安道麦A(000553) - 2021 Q1 - 季度财报

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]