2023-10-30-深交所-安道麦B_2023年第三季度报告（英文版）_16页_570kb
报告摘要
ADAMA LTD. Third Quarter Report 2023 Summary
Core Content
ADAMA Ltd. is a global leader in crop protection, offering solutions to combat weeds, insects, and disease in over 100 countries. The report covers the Company's financial performance for the third quarter and first nine months of 2023, as well as key market dynamics and shareholder information.
Main Financial Results
Q3 2023 Financial Highlights
- Operating Revenues: RMB 7,406,903 (down -20.20% from RMB 9,281,986)
- Net Profit (Loss): RMB (800,317) (down -2,320.27% from RMB 36,046)
- Net Cash Flow from Operating Activities: RMB 590,706 (up 377.54% from RMB 125,400)
- Basic EPS: RMB (0.3435) (down -2,316.19% from RMB 0.1486)
- EBITDA: RMB 268,554 (down -77.83% from RMB 1,211,159)
9M 2023 Financial Highlights
- Operating Revenues: RMB 24,660,104 (down -12.17% from RMB 28,077,814)
- Net Profit (Loss): RMB (1,042,473) (down -235.71% from RMB 768,144)
- EBITDA: RMB 2,209,544 (down -44.53% from RMB 3,983,221)
Key Market Dynamics
- Global CP Market: High channel inventories from 2022 continued to impact Q3 2023 sales, with customers buying closer to the season.
- Price Trends: Prices decreased by 13% in Q3 and 5% in the first nine months, with volume declines of 12% and 10%, respectively.
- Regional Sales Performance:
- EAME: Sales decreased by 8.8% in Q3 and 4.9% in 9M, attributed to market slowdown and Ukraine grain impact.
- North America: Sales declined by 23.9% in Q3 and 22.8% in 9M, due to high interest rates and demand shift to fourth quarter.
- Latin America: Brazil saw a significant decline due to channel destocking and pricing pressure; other regions had moderate declines.
- Asia-Pacific: China experienced oversupply and pricing pressure, while APAC and India saw declines due to El Niño and weak monsoons.
Non-Recurring Profit/Loss
- Non-recurring profit/loss items:
- Gains/losses on disposal of non-current assets: RMB 4,820 (Q3) vs. RMB 28,222 (9M)
- Government grants: RMB 4,401 (Q3) vs. RMB 23,454 (9M)
- Recovery or reversal of bad debt provisions: RMB 17,395 (Q3) vs. RMB 44,720 (9M)
- Other non-operating income and expenses: RMB 1,724 (Q3) vs. RMB 15,293 (9M)
- Other profit or loss classified as non-recurring: RMB (2,149) (Q3) vs. RMB (4,900) (9M)
- Income Tax Effects: RMB (8,240) (Q3) vs. RMB (26,028) (9M)
- Total Non-Recurring Profit/Loss: RMB 17,951 (Q3) vs. RMB 80,761 (9M)
Operating Expenses
- Q3 2023 Operating Expenses: RMB 49 million (up from RMB 20 million)
- 9M 2023 Operating Expenses: RMB 153 million (up from RMB 202 million)
- Main components:
- Non-cash amortization charges related to 2017 ChemChina-Syngenta acquisition
- Amortization of intangible assets from acquisitions
- Share-based compensation
Financial Expenses and Gains/Losses from Fair Value Changes
- Financial Expenses (before hedging): RMB 687 million (9M) vs. RMB 132 million (9M 2022)
- Gains/Losses from Changes in Fair Value: RMB (1,069 million) (9M) vs. RMB (1,365 million) (9M 2022)
- Total Net Financial Expenses: RMB 1,755 million (9M) vs. RMB 1,497 million (9M 2022)
- Reason for Increase: Higher bank interest expenses partially offset by lower bond interest and CPI.
Credit and Asset Impairment Loss
- Total Provisions for Credit and Asset Impairment: RMB 275 million (approximately $39 million)
- Reason: Impairment of inventories due to declining product prices and other inventory management issues.
