安道麦B:2019年第三季度报告附件(英文版)

来源:巨灵信息 2019-10-31 00:00:00
关注证券之星官方微博:
    ADAMA reports strong growth, driving record sales in both the Q3 and
    
    year-to-date
    
    Overcoming significant headwinds throughout the year
    
    ? Q3 record-high sales of $953 million, growing +9% in US dollar terms, +11% in local
    
    currencies
    
    ? Strong business growth in almost all geographies, led by robust recovery in North America,
    
    strong performance in Latin America and Europe
    
    ? Continued average price increases of more than 2% across all regions
    
    ? Q3 sales constrained by $55 million due to Jingzhou old site disruption impacting supply of
    
    high-demand products; incremental ramp-up of production at site continuing
    
    ? 9M record-high sales of $2,962 million, exceeding last year’s in both US dollar terms and
    
    local currencies, overcoming the significant market and supply headwinds encountered
    
    throughout the year, as well as the impact of softer currencies
    
    ? Jingzhou old site disruption constraining 9M sales by $162 million
    
    ? Sales of formulated, branded products in China, other than those from the Jingzhou old site,
    
    grew by more than 25% in both the quarter and the nine-month period? Q3 Gross Profit up 6% to $295 million
    
    ? Gross margin of 31.0% vs. 32.0% last year
    
    ? 9M gross profit of $968 million, with gross margin of 32.7% vs. 33.3% last year
    
    ? Increased prices offset by higher procurement costs and softer currencies
    
    ? Jingzhou old site disruption constraining Q3 gross profit by $24 million and 9M gross profit by
    
    $64 million? Q3 EBITDA up 8% to $144 million
    
    ? EBITDA margin of 15.1%, in-line with last year
    
    ? 9M EBITDA of $509 million, in-line with last year; EBITDA margin of 17.2%, in-line with last
    
    year
    
    ? Strong containment of operating expenses despite recording idleness cost at Jingzhou old
    
    site
    
    ? Jingzhou old site disruption, including idleness cost, constraining Q3 EBITDA by $31 million
    
    and 9M EBITDA by $89 million? Q3 Net Income of $42 million, 5% above last year
    
    ? Net income margin of 4.4% vs. 4.6% last year
    
    ? 9M net income of $173 million, with net income margin of 5.9% vs. 6.8% last year
    
    ? Jingzhou old site disruption, constraining Q3 Net Income by $25 million and 9M Net Income
    
    by $71 millionBEIJING, CHINA and TEL AVIV, ISRAEL, October 30, 2019 – ADAMA Ltd. (the “Company”)(SZSE 000553) today reported its financial results for the third quarter and nine-month period endedSeptember 30, 2019.
    
    Table 1. Financial Performance Summary
    
                                                %       %         9M      9M       %       %
    Adjusted, US$m            Q32019  Q32018  Change  Change     2019     2018    Change  Change
                                                       CER                                CER
    
    
    Revenues 953 872 +9% +11% 2,962 2,918 +2% +3%
    
    Gross profit 295 279 +6% 968 972 -0.4%
    
    Gross margin 31.0% 32.0% 32.7% 33.3%
    
    Operating income (EBIT) 83 81 +3% 325 353 -8%
    
    EBIT margin 8.7% 9.3% 11.0% 12.1%
    
    Net income 42 40 +5% 173 197 -12%
    
    Net income margin 4.4% 4.6% 5.9% 6.8%
    
    EBITDA 144 134 +8% 509 512 -0.6%
    
    EBITDA margin 15.1% 15.3% 17.2% 17.6%
    
    Earnings per share - USD 0.0173 0.0164 0.0708 0.0806
    
    - RMB 0.1210 0.1117 0.4836 0.5200
    
    All income statement items contained in this release are presented on an adjusted basis. A detailed description and
    
    analysis of differences between the adjusted income statement and that reported in the financial statements is contained in
    
    the “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements” in the
    
    appendix to this release. EPS are the same for basic and diluted. Q3 and 9M 2019 include the results of both Bonide and
    
    Anpon following their acquisition in Q1 2019.
    
    Commenting on the results, Yang Xingqiang, Chairman of ADAMA’s Board of Directors, said,
    
    “Our strong performance in the quarter aided in overcoming the challenges that we faced during the
    
    first-half of the year, bringing the Company to growth also over the nine-month period. With the
    
    continued development and rolling out of our pipeline of differentiated products in markets across
    
    the globe, we remain focused on executing our growth strategy and look ahead to concluding the
    
    year with positive momentum.”
    
    Chen Lichtenstein, President and CEO of ADAMA, added, “We delivered record-high sales in
    
    both the quarter and nine-months, led by double-digit growth in North America as well as our
    
    differentiated, formulated and branded products in China. Latin America is performing strongly as it
    
    goes into its peak season, and we saw a pleasing contribution from Europe in its late season. The
    
    business growth was further bolstered by continued price increases. This performance drove growth
    
    in all profit-metrics in the quarter, despite the significant residual impact from the Jingzhou site
    
    disruption which is continuing to progress in its ramp-up of operations.”
    
    Performance in Context of Market Environment
    
    The third quarter saw drought conditions across Europe, Latin-America and parts of Asia-Pacific. In
    
    Europe, the dry weather delayed herbicide application in key crops and reduced oilseed rape
    
    planting areas. North America saw a partial recovery late in the season following the severe flooding
    
    seen in the first half of the year. Following a delayed start to the Indian monsoon season, conditions
    
    have improved.
    
    Prices in key crops including wheat, corn and soybean softened somewhat during the quarter, which
    
    continues to challenge farmer income in most regions.
    
    While product supply remains generally constrained due to the increased environmental focus in
    
    China causing industry-wide shortages in certain raw materials and intermediates, some capacity is
    
    returning to the market, yet procurement costs are still elevated compared to last year. The
    
    Company continues to raise its prices in all regions and contain its manufacturing and other
    
    operating costs to mitigate this impact.
    
    Financial Highlights
    
    Revenues in the third quarter grew strongly to $953 million, up 9% compared to $872 million in the
    
    same period last year in US dollar terms, and 11% up in constant currency terms. Nine-month sales
    
    reached $2,962 million, up 2% in US dollar terms compared to $2,918 million in the parallel period
    
    last year, and up 3% in constant currency terms, overcoming the significant headwinds encountered
    
    throughout the year. This strong growth was achieved despite the impact of the disruption at the
    
    Jingzhou old site, which constrains the supply of high-demand products in many geographies as it
    
    continues its gradual ramp-up of operations. The disruption at the site constrained third quarter
    
    sales by $55 million and nine-month sales by $162 million.
    
