ADAMA Reports Third Quarter and First Nine Months 2023 ResultsSlower market recovery than expected impacting the Company's sales & profitThird Quarter 2023 Highlights:
? Sales down 24% to $1,033 million (-20% in RMB terms; -25% in CER
terms), mainly reflecting12% decrease in volume and 13% decrease in prices
? Adjusted EBITDA amounted to $35 million vs. $171 million in Q3 2022? Adjusted net loss of $115 million; Reported net loss of $112 millionFirst Nine Months 2023 Highlights:
? Sales down 17% to $3,524 million (-12% in RMB terms; -15% in CER terms), mainly reflecting
10% decrease in volume and 5% decrease in prices? Adjusted EBITDA amounted to $312 million vs. $611 million in the first nine months of 2022? Adjusted net loss of $135 million; Reported net loss of $146 million
BEIJING, CHINA and TEL AVIV, ISRAEL, October 30, 2023 – ADAMA Ltd. (the “Company”) (SZSE000553), today reported its financial results for the third quarter and nine-month period endedSeptember 30, 2023.Steve Hawkins, President and CEO of ADAMA, said, "ADAMA continues to contend with difficultmarket conditions, an outcome of the industry overstocking in 2022 and the current channeldestocking to lower than normal inventory levels in light of global high interest rates. This is impactingthe consumption of high-cost inventory by the market and the Company, putting pressure on profits.In response ADAMA has taken measures to control costs and improve efficiencies, including strictinventory management, focusing on selective procurement of high-margin products and a crosscompany reduction of operating expenses. With the season over in the northern hemisphere, we arenow looking to the season in Brazil to understand the outlook for the full year of 2023."As mentioned in the past, agricultural markets are cyclical in nature. We are encouraged that farmerdemand remains good, providing a positive outlook for the future. Farmer demand is the underlying,fundamental engine for these markets and is supported by historically elevated crop prices."
CER – Constant Exchange Rates
Table 1. Financial Performance Summary
| USD (m) | As Reported | Adjustments | Adjusted | ||||||||
| Q3 2023 | Q3 2022 | % Change | Q3 2023 | Q3 2022 | Q3 2023 | Q3 2022 | % Change | ||||
Revenues
| Revenues | 1,033 | 1,359 | (24%) | - | - | 1,033 | 1,359 | (24%) | |||
| Gross profit | 185 | 332 | (44%) | 12 | 41 | 198 | 373 | (47%) | |||
| % of sales | 18.0% | 24.4% | 19.2% | 27.4% | |||||||
| Operating income (EBIT) | (38) | 96 | 7 | 4 | (31) | 100 | |||||
| % of sales | (3.7%) | 7.1% | (3.0%) | 7.4% | |||||||
| Income before taxes | (110) | 10 | (3) | 4 | (113) | 14 | |||||
| % of sales | (10.6%) | 0.7% | (10.9%) | 1.0% | |||||||
| Net income (loss) | (112) | 5 | (4) | 3 | (115) | 8 | |||||
| % of sales | (10.8%) | 0.4% | (11.2%) | 0.6% | |||||||
| EPS | |||||||||||
| - USD | (0.0479) | 0.0023 | (0.0496) | 0.0036 | |||||||
| - RMB | (0.3435) | 0.0155 | (0.3556) | 0.0245 | |||||||
| EBITDA | 37 | 177 | (79%) | (2) | (7) | 35 | 171 | (79%) | |||
| % of sales | 3.6% | 13.0% | 3.4% | 12.5% |
| USD (m) | As Reported | Adjustments | Adjusted | ||||||||
| 9M 2023 | 9M 2022 | % Change | 9M 2023 | 9M 2022 | 9M 2023 | 9M 2022 | % Change | ||||
Revenues
| Revenues | 3,524 | 4,258 | (17%) | - | - | 3,524 | 4,258 | (17%) | |||
| Gross profit | 748 | 1,098 | (32%) | 67 | 126 | 815 | 1,224 | (33%) | |||
| % of sales | 21.2% | 25.8% | 23.1% | 28.7% | |||||||
| Operating income (EBIT) | 94 | 363 | (74%) | 24 | 40 | 117 | 403 | (71%) | |||
| % of sales | 2.7% | 8.5% | 3.3% | 9.5% | |||||||
| Income before taxes | (155) | 139 | 13 | 44 | (142) | 182 | |||||
| % of sales | (4.4%) | 3.3% | (4.0%) | 4.3% | |||||||
| Net income (loss) | (146) | 119 | 11 | 41 | (135) | 159 | (185%) | ||||
| % of sales | (4.1%) | 2.8% | (3.8%) | 3.7% | |||||||
| EPS | |||||||||||
| - USD | (0.0626) | 0.0510 | (0.0580) | 0.0684 | |||||||
| - RMB | (0.4474) | 0.3297 | (0.4161) | 0.4442 | |||||||
| EBITDA | 318 | 605 | (47%) | (6) | 7 | 312 | 611 | (49%) | |||
| % of sales | 9.0% | 14.2% | 8.9% | 14.4% |
Notes:
? “As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the
implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry ofFinance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE guidelines[IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS. Please seethe appendix to this release for further information.? Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are ofa transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way theCompany’s management and the Board of Directors view the performance of the Company internally. The Company believes thatexcluding the effects of these items from its operating results allows management and investors to effectively compare the trueunderlying financial performance of its business from period to period and against its global peers. A detailed summary of theseadjustments appears in the appendix below.? The number of shares used to calculate both basic and diluted earnings per share in both Q3 & 9M 2023 and 2022 is 2,329.8 million
shares.? In this table and all tables in this release numbers may not sum due to rounding.
