Adama Ltd. Class A SZSE:000553
ADAMA : First Quarter 2025 Q&A Filings
Source: MarketScreener
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No. 2025-19
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. FIRST QUARTER REPORT 2025
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 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.
April 2025Important 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.
Gaël 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 and the accounting body (Chief Financial Officer), hereby assert and confirm the truthfulness, accuracy and completeness of the financial information contained in the Report.
The First Quarter Report has not been audited. Items of qualified opinion by the auditor
□Applicable √Not applicable
This Report has been prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
-
Main Financial Data
Main accounting and financial results
Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data of last year
Yes √ No
January - March 2025
January - March 2024
YoY +/- (%)
Operating revenues (RMB'000)
7,172,735
7,508,899
-4.48%
Net profit (loss) attributable to shareholders of the Company (RMB'000)
151,131
(227,605)
166.40%
Net profit (loss) attributable to shareholders of the Company excluding non-recurring profit and
loss (RMB'000)
101,535
(250,690)
140.50%
Net cash flow from operating activities (RMB'000)
(206,868)
(735,162)
71.86%
Basic EPS (RMB/share)
0.065
(0.098)
166.43%
Diluted EPS (RMB/share)
NA
NA
NA
Weighted average return on net assets
0.79%
-1.04%
1.84%
End of Reporting Period
End of last year
+/- (%)
Total assets (RMB'000)
51,033,738
50,059,777
1.95%
Net assets attributable to shareholders (RMB'000)
19,134,645
18,991,094
0.76%
Non-Recurring profit/loss
√ Applicable □ Not applicable
Unit: RMB'000
Item
January-March 2025
Note
Gains/losses on the disposal of non-current assets (including the write-off of asset impairment provisions accrued during the period)
3,792
-
Government grants recognized through profit or loss (excluding government grants closely related to business of the Company and given at a fixed quota or amount in accordance with government's uniform standard)
5,102
-
Reversal of provision for receivables and contract assets, that are subject to specific provision
4,931
-
Post vesting cash share based payment revaluation
10,205
Gains or losses arising from the holding or disposal of financial assets or financial liabilities by non-financial corporations, except for effective hedging related to the normal operating of the Company
30,714
Other non-operating income and expenses other than the above
2,639
-
Other profit or loss that meets the definition of non-recurring profit or loss
-
-
Less: Income tax effects
7,787
-
Total
49,596
-
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
Applicable √ Not applicable
No such cases during the Reporting Period.
Explanation of why the Company classified an item as non-recurring profit/loss according to the definition in the First Explanatory Announcement on Information Disclosure for Companies Offering their Securities to the Public. Non-recurring Profit and Loss, and reclassified any non-recurring profit/loss item given as an example in the said explanatory announcement to recurrent profit/loss
Applicable √ Not applicable
No such cases during the Reporting Period.
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 Market Environment1
Continuing the trend from 2024, key commodity crop prices remained subdued in Q1 2025, pressuring farmer income, despite some ease in the prices of inputs.
While channel inventory levels continue to ease following pandemic-era stockpiling, the high-interest rate environment coupled with ample product supply driven by significant over-capacity production of active ingredients in China, continue to contribute to low active ingredient ("AI") prices and a just-in-time purchasing approach by the channel.
Geopolitical Situation
ADAMA is headquartered and has three manufacturing sites in Israel. The regional tensions which escalated on October 7, 2023 have had no material impact to-date on the Company's ability to support its markets or its consolidated financial results.
Regarding US tariff policies, the Company continues to closely monitor the situation and the potential impact on its global network.
'Fight Forward' Transformation Plan
In early 2024, ADAMA launched 'Fight Forward', a strategic transformation plan aimed at gradually delivering improved profit and cash targets over a three-year period. This plan has three main pillars: Optimize financial management, Streamline ADAMA's operating model and Focus on the Value Innovation segment. As part of the Fight Forward transformation plan, the Company has initiated organizational changes to improve efficiencies.
