安道麦A(000553) - 2022 Q2 - 季度财报

Financial Performance - In Q2 2022, the company achieved a record revenue of $1.479 billion, a 21% year-over-year increase driven by a 22% price increase and a 3% rise in sales volume[1]. - For the first half of 2022, revenue reached $2.899 billion, marking a 24% year-over-year growth, with a 20% price increase and an 8% increase in sales volume[2]. - Adjusted EBITDA for Q2 2022 grew by 29% to $240 million, with an EBITDA margin of 16.2%, up from 15.2% in Q2 2021[1]. - The adjusted net profit for Q2 2022 increased by 20% to $76 million, while reported net profit surged by 36% to $46 million[1]. - The EBITDA for the first half of 2022 was $427 million, a 42% increase compared to the same period in 2021, with an EBITDA margin of 14.7%[4]. - The company reported a 100% increase in net profit for the first half of 2022, reaching $113 million[4]. - Q2 2022 sales reached $1.479 billion, a 21% increase year-over-year in USD, driven by a 22% price increase and a 3% volume growth[9]. - For the first half of 2022, sales totaled $2.899 billion, marking a historical high with a 24% year-over-year increase in USD, supported by a 20% price increase and an 8% volume growth[9]. Market Conditions - The global agricultural market remains strong, with high crop prices expected to persist, supporting demand for crop protection products[5]. - The company anticipates that high agricultural product prices will continue to drive demand for its offerings despite rising production costs[5]. - The North American market experienced growth despite challenges from drought conditions, with strong sales in Canada driven by increased demand for grain herbicides[12]. - In Latin America, sales grew significantly, with Brazil showing strong performance due to high demand for agricultural products[13]. - The Asia-Pacific region saw a 49.1% increase in sales to $720 million in the first half of 2022, with China contributing a 73.2% year-over-year growth[10]. Product Development - The company continues to focus on developing new products with unique formulation technologies to enhance value[3]. - The company launched several new differentiated products in Q2 2022, including Novali® in Australia and Nimitz® in South Africa, enhancing its product line[7]. - The company plans to expand its sustainable biopesticide product line in Latin America, with new products like Expert Grow® expected to be promoted in key markets[8]. Cost Management - The company improved its operating expense ratio to 18.1% in Q2 2022, down from 19.7% in the same period last year[1]. - Operating expenses for Q2 were reported at $243 million (16.4% of sales), down from $250 million (20.5% of sales) in the same period last year[16]. - The total operating expenses for Q2 2022 were $268 million, which is 11.7% higher than $240 million in Q2 2021[31]. - The company incurred $(107) million in cash outflow for investing activities in Q2 2022, compared to $(91) million in Q2 2021[34]. Financial Position - The company’s working capital as of June 30, 2022, was $2.664 billion, up from $2.499 billion year-over-year, with a working capital to sales ratio of 49.5%[21]. - As of June 30, 2022, total assets increased to $8.271 billion from $7.655 billion in 2021, representing an 8.06% growth[33]. - Total liabilities rose to $4.913 billion as of June 30, 2022, up from $4.337 billion in 2021, marking a 13.2% increase[33]. - The company’s total equity as of June 30, 2022, was $3.358 billion, slightly up from $3.318 billion in 2021, indicating a 1.2% increase[33]. Cash Flow - Cash flow from operations for Q2 was $71 million, down from $361 million in the same period last year[21]. - Operating cash flow for the first half of 2022 was negative at $(215) million, compared to positive $231 million in the same period of 2021[35]. - The company reported a free cash flow of $(469) million in the first half of 2022, compared to $(115) million in the same period of 2021[35]. - Cash and cash equivalents decreased to $491 million in Q2 2022 from $717 million in Q2 2021, a decline of 31.5%[34]. Exchange Rates and Financial Adjustments - The company experienced a 12.5% decrease in the Euro to USD exchange rate, dropping from 1.189 in 2021 to 1.040 in 2022[41]. - The USD to Brazilian Real exchange rate increased by 4.7%, moving from 5.002 in 2021 to 5.238 in 2022[41]. - The company noted a 17.9% increase in the USD to Polish Zloty exchange rate, rising from 3.804 in 2021 to 4.483 in 2022[41]. - The company reported a 1468.4% increase in the 3-month LIBOR rate for USD, rising from 0.15% in 2021 to 2.29% in 2022[41]. Research and Development - R&D expenses for Q2 2022 were $22 million, an increase from $18 million in Q2 2021[31].