ADAMA Reports First Quarter 2022 Results
Strong performance in Q1, with continued price increases while maintaining volume
growth, significant increase in net profit
First Quarter 2022 Highlights:
Sales up 28% to an all-time quarterly record-high of $1,420 million (RMB: +25%), driven by 18%
higher prices and 14% volume growth
Improvement of Opex/Sales ratio of 19.8% vs. 20.1% in Q1 2021
Adjusted EBITDA up 28% to $201 million (RMB: +25%)
Adjusted net income up 44% to $75 million; Reported net income nearly tripled to $67 million
(RMB: +187%)
BEIJING, CHINA and TEL AVIV, ISRAEL, April 27, 2022 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the first quarter ended March 31, 2022.
Ignacio Dominguez, President and CEO of ADAMA, said, "The first quarter has seen us deliver
an extremely strong start to the year, with a combination of higher prices and continued volume
growth. Indeed, over the past two years, we have seen robust demand for crop protection products
as a result of high agricultural commodity prices and strong farmer profitability. Now in the first
quarter, we are reminded once again that crop protection is a vital component in ensuring global
food security. Uncertainties in the supply from Ukraine and Russia of agricultural inputs, such as
fertilizers, as well as agricultural produce like wheat, barley and sunflowers, have increased
concerns regarding food security. This encourages agricultural production in other geographies and
exacerbates an already tight global supply of all agricultural inputs. We hope that the terrible
situation in Eastern Europe reaches a peaceful resolution as fast as possible, and ADAMA is
committed to play its role in ensuring food security, in this region and globally, while continuing to
provide support to our people and our customers as they navigate through this very difficult time."
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q1 Q1 Q1 Q1 Q1 Q1
2022 2021 % Change 2022 2021 2022 2021 % Change
Revenues 1,420 1,109 +28% - - 1,420 1,109 +28%
Gross profit 360 305 +18% 54 17 414 322 +29%
% of sales 25.4% 27.5% 29.2% 29.0%
Operating income (EBIT) 124 65 +90% 9 33 133 98 +35%
% of sales 8.8% 5.9% 9.4% 8.9%
Income before taxes 71 29 +148% 9 33 80 62 +30%
% of sales 5.0% 2.6% 5.7% 5.6%
Net income 67 23 +193% 8 29 75 52 +44%
% of sales 4.7% 2.1% 5.3% 4.7%
EPS
- USD 0.0289 0.0099 0.0322 0.0223
- RMB 0.1836 0.0639 0.2045 0.1447
EBITDA 203 138 +48% (2) 19 201 157 +28%
% of sales 14.3% 12.4% 14.2% 14.2%
Notes:
“As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the
implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of Finance
(the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, as a result of recent changes in the ASBE
guidelines [IAS 37], certain items as of Q4 2021 (specifically certain transportation costs and certain idleness charges) have been
reclassified from Operating Expenses to COGS. Please see the appendix to this release for further information.
Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of a
transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way the
Company’s management and the Board of Directors view the performance of the Company internally. The Company believes that
excluding the effects of these items from its operating results allows management and investors to effectively compare the true underlying
financial performance of its business from period to period and against its global peers
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