安道麦A(000553) - 2021 Q3 - 季度财报

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]