ADAMA Ltd. First Quarter Report 2022
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2022-18
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 2022
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 2022
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ADAMA Ltd. First Quarter Report 2022
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 the person leading the accounting
function (acting 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.
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ADAMA Ltd. First Quarter Report 2022
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 2021 YoY +/- (%)
January - March
Before After After
2022
adjustment adjustment adjustment
Operating revenues (RMB’000) 9,015,991 7,187,164 7,187,164 25.45%
Net profit attributable to shareholders of the
427,652 148,784 148,784 187.43%
Company (RMB’000)
Net profit attributable to shareholders of the
Company excluding non-recurring profit and loss 143,314 121,678 121,678 03..32%
(RMB’000)
Net cash flow from operating activities
(1,813,846) (837,773) (837,773) -116.51%
(RMB’000)
Basic EPS (RMB/share) 0.184 0.064 0.064 187.50%
Diluted EPS (RMB/share) NA NA NA NA
Weighted average return on net assets 2.02% 0.69% 0.69% 1.33%
End of last year +/- (%)
End of Reporting
Before After After
Period
adjustment adjustment adjustment
Total assets (RMB’000) 53,586,599 50,235,308 50,235,308 6.67%
Net assets attributable to shareholders 21,352,214 21,075,083 21,075,083 1.31%
(RMB’000)
Reason for retroactive adjustments: When the financial assets measured at fair value through profit or loss were
disposed, the Company used to reclassify the accumulated fair value change of the financial assets to investment income.
Starting from 2022, the Company no longer performed the abovementioned reclassification when the financial assets
measured at fair value through profit or loss were disposed. Such change did not impact the operating results during the
quarter.
2. Non-Recurring profit/loss
√ Applicable □ Not applicable
Unit: RMB’000
January-March
Item Note
2022
Gains/losses on the disposal of non-current assets (including the
1,882 -
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 and
7,719 -
given at a fixed quota or amount in accordance with government’s
uniform standard)
Reversal of provision for receivables and contract assets, that are
7,087 -
subject to specific provision
Other non-operating income and expenses other than the above 7,295 -
Mainly provision for early
Other profit or loss that meets the definition of non-recurring profit retirement plan of employees at
)4,0,1(
or loss the Company’s Israeli
manufacturing facilities.
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ADAMA Ltd. First Quarter Report 2022
Less: Income tax effects 4,3.0 -
Total 41,323 -
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
√ Applicable □ Not applicable
Mainly provision for early retirement plan of employees at the Company’s Israeli manufacturing facilities
as explained above in the note.
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
Crop prices increased sharply during Q1 2022 as a result of concerns regarding supply, due mainly to the Russia-Ukraine
conflict, and also due to persistent dryness in parts of South America. Prices are generally expected to remain high
throughout 2022, incentivizing another year of increases in global planted areas. As a result, crop protection demand
remains strong globally as farmers strive to maximize yields in this high crop price environment. Farmers continue to face
elevated production costs, mainly from higher fertilizer prices resulting from disruption to supply and tight availability
caused by the Russia-Ukraine conflict, yet their farming activities are nevertheless still very profitable in most regions.
The challenging cost environment of 2021 has extended into 2022. Global energy prices further increased during the
quarter, impacted by Russia's strong share of global gas exports. In addition, global freight and logistics costs have
recently increased again due to oil prices going up, while the availability of shipping resources continues to be limited.
Despite some easing in procurement prices for raw materials, intermediates and active ingredients in China during the
quarter, prices are expected to remain generally elevated and could increase further due to production disruptions and
tight supply in China as COVID-19 impacts the country. Strong global crop protection demand, as well as the high energy
prices, may exert additional upward pressure on such procurement prices. Additionally, the availability of certain
intermediates, such as co-formulants, has become uncertain as higher energy prices have decreased the economic
viability of their production, causing a spike in their prices.
