ADAMA Ltd. Third Quarter Report 2024
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2024-47
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.
THIRD QUARTER REPORT 2024
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 dozens of countries globally, with direct presence in all top 20 markets.
Please see important additional information and further details included in the Annex.
October 2024
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ADAMA Ltd. Third Quarter Report 2024
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.
Gal Hili, 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 (Chief Financial Officer), hereby assert and confirm the truthfulness,
accuracy and completeness of the Financial Report.
The Third 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. Third Quarter Report 2024
I. Main accounting and financial results
1. Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data of last year due
to change in accounting policies or correction of accounting errors
□ Yes √ No
July - September January -
+/- (%) +/- (%)
2024 September 2024
Operating revenues (RMB’000) 6,613,004 -10.72% 21,523,293 -12.72%
Net loss attributable to shareholders of the Company
(943,246) -17.86% (1,838,112) -76.32%
(RMB’000)
Net loss attributable to shareholders of the Company
(978,076) -19.53% (1,925,131) -71.39%
excluding non-recurring profit and loss (RMB’000)
Net cash flow from operating activities (RMB’000) 1,131,114 91.49% 2,862,232 444.33%
Basic EPS (RMB/share) (0.4049) -17.86% (0.7890) -76.35%
Diluted EPS (RMB/share) N/A N/A N/A N/A
Weighted average return on net assets (4.52%) -1.07% (8.71%) -4.16%
End of Reporting End of last
+/- (%)
Period year
Total assets (RMB’000) 51,519,496 55,405,803 -7.01%
Net assets attributable to shareholders (RMB’000) 19,778,917 21,924,475 -9.79%
2. Non-Recurring profit/loss
√ Applicable □ Not applicable
Unit: RMB’000
July - January -
Item September September Note
2024 2024
Gains/losses on the disposal of non-current assets
21,606 39,823
(including the offset part of asset impairment provisions)
Government grants recognized through profit or loss 1,694 3,993
(excluding government grants closely related to
business of the Company and given at a fixed quota or
amount in accordance with government’s uniform
standards)
Recovery or reversal of provision for bad debts which is 7,835 24,545
assessed individually during the years
Post vesting cash share-based payment revaluation (1,914) 15,424
Other non-operating income and expenses other than 15,745 23,544
the above
Less: Income tax effects 10,136 20,310
Total 34,830 87,019
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Explanation of why the Company classified an item as non-recurring profit/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public. Non-recurring Profit
and Loss, and reclassified any non-recurring profit/loss items are given as examples in the said explanatory announcement
to recurrent profit/loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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ADAMA Ltd. Third Quarter Report 2024
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 (CP) Market Environment1
During the third quarter of 2024, key commodity crop prices remained subdued, pressuring farmer income, despite some
ease in the prices of inputs.
While channel inventory continues to ease, the high interest rate environment coupled with ample product supply and
active ingredient prices from China remain at historic lows, continue to drive a just-in-time purchasing approach by the
channel.
These dynamics have negatively impacted the pricing in the crop protection market.
Update on the War Situation in Israel
ADAMA is headquartered in Israel and has three manufacturing sites in the country. The war situation in Israel, including
recent developments, and tensions in the Red Sea and shipping disruptions, have not had a material impact on the
Company's ability to support its markets or on ADAMA’s consolidated financial results, although this situation might impact
the Company's ability to respond quickly to changing market demand2.
January - January -
Same period
September Same period September
+/-% last year +/-%
2024 last year (000’RMB) 2024
(000’USD)
(000’RMB) (000’USD)
Operating income
21,523,293 24,660,104 -12.72% 3,027,945 3,524,283 -14.08%
(Revenues)
Cost of goods sold 16,748,146 19,435,730 -13.83% 2,356,131 2,775,876 -15.12%
Sales & Marketing
3,408,333 3,206,154 6.31% 479,481 457,749 4.75%
expenses
General & Administrative
817,172 713,482 14.53% 114,955 101,885 12.83%
expenses
R&D expenses 319,977 372,361 -14.07% 45,014 53,240 -15.45%
Financial Expenses 1,220,073 686,670 77.68% 171,629 97,891 75.33%
Loss from Changes in
(235,775) (1,068,797) -77.94% (33,184) (152,786) -78.28%
Fair Value
Total Net Financial
1,455,848 1,755,467 -17.07% 204,813 250,677 -18.30%
Expenses
Total loss (1,442,604) (1,104,176) 30.65% (202,873) (154,701) 31.14%
1
Sources: CCPIA (China Crop Protection Industry Association), BAIINFO, FocusEconomics, China Containerized Freight Index, internal
sources.