    The third quarter saw a partial recovery in North America late in the season following the severe
    
    weather challenges seen in the first half of the year, with noteworthy performances in both the US
    
    and Canada. The Company also grew strongly in Europe in the third quarter, following a challenging
    
    first half of the year, despite the drought in the region, as well as in Brazil and the rest of Latin
    
    America, where its portfolio of differentiated products is driving increasing market penetration. In
    
    China, ADAMA continues to grow sales of its differentiated, formulated and branded products at
    
    significant double-digit rates.
    
    Supportive demand facilitated further price increases in the quarter of an average 2% across all
    
    regions.
    
    Gross profit grew 6% in the third quarter to $295 million (gross margin of 31.0%) compared to $279
    
    million (gross margin of 32.0%) in Q3 2018, while gross profit in the nine-month period was $968
    
    million (gross margin of 32.7%), in line with the $972 million (gross margin of 33.3%) recorded in the
    
    corresponding period last year. The somewhat lower gross margins reflect the impact of the
    
    Jingzhou old site disruption which constrained sales of backward-integrated products in high
    
    demand, as well as higher procurement costs and softer currencies, partially offset by higher pricing
    
    aimed at passing on the impact of the higher procurement costs, as well as an improvement in
    
    product mix in the quarter. The Jingzhou site disruption reduced third quarter gross profit by $24
    
    million and nine-month gross profit by $64 million.
    
    Operating expenses. Total operating expenses in the third quarter were $212 million (22.3% of
    
    sales) compared to $198 million (22.7% of sales) in Q3 last year, and $643 million (21.7% of sales)
    
    in the nine-month period compared to $618 million (21.2% of sales) in the corresponding period last
    
    year. The tight expense-to-sales ratios in both the quarter and in the nine-month period reflects the
    
    ongoing strong containment of expenses, and was achieved despite the inclusion of joiners and the
    
    recording of Jingzhou old-site related idleness costs of $8 million in the quarter and $29 million in the
    
    nine-month period. Operating expenses also benefited from the stronger US dollar as well as, in the
    
    first half of the year, income from expropriation of land.
    
    Sales and Marketing expenses in the third quarter were $148 million (15.5% of sales), and $472
    
    million (15.9% of sales) in the first nine months, compared to $146 million (16.8% of sales) and $465
    
    million (15.9% of sales) in the corresponding periods last year, respectively. The improvement in the
    
    expense-to-sales ratio in the quarter, and its stability in the nine-month period, largely reflects the
    
    containment of expenses, and was achieved despite the inclusion of joiners.
    
    General and Administrative expenses in the third quarter were $32 million (3.4% of sales), and $101
    
    million (3.4% of sales) in the first nine months, compared to $30 million (3.4% of sales) and $103
    
    million (3.5% of sales) in the corresponding periods last year, respectively, achieved despite the
    
    inclusion of joiners, and reflects the strong containment of expenses.
    
    R&D expenses in the third quarter were $15 million (1.6% of sales), and $46 million (1.6% of sales)
    
    in the first nine months, compared to $16 million (1.8% of sales) and $40 million (1.4% of sales) in
    
    the corresponding periods last year.
    
    Operating income in the third quarter was $83 million (8.7% of sales) and $325 million (11.0% of
    
    sales) in the first nine months, compared to $81 million (9.3% of sales) and $353 million (12.1% of
    
    sales) in the corresponding periods last year, respectively. The Jingzhou old site disruption,
    
    including idleness costs, constrained operating income by $31 million in the third quarter and by $89
    
    million in the nine-month period.
    
    EBITDA in the third quarter was $144 million (15.1% of sales), up 8% compared to the $134 million
    
    (15.3% of sales) recorded in Q3 2018. In the nine-month period, EBITDA was $509 million (17.2% of
    
    sales), in line with the $512 million (17.6% of sales) recorded in the corresponding period last year.
    
    The Jingzhou old site disruption, including idleness costs, constrained EBITDA by $31 million in the
    
    third quarter and by $89 million in the nine-month period.
    
    Financial expenses and investment income. Total net financial expenses and investment income
    
    were $35 million in the third quarter and $122 million in the first nine months, compared to $30
    
    million and $97 million in the corresponding periods last year, respectively. The higher level reflects
    
    mainly higher hedging costs due to global currency volatility, as well as higher interest payments,
    
    offset in the third quarter by the reduction in financing costs on the ILS-denominated, CPI-linked
    
    bonds due to a lower CPI. The lower expenses in the corresponding periods last year reflect the
    
    benefit of foreign exchange income related to balance sheet positions.
    
    Tax expenses. Net tax expenses were $6 million in the third quarter and $30 million in the first nine
    
    months, compared to $11 million and $60 million in the corresponding periods last year, respectively.
    
    The lower net tax expenses in the quarter reflect the impact of the Jingzhou old site disruption,
    
    which reduced taxable income, partially offset by a non-cash impact due to the devaluation of the
    
    Brazilian Real over the quarter, which reduced the value of local currency-denominated non-
    
    monetary assets. The lower tax expenses over the nine-month period were largely due to the lower
    
    taxable income, mainly resulting from the impact from the Jingzhou old site disruption, as well as
    
    changes in exchange rates against the US dollar that affected the value of local-currency
    
    denominated balance sheet items.
    
    Net income in the third quarter was $42 million (4.4% of sales) up 5% compared to the $40 million
    
    (4.6% of sales) recorded in Q3 2018. In the nine-month period, net income was $173 million (5.9%
    
    of sales), compared to $197 million (6.8% of sales) in the corresponding period last year. The
    
    Jingzhou old site disruption constrained net income in the quarter by $25 million and in the nine-
    
    month period by $71 million.
    
    Working capital at September 30, 2019 was $2,143 million, compared to $1,751 million at the same
    
    point last year. The higher level reflects increased trade receivables resulting from the Company’s
    
    robust performance in Brazil in the first nine months, alongside somewhat lower payable days. In
    
    addition, inventory levels were higher due to the higher procurement costs, changes in the sales mix
    
    due to the volatile weather in many regions, proactively constrained sales due to credit restraint in
    
    Eastern Europe, as well as the first-time inclusion of joiners.
    
