ADAMA Ltd. First Quarter Report 2023
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No. 2023-19
The Company and all members of its board of directors hereby confirm that all information
disclosed herein is true, accurate and complete with no false or misleading statement or
material omission.
ADAMA LTD.
FIRST QUARTER REPORT 2023
ADAMA Ltd. (hereinafter referred to as “the Company”) is a global leader in crop protection,
providing solutions to farmers across the world to combat weeds, insects and disease.
ADAMA has one of the widest and most diverse portfolios of active ingredients in the world,
state-of-the art R&D, manufacturing and formulation facilities, together with a culture that
empowers our people in markets around the world to listen to farmers and ideate from the
field. This uniquely positions ADAMA to offer a vast array of distinctive mixtures, formulations
and high-quality differentiated products, delivering solutions that meet local farmer and
customer needs in over 100 countries globally.
Please see important additional information and further details included in the Annex.
April 2023
1
ADAMA Ltd. First Quarter Report 2023
Important Notice
The Company’s Board of Directors, Board of Supervisors, directors, supervisors and
senior managers confirm that the content of the Report is true, accurate and complete
and contains no false statements, misleading presentations or material omissions,
and assume joint and several legal liability arising therefrom.
Ignacio Dominguez, the person leading the Company (President and Chief Executive
Officer) as well as its legal representative, and Efrat Nagar, the person leading the
accounting function and the accounting body (Chief Financial Officer), hereby assert
and confirm the truthfulness, accuracy and completeness of the Financial Report.
The First Quarter Report has not been audited.
This Report has been prepared in both Chinese and English. Should there be any
discrepancy between the two versions, the Chinese version shall prevail.
2
ADAMA Ltd. First Quarter Report 2023
I. Main Financial Data
1. Main accounting and financial results
Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data
of last year
□ Yes √ No
January - March 2023 January - March 2022 YoY +/- (%)
Operating revenues (RMB’000) 8,610,576 9,015,991 -4.50%
Net profit attributable to shareholders of the
83,273 427,652 -80.53%
Company (RMB’000)
Net profit attributable to shareholders of the
Company excluding non-recurring profit and loss 41,468 413,345 -89.97%
(RMB’000)
Net cash flow from operating activities
(2,905,168) (1,813,846) -60.17%
(RMB’000)
Basic EPS (RMB/share) 0.036 0.184 -80.43%
Diluted EPS (RMB/share) NA NA NA
Weighted average return on net assets 0.36% 2.02% -1.66%
End of Reporting Period End of last year +/- (%)
Total assets (RMB’000) 59,010,804 57,980,489 1.78%
Net assets attributable to shareholders
22,943,219 23,124,655 -0.78%
(RMB’000)
2. Non-Recurring profit/loss
√ Applicable □ Not applicable
Unit: RMB’000
January-March
Item Note
2023
Gains/losses on the disposal of non-current assets (including the
22,053 -
write-off of asset impairment provisions accrued during the period)
Government grants recognized through profit or loss (excluding
government grants closely related to business of the Company
8,584 -
and given at a fixed quota or amount in accordance with
government’s uniform standard)
Reversal of provision for receivables and contract assets, that are
14,135 -
subject to specific provision
Other non-operating income and expenses other than the above 7,755 -
Other profit or loss that meets the definition of non-recurring profit
- -
or loss
Less: Income tax effects 10,722 -
Total 41,805 -
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
□ Applicable √ Not applicable
No such cases during the Reporting Period.
3
ADAMA Ltd. First Quarter Report 2023
Explanation of why the Company classified an item as non-recurring profit/loss according to the definition
in the First Explanatory Announcement on Information Disclosure for Companies Offering their Securities
to the Public. Non-recurring Profit and Loss, and reclassified any non-recurring profit/loss item given as
an example in the said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases during the Reporting Period.
3. Changes in main accounting statement items and financial indicators in the Reporting
Period, as well as reasons for the changes
√ Applicable □ Not applicable
General Crop Protection Market Environment
In Q1 2023 commodity crop prices continued to decline as the result of a slowing global economy and better than expected
production in some regions. However, crop prices remain elevated above the 10-yr average as crop inventories remain
low, supporting positive grower margins.