2
For further information see Section 3 Subsection X to the 2024 Semi-Annual Report, "Raw material supply and/or shipping, port service
disruptions and inventory".
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ADAMA Ltd. Third Quarter Report 2024
January - January -
Same period
September Same period September
+/-% last year +/-%
2024 last year (000’RMB) 2024
(000’USD)
(000’RMB) (000’USD)
Income tax expenses
395,508 (61,703) 740.99% 55,643 (8,894) 725.62%
(income)
Net loss attributable to
shareholders of the (1,838,112) (1,042,473) 76.32% (258,516) (145,807) 77.30%
Company
EBITDA 1,790,580 2,209,544 -18.96% 251,953 318,310 -20.85%
Q3 2024 Q3 2023 Q3 2024 Q3 2023
+/-% +/-%
(000’RMB) (000’RMB) (000’USD) (000’USD)
Operating income
6,613,004 7,406,903 -10.72% 929,451 1,032,600 -9.99%
(Revenues)
Cost of goods sold 5,274,072 6,077,003 -13.21% 741,264 847,196 -12.50%
Sales & Marketing
1,044,957 1,044,955 0.00% 146,867 145,675 0.82%
expenses
General & Administrative
280,906 252,336 11.32% 39,480 35,177 12.23%
expenses
R&D expenses 101,870 109,983 -7.38% 14,319 15,335 -6.63%
Financial Expenses 596,427 230,815 158.40% 83,826 32,164 160.62%
Loss from Changes in Fair
(39,283) (286,579) -86.29% (5,525) (39,952) -86.17%
Value
Total Net Financial
635,710 517,394 22.87% 89,351 72,116 23.90%
Expenses
Total loss (871,175) (785,587) 10.89% (122,441) (109,501) 11.82%
Income tax expenses 72,072 14,730 389.29% 10,129 2,054 393.14%
Net loss attributable to
shareholders of the (943,246) (800,317) 17.86% (132,570) (111,555) 18.84%
Company
EBITDA 395,826 268,554 47.39% 55,636 37,444 48.58%
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 third quarter declined by approximately 10% (-11% in RMB terms; -6% in CER terms) to $929
million, presenting a decrease of 7% in prices and an increase of 1% in volumes.
The lower sales reflect lower market prices and de-focus from selected low profit products. High competition from
Chinese and Indians manufactures as well as declining active ingredient prices have impacted the pricing of the
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ADAMA Ltd. Third Quarter Report 2024
overall crop protection market led by the pricing of commoditized generic crop protection. Moreover, despite
improvement in market inventory levels, the channel is exercising cautious buying patterns in light of price volatility
and a higher interest rate environment.
These results brought the revenues in the first nine months of 2024 to $3,028 million, a decline of approximately
14% (-13% in RMB terms; -12% in CER terms), reflecting a decrease of 9% in prices and a decrease of 3% in
volumes.
Regional Sales Performance
Q3 2024 Q3 2023 Change 9M 2024 9M 2023 Change
$m $m USD $m $m USD
Europe, Africa & Middle East (EAME) 203 235 -14% 882 999 -12%
North America 158 133 19% 572 568 1%
Latin America 287 350 -18% 687 912 -25%
Asia Pacific 282 315 -11% 887 1,044 -15%
Of which China 109 130 -16% 384 453 -15%
Total 929 1,033 -10% 3,028 3,524 -14%
Note: the numbers in this table may not sum due to rounding.
Europe, Africa & Middle East (EAME): Sales in EAME decreased in the third quarter and first nine months of 2024,
following negative weather conditions in Eastern, Central and Northen Europe, and strong competition across the region,
which have impacted pricing.
North America: Consumer & Professional Solutions - Sales were higher in the third quarter and nine-month period
following supported by good weather, while the Company focused on higher margin products.
In the US Ag market, sales increased in the third quarter supported by channel restocking against channel destocking in
the corresponding quarter and decreased in the first nine months of 2024, following pricing pressure in light of competition
and lower famer profitability, just-in-time purchasing patterns reflecting the high interest rate environment.
ADAMA's sales in Canada in the third quarter were higher and reflected good demand for pre and post-harvest herbicides
and fungicides, while the lower sales in the nine month period were impacted by low insecticide demand due to weather
conditions.