Q1 2025 (000'RMB)
Same period last year (000'RMB)
+/-%
Q1 2025 (000'USD)
Same period last year (000'USD)
+/-%
Revenues
7,172,735
7,508,899
-4.48%
999,540
1,057,150
-5.45%
Cost of goods sold
5,223,631
5,688,352
-8.17%
727,928
800,840
-9.10%
Sales & Marketing
951,363
1,080,738
-11.97%
132,571
152,154
-12.87%
1 Sources: AgbioInvestor Market Insight (February 2025), peer quarterly financial results, internal sources
Q1 2025 (000'RMB)
Same period last year (000'RMB)
+/-%
Q1 2025 (000'USD)
Same period last year (000'USD)
+/-%
expenses
General & Administrative expenses
372,765
280,258
33.01%
51,944
39,456
31.65%
R&D expenses
103,844
111,852
-7.16%
14,469
15,747
-8.12%
Financial Expenses
22,151
367,164
-93.97%
3,103
51,705
-94.00%
Loss from Changes in Fair Value
(351,503)
(148,935)
136.01%
(48,983)
(20,968)
133.61%
Total Net Financial Expenses
373,654
516,099
-27.60%
52,086
72,673
-28.33%
Total profits (losses)
131,999
(151,293)
187.25%
18,383
(21,310)
186.26%
Income tax expenses (income)
(19,132)
76,312
-125.07%
(2,666)
10,744
-124.81%
Net profit (loss)
attributable to shareholders of the
Company
151,131
(227,605)
166.40%
21,049
(32,054)
165.67%
EBITDA
1,030,712
855,727
20.45%
143,635
120,476
19.22%
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.
In this table and all tables in this report numbers may not sum due to rounding.
Analysis of Financial Highlights
Revenues
Revenues in the first quarter declined by approximately 5% (-4% in RMB; -3% in CER) to $1,000 million, reflecting stable volumes, a decrease of 4% in prices and negative foreign exchange impacts. The Company maintained stable volumes, with declines in Turkey (for which the first quarter is generally the most significant quarter of a year) and the continued shifting away from selected low profit products, amid improvement of channel inventories in most regions. The lower prices were due to just-in-time purchasing patterns of the channel and the pressure of low AI prices in light of overcapacity and a higher interest rate environment.
Regional Sales Performance
Q1 2025
$m
Q1 2024
$m
Change % USD
Europe, Africa & Middle East (EAME)2
356
377
-6%
North America
219
191
15%
Latin America
147
191
-23%
Asia Pacific2
278
298
-7%
Of which China
166
154
8%
Total
1,000
1,057
-5%
Europe, Africa & Middle East (EAME): Revenues in the first quarter 2025 were down compared to the first quarter of2024, with slight decrease in pricing and stable volumes. Volumes improvements in Europe were more than offset by declines in Turkey. Channel levels have returned to normal, but competition remains strong.
North America: Consumer & Professional Solutions: Sales in the first quarter 2025 grew significantly compared to Q1 2024, and margins remained strong. ADAMA's US Ag market grew, with slight improvements in volumes and pricing. Pricing in Canada continues to experience increased competition and downward price pressure, though sales are currently up on significantly stronger volume, partially due to normalized channel stocking behavior.
Latin America: In Brazil, revenues in the first quarter of 2025 declined year-over-year due to lower prices, lower volumes and weak currency. Similarly, in the rest of LATAM, sales were weaker in the first quarter of 2025 as compared to the first quarter of 2024, mostly due to increased competition and just-in-time purchasing patterns.
Asia Pacific (APAC): Sales in APAC (excluding China) continued to experience pricing pressure, with sales declining compared to the first quarter of 2024. The declines reflected both the ample over supply of Chinese generics and the Company's decision to optimize regional layouts. In China, first quarter sales were up. AI sales increased, driven by significant business growth which more than offset weak prices, amid gradual recovery of global demand. Non-ag sales also increased supported mainly by higher prices of caustic soda. Declines in the branded formulations business mainly reflected the impacts of market competition on prices and volumes.
Cost of Goods and Gross Profit
The higher gross profit and margin in the first quarter mainly reflected the positive impact of lower costs of new inventory sold, more than compensating for lower prices and negative exchange rate impacts.
Operating Expenses
In the first quarter of 2025, the Company continued implementation of the Fight Forward transformation plan which was initiated at the beginning of 2024. Higher advisory and restructuring costs incurred than the same period last year, leading to higher reported general and administrative expenses. In addition, in Q1 2024 and 2025 it similarly recorded certain non-operational, mostly non-cash charges in its sales and marketing expenses, as the Company conducted corporate development activities, including mergers and acquisitions in recent years, which are mainly:
(i) non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on the ongoing performance of the companies acquired. The above items affected the Company's reported OPEX amounting to RMB 177 million ($25
2As part of ADAMA's business optimization program, on January 1, 2025, South Africa was reclassified from the APAC region to EAME. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME.
million) in Q1 2025 in comparison to RMB 136 million ($19 million) in Q1 2024:
Excluding the impact of the abovementioned non-operational charges, the operating expenses were lower in the first quarter of 2025, reflecting benefits from continued tight OPEX management measures as part of the Company's 'Fight Forward' transformation plan, and the positive impact of foreign exchange rates.