    Cash Flow. Operating cash flow of $57 million was generated in the quarter and $10 million in the
    
    first nine months, compared to $99 million and $221 million generated in the corresponding periods
    
    last year, respectively, mainly reflecting the build-up of working capital earlier in the year and the
    
    impact of the disruption from the Jingzhou old site, which is now gradually ramping-up its operations.
    
    Net cash used in investing activities was $42 million in the quarter and $245 million in the first nine-
    
    months compared to $44 million and $85 million in the corresponding periods last year, respectively.
    
    Investing activities in the quarter include increased investments in the relocation and upgrading of
    
    environmental facilities in Jingzhou, as well as proceeds from expropriation of land. The higher nine-
    
    month investment level also reflects acquisitions made during the year. In the first quarter of 2018,
    
    the Company recorded the one-time proceeds from the divestiture of several products in connection
    
    with the approval by the EU Commission of the acquisition of Syngenta by ChemChina, and outflow
    
    of a lesser net amount for the transfer of a similar portfolio of products.
    
    Free cash flow of $7 million was generated in the third quarter, while $290 million was consumed in
    
    the nine-month period. This compares to the $52 million and $93 million that the Company
    
    generated in the corresponding periods last year, respectively, noting the impact of net proceeds
    
    from divestitures in 2018, and acquisitions in 2019.
    
    Leverage: Balance sheet net debt at the end of the quarter was $960 million, compared to $435
    
    million as of September 30, 2018, largely reflecting the acquisitions and the assumption of their debt,
    
    capital investments and dividends paid.
    
    Corporate development
    
    ADAMA today also announced the acquisition of AgroKlinge, a leading Peruvian crop protection
    
    company. This acquisition will allow ADAMA to further improve and expand its business in Peru,
    
    broadening its portfolio, creating a leading commercial platform throughout the country and
    
    enhancing its access to large scale industrial farmers.
    
    Increasing collaboration activities
    
    The Company continues to advance collaboration opportunities with other ChemChina group entities,
    
    as well as other entities of the Sinochem group, to make the most of its positioning.
    
    Jingzhou Old Site
    
    Following resumption of operations at the Jingzhou old site in late March, the Company continues to
    
    advance the gradual ramp-up of production at the site. The site was visited during the third quarter
    
    by the Ecological Protection Supervision Team of the central government, as part of its inspections
    
    of the ChemChina group and in the context of strengthening ongoing nationwide environmental
    
    focus. As part of its China sites’ three-year relocation and upgrade process, due to conclude by the
    
    end of next year, the Company continues to work with all relevant authorities to bring the site to
    
    best-in-class safety and environmental standards.
    
    In a significant milestone in this upgrade and relocation process, ADAMA obtained a new, expanded
    
    EIA (Environmental Impact Assessment) permit for the new Jingzhou site, allowing increased
    
    production of Acephate, DMPAT and other backward-integrated products. This will ensure the
    
    Company’s ability to strengthen the ACEMAIN? franchise in key markets, including India, Brazil, US
    
    and China, leveraging its strong cost position and site stability.
    
    By end of 2020, ADAMA is aiming to complete most of its relocations at both Jingzhou and Huai’An,
    
    vacate the old sites, and be operational with improved cost and efficiencies at its new sites. The
    
    transformed new sites are designed to be more profitable, and ready to accommodate additional
    
    new molecules emerging from the Company’s strong development pipeline.
    
    Table 2. Regional Sales Performance
    
                           Q32019  Q32018  Change  Change    9M2019  9M2018  Change  Change
                             $m      $m     CER     USD       $m      $m     CER     USD
    
    
    Europe 188 168 +15.0% +12.1% 816 870 -8.1% -6.2%
    
    North America 160 124 +28.8% +28.8% 560 530 +5.7% +5.5%
    
    Latin America 302 277 +10.1% +9.1% 657 587 +16.7% +11.9%
    
    Asia Pacific 138 131 +8.6% +5.3% 496 487 +6.1% +1.9%
    
    Of which China 76 69 +13.0% +9.8% 255 241 +9.3% +5.6%
    
    India, Middle East & Africa 166 173 -3.4% -4.0% 432 443 +2.3% -2.4%
    
    Total 953 872 +10.8% +9.3% 2,962 2,918 +3.4% +1.5%
    
    CER: Constant Exchange Rates
    
    Europe: Sales in Europe grew by 15.0% in the quarter and were lower by 8.1% in the first nine-
    
    months, in constant currency terms, compared to the corresponding periods last year. The strong
    
    performance in the quarter was driven by business growth, although only partially recovering from
    
    the supply-related challenges in the first half of the year, and despite a severe drought in the region
    
    which delayed herbicide application in cereals, reduced disease pressure in grapes and citrus,
    
    lowering consumption, and reduced oilseed rape planting areas.
    
    In Northern Europe, sales grew strongly in the quarter driven by Germany and the Baltic countries.
    
    The Company restrains sales in Ukraine where liquidity remains challenging for distributors.
    
    The Company saw robust growth in South Europe in the quarter with continued market share gains.
    
    Noteworthy performances were recorded in France, which experienced its second strongest
    
    harvest on record, as well as Italy and Iberia. Strong demand for insecticides compensated for the
    
    weak disease pressure in grapes and citrus.
    
    The Company obtained a number of new registrations for differentiated products, including
    
    FOLPAN?, ADAMA’s proprietary fungicide treating key resistant diseases in cereals in Germany,
    
    PITCHER?, a differentiated mixture fungicide for flower-bulbs in the Netherlands and ZAKEO
    
    EXTRA?, a dual-action, wide spectrum fungicide in Greece.
    
    In US dollar terms, sales in Europe grew by 12.1% in the quarter and were lower by 6.2% in the
    
    first nine months, compared to the corresponding periods last year, reflecting the impact of softer
    
    currencies over the periods.
    
    North America: Sales grew by 28.8% in the quarter and by 5.7% in the nine-month period, in
    
    constant currency terms, compared with the corresponding periods last year. The significant
    
    increase in the quarter was achieved through a combination of robust organic business growth,
    
    increased prices and joiners.
    
    The Company recorded strong growth in the quarter in both the US and Canada, partially
    
    recovering from the first-half floodings while benefiting from price increases in key backward-
    
    integrated products.
    
    In US dollar terms, sales in North America grew by 28.8% in the quarter and 5.5% in the first nine
    
    months, compared to the corresponding periods last year.
    
    Latin America: Sales grew by 10.1% in the quarter and by 16.7% in the first nine months, in
    
    constant currency terms, compared to the corresponding periods last year. Strong business growth
    
    in key countries in the face of a severe drought across the region, alongside continued price
    
    increases, more than offset the impact of constrained supply.
    