The General Crop Protection (CP) Market Environment
High crop protection channel inventories across all geographies due to channel loading in 2022continued to negatively impact channel consumption over Q3 2023. In addition, the distributionchannel is opting to buy crop inputs on a "just in time" basis and striving to carry minimal inventorygiven wide high interest rate environment outside China and abundant supply of CP products. As aresult, customers are buying much closer to the season, leading to a phasing of purchases into laterquarters vs last year. The Brazilian CP market, the largest crop protection market, was downsignificantly in USD terms
, mostly driven by lower volumes. This trend, coupled with the ongoingdecline in Active Ingredients prices coming out of China, is also putting pressure on commodity cropprotection prices.Over Q3 2023 the price trend of crop commodities continued to be mixed. Farmer CP consumptionremained positive across most regions supported by strong planted area.Update on the War Situation in IsraelOn October 7
th2023, an unprecedented attack was launched against Israel, which thrust Israel into astate of war.ADAMA is headquartered in Israel and has three manufacturing sites in the country. ADAMA iscontinuing the production in its manufacturing sites in Israel, with certain non-significant restrictions,and globally and, at this time, does not expect this situation to have a material impact on ADAMA'sability to support its markets or on ADAMA’s consolidated financial results.ADAMA continues to monitor the situation closely and support its people through these challengingtimes.
Portfolio Development UpdateProduct Launches, Registrations & Formulation Mastery Update:
During the third quarter of 2023 ADAMA continued to register and launch multiple new products inmarkets across the globe, adding on to its differentiated product portfolio. New Product Introductions(NPI) percentage out of the full year sales of 2022 reached 22%, referring to products launched overthe past 5 years. Differentiated products include products that are based on recently off-patentedactive ingredients (AI's) that have been classified as high commercial potential - "Core Leap" AI's, andproducts that are based on unique proprietary formulations, products with more than one mode ofaction, and biologicals.Select launches of differentiated products during the third quarter of 2023 in select countries include:
? Launch of Almada
?a triple-mode fungicide base on ADAMA's T.O.V. formulation technologyagainst major soybean diseases and two-time winner of the Brazilian Soybean RustConsortium. Almada
?is the first ADAMA product containing Fluxapyroxad, a "Core Leap" AI,for use in soybean.? Launch in Germany, for use in sugar beet, of Mastercop ACT
?
, a natural copper-basedfungicide, based on ADAMA’s proprietary Formulation Mastery technology for low doseproducts minimizing environmental load (enabling over 50% reduction in copper usage per
Sources: Rabobank, Agri Commodity Markets Research, Sep 2023; AgbioInvestor-Quarterly-Briefing-Service-PLUS_Q3-2023;
Year-to-date as of Aug 2023, Source: Brazil Industry Panel
hectare compared to conventional copper fungicides) and while maintaining its efficacythrough optimization of delivery mechanisms.? Launch in Australia of Grindstone
?, a flexible herbicide helping farmers to control hard-to-killbroadleaf and woody weeds notably on cereals, fallow and pasture. Grindstone
?is the firstglobal launch based on the "Core Leap" AI Aminopyralid.? Launch of Adaca
?
in India, a herbicide for use in grasses on cereals and pulses, based onPyroxasulfone, a "Core Leap" AI produced in-house by ADAMA.? Launch in Argentina of Apresa
?, pre-emergent dual mode of action herbicide for use onsoybean and corn.Select registrations of differentiated products during the third quarter of 2023 in select countriesinclude:
? Registration of Maxentis
?in Malta, Czech Republic and Canada. This registrationrepresents the first registration of an ADAMA prothioconazole mixture in North America? Continued roll out of ADAMA's prothioconazole products based on Asorbital
?formulationmastery technology platform, including:
o Initial registration of Forapro
?
in Sweden and Maltao Registration of Maganic
?
in Czech Republico Registration of Soratel
?in PolandFinancial HighlightsRevenues in the third quarter declined by approximately 24% (-20% in RMB terms; -25% in CERterms) to $1,033 million, reflecting a decrease of 12% in volumes and a decrease of 13% in prices.The lower sales reflect market dynamics of high channel inventories, last-minute purchasing followingchannel destocking in light of high interest rates and pressure on crop protection product pricing dueto the lower channel demand.These results brought the revenues in the first nine months of 2023 to $3,524 million, a decline ofapproximately 17% (-12% in RMB terms; -15% in CER terms), reflecting a decrease of 10% in volumesand a decrease of 5% in prices. This is in comparison to the record sales the Company achieved in2022, which reflected the high demand due to supply uncertainty in the market.
Table 2. Regional Sales Performance
Notes:
? CER: Constant Exchange Rates? Numbers may not sum due to rounding
* 2022 denote proforma sales. As of 2023, the India, Middle East & Africa (IMA) region has beenreorganized such that the countries formerly included in this region are now included in the Europeregion (renamed EAME – Europe, Africa & Middle East) or in the Asia Pacific region.Europe, Africa & Middle East (EAME): Sales in EAME decreased in the third quarter and nine-month period following overall crop protection market slow down leading to lower volumes andpressure on prices. In Europe this trend was particularly notable in Northern Europe with highchannel inventory and in Central Europe, where cheap grain from Ukraine impacted farmers'investments in crops. The Company succeeded in increasing its sales in France, Italy and Iberiafollowing weak seasons last year and with the company seizing opportunities in the cereal marketin France.North America: Consumer & Professional Solutions – Sales in the third quarter and nine-month period were impacted by softening demand both in the consumer and professionalsolutions markets following a decline in disposable income, an outcome of inflationary pressuresand high interest rates, and high channel inventories. Additionally, sales shifted from the thirdquarter to the fourth quarter to align with season use.In the US Ag market sales in the third quarter and the nine-month period declined reflecting theoverall dynamic of the channel lowering inventory levels due to high interest rates with demandfocusing on "just-in-time" supply from producers.Sales in Canada were significantly impacted in the third quarter among others due to the negativeeffect of the weather on fungicide sales and pricing pressure. In the nine-month period the declinein sales was more moderate as the sales were supported by the strong performance in the firsthalf of the year following expansion of the Company's portfolio during 2022 and relatively stablepricing in the market.Latin America: Brazil – CP market contraction, characterized by channel destocking andsoftening pricing, led to a decline in the company's sales in the third quarter and nine-monthperiod.In the rest of LATAM, sales in the third quarter and nine-month period decreased, followingpressure on prices and dryer weather than expected. This is despite the strong performance ofthe biologicals portfolio and gaining market share in some key countries.