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, net (before hedging) is RMB 22 million ($3 million) for Q1 2025, compared with Financial Expenses, net of RMB 367 million ($52 million) for the corresponding period in 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", which recorded the hedging impacts among others amounted to a net loss of RMB 352 million ($49 million) in Q1 2025, compared with a net loss of RMB 149 million ($21 million) in the corresponding period in 2024.
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, amounted to RMB 374 million ($52 million) in Q1 2025 compared with RMB 516 million ($73 million) in the corresponding period in 2024.
In the first quarter of 2025, financial expenses were lower mainly due to lower hedging costs, and lower interest paid on debt following improved efficiency of cash management in light of the positive cash flow achieved in the previous twelve months, and one-time income recorded following the arbitration decision related to a controlled subsidiary.
Income Tax Expenses
The tax income in the first quarter of 2025 was mainly due to the non-cash impact of the stronger BRL and the method of calculation of tax assets related to unrealized profits.
In the first quarter of 2024 despite reaching losses before tax, the Company recorded tax expenses in the quarter 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 addition, in the first quarter of 2024 the company recorded tax expenses due to the non-cash impact of the weakness of the BRL.
Changes in main assets and liabilities
Unit: 000 RMB
Assets and liabilities
End of Reporting
Period
End of last
year
+/- (%)
Explanation
Derivative financial assets
72,478
483,822
-85.02%
Realization and revaluation of derivatives
Other receivables
1,906,877
1,147,469
66.18%
Increase mainly due to
securitization programs
Derivative financial
liabilities
440,992
278,580
58.30%
Realization and
revaluation of derivatives
-
Information regarding Shareholders
Total number of ordinary shareholders and preference shareholders who had resumed their voting right and shareholdings of top 10 shareholders at the period-end
Unit: share
Total number of ordinary shareholders at the end of the Reporting Period
41,269 (the number of ordinary A share shareholders is 29,480; the number of B share shareholders is 11,789)
Total number of preference shareholders who had resumed their voting right at
the end of the Reporting Period (if any)
0
Shareholdings of top 10 shareholders (not including Shares Lent for the Relending Financing)
Name of shareholder
Nature of shareholder
Shareholding percentage
Number of shares held
Number of restricted shares held
Pledged or frozen shares
Status
Status
Syngenta Group Co., Ltd.
State-owned legal person
78.47%
1,828,137,961
--
--
--
China Structural Reform Fund
State-owned
legal person
1.44%
33,557,046
--
--
--
China Cinda Asset Management
Co., Ltd.
State-owned legal person
1.34%
31,115,916
--
--
--
Wu Feng
Domestic Individual
0.34%
7,847,412
--
--
--
Hong Kong Securities Clearing Company Ltd.
(HKSCC)
Overseas legal person
0.33%
7,694,893
--
--
--
Zhu Shenglan
Domestic Individual
0.31%
7,300,000
--
--
--
Qichun County State-owned Assets Operation
Center
State-owned legal person
0.18%
4,169,266
--
--
--
Liu Minqin
Domestic Individual
0.16%
3,827,873
--
--
--
Cai Wenxi
Domestic Individual
0.16%
3,676,200
--
--
--
Zhang Jianwei
Domestic Individual
0.13%
3,099,201
--
--
--
Shareholdings of top 10 non-restricted shareholders (not including Shares Lent for the Relending Financing and Lockup Shares of Senior Management)
Name of shareholder
Number of non-restricted shares held at the period-end
Types of Shares
Type
Number
Syngenta Group Co., Ltd.
1,828,137,961
RMB ordinary share
1,828,137,961
China Structural Reform Fund
33,557,046
RMB ordinary share
33,557,046
China Cinda Asset Management Co., Ltd.
31,115,916
RMB ordinary share
31,115,916
Wu Feng
7,847,412
RMB ordinary share
7,847,412
Hong Kong Securities Clearing Company Ltd. (HKSCC)
7,694,893
RMB ordinary share
7,694,893
Zhu Shenglan
7,300,000
RMB ordinary share
7,300,000
Qichun County State-owned Assets Operation Center
4,169,266
RMB ordinary share
4,169,266
Liu Minqin
3,827,873
RMB ordinary share
3,827,873
Cai Wenxi
3,676,200
RMB ordinary share
3,676,200
Zhang Jianwei
3,099,201
RMB ordinary share
3,099,201
Explanation on associated relationship or/and persons
Syngenta Group Co., Ltd. is not related party or acting-in-concert party as prescribed in the Administrative Methods for Acquisition of Listed Companies to other shareholders. It is unknown to the Company whether shareholders above are related parties or acting-in-concert parties as prescribed in the Administrative Methods for Acquisition of Listed
Companies.
