|
 |
|
|
|||
|
 |
|
Mar. 28, 2024 Source: ADAMA news release Full Year 2023 Highlights: *Sales down 16% to $4,661 million (-12% in RMB terms; -15% in CER terms), mainly reflecting a 8% decrease in prices and a 7% decrease in volumes *Adjusted EBITDA amounted to $407 million vs. $740 million in the full year of 2022 *Adjusted net loss of $236 million; Reported net loss of $225 million *Operating Cash Flow of $356 million vs $106 million in 2022 Free Cash Flow of -$147 million vs -$417 million in 2022 BEIJING and TEL AVIV, Israel -- ADAMA Ltd. (the "Company") (SZSE: 000553), today reported its financial results for the fourth quarter and full year ended December 31, 2023. Steve Hawkins, President and CEO of ADAMA, said, "The crop protection industry as a whole faced challenging market conditions throughout 2023, resulting from high channel inventory and ongoing destocking at the distributor level. In response, ADAMA took immediate steps that supported a significant improvement in cashflow in 2023, highlighting our strong execution ability. "In addition to the significant improvement in cashflow, we improved the sales mix of higher margin products, reduced operating expenses and inventory. These, however, are only the first steps to ensure the Company is fully prepared to take advantage of anticipated market opportunities in 2024 and onwards. To fully respond to the long-term as well as short-term market challenges, we launched an intensive transformation plan aimed at improving the quality of the business and revaluing ADAMA. "We will focus on winning in the largest growing segment of the market - the value innovation segment - with our outstanding pipeline of differentiated products powered by our proprietary formulation technologies. Coupled with resolute focus on improving our cost base and leveraging our strong commercial engine and customer driven culture, I am confident that we will succeed to revalue the Company going forward. I expect to share key milestones as the year progresses." To read the entire report click here. Tweet |
|
|
|
|
|
|
|
|
|||||||||||||