| Q3 2023 $m | Q3 2022 $m | Change USD | Change CER | 9M 2023 $m | 9M 2022 $m | Change USD | Change CER |
Europe, Africa & Middle East*
| Europe, Africa & Middle East* | 235 | 257 | (9%) | (10%) | 999 | 1,051 | (5%) | (1%) |
North America
| North America | 133 | 174 | (24%) | (24%) | 568 | 736 | (23%) | (22%) |
Latin America
| Latin America | 350 | 548 | (36%) | (39%) | 912 | 1,161 | (21%) | (24%) |
Asia Pacific*
| Asia Pacific* | 315 | 380 | (17%) | (14%) | 1,044 | 1,310 | (20%) | (16%) |
Of which China
| Of which China | 130 | 156 | (16%) | (13%) | 453 | 605 | (25%) | (20%) |
Total
| Total | 1,033 | 1,359 | (24%) | (25%) | 3,524 | 4,258 | (17%) | (15%) |
Asia-Pacific (APAC):
In China, the market is experiencing oversupply and pricing pressure impacting both the brandedformulation and non-ag sales, while the branded business was supported by the launch ofdifferentiated products. Additionally, the impact was partially offset by the increase of AI sales asa result of active efforts to expand the markets and customers along with the Sanonda Jingzhousite reaching high utilization after relocation.Sales in the wider APAC and in India decreased in the third quarter and first nine-month perioddespite an increase in volumes sold in the Pacific region in the quarter. Sales were negativelyimpacted by pressure on prices, especially in Australia and India and the beginning of El Ni?oand a weak monsoon season.Gross Profit reported in the third quarter reached $185 million (gross margin of 18.0%) compared to$332 million (gross margin of 24.4%) in the same quarter last year and reached $748 million (grossmargin of 21.2%) in the first nine-month period compared to $1,098 million (gross margin of 25.8%)last year.
Adjustments to reported results: The adjusted gross profit includes reclassification of allinventory impairment, taxes and surcharge and excludes certain transportation costs(classified under operating expenses).Excluding the impact of the abovementioned adjusted items, adjusted gross profit in the third quarterreached $198 million (gross margin of 19.2%) compared to $373 million (gross margin of 27.4%) inthe same quarter last year and reached $815 million (gross margin of 23.1%) in the first nine-monthperiod compared to $1,224 million (gross margin of 28.7%) last year.The decline in the gross profit in the first nine months was due to the decline in sales, as describedabove, high-cost inventory, a provision for inventory impairment and negative exchange rates. In thethird quarter, these impacts had a higher adverse effect, though slightly moderated by the positiveimpact of exchange rates and the initial effect of new inventory sold, priced at market levels.Operating expenses reported in the third quarter and first nine-month period of 2023 were $224million (21.7% of sales) and $655 million (18.6% of sales), compared to $236 million (17.4% of sales)and $736 million (17.3% of sales) in the corresponding periods last year, respectively.Adjustments to reported results: please refer to the explanation regarding adjustments to the grossprofit in respect to certain transportation costs, taxes and surcharges and inventory impairment.Additionally, the Company recorded certain non-operational items within its reportedoperating expenses amounting to $7 million in Q3 2023 in comparison to $3 million in Q32022 and $22 in 9M 2023 in comparison to $31 in 9M 2022. These include mainly (i) non-cash amortization charges in respect of Transfer Assets received from Syngenta relatedto the 2017 ChemChina-Syngenta acquisition, (ii) charges related to the non-cashamortization of intangible assets created as part of the Purchase Price Allocation (PPA)on acquisitions, with no impact on the ongoing performance of the companies acquired,and (iii) incentive plans - share-based compensation. For further details on these non-operational items, please see the appendix to this release.Excluding the impact of the abovementioned non-operational items, adjusted operating expensesin the third quarter and first nine-month period were $229 million (22.1% of sales) and $698 million(19.8% of sales), compared to $273 million (20.1% of sales) and $821 million (19.3% of sales) in thecorresponding periods last year, respectively.The operating expenses were lower in the third quarter and first nine-month period of 2023 mainlydue to OPEX management measures, an adjustment of a provision for success-based compensation,lower transportation and logistics costs and the positive impact of exchange rates. Additionally, in thefirst nine months year of 2022 the Company recorded a provision for doubtful debts in Ukraine.
Operating income (loss) reported in the third quarter reached a loss of $38 million (-3.7% of sales)compared to an income of $96 million (7.1% of sales) in the same quarter last year and amounted toan income of $94 million (2.7% of sales) in the first nine-month period compared to an income of $363million (8.5% of sales) last year.Excluding the impact of the abovementioned non-operational items, adjusted operating income(loss) in the third quarter reached a loss of $31 million (-3.0% of sales) compared to an income of$100 million (7.4% of sales) in the same quarter last year and amounted to an income of $117 million(3.3% of sales) in the first nine-month period compared to an income of $403 million (9.5% of sales)in the same period last year. The Company reached operating loss during the third quarter of 2023due to the low gross profit and despite lower operating expenses.EBITDA reported in the third quarter amounted to $37 million (3.6% of sales) compared to $177 million(13.0% of sales) in the same quarter last year and amounted to $318 million (9.0% of sales) in thefirst nine-month period compared to $605 million (14.2% of sales) last year.Excluding the impact of the abovementioned non-operational items, adjusted EBITDA in the thirdquarter amounted to $35 million (3.4% of sales) compared to $171 million (12.5% of sales) in thesame quarter last year and amounted to $312 million (8.9% of sales) in the first nine-month periodcompared to $611 million (14.4% of sales) last year.Adjusted financial expenses amounted to $82 million in the third quarter and $259 million in the firstnine-month