BEIJING, CHINA and TEL AVIV, ISRAEL, August 25, 2021 – ADAMA Ltd. (the “Company”)
(SZSE 000553), today reported its financial results for the second quarter and six-month period ended June 30, 2021.
Ignacio Dominguez, President and CEO of ADAMA, said, “Today, with crop prices at levels we have not
seen in a number of years, and the resulting increase in planted areas, global demand for crop protection products
is strong. This brings great opportunity, and places immense responsibility, on ADAMA and our industry to support
the world’s growers with safe, effective and sustainable solutions to ensure they can nourish the planet, especially
in a time of global pandemic-related uncertainty and disruption. I am extremely pleased that we continue to deliver
on our business performance goals, reporting another quarter of business and profit growth. This has been achieved
despite the extraordinary times we are in, which continue to pose numerous challenges to global logistics and supply
lines, and is a testament to the commitment and dedication of our people to continue bringing our crop protection
solutions to farmers across the globe."
Table 1. Financial Performance Summary
USD (m)
|
As Reported
|
Adjustments
|
Adjusted
|
Q2
2021
|
Q2
2020
|
% Change
|
Q2
2021
|
Q2
2020
|
Q2
2021
|
Q2
2020
|
% Change
|
Revenues
|
1,220
|
1,036
|
+18%
|
-
|
-
|
1,220
|
1,036
|
+18%
|
Gross profit
|
340
|
300
|
+13%
|
25
|
11
|
365
|
311
|
+17%
|
% of sales
|
27.9%
|
29.0%
|
|
|
|
29.9%
|
30.0%
|
|
Operating income (EBIT)
|
90
|
88
|
+3%
|
35
|
25
|
125
|
112
|
+12%
|
% of sales
|
7.4%
|
8.5%
|
|
|
|
10.3%
|
10.8%
|
|
Income before taxes
|
36
|
44
|
-18%
|
35
|
25
|
71
|
69
|
+2%
|
% of sales
|
3.0%
|
4.3%
|
|
|
|
5.8%
|
6.7%
|
|
Net income
|
34
|
31
|
+8%
|
30
|
23
|
63
|
54
|
+18%
|
% of sales
|
2.8%
|
3.0%
|
|
|
|
5.2%
|
5.2%
|
|
EPS
|
|
|
|
|
|
|
|
|
- USD
|
0.0145
|
0.0128
|
+14%
|
|
|
0.0272
|
0.0220
|
+24%
|
- RMB
|
0.0937
|
0.0905
|
+4%
|
|
|
0.1759
|
0.1559
|
+13%
|
EBITDA
|
164
|
168
|
-2%
|
21
|
2
|
186
|
170
|
+9%
|
% of sales
|
13.5%
|
16.2%
|
|
|
|
15.2%
|
16.4%
|
|
USD (m)
|
As Reported
|
Adjustments
|
Adjusted
|
H1
2021
|
H1
2020
|
% Change
|
H1
2021
|
H1
2020
|
H1
2021
|
H1
2020
|
% Change
|
Revenues
|
2,329
|
2,008
|
+16%
|
-
|
-
|
2,329
|
2,008
|
+16%
|
Gross profit
|
645
|
577
|
+12%
|
42
|
30
|
687
|
607
|
+13%
|
% of sales
|
27.7%
|
28.7%
|
|
|
|
29.5%
|
30.2%
|
|
Operating income (EBIT)
|
156
|
138
|
+12%
|
68
|
71
|
223
|
209
|
+7%
|
% of sales
|
6.7%
|
6.9%
|
|
|
|
9.6%
|
10.4%
|
|
Income before taxes
|
65
|
64
|
+2%
|
68
|
72
|
133
|
136
|
-2%
|
% of sales
|
2.8%
|
3.2%
|
|
|
|
5.7%
|
6.8%
|
|
Net income
|
57
|
29
|
+97%
|
59
|
66
|
115
|
95
|
+21%
|
% of sales
|
2.4%
|
1.4%
|
|
|
|
5.0%
|
4.7%
|
|
EPS
|
|
|
|
|
|
|
|
|
- USD
|
0.0244
|
0.0118
|
+107%
|
|
|
0.0496
|
0.0389
|
+27%
|
- RMB
|
0.1575
|
0.0836
|
+88%
|
|
|
0.3207
|
0.2741
|
+17%
|
EBITDA
|
302
|
301
|
0%
|
41
|
22
|
343
|
323
|
+6%
|
% of sales
|
13.0%
|
15.0%
|
|
|
|
14.7%
|
16.1%
|
|
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 ChineseMinistry of Finance (the “MoF) (collectively referred to
as “ASBE”). 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. A detailed
summary of these adjustments appears in the appendix below.
