[三季报]安道麦B(200553):2025年第三季度报告附件（英文版）
BEIJING, CHINA and TEL AVIV, ISRAEL, October 29, 2025 –ADAMA Ltd. (the “Company”)(SZSE000553),todayreporteditsfinancialresultsforthethirdquarterandfirstninemonthsof2025thatendedSeptember30,2025. ThirdQuarter2025Highlights: ? StableSales(0%inUSD,1%inRMB)of$933million,reflectingthecombinedresultsofa1%increaseinvolumeanda1%decreaseinprices ? Adjustedgrossprofitup14%to$257million,representinganimprovementofgrossmarginto27.6%from24.2%lastyear,reflectingthebenefitsoflowercostsandhighervolumes? AdjustedEBITDAup50%to$120million,representinganimprovementofEBITDAmarginto12.9%from8.6%lastyear ? Adjusted net loss reduced to $20 million from $78 million last year; Reported net lossimprovedby$85millionto$48millioncomparedto$133millionlastyearFirstNineMonths2025Highlights: ? StableSales(0%inUSD,1%inRMB)of$3,025million,reflectingthecombinedresultsofa3%increaseinvolumeanda3%decreaseinprices ? Adjustedgrossprofitup12%to$878million,representinganimprovementofgrossmarginto29.0%from25.8%lastyear,reflectingthebenefitsoflowercostsandhighervolumes? AdjustedEBITDAup30%to$430million,representinganimprovementofEBITDAmarginto14.2%from11.0%lastyear ? Adjustednetincometurnedpositiveto$29millioncomparedtoalossof$149millionlastyear;Reportednetlossimprovedby$200millionto$59millioncomparedto$259millionlastyear? Operatingcashflowof$331milliongeneratedvs.$402millionlastyear? Freecashflowof$112millionvs.$179millionlastyear Ga?l Hili, President and CEO of ADAMA, said, “In the thirdquarter, we continuedto deliverimprovedfinancial resultswith stablesalesand our sixthconsecutivequarter of year-over-yearEBITDAgrowth,clearindicatorsthatourFightForwardtransformationplanisdeliveringresultsinsupport of our value innovation strategy. We remain focused on strengthening our operationalfoundations,enhancingcommercialexecution,anddrivinginnovationacrossourportfolio,deliveringmeaningfulimpactforfarmersandpositioningADAMAforsustainable,long-termprofitablegrowth.”Table1.FinancialPerformanceSummary AsReported Adjustments Adjusted USD(m) Q3 Q3 Q3 Q3 Q3 Q3 %Change %Change 2025 2024 2025 2024 2025 2024 Revenues 933 929 0% - - 933 929 0% Grossprofit 236 188 25% 22 37 257 225 14% %ofsales 25.2% 20.2% 27.6% 24.2% Operatingincome(loss)(EBIT) 30 (34) 26 46 56 13 343% %ofsales 3.2% (3.6%) 6.0% 1.4% Lossbeforetaxes (41) (122) 67% 29 51 (11) (72) 84% %ofsales (4.4%) (13.2%) (1.2%) (7.7%) Netloss (48) (133) 64% 28 55 (20) (78) 74% %ofsales (5.1%) (14.3%) (2.1%) (8.4%) EPS -USD (0.0206) (0.0569) (0.0086) (0.0335) -RMB (0.1470) (0.4049) (0.0611) (0.2382) EBITDA 104 56 87% 16 24 120 80 50% %ofsales 11.2% 6.0% 12.9% 8.6% AsReported Adjustments Adjusted USD(m) 9M 9M 9M 9M 9M 9M %Change %Change 2025 2024 2025 2024 2025 2024 Revenues 3,025 3,028 0% - - 3,025 3,028 0% Grossprofit 792 672 18% 86 110 878 782 12% %ofsales 26.2% 22.2% 29.0% 25.8% Operatingincome(EBIT) 155 1 81 136 237 137 73% %ofsales 5.1% 0.0% 7.8% 4.5% Income(loss)beforetaxes (58) (203) 71% 91 116 33 (87) %ofsales (1.9%) (6.7%) 1.1% (2.9%) Netincome(loss) (59) (259) 77% 89 110 29 (149) %ofsales (2.0%) (8.5%) 1.0% (4.9%) EPS -USD (0.0254) (0.1110) 0.0127 (0.0638) -RMB (0.1815) (0.7890) 0.0910 (0.4535) EBITDA 378 252 50% 53 80 430 332 30% %ofsales 12.5% 8.3% 14.2% 11.0% Notes: “AsReported”denotestheCompany’sfinancialstatementsaccordingtotheAccountingStandardsforBusinessEnterprisesandthe implementationguidance,interpretationsandotherrelevantprovisionsissuedorrevisedsubsequentlybytheChineseMinistryofFinance (the“MoF)(collectivelyreferredtoas“ASBE”).Notethatinthereportedfinancialstatements,accordingtotheASBEguidelines[IAS37], certainitems(specificallycertaintransportationcostsandcertainidlenesscharges)areclassifiedunderCOGS.Pleaseseetheappendix tothisreleaseforfurtherinformation. Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitemsthatareofa transitory or non-cash/non-operational nature that do notimpact the ongoing performance of the business and reflect the way the Company’s managementand the Board of Directors view the performance ofthe Company internally.The Company believes that excludingtheeffectsoftheseitemsfromitsoperatingresultsallowsmanagementandinvestorstoeffectivelycomparethetrueunderlying financialperformanceofitsbusinessfromperiodtoperiodandagainstitsglobalpeers.Adetailedsummaryoftheseadjustmentsappears intheappendixbelow. ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinbothQ3and9M2025and2024is2,329.8million shares. Inthistableandalltablesinthisreleasenumbersmaynotsumduetorounding.TheGeneralCropProtection(CP)MarketEnvironment Throughthefirstninemonthsof2025,channelinventoryreturnedtopre-pandemiclevelsinmostcountries, allowing crop protection demand recovery. Pricing pressure remains high, driven byproductionover-capacityofactiveingredients.Cropcommoditypricesremainstablylowandcoupledwith the high-interest rate environment, farmer profitability remains tight leading to just-in-time1 purchasingpatterns. PortfolioDevelopmentUpdate Inthethirdquarter2025,ADAMAcontinuedtoregisterandlaunchmultiplenewproductsinmarketsacrosstheglobe, adding onto itsdifferentiatedproductportfolio. Aspart of theFight Forwardtransformationplan,theCompanyisfocusedonimprovingitsoverallportfoliomix,particularlybytargeting the Value Innovation segment, with the intent of improving value delivered to allstakeholders. InQ32025,launchesofdifferentiatedproductsincluded: ? ? FERRABAIT, a patented molluscicide composition based on the active ingredient? FERALLA, has been launched in New Zealand for use in arable, horticultural, andornamentalcrops. ? ? COSAYR, a long-lasting Chlorantraniliprole-based suspension, has been launched in? Canada,Hungary,andArgentina(asCARTADO),todeliverfastandeffectivecontrolofchewinginsectsacrossawiderangeofhorticulturalandfieldcrops. NotabledifferentiatedproductregistrationsduringQ32025included:? ? PORAFAM,anherbicideaqueoussolutionwithAminopyralidastheactiveingredient,hasbeenregisteredinGermany.ThismarksADAMA’sfirstregistrationofanAminopyralid-basedformulationinEurope. ? ? TheactivesubstanceFERALLA wasregisteredUK ? ? COSAYR wasregisteredinAustria,France,SpainandGreece ? ? AVASTEL a broad-spectrum fungicide utilizing Asorbital Formulation Technology andcombining the active ingredients Prothioconazole and Fluxapyroxad, has been officiallyregisteredinGermany. ? ? EDAPTIS has been registered in Germany. This innovative post-emergence herbicidecombines Pinoxaden and Mesosulfuron-methyl to provide effective control of a broadspectrum of grasses, including resistant populations, with a patented formulation thatensuresstableandreliableperformance. ? ? REXARO a fungicide suspension containing Cymoxanil and Fluopicolide, has beenregisteredinGhana. ? ? ETHOSAT,anherbicidesuspensionbasedonEthofumesateactiveingredient,hasbeenregisteredinFinland. ? In addition, patents granted during Q3 2025 included GILBOA mixtures patents in