Latin America: Brazil - decline in sales in the third quarter and first nine months of 2024, reflecting the softer pricing
following competition from Chinese competitors, “wait and see” famers behavior postponing CP purchases, negative impact
of weather as well as de-focus from non-selective herbicides. The Company is focusing its sales on higher margin products,
with new product introductions of differentiated products continuing to do well.
In the rest of LATAM sales in the third quarter and the first nine-month period reflected negative weather conditions which
have impacted the seasons across the region, while pricing was impacted by high competition. Despite this, new product
introductions of differentiated products supported sales.
Asia-Pacific: In China, the branded formulations sales in the third quarter were impacted by lower customer demand due
to high channel inventory, market competition and extreme weather events as typhoon in Southern China. The pricing
pressure continued throughout the first nine months. The non-Ag business saw a stable demand and improved business
quality despite the impact of lower prices.
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ADAMA Ltd. Third Quarter Report 2024
In the Pacific region, sales in the third quarter and the first nine months were lower, impacted by softer pricing and just-
in-time purchasing patterns. Sales in the third quarter were supported by positive weather conditions in Eastern Australia
and in New Zealand.
Sales in India were stable in the third quarter and down in the nine-month period, impacted by erratic weather and softer
pricing, particularly in commoditized products.
Sales in the wider APAC region continued to experience pricing pressure following intense competition from China,
particularly in commoditized products, and low demand as customers focused on lowering stocks and tended to buy
products as needed.
(2) Cost of Goods and Gross Profit
Despite the decline in sales in the third quarter and first nine months of 2024, the Company improved the gross
margin both in the third quarter and nine-month period following the positive impact of new inventory sold, priced at
market levels and following management's focus on the quality of business which led to an improvement in the
sales mix of higher margin products, moderated by the negative impact of exchange rates. In the third quarter the
Company also recorded a slight increase in quantities sold, which had a positive impact.
(3) Operating Expenses:
Operating expenses include Sales and Marketing, General and Administration and R&D.
The Company recorded certain non-operational charges within its operating expenses amounting to RMB 167
million ($23 million) in Q3 2024 in comparison to RMB 49 million ($7 million) in Q3 2023, and RMB 639 million ($90
million) in 9M 2024 in comparison to RMB 153 million ($22 million) in 9M 2023, mainly as follows:
(i) Provisions such as legal claims and update of registration depreciation; (ii) measures to improve efficiencies; (iii)
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; (iv) 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.
Excluding the impact of the abovementioned non-operational items, the operating expenses were lower in the third
quarter and first nine months of 2024, following undertaking tight OPEX management measures, including the
impact of initiatives included in the Company's transformation plan and 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 (before hedging) is an expense of RMB 1,220 million ($172 million) for the nine
months of 2024 compared with an expense of RMB 687 million ($98 million) for the corresponding period in 2023.
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ADAMA Ltd. Third Quarter Report 2024
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.
“Gains/Losses from Changes in Fair Value” amounted to a net loss of RMB 236 million ($33 million) in the first nine
months of 2024, mainly due to hedging transactions, compared with a net loss of RMB 1,069 million ($153 million)
in the corresponding period in 2023.
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 1,456 million ($205 million) in the
nine months of 2024 compared with RMB 1,755 million ($251 million) in the corresponding period in 2023.
In the nine-month period the financial expenses were lower also due to lower interest paid on loans in light of the
positive cash flow achieved, better loan mix and improved efficiency of cash management as well as the net impact
of a lower Israeli CPI on the ILS-denominated CPI-linked bonds.
In the third quarter of 2024, the financial expenses were slightly higher due to higher hedging costs on exchange
rates, the net impact of a higher Israeli CPI on the ILS-denominated CPI-linked bonds moderated by lower interest
paid on loans following a decrease in loans in light of the positive cash flow achieved, better loan mix and improved
efficiency of cash management.
(5) Income Tax Expenses
Despite reaching losses before tax, the Company recorded tax expenses in the third quarter and first nine months
of the year mainly because the losses were primarily incurred by subsidiaries with relatively lower tax rates, while
some of them did not create deferred tax assets on the losses. On the other hand, the subsidiaries that generated
profit have a higher tax rate.
In first nine months of 2024 the company recorded tax expenses due to the non-cash impact of the weakness of
the BRL compared with tax income due to stronger BRL in the first nine months of 2023. In the third quarter of 2024
the company recorded tax income due to the non-cash impact of the stronger BRL compared with tax expenses
due to the weakness of the BRL in the third quarter of 2023.