The Q2 2020 and H1 2020 Adjusted Income Statements have been amended from that presented at the time to include
additional adjustments in order to consistently reflect largely the treatment of China Relocation & Upgrade
Program-related costs amongst other adjustments that the Company has deemed non-operational and one-time in
nature, as well as to reflect a change in allocation of certain costs between those impacting Operating Expenses
and those impacting Gross Profit.
The number of shares used to calculate both basic and diluted earnings per share in Q2 and H1 2020 is 2,446.6
million shares. The number of shares used to calculate both basic and diluted earnings per share in Q2 and H1
2021 is 2,329.8 million shares, reflecting the repurchase and cancellation of 102.4 million shares from CNAC in
July 2020 and repurchase and cancellation of 14.3 million B shares during the second half of 2020.
The general crop protection market environment
During the second quarter of 2021, crop prices of most of the major commodity crops remained elevated, driving an
increase in planted areas and strong crop protection demand in most regions. Demand was also supported by positive
weather conditions in various regions, although drought conditions in the Americas, most notably in Brazil and the
western United States, posed challenges for farmers in those regions.
During the quarter, prices of intermediates and active ingredients sourced from China continued to rise compared to
the same period last year, driven by high raw material prices, and the higher global demand. Oil prices have been
rising considerably, following the alleviation of pandemic control measures in a number of countries.
Global freight and logistics costs continued to rise during the second quarter of 2021, as COVID-19 continues to
disrupt port activity, resulting in container shortages, while demand for container shipping remains high.
Similarly, in-land logistics remain challenged as pandemic-related restrictions continue to create frictions in
domestic supply lines. Taken together, these constraints have impacted both availability of shipping and
transportation resources, as well as significantly increased their costs, a dynamic widely observed across all
international trade-related industries.
The Company continues to actively manage its procurement and supply chain activities in order to mitigate these
higher procurement and logistics costs. It also endeavors to adjust its pricing wherever possible to compensate for
these increased costs, but intense competition in certain key markets has restrained the Company's ability to do so
in an effective and timely manner.
Jingzhou Production Resumption Update
Following the completion of the Relocation & Upgrade program for Sanonda, production has recently resumed at the
Company's new, state-of-the-art Jingzhou site. While production is initially starting at relatively low levels, the
Company expects output levels to gradually ramp up over the remainder of the year. This return to production at
Sanonda will progressively reduce the need for incurring additional procurement costs which the Company has endured
while the plant has been suspended, and is expected to reduce idleness charges as production and utilization levels
rise over the coming months.
Financial Highlights
Revenues in the second quarter grew by 18% (+7% in RMB terms) to $1,220 million, driven by continued
robust 15% volume growth.
In the quarter, ADAMA delivered significant growth in Asia Pacific, led by a strong performance in China and the
Pacific region. In North America, the Company recorded continued growth from its Consumer and Professional business,
alongside a solid performance in the crop protection arm, recovering from first-quarter headwinds seen there.
Pleasing growth was seen in Latin America despite ongoing drought conditions across the region, as well as strong
growth in the India, Middle-East & Africa region, which enjoyed favorable weather including the start of the
monsoon season in India. In Europe sales grew, aided by a recent heatwave in the region, which caused higher disease
and insect pressure in most countries.
The accelerated growth in the quarter brought half-year sales to a record-high of $2,329 million, an increase of 16%
(+7% in RMB terms).
Gross Profit reported in the second quarter was up 13% to $340 million (gross margin of 27.9%), and
up 12% to $645 million (gross margin of 27.7%) in the half-year period, compared to $300 million (gross margin of
29.0%) and $577 million (gross margin of 28.7%) in the corresponding periods last year, respectively.
The Company recorded certain extraordinary charges within its reported cost of goods sold, totaling approximately $25
million in the second quarter (Q2 2020: $11 million) and $42 million in the half-year period (H1 2020: $30 million).
