ADAMA Reports Third Quarter and First Nine Months 2022 Results
Q3 and 9M sales growth driven by continued price increases and volume
growth led by Brazil
Third Quarter 2022 Highlights:
Sales up 18% to $1,359 million (+25% in RMB terms; +24% in CER1 terms), driven by 18% higher
prices and 6% volume growth
Improvement of Opex/Sales ratio of 20.1% vs. 22.2% in Q3 2021
Adjusted operating income up 70% to $100 million (RMB: +79%), representing an improvement
of operating income margin from 5.1% in Q3 2021 to 7.4% in Q3 2022
Adjusted EBITDA up 40% to $171 million (RMB: +48%) vs. Q3 2021,representing an improvement
of EBITDA margin from 10.6% in Q3 2021 to 12.5% in Q3 2022
Adjusted net income of $8 million; Reported net income of $5 million
First Nine Months 2022 Highlights
Sales up 22% to a nine-month record-high of $4,258 million (+25% in RMB terms; +26% in CER
terms), driven by 19% higher prices and 7% volume growth
Improvement of Opex/Sales ratio of 19.3% vs. 20.6% in the first nine months of 2021
Adjusted operating income up 43% to $403 million (RMB: +45%), representing an improvement
of operating income margin from 8.1% in first nine months of 2021 to 9.5% in the first nine months
of 2022
Adjusted EBITDA up 32% to $611 million (RMB: +34%), vs. the first nine months of 2021
representing an improvement of EBITDA margin from 13.4% in first nine months 2021 to 14.4%
in the first nine months of 2022
Adjusted net income up to $159 million; Reported net income up to $119 million
BEIJING, CHINA and TEL AVIV, ISRAEL, October 26, 2022 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the third quarter and nine-month period ended
September 30, 2022.
Ignacio Dominguez, President and CEO of ADAMA, said, "ADAMA presents another quarter of
strong sales, led by our business in Brazil, reflecting solid demand for crop protection products and
positive farmer profitability. Crop commodity prices are expected to maintain historically elevated
levels supported by underlying economic fundamentals, continuing to drive the demand for crop
protection products.
"We are committed to serving farmers, wherever they may be, despite the many challenges we see
in the market today. Food security is increasingly under pressure with extreme weather conditions and
disruptions in the global trade of crop commodities. Especially in such times of uncertainty, crop
protection remains an invaluable tool for farmers to maximize yields and ADAMA is consistently there
to support farmers in feeding the world."
1 CER: Constant Exchange Rates
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q3 Q3 Q3 Q3 Q3 Q3
2022 2021 % Change 2022 2021 2022 2021 % Change
Revenues 1,359 1,147 +18% - - 1,359 1,147 +18%
Gross profit 322 287 +12% 50 27 373 313 +19%
% of sales 23.7% 25.0% 27.4% 27.3%
Operating income (EBIT) 96 26 +269% 4 33 100 59 +70%
% of sales 7.1% 2.3% 7.4% 5.1%
Income before taxes 10 (27) 4 33 14 6 +142%
% of sales 0.7% (2.4%) 1.0% 0.5%
Net income 5 (57) 3 27 8 (30)
% of sales 0.4% (5.0%) 0.6% (2.6%)
EPS
- USD 0.0023 (0.0246) 0.0036 (0.0130)
- RMB 0.0155 (0.1592) 0.0245 (0.0839)
EBITDA 177 103 +72% (7) 19 171 122 +40%
% of sales 13.0% 9.0% 12.5% 10.6%
As Reported Adjustments Adjusted
USD (m) 9M 9M 9M 9M 9M 9M
2022 2021 % Change 2022 2021 2022 2021 % Change
Revenues 4,258 3,476 +22% - - 4,258 3,476 +22%
Gross profit 1,068 932 +15% 156 68 1,224 1,000 +22%
% of sales
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