period, compared to $86 million and $220 million in the corresponding periods last year,respectively.The lower financial expenses in the quarter were due to lower hedging costs on exchange rates andlower bond interest following the payment of bond principal in November 2022 and the net effect oflower Israeli CPI on the ILS-denominated, CPI-linked bonds. These impacts were moderated by higherbank interest expenses due to the increase in interest rates and an increase in short-term loans. Forthe nine months, the higher financial expenses were mainly due to higher bank interest expenses asstated above partially offset by lower bond interest and CPI.Adjusted taxes on income in the third quarter amounted to tax expenses of $3 million and an incomeof $7 million in the first nine-month period, compared to tax expenses of $6 million and $23 million inthe corresponding periods last year. Despite reaching losses before tax, the Company recorded taxexpenses in the third quarter and recorded a low tax income in the first nine-month period of 2023 ,mainly because the generation of the losses were primarily by subsidiaries with relatively lower taxrates than the subsidiaries that generated profit. Additionally, in the third quarter the companyrecorded tax expenses due to the non-cash impact of the weakness of the BRL in the third quarterthat effect the value of non-monetary tax assets. In the first nine months of 2022, the companyrecognized a high deferred tax asset, related to inter-group sales, that led to a decline in the tax onincome.Net loss reported in the third quarter was $112 million and $146 million in the first nine-month period,compared to net income of $5 million (0.4% of sales) and $119 million (2.8% of sales) in thecorresponding periods last year, respectively.Excluding the impact of the abovementioned extraordinary and non-operational charges, adjustednet loss in the third quarter was $115 million, and $135 million in the first nine-month period, comparedto net income of $8 million (0.6% of sales), and $159 million (3.7% of sales) in the correspondingperiods last year, respectively.Trade working capital as of September 30, 2023, was $2,742 million compared to $2,832 million asof September 30, 2022, and compared to $2,844 million as of June 30, 2023. Following the Company'simplementation of strict procurement practices, inventory held by the Company reached $2,129 millionas of September 30, 2023, in comparison to $2,448 million as of September 30, 2022, and $2,307
million as of June 30, 2023. The decrease in working capital was following the Company'simplementation of strict procurement practices, as mentioned, which led to lower trade payables anda decrease in the level of inventory held by the Company. The decrease in receivables reflected theintensive collections as well as the lower sales.Cash Flow: Operating cash flow of $82 million was generated in the third quarter and $63 milliongenerated in the first nine-month period in 2023, compared to $31 million consumed in the third quarterand $246 million consumed in the first nine-month period in 2022. Despite lower sales, the higher cashflow generated in the quarter was primarily due to a decrease in the procurement of goods as well asintensive collection.Net cash used in investing activities was $69 million in the third quarter and $231 million in the firstnine months period in 2023, compared to $102 million and $299 million in the corresponding periodslast year, respectively. The cash used in investing activities in the third quarter and first nine monthsperiod of 2023 reflected the prioritization of investments, part of the actions taken by the Company toimprove its cash flow and included investments in new production facilities in ADAMA Anpon,investments in manufacturing capabilities in Israel and investments in intangible assets relating toADAMA's global registrations as well as the acquisition of AgriNova New Zealand in Q1 2023.Free cash flow of $22 million was consumed in the third quarter and $276 million consumed in the firstnine-months period compared to $154 million consumed in the third quarter and $623 millionconsumed in the corresponding periods last year, respectively, reflecting the aforementionedoperating and investing cash flow dynamics.
Table 3. Revenues by operating segmentSales by segment
| Q3 2023 USD (m) | % | Q3 2022 USD (m) | % | 9M 2023 USD (m) | % | 9M 2022 USD (m) | % |
Crop Protection
| Crop Protection | 943 | 91% | 1,228 | 90% | 3,233 | 92% | 3,826 | 90% |
Intermediates andIngredients
| Intermediates and Ingredients | 90 | 9% | 131 | 10% | 291 | 8% | 432 | 10% |
Total
| Total | 1,033 | 100% | 1,359 | 100% | 3,524 | 100% | 4,258 | 100% |
Sales by product category
| Q3 2023 USD (m) | % | Q3 2022 USD (m) | % | 9M 2023 USD (m) | % | 9M 2022 USD (m) | % |
Herbicides
| Herbicides | 427 | 41% | 571 | 42% | 1,531 | 43% | 1,932 | 45% |
Insecticides
| Insecticides | 304 | 29% | 381 | 28% | 989 | 28% | 1,125 | 26% |
Fungicides
| Fungicides | 212 | 20% | 276 | 20% | 713 | 20% | 769 | 18% |
| Intermediates and Ingredients | 90 | 9% | 131 | 10% | 291 | 8% | 432 | 10% |
Total
| Total | 1,033 | 100% | 1,359 | 100% | 3,524 | 100% | 4,258 | 100% |
Notes:
? The sales split by product category is provided for convenience purposes only and is not representative of the way the Company
is managed or in which it makes its operational decisions.? Numbers may not sum due to rounding.Further InformationAll 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 ADAMAADAMA Ltd. is a global leader in crop protection, providing solutions to farmers across the world tocombat weeds, insects and disease. ADAMA has one of the widest and most diverse portfolios ofactive ingredients in the world, state-of-the art R&D, manufacturing and formulation facilities,together with a culture that empowers our people in markets around the world to listen to farmersand ideate from the field. This uniquely positions ADAMA to offer a vast array of distinctive mixtures,formulations and high-quality differentiated products, delivering solutions that meet local farmer andcustomer needs in over 100 countries globally. For more information, visit us at www.ADAMA.comand follow us on Twitter
?at @ADAMAAgri.