Changes in Main Assets and Liabilities
| Item | End of Reporting Period (RMB'000) | End of Last Year (RMB'000) | +/- (%) | Explanation |
|---|---|---|---|---|
| Cash at bank and on hand | 5,294,442 | 4,290,961 | 23.39% | Additional financing and less procurement |
| Derivative financial assets | 308,208 | 233,809 | 31.82% | Changes due to revaluation of derivatives |
| Other receivables | 684,280 | 1,021,824 | -33.03% | Mainly decrease in receivables from securitization transaction |
| Inventories | 15,283,558 | 16,927,241 | -9.71% | Decrease in procurement of goods |
| Deferred tax assets | 1,758,080 | 1,347,263 | 30.49% | Mainly due to losses carried forward |
| Short-term loans | 6,513,139 | 3,342,921 | 94.83% | Supporting ongoing business activities |
| Derivative financial liabilities | 792,872 | 545,516 | 45.34% | Changes due to revaluation of derivatives |
| Bills payable | 469,390 | 1,114,775 | -57.89% | Decrease in procurement of goods |
| Accounts payable | 4,727,821 | 7,527,269 | -37.19% | Decrease in procurement of goods |
| Employee benefits payable | 847,842 | 1,370,786 | -38.15% | Adjustment of a provision for success-based compensation |
| Other payables | 2,422,564 | 1,611,282 | 50.35% | Increase in liabilities from securitization transaction and accrued expenses for interests |
| Other non-current liabilities | 2,389,178 | 1,255,875 | 90.24% | Increase in loan from related party |
Shareholder Information
Total Shareholders
- Ordinary Shareholders: 41,822 (28,918 A shares; 12,904 B shares)
- Preference Shareholders: 0
Top 10 Shareholders
| Name of Shareholder | Shareholding Percentage | Number of Shares Held | Type of Shares |
|---|---|---|---|
| Syngenta Group Co., Ltd. | 78.47% | 1,828,137,961 | RMB Ordinary Share |
| China Cinda Asset Management Co., Ltd. | 1.34% | 31,115,916 | RMB Ordinary Share |
| Bosera Funds-China Merchants Bank-Bosera Funds Xincheng No.2 Collective Asset Management Plan | 0.28% | 6,500,000 | RMB Ordinary Share |
| Wu Feng | 0.26% | 6,156,969 | RMB Ordinary Share |
| Bosera Funds-Postal Savings Bank-Bosera Funds Xincheng No.3 Collective Asset Management Plan | 0.26% | 6,000,000 | RMB Ordinary Share |
| Zhu Shenglan | 0.25% | 5,756,000 | RMB Ordinary Share |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 0.24% | 5,566,301 | RMB Ordinary Share |
| China Universal Asset Management Fund-Industrial Bank-CUAM-Strategic Enhancement No.3 Collective Asset Management Plan | 0.19% | 4,400,000 | RMB Ordinary Share |
| Qichun County State-owned Assets Supervision and Administration Bureau | 0.18% | 4,169,266 | RMB Ordinary Share |
| Bosera Funds-Postal Savings Bank-Bosera Funds Xincheng No.4 Collective Asset Management Plan | 0.17% | 4,000,000 | RMB Ordinary Share |
Other Significant Events
- Applicable: No significant events reported.
Financial Statements
- Consolidated Balance Sheet:
- Current Assets:
- Cash at bank and on hand: RMB 5,294,442
- Financial assets held for trading: RMB 1,881
- Derivative financial assets: RMB 308,208
- Bills receivable: RMB 129,839
- Accounts receivable: RMB 8,655,994
- Receivables financing: RMB 191,102
- Prepayments: RMB 348,360
- Current Liabilities:
- Short-term loans: RMB 6,513,139
- Derivative financial liabilities: RMB 792,872
- Bills payable: RMB 469,390
- Accounts payable: RMB 4,727,821
- Contract liabilities: RMB 1,657,021
- Employee benefits payable: RMB 847,842
- Other payables: RMB 2,422,564
- Current Assets:
Key Points
- The report confirms the accuracy and completeness of the disclosed information.
- The Company's financial performance was impacted by high channel inventories, pricing pressure, and market dynamics.
- The impact of the war in Israel was noted as non-material.
- Non-recurring items and amortization charges significantly affected financial results.
- Shareholder structure is dominated by Syngenta Group Co., Ltd., holding 78.47% of the shares.
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