Stock Code: 000553 (200553) Stock abbreviation: ADAMA A (B)
Announcement No. 2022-5
ADAMA Ltd.
2021 Full Year Performance Estimation
The Company and all the directors confirm that the information disclosed herein is true,
accurate, complete and contains no false recording, misleading statement or material
omission.
I. Performance Estimation
1. Estimation period: January to December 2021
2. Estimated net profit: decrease compared with the corresponding period last year
Item Current reporting period Same period last year
January to December January to December
2021 2020
Net income attributable to the 128 – 180
shareholders of the listed company )63.7%) – (49.0%) 353
(RMB in millions)
Net income excluding non-recurring 43 – 94
profits and losses 288
(RMB in millions) (85.1%) - (67.4%)
Basic earnings per share 0.0551– 0.0771 0.1469
(RMB)
Note: The ‘non-recurring profits and losses’ referred to above are as defined in the Explanatory Announcement No. 1
on Information Disclosure for Companies Offering their Securities to the Public-Non-Recurring Profit and Loss.
II. Discussion with the Auditor
The estimated results of this period are the preliminary estimation of the Company and have not
been audited nor reviewed by certified accountants.
III. Explanations for Performance Variation
Sales
ADAMA is expecting to report sales growth of more than 13% in RMB terms (17% in USD terms)
in the fourth quarter compared to the same quarter last year. The strong growth over the quarter
is being driven by a significant, double-digit increase in prices, a trend which started in the third
quarter and accelerated into the fourth quarter. The markedly higher prices were complemented
by continued volume growth, which together are a reflection of the robust demand in the market
resulting from the continued high crop prices being enjoyed by farmers worldwide.
In the quarter, ADAMA is expecting to deliver significant growth in Latin America, both in Brazil
and across much of the rest of the region. In Brazil, the Company benefited from the good
soybean planting season, as well as the strong farmer demand which supported higher prices.
The Company commenced local production and commercialization in Brazil of ARMERO™, its
new dual-mode fungicide containing the active ingredients Prothioconazole and Mancozeb,
benefiting from its new in-house production of Prothioconazole, a leading broad-spectrum
systemic fungicide. The Company is also expecting to deliver pleasing growth in Paraguay
following an acquisition in the country in the fourth quarter of 2020, as well as in Central America
and many other countries in the region.
The Company continues to grow strongly in Asia Pacific, led by a significant increase in sales in
the quarter in China. In China, the Company's sales of raw materials and intermediates, where it
continues to see strong demand, are also benefiting from the higher pricing environment resulting from
general supply constraints. In addition, ADAMA continues to grow sales of its branded,
formulated portfolio, and was also bolstered by the acquisition of Huifeng during the year. In the
wider APAC region, the Company is expecting to report growth in the quarter, with increases in
the Pacific region being balanced by somewhat softer performances in some east Asian markets,
where commercial activities continue to be hampered by COVID-related restrictions and supply
constraints.
In North America, the Company is expecting to deliver a pleasing performance in the fourth
quarter, enjoying robust pre-season demand in both US and Canadian agricultural markets as
farmers order early in light of continued industry-wide concerns around availability later in the
season.
Sales in the India, Middle-East & Africa region are expected to grow in the quarter, led by a
strong performance in India driven by new product launches in the country, including BARROZ®,
a leading tool for the control of stem borer in rice, as well as South Africa, where the Company
continues to benefit from favorable cropping conditions and new product launches.
In the fourth quarter, the Company is expecting to record moderate growth in Europe, achieved
despite the impact of the COVID-19 Omicron wave hampering regular commercial activities,
with growth across most of the region being partially offset by supply challenges, mainly felt in
France and Germany.
Over the full year, the Company is expecting to deliver a similarly robust 9% top-line growth (17%
in USD terms) in its global sales. This strong performance is being driven by continued
double-d
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