These charges were largely related to its continuing Relocation & Upgrade program, and include mainly (i) excess
procurement costs, both in quantity and cost terms, incurred as the Company continued to fulfill demand for its
products in order to protect its market position through replacement sourcing at significantly higher costs from
third-party suppliers, and (ii) elevated idleness charges largely related to suspensions at the facilities being
relocated as well as to the temporary suspension of the Jingzhou site in Q1 2020 at the outbreak of COVID-19 in
Hubei Province. For further details on these extraordinary charges, please see the appendix to this release.
Excluding the impact of the abovementioned extraordinary items, adjusted gross profit in the second quarter was up
17% to $365 million (29.9% of sales), and up 13% to $687 million (gross margin of 29.5%) in the half-year period,
compared to $311 million (gross margin of 30.0%) and $607 million (gross margin of 30.2%) in the corresponding
periods last year, respectively.
In the quarter, the higher gross profit was driven by the strong volume growth and the strengthening of local
currencies against the US dollar, which more than offset the impacts of somewhat softer local currency prices and
higher procurement and logistics costs.
During the half-year period, the higher gross profit was driven by the strong volume growth alongside positive
seasonal changes in product offering, as well as the stronger currencies against the US dollar, all of which
outweighed the impacts of the softer local currency prices and higher procurement and logistics costs.
Despite the exceptionally strong sales growth, the Company continues to see pressure on gross margins, reflecting the
higher logistics and procurement costs, as well as the impact on production costs of the strengthening of the
Chinese Renminbi and the Israeli Shekel.
Operating expenses reported in the second quarter were $250 million (20.5% of sales) and $489
million (21.0% of sales) in the half-year period, compared to $213 million (20.5% of sales) and $439 million (21.9%
of sales) in the corresponding periods last year, respectively.
The Company recorded certain non-operational, mostly non-cash, charges within its reported operating expenses,
totaling approximately $10 million in the second quarter (Q2 2020: $14 million) and $26 million in the half-year
period (H1 2020: $41 million). These charges include mainly (i) $7 million in Q2 2021 (Q2 2020: $8 million) and $15
million in H1 2021 (H1 2020: $15 million) in non-cash amortization charges in respect of Transfer assets received
from Syngenta related to the 2017 ChemChina-Syngenta acquisition, (ii) $1 million benefit in Q2 2021 (Q2 2020: $6
million) and $4 million charge in H1 2021 (H1 2020: benefit of $5 million) in non-cash impacts related to
incentive plans, and (iii) $4 million in Q2 2021 (Q2 2020: $2 million) and $8 million in H1 2021 (H1 2020: $5
million) in charges related mainly to the non-cash amortization of intangible assets created as part of the Purchase
Price Allocation (PPA) on acquisitions, with no impact on the ongoing performance of the companies acquired, as well
as other M&A-related costs. The higher aggregate amount of non-operational charges in Q2 and H1 2020 then also
included $11 million and $23 million, respectively, in non-cash amortization charges related to the legacy PPA of
the 2011 acquisition of Adama Agricultural Solutions, which have now largely finished, and $1 million and $9
million, respectively, in early retirement expenses. For further details on these non-operational charges, please
see the appendix to this release.
Excluding the impact of the abovementioned non-operational charges, adjusted operating expenses in the quarter and
half-year period were $240 million (19.7% of sales) and $463 million (19.9% of sales), compared to $199 million
(19.2% of sales) and $398 million (19.8% of sales) in the corresponding periods last year, respectively.
The higher operating expenses in the quarter and half-year period reflect primarily an increase in sales and
marketing teams in growing geographies to drive and support the strong sales growth, higher transportation and
logistics costs driven by both an increase in freight costs and the increased volumes being transported, as well as
the inclusion of recent acquisitions.
In addition to these factors, operating expenses in the quarter were impacted by the strengthening of local
currencies against the US dollar.
Operating income reported in the second quarter was up 3% to $90 million (7.4% of sales), and up 12%
to $156 million (6.7% of sales) in the half-year period, compared to $88 million (8.5% of sales) and $138 million
(6.9% of sales) in the corresponding periods last year, respectively.
Excluding the impact of the abovementioned non-operational, mostly non-cash items, adjusted operating income in the
second quarter was up 12% to $125 million (10.3% of sales) and up 7% to $223 million (9.6% of sales) in the
half-year period, compared to $112 million (10.8% of sales) and $209 million (10.4% of sales) in the corresponding
periods last year, respectively.