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ADAMA Ltd. Third Quarter Report 2024
Changes in main assets and liabilities
Unit: RMB’000
End of
End of last
Assets and liabilities Reporting +/- (%) Explanation
year
Period
Derivative financial
265,314 850,137 -68.79% Changes due to revaluation of derivatives
assets
Mainly decrease in receivables in respect of
Other receivables 597,488 1,054,302 -43.33%
securitization transaction
Derivative financial
177,091 607,787 -70.86% Changes due to revaluation of derivatives
liabilities
Bills payable 370,438 613,507 -39.62% Decrease in the procurement of goods
Mainly increase liabilities in respect of
Other payables 2,200,118 1,469,319 49.74% securitization transaction and accrued
expenses
II. Information regarding the Shareholders
1. Total number of ordinary shareholders and preference shareholders who had resumed their voting
rights, and shareholdings of top 10 shareholders at the period-end
Unit: share
39,491 (the number of ordinary A Total Number of Preference
Total Number of Shareholders as share shareholders is 27,293; the Shareholders with Vote Right
0
of the End of the Reporting Period number of B share shareholders is Restored (if any) as of the End
12,198) of the Reporting Period
Shareholding of Top 10 Shareholders (Excluding the Shares Lent through Refinancing)
Number of Number of Common Pledged, Marked or
Name of Nature of Holding Percentage Shareholding at Shares Held Frozen Shares
Shareholder Shareholder (%) the End of the Subject to Trading Status of Status of
Reporting Period Moratorium Shares Shares
Syngenta Group State-owned
78.47% 1,828,137,961 -- -- --
Co., Ltd. Legal Person
China Structural State-owned
1.44% 33,557,046 -- -- --
Reform Fund Legal Person
China Cinda Asset
State-owned
Management Co., 1.34% 31,115,916 -- -- --
Legal Person
Ltd.
Hong Kong
Securities Clearing Overseas
0.48% 11,103,355 -- -- --
Company Ltd. Legal Person
(HKSCC)
Domestic
Wu Feng Natural 0.30% 6,976,369 -- -- --
Person
Domestic
Zhu Shenglan Natural 0.25% 5,756,000 -- -- --
Person
Qichun County
State-owned
State-owned
Assets Supervision 0.18% 4,169,266
Legal Person
and Administration
Bureau
Domestic
Zhang Jianwei Natural 0.16% 3,758,501 -- -- --
Person
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ADAMA Ltd. Third Quarter Report 2024
Domestic
Cai Wenxi Natural 0.15% 3,591,200 -- -- --
Person
Domestic
Liu Minqin Natural 0.15% 3,514,600 -- -- --
Person
Shares Held by Top 10 Shareholders Not Subject to Trading Moratorium
(Excluding the Shares Lent through Refinancing and Restricted Shares of Executives)
Number of Shares Held Not Subject Type of Shares
Name of Shareholders to Trading Moratorium at the End of
the Period Type of Shares Amount
Syngenta Group Co., Ltd. 1,828,137,961 RMB Ordinary Share 1,828,137,961
China Structural Reform
33,557,046 RMB Ordinary Share 33,557,046
Fund
China Cinda Asset
31,115,916 RMB Ordinary Share 31,115,916
Management Co., Ltd.
Hong Kong Securities
Clearing Company Ltd. 11,103,355 RMB Ordinary Share 11,103,355
(HKSCC)
Wu Feng 6,976,369 RMB Ordinary Share 6,976,369
Zhu Shenglan 5,756,000 RMB Ordinary Share 5,756,000
Qichun County State-
owned Assets Supervision 4,169,266 RMB Ordinary Share 4,169,266
and Administration Bureau
Zhang Jianwei 3,758,501 RMB Ordinary Share 3,758,501
Cai Wenxi 3,591,200 RMB Ordinary Share 3,591,200
Liu Minqin 3,514,600 RMB Ordinary Share 3,514,600
Explanation on associated
Syngenta Group Co., Ltd. is neither a related party to any other shareholders listed above,
relationship among the
nor any acting-in-concert party as prescribed in the Administrative Methods for Acquisition of
above-mentioned
Listed Companies. It is unknown whether the other shareholders are related parties or
shareholders, or
acting-in-concert parties as prescribed in the Administrative Methods for Acquisition of Listed
explanation on acting-in-
Companies.
concert
Shareholder Wu Feng held 4,934,443 shares of the Company through a common securities
Particular about the top account and 2,041,926 shares of the Company through a credit collateral securities trading
ten shareholder account, altogether 6,976,369 shares. Shareholder Zhu Shenglan held 5,756,000 shares of
participating in the the Company through a credit collateral securities trading account. Shareholder Liu Minqin
securities financing held 75,900 shares of the Company through a common securities account of the Company
business (if any) and 3,438,700 shares of the Company through a credit collateral securities trading account,
altogether 3,514,600 shares.
Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in
circulation participating in the shares lending through refinancing arrangement
□Applicable √ Not applicable
Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the previous period
due to the shares lending/returning through refinancing arrangement
□ Applicable √ Not applicable
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. Third Quarter Report 2024
IV. Financial Statements
i. Financial Statements
1. Consolidated balance sheet
Prepared by ADAMA Ltd.
30 September 2024
Unit: RMB’000
September 30, December 31, September 30, December 31,
Item Item
2024 2023 2024 2023
Current assets: Current liabilities:
Cash at bank and on hand 4,178,099 4,881,328 Short-term loans 4,644,761 5,733,522
Financial assets held for
1,815 1,912 Derivative financial liabilities 177,091 607,787
trading
Derivative financial assets 265,314 850,137 Bills payable 370,438 613,507
Bills receivable 103,920 86,303 Accounts payable 4,954,899 4,649,733
Accounts receivable 7,833,025 8,146,677 Contract liabilities 1,499,076 1,514,365
Receivables financing 129,083 123,050 Employee benefits payable 778,090 847,039
Prepayments 341,593 305,883 Taxes payable 482,546 407,230
Other receivables 597,488 1,054,302 Other payables 2,200,118 1,469,319
Non-current liabilities due
Inventories 12,192,237 13,088,757 1,929,361 2,297,888
within one year
Other current assets 1,212,326 1,083,714 Other current liabilities 721,950 753,827
Total current assets 26,854,900 29,622,063 Total current liabilities 17,758,330 18,894,217
Non-current assets: Non-current liabilities:
Long-term receivables 138,298 68,752 Long-term loans 2,665,546 2,885,939
Long-term equity investments 31,035 31,474 Debentures payable 6,612,750 6,919,423
Other equity investments 129,530 132,018 Lease liabilities 606,666 495,459
Investment properties 20,918 22,145 Long-term accounts payable 181,617 97,840
Long-term employee benefits
Fixed assets 10,264,863 10,040,113 569,956 671,530
payables
Construction in progress 1,968,178 2,507,328 Provisions 319,135 299,251
Right-of-use assets 555,004 625,235 Deferred tax liabilities 303,751 297,103
Intangible assets 4,764,763 5,318,281 Other non-current liabilities 2,722,828 2,920,566
Goodwill 4,949,354 5,001,538 Total non-current liabilities 13,982,249 14,587,111
Deferred tax assets 1,460,320 1,601,641 Total liabilities 31,740,579 33,481,328
Other non-current assets 382,333 435,215 Shareholders’ equity:
Total non-current assets 24,664,596 25,783,740 Share capital 2,329,812 2,329,812
Total assets 51,519,496 55,405,803 Capital reserves 12,950,464 12,950,464
Other comprehensive
1,446,139 1,675,896
income
Special reserves 8,418 16,595
Surplus reserves 273,617 273,617
Retained earnings 2,770,467 4,678,091
Total equity attributed to the
19,778,917 21,924,475
shareholders of the company
Non-controlling interests - -
Total equity 19,778,917 21,924,475
Total liabilities and equity 51,519,496 55,405,803
Gael Hili Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
11
ADAMA Ltd. Third Quarter Report 2024
2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period
Unit: RMB’000
January-September, January-September,
Item
2024 2023
1. Total operating Income 21,523,293 24,660,104
Less: Cost of sales 16,748,146 19,435,730
Taxes and surcharges 71,856 79,817
Selling and Distribution expenses 3,408,333 3,206,154
General and Administrative expenses 817,172 713,482
Research and Development expenses 319,977 372,361
Financial expenses 1,220,073 686,670
Including: Interest expense 792,488 873,611
Interest income 181,974 235,730
Add: Investment income, net 8,386 17,134
Including: Income from investment in associates
6,062 4,393
and joint ventures
Loss from changes in fair value (235,775) (1,068,797)
Credit impairment losses (85,475) (46,205)
Asset Impairment losses (157,247) (228,926)
Gain from disposal of assets 39,823 26,971
2. Operating loss (1,492,552) (1,133,933)
Add: Non-operating income 69,143 61,910
Less: Non-operating expense 19,195 32,153
3. Total loss (1,442,604) (1,104,176)
Less: income tax expense (income) 395,508 (61,703)
4. Net loss (1,838,112) (1,042,473)
4.1 Classified by nature of operations
4.1.1 Continuing operations (1,838,112) (1,042,473)