Particular about shareholder participate in the securities lending and borrowing business (if any)
Shareholder Wu Feng held 4,710,986 shares of the Company through a common securities account and 3,136,426 shares of the Company through a credit collateral securities trading account, altogether 7,847,412 shares. Shareholder Zhu Shenglan held 7,300,000 shares of the Company through a credit collateral securities trading account. Shareholder Liu Minqin held 389,173 shares of the Company through a common securities account and 3,438,700 shares of the Company through a credit collateral securities
trading account, altogether 3,827,873 shares.
Involvement of Shareholders holding more than 5% of shares, Top 10 Shareholders and Top 10 Non-restricted Shareholders in Lending of Shares in the Relending Financing of Funds and Securities
Applicable √ Not applicable
Change from the Previous Reporting Period to the Top 10 Shareholders and Top 10 Non-restricted Shareholders due to the Lending/Returning of Shares in the Relending Financing of Funds and Securities
Applicable √ Not applicable
Total number of preference shareholders and shareholdings of the top 10 of such at the period-end
Applicable √ Not applicable
-
Other Significant Events
Applicable √ Not applicable
- Financial Statements
Financial statements
Consolidated balance sheet
Prepared by ADAMA Ltd.
31 March 2025
Unit: RMB'000
Item
March 31,
2025
December 31,
2024
Item
March 31,
2025
December 31,
2024
Current assets:
Current liabilities:
Cash at bank and on hand
3,720,203
3,630,608
Short-term loans
5,349,972
4,748,720
Financial assets held for
trading
1,263
1,035
Derivative financial liabilities
440,992
278,580
Derivative financial assets
72,478
483,822
Bills payable
427,254
439,495
Bills receivable
46,752
65,565
Accounts payable
5,109,262
4,934,865
Accounts receivable
8,170,620
7,977,830
Contract liabilities
1,507,358
1,810,764
Receivables financing
124,453
144,763
Employee benefits payable
831,319
851,784
Prepayments
355,194
313,542
Taxes payable
569,278
516,761
Other receivables
1,906,877
1,147,469
Other payables
1,788,510
1,417,319
Inventories
11,510,330
11,164,663
Non-current liabilities due
within one year
2,233,067
2,230,713
Other current assets
1,079,821
988,093
Other current liabilities
845,995
784,456
Total current assets
26,987,991
25,917,390
Total current liabilities
19,103,007
18,013,457
Non-current assets:
Non-current liabilities:
Long-term receivables
173,260
159,813
Long-term loans
2,044,152
2,166,625
Long-term equity investments
33,796
30,227
Debentures payable
6,207,405
6,320,157
Other equity investments
131,379
131,473
Lease liabilities
602,317
610,415
Investment properties
20,098
20,509
Long-term accounts payable
186,454
191,103
Fixed assets
10,125,313
9,762,895
Long-term employee benefits
payables
553,532
543,855
Construction in progress
1,524,090
1,996,892
Provisions
340,338
316,490
Right-of-use assets
550,579
557,159
Deferred tax liabilities
266,365
283,081
Intangible assets
4,692,724
4,796,655
Other non-current liabilities
2,595,523
2,623,500
Goodwill
5,067,272
5,074,283
Total non-current liabilities
12,796,086
13,055,226
Deferred tax assets
1,412,550
1,291,654
Total liabilities
31,899,093
31,068,683
Other non-current assets
314,686
320,827
Shareholders' equity:
Total non-current assets
24,045,747
24,142,387
Share capital
2,329,812
2,329,812
Total assets
51,033,738
50,059,777
Capital reserves
12,950,464
12,950,464
Other comprehensive
income
1,712,518
1,721,028
Special reserves
11,728
10,798
Surplus reserves
298,610
298,610
Retained earnings
1,831,513
1,680,382
Total equity attributed to the
shareholders of the company
19,134,645
18,991,094
Non-controlling interests
-
-
Total equity
19,134,645
18,991,094
Total liabilities and equity
51,033,738
50,059,777
Gaël Hili
Legal representative
Efrat Nagar
Chief of the accounting work
Efrat Nagar
Chief of the accounting organ
Consolidated income statement
Unit: RMB'000
Item
January-March, 2025
January-March, 2024
1. Total operating Income
7,172,735
7,508,899
Less: Cost of sales
5,223,631
5,688,352
Taxes and surcharges
28,684
24,598
Selling and Distribution expenses
951,363
1,080,738
General and Administrative expenses
372,765
280,258
Research and Development expenses
103,844
111,852
Financial expenses
22,151
367,164
Including: Interest expense
249,298
297,099