While Q1 2022 was characterized by early purchases as a result of concerns about product availability and supply
shortages, in Q1 2023 the channel and farmers were much more cautious regarding input purchases. An improved supply
and logistics situation, relatively high channel inventories as well as the deflationary environment of AI prices in China have
led customers to adopt a “wait-and-see” approach regarding some crop protection purchases.
Same period Same period
Q1 2023 Q1 2023
last year +/-% last year +/-%
(000’RMB) (000’USD)
(000’RMB) (000’USD)
Revenues 8,610,576 9,015,991 -4.50% 1,258,525 1,419,721 -11.35%
Cost of goods
6,492,832 6,681,194 -2.82% 948,997 1,052,064 -9.80%
sold
Sales &
Marketing 1,065,293 989,908 7.62% 155,702 155,878 -0.11%
expenses
General &
Administrative 266,369 282,826 -5.82% 38,929 44,534 -12.59%
expenses
R&D
134,902 130,037 3.74% 19,717 20,477 -3.71%
expenses
Financial
Expenses 206,712 (258,331) -180.02% 30,222 (40,679) -174.31%
(income)
Gain (loss)
from
(352,126) (596,893) -41.01% (51,467) (93,991) -45.24%
Changes in
Fair Value
Total Net
Financial 558,838 338,562 65.06% 81,689 53,312 53.20%
Expenses
Total profits 71,111 453,987 -84.33% 10,386 71,494 -85.47%
4
ADAMA Ltd. First Quarter Report 2023
Same period Same period
Q1 2023 Q1 2023
last year +/-% last year +/-%
(000’RMB) (000’USD)
(000’RMB) (000’USD)
Income tax
(12,162) 26,335 -146.18% (1,777) 4,148 -142.84%
expenses
Net profit
attributable to
shareholders 83,273 427,652 -80.53% 12,163 67,346 -81.94%
of the
Company
EBITDA 1,134,723 1,292,239 -12.19% 165,852 203,496 -18.50%
Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review of
the Company’s performance is based on the USD results, following explanations and analysis are based on USD-
denominated numbers as listed above.
In this table and all tables in this report numbers may not sum due to rounding.
Analysis of Financial Highlights
(1) Revenues
Revenues in the first quarter declined by approximately 11% (-4% in RMB terms; -7% in CER terms) to $1,259 million,
reflecting an increase of 1% in prices and a decrease of 8% in volumes mainly due to high channel inventory in the market
and declining raw material prices supporting a "wait and see" approach across the board that impacted volumes and prices
in the first quarter in 2023.
Regional Sales Performance
Q1 2023 Q1 2022 Change %
$m $m USD
Europe, Africa & Middle East (EAME)* 430 429 0.3%
North America 211 284 -25.7%
Latin America 233 234 -0.5%
Asia Pacific* 384 472 -18.7%
Of which China 182 237 -23.1%
Total 1,259 1,420 -11.4%
* 2022 denote proforma sales. As of 2023, the India, Middle East & Africa (IMA) region has been reorganized such that
the countries formerly included in this region are now included in the Europe region (renamed EAME) or in the Asia
Pacific region.
Europe, Africa & Middle East (EAME):
The sales in EAME increased in the first quarter in constant exchange rates, most notably in UK and Germany, despite
delayed rainfall, high channel inventories and continued drought in Southern Europe.
North America:
The Consumer & Professional Solutions sales decreased in the first quarter, impacted by weather conditions as well
inflationary pressure on consumer demand and a slowdown in the professional market mostly due high levels of inventory
5
ADAMA Ltd. First Quarter Report 2023
in the channel and expectation for price decreases.
Sales in the US Ag market decreased in the first quarter as the market is in a state of "wait and see" due to high channel
inventory and in anticipation of the spring season.
Sales in Canada increased in the first quarter as the Company expanded its product portfolio during 2022 and while the
Company's products' pricing held. This was achieved despite cold weather delaying spring product movement, creating
a backing up of inventory in the channel.
Latin America:
Sales in Brazil increased slightly in the first quarter, reflecting a "wait and see" approach in the market in light of declining
selling prices and competition to sell the high, expensive inventory accumulated throughout the channel.
In other LATAM countries slightly lower sales were achieved due to the negative impact of the weather in Argentina and
Ecuador as well as lower sales in Peru.
Asia Pacific:
During the first quarter the Company's sales decreased in the Asia Pacific region following a decline in the Company's
sales in China of raw material, intermediates and fine chemicals due to softening of demand, strong competition and an
overall decline in market prices.
