安道麦B：2021年半年度报告（英文版）.PDF

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1、ADAMA Ltd.Semi-Annual Report 2021 1 ADAMA LTD.SEMI-ANNUAL REPORT 2021 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-o

2、f-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

3、products,delivering solutions that meet local farmer and customer needs in over 100 countries globally.Please see important additional information and further details included in the Annex.August 2021 ADAMA Ltd.Semi-Annual Report 2021 2 Section I-Important Notice,Table of Contents and Definitions Th

4、e Companys 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 statement,misleading presentations or material omissions,and assume joint and several legal liability arising theref

5、rom.Ignacio Dominguez,the person in charge of the Company(President and Chief Executive Officer)as well as its legal representative,and Aviram Lahav,the person leading the accounting function(Chief Financial Officer&Deputy Chief Executive Officer),hereby assert and confirm the truthfulness,accuracy

6、and completeness of the Financial Report.All the Companys directors attended the board meeting for the review of this Report.The forward-looking information described in this Report,such as future plans,development strategy,market trends and their effect etc.,does not constitute,in any manner whatso

7、ever,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 possible risks in“X-Risks Facing the Company and

8、Countermeasures”under Section III herein.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 cautione

9、d to be sufficiently mindful of investment risks.For the complete“Risks Facing the Company and Countermeasures”of the Company,please see the relevant section below.For the Reporting Period,the Company does not plan to distribute cash dividends or bonus shares or convert capital reserve into share ca

10、pital.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.ADAMA Ltd.Semi-Annual Report 2021 3 Table of Contents Section I-Important Notice,Table of Contents and Definitions.2 Section

11、II-Corporate Profile and Financial Results.6 Section III-Performance Discussion and Analysis.9 Section IV Corporate Governance.34 Section V Environmental and Social Responsibilities.36 Section VI-Significant Events.44 Section VII-Share Changes and Shareholders.57 Section VIII-Preferred stock.65 Sect

12、ion IX-Bonds.66 Section X-Financial Report.67 ADAMA Ltd.Semi-Annual Report 2021 4 Documents Available for Reference (I)Duly signed Financial Statements by the Legal Representative and Accounting Principal as well as Head of the Accounting Organ;(II)Originals of all Companys documents previously disc

13、losed in media designated by the CSRC as well as the originals of all the public notices,were deposited in the Companys office.ADAMA Ltd.Semi-Annual Report 2021 5 Definitions General Terms Definition Company,the Company ADAMA Ltd.Adama Solutions Adama Agricultural Solutions Ltd.,a wholly-owned subsi

14、diary of the Company,incorporated in Israel according to its laws Anpon,ADAMA Anpon ADAMA Anpon(Jiangsu)Ltd.,a wholly-owned subsidiary of the Company,incorporated in China according to its laws Board of Directors/Board The Board of Directors of the Company Board of Supervisors The Board of Superviso

15、rs of the Company Group,the Group,ADAMA The Company,including all its subsidiaries,unless expressly stated otherwise ChemChina China National Chemical Co.,Ltd.ChemChina-Syngenta Transaction The acquisition of Syngenta AG by ChemChina in 2017 CNAC China National Agrochemical Co.,Ltd.,the indirect con

16、trolling shareholder of the Company,a wholly-owned subsidiary of ChemChina CSRC China Securities Regulatory Commission SZSE Shenzhen Stock Exchange SASAC State Assets Supervision and Administration Commission of China ADAMA Huifeng ADAMA Huifeng(Jiangsu)Ltd.,a 51%owned subsidiary of the Company,inco

17、rporated in China according to its laws Syngenta Group Syngenta Group Co.,Ltd,the controlling shareholder of the Company as of June 15,2020,a wholly-owned subsidiary of CNAC Report This 2021 Semi-Annual Report Reporting Period,this Period January 1,2021-June 30,2021 2020 Annual Report The Companys 2

18、020 Annual Report published on March 31,2021 ADAMA Ltd.Semi-Annual Report 2021 6 Section II-Corporate Profile and Financial Results I.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 na

19、me in English(if any)ADAMA Ltd.Abbr.(if any)ADAMA Legal representative Ignacio Dominguez II.Contact Information III.Other Information 1.Ways to Contact the Company Indicate by tick mark whether any changes occurred to the registered address,office address and their postal codes,website address and e

20、mail address of the Company during the Reporting Period.Applicable Not applicable No changes occurred to the said information during the Reporting Period,which can be found in the 2020 Annual Report.2.Information Disclosure Media and Place where this Report is Kept Indicate by tick mark whether any

21、changes occurred to the information disclosure media and the place where this Report is kept during the Reporting Period.Applicable Not applicable The newspapers designated by the Company for information disclosure,the website designated by the CSRC for the publication of this Report and the locatio

22、n where this Report is kept did not change during 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 0

23、10-59246173 E-mail ADAMA Ltd.Semi-Annual Report 2021 7 the Reporting Period.Said information can be found in the 2020 Annual Report.3.Other Relevant Documents Indicate by tick mark whether any changes occurred to the relevant documents during the Reporting Period.Applicable Not applicable IV.Main Ac

24、counting Data and Financial Results Indicate by tick mark whether the Company needs to retroactively adjust or restate any of its accounting data.Yes No Reporting Period Same period of last year+/-(%)Operating revenues(RMB000)15,063,780 14,121,040 6.68%Net profit attributable to shareholders of the

