ADAMA Reports Results of Third Quarter and First Nine Months of 2021
Strong Q3 and 9M sales growth driven by continued robust volume increase;
profits impacted by continued margin pressure
Third Quarter 2021 Highlights
Sales up 17% to a Q3 record-high of $1,147 million (RMB: +10%), driven by robust 14% volume
growth
Adjusted EBITDA lower by 11%, reaching $122 million (RMB: -17%)
Reported net income of -$57 million; Adjusted net income of -$30 million
First Nine Months 2021 Highlights
Sales up 16% to a 9M record-high of $3,476 million (RMB: +8%), with volumes up 14%
Adjusted EBITDA up 1%, reaching $464 million (RMB: -7%)
Reported net income of -$1 million; Adjusted net income of $85 million
BEIJING, CHINA and TEL AVIV, ISRAEL, October 27, 2021 – ADAMA Ltd. (the “Company”)
(SZSE 000553), today reported its financial results for the third quarter and nine-month period
ended September 30, 2021.
Ignacio Dominguez, President and CEO of ADAMA, said, “The third quarter was a challenging
one for the global crop protection industry, including our company. While our sales continue to grow
strongly, supported by continued high crop prices and robust farmer demand for our products, we
are facing significant challenges on the cost and supply side. Global logistics and supply lines
remain severely constrained, exacerbating the already stretched supply situation in many key
products, further driving up raw material and intermediate procurement costs. These market
imbalances continue to weigh on our profit margins, as the ever-competitive global market is proving
slow to pass on the increased costs through price rises. Despite the challenges, our company is
continuing to grow, raise prices, improve our portfolio and the quality of our business, and keep a
tight rein on expenses, as we navigate through this volatile and uncertain time."
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q3 Q3 Q3 Q3 Q3 Q3
2021 2020 % Change 2021 2020 2021 2020 % Change
Revenues 1,147 978 +17% - - 1,147 978 +17%
Gross profit 287 266 +8% 27 14 313 281 +12%
% of sales 25.0% 27.2% 27.3% 28.7%
Operating income (EBIT) 26 49 -47% 33 28 59 78 -24%
% of sales 2.3% 5.0% 5.1% 7.9%
Income before taxes (27) 2 33 28 6 31 -81%
% of sales (2.4)% 0.2% 0.5% 3.1%
Net income (57) 3 27 26 (30) 29
% of sales (5.0)% 0.3% (2.6)% 2.9%
EPS
- USD (0.0246) 0.0012 (0.0130) 0.0120
- RMB (0.1592) 0.0086 (0.0839) 0.0832
EBITDA 103 137 -25% 19 0 122 137 -11%
% of sales 9.0% 14.0% 10.6% 14.0%
As Reported Adjustments Adjusted
USD (m) 9M 9M 9M 9M 9M 9M
2021 2020 % Change 2021 2020 2021 2020 % Change
Revenues 3,476 2,987 +16% - - 3,476 2,987 +16%
Gross profit 932 844 +10% 68 45 1,000 888 +13%
% of sales 26.8% 28.2% 28.8% 29.7%
Operating income (EBIT) 182 188 -3% 101 99 282 287 -2%
% of sales 5.2% 6.3% 8.1% 9.6%
Income before taxes 38 66 -43% 101 100 139 166 -17%
% of sales 1.1% 2.2% 4.0% 5.6%
Net income (1) 32 86 92 85 124 -31%
% of sales 0.0% 1.1% 2.5%
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