Adama Ltd. Class A SZSE:000553
ADAMA : Fourth Quarter 2024 Quarterly & Annual Filings
Source: MarketScreener
ADAMA Ltd. | Annual Report 2024 |
ADAMA LTD.
ANNUAL REPORT 2024
ADAMA Ltd. 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 dozens of countries globally, with direct presence in all top 20 markets.
For further important additional information and details, please refer to the Annex.
March 2025
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ADAMA Ltd. | Annual Report 2024 |
Section I - Important Notice, Table of Contents and Definitions
- 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 (Chief Financial Officer), hereby assert and confirm the truthfulness, accuracy and completeness of the Financial Report.
- All of the Company's directors attended the board meeting for the review of this Report.
- The forward-looking information described in the Report, such as future plans, development strategy etc., does not constitute, in any manner whatsoever, a substantial commitment of the Company to investors. Investors and other relevant people are cautioned to be sufficiently mindful of investment risks as well as the difference between plans, forecasts and commitments.
- The Company has described its future development strategies, work plan for 2025 and possible risks in "XI. Outlook of the Company's future development" in Section III. The major risks of the Company include, among others, exchange rate fluctuations; exposure to interest rate, Israel CPI and NIS exchange rate fluctuations; fluctuations in raw material inputs and prices, and in sales. Investors and other relevant people are cautioned to be sufficiently mindful of investment risks. For the complete "Risk factors and countermeasures"of the Company, please see the relevant section below.
- Pre-planof dividend distribution or reserve transfer to equity capital approved for the reporting period by the meeting of the Board of Directors on March 12, 2025
□Applicable √Not applicable
The Company does not plan to distribute cash or share dividends, nor plan to transfer capital reserve to equity capital. - This Report and its abstract have been prepared in both Chinese and English. Should there be any discrepancies between the two versions, the Chinese version shall prevail.
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ADAMA Ltd. | Annual Report 2024 |
Table of Contents | |
Section I - Important Notice, Table of Contents and Definitions | ................................................ 2 |
Section II - Corporate Profile and Financial Results | 6 |
Section III - Performance Discussion and Analysis | 12 |
Section IV - Corporate Governance | 51 |
Section V - Environment and Social Responsibilities | 78 |
Section VI - Significant Events | 92 |
Section VII - Change in Shares & Shareholders | 147 |
Section VIII - Preferred Stock | 157 |
Section IX - Corporate Bonds | 158 |
Section X - Financial Report | 159 |
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ADAMA Ltd. | Annual Report 2024 |
Contents of Documents Available for Reference
- Duly signed Financial Statements by the Legal Representative and Accounting Principal as well as Head of the Accounting Organ.
- Duly signed Auditor's Report and seals the certified public accountants.
- Originals of all Company's documents previously disclosed in media designated by the CSRC as well as the originals of all the public notices, were deposited in the Company's office.
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ADAMA Ltd. | Annual Report 2024 |
Definitions
In this Report, the following terms have the meaning appearing alongside them, unless otherwise specified:
General Terms | Definition |
Company, the Company
Adama Solutions
Anpon, ADAMA Anpon
Board of Directors/Board
Board of Supervisors
Articles of Association / AOA
Group, the Group, ADAMA
ChemChina
CNAC
CSRC
SZSE
SASAC
Syngenta Group
Sinochem Holdings
Sinochem Group
Report
Financial Report
Reporting Period, this Period, Current Year
Company Law
Securities Law
Listing Rules
ADAMA Ltd.
Adama Agricultural Solutions Ltd., a wholly-owned subsidiary of the Company, incorporated in Israel according to its laws
ADAMA Anpon (Jiangsu) Ltd., a wholly-owned subsidiary of the Company
The Board of Directors of the Company
The Board of Supervisors of the Company
The Articles of Association of the Company
The Company, including all its subsidiaries, unless expressly stated otherwise
China National Chemical Co., Ltd.
China National Agrochemical Co., Ltd.
China Securities Regulatory Commission
Shenzhen Stock Exchange
State Assets Supervision and Administration Commission of China
Syngenta Group Co., Ltd., the controlling shareholder of the Company as of June 15, 2020, a wholly-owned subsidiary of CNAC
Sinochem Holdings Corporation Ltd.
