. - Net profit for Q1 2020 was $27 million, down 66.3% year-over-year, with a $62 million negative impact from currency depreciation and a $17 million impact from the pandemic [8]. - The gross profit margin decreased to 29.7% in Q1 2020 from 34.2% in Q1 2019, driven by currency depreciation and high procurement costs [6]. - Operating expenses totaled $207 million in Q1 2020, representing 21.2% of sales, a slight decrease from 21.6% in the same period last year [7]. - The company’s EBIT for Q1 2020 was $82 million, down 35.4% year-over-year, with a $34 million adverse effect from currency fluctuations [7]. - Total sales for Q1 2020 amounted to $973 million, a decrease of 3.4% compared to $1,006 million in Q1 2019 [11]. - The company reported a net cash outflow of $116 million in free cash flow for Q1, an improvement from $355 million in the same period last year [9]. - The company's net debt increased to $1.189 billion as of March 31, 2020, from $875 million a year earlier, reflecting acquisitions and capital investments [10]. - The company’s total liabilities were $3,568 million as of March 31, 2020, compared to $3,454 million in the previous year [26]. - The company’s total equity as of March 31, 2020, was $3,176 million, down from $3,304 million in the previous year [26]. Regional Sales Performance - In the Europe region, sales decreased by 1.0% year-over-year to $357 million, while fixed exchange rate sales increased by 2.7% [11]. - North America sales fell by 6.7% year-over-year to $168 million, impacted by COVID-19 affecting product demand [12]. - Latin America saw a 0.3% decline in sales to $159 million, despite a 12.5% increase in fixed exchange rate sales due to strong performance in Peru [13]. - The Asia-Pacific region experienced a 14.9% decline in sales to $158 million, primarily due to COVID-19 disruptions [14]. Impact of COVID-19 - The company faced a $47 million sales impact from COVID-19 in Q1 2020, alongside an additional $50 million impact from currency depreciation [5]. - The company anticipates continued negative impacts on Q2 2020 performance due to the ongoing pandemic [3]. - The company is actively taking management measures to mitigate the pandemic's impact, including expanding distribution channels and adjusting sales prices [3]. - The company’s operations in the Huai'an production base remained stable, while the Jingzhou base was temporarily shut down due to COVID-19, affecting overall sales in China [2]. Cash Flow and Working Capital - As of March 31, 2020, the company's working capital was $2.178 billion, a slight increase from $2.082 billion year-over-year, primarily due to an increase in accounts receivable and a decrease in accounts payable [9]. - The company consumed $55 million in operating cash flow during Q1, an improvement from $191 million consumed in the same period last year, mainly due to better working capital levels [9]. - The company’s operating cash flow for Q1 2020 was -$55 million, an improvement from -$191 million in Q1 2019 [27]. - The company incurred employee early retirement costs of $8.6 million in Q1 2020, which were not present in Q1 2019 [31]. Exchange Rate Effects - The exchange rate of USD to RMB increased by 5.2% from 6.734 in 2019 to 7.085 as of March 31, 2020 [33]. - The exchange rate of USD to Brazilian Real saw a significant decline of 33.4%, moving from 3.897 in 2019 to 5.199 in 2020 [32]. - The average quarterly exchange rate of USD to South African Rand decreased by 22.2%, from 14.64 in 2019 to 17.89 in 2020 [32]. - The average quarterly exchange rate of Euro to USD decreased by 2.6%, from 1.123 in 2019 to 1.094 in 2020 [32]. - The average quarterly exchange rate of Euro to RMB increased by 2.5%, from 7.561 in 2019 to 7.751 in 2020 [33]. - The average quarterly exchange rate of Australian Dollar to USD decreased by 14.0%, from 0.708 in 2019 to 0.609 in 2020 [32]. - The average quarterly LIBOR for 3-month USD decreased by 44.2%, from 2.60% in 2019 to 1.45% in 2020 [32]. - The exchange rate of RMB to Brazilian Real decreased by 26.8%, from 0.579 in 2019 to 0.734 in 2020 [33]. - The exchange rate of RMB to South African Rand decreased by 16.1%, from 2.174 in 2019 to 2.525 in 2020 [33]. - The exchange rate of GBP to USD decreased by 5.3%, remaining at 1.234 in 2020 compared to 1.303 in 2019 [32]. Product Development - The company launched new products in Q1, including QUALIPRO ENCLAVE® in Australia and BALORIC® in Thailand, aimed at expanding its product line [14]. Earnings and Adjustments - Basic and diluted earnings per share for Q1 2020 were both $0.0327, down from $0.0766 in Q1 2019 [25]. - The company invested $51 million in fixed and intangible assets during Q1 2020, compared to $43 million in Q1 2019 [27]. - The company’s EBITDA for Q1 2020 was $187 million, representing 18.6% of revenue, compared to 14.6% in Q1 2019 [25]. - Adjusted revenue for Q1 2020 was $973 million, a decrease from $1,006 million in Q1 2019, reflecting a decline of approximately 3.3% [30]. - Adjusted net profit for Q1 2020 was $27 million, significantly down from $80 million in Q1 2019, representing a decrease of about 66.3% [31]. - Adjusted EBITDA for Q1 2020 was $142 million, compared to $187 million in Q1 2019, indicating a decline of approximately 24.0% [30]. - Operating expenses for Q1 2020 totaled $207 million, down from $218 million in Q1 2019, a reduction of about 5.0% [30]. - The company reported a pre-tax profit of $51 million for Q1 2020, down from $89 million in Q1 2019, reflecting a decrease of approximately 42.7% [30]. - The adjusted earnings per share (EPS) for Q1 2020 was $0.0110, compared to $0.0327 in Q1 2019, a decline of about 66.4% [30]. - The total adjusted operating profit (EBIT) for Q1 2020 was $82 million, down from $127 million in Q1 2019, representing a decrease of approximately 35.4% [30]. - Adjustments related to the acquisition of Solutions in 2011 resulted in a non-cash amortization of $11.5 million in Q1 2020, consistent with Q1 2019 [31]. - The company anticipates continued challenges in revenue growth due to market conditions and operational adjustments in the upcoming quarters [31].