Same period Same period
Q1 2022 Q1 2022
last year +/-% last year +/-%
(000’RMB) (000’USD)
(000’RMB) (000’USD)
Revenues 9,015,991 7,187,164 25.45% 1,419,721 1,108,904 28.03%
Cost of goods sold 6,681,194 5,127,390 30.30% 1,052,064 791,102 32.99%
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ADAMA Ltd. First Quarter Report 2022
Same period Same period
Q1 2022 Q1 2022
last year +/-% last year +/-%
(000’RMB) (000’USD)
(000’RMB) (000’USD)
Sales & Marketing
989,908 1,241,310 -20.25% 155,878 191,247 -18.49%
expenses
General &
Administrative 282,826 266,713 6.04% 44,534 41,419 7.52%
expenses
R&D expenses 130,037 110,482 17.70% 20,477 17,047 20.12%
Financial Expenses
(258,331) 184,932 -239.69% (40,679) 28,551 -242.48%
(income)
Gain (loss) from
Changes in Fair (596,893) (53,159) -1022.85% (93,991) (8,202) -1045.95%
Value
Total Net Financial
338,562 238,091 42.20% 53,312 36,753 45.05%
Expenses
Total profits 453,987 186,899 142.91% 71,494 28,825 148.03%
Income tax expenses 26,335 36,055 -26.96% 4,148 5,562 -25.42%
Net profit attributable
to shareholders of the 427,652 148,784 187.43% 67,346 22,945 193.51%
Company
EBITDA 1,292,239 892,232 44.83% 203,496 137,669 47.82%
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.
Analysis of Financial Highlights
(1) Revenues
Revenues in the first quarter grew by 28% (+25% in RMB terms) to $1,420 million, driven by a significant 18% increase in
prices, a trend which started in the third quarter of 2021. The markedly higher prices were complemented by continued
strong volume growth (14%), including the contribution of newly acquired companies, achieved despite supply challenges
in the market, which were only slightly moderated by the adverse impact of exchange rate movements.
Regional Sales Performance
Q1 2022 Q1 2021 Change %
$m $m USD
Europe 357 344 3.6%
North America 284 189 50.4%
Latin America 234 177 32.5%
Asia Pacific 388 241 60.8%
Of which China 237 124 90.6%
India, Middle East & Africa 157 158 -0.5%
Total 1,420 1,109 28.0%
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ADAMA Ltd. First Quarter Report 2022
Europe:
A strong performance in France, Romania and Poland, bolstered by good demand and high prices, more than offset a
decline in sales in Ukraine, drought conditions in parts of southern Europe, and the adverse impact of exchange rates.
The Company benefited from the sales in various countries of recently launched products POLEPOSITION and
TIMELINE FX.
North America: The remarkably strong growth in sales in the first quarter was driven by the Consumer &
Professional business, which experienced robust demand, allowing for price increases in light of concerns regarding
potential shortages. This was further complemented by continued growth in US crop protection, driven both by higher
volumes as well as higher prices, reflecting generally strong demand, especially in corn, soybeans, cereals and rice.
Latin America:
Strong growth was achieved in Brazil due to early demand from farmers and higher prices, supported by good soybean
and corn planting seasons, and despite drought conditions in the south of the country. This was complemented by
demand for the Company's differentiated products, including the fungicides ARMERO, ACROSS and the herbicide
ARADDO, which are part of ADAMA's leading soybean protection offering.
Sales also grew in most of the countries of the wider region, driven by price increases, as the Company continues to
strengthen its positioning throughout the region.
Asia Pacific: The Company's rapid growth in Asia Pacific during the first quarter was led by the particularly strong
increase in sales in China. The growth in China was led firstly by the sales of raw materials and intermediates, which
continued to benefit from strong demand and high prices in light of ongoing tight supply following shutdowns in
competing facilities due to COVID-19 and environmental inspections, which has also disrupted and slowed down
transportation. In addition, sales of ADAMA's branded, formulated portfolio in China also grew significantly, and were
supported by a pleasing performance from the commercial activities and portfolio acquired from Huifeng at the end of
2020.