    The Company continues to grow strongly in Brazil despite a delayed planting season in soybean
    
    and corn crops, driven by its differentiated product portfolio and key recently launched products.
    
    These include flagship product CRONNOS?, the triple-action fungicide for soybean rust which is
    
    performing strongly in its first year since launch, GALIL?, a differentiated combination insecticide
    
    and TRIVOR?, a dual-action insecticide for rapid and extended control of sucking pests.
    
    Noteworthy performances were recorded in the quarter in Colombia, Bolivia, Mexico and Peru,
    
    while over the nine-month period, the leading contributors to growth were Peru and Colombia.
    
    During the quarter, ADAMA launched several new products, including BREVIS?, a differentiated
    
    solution to optimize fruit load and size in apples in Argentina and TRIVOR?, in Colombia. The
    
    Company obtained a number of new registrations for differentiated products, including
    
    EXPERTGROW?, a range of biostimulants promoting the growth and development of multiple fruit,
    
    vegetables and flower crops in Peru, Paraguay and Bolivia.
    
    In US dollar terms, sales in Latin America increased by 9.1% in the quarter and 11.9% in the first
    
    nine months, compared to the corresponding periods last year, reflecting the impact of generally
    
    softer currencies, and in particular the devaluation of the Argentinian Peso.
    
    Asia-Pacific: Sales in the region grew by 8.6% in the third quarter and by 6.1% in the first nine
    
    months, in constant currency terms, compared to the corresponding periods last year, driven by
    
    business growth alongside continued price increases, while being affected by constrained supply
    
    of products of the Jingzhou old site.
    
    In China, ADAMA continues to see strong demand for its differentiated, formulated and branded
    
    products, with sales growth of more than 25% in both the quarter and the first nine months,
    
    excluding those from the Jingzhou old site. In the first nine months of this year, ADAMA has
    
    launched 12 new products in China, driving this strong growth. Two new registrations of the
    
    NIMITZ? suite of products were obtained in the quarter. Anpon delivered a solid performance.
    
    The third quarter saw robust growth in Japan and a resilient performance in Australia, despite the
    
    continued severe drought in the country which is significantly reducing summer crops. These
    
    compensated for the weather-related challenges seen throughout South-East Asia.
    
    During the quarter, the Company obtained new registrations in Australia, including SOPRANO?, a
    
    cereal fungicide, and SOMBRERO?, an insecticide seed dressing for a wide range of crops.
    
    In US dollar terms, sales in Asia-Pacific grew by 5.3% in the third quarter and by 1.9% in the first
    
    nine months, compared to the corresponding periods last year, reflecting the impact of softer
    
    currencies.
    
    India, Middle East & Africa: Sales in the third quarter were lower by 3.4%, yet still grew by 2.3%
    
    in the first nine months, in constant currency terms, compared to the corresponding periods last
    
    year.
    
    In India, the Company benefited from the start of the monsoon rains, but was impacted by
    
    shortages of key products produced at the Jingzhou old site. ADAMA saw noteworthy sales in the
    
    country of SHAMIR?, the novel dual-action combination fungicide for protection of multiple fruit and
    
    vegetable crops.
    
    Over the nine-month period, India and Turkey delivered noteworthy performance.
    
    In US dollar terms, sales were lower by 4.0% in the third quarter and by 2.4% in the first nine
    
    months, compared to the corresponding periods last year, reflecting the impact of softer currencies.
    
    Table 3. Revenues by operating segment
    
    Third quarter sales
    
                                             Q32019        %          Q32018        %
                                             USD(m)                    USD(m)
    
    
    Crop Protection 855 89.6% 812 93.0%
    
    Intermediates and Ingredients 99 10.4% 61 7.0%
    
    Total 953 100.0% 872 100.0%
    
    Nine months sales
    
                                             9M2019        %           9M2018        %
                                             USD(m)                    USD(m)
    
    
    Crop Protection 2,669 90.1% 2,717 93.1%
    
    Intermediates and Ingredients 293 9.9% 202 6.9%
    
    Total 2,962 100.0% 2,918 100.0%
    
    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 one of the world's leading crop protection companies. We strive to Create Simplicity
    
    in Agriculture – offering farmers effective products and services that simplify their lives and help
    
    them grow. With one of the most comprehensive and diversified portfolios of differentiated, quality
    
    products, our more than 7,000-strong team reaches farmers in over 100 countries, providing them
    
    with solutions to control weeds, insects and disease, and improve their yields. For more information,
    
    visit us at www.ADAMA.com and follow us on Twitter? at @ADAMAAgri.
    
    Contact
    
    Ben Cohen Zhujun Wang
    
    Global Investor Relations China Investor Relations
    
    Email: ir@adama.com Email: irchina@adama.com
    
    Abridged Consolidated Financial Statements
    
    The following abridged consolidated financial statements and notes have been prepared as
    
    described in Note 1. While prepared based on the principles of PRC GAAP, they do not contain all
    
    of the information which either PRC GAAP or IFRS would require for a complete set of financial
    
    statements and should be read in conjunction with the consolidated financial statements of both
    
    ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filed with the Shenzhen and Tel Aviv Stock
    
    Exchanges, respectively.
    
    Table 4. Abridged Consolidated Income Statement for the Third Quarter
    
           Adjusted1                       QUS3D2(0m1)9 QU3SD2(0m1)8 RQM3B2(0m19)   QRM3B2(0m18)
    
    
    Revenues 953 872 6,666 5,929
    
    Cost of Sales 656 592 4,583 4,021
    
    Business taxes and surcharges 3 2 18 12
    
    Gross profit 295 279 2,064 1,896
    
    % of revenue 31.0% 32.0% 31.0% 32.0%
    
    Selling and distribution expenses 841 841 1,035 994
    
    General and administrative expenses 32 30 225 202
    
    Research and development expenses 81 81 108 107
    
    Other operating expenses / (income) 17 6 115 43
    
    Total Operating expenses 212 198 1,483 1,346
    
    Operating income (EBIT) 83 81 581 550
    
    % of revenue 8.7% 9.3% 8.7% 9.3%
    
    Financial expenses and investment income 35 30 244 203
    
    Income before taxes 48 51 337 347
    
    Taxes on Income 6 11 41 73
    
    Net income 42 40 296 273
    
    % of revenue 4.4% 4.6% 4.4% 4.6%
    
    EBITDA 144 134 1,010 909
    
    % of revenue 15.1% 15.3% 15.1% 15.3%
    
    Earnings per Share – Basic 0.0173 0.0164 0.1210 0.1117
    
    – Diluted 0.0173 0.0164 0.1210 0.1117
    
    Earnings per share are the same for basic and diluted. The number of shares used to calculate earnings per share is
    
    2,446.6 million shares.
    