ContactRivka Neufeld Zhujun WangGlobal Investor Relations China Investor RelationsEmail: ir@adama.com Email: irchina@adama.com
Abridged Adjusted Consolidated Financial StatementsThe following abridged consolidated financial statements and notes have been prepared as described in Note 1 in thisappendix. While prepared based on the principles of Chinese Accounting Standards (ASBE), they do not contain all of theinformation which either ASBE or IFRS would require for a complete set of financial statements, and should be read inconjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filedwith the Shenzhen and Tel Aviv Stock Exchanges, respectively.Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude itemsthat are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business, andreflect the way the Company’s management and the Board of Directors view the performance of the Company internally.The Company believes that excluding the effects of these items from its operating results allows management and investorsto effectively compare the true underlying financial performance of its business from period to period and against its globalpeers.Abridged Consolidated Income Statement for the Third Quarter
| Adjusted4 | Q3 2023 USD (m) | Q3 2022 USD (m) | Q3 2023 RMB (m) | Q3 2022 RMB (m) |
Revenues
| Revenues | 1,033 | 1,359 | 7,407 | 9,282 |
Cost of Sales
| Cost of Sales | 815 | 977 | 5,846 | 6,671 |
| Other costs | 20 | 10 | 142 | 66 |
Gross profit
| Gross profit | 198 | 373 | 1,418 | 2,545 |
% of revenue
| % of revenue | 19.2% | 27.4% | 19.2% | 27.4% |
Selling & Distribution expenses
| Selling & Distribution expenses | 169 | 199 | 1,215 | 1,361 |
General & Administrative expenses
| General & Administrative expenses | 36 | 52 | 259 | 356 |
Research & Development expenses
| Research & Development expenses | 15 | 21 | 110 | 142 |
Other operating expenses
| Other operating expenses | 8 | 0 | 56 | 2 |
Total operating expenses
| Total operating expenses | 229 | 273 | 1,640 | 1,862 |
% of revenue
| % of revenue | 22.1% | 20.1% | 22.1% | 20.1% |
Operating income (EBIT)
| Operating income (EBIT) | (31) | 100 | (222) | 683 |
% of revenue
| % of revenue | (3.0%) | 7.4% | (3.0%) | 7.4% |
Financial expenses
| Financial expenses | 82 | 86 | 587 | 587 |
Income before taxes
| Income before taxes | (113) | 14 | (809) | 96 |
Taxes on Income
| Taxes on Income | 3 | 6 | 20 | 38 |
Net Income
| Net Income | (115) | 8 | (829) | 57 |
% of revenue
| % of revenue | (11.2%) | 0.6% | (11.2%) | 0.6% |
Adjustments
| Adjustments | (4) | 3 | (28) | 21 |
Reported Net income
| Reported Net income | (112) | 5 | (800) | 36 |
% of revenue
| % of revenue | (10.8%) | 0.4% | (10.8%) | 0.4% |
Adjusted EBITDA
| Adjusted EBITDA | 35 | 171 | 254 | 1,165 |
% of revenue
| % of revenue | 3.4% | 12.5% | 3.4% | 12.5% |
Adjusted EPS
– Basic
| Adjusted EPS5 – Basic | (0.0496) | 0.0036 | (0.3556) | 0.0245 |
| – Diluted | (0.0496) | 0.0036 | (0.3556) | 0.0245 |
Reported EPS
– Basic
| Reported EPS5 – Basic | (0.0479) | 0.0023 | (0.3435) | 0.0155 |
– Diluted
| – Diluted | (0.0479) | 0.0023 | (0.3435) | 0.0155 |
For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financialstatements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
The number of shares used to calculate both basic and diluted earnings per share in both Q3 2023 and 2022 is 2,329.8 million shares.
Abridged Consolidated Income Statement for the First Nine Months
| Adjusted6 | 9M 2023 USD (m) | 9M 2022 USD (m) | 9M 2023 RMB (m) | 9M 2022 RMB (m) |
Revenues
| Revenues | 3,524 | 4,258 | 24,660 | 28,078 |
Cost of Sales
| Cost of Sales | 2,667 | 3,004 | 18,673 | 19,810 |
Other costs
| Other costs | 42 | 30 | 299 | 201 |
Gross profit
| Gross profit | 815 | 1,224 | 5,688 | 8,067 |
% of revenue
| % of revenue | 23.1% | 28.7% | 23.1% | 28.7% |
Selling & Distribution expenses
| Selling & Distribution expenses | 540 | 607 | 3,782 | 4,007 |
General & Administrative expenses
| General & Administrative expenses | 105 | 146 | 735 | 962 |
Research & Development expenses
| Research & Development expenses | 53 | 63 | 373 | 416 |
Other operating expenses
| Other operating expenses | 0 | 5 | 0 | 32 |
Total operating expenses
| Total operating expenses | 698 | 821 | 4,890 | 5,417 |
% of revenue
| % of revenue | 19.8% | 19.3% | 19.8% | 19.3% |
Operating income (EBIT)
| Operating income (EBIT) | 117 | 403 | 799 | 2,650 |
% of revenue
| % of revenue | 3.3% | 9.5% | 3.2% | 9.4% |
Financial expenses
| Financial expenses | 259 | 220 | 1,815 | 1,462 |
Income before taxes
| Income before taxes | (142) | 182 | (1,016) | 1,188 |
Taxes on Income
| Taxes on Income | (7) | 23 | (47) | 153 |
Net Income
| Net Income | (135) | 159 | (969) | 1,035 |
% of revenue
| % of revenue | (3.8%) | 3.7% | (3.9%) | 3.7% |
Adjustments
| Adjustments | 11 | 41 | 73 | 267 |
Reported Net income
| Reported Net income | (146) | 119 | (1,042) | 768 |
% of revenue
| % of revenue | (4.1%) | 2.8% | (4.2%) | 2.7% |
Adjusted EBITDA
| Adjusted EBITDA | 312 | 611 | 2,168 | 4,027 |
% of revenue
| % of revenue | 8.9% | 14.4% | 8.8% | 14.3% |
Adjusted EPS
– Basic
| Adjusted EPS7 – Basic | (0.0580) | 0.0684 | (0.4161) | 0.4442 |
– Diluted
| – Diluted | (0.0580) | 0.0684 | (0.4161) | 0.4442 |
Reported EPS
– Basic
| Reported EPS7 – Basic | (0.0626) | 0.0510 | (0.4474) | 0.3297 |
– Diluted
| – Diluted | (0.0626) | 0.0510 | (0.4474) | 0.3297 |
For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financialstatements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
The number of shares used to calculate both basic and diluted earnings per share in 9M 2023 and 2022 is 2,329.8 million shares.