In the wider APAC region, strong sales were delivered in the Pacific region and in certain countries in the Far East,
benefiting from favorable seasonal conditions, and despite the impact of the weakening of the Australian dollar.
India, Middle East and Africa:
Sales in the region grew in constant exchange rate terms, mainly led by India, and despite the cold and rainy season in
the Middle East and Africa which brought low insect and disease pressure. This growth is particularly noteworthy in light
of a very strong first quarter in 2021. This growth was offset by the adverse impact of exchange rates, particularly the
depreciation of the Turkish Lira, as well as the Indian Rupee.
(2) Cost of Goods and Gross Profit
In the reported results, as of Q4 2021, following recent changes in the guidelines in China, the transportations costs to
third parties and its marketing subsidiaries and opex idleness have been reclassified from operating expenses to costs of
goods (not impacting the operating results), while these expenses were not recorded in the cost of goods in Q1 2021, but
rather in the operating expenses.
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ADAMA Ltd. First Quarter Report 2022
Additionally, certain extraordinary charges related largely to a temporary disruption of the production of certain products
were adjusted in Q1 2021. These charges have significantly declined in Q1 2022, as the relocation and upgrade of the
manufacturing Jingzhou site in China has been completed and is now almost fully operational.
Excluding the impact of the abovementioned items, the significantly higher gross profit was mainly driven by the markedly
higher prices, complemented by continued volume growth, all of which more than offset higher transportation and logistics
costs driven by both volumes being transported and an increase in freight costs, procurement and production costs as well
as the negative FX impact.
(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 36 million ($5.7 million) in Q1 2022 in comparison to RMB 104 million ($16.0 million) in Q1 2021,
mainly as follows:
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 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 level of operating expenses in the quarter
primarily reflect the reclassification of certain transportation costs and idleness from operating expenses to costs of goods
as explained above and the inclusion of recent acquisitions.
(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 Income, net (before hedging) is RMB 258 million ($41 million) for Q1 2022, compared
with Financial Expenses, net of RMB 185 million ($29 million) for the corresponding periods in 2021.
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 594 million
($94 million) in Q1 2022, compared with RMB 53 million ($8 million) in the corresponding period in 2021.
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 336 million ($53 million) in Q1 2022, compared with RMB
238 million ($37 million) in the corresponding period in 2021. The higher Total Net Financial Expenses in the quarter were
mainly driven by the net effect of the increase in the Israeli CPI on the ILS-denominated, CPI-linked bonds, and higher
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ADAMA Ltd. First Quarter Report 2022
non-cash charges related to put options in respect of minority interests on recent acquisitions.
(5) Credit and Asset Impairment Loss
Due to the current events in Ukraine, in order to cover the estimated risk, the Company made an impairment for the
expected credit loss related to the accounts receivables in Ukraine.
(6) Income Tax Expenses
The first quarter is generally characterized by a low effective tax rate compared to the effective tax rate of the Company
over the full year. This is mainly due to the generation of profits by subsidiary companies within ADAMA 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. In the first quarter of 2022, the low effective tax rate also reflects the tax income due to
non-cash impact on the value of non-monetary tax assets of the significant strengthening of the BRL, while in the first
quarter of 2021, the Company recorded tax expenses due to the impact of the weakening of the BRL.
Changes in main assets and liabilities
Unit: 000 RMB
End of Reporting End of last
Assets and liabilities +/- (%) Explanation
Period year
Realization and
Derivative financial assets* 371,744 243,316 52.78%
revaluation of derivatives
10,681,801 8,362,493 Sales increase and
Accounts receivables 27.73%
seasonality change
Increase mainly due to
Other receivables 1,260,891 691,939 82.23%
securitization programs
Derivative financial Realization and
607,821 176,206 244.95%
liabilities* revaluation of derivatives
Seasonality increase
Taxes payable 580,811 368,682 57.54%
mainly due to VAT
* Both derivative financial assets and liabilities are hedging instruments, the sum-up of which reflects the net position.