4.2 Classified by ownership
4.2.1 Shareholders of the Company (1,838,112) (1,042,473)
4.2.2 Non-controlling interests - -
5. Other comprehensive income (loss) net of tax (229,757) 749,395
Other comprehensive income (loss) net of tax attributable to
(229,757) 749,395
shareholders of the Company
5.1 Items that will not be reclassified into profit/loss 4,545 15,564
5.1.1 Re-measurement of defined benefit plan liability 4,545 15,564
5.2 Items that were or will be reclassified to profit or loss (234,302) 733,831
5.2.1 Effective portion of gains or loss of cash flow hedge (7,805) 56,675
5.2.2 Translation differences of foreign financial statements (226,497) 677,156
Other comprehensive income net of tax attributable to Non-controlling
- -
interests
6. Total comprehensive loss for the period (2,067,869) (293,078)
Total comprehensive loss attributable to shareholders
(2,067,869) (293,078)
of the Company
Total comprehensive income attributable to Non-controlling interests - -
7. Earnings (loss) per share
7.1 Basic earnings (loss) per share (RMB/ share) (0.7890) (0.4474)
7.2 Diluted earnings per share (RMB/ share) N/A N/A
Gael Hili Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
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ADAMA Ltd. Third Quarter Report 2024
3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting
Period
Unit: RMB’000
January-September, January-September,
Item
2024 2023
1. Cash flows from operating activities:
Cash received from sale of goods and rendering of services 20,852,442 24,801,386
Refund of taxes and surcharges 165,239 120,349
Cash received relating to other operating activities 343,229 360,690
Sub-total of cash inflows from operating activities 21,360,910 25,282,425
Cash paid for goods and services 12,964,858 18,461,118
Cash paid to and on behalf of employees 2,997,725 3,439,222
Payments of taxes and surcharges 428,866 487,549
Cash paid relating to other operating activities 2,107,229 2,368,706
Sub-total of cash outflows from operating activities 18,498,678 24,756,595
Net cash flows from operating activities 2,862,232 525,830
2. Cash flows from investing activities:
Cash receipts from disposal of investments 83,249 171,646
Cash received from investment income - 4,637
Net cash received from disposal of fixed assets, intangible assets
242,278 36,850
and other long-term assets
Cash received for other investing activities 2,325 37,984
Sub-total of cash inflows from investing activities 327,852 251,117
Cash paid to acquire fixed assets, intangible assets and other
1,074,140 1,706,970
long-term assets
Cash paid for acquisition of investments - 2,843
Net cash paid to acquire subsidiaries or other
- 148,460
business units
Cash paid for other investing activities 120,132 6,481
Sub-total of cash outflows from investing activities 1,194,272 1,864,754
Net cash flows from investing activities (866,420) (1,613,637)
3. Cash flows from financing activities:
Cash received from borrowings 1,311,257 4,458,035
Cash received relating to other financing activities 805,600 1,191,050
Sub-total of cash inflows from financing activities 2,116,857 5,649,085
Cash repayment of borrowings 3,588,782 1,973,706
Cash payment for dividends, profit distributions or interest 788,921 915,438
Including: dividends paid to non-controlling interest 69,512 91,597
Cash paid relating to other financing activities 442,213 723,786
Sub-total of cash outflows from financing activities 4,819,916 3,612,930
Net cash flows from financing activities (2,703,059) 2,036,155
4. Effect of foreign exchange rate changes on cash and cash
(21,111) 107,187
equivalents
5. Net increase (decrease) in cash and cash equivalents (728,358) 1,055,535
Add: Cash and cash equivalents at the beginning of the period 4,857,358 4,225,253
6. Cash and cash equivalents at the end of the period 4,129,000 5,280,788
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ADAMA Ltd. Third Quarter Report 2024
ii. Impact of initial application of new accounting standards on the opening balances of
current year
□ Applicable √ Not applicable
iii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.
Board of Directors
ADAMA Ltd.
October 31, 2024
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