The Company's sales of its branded portfolio in China increased in local currency following strong sales of differentiated
products and despite the decrease in market selling prices and high channel inventory.
Sales in Pacific region in the first quarter were negatively impacted as the positive La Nia effect begins to pass, while
declining prices of AI from China and India encourage a "wait and see" approach. In India, the sales were impacted by
exchange rates and by reduced market demand following high Q4 2022 market sales. In the rest of Asia, Thailand and
South Korea presented strong performance in the first quarter.
(2) Cost of Goods and Gross Profit
The decline in gross profit in the first quarter was due to the decline in sales, as described above, exchange rates and
high-cost inventory. These impacts were slightly moderated by the improvement in the Company's sales mix of higher
margin products and lower transportation and logistics costs.
(3) Operating Expenses
Operating expenses include Sales and Marketing, General and Administration and R&D.
The Company recorded certain non-operational, mostly non-cash, charges within its reported operating expenses
amounting to RMB 65 million ($9.5 million) in Q1 2023 in comparison to RMB 36 million ($5.7 million) in Q1 2022, mainly
as follows:
(I) Non-cash amortization charges in respect of Transfer assets received and written-up related to the 2017 ChemChina-
Syngenta acquisition. The proceeds from the Divestment of crop protection products in connection with the approval by
the EU Commission of the acquisition of Syngenta by ChemChina, net of taxes and transaction expenses, were paid to
Syngenta in return for the transfer of a portfolio of products in Europe of similar nature and economic value. Since the
products acquired from Syngenta are of the same nature, and with the same net economic value as those divested, the
Divestment and Transfer transactions had no net impact on the underlying economic performance of the Company. These
additional amortization charges will continue until 2032 but at a reducing rate, yet will still be at a meaningful level until
2028; (ii) Charges related mainly to the non-cash amortization of intangible assets created as part of the Purchase Price
6
ADAMA Ltd. First Quarter Report 2023
Allocation (PPA) on acquisitions, with no impact on the ongoing performance of the companies acquired, as well as other
M&A-related costs; (iii) Non-cash, share-based compensation (incentive plans).
Excluding the impact of the abovementioned non-operational charges, the operating expenses in the first quarter of 2023
decreased, among others, mainly due to the positive impact of exchange rates.
(4) Financial Expenses
“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreign
exchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any hedging.
The impact of Financial Expenses, net (before hedging) is RMB 207 million ($30 million) for Q1 2023, compared with
Financial Income, net of RMB 258 million ($41 million) for the corresponding periods in 2022.
Given the global nature of its operational activities and the composition of its assets and liabilities, the Company, in the
ordinary course of its business, uses foreign currency derivatives (forwards and options) to hedge the cash flow risks
associated with existing monetary assets and liabilities that may be affected by exchange rate fluctuations. The impact of
the hedging transactions which is recorded in Gains/Losses from Changes in Fair Value is a net loss of RMB 352 million
($51 million) in Q1 2023, compared with RMB 597 million ($94 million) in the corresponding period in 2022.
The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total Net Financial
Expenses”), which more comprehensively reflects the financial expenses of the Company in supporting its main business
and protecting its monetary assets/liabilities, amounts to RMB 559 million ($82 million) in Q1 2023, compared with RMB
339 million ($53 million) in the corresponding period in 2022. The higher financial expenses were mainly driven by (i) higher
bank interest expenses due an increase in short-term loans as well as the sharp increase in interest rates, (ii) higher
hedging costs on exchange rates mainly due to volatility in the ILS/Dollar exchange rate and (iii) the net effect of the high
Israeli CPI on the ILS-denominated, CPI-linked bonds.
(5) Income Tax Expenses
The tax income in the first quarter of 2023 was mainly due to the non-cash impact of the stronger BRL on the value of non-
monetary tax assets, the method of calculation of tax assets related to unrealized profits and low profit before tax.
The low effective tax rate in first quarter of 2022 was mainly due to the generation of profits by subsidiaries whose tax rates
are lower relative to the Company’s aggregate effective tax rate, as well as to the method of calculation of tax assets
related to unrealized profits and a tax income from the strengthening of the BRL.
