[年报]安道麦B(200553):2023年年度报告摘要（英文版）
Abstract of the 2023 Annual Report of ADAMA Ltd. I. Important Reminder The Abstract is from the full text of the Annual Report. Investors are advised to read the full text of the Annual Report published on the media designated by China Securities Regulatory Commission for having a round understanding of the Company’s performance, financial status and future development plan. All the directors attended the Board of Directors meeting to review the Annual Report. Non-standard auditor report □ Applicable √Not applicable Plan approved by the Board of Directors for dividend distribution of ordinary shares or increasing the capital by the transfer of capital reserves. □Applicable √Not applicable The Company does not plan to distribute cash or share dividends, nor plan to transfer capital reserve to equity capital. Plan approved by the Board of Directors for dividend distribution of preferred shares □ Applicable √ Not applicable II. Basic information about the Company 1. Company profile
2. Main Business or Products during the Reporting Period The Company is a global leader in crop protection, engaging in the development, manufacturing and commercialization of a wide range of crop protection products, that are largely off-patent. The Company provides solutions to farmers to combat weeds, insects and disease, and sells its products in over 100 countries, through approximately 60 subsidiaries worldwide. The Company’s main products are herbicides, insecticides and fungicide, which protect agricultural and other crops against weeds, insects and disease, respectively. The Company also utilizes its expertise to adapt such products also for the development, manufacturing and commercialization of similar products for non-agricultural purposes (Consumer and Professional Solutions). In addition, the Company 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 Company. These activities, collectively reported as Intermediates and Ingredients, include 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 activities. The Company's business model integrates end-customer access, regulatory expertise, state-of-the art global R&D, production and formulation facilities, thereby providing the Company a significant competitive edge and allowing it to launch new and differentiated products that meet local farmers and customer needs in key markets. The Company's primary operations are global, spanning activities in North America, Latin America, Asia-Pacific (including China) and Europe, Africa and the Middle East. General crop protection market environment Key commodity crop prices declined substantially during 2023 as weather conditions normalized and the global crop supply situation improved. However, key commodity crop prices were still relatively high through 2023, supporting planted area and investment in crops, leading to healthy demand, at the farmer level, of crop inputs, including crop protection products. However, due to very high channel inventory across all geographies, channel demand was weak during 2023. The high interest rate environment coupled with low prices of active ingredient from China, also encouraged the just-in-time purchasing approach adopted by the channel. As a result, sales into the channel declined sharply across the entire industry. Going into 2024, channel inventories have improved across most geographies but they have still not normalized everywhere. The cost environment further improved in 2023 as active ingredient prices in China continued to decline all through 2023 reaching low levels. Market Competition and the Company’s Market Share The global crop protection market is dominated by seven multinational companies, including the Group, five of which are originator companies. In the past decade, a number of mergers and acquisitions were completed among the largest players in the crop protection industry. Nonetheless, the crop protection industry as a whole is relatively decentralized, with a number of local manufacturers competing in each country against the global multinational companies. The Group believes that entry barriers for the crop protection market are relatively high, although they vary from region to region. ADAMA is a leading company (in sales terms) among the crop-protection companies that focus on off-patent crop protection solutions. The Company’s global crop protection market share was approximately 5.1% in 2023, based on preliminary estimation made by AgBio Investor regarding total sales in the agrochemical industry, and 6.5% in 2022. 3. Main Accounting Data and Financial Indicators (1) Main Accounting Data and Financial Indicators of the Latest Three Years Whether the Company performed any retroactive adjustments to or restatement of its accounting data √Yes □No Reasons for Retroactive Adjustments or Restatement of the Accounting Data: Other reasons Unit: RMB’000
Reason for retroactive adjustments: The Company recognized the non-recurring profit and loss items in accordance with the “Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public - Non-Recurring Profit and Loss (2023 Revised)” and made retrospective adjustments. The implementation of this regulation has no significant impact on the non-recurring profit and loss in comparable accounting periods. (2) Main Accounting Data by Quarter Unit: RMB’000
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 4. Shares and Shareholders (1) Number of Common Shareholders and Preferred Shareholders with Vote Right Restored and Shareholding Table of Top-10 Shareholders Unit: share
Involvement of Top 10 Shareholders in Lending of Shares in the Relending Financing of Funds and Securities □ Applicable √ Not Applicable Change of the Top 10 Shareholders from the Previous Reporting Period √ Applicable □ Not Applicable
5. Corporate Bonds on the Reporting Date □ Applicable √ Not applicable III. Important Matters None. For introduction to Company business during the reporting period, please refer to Section III. Management Discussion and Analysis of the full text of 2023 Annual Report. ADAMA Ltd. Legal Representative：Steve Hawkins th March 27 , 2024 中财网
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