multiplecountriesincludingEuropeandUS,andGilboaformulationpatentsintheUSandColumbia.Gilboa? isaproprietaryfungicidehavinganewmodeofactionforuseincereals.Aswell,BAROZ ,aunique granular formulation for reliable rice stem borer control, was patented in Colombia andIndonesia. GeopoliticalSituation ADAMAisheadquarteredandhasthreemanufacturingsitesinIsrael.TheregionaltensionswhichescalatedonOctober7,2023,continuedtohavenomaterialimpactto-dateontheCompany'sabilitytosupportitsmarketsoritsconsolidatedfinancialresults.ADAMA is a global company with manufacturing and formulation facilities in severallocations around the world, principally in Israel, China and Brazil. The Company’smanagementappointedadedicatedtaskforcetoanalyzeimplicationsofUStariffpoliciesandtocloselymonitorandmanagethesituationandthepotentialimpactonitsglobalnetwork.DespitetheuncertaintyregardingtheUStariffpolicies,theCompanycurrentlyexpectsthattheimpactonitsoperationsandbusinessresultswillbeimmaterial. ‘FightForward’TransformationPlan Inearly2024,ADAMAlaunched'FightForward',astrategictransformationplandesignedtodeliverimprovedprofitandcashtargetsoverathree-yearperiod.Theplanoptimizesfinancialmanagement,streamliningADAMA’soperatingmodelinordertoincreasefocusontheValueInnovationsegmentinwhichdifferentiated,high-impactsolutionsaredevelopedtodelivergreatervaluetofarmers.FinancialHighlights Revenuesinthethirdquarterwerestable(1%inRMB;0%inCER)reaching$933million,mainlyreflectingthecombinedresultsofa1%increaseinvolumeanda1%decreaseinprices.Thehighervolumesreflectedthegradualrecoveryofmarketdemandsandimprovementofchannelinventoriesinmostregions.Pricesremainedweakmainlyduetolowpricesofactiveingredientsinlightofovercapacity,aswellasahighinterestrateenvironmentandlowcommodityprices,whichputpressureondistributorsandfarmers. Revenuesinthefirstninemonthswerealsostable(1%inRMB;1%inCER)reaching$3,025million.Thestabilizationofrevenuesinthefirstninemonthswasdrivenbyvolumegrowthof3%offsettingadecreaseinpricesof3%. Table2.RegionalSalesPerformance Q32025 Q32024 Change Change 9M2025 9M2024 Change Change $m $m USD CER $m $m USD CER Europe,Africa&MiddleEast 233 216 8% 3% 903 911 (1%) (2%) NorthAmerica 164 158 4% 4% 659 572 15% 16% LatinAmerica 312 287 9% 8% 675 687 (2%) 1% AsiaPacific 225 269 (16%) (15%) 789 859 (8%) (7%) OfwhichChina 91 109 (17%) (16%) 400 384 4% 4% Total 933 929 0% (0%) 3,025 3,028 (0%) 1% Notes: ? CER:ConstantExchangeRates ? AspartofADAMA’sbusinessoptimizationprogram,onJanuary1,2025,ADAMA’sSouthAfricabusinesswasreclassifiedfrom APACoperationstoEAMEoperations.Toenablemeaningfulcomparisons,the2024datapresentedhereincludesSouthAfrica underEAME. ? Numbersmaynotsumduetorounding Europe,Africa&MiddleEast(EAME):VolumesandrevenueinEAMEincreasedinthethirdquarter, though significant Q1 declines in Turkey impacted the year-to-date results. Pricingcontinuedtodeclineinlightofintensecompetition.Foreignexchangerateshadpositiveimpactinthethirdquarter. NorthAmerica:IntheUSAgmarket,thoughslightlydowninthethirdquarter,wassignificantlyupinthefirstninemonthsfollowingimprovementsinvolumesandprices.SimilarlyinCanada,whilethethirdquarterwasflatwithanincreaseinvolumeoffsetbyadecreasebyprices,fortheninemonthsvolumesaresignificantlyup.Consumer&ProfessionalSolutionsexperiencedincreasedvolumesandflatpricesforboththethirdquarterandyear-to-date.LatinAmerica:InBrazil,revenuesweresignificantlyupinthethirdquarter,resultinginhigherrevenuesalsoforthefirstninemonthscomparedtothepreviousyear.Growthwasdrivenbyincreasedvolumes,whilethethirdquarteralsoexperiencedmodestpricingincreases.IntherestofLATAMlowervolumes,prices,andrevenueswerereportedinthethirdquarterandthefirstninemonths,primarilyinParaguayandArgentina,duetochanneldestockingandjust-in-timepurchasingbehavior. Asia-Pacific (APAC): India experienced significant declines in the third quarter revenues,primarilyduetolowervolumesdrivenbyextremeweatherconditionsandlowerprices.IntherestofAPAC(excludingIndiaandChina),salesandvolumeswereslightlyupfor thequarter,despiteongoingpricingpressures. InChina,salesinthethirdquartermainlyreflectedtheimpactsoflowernon-agsales,partiallycompensatedbytheincreaseofAIsales.Non-agsalesdeclinedfollowingimplementationofthecompany’sstrategicdecisiontopivotawayfrommanufacturingsomebasicchemicalproducts,and weaker market demands. Higher AI sales were driven by volume growth due to theexpansionofnewdistributionchannelsandsupportedbytherecoveryofglobaldemand.Salesoftheformulationsbusinessstabilized,stillreflectingrelativelyhighchannelinventoriesandseveremarketcompetition.Supportedbythegrowthinthefirsthalf,salesinChinainthefirstninemonthsincreasedcomparedtolastyear. Reportedgrossprofitinthethirdquarterincreased25%to$236million(grossmarginof25.2%)Adjustmentstoreportedresults:Theadjustedgrossprofitmainlyincludesreclassificationofinventory impairment, taxes and surcharge, and excludes certain transportation costs(classifiedunderoperatingexpenses)andtheremediationcostsbyawhollyownedsubsidiaryforitsplantinIsrael. Adjustedgrossprofitinthethirdquarterincreased14%to$257million(grossmarginof27.6%)from$225million(grossmarginof24.2%)lastyear,andincreased12%to$878million(grossmarginof29.0%)inthefirstninemonthsfrom$782million(grossmarginof25.8%)lastyear.Thehigheradjustedgrossprofitandmargininthequarterandfirstninemonthsmainlyreflectedthepositiveimpactsoflowercostsduetoimprovedoperationalefficiencyandlowercostsofinventorysoldaswellashighervolume,morethancompensatingforlowerprices.Operatingexpensesreportedinthethirdquarterwere$205million(22.0%ofsales),comparedto$222million(23.9%ofsales)lastyear,andwere$636million(21.0%ofsales)inthefirstninemonthscomparedto$671million(22.2%ofsales)lastyear. Adjustmentstoreportedresults:Pleaserefertotheexplanationaboveregardingadjustmentsto the gross profit in respect to certain transportation costs, taxes and surcharges andinventoryimpairment.Non-operatingincomeandexpensesarealsoreclassifiedintoadjustedoperatingexpenses. TheCompanyrecordedcertainnon-operationalitemswithinitsreportedoperatingexpensesamountingto$26millioninthethirdquarterof2025incomparisonto$37millioninthethirdquarterof2024and$73millioninthefirstninemonths2025incomparisonto$113millioninthefirstninemonths2024.Theseitemsin2025mainlyinclude:i.non-cashamortizationchargesinrespectoftransferassetsreceivedfromSyngentarelatedtothe2017ChemChina-Syngenta acquisition; ii. non-cash amortization net charges related to intangible assetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions;andiii.restructuringandadvisorycostsincurredaspartoftheimplementationoftheFightForwardtransformationplan. For further detailson these non-operational items, please see the appendix to