Changes in main assets and liabilities
Unit: 000 RMB
End of Reporting End of last
Assets and liabilities +/- (%) Explanation
Period year
Increase mainly due to
Other receivables 1,660,608 1,021,824 62.51%
securitization programs
Supporting the increased
Short term loan 6,713,822 3,342,921 100.84%
working capital
Bills payable 525,141 1,114,775 -52.89% Bills paid off
Seasonality increase
Taxes payable 599,951 459,574 30.55%
mainly due to VAT
7
ADAMA Ltd. First Quarter Report 2023
II. Information regarding Shareholders
1. Total number of ordinary shareholders and preference shareholders who had resumed their voting
right and shareholdings of top 10 shareholders at the period-end
Unit: share
Total number of preference
42,965 (the number of ordinary A
shareholders who had
Total number of ordinary shareholders at the share shareholders is 29,721; the
resumed their voting right at 0
end of the Reporting Period number of B share shareholders
the end of the Reporting
is 13,244)
Period (if any)
Shareholdings of top 10 shareholders
Name of shareholder Nature of Shareholding Number of Number of Pledged or frozen
shareholde percentage shares held restricted shares
r shares held Status Status
State-
owned
Syngenta Group Co., Ltd. 78.47% 1,828,137,961 -- -- --
legal
person
State-
China Cinda Asset owned
1.34% 31,115,916 -- -- --
Management Co., Ltd. legal
person
CITIC Securities - Huarong
Ruitong Equity Investment
Management Co., Ltd. - CITIC Others 0.55% 12,885,900 -- -- --
Securities - Changfeng Single
Asset Management Plan
Domestic
Wang Xiuqin 0.36% 8,477,715 -- -- --
Individual
Bosera Funds-China
Merchants Bank- Bosera Funds
Others 0.28% 6,500,000 -- -- --
Xincheng No.2 Collective Asset
Management Plan
Bosera Funds-Postal Savings
Bank- Bosera Funds Xincheng
Others 0.26% 6,000,000 -- -- --
No.3 Collective Asset
Management Plan
Wu Feng Domestic
0.24% 5,515,515 -- -- --
Individual
Overseas
Hong Kong Securities Clearing
legal 0.21% 4,937,869 -- -- --
Company Ltd. (HKSCC)
person
Zhu Shenglan Domestic
0.19% 4,500,000 -- -- --
Individual
China Universal Fund-
Industrial Bank-China
Universal-Strategic Others 0.19% 4,400,000 -- -- --
Enhancement No.3 Collective
Asset Management Plan
Shareholdings of top 10 non-restricted shareholders
Name of shareholder Number of non- Types of Shares
restricted shares
held at the period- Type Number
end
Syngenta Group Co., Ltd. 1,828,137,961 RMB ordinary share 1,828,137,961
China Cinda Asset Management Co., Ltd. 31,115,916 RMB ordinary share 31,115,916
CITIC Securities - Huarong Ruitong Equity
Investment Management Co., Ltd. - CITIC
12,885,900 RMB ordinary share 12,885,900
Securities - Changfeng Single Asset
Management Plan
8
ADAMA Ltd. First Quarter Report 2023
Wang Xiuqin 8,477,715 RMB ordinary share 8,477,715
Bosera Funds-China Merchants Bank-
Bosera Funds Xincheng No.2 Collective 6,500,000 RMB ordinary share 6,500,000
Asset Management Plan
Bosera Funds-Postal Savings Bank- Bosera
Funds Xincheng No.3 Collective Asset 6,000,000 RMB ordinary share 6,000,000
Management Plan
Wu Feng 5,515,515 RMB ordinary share 5,515,515
Hong Kong Securities Clearing Company
4,937,869 RMB ordinary share 4,937,869
Ltd. (HKSCC)
Zhu Shenglan 4,500,000 RMB ordinary share 4,500,000
China Universal Fund-Industrial Bank-China
Universal-Strategic Enhancement No.3 4,400,000 RMB ordinary share 4,400,000
Collective Asset Management Plan
Syngenta Group Co., Ltd. is not related party or acting-in-concert party as
prescribed in the Administrative Methods for Acquisition of Listed
Explanation on associated relationship Companies to other shareholders. It is unknown to the Company whether
or/and persons shareholders above are related parties or acting-in-concert parties as
prescribed in the Administrative Methods for Acquisition of Listed
Companies.