    1 For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
    
    f inancial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
    
    Table 5. Abridged Consolidated Income Statement for the Nine Months
    
           2                              9M2019      9M2018      9M2019       9M2018Adjusted
                                          USD(m)       USD(m)       RMB(m)       RMB(m)
    
    
    Revenues 2,962 2,918 20,282 18,955
    
    Cost of Sales 1,984 1,938 13,593 12,592
    
    Business taxes and surcharges 9 8.4 65 54
    
    Gross profit 968 972 6,624 6,308
    
    % of revenue 32.7% 33.3% 32.7% 33.3%
    
    Selling and distribution expenses 472 465 3,230 3,024
    
    General and administrative expenses 101 103 690 671
    
    Research and development expenses 46 40 318 263
    
    Other operating expenses / (income) 24 10 164 65
    
    Total Operating expenses 643 618 4,402 4,023
    
    Operating income (EBIT) 325 353 2,222 2,285
    
    % of revenue 11.0% 12.1% 11.0% 12.1%
    
    Financial expenses and investment income 122 97 833 630
    
    Income before taxes 204 257 1,389 1,656
    
    Taxes on Income 30 59 206 384
    
    Net income 173 197 1,183 1,272
    
    % of revenue 5.9% 6.8% 5.9% 6.8%
    
    EBITDA 509 512 3,481 3,321
    
    % of revenue 17.2% 17.6% 17.2% 17.6%
    
    Earnings per Share – Basic 0.0708 0.0806 0.4836 0.5200
    
    – Diluted 0.0708 0.0806 0.4836 0.5200
    
    Earnings per share are the same for basic and diluted. The number of shares used to calculate earnings per share is
    
    2,446.6 million shares.
    
    2 For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
    
    f inancial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
    
    Table 6. Abridged Consolidated Balance Sheet
    
                                    September 30  September 30     September 30  September 30
                                        2019         2018            2019         2018
                                      USD (m)      USD(m)         RMB(m)      RMB(m)
    
    
    Assets
    
    Current assets:
    
    Cash at bank and on hand 647 933 4,579 6,416
    
    Bills and accounts receivable 1,214 1,045 8,585 7,189
    
    Inventories 1,485 1,296 10,509 8,918
    
    Other current assets, receivables and 307 243 2,171 1,674
    
    prepaid expenses
    
    Total current assets 3,653 3,517 25,844 24,197
    
    Non-current assets:
    
    Fixed assets, net 1,112 1,052 7,866 7,237
    
    Rights of use assets 78 - 550 -
    
    Intangible assets, net 1,447 1,453 10,235 9,996
    
    Deferred tax assets 111 98 782 673
    
    Other non-current assets 109 76 771 525
    
    Total non-current assets 2,857 2,679 20,203 18,431
    
    Total assets 6,510 6,197 46,047 42,628
    
    Liabilities
    
    Current liabilities:
    
    Loans and credit from banks and 298 136 2,106 936
    
    others
    
    Bills and accounts payable 581 610 4,109 4,195
    
    Other current liabilities 707 791 5,002 5,443
    
    Total current liabilities 1,586 1,537 11,218 10,574
    
    Long-term liabilities:
    
    Long-term loans 141 44 998 305
    
    Debentures 1,206 1,151 8,533 7,915
    
    Deferred tax liabilities 52 63 368 431
    
    Employee benefits 102 93 719 637
    
    Other long-term liabilities 140 50 989 343
    
    Total long-term liabilities 1,641 1,400 11,607 9,631
    
    Total liabilities 3,227 2,937 22,825 20,205
    
    Equity
    
    Total equity 3,283 3,260 23,222 22,423
    
    Total equity 3,283 3,260 23,222 22,423
    
    Total liabilities and equity 6,510 6,197 46,047 42,628
    
    Table 7. Abridged Consolidated Cash Flow Statement for the Third Quarter
    
                                                  Q32019   Q32018        Q32019   Q32018
                                                  USD(m)   USD(m)        RMB(m)   RMB(m)
    
    
    Cash flow from operating activities:
    
    Cash flow from operating activities 57 99 399 675Cash flow from operating activities 57 99 399 675Investing activities:
    
    Acquisitions of fixed and intangible assets -69 -42 -484 -288
    
    Proceeds from sale of long term assets 26 - 182 -
    
    Other investing activities 1 -2 10 -10Cash flow used for investing activities -42 -44 -292 -298Financing activities:
    
    Receipt of loans from banks and other lenders 97 12 680 85
    
    Repayment of loans from banks and other lenders -146 -10 -1,020 -68
    
    Other financing activities -97 -33 -681 -218Cash flow from (used for) financing activities -146 -30 -1,020 -201Effects of exchange rate movement on cash and cash -8 -9 87 174equivalents
    
    Net change in cash and cash equivalents -139 16 -827 350
    
    Cash and cash equivalents at the beginning of the period 783 910 5,382 6,021
    
    Cash and cash equivalents at the end of the period 644 926 4,555 6,371
    
    Free Cash Flow 7 52 44 352
    
    Table 8. Abridged Consolidated Cash Flow Statement for the Nine Month
    
                                                  9M2019   9M2018        9M2019   9M2018
                                                  USD(m)   USD(m)        RMB(m)   RMB(m)
    
    
    Cash flow from operating activities:
    
    Cash flow from operating activities 10 221 94 1,455Cash flow from operating activities 10 221 94 1,455Investing activities:
    
    Acquisitions of fixed and intangible assets -158 -463 -1,090 -2,966
    
    Proceeds received from disposal of investments 3 - 20 -
    
    Proceeds from sale of long term assets 33 380 235 2,413
    
    Acquisitions of a subsidiary -123 - -827 -
    
    Other investing activities - -1 - -10Cash flow used for investing activities -245 -85 -1,662 -563Financing activities:
    
    Receipt of loans from banks and other lenders 391 12 2,668 85
    
    Repayment of loans from banks and other lenders -214 -332 -1,484 -2,116
    
    Other financing activities -214 -81 -1,469 -526Cash flow from (used for) financing activities -37 -401 -285 -2,557Effects of exchange rate movement on cash and cash -9 -13 62 -172equivalents
    
    Net change in cash and cash equivalents -281 -277 -1,791 -1,493
    
    Cash and cash equivalents at the beginning of the period 925 1,204 6,346 7,864
    
    Cash and cash equivalents at the end of the period 644 926 4,555 6,371
    
    Free Cash Flow -290 93 -1,952 616
    
    Notes to Abridged Consolidated Financial Statements
    
    Note 1: Basis of preparation
    
    Basis of presentation and accounting policies: The abridged consolidated financial statements for the
    
    quarters ended September 30, 2019 and 2018 incorporate the financial statements of ADAMA Ltd. and of all
    
    of its subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its
    
    subsidiaries.
    