The higher operating income in the quarter and half-year period was driven by the increased gross profit, partially
offset by the impact of the higher operating expenses.
EBITDA reported in the second quarter was $164 million (13.5% of sales) and $302 million (13.0% of
sales) in the half-year period, compared to $168 million (16.2% of sales) and $301 million (15.0% of sales) recorded
in the corresponding periods last year, respectively.
Excluding the impact of the abovementioned non-operational, mostly non-cash items, adjusted EBITDA in the second
quarter was up 9% to $186 million (15.2% of sales) and up 6% to $343 million (14.7% of sales) in the half-year
period, compared to $170 million (16.4% of sales) and $323 million (16.1% of sales) in the corresponding periods
last year, respectively.
Financial expenses and investment income were $54 million in the second quarter and $91 million in
the half-year period, compared to $43 million and $74 million in the corresponding periods last year, respectively.
The higher financial expenses in the quarter and half-year period were mainly driven by the net effect of an
increase in the Israeli CPI on the ILS-denominated, CPI-linked bonds. The increase in the CPI was most marked in the
second quarter of 2021, compared to its decline in the parallel quarter last year, and appears to be similar to the
increase in inflation rates that has been observed in many countries across the world this year as the global
economy continues to reopen following pandemic-related shutdowns.
Taxes on income reported in the second quarter were $7 million and $16 million in the half-year
period, compared to $16 million and $40 million in the corresponding periods last year, respectively.
The lower tax expenses recorded in the second quarter and first half of 2021 were mainly due to non-cash tax income
from the impact of the stronger Brazilian Real on the value of non-monetary tax assets, caused due to differences
between the functional (US dollar) and tax (local) currencies' value of these non-monetary assets. The higher tax
expenses recorded in 2020 were largely due to the opposite impact, which was then caused by the significant
weakening of the BRL in those periods in 2020.
Net income attributable to the shareholders of the company reported in the second quarter was $34
million (2.8% of sales) and $57 million (2.5% of sales) in the half-year period, compared to $31 million (3.0% of
sales) and $29 million (1.4% of sales) in the corresponding periods last year, respectively.
Excluding the impact of the abovementioned extraordinary and non-operational charges, adjusted net income in the
second quarter was $63 million (5.2% of sales) and $115 million (5.0% of sales) in the half-year, compared to $54
million (5.2% of sales) and $95 million (4.7% of sales) in the corresponding periods last year, respectively.
The marked improvement in adjusted net income in the quarter and half-year period was driven by the higher operating
income and lower taxes, which were partially offset by the higher financial expenses.
Trade working capital at June 30, 2021 was $2,498 million compared to $2,173 million at the same
point last year. The Company is holding higher inventory levels due mainly to a shift in geographic and portfolio
sales mix, the anticipation of further volume growth in coming quarters, the increase in procurement and production
costs, as well as the inclusion of recent acquisitions. The Company also saw an increase in trade receivables,
driven largely by its strong growth over the half-year period in emerging markets, most notably in Latin America and
Brazil, where customer credit terms are generally longer. These increases were partially offset by higher trade
payables.
Cash Flow: Operating cash flow of $361 million was generated in the quarter and $231 million in the
half-year period, compared to $229 million and $173 generated in the corresponding periods last year, respectively.
The stronger operating cash flow generated in the second quarter and half-year period reflects the stronger
operating income generated this year, alongside improved collections during the second quarter.
Net cash used in investing activities was $184 million in the quarter and $292 million in the half-year period,
compared to $62 million and $116 million in the corresponding periods last year, respectively. The higher levels of
cash used in investing activities in the periods largely reflect an increase in investments in fixed assets, mainly
driven by the payments for the relocation of manufacturing facilities in China and upgrading of facilities in
Israel, as well as a total of $101 million paid for the acquisitions of majority stakes in Jiangsu Huifeng’s
domestic commercial crop protection business and its manufacturing assets.
Free cash flow of $132 million was generated in the second quarter and $116 million consumed in the half-year period
compared to $127 million and $12 million generated in the corresponding periods last year, respectively, reflecting
the aforementioned operating and investing cash flow dynamics.