Shareholder Wang Xiuqin held 606,261 shares through an ordinary
securities trading account and 7,871,454 shares through a credit collateral
securities trading account, thus holding a total of 8,477,715 shares of the
Particular about shareholder participate
Company. Shareholder Wu Feng held 4,150,489 shares through an ordinary
in the securities lending and borrowing
securities trading account and 1,365,026 shares through a credit collateral
business (if any)
securities trading account, thus holding a total of 5,515,515 shares of the
Company. Shareholder Zhu Shenglan held 4,500,000 shares through a
credit collateral securities trading account.
2. Total number of preference shareholders and shareholdings of the top 10 of such at the period-
end
□ Applicable √ Not applicable
III. Other Significant Events
□ Applicable √ Not applicable
9
ADAMA Ltd. First Quarter Report 2023
IV. Financial Statements
i. Financial statements
1. Consolidated balance sheet
Prepared by ADAMA Ltd.
31 March 2023
Unit: RMB’000
March 31, December 31, March 31, December 31,
Item Item
2023 2022 2023 2022
Current assets: Current liabilities:
Cash at bank and on hand 3,529,280 4,290,961 Short-term loans 6,713,822 3,342,921
Financial assets held for
1,712 1,685 Derivative financial liabilities 494,020 545,516
trading
Derivative financial assets 210,947 233,809 Bills payable 525,141 1,114,775
Bills receivable 74,399 112,297 Accounts payable 6,408,409 7,527,269
Accounts receivable 9,569,469 9,018,375 Contract liabilities 1,554,491 1,776,573
Receivables financing 98,293 63,639 Employee benefits payable 1,236,838 1,370,786
Prepayments 377,674 341,102 Taxes payable 599,951 459,574
Other receivables 1,660,608 1,021,824 Other payables 1,711,473 1,611,282
Non-current liabilities due
Inventories 17,264,564 16,927,241 2,353,337 2,262,131
within one year
Other current assets 1,213,989 1,129,688 Other current liabilities 623,098 703,794
Total current assets 34,000,935 33,140,621 Total current liabilities 22,220,580 20,714,621
Non-current assets: Non-current liabilities:
Long-term receivables 54,960 82,510 Long-term loans 3,520,806 3,662,870
Long-term equity investments 26,574 26,368 Debentures payable 7,141,510 7,353,511
Other equity investments 157,361 158,341 Lease liabilities 421,092 431,076
Investment properties 23,372 3,168 Long-term accounts payable 103,886 107,686
Long-term employee benefits
Fixed assets 9,225,204 8,952,184 799,210 792,153
payables
Construction in progress 2,796,572 2,961,401 Provisions 278,235 222,181
Right-of-use assets 547,301 555,889 Deferred tax liabilities 311,008 315,861
Intangible assets 5,306,606 5,342,754 Other non-current liabilities 1,271,258 1,255,875
Goodwill 4,856,324 4,805,157 Total non-current liabilities 13,847,005 14,141,213
Deferred tax assets 1,489,588 1,347,263 Total liabilities 36,067,585 34,855,834
Other non-current assets 526,007 604,833 Shareholders’ equity:
Total non-current assets 25,009,869 24,839,868 Share capital 2,329,812 2,329,812
Total assets 59,010,804 57,980,489 Capital reserves 12,945,837 12,986,333
Other comprehensive
870,474 1,080,590
income
Special reserves 15,413 15,818
Surplus reserves 242,498 242,498
Retained earnings 6,539,185 6,469,604
Total equity attributed to the
22,943,219 23,124,655
shareholders of the company
Non-controlling interests - -
Total equity 22,943,219 23,124,655
Total liabilities and equity 59,010,804 57,980,489
Ignacio Dominguez Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
10
ADAMA Ltd. First Quarter Report 2023
2. Consolidated income statement
Unit: RMB’000
Item January-March, 2023 January-March, 2022
1. Total operating Income 8,610,576 9,015,991
Less: Cost of sales 6,492,832 6,681,194
Taxes and surcharges 25,849 29,447
Selling and Distribution expenses 1,065,293 989,908
General and Administrative expenses 266,369 282,826
Research and Development expenses 134,902 130,037
Financial expenses (income) 206,712 (258,331)
Including: Interest expense 267,287 158,501
Interest income 43,225 20,166
Add: Investment income, net 3,537 3,582
Including: Income from investment in associates
3,537 3,582
and joint ventures
Gain (loss) from changes in fair value (352,126) (596,893)