Interest income
50,057
64,943
Add: Investment income, net
4,671
4,283
Including: Income from investment in associates
and joint ventures
4,671
4,283
Loss from changes in fair value
(351,503)
(148,935)
Credit impairment losses
(7,004)
(3,461)
Asset Impairment reversal
4,131
11,408
Gain from disposal of assets
3,792
1,160
2. Operating profit (loss)
124,384
(179,608)
Add: Non-operating income
12,584
33,200
Less: Non-operating expense
4,969
4,885
3. Total profit (loss)
131,999
(151,293)
Less: income tax expense (income)
(19,132)
76,312
4. Net profit (loss)
151,131
(227,605)
4.1 Classified by nature of operations
4.1.1 Continuing operations
151,131
(227,605)
4.2 Classified by ownership
4.2.1 Shareholders of the Company
151,131
(227,605)
4.2.2 Non-controlling interests
-
-
5. Other comprehensive income net of tax
(8,510)
(27,987)
Other comprehensive income net of tax attributable to shareholders
of the Company
(8,510)
(27,987)
5.1 Items that will not be reclassified into profit/loss
(1,190)
(3,377)
5.1.1 Re-measurement of defined benefit plan liability
(1,190)
(3,377)
5.2 Items that were or will be reclassified to profit or loss
(7,320)
(24,610)
5.2.1 Effective portion of gains or loss of cash flow hedge
(50,324)
13,485
5.2.2 Translation differences of foreign financial statements
43,004
(38,095)
Other comprehensive income net of tax attributable to Non-controlling
interests
-
-
6. Total comprehensive income (expense) for the period
142,621
(255,592)
Total comprehensive income attributable to shareholders
of the Company
142,621
(255,592)
Total comprehensive income attributable to Non-controlling interests
-
-
7. Earnings (loss) per share
7.1 Basic earnings (loss) per share (RMB/ share)
0.065
(0.098)
7.2 Diluted earnings (loss) per share (RMB/ share)
N/A
N/A
Gaël Hili
Legal representative
Efrat Nagar
Chief of the accounting work
Efrat Nagar
Chief of the accounting organ
Consolidated cash flow statement
Unit: RMB'000
Item
January-March, 2025
January-March, 2024
1. Cash flows from operating activities:
Cash received from sale of goods and rendering of services
6,064,603
5,034,379
Refund of taxes and surcharges
41,487
47,216
Cash received relating to other operating activities
33,806
208,380
Sub-total of cash inflows from operating activities
6,139,896
5,289,975
Cash paid for goods and services
4,640,270
4,151,625
Cash paid to and on behalf of employees
906,531
1,020,430
Payments of taxes and surcharges
140,943
111,233
Cash paid relating to other operating activities
659,020
741,849
Sub-total of cash outflows from operating activities
6,346,764
6,025,137
Net cash flows from operating activities
(206,868)
(735,162)
2. Cash flows from investing activities:
Cash received from disposal of investments
41,370
134,175
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
13,585
3,703
Sub-total of cash inflows from investing activities
54,955
137,878
Cash paid to acquire fixed assets, intangible assets and other
long-term assets
317,242
468,399
Cash paid for other investing activities
-
142,429
Sub-total of cash outflows from investing activities
317,242
610,828
Net cash flows from investing activities
(262,287)
(472,950)
3. Cash flows from financing activities:
Cash received from borrowings
190,500
863,075
Cash received relating to other financing activities
1,075,454
765,459
Sub-total of cash inflows from financing activities
1,265,954
1,628,534
Cash repayment of borrowings
471,926
1,382,652
Cash payment for dividends, profit distributions or interest
146,297
167,805
Including: dividends paid to non-controlling interest
-
-
Cash paid relating to other financing activities
124,533
61,284
Sub-total of cash outflows from financing activities
742,756
1,611,741
Net cash flows from financing activities
523,198
16,793
4. Effect of foreign exchange rate changes on cash and cash equivalents
(1,445)
12,915
5. Net Increase (decrease) in cash and cash equivalents
52,598
(1,178,404)
Add: Cash and cash equivalents at the beginning of the period
3,583,963
4,857,358
6. Cash and cash equivalents at the end of the period
3,636,561
3,678,954
Impacts of Initial Application of Accounting Standards for Business Enterprises on the Opening Balances of the Current Period
Applicable √ Not applicable
Auditor's report
Is this Report audited?
Yes √ No
This Report is unaudited.
ADAMA Ltd.
Board of Directors April 29, 2025