thisrelease. Adjustedoperatingexpensesinthethirdquarterwere$201million(21.5%ofsales),comparedto$212million(22.8%ofsales)lastyear,andwere$641million(21.2%ofsales)inthefirstninemonthscomparedto$645million(21.3%ofsales)lastyear. Theloweroperatingexpensesinthethirdquarterwasmainlyduetoacreditlossrecordedlastyear,whichcompensatedforanincreaseinexpensesattributedtocompanysuccess-basedemployeecompensationduetoimproved2025resultsto-date.Forthefirstninemonths,thepositiveimpactsfollowingimplementationof theFightForwardplanmorethancompensatedforexpectedcreditlossesduetoliquidityissuesofsomelocaldistributorsincertaincountries.Reportedoperatingincomeinthethirdquarterwas$30million(3.2%ofsales)comparedtoalossof$34million(-3.6%ofsales)lastyear,andincreasedto$155million(5.1%ofsales)inthefirstninemonthsfrom$1million(0.0%ofsales)lastyear. Adjustedoperatingincomeinthethirdquarterincreasedto$56million(6.0%ofsales)from$13million(1.4%ofsales)lastyear,andincreasedto$237million(7.8%ofsales)inthefirstninemonths from $137 million (4.5% of sales) last year. The increase in operating income was acombinedresultofhighergrossprofitandloweroperatingexpenses. ReportedEBITDAinthethirdquarterincreasedto$104million(11.2%ofsales)from$56million(6.0%ofsales)lastyear,andincreasedto$378million(12.5%ofsales)inthefirstninemonthsfrom$252million(8.3%ofsales)lastyear. AdjustedEBITDAinthethirdquarterincreasedto$120million(12.9%ofsales)from$80million(8.6%ofsales)lastyear,andincreasedto$430million(14.2%ofsales)inthefirstninemonthsfrom$332million(11.0%ofsales)lastyear. Adjustedfinancialexpensesdecreasedto$68millioninthethirdquartercomparedto$84millionlastyear,anddecreasedto$204millioninthefirstninemonthscomparedto$224millionlastyear.Thelower financialexpensesinboththethirdquarterandthefirstninemonthswereprimarilypositivelyimpactedbyabondbuybackthatwasexecutedinlateQ2,aswellasthelowerhedgingcostsrelatedtotheIsraeliShekel. Adjusted taxes on income in the third quarter were an expense of $8 million, compared toexpensesof$6millioninthecorrespondingperiodlastyear,andamountedtoanexpenseof$4millioninthefirstninemonthscomparedtoexpensesof$61millionlastyear.The Company recorded tax expenses mainly because losses that were primarily incurred bysubsidiarieswithrelativelylowertaxrates,whilesomeofthemdidnotcreatedeferredtaxassetsonthelosses.Ontheotherhand,thesubsidiariesthatgeneratedprofithaveahighertaxrate.Thetaxexpensesinfirstninemonthsof2025arelowercomparedtothefirstninemonthsof2024dueto(1)lowerlossesinsubsidiariesthatdidnotcreatedeferredtaxassets;(2)taxincomeraisedbytheaccountingmethodofcalculationoftaxassetsrelatedtounrealizedprofits;and(3)foreignexchangeimpactofthestrongerBRLin2025comparedwithtaxexpensesduetotheweaknessoftheBRLinthefirstninemonthof2024. Netlossreportedinthethirdquarternarrowedto$48millionfrom$133millionlastyear,andnarrowedto$59millioninthefirstninemonthsfrom$259millionlastyear.After reflecting the impact of the aforementioned extraordinary and non-operational charges,adjustednetlossinthethirdquarterwasreducedto$20millionfromalossof$78millionlastyear,andadjustednetincomeinthefirstninemonthsturnedpositiveto$29millionfromalossof$149millionlastyear. TradeworkingcapitalasofSeptember30,2025,was$2,093millioncomparedto$2,218millionasofSeptember30,2024.Thedecreaseinworkingcapitalwasmainlyduetothedeclineinthelevelofinventoryto$1,685millionasofSeptember30,2025,from$1,740millionasofSeptember30,2024.The decline of inventories was a result of continued implementation of enhanced inventorymanagement,morethanoffsettingincreasedprocurementinpreparationtocapturemomentumasthemarketrecovers,whichalsoledtoanincreaseintradepayables. CashFlow:Operatingcashflowof$89millionand$331millionwasgeneratedinthethirdquarterandFirstNineMonthsrespectively,comparedto$159millionand$402milliongeneratedinthecorrespondingperiodslastyear.Theloweroperatingcashflowgeneratedinthethirdquarterwasmainly