Credit impairment reversal (losses) 8,639 (107,007)
Asset Impairment reversal (losses) (41,939) (18,924)
Gain (loss) from disposal of assets 21,825 1,612
2. Operating profit 58,555 443,280
Add: Non-operating income 20,237 15,420
Less: Non-operating expense 7,681 4,713
3. Total profit 71,111 453,987
Less: income tax expense (income) (12,162) 26,335
4. Net profit 83,273 427,652
4.1 Classified by nature of operations
4.1.1 Continuing operations 83,273 427,652
4.2 Classified by ownership
4.2.1 Shareholders of the Company 83,273 427,652
4.2.2 Non-controlling interests - -
5. Other comprehensive income net of tax (210,116) (150,242)
Other comprehensive income net of tax attributable to shareholders
(210,116) (150,242)
of the Company
5.1 Items that will not be reclassified into profit/loss 7,936 33,168
5.1.1 Re-measurement of defined benefit plan liability 7,936 33,168
5.2 Items that were or will be reclassified to profit or loss (218,052) (183,410)
5.2.1 Effective portion of gains or loss of cash flow hedge (9,973) (116,354)
5.2.2 Translation differences of foreign financial statements (208,079) (67,056)
Other comprehensive income net of tax attributable to Non-controlling
-
interests -
6. Total comprehensive income for the period (126,843) 277,410
Total comprehensive income attributable to shareholders
(126,843) 277,410
of the Company
Total comprehensive income attributable to Non-controlling interests - -
7. Earnings per share
7.1 Basic earnings per share (RMB/ share) 0.036 0.184
7.2 Diluted earnings per share (RMB/ share) N/A N/A
Ignacio Dominguez Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
11
ADAMA Ltd. First Quarter Report 2023
3. Consolidated cash flow statement
Unit: RMB’000
Item January-March, 2023 January-March, 2022
1. Cash flows from operating activities:
Cash received from sale of goods and rendering of services 6,839,010 6,144,476
Refund of taxes and surcharges 42,714 74,680
Cash received relating to other operating activities 109,137 27,275
Sub-total of cash inflows from operating activities 6,990,861 6,246,431
Cash paid for goods and services 7,879,994 6,126,340
Cash paid to and on behalf of employees 1,038,318 982,810
Payments of taxes and surcharges 170,562 178,470
Cash paid relating to other operating activities 807,155 772,657
Sub-total of cash outflows from operating activities 9,896,029 8,060,277
Net cash flows from operating activities (2,905,168) (1,813,846)
2. Cash flows from investing activities:
Cash receipts from investment income 1,710 1,588
Cash received from disposal of investments 46,894 5,887
Net cash received from disposal of fixed assets, intangible assets
26,060 3,209
and other long-term assets
Cash received for other investing activities 14,477 -
Sub-total of cash inflows from investing activities 89,141 10,684
Cash paid to acquire fixed assets, intangible assets and other
580,045 584,402
long-term assets
Net cash paid to acquire subsidiaries or other
148,460 -
business units
Sub-total of cash outflows from investing activities 728,505 584,402
Net cash flows from investing activities (639,364) (573,718)
3. Cash flows from financing activities:
Cash received from borrowings 3,594,576 969,246
Cash received relating to other financing activities 18,569 991
Sub-total of cash inflows from financing activities 3,613,145 970,237
Cash repayment of borrowings 199,851 171,875
Cash payment for dividends, profit distributions or interest 179,425 60,672
Including: dividends paid to non-controlling interest 13,684 -
Cash paid relating to other financing activities 383,092 411,095
Sub-total of cash outflows from financing activities 762,368 643,642
Net cash flows from financing activities 2,850,777 326,595
4. Effect of foreign exchange rate changes on cash and cash
(52,929) (24,186)
equivalents
5. Net increase (decrease) in cash and cash equivalents (746,684) (2,085,155)
Add: Cash and cash equivalents at the beginning of the period 4,225,253 5,759,480
6. Cash and cash equivalents at the end of the period 3,478,569 3,674,325
12
ADAMA Ltd. First Quarter Report 2023
ii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.
ADAMA Ltd.
Board of Directors
April 25, 2023
13