Abridged Consolidated Balance Sheet
| September 30 2023 USD (m) | September 30 2022 USD (m) | September 30 2023 RMB (m) | September 30 2022 RMB (m) |
Assets
| Assets |
Current assets:
| Current assets: |
Cash at bank and on hand
| Cash at bank and on hand | 737 | 524 | 5,294 | 3,720 |
Bills and accounts receivable
| Bills and accounts receivable | 1,327 | 1,547 | 9,529 | 10,985 |
Inventories
| Inventories | 2,129 | 2,448 | 15,284 | 17,381 |
Other current assets, receivables andprepaid expenses
| Other current assets, receivables and prepaid expenses | 266 | 318 | 1,908 | 2,256 |
Total current assets
| Total current assets | 4,459 | 4,836 | 32,015 | 34,343 |
Non-current assets:
| Non-current assets: |
Fixed assets, net
| Fixed assets, net | 1,759 | 1,666 | 12,629 | 11,829 |
Rights of use assets
| Rights of use assets | 90 | 82 | 646 | 582 |
Intangible assets, net
| Intangible assets, net | 1,457 | 1,464 | 10,461 | 10,393 |
Deferred tax assets
| Deferred tax assets | 245 | 185 | 1,758 | 1,314 |
Other non-current assets
| Other non-current assets | 102 | 105 | 730 | 746 |
Total non-current assets
| Total non-current assets | 3,653 | 3,502 | 26,225 | 24,864 |
Total assets
| Total assets | 8,112 | 8,339 | 58,240 | 59,206 |
Liabilities
| Liabilities | ||||
| Current liabilities: |
Loans and credit from banks and otherlenders
| Loans and credit from banks and other lenders | 1,258 | 704 | 9,032 | 4,997 |
Bills and accounts payable
| Bills and accounts payable | 724 | 1,172 | 5,197 | 8,322 |
Other current liabilities
| Other current liabilities | 959 | 892 | 6,888 | 6,330 |
Total current liabilities
| Total current liabilities | 2,941 | 2,768 | 21,118 | 19,650 |
Long-term liabilities:
| Long-term liabilities: |
Loans and credit from banks and otherlenders
| Loans and credit from banks and other lenders | 423 | 591 | 3,038 | 4,193 |
Debentures
| Debentures | 1,003 | 1,120 | 7,200 | 7,952 |
Deferred tax liabilities
| Deferred tax liabilities | 42 | 53 | 305 | 379 |
Employee benefits
| Employee benefits | 90 | 117 | 648 | 827 |
Other long-term liabilities
| Other long-term liabilities | 458 | 371 | 3,290 | 2,636 |
Total long-term liabilities
| Total long-term liabilities | 2,017 | 2,252 | 14,480 | 15,986 |
Total liabilities
| Total liabilities | 4,958 | 5,019 | 35,598 | 35,636 |
Equity
| Equity |
Total equity
| Total equity | 3,154 | 3,319 | 22,642 | 23,570 |
Total liabilities and equity
| Total liabilities and equity | 8,112 | 8,339 | 58,240 | 59,206 |
Abridged Consolidated Cash Flow Statement for the Third Quarter
| Q3 2023 USD (m) | Q3 2022 USD (m) | Q3 2023 RMB (m) | Q3 2022 RMB (m) | |
| Cash flow from operating activities: | ||||
| Cash flow from operating activities | 82 | (31) | 591 | (213) |
| Cash flow from operating activities | 82 | (31) | 591 | (213) |
| Investing activities: | ||||
| Acquisitions of fixed and intangible assets | (74) | (99) | (529) | (677) |
| Net cash received from disposal of fixed assets, intangible assets and others | 1 | 0 | 6 | 2 |
| Other investing activities | 4 | (3) | 30 | (22) |
| Cash flow used for investing activities | (69) | (102) | (493) | (697) |
| Financing activities: | ||||
| Receipt of loans from banks and other lenders | 49 | 216 | 353 | 1,474 |
| Repayment of loans from banks and other lenders | (52) | (24) | (374) | (161) |
| Interest payment and other | (46) | (20) | (331) | (140) |
| Other financing activities | 138 | 4 | 987 | 28 |
| Cash flow from (used for) financing activities | 89 | 176 | 635 | 1,201 |
| Effects of exchange rate movement on cash and cash equivalents | 1 | (5) | (23) | 161 |
| Net change in cash and cash equivalents | 103 | 38 | 710 | 452 |
| Cash and cash equivalents at the beginning of the period | 633 | 475 | 4,571 | 3,191 |
| Cash and cash equivalents at the end of the period | 736 | 513 | 5,281 | 3,643 |
| Free Cash Flow | (22) | (154) | (97) | (1,050) |
Abridged Consolidated Cash Flow Statement for the First Nine Months
| 9M 2023 USD (m) | 9M 2022 USD (m) | 9M 2023 RMB (m) | 9M 2022 RMB (m) | |
| Cash flow from operating activities: | ||||
| Cash flow from operating activities | 63 | (246) | 526 | (1,559) |
| Cash flow from operating activities | 63 | (246) | 526 | (1,559) |
| Investing activities: | ||||
| Acquisitions of fixed and intangible assets | (244) | (298) | (1,707) | (1,969) |
| Net cash received from disposal of fixed assets, intangible assets and others | 5 | 11 | 37 | 72 |
| Acquisition of subsidiaries | (22) | 0 | (148) | - |
| Other investing activities | 29 | (12) | 205 | (80) |
| Cash flow used for investing activities | (231) | (299) | (1,614) | (1,976) |
| Financing activities: | ||||
| Receipt of loans from banks and other lenders | 647 | 590 | 4,458 | 3,909 |
| Repayment of loans from banks and other lenders | (281) | (201) | (1,974) | (1,324) |
| Interest payment and other | (121) | (83) | (853) | (553) |
| Dividends to shareholders | (9) | (3) | (63) | (19) |
| Other financing activities | 62 | (140) | 467 | (906) |
| Cash flow from (used for) financing activities | 298 | 164 | 2,036 | 1,107 |
| Effects of exchange rate movement on cash and cash equivalents | (2) | (9) | 107 | 311 |
| Net change in cash and cash equivalents | 129 | (390) | 1,056 | (2,116) |
| Cash and cash equivalents at the beginning of the period | 607 | 903 | 4,225 | 5,759 |
| Cash and cash equivalents at the end of the period | 736 | 513 | 5,281 | 3,643 |
| Free Cash Flow | (276) | (623) | (1,849) | (4,049) |
Notes to Abridged Consolidated Financial StatementsNote 1: Basis of preparationBasis of presentation and accounting policies: The abridged consolidated financial statements for thequarters ended September 30, 2023 and 2022 incorporate the financial statements of ADAMA Ltd. and of all ofits subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries.The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministryof Finance (the "MoF") and the implementation guidance, interpretations and other relevant provisions issuedor revised subsequently by the MoF (collectively referred to as “ASBE”).The abridged consolidated financial statements contained in this release are presented in both ChineseRenminbi (RMB), as the Company’s shares are traded on the Shenzhen Stock Exchange, as well as in UnitedStates dollars ($) as this is the major currency in which the Company’s business is conducted. For the purposesof 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, andBalance 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 affectthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements, and the reported amounts of revenues and expenses during the reporting period. Actualresults could differ from those estimated.Note 2: Abridged Financial StatementsFor ease of use, the financial statements shown in this release have been abridged as follows:
Abridged Consolidated Income Statement:
? “Gross profit” in this release is revenue less costs of goods sold, taxes and surcharges, inventory
impairment and other idleness charges (in addition to those already included in costs of goods sold);part of the idleness charges is removed in the Adjusted financial statements? “Other operating expenses” includes impairment losses (not including inventory impairment); gain (loss)from disposal of assets and non-operating income and expenses? “Operating expenses” in this release differ from those in the formally reported financial statements in
that certain transportation costs have been reclassified from COGS to Operating Expenses.? “Financial expenses” includes net financing expenses and gains/losses from changes in fair value.