Sinochem Holdings including all its subsidiaries unless otherwise indicated or the context otherwise requires
This 2024 Annual Report
The Financial Reports for the year 2024, as contained in this Report
Year 2024
Company Law of the People's Republic of China
Securities Law of the People's Republic of China
Listing Rules of the SZSE
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ADAMA Ltd. | Annual Report 2024 |
Section II - Corporate Profile and Financial Results
- Corporate Information
Stock name | ADAMA A, ADAMA B | Stock code | 000553, 200553 |
Stock exchange | Shenzhen Stock Exchange | ||
Company name in Chinese | 安道麦股份有限公司 | ||
Abbr. | 安道麦 | ||
Company name in English (if any) | ADAMA Ltd. | ||
Abbr. (if any) | ADAMA | ||
Legal representative | Gaël Hili | ||
Registered address | No. 93, East Beijing Road, Jingzhou, Hubei | ||
Zip code | 434001 | ||
Office address | No. 93, East Beijing Road, Jingzhou, Hubei | ||
Zip code | 434001 | ||
Company website | www.adama.com | ||
- Contact Information
Board Secretary | Securities Affairs Representative | |
Investor Relations Manager | ||
Name | Guo Zhi | Wang Zhujun |
Address | 6/F, No.7 Office Building, No.10 Courtyard, Chaoyang Park South Road, Chaoyang District, Beijing | |
Tel. | 010-56718110 | 010-56718110 |
Fax | 010-59246173 | 010-59246173 |
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ADAMA Ltd.Annual Report 2024
III. | Information Disclosure | |
Website of the Stock Exchange on which the Company Discloses | www.szse.cn | |
its Annual Report | ||
Media and Website on which the Company Discloses its Annual | China Securities Journal, Securities Times, | |
Report | http://www.cninfo.com.cn | |
Location on which this Report is kept | Securities office of the Company | |
IV. | Company Registration and Alteration | |
Credibility code | 91420000706962287Q | |
Changes in main | ||
business activities of | None in the reporting period. | |
the Company after | ||
going public (if any) | ||
The Company was reorganized as Hubei Sanonda Co., Ltd. in 1992 after being approved by | ||
departments of Commission for Reorganization of Hubei Province. The largest shareholder of | ||
the Company was Shashi State-Owned Assets Administration Bureau. | ||
In 1994, the original Shashi State-Owned Assets Administration Bureau and Jiangling State- | ||
owned Assets Administration Bureau were classified as Jingsha State-Owned Assets | ||
Administration Bureau. Therefore, the shares of the Company held by Shashi State-Owned | ||
Assets Administration Bureau and Jiangling State-Owned Assets Administration Bureau were | ||
all held by Jingsha State-Owned Assets Administration Bureau, and Jingsha State-Owned | ||
Assets Administration Bureau became the controlling shareholder of the Company. | ||
In 1996, according to the Reply of Hubei Provincial People's Government on Authorization of | ||
Sanonda Group Co., Ltd. Operating the State-Owned Assets (EZBH[1995] No.92), Jingsha | ||
Historic Changes of | State-Owned Assets Administration Bureau set up Sanonda Group Co., Ltd. (renamed | |
"Jingzhou Sanonda Holdings Co., Ltd."). On March 20, 2005, Jingzhou State-Owned Assets | ||
controlling shareholder | ||
(if any) | Administration Bureau and China Mingda Chemical and Mining Corporation (later renamed | |
"China National Agrochemical Co., Ltd., CNAC") signed the Asset Transfer Agreement of | ||
Sanonda Group Co., Ltd, and CNAC received 100% equity of Sanonda Group Co., Ltd, from | ||
Jingzhou State-Owned Assets Administration Bureau. After the completion of the above | ||
transfer, the actual controller of the Company was changed from Jingzhou State-Owned | ||
Assets Administration Bureau to SASAC. | ||
In July, 2017, the Company received the Approval on Issuing Shares by Hubei Sanonda Co., | ||
Ltd. to China National Agrochemical Corporation for Acquiring Assets and Raising Supporting | ||
Funds (CSRC license No. [2017]1096). CSRC approved of the Company's issuance of | ||
1,810,883,039 shares to China National Agrochemical Corporation for the purchase of 100% | ||
equity of ADAMA Solutions held by it. After the completion of the major assets restructuring, | ||
the controlling shareholder of the Company was changed from Jingzhou Sanonda Holdings | ||
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ADAMA Ltd. | Annual Report 2024 |
Co., Ltd. to CNAC.