    The Company has adopted the Accounting Standards for Business Enterprises issued by the Ministry of
    
    Finance (the "MoF") and the implementation guidance, interpretations and other relevant provisions issued or
    
    revised subsequently by the MoF (collectively referred to as "CASBE").
    
    The abridged consolidated financial statements contained in this release are presented in both Chinese
    
    Renminbi (RMB), as the Company’s shares are traded on the Shenzhen Stock Exchange, as well as in United
    
    States dollars ($) as this is the major currency in which the Company’s business is conducted. For the
    
    purposes of this release, a customary convenience translation has been used for the translation from RMB to
    
    US dollars, with Income Statement and Cash Flow items being translated using the quarterly average
    
    exchange rate, and Balance Sheet items being translated using the exchange rate at the end of the period.
    
    The preparation of financial statements requires management to make estimates and assumptions that affect
    
    the reported amounts of assets and liabilities and disclosure of contingent assets and l iabilities at the date of
    
    the financial statements, and the reported amounts of revenues and expenses during the reporting period.
    
    Actual results could differ from those estimated.
    
    The 2018 figures are as previously reported, and not restated to include the business combination under
    
    common control in respect of Anpon.
    
    In estimating the impact from the Jingzhou old site disruption, the lost sales and gross profit are calculated as
    
    the difference in sales and gross profit earned on the affected products between the relevant periods in 2019
    
    and their comparative periods in 2018. Related operating expenses include idleness costs, as well as an
    
    assumed saving of 2.5% of affected sales in respect of incremental Sales & Marketing expenses. Financing
    
    costs were assumed not to be impacted. An effective tax rate of 20% was assumed in calculating the after -tax
    
    impact.
    
    Note 2: Abridged Financial Statements
    
    For ease of use, the Financial Statements shown in this release have been abridged as follows:
    
    Abridged Consolidated Income Statement:
    
    ? “Other operating expenses/(income)” includes asset and credit impairment losses; gain (loss) from
    
    disposal of assets and non-operating income and expenses and idleness? “Financial expenses and investment income” includes net financing expenses; gains from changes in
    
    fair value; and investment income (including share of income of equity accounted investees)
    
    Abridged Consolidated Balance Sheet:
    
    ? “Other current assets, receivables and prepaid expenses” includes financial assets held for trading,
    
    derivatives financial assets, receivables financing, prepayments, other receivables; and other current
    
    assets? “Fixed assets, net” includes fixed assets , construction in progress and rights-of-use assets? “Intangible assets, net” includes intangible assets and goodwill
    
    ? “Other non-current assets” includes other equity investments; long-term equity investments; long-term
    
    receivables; investment property; and other non-current assets? “Loans and credit from banks and others” includes short-term loans and non-current liabilities due
    
    within one year? “Other current liabilities” includes derivatives financial liabilities, payables for employee benefits,
    
    contract liabilities, taxes payable, other payables and other current liabilities? “Other long-term liabilities” includes long-term payables, lease liability, provisions and other non-
    
    current liabilities
    
    Table 9. Analysis of Gaps between Adjusted Income Statement and
    
    Reported Income Statement in Financial Statements
    
               Q3                   Adjusted               Adjustments               Reported
             USD(m)            Q32019      Q32018      Q32019      Q32018      Q32019      Q32018
    
    
    Revenues 953 872 - - 953 872
    
    Gross profit 295 279 0 -0 295 279
    
    Operating expenses 212 198 -15 -16 227 214
    
    Operating income (EBIT) 83 81 15 16 68 65
    
    Income before taxes 48 51 15 16 33 35
    
    Net income 42 40 13 14 29 26
    
    EBITDA 144 134 -8 -6 152 140
    
    Earnings per share 0.0173 0.0164 0.1200 0.0108
    
               Q3                   Adjusted               Adjustments               Reported
             RMB(m)            Q32019      Q32018      Q32019      Q32018      Q32019      Q32018
    
    
    Revenues 6,666 5,929 - - 6,666 5,929
    
    Gross profit 2,064 1,896 1 -2 2,063 1,897
    
    Operating expenses 1,483 1,346 -103 -109 1,586 1,454
    
    Operating income (EBIT) 581 550 104 107 477 443
    
    Income before taxes 337 347 104 107 233 240
    
    Net income 296 273 90 94 206 180
    
    EBITDA 1,010 909 -54 -40 1,064 949
    
    Earnings per share 0.1210 0.1117 0.0842 0.0734
    
               9M                   Adjusted               Adjustments               Reported
             USD(m)            9M2019      9M2018      9M2019      9M2018      9M2019      9M2018
    
    
    Revenues 2,962 2,918 - - 2,962 2,918
    
    Gross profit 968 972 2 1 966 970
    
    Operating expenses 643 618 -64 266 706 353
    
    Operating income (EBIT) 325 353 66 -264 260 618
    
    Income before taxes 204 257 63 -264 141 521
    
    Net income 173 197 57 -201 116 398
    
    EBITDA 509 512 -6 -317 515 829
    
    Earnings per share 0.0708 0.0806 0.0476 0.1626
    
               9M                   Adjusted               Adjustments               Reported
             RMB(m)            9M2019      9M2018      9M2019      9M2018      9M2019      9M2018
    
    
    Revenues 20,282 18,955 - - 20,282 18,955
    
    Gross profit 6,624 6,308 14 8 6,610 6,300
    
    Operating expenses 4,402 4,023 -433 1,682 4,835 2,341
    
    Operating income (EBIT) 2,222 2,285 448 -1,674 1,775 3,959
    
    Income before taxes 1,389 1,656 427 -1,674 962 3,330
    
    Net income 1,183 1,272 388 -1,270 795 2,542
    
    EBITDA 3,481 3,321 -43 -2,015 3,524 5,336
    
    Earnings per share 0.4836 0.5200 0.3248 1.0392
    
    Table 10. Income Statement Adjustments
    
    In addition to the reported financial results that the Company prepares in accordance with PRC GAAP, the
    
    Company’s management prepares non-GAAP, Adjusted financial results to present what the Company
    
    believes is a more useful view of the true economic performance of the business on an ongoing basis. These
    
    Adjusted results exclude items that are of a one-time or non-cash/non-operational nature that do not impact
    
    the ongoing performance of the business and reflects the way the Company’s management and Board of
    
    Directors view the performance of the Company. The Company believes that excluding the effects of these
    
    items from its operating results allows an effective assessment and comparison of the underlying financial
    
    performance of its business from period to period and within the market.
    