due to higher procurement payments in preparation to capture growth momentum. Thedynamicsinthefirstninemonthsreflectedanimprovementincollectionoffsettinghigheroutflowduetoincreasedprocurementpayments. Netcashusedininvestingactivitieswas$43millioninthethirdquarterand$131millionintheFirstNine Months, compared to $7 million and $122 million in the corresponding periods last year,respectively.Thehighercashusedininvestingactivitiesinthethirdquarterwasmainlyduetoinflowfromlastyear’ssaleofarealestateasset.Forthefirstninemonths,themildincreasewasalsoduetothepaymentforearnoutrelatedtoAgriNova,acontrolledsubsidiaryoftheCompanyinQ2,morethanoffsettingprioritizationofinvestmentsinmanufacturingfacilitiesandportfoliooptimization.Freecashflowof$22millionwasgeneratedinthethirdquarterand$112milliongeneratedintheFirstNineMonthscomparedto$128millionand$179millioninthecorrespondingperiodslastyear,Table3.Revenuesbyoperatingsegment Salesbysegment
ThesalessplitbyproductcategoryisprovidedforconveniencepurposesonlyandisnotrepresentativeofthewaytheCompanyis managedorinwhichitmakesitsoperationaldecisions. Numbersmaynotsumduetorounding. FurtherInformation AllfilingsoftheCompany,togetherwithapresentationofthekeyfinancialhighlightsoftheperiod,AboutADAMA ADAMALtd.isagloballeaderincropprotection,providingpracticalsolutionstofarmersacrosstheworldtocombatweeds,insectsanddisease.OurcultureempowersADAMA'speopletoactivelylistentofarmersandideatefromthefield.ADAMA'sdiverseportfolioofexistingactiveingredients,coupledwithitsleadingformulationcapabilitiesandproprietaryformulationtechnologyplatforms,uniquely position the company to develop high-quality, innovative and sustainable products, toaddress the many challenges farmers and customers face today. ADAMA serves customers indozensofcountriesglobally,withdirectpresenceinalltop20markets.Formoreinformation,visitusatwww.ADAMA.com. JoshuaPhillipson ZhujunWang GlobalInvestorRelations ChinaInvestorRelations Email:ir@adama.com Email:irchina@adama.com AbridgedAdjustedConsolidatedFinancialStatements ThefollowingabridgedconsolidatedfinancialstatementsandnoteshavebeenpreparedasdescribedinNote1inthisappendix.WhilepreparedbasedontheprinciplesofChineseAccountingStandards(ASBE),theydonotcontainallofthe informationwhicheitherASBEorIFRSwouldrequireforacompletesetoffinancialstatements,andshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsofbothADAMALtd.andAdamaAgriculturalSolutionsLtd.asfiled withtheShenzhenandTelAvivStockExchanges,respectively. Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitems thatareofaone-timeornon-cash/non-operationalnaturethatdonotimpacttheongoingperformanceofthebusiness,and reflectthewaytheCompany’smanagementandtheBoardofDirectorsviewtheperformanceoftheCompanyinternally.The Company believes that excluding the effects of these items from its operating results allows management and investorstoeffectivelycomparethetrueunderlyingfinancialperformanceofitsbusinessfromperiodtoperiodandagainst itsglobalpeers. AbridgedConsolidatedIncomeStatementfortheThirdQuarter AbridgedConsolidatedCashFlowStatementfortheThirdQuarterof2025 NotestoAbridgedConsolidatedFinancialStatements Note1:Basisofpreparation Basisofpresentation andaccountingpolicies:Theabridged