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沙隆达B:2018年第三季度报告正文(英文版)
来源：沙隆达A
摘要：Stockcode：000553,200553 StockAbbreviation：SanondaA(B) AnnouncementNo：2018-50 HUBEISANONDACO.,LTD. THIRDQUARTERREPORT2018
Stockcode：000553,200553 StockAbbreviation：SanondaA(B) AnnouncementNo：2018-50
HUBEISANONDACO.,LTD.
THIRDQUARTERREPORT2018
AdamaAgriculturalSolutionsLtd.,oneoftheworld'sleadingcropprotectioncompanies,andHubeiSanondaCo.,Ltd.havecombined,creatingtheonlyintegrated,publiclytradedGlobal-Chinacropprotectioncompany.
AtADAMA,westrivetoCreateSimplicityinAgriculture�Cofferingfarmerseffectiveproductsandservicesthatsimplifytheirlivesandhelpthemgrow.Withoneofthemostcomprehensiveanddiversifiedportfoliosofdifferentiated,qualityproducts,our6,600strongteamreachesfarmersinover100countries,providingthemwithsolutionstocontrolweeds,insectsanddisease,andimprovetheiryields.
PleaseseekeyadditionalinformationandfurtherdetailsincludedintheAnnex.
October2018
SectionIImportantNotice
TheCompany’sBoardofDirectors,BoardofSupervisors,directors,supervisorsandseniormanagersconfirmthatthecontentoftheReportistrue,accurateandcompleteandcontainsnofalsestatement,