                                                   Q32019   Q32018     Q32019   Q32018
                                                   USD(m)   USD (m)     RMB(m)   RMB(m)
    
    
    Net Income (Reported) 29.5 26.4 206.1 179.7
    
    Adjustments to COGS & Operating Expenses:
    
    1. Amortization of Legacy PPA of 2011 acquis ition of Solutions (non- 11.5 11.5 80.1 77.8
    
    cash)
    
    2. One-time capital gain from Divestment of registrations due to 2017 - - - -
    
    ChemChina-Syngenta transaction
    
    3. Amortization of Transfer assets received and written-up due to 2017 7.7 10.2 53.5 69.2
    
    ChemChina-Syngenta transaction (non-cash)
    
    4. Reinstatement of amortization expenses due to Divestment (non- - - - -
    
    cash)
    
    5. Accelerated depreciation due to relocation (non-cash) 1.6 - 11.2 -
    
    6. Non-core assets closure (non-cash) - - - -
    
    7. Long-term incentive (non-cash) -7.8 -5.9 -54.3 -40.1
    
    8. Amortization of acquisition PPA (non-cash) 1.9 - 13.4 -
    
    9. Sanonda-ADAMA Combination transaction one-time stamp tax - - - -
    
    Total Adjustments to Operating Income (EBIT) 14.9 15.7 103.9 106.9
    
    Total Adjustments to EBITDA -7.7 -5.9 -53.7 -40.1
    
    Adjustments to Financing Expenses:
    
    10. Revaluation of non-cash adjustment related to non-controlling - - - -
    
    interestTotal Adjustments to Income before Taxes 14.9 15.7 103.9 106.9Adjustments to Taxes
    
    1. Tax shield on Legacy PPA of 2011 acquisition of Solutions 1.9 1.9 13.6 13.2
    
    2. Tax expense due to capital gain from registrations Divestment - - - -
    
    8. Deferred tax due to PPA 0.1 - 0.5 -
    
    Total adjustments to Net Income 12.8 13.8 89.8 93.7
    
    Net Income (Adjusted) 42.3 40.2 296.0 273.4
    
                                                   9M2019   9M2018     9M2019   9M2018
                                                   USD(m)   USD (m)     RMB(m)   RMB(m)
    
    
    Net Income (Reported) 116.4 397.9 794.7 2,542.4
    
    Adjustments to COGS & Operating Expenses:
    
    1. Amortization of Legacy PPA of 2011 acquis ition of Solutions (non- 34.4 34.4 235.4 223.7
    
    cash)
    
    2. One-time capital gain from Divestment of registrations due to 2017 - -314.3 - -1,998.5
    
    ChemChina-Syngenta transaction
    
    3. Amortization of Transfer assets received and written-up due to 2017 27.5 20.3 187.7 134.0
    
    ChemChina-Syngenta transaction (non-cash)
    
    4. Reinstatement of amortization expenses due to Divestment (non- - -2.6 - -16.5
    
    cash)
    
    5. Accelerated depreciation due to relocation (non-cash) 6.1 - 41.9 -
    
    6. Non-core assets closure (non-cash) - 2.3 - 14.8
    
    7. Long-term incentive (non-cash) -6.4 -6.0 -45.0 -41.0
    
    8. Amortization of acquisition PPA (non-cash) 4.0 - 27.5 -
    
    9. Sanonda-ADAMA Combination transaction one-time stamp tax - 1.5 - 9.4
    
    Total Adjustments to Operating Income (EBIT) 65.6 -264.5 447.5 -1,674.0
    
    Total Adjustments to EBITDA -6.1 -316.8 -43.4 -2,016.8
    
    Adjustments to Financing Expenses:
    
    10. Revaluation of non-cash adjustment related to non-controlling -3.0 - -20.5 -
    
    interestTotal Adjustments to Income before Taxes 62.5 -264.5 427.0 -1,674.0Adjustments to Taxes
    
    1. Tax shield on Legacy PPA of 2011 acquisition of Solutions 5.8 5.8 40.0 38.0
    
    2. Tax expense due to capital gain from registrations Divestment - -69.5 - -441.8
    
    8. Deferred tax due to PPA -0.2 - -1.4 -
    
    Total adjustments to Net Income 56.9 -200.8 388.3 -1,270.2
    
    Net Income (Adjusted) 173.3 197.1 1,183.1 1,272.2Notes:
    
    1. Amortization of Legacy PPA of 2011 acquisition of Solutions (non-cash): Under PRC GAAP, the Company has inherited the historical
    
    “legacy” amortization charge from the firs t combined reporting for Q3 2017 that ChemChina prev iously was incurring in respect of its acquisition
    
    of Solutions in 2011. This amortization is done in a linear manner on a quarterly basis, most of which will be completed and removed in the
    
    second half of 2020.
    
    2. One-time capital gain from Divestment of registrations due to 2017 ChemChina-Syngenta transaction: In the firs t quarter of 2018, the
    
    Company earned a one-time profit on the Divestment of crop protection products in connection with the approval by the EU Commission of the
    
    acquisition of Syngenta by ChemChina. This one-time profit is excluded from the Adjusted financial results due to its one-time nature, while the
    
    related tax expense is also adjusted for.
    
    3. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash): The proceeds from
    
    the Divestment of crop protection products in connection with the approval by the EU Commission of the acquisition of Syngenta by
    
    ChemChina, net of taxes and transaction expenses, were paid to Syngenta in return for the transfer of a portfolio of products in Europe of
    
    similar nature and economic value. Since the products acquired from Syngenta are of the same nature and with the same net economic value
    
    as those divested, and since the Company excludes the one-time gain that it made on the divested products, the additional amortization charge
    
    incurred due to the written-up of the acquired assets is also excluded to present a consistent v iew of Divestment and Transfer transactions,
    
    which had no net impact on the underly ing economic performance of the Company. See note 2.
    