consolidatedfinancialstatementsforthequartersendedSeptember30,2025and2024incorporatethefinancialstatementsofADAMALtd.andofallof its subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries. TheCompanyhasadoptedtheAccountingStandardsforBusinessEnterprises(ASBE)issuedbytheMinistryofFinance(the"MoF")andtheimplementationguidance,interpretationsandotherrelevantprovisionsissuedorrevisedsubsequentlybytheMoF(collectivelyreferredtoas“ASBE”).The abridged consolidated financial statements contained in this release are presented in both Chinese Renminbi(RMB),astheCompany’ssharesaretradedontheShenzhenStockExchange,aswellasinUnitedStates dollars ($) as this is the major currency in which the Company’s business is conducted. For the purposesofthisrelease,acustomaryconveniencetranslationhasbeenusedforthetranslationfromRMBtoUS dollars, with Income Statement and Cash Flow items being translated using the quarterly averageexchangerate,andBalanceSheetitemsbeingtranslatedusingtheexchangerateattheendoftheperiod.Thepreparationoffinancialstatementsrequiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentassetsandliabilitiesatthedateofthefinancialstatements,andthereportedamountsofrevenuesandexpensesduringthereportingperiod.Actualresultscoulddifferfromthoseestimated. Note2:AbridgedFinancialStatements Foreaseofuse,thefinancialstatementsshowninthisreleasehavebeenabridgedasfollows:AbridgedConsolidatedIncomeStatement: ? “Grossprofit”inthisreleaseisrevenuelesscostsofgoodssold,taxesandsurcharges,inventoryimpairmentandotheridlenesscharges(inadditiontothosealreadyincludedincostsofgoodssold);partoftheidlenesschargesisremovedintheAdjustedfinancialstatements? “Other operating expenses” includes impairment losses (not including inventory impairment); gain (loss)fromdisposalofassetsandnon-operatingincomeandexpenses ? “Operatingexpenses”inthisreleasedifferfromthoseintheformallyreportedfinancialstatementsinthatcertaintransportationcostshavebeenreclassifiedfromCOGStoOperatingExpenses.? “Financialexpenses”includesnetfinancingexpensesandgains/lossesfromchangesinfairvalue.AbridgedConsolidatedBalanceSheet: ? “Othercurrentassets,receivablesandprepaidexpenses”includesfinancialassetsheldfortrading;financialassetsinrespectofderivatives;prepayments;otherreceivables;andothercurrentassets? “Fixedassets,net”includesfixedassetsandconstructioninprogress? “Intangibleassets,net”includesintangibleassetsandgoodwill? “Othernon-currentassets”includesotherequityinvestments;long-termequityinvestments;long-termreceivables;investmentproperty;andothernon-currentassets ? “Loansandcreditfrombanksandotherlenders”includesshort-termloansandnon-currentliabilitiesduewithinoneyear ? “Othercurrentliabilities”includesfinancialliabilitiesinrespectofderivatives;payablesforemployeebenefits,taxes,interest,dividendsandothers;advancesfromcustomersandothercurrentliabilities? “Otherlong-termliabilities”includeslong-termpayables,provisions,deferredincomeandothernon-currentliabilities IncomeStatementAdjustments 1. Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts:Relatedmainlytothenon-cashamortizationofintangibleassetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions,withnoimpactontheongoingperformanceofthecompaniesacquired,aswellasotherM&A-relatedcosts. 