Portfolio Development Update
In the second quarter, ADAMA continued to advance the development of its differentiated product portfolio. The
Company obtained multiple new product registrations in the quarter, including TIMELINE FX®, a three-way
mixture herbicide for cereals in Sweden, MAXENTIS®, a unique co-formulation fungicide that protects
against key foliar diseases in cereals and canola in Australia, and TAPUZ®, a unique combination product
with two different modes of action to control various rice pests in Indonesia.
ADAMA continued its global roll-out of one of its self-produced prothioconazole-based products, SORATEL®,
with launches in the UK and Canada. This is ADAMA’s first product featuring its novel Asorbital™ formulation
technology, a proprietary formulation technology that delivers improved penetration efficiency and excellent
systemic movement in plants, resulting in higher efficacy of ADAMA’s prothioconazole-based products.
In Italy, the Company launched EXELGROW®, a unique seaweed-based biostimulant promoting plant growth,
further penetrating this segment.
Table 2. Regional Sales Performance
|
|
Q2 2021
$m
|
Q2 2020
$m
|
Change
USD
|
Change
CER
|
|
H1 2021
$m
|
H1 2020
$m
|
Change
USD
|
Change
CER
|
Europe
|
|
261
|
252
|
+3.4%
|
+0.2%
|
|
605
|
609
|
-0.6%
|
-2.3%
|
North America
|
|
256
|
205
|
+25.2%
|
+24.0%
|
|
445
|
373
|
+19.4%
|
+18.5%
|
Latin America
|
|
271
|
220
|
+22.9%
|
+21.5%
|
|
448
|
379
|
+18.1%
|
+21.7%
|
Asia Pacific
|
|
242
|
191
|
+26.4%
|
+14.4%
|
|
483
|
349
|
+38.3%
|
+25.7%
|
Of which China
|
|
135
|
99
|
+36.0%
|
+26.3%
|
|
259
|
168
|
+54.6%
|
+44.5%
|
India, Middle East & Africa
|
|
190
|
167
|
+13.5%
|
+9.7%
|
|
347
|
298
|
+16.6%
|
+15.5%
|
Total
|
|
1,220
|
1,036
|
+17.7%
|
+13.6%
|
|
2,329
|
2,008
|
+15.9%
|
+13.6%
|
CER: Constant Exchange Rates
Europe: Sales in the second quarter were in line with those of the same quarter last year, in CER
terms, but were lower by 2.3% in the first half of the year compared with the corresponding period last year.
In the quarter, sales were aided by a recent region-wide heatwave, causing higher disease and insect pressure in most
countries, following a prolonged cold spell. Noteworthy performances were seen across eastern Europe, supported by
favorable conditions in key crops, as well as in Italy and in Greece, bolstered by the Company’s recent acquisition
in the latter country. These more than compensated for softer performances in certain countries in the western part
of the continent, but were largely offset by a generally softer pricing environment across the region.
In US dollar terms, sales were higher by 3.4% in the quarter but were lower by 0.6% in the half-year period, compared
to the corresponding periods last year, reflecting the net impact of the strengthening of regional currencies
compared to their weakening in the 2020 periods at the outbreak of COVID-19 then.
North America: Sales were up by 24.0% in the second quarter and by 18.5% in the first half of the
year, in CER terms, compared with the corresponding periods last year.
In the quarter, ADAMA recorded continued robust growth and market share gain in key segments of its Consumer and
Professional business, alongside a solid performance in the crop protection arm, recovering from first-quarter
headwinds seen there.
In US dollar terms, sales were higher by 25.2% in the quarter and by 19.4% in the first half, compared to the
corresponding periods last year, reflecting the strengthening of the Canadian Dollar.
Latin America: Sales grew by 21.5% in the second quarter and by 21.7% in the first half of the year,
in CER terms, compared to the corresponding periods last year.
The Company delivered pleasing growth in the quarter, driven by business growth in Brazil supported by the strong
crop prices, and despite ongoing drought conditions which affected the corn planting season in the country, as well
as growth seen in other countries across the region.
In US dollar terms, sales in the region grew by 22.9% in the quarter, reflecting a strengthening in regional
currencies during the quarter compared to the parallel quarter in 2020. In the half year, sales in the region grew
by 18.1% in US dollar terms, compared to the corresponding period last year, reflecting the somewhat weaker average
currency levels that prevailed during the first quarter of 2021 compared to the parallel quarter in 2020, which saw
currency weakness against the USD only late in the quarter at the outbreak of COVID-19.