Abridged Consolidated Balance Sheet:
? “Other current assets, receivables and prepaid expenses” includes financial assets held for trading;
financial assets in respect of derivatives; prepayments; other receivables; and other current assets? “Fixed assets, net” includes fixed assets and construction in progress? “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 other lenders” includes short-term loans and non-current liabilities
due within one year? “Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee
benefits, taxes, interest, dividends and others; advances from customers and other current liabilities? “Other long-term liabilities” includes long-term payables, provisions, deferred income and other non-
current liabilities
Income Statement Adjustments
| Q3 2023 USD (m) | Q3 2022 USD (m) | Q3 2023 RMB (m) | Q3 2022 RMB (m) |
Net Income (loss) (Reported)
| Net Income (loss) (Reported) | (112) | 5 | (800) | 36 |
Adjustments to COGS & Operating Expenses:
| Adjustments to COGS & Operating Expenses: |
1. Amortization of acquisition-related PPA and other acquisition related costs
| 1. Amortization of acquisition-related PPA and other acquisition related costs | 4 | 5 | 30 | 35 |
2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-
Syngenta transaction (non-cash)
| 2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash) | 5 | 6 | 34 | 39 |
3. Upgrade & Relocation related costs
| 3. Upgrade & Relocation related costs | 1 | 2 | 6 | 11 |
| 4. Incentive plans | (2) | (8) | (16) | (58) |
5. ASBEs classifications COGS impact
| 5. ASBEs classifications COGS impact | (12) | (40) | (84) | (270) |
6. ASBEs classifications OPEX impact
| 6. ASBEs classifications OPEX impact | 12 | 40 | 84 | 270 |
Total Adjustments to Operating Income (EBIT)
| Total Adjustments to Operating Income (EBIT) | 7 | 4 | 53 | 28 |
Total Adjustments to EBITDA
| Total Adjustments to EBITDA | (2) | (7) | (14) | (47) |
Adjustments to Financing Expenses:
| Adjustments to Financing Expenses: | ||||
| Revaluation of non-cash adjustment related to put option revaluation | (7) | - | (51) | - |
Other financing expenses
| Other financing expenses | (4) | - | (26) | - |
Adjustments to Taxes:
| Adjustments to Taxes: |
1. Taxes impact
| 1. Taxes impact | (1) | (1) | (5) | (7) |
Total adjustments to Net Income
| Total adjustments to Net Income | (4) | 3 | (28) | 21 |
Net Income (Adjusted)
| Net Income (Adjusted) | (115) | 8 | (829) | 57 |
| 9M 2023 USD (m) | 9M 2022 USD (m) | 9M 2023 RMB (m) | 9M 2022 RMB (m) | |
| Net Income (loss) (Reported)) | (146) | 119 | (1,042) | 768 |
Adjustments to COGS & Operating Expenses:
| Adjustments to COGS & Operating Expenses: |
1. Amortization of acquisition-related PPA and other acquisition related costs
| 1. Amortization of acquisition-related PPA and other acquisition related costs | 13 | 16 | 88 | 104 |
2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-
Syngenta transaction (non-cash)
| 2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash) | 16 | 17 | 109 | 113 |
3. Upgrade & Relocation related costs
| 3. Upgrade & Relocation related costs | 2 | 5 | 16 | 36 |
4. Incentive plans
| 4. Incentive plans | (7) | 2 | (48) | 10 |
5. ASBEs classifications COGS impact
| 5. ASBEs classifications COGS impact | (65) | (116) | (452) | (766) |
6. ASBEs classifications OPEX impact
| 6. ASBEs classifications OPEX impact | 65 | 116 | 452 | 766 |
Total Adjustments to Operating Income (EBIT)
| Total Adjustments to Operating Income (EBIT) | 24 | 40 | 165 | 263 |
Total Adjustments to EBITDA
| Total Adjustments to EBITDA | (6) | 7 | (41) | 43 |
Adjustments to Financing Expenses:
| Adjustments to Financing Expenses: |
Revaluation of non-cash adjustment related to put option revaluation
| Revaluation of non-cash adjustment related to put option revaluation | (7) | - | (51) | - |
Other financing expenses
| Other financing expenses | (4) | 4 | (26) | 24 |
Adjustments to Taxes
| Adjustments to Taxes |
1. Taxes impact
| 1. Taxes impact | (2) | (3) | (15) | (20) |
Total adjustments to Net Income
| Total adjustments to Net Income | 11 | 41 | 73 | 267 |
Net Income (Adjusted)
| Net Income (Adjusted) | (135) | 159 | (969) | 1,035 |
Notes:
1. Amortization of acquisition-related PPA and other acquisition related costs:
a. Amortization of Legacy PPA of 2011 acquisition of Solutions (non-cash): Under ASBE, since the third combined reporting
for Q3 2017, the Company has inherited the historical “legacy” amortization charge that ChemChina previously was incurring inrespect of its acquisition of Solutions in 2011. This amortization is done in a linear manner on a quarterly basis, most of which willhave been completed by the end of 2020.b. Amortization of acquisition-related PPA (non-cash) and other acquisition-related costs: Related mainly to the non-cashamortization of intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on theongoing performance of the companies acquired, as well as other M&A-related costs.
