安道麦A(000553) - 2024 Q1 - 季度财报

Financial Performance - Adjusted net profit for Q1 2024 was a loss of $32 million, compared to a profit of $12 million in Q1 2023, reflecting a significant decline [3]. - The adjusted net profit loss for Q1 2024 was $10 million, a significant drop from an adjusted profit of $22 million in Q1 2023 [3]. - The company reported a net loss of $32 million in Q1 2024, compared to a net profit of $12 million in Q1 2023 [53]. - Adjusted EBITDA for Q1 2024 was $132 million, down from $165 million in Q1 2023 [15]. - The adjusted EBITDA for Q1 2024 was $132 million, representing an EBITDA margin of 12.5%, down from $165 million and 13.1% in Q1 2023 [79]. - Gross profit was $288 million with a gross margin of 27.2%, compared to $340 million and a gross margin of 27% in the same period of 2023 [15]. - Gross profit for Q1 2024 was $256 million, down 17% from $310 million in Q1 2023, with a gross margin of 24.2% [33]. - The company reported a significant decline in sales in North America and Latin America due to pricing pressures and adverse weather conditions, with Latin America sales down 18% [66][69]. - In Q1 2024, the company reported revenue of $1.057 billion, a 16% decrease year-over-year, primarily due to a 10% decline in sales prices and a 5% decrease in sales volume [30]. - The company reported a total revenue of $1,057 million in Q1 2024, down from $1,259 million in Q1 2023, representing a decrease of about 16% [96]. Cash Flow and Working Capital - Free cash flow improved by $348 million, with a cash consumption of $194 million in Q1 2024, compared to $542 million in Q1 2023 [30]. - The company experienced a significant improvement in cash flow generation, despite the typical negative cash flow in Q1 due to seasonal business characteristics [16]. - The company experienced a significant improvement in cash flow, consuming $103 million in operating cash flow in Q1 2024, compared to $425 million in Q1 2023 [54]. - The company’s free cash flow improved from a negative $542 million in Q1 2023 to a negative $194 million in Q1 2024 [94]. - The company's working capital as of March 31, 2024, was $2.583 billion, down from $3.148 billion in the same period of 2023 [53]. Operational Adjustments and Strategies - The total adjustments to EBITDA amounted to $12 million in Q1 2024, compared to a negative adjustment of $1 million in Q1 2023, indicating improved operational performance [3]. - The company implemented efficiency measures that resulted in a positive adjustment of $11 million to EBIT in Q1 2024, compared to no adjustments in Q1 2023 [3]. - The company is implementing a transformation plan aimed at enhancing business quality and adjusting market positioning over the next three years [30]. - The company’s strategic focus includes increasing the proportion of high-margin products in total sales and optimizing its operational network [23]. - The company launched multiple new products in Q1 2024, achieving a new product introduction rate of 22% of total sales for 2023 [24]. - The company launched several differentiated products in Q1 2024, including the fungicide series Prothioconazole in various European countries [39]. - The company continues to focus on differentiated products, which have received positive market recognition despite overall sales challenges [70]. Market Conditions and Currency Impact - The company reported a 3.2% increase in the USD/RMB exchange rate, rising from 6.872 in Q1 2023 to 7.095 in Q1 2024 [14]. - The average exchange rate for USD/BRL improved by 1.7%, from 5.080 in Q1 2023 to 4.996 in Q1 2024, suggesting favorable currency conditions [6]. - The company experienced a 4.8% depreciation in the RMB/PLN exchange rate, decreasing from 0.739 to 0.704, which may impact pricing strategies in Poland [14]. - The average exchange rate for GBP/USD increased by 2.3%, from 1.236 in Q1 2023 to 1.264 in Q1 2024, indicating a strengthening of the pound against the dollar [6]. Asset and Liability Changes - Total assets decreased from $8,588 million in Q1 2023 to $7,710 million in Q1 2024, a decline of approximately 10.2% [93]. - Current assets decreased from $4,948 million in Q1 2023 to $4,081 million in Q1 2024, a decline of about 17.5% [93]. - Total liabilities decreased from $5,249 million in Q1 2023 to $4,657 million in Q1 2024, a reduction of approximately 11.3% [93]. - The total equity decreased from $3,339 million in Q1 2023 to $3,053 million in Q1 2024, a decline of approximately 8.6% [93]. - Non-current assets remained relatively stable, decreasing slightly from $3,640 million in Q1 2023 to $3,629 million in Q1 2024 [93]. - The company’s cash and cash equivalents at the end of Q1 2024 were $519 million, down from $686 million at the beginning of the quarter [94]. Regional Sales Performance - The sales in the EAME region decreased by 15% year-over-year, primarily due to channel destocking and unstable spring weather conditions [41]. - In the Asia-Pacific region, the brand formulation business in China saw growth driven by new biological products, despite facing pricing pressures and high channel inventory [71]. - The crop protection products segment accounted for 90.9% of total sales in Q1 2024, with sales of $961 million, compared to $1.146 billion in Q1 2023 [86]. - The proportion of revenue from herbicides was 43.0% in Q1 2024, down from 45.7% in Q1 2023 [96]. - Operating expenses for Q1 2024 were $206 million, accounting for 19.4% of sales, compared to $218 million or 17.3% of sales in Q1 2023 [48]. - The total operating expenses for Q1 2024 were $216 million, accounting for 20.5% of revenue, compared to $238 million and 18.9% in Q1 2023 [77].