Asia-Pacific: Sales grew by 14.4% in the quarter and by 25.7% in the first half of the year, in CER
terms, compared to the corresponding periods last year.
In the second quarter, the Company delivered robust growth in the region, led by a strong performance in China and
the Pacific. In China, ADAMA is seeing strong growth, both from sales of its branded, formulated portfolio, further
aided by the acquisition of Huifeng’s domestic commercial arm at the end of 2020, as well as from sales of its raw
materials and intermediates which saw strong demand and higher prices. The Company also started to benefit from its
recent acquisition of Huifeng's manufacturing assets at the end of May 2021. In the Pacific region, the Company grew
strongly in the quarter, driven by continued favorable seasonal conditions.
In the rest of APAC, the Company recorded continued growth in the quarter, with noteworthy performances delivered in
Indonesia, Korea and Australia, more than offsetting the challenging seasonal conditions in other parts of
South-East Asia, and the lingering effects of COVID-19 which continues to challenge local farmers throughout the
region.
In US dollar terms, sales in the region grew by 26.4% in the second quarter and by 38.3% in the first half of the
year, compared to the corresponding periods last year, reflecting the impact of the strengthening of regional
currencies, most notably the Australian Dollar and Chinese Renminbi.
India, Middle East & Africa: Sales grew by 9.7% in the quarter and by 15.5% in the first half of
the year, in CER terms, compared to the corresponding periods last year.
In the quarter, the strong growth was led by India, which enjoyed favorable weather with a strong start to the
monsoon season, enabling good cropping conditions.
In US dollar terms, sales in the region grew by 13.5% in the quarter and by 16.6% in the first half of the year,
compared to the corresponding periods last year, reflecting the impact of the strengthening of regional currencies
compared to the USD, most notably the Israeli Shekel.
Table 3. Revenues by operating segment
Second quarter sales by segment
|
Q2 2021
USD (m)
|
%
|
|
Q2 2020
USD (m)
|
%
|
Crop Protection
|
1,104
|
90.5%
|
|
941
|
90.8%
|
Intermediates and Ingredients
|
116
|
9.5%
|
|
95
|
9.2%
|
Total
|
1,220
|
100%
|
|
1,036
|
100%
|
Second quarter sales by product category
|
Q2 2021
USD (m)
|
%
|
|
Q2 2020
USD (m)
|
%
|
Herbicides
|
473
|
38.7%
|
|
446
|
43.0%
|
Insecticides
|
393
|
32.3%
|
|
312
|
30.2%
|
Fungicides
|
239
|
19.6%
|
|
183
|
17.7%
|
Intermediates and Ingredients
|
116
|
9.5%
|
|
95
|
9.2%
|
Total
|
1,220
|
100%
|
|
1,036
|
100%
|
Note: the sales split by product category is provided for convenience purposes only and is not representative of the
way the Company is managed or in which it makes its operational decisions.
Half-year sales by segment
|
H1 2021
USD (m)
|
%
|
|
H1 2020
USD (m)
|
%
|
Crop Protection
|
2,111
|
90.7%
|
|
1,826
|
90.9
|
Intermediates and Ingredients
|
218
|
9.3%
|
|
183
|
9.1%
|
Total
|
2,329
|
100%
|
|
2,008
|
100%
|
Half-year sales by product category
|
H1 2021
USD (m)
|
%
|
|
H1 2020
USD (m)
|
%
|
Herbicides
|
950
|
40.8%
|
|
886
|
44.1%
|
Insecticides
|
706
|
30.3%
|
|
530
|
26.4%
|
Fungicides
|
455
|
19.5%
|
|
410
|
20.4%
|
Intermediates and Ingredients
|
218
|
9.3%
|
|
183
|
9.1%
|
Total
|
2,329
|
100%
|
|
2,008
|
100%
|
Note: the sales split by product category is provided for convenience purposes only and is not representative of the
way the Company is managed or in which it makes its operational decisions.
Further Information
All filings of the Company, together with a presentation of the key financial highlights of the period, can be
accessed through the Company website at www.adama.com.
About ADAMA
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 over 100 countries globally. For more information, visit us at www.ADAMA.com and follow us on Twitter® at @ADAMAAgri.
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