2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngentatransaction(non-cash):TheproceedsfromtheDivestmentofcropprotectionproductsinconnectionwiththeapprovalbytheEUCommissionoftheacquisitionofSyngentabyChemChina,netoftaxesandtransactionexpenses,werepaidtoSyngentainreturnforthetransferofaportfolioofproductsinEuropeofsimilarnatureandeconomicvalue.SincetheproductsacquiredfromSyngentaareofthesamenatureandwiththesameneteconomicvalueasthosedivested,andsincein2018theCompanyadjustedfortheone-timegainthatitmadeonthedivestedproducts,theadditionalamortizationchargeincurredduetothewritten-upvalueoftheacquiredassetsisalsoadjustedtopresentaconsistentviewofDivestmentandTransfertransactions,which hadnonet impactontheunderlyingeconomic performance oftheCompany.Theseadditionalamortizationchargeswillcontinueuntil2032butatareducingrate,yetwillstillbeatameaningfulleveluntil2028. 3. Cleanup and remediation costs for plants in Israel: a wholly-owned indirect subsidiary of theCompanyrecordedremediationcostsforitsplantsinIsraelin2025and2024.6. Restructuringandadvisorycosts:TheCompanyinitiateditsFightForwardtransformationplaninearly2024. Part of the plan includes restructuring its organizational structure, workforce and managerial processes,andasaresultthereof,theCompanyrecordedrestructuringandadvisorycosts.7. Other:Mainlyattributabletoaccelerateddepreciationassociatedwithfacilitiesupgrade.8. Provisionssuchaslegalclaims,registrationimpairmentandupdateofregistrationdepreciation:Legal claims related to product liabilities was settled and incurred expenses in 2024. Registrationimpairment and update of registration depreciation is mainly related to the management's strategicdecisiontoincreasefocusonproductsinlinewiththeoptimizationoftheCompany'sportfolio,andhencetofocusonthequalityofbusiness. 9. Non-cashadjustmentrelatedtoputoptionsrevaluation:expenses/incomeduetorevaluationofputoptionsattributedtominoritystakeinsubsidiaries 10.Repurchaseofdebenturesbyacontrolledsubsidiary:Aspartofstrengtheningitsdebtstructure,asubsidiaryoftheCompanyrepurchasedasignificantpartofitsbondprincipalinthesecondquarterforthepurposeofimprovingitslong-termfinancingstructureandefficiency.Alosswasrecordedduetothepremiumbetweenthebuybackpriceanditsissuanceprice. 11.Arbitrationdecisionrelatedtoacontrolledsubsidiary:Anarbitrationcaserelatedtoacontrolledsubsidiaryincurredaone-timeincome. ExchangeRateDatafortheCompany'sPrincipalFunctionalCurrenciesSeptember30 Q3Average 9MAverage 2025 2024 Change 2025 2024 Change 2025 2024 Change EUR/USD 1.174 1.119 4.88% 1.168 1.098 6.33% 1.116 1.087 2.67%USD/BRL 5.319 5.448 2.38% 5.447 5.545 1.77% 5.653 5.238 -7.91%USD/PLN 3.632 3.819 4.92% 3.647 3.899 6.48% 3.800 3.963 4.10%USD/ZAR 17.301 17.094 -1.21% 17.627 17.971 1.91% 18.135 18.481 1.88%AUD/USD 0.661 0.692 -4.45% 0.654 0.670 -2.35% 0.641 0.662 -3.27%GBP/USD 1.343 1.341 0.18% 1.348 1.300 3.70% 1.313 1.277 2.84%USD/ILS 3.306 3.710 10.89% 3.363 3.713 9.42% 3.520 3.701 4.90%USDL3M 4.00% 4.59% -0.59bp 4.19% 5.08% -0.89bp 4.26% 5.24% -0.98bpSeptember30 Q3Average 9MAverage 2025 2024 Change 2025 2024 Change 2025 2024 Change USD/RMB 7.106 7.007 1.40% 7.129 7.115 0.20% 7.165 7.108 0.80%8.341 7.843 6.35% 8.326 7.816 6.53% 7.995 7.725 3.49% EUR/RMB 0.749 0.777 3.72% 0.764 0.779 1.96% 0.789 0.737 -7.05% RMB/BRL 0.511 0.545 6.23% 0.512 0.548 6.66% 0.530 0.557 4.86% RMB/PLN 2.435 2.439 0.19% 2.473 2.526 2.11% 2.531 2.600 2.66% RMB/ZAR 4.696 4.847 -3.11% 4.663 4.766 -2.16% 4.590 4.707 -2.49% AUD/RMB GBP/RMB 9.545 9.396 1.58% 9.611 9.250 3.90% 9.407 9.074 3.67%RMB/ILS 0.465 0.529 12.12% 0.472 0.522 9.60% 0.491 0.521 5.66%1.58% 1.84% -0.26bp 1.56% 1.86% -0.29bp 1.68% 2.04% -0.39bp RMBL3M 中财网
 |