In June, 2020, CNAC transferred 1,810,883,039 shares of the Company held by it to Syngenta Group free of charge and completed the registration procedures for the above transferred shares. After the completion of the share transfer, Syngenta Group has become the direct controlling shareholder of the Company.
During the reporting period, the controlling shareholder of the Company did not change.
- Other Information
The Accounting Firm Engaged by the Company
Company's | Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditors | ||
Office address | 30/F, Bund Center, 222 Yan An Road East, Shanghai PRC | |
Signing Certified Public Accountant | Ji Yuting and Zhao Jingyuan | |
Sponsor engaged by the Company to continuously perform its supervisory function during the Reporting Period
□ Applicable √ Not applicable
Financial advisor engaged by the Company to continuously perform its supervisory function during the Reporting Period □ Applicable √ Not applicable
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ADAMA Ltd.Annual Report 2024
VI. | Main Accounting and Financial Results | ||||
Whether the Company performed any retroactive adjustments to or restatement of its accounting data | |||||
□ Yes√ No | |||||
Unit: RMB'000 | |||||
2024 | 2023 | +/- (%) | 2022 | ||
Operating revenue (RMB'000) | 29,488,046 | 32,779,456 | -10.04% | 37,381,915 | |
Net profit (loss) attributable to the | (2,903,204) | (1,605,887) | -80.79% | 609,391 | |
shareholders (RMB'000) | |||||
Net profit (loss) attributable to the | |||||
shareholders, excluding non-recurring profit | (3,024,721) | (1,851,491) | -63.37% | 501,621 | |
and loss (RMB'000) | |||||
Net cash flows from operating activities | 3,760,631 | 2,617,877 | 43.65% | 940,745 | |
(RMB'000) | |||||
Basic EPS (RMB/share) | (1.2461) | (0.6893) | -80.78% | 0.2616 | |
Diluted EPS (RMB/share) | N/A | N/A | N/A | N/A | |
Weighted average return on equity | (14.19%) | (7.13%) | -7.06% | 2.76% | |
31 Dec. 2024 | 31 Dec. 2023 | +/- (%) | 31 Dec. 2022 | ||
Total assets (RMB'000) | 50,059,777 | 55,405,803 | -9.65% | 57,980,489 | |
Net assets attributable to the shareholders | 18,991,094 | 21,924,475 | -13.38% | 23,124,655 | |
(RMB'000) | |||||
The net income before or after deduction of non-recurring profit or loss for the last three fiscal years is negative no matter which amount is less and the audit report for the most recent year shows that there is uncertainty about the company's ability to continue its operation.
□ Yes √ No
The less amount of the net income before and after extraordinary gain or loss is negative √ Yes □ No
Items | 2024 | 2023 | Remarks |
Sales (RMB'000) | 29,488,046 | 32,779,456 | |
Sales deductions (RMB'000) | 52,442 | 49,068 | |
Sales after deductions | 29,435,604 | 32,730,388 | |
(RMB'000) | |||
VII. Differences in Accounting Data under Domestic and Foreign Accounting Standards
1. Differences in the net profit and the net assets disclosed in the financial reports prepared under Chinese and international accounting standards
□ Applicable √ Not applicable
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ADAMA Ltd. | Annual Report 2024 |
None during the Reporting Period.
2. Differences in the net profit and the net assets disclosed in the financial reports prepared under Chinese and foreign accounting standards
- Applicable √ Not applicable None during the Reporting Period.
3. Explanation on the differences in accounting data
□ Applicable √ Not applicable
VIII. | Main Financial Results by Quarter | ||||
Unit: RMB'000 | |||||
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | ||
Operating revenue | 7,508,899 | 7,401,390 | 6,613,004 | 7,964,753 | |
Net loss attributable to the shareholders | (227,605) | (667,261) | (943,246) | (1,065,092) | |
Net loss attributable to the shareholders excluding non- | (250,690) | (696,365) | (978,076) | (1,099,590) | |
recurring profit and loss | |||||
Net cash flows from operating activities | (735,162) | 2,466,280 | 1,131,114 | 898,399 | |
Any material differences between the financial indicators above or their summations and those which have been disclosed in quarterly or semi-annual reports
□ Yes √ No
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