25、Company(RMB000)367,036 204,649 79.35%Net profit attributable to shareholders of the Company excluding non-recurring profit and loss(RMB000)322,123 219,772 46.57%Net cash flow from operating activities(RMB000)1,491,293 1,234,531 20.80%Basic EPS(RMB/share)0.1575 0.0836 88.40%Diluted EPS(RMB/share)N/A

26、N/A N/A Weighted average return on net assets 1.71%0.91%0.80%End of Reporting Period End of last year +/-(%)Total assets(RMB000)49,450,006 46,801,034 5.66%Net assets attributable to shareholders of the Company(RMB000)21,432,352 21,353,752 0.37%V.Differences in Accounting Data under Domestic and Fore

27、ign Accounting Standards 1.Differences in Net Profit and Net Assets Disclosed in Financial Reports Prepared under Chinese and International Accounting Standards Applicable Not applicable ADAMA Ltd.Semi-Annual Report 2021 8 None during the Reporting Period.2.Differences in Net Profit and Net Assets D

28、isclosed in Financial Reports Prepared under Chinese and Foreign Accounting Standards Applicable Not applicable None during the Reporting Period.3.Reason for accounting data differences under Chinese and Foreign Accounting Standards Applicable Not applicable VI.Non-Recurring Profit/Loss Applicable N

29、ot applicable Unit:RMB000 Item Reporting Period Note Gains/losses on the disposal of non-current assets(including the offset part of asset impairment provisions)14,864 Government grants recognized through profit or loss(excluding government grants closely related to business of the Company and given

30、 at a fixed quota or amount in accordance with governments uniform standards)20,630 Recovery or reversal of provision for bad debts which is assessed individually during the years 12,474 Other non-operating income and expenses other than the above 6,792 Other profit or loss that meets the definition

31、 of non-recurring profit or loss-44 Less:Income tax effects 9,803 NCI(after tax)-Total 44,913 Explanation whether the Company has classified an item as non-recurring profit/loss according to the definition in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Se

32、curities 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 in the Reporting Period.ADAMA Ltd.Semi-Annual Report 2021 9 Section III-P

33、erformance Discussion and Analysis I.Main Business of the Company during the Reporting Period The Company is a corporation incorporated in the Peoples Republic of China.The Group is a global leader in crop protection,engaging in the development,manufacturing and commercialization of a wide range of

34、crop protection products,that are largely off-patent.The Group provides solutions to farmers to combat weeds,insects and disease,and sells its products in approximately 100 countries,through approximately 60 subsidiaries worldwide.The Groups business model integrates end-customer access,regulatory e

35、xpertise,state-of-the art global R&D,production and formulation facilities,thereby providing the Group a significant competitive edge and allowing it to launch new and differentiated products that meet local farmers and customer needs in key markets.The Groups primary operations are global,spanning

36、activities in Europe,North America,Latin America,Asia-Pacific(including China)and India,the Middle-East and Africa.The Group also utilizes its expertise to adapt such products also for the development,manufacturing and commercialization of similar products for non-agricultural purposes(Consumer and

37、Professional Solutions).In addition,the Group leverages its core capabilities in the agricultural and chemical fields and operates in several other non-agricultural areas,none of which,individually,is material for the Group.These activities,collectively reported as Intermediates and Ingredients,incl

38、ude primarily,(a)the manufacturing and marketing of dietary supplements,food colors,texture and flavor enhancers,and food fortification ingredients;(b)fragrance products for the perfume,cosmetics,body care and detergents industries;(c)the manufacturing of industrial products and(d)other non-material

39、 activities.ADAMA Group is a distinctive member of Syngenta Group,a world leader in agricultural inputs,spanning crop protection,seeds,fertilizers,additional agricultural and digital technologies,as well as an advanced distribution network in China.The general crop protection market environment Duri

40、ng the first half 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,

41、most notably in Brazil and the western United States,posed challenges for farmers in those regions.During the first half,prices of intermediates and active ingredients sourced from China were higher than in the same period last year,driven by elevated raw material prices,and the stronger global dema

42、nd.Oil prices have been rising considerably,following the alleviation of pandemic control measures in a number of countries.Global freight and logistics costs rose significantly during the first half of 2021,as COVID-19 continues to disrupt port activity,resulting in container shortages,while demand

43、 for container shipping remains high.Similarly,in-land logistics remain challenged as pandemic-related restrictions continue to create frictions ADAMA Ltd.Semi-Annual Report 2021 10 in domestic supply lines.Taken together,these constraints have impacted both availability of shipping and transportati

44、on 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 endea

45、vors to adjust its pricing wherever possible to compensate for these increased costs,but intense competition in certain key markets has restrained the Companys ability to do so in an effective and timely manner.Jingzhou Production Resumption Update Following the completion of the Relocation&Upgrade

46、program for Sanonda,production has recently resumed at the Companys 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 progr

47、essively 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.Crop Protection Products As described within the Companys 2

48、020 annual report,the Group is focused on the development,manufacturing and commercialization of largely off-patent crop protection products,which are generally herbicides,insecticides and fungicides,which protect agricultural and other crops against weeds,insects and disease,respectively.Since the

49、publication of the 2020 annual report,no major changes occurred with that respect.For details,please refer to 2020 annual report.Please see important additional information and further details included in the Annex.II.Core Competitiveness Analysis No significant changes occurred to the core competit

50、iveness of the Company during the Reporting Period.III.Analysis of Main Business General Description Whether it is the same as main business of the Company during the Reporting Period disclosed or not?Yes No Please refer to the relevant information in section“I.Main Business of the Company during th