2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash): The proceeds fromthe 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 andeconomic value. Since the products acquired from Syngenta are of the same nature and with the same net economic value as those divested,and since in 2018 the Company adjusted for the one-time gain that it made on the divested products, the additional amortization charge incurreddue to the written-up value of the acquired assets is also adjusted to present a consistent view of Divestment and Transfer transactions, whichhad no net impact on the underlying economic performance of the Company. These additional amortization charges will continue until 2032 butat a reducing rate, yet will still be at a meaningful level until 2028.
3. Upgrade & manufacturing facilities relocation-related costs: These charges all relate to the multi-year Upgrade & Relocation program inChina. As part of this program, production assets located in the old production sites in Jingzhou and Huai’An were relocated to new sites in 2020,2021 and in the coming years. Since some of the older production assets may not be able to be relocated, some of these assets which are nolonger operational are being written off (or impaired), while for others, their economic life has been shortened and therefore will be depreciatedover a shorter period. Since these are older assets that were built many years ago and will be replaced by newer production facilities at the newsites, and since the ongoing operations of the business will not be impacted thereby, the Company adjusts for the impact of all charges relatedto the China Upgrade & Relocated program, which include mainly: (i) excess procurement costs incurred as the Company continued to fulfilldemand for its products, in order to protect its market position, through replacement sourcing at significantly higher costs from third-party suppliers(ii) elevated idleness charges largely related to suspensions at the facilities being relocated These charges have significantly declined since thethird quarter of 2022, as the relocation and upgrade of the manufacturing Jingzhou site in China has been completed and is now at a high levelof operation.
4. Incentive plans: ADAMA granted certain of its employees, a long-term incentive (LTI) in the form of 'phantom' awards linked to the Company’s
share price. As such, the Company records an expense, or recognizes income, depending on the fluctuation in the Company’s share price,regardless of award exercises. To neutralize the impact of such share price movements on the measurement of the Company’s performanceand expected employee compensation and to reflect the existing phantom awards, in the Company’s adjusted financial performance, the LTI ispresented on an equity-settled basis in accordance with the value of the existing plan at the grant date.
5. ASBEs classifications COGS impact – according to the ASBE guidelines [IAS 37], certain items (specifically certain transportation costs) are
classified under COGS.
6. ASBEs classifications OPEX impact – according to the ASBE guidelines [IAS 37], certain items (specifically certain transportation costs) areclassified under COGS.
Exchange Rate Data for the Company's Principal Functional Currencies
| September 30 | Q3 Average | 9M Average | |||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||
| EUR/USD | 1.060 | 0.984 | 7.73% | 1.088 | 1.008 | 7.90% | 1.083 | 1.064 | 1.84% | ||
| USD/BRL | 5.008 | 5.407 | 7.38% | 4.880 | 5.249 | 7.03% | 5.009 | 5.134 | 2.45% | ||
| USD/PLN | 4.370 | 4.953 | 11.78% | 4.138 | 4.706 | 12.08% | 4.236 | 4.395 | 3.62% | ||
| USD/ZAR | 18.939 | 17.953 | (5.49%) | 18.655 | 17.03 | (9.54%) | 18.347 | 15.950 | (15.03%) | ||
| USD/AUD | 0.648 | 0.652 | (0.58%) | 0.654 | 0.684 | (4.34%) | 0.669 | 0.707 | (5.44%) | ||
| GBP/USD | 1.223 | 1.118 | 9.40% | 1.265 | 1.179 | 7.36% | 1.244 | 1.256 | (0.99%) | ||
| USD/ILS | 3.824 | 3.543 | (7.93%) | 3.746 | 3.400 | (10.17%) | 3.643 | 3.313 | (9.95%) | ||
| USD L 3M | 5.39% | 3.75% | 1.64 bp | 5.39% | 2.99% | 2.4 bp | 3.56% | 1.69% | 1.87 bp | ||
| September 30 | Q3 Average | 9M Average | |||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||
| USD/RMB | 7.180 | 7.100 | 1.13% | 7.173 | 6.830 | 5.03% | 7.008 | 6.597 | 6.22% | ||
| EUR/RMB | 7.610 | 6.985 | 8.94% | 7.803 | 6.886 | 13.33% | 7.590 | 7.017 | 8.17% | ||
| RMB/BRL | 0.697 | 0.762 | 8.41% | 0.680 | 0.769 | 11.48% | 0.715 | 0.778 | 8.16% | ||
| RMB/PLN | 0.609 | 0.658 | 7.57% | 0.577 | 0.649 | 11.08% | 0.604 | 0.649 | 6.83% | ||
| RMB/ZAR | 2.638 | 2.529 | (4.32%) | 2.601 | 2.494 | (4.30%) | 2.618 | 2.418 | (8.29%) | ||
| AUD/RMB | 4.652 | 4.627 | 0.54% | 4.693 | 4.671 | 0.47% | 4.687 | 4.666 | 0.44% | ||
| GBP/RMB | 8.783 | 7.939 | 10.63% | 9.077 | 8.051 | 12.75% | 8.714 | 8.286 | 5.17% | ||
| RMB/ILS | 0.533 | 0.499 | (6.73%) | 0.522 | 0.498 | (4.90%) | 0.520 | 0.502 | (3.51%) | ||
| RMB Shibor 3M | 2.30% | 1.67% | 0.63 bp | 2.11% | 1.73% | 0.38 bp | 2.27% | 2.09% | 0.18 bp | ||