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
42,943 (the number of ordinary Total number of preference
Total number of ordinary shareholders at A share shareholders is shareholders who had resumed
0
the end of the Reporting Period 29,262; the number of B share their voting right at the end of
shareholders is 13,681) the Reporting Period (if any)
Shareholdings of top 10 shareholders
Name of shareholder Nature of Shareholding Number of Number of Pledged or frozen shares
shareholder percentage shares held restricted shares
held Status Number
Syngenta Group Co., Ltd. State-owned 1,828,137,96
78.47% -- -- --
legal person 1
China Cinda Asset State-owned
1.34% 31,115,916 -- -- --
Management Co., Ltd. legal person
Portfolio No.503 of National Others 0.64% 15,000,000 -- -- --
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ADAMA Ltd. First Quarter Report 2022
Social Security Fund
Huarong Ruitong Equity
State-owned
Investment Management 0.55% 12,885,906 -- -- --
legal person
Co., Ltd.
Hong Kong Securities Overseas
0.30% 6,985,634 -- -- --
Clearing Company Limited legal person
Bosera Funds-China
Merchants Bank- Bosera
Funds Xincheng No.2 Others 0.28% 6,500,000 -- -- --
Collective Asset
Management Plan
Bosera Funds-Postal
Savings Bank- Bosera Funds
Others 0.26% 6,000,000 -- -- --
Xincheng No.3 Collective
Asset Management Plan
China Universal
Fund-Industrial Bank-China
Universal-Strategic
Others 0.19% 4,400,000 -- -- --
Enhancement No.3
Collective Asset
Management Plan
State-owned Assets
State-owned
Administration Bureau of 0.18% 4,169,266 -- -- --
legal person
Qichun County
Zhu Shenglan Domestic
natural 0.18% 4,100,000 -- -- --
person
Shareholdings of top 10 non-restricted shareholders
Name of shareholder Number of non-restricted Type of shares
shares held at the period-end Type Number
Syngenta Group Co., Ltd. 1,828,137,961 RMB ordinary share 1,828,137,961
China Cinda Asset Management
31,115,916 RMB ordinary share 31,115,916
Co., Ltd.
Portfolio No.503 of National Social
15,000,000 RMB ordinary share 15,000,000
Security Fund
Huarong Ruitong Equity
12,885,906 RMB ordinary share 12,885,906
Investment Management Co., Ltd.
Hong Kong Securities Clearing
6,985,634 RMB ordinary share 6,985,634
Company Limited
Bosera Funds-China Merchants
Bank- Bosera Funds Xincheng
6,500,000 RMB ordinary share 6,500,000
No.2 Collective Asset
Management Plan
Bosera Funds-Postal Savings
Bank- Bosera Funds Xincheng
6,000,000 RMB ordinary share 6,000,000
No.3 Collective Asset
Management Plan
China Universal Fund-Industrial
Bank-China Universal-Strategic
4,400,000 RMB ordinary share 4,400,000
Enhancement No.3 Collective
Asset Management Plan
State-owned Assets Administration
4,169,266 RMB ordinary share 4,169,266
Bureau of Qichun County
Zhu Shenglan 4,100,000 RMB ordinary share 4,100,000
Syngenta Group Co., Ltd. is not related party or acting-in-concert party as
prescribed in the Administrative Methods for Acquisition of Listed Companies to
Related or act-in-concert parties
other shareholders. It is unknown to the Company whether shareholders above are
among the shareholders above
related parties or acting-in-concert parties as prescribed in the Administrative
Methods for Acquisition of Listed Companies.
Top 10 ordinary shareholders
Shareholder Zhu Shenglan held 4,100,000 shares of the Company through a credit
conducting securities margin
collateral securities trading account.
trading
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ADAMA Ltd. First Quarter Report 2022
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
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ADAMA Ltd. First Quarter Report 2022
IV. Financial Statements
i. Financial statements
1. Consolidated balance sheet
Prepared by ADAMA Ltd.