    4. Reinstatement of amortization expenses, related to the Divestment (non-cash): Reinstatement of amortization expenses due to
    
    classification of to-be-divested European regis trations as “Held-for-Sale”, related to 2017 ChemChina acquisition of Syngenta.
    
    5. Accelerated depreciation due to relocation (non-cash): Production assets located in the old production sites in Jingzhou and Huai’An will
    
    be relocated to the new sites in the coming years. Since some of the older production assets may not be able to be relocated, some of these
    
    assets which are no longer operational are being written off (or impaired), while for others, their economic life has been shortened and
    
    therefore will be depreciated over a shorter period. Since these are older assets that were built many years ago and will be replaced by newer
    
    production fac ili ties at the new sites, and since the ongoing operations of the business will not be impacted thereby, the Company adjusts for
    
    the impact of the accelerated depreciation of these assets.
    
    6. Non-core assets closure (non-cash): One-time charge due to closure of peripheral, non-material assets.
    
    7. Long-term Incentive (non-cash): The Company granted its employees, who are mainly non-Chinese residents, a long term incentive (LTI) in
    
    the form of 'phantom' options, due to the complex ity of granting Chinese-listed, equity -settled options to non-Chinese employees. As such, the
    
    Company records an expense, or recognizes income, depending on the fluctuation in the Company’s share price, even though the Company
    
    will not incur any cash impact prior to exercise of the phantom options. To neutralize the impact of such share price movements on the
    
    measurement of the Company’s performance and expected employee compensation and to reflect the existing phantom options, in the
    
    Company’s adjus ted financial performance, the LTI is presented on an equity -settled basis in accordance with the value of the existing plan at
    
    the grant date.
    
    8. Amortization of acquisition PPA (non-cash): Related to the amortization of non-cash intangible assets created as part of acquisitions; has
    
    no impact on the ongoing performance of the companies acquired.
    
    9. Sanonda-ADAMA Combination transaction one-time stamp tax: One-time stamp tax expense incurred related to the Combination.
    
    10. Revaluation of non-cash adjustment related to non-controlling interest: Relates to put options issued to non-controlling interests as part
    
    of historical business combinations which took place before January 1, 2010. The put options are presented as a liabili ty at the present value of
    
    the future exercise price. The revaluation of these put options in Solutions is recognized under IFRS to Goodwill, but due to the acquisition of
    
    Solutions by the Company in 2017, which is treated from an accounting perspective as a “Business Combination Under Common Control”,
    
    such revaluation is recorded as a profit or loss item in the financial reports of the Company. The revaluations of such put options have no
    
    bearing on the ongoing performance of the Company and are therefore adjusted for.Table 11. Exchange Rate Data for the Company's PrincipalFunctional Currencies
    
                         September30                Q3Average                 9MAverage
                    2019     2018   Change     2019    2018   Change     2019    2018   Change
    
    
    EUR/USD 1.093 1.162 (6.0%) 1.112 1.163 (4.4%) 1.124 1.194 (5.9%)
    
    USD/BRL 4.164 4.004 (4.0%) 3.974 3.958 (0.4%) 3.888 3.603 (7.9%)
    
    USD/PLN 4.000 3.675 (8.8%) 3.885 3.704 (4.9%) 3.829 3.559 (7.6%)
    
    USD/ZAR 15.083 14.182 (6.4%) 14.677 14.105 (4.1%) 14.367 12.891 (11.5%)
    
    AUD/USD 0.676 0.721 (6.3%) 0.686 0.731 (6.3%) 0.699 0.758 (7.7%)
    
    GBP/USD 1.229 1.306 (5.9%) 1.232 1.303 (5.4%) 1.273 1.351 (5.8%)
    
    USD/ILS 3.482 3.627 4.0% 3.527 3.631 2.9% 3.589 3.553 (1.0%)
    
    USD LIBOR 3M 2.09% 2.40% (13.1%) 2.20% 3.24% (6.0%) 2.46% 3.89% 12.4%
    
                         September30                Q3Average                 9MAverage
                    2019     2018   Change     2019    2018   Change     2019    2018   Change
    
    
    USD/RMB 7.073 6.879 2.8% 6.992 6.797 2.9% 6.851 6.511 5.2%
    
    EUR/RMB 7.729 7.996 (3.3%) 7.774 7.903 (1.6%) 7.699 7.776 (1.0%)
    
    RMB/BRL 0.589 0.582 (1.2%) 0.568 0.582 2.4% 0.567 0.553 (2.6%)
    
    RMB/PLN 0.566 0.534 (5.9%) 0.556 0.545 (2.0%) 0.559 0.547 (2.2%)
    
    RMB/ZAR 2.133 2.062 (3.4%) 2.099 2.075 (1.2%) 2.097 1.980 (5.9%)
    
    AUD/RMB 4.783 4.963 (3.6%) 4.793 4.971 (3.6%) 4.791 4.933 (2.9%)
    
    GBP/RMB 8.694 8.987 (3.3%) 8.615 8.857 (2.7%) 8.718 8.795 (0.9%)
    
    RMB/ILS 0.492 0.527 6.6% 0.504 0.534 5.6% 0.524 0.546 4.0%
    
    RMB SHIBOR 3M 2.73% 2.85% (4.2%) 2.67% 3.11% (14.2%) 2.80% 3.98% (29.6%)

查看公告原文

微信
扫描二维码
关注
证券之星微信
相关股票:
好投资评级:
好价格评级:
证券之星估值分析提示安道麦A盈利能力较差,未来营收成长性较差。综合基本面各维度看,股价偏高。 更多>>
下载证券之星
郑重声明:以上内容与证券之星立场无关。证券之星发布此内容的目的在于传播更多信息,证券之星对其观点、判断保持中立,不保证该内容(包括但不限于文字、数据及图表)全部或者部分内容的准确性、真实性、完整性、有效性、及时性、原创性等。相关内容不对各位读者构成任何投资建议,据此操作,风险自担。股市有风险,投资需谨慎。如对该内容存在异议,或发现违法及不良信息,请发送邮件至jubao@stockstar.com,我们将安排核实处理。
网站导航 | 公司简介 | 法律声明 | 诚聘英才 | 征稿启事 | 联系我们 | 广告服务 | 举报专区
欢迎访问证券之星!请点此与我们联系 版权所有: Copyright © 1996-