31 March 2022
Unit: RMB’000
March 31, December 31, March 31, December 31,
Item Item
2022 2021 2022 2021
Current assets: Current liabilities:
Cash at bank and on hand 3,796,424 5,818,835 Short-term loans 982,098 874,755
Financial assets held for
Derivative financial liabilities
trading 2,114 1,479 607,821 176,206
Derivative financial assets 371,744 243,316 Bills payable 750,938 493,376
Bills receivable 89,28, 81,992 Accounts payable 7,653,543 6,294,163
Accounts receivable 10,681,801 8,362,493 Contract liabilities 1,514,92. 1,381,311
Receivables financing 63,585 120,157 Employee benefits payable 1,199,354 1,247,979
Prepayments 439,57, 379,788 Taxes payable 580,811 368,682
Other receivables 1,260,891 691,939 Other payables 4,426,430 1,342,188
Non-current liabilities due
Inventories
13,657,313 11,750,162 within one year 1,799,240 1,795,754
Other current assets ..6,310 938,453 Other current liabilities 336,004 412,909
Total current assets 31,884,933 28,388,614 Total current liabilities 30,483,861 14,387,323
Non-current assets: Non-current liabilities:
Long-term receivables 66,764 56,234 Long-term loans 4,155,911 3,498,912
Long-term equity investments 20,092 15,335 Debentures payable 7,690,083 7,797,131
Other equity investments 151,916 152,118 Lease liabilities 355,975 362,086
Investment properties 3,579 3,716 Long-term accounts payable 95,325 95,699
Long-term employee benefits
Fixed assets 792,358
8,511,00, 8,048,389 payables 769,550
Construction in progress 1,968,624 2,143,400 Provisions 209,748 186,430
Right-of-use assets 467,373 463,915 Deferred tax liabilities 330,351 380,138
Intangible assets 5,169,090 5,326,288 Other non-current liabilities 1,696,135 1,660,148
Goodwill 4,391,254 4,409,599 Total non-current liabilities 15,303,078 14,772,902
Deferred tax assets 994,342 723,075 Total liabilities 8,,,89,838 29,160,225
Other non-current assets 483,042 504,625 Shareholders’ equity:
Total non-current assets 22,227,113 21,846,694 Share capital 2,329,812 2,329,812
Total assets 88,830,844 50,235,308 Capital reserves 12,977,171 12,977,171
Other comprehensive income (582,626) (432,384)
Special reserves 19,578 19,857
Surplus reserves 240,162 240,162
Retained earnings 6,368,117 5,940,465
Total equity attributed to the
shareholders of the company 21,352,214 21,075,083
Non-controlling interests - -
Total equity 21,352,214 21,075,083
Total liabilities and equity 53,586,599 50,235,308
Ignacio Dominguez
Legal representative
Chief of the accounting work and Chief of the accounting organ
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ADAMA Ltd. First Quarter Report 2022
2. Consolidated income statement
Unit: RMB’000
Item January-March, 2022 January-March, 2021
1. Total operating Income 9,015,991 7,187,164
Less: Cost of sales 6,681,194 5,127,390
Taxes and surcharges 29,447 34,501
Selling and Distribution expenses 989,908 1,241,310
General and Administrative expenses 282,826 266,713
Research and Development expenses 130,037 110,482
Financial expenses (income) (258,331) 184,932
Including: Interest expense 44,,424 169,365
Interest income 02,466 12,775
Add: Investment income, net 3,582 2,048
Including: Income from investment in associates
and joint ventures 3,582 2,048
Gain (loss) from changes in fair value (596,893) (53,14.)
Credit impairment reversal (losses) (107,007) 4,288
Asset Impairment reversal (losses) (18,924) (9,449)
Gain (loss) from disposal of assets 1,612 6,773
2. Operating profit 443,280 172,337
Add: Non-operating income 15,420 20,065
Less: Non-operating expense 4,713 5,503
3. Total profit 453,987 186,899
Less: income tax expense 26,335 36,055
4. Net profit 427,652 150,844
4.1 Classified by nature of operations
4.1.1 Continuing operations 427,652 150,844
4.2 Classified by ownership
4.2.1 Shareholders of the Company 427,652 148,784
4.2.2 Non-controlling interests - 2,060
5. Other comprehensive income net of tax
Other comprehensive income net of tax attributable to shareholders
of the Company (150,242) 224,804
5.1 Items that will not be reclassified into profit/loss 33,168 (8,411)
5.1.1 Re-measurement of defined benefit plan liability 33,168 (8,411)
5.2 Items that were or will be reclassified to profit or loss (183,410) 233,215
5.2.1 Effective portion of gains or loss of cash flow hedge (116,354) 198,665
5.2.2 Translation differences of foreign financial statements (67,056) 34,550
Other comprehensive income net of tax attributable to Non-controlling
interests - -
6. Total comprehensive income for the period 277,410 375,648
Total comprehensive income attributable to shareholders
of the Company 277,410 373,588
Total comprehensive income attributable to Non-controlling interests - 2,060
7. Earnings per share
7.1 Basic earnings per share (RMB/ share) 0.184 0.064
7.2 Diluted earnings per share (RMB/ share) N/A N/A
Ignacio Dominguez
Legal representative
Chief of the accounting work and Chief of the accounting organ
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ADAMA Ltd. First Quarter Report 2022
3. Consolidated cash flow statement
Unit: RMB’000
Item January-March, 2022 January-March, 2021
1. Cash flows from operating activities:
Cash received from sale of goods and rendering of services 6,144,476 5,246,605
Refund of taxes and surcharges 74,680 40,843
Cash received relating to other operating activities 27,275 297,970
Sub-total of cash inflows from operating activities 6,246,431 5,585,418
Cash paid for goods and services 6,126,340 4,681,382
Cash paid to and on behalf of employees 982,810 887,515
Payments of taxes and surcharges 178,470 75,172
Cash paid relating to other operating activities 772,657 779,122
Sub-total of cash outflows from operating activities 8,060,277 6,423,191
Net cash flows from operating activities (1,813,846) (837,773)
2. Cash flows from investing activities:
Cash receipts from investment income 5,887 856
Cash received from disposal of investments 1,588 -
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets 3,209 9,149
Cash received for other investing activities - 6,754
Sub-total of cash inflows from investing activities 10,684 16,759
Cash paid to acquire fixed assets, intangible assets and other
long-term assets 584,402 588,183
Net cash paid to acquire subsidiaries or other
business units - 54,557
Cash paid for other investing activities - 78,502
Sub-total of cash outflows from investing activities 584,402 721,242
Net cash flows from investing activities (573,718) (704,483)
3. Cash flows from financing activities:
Cash received from borrowings 969,246 1,861,623
Cash received relating to other financing activities 991 26,334
Sub-total of cash inflows from financing activities 970,237 1,887,957
Cash repayment of borrowings 171,875 244,391
Cash payment for dividends, profit distributions or interest 60,672 62,847
Including: dividends paid to non-controlling interest - -
Cash paid relating to other financing activities 411,095 -
Sub-total of cash outflows from financing activities 643,642 307,238
Net cash flows from financing activities 326,595 1,580,719
4. Effect of foreign exchange rate changes on cash and cash
equivalents (24,186) 18,915
5. Net increase (decrease) in cash and cash equivalents (2,085,155) 57,378
Add: Cash and cash equivalents at the beginning of the period 5,759,480 3,835,071
6. Cash and cash equivalents at the end of the period 3,674,325 3,892,449
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ADAMA Ltd. First Quarter Report 2022
ii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.
ADAMA Ltd.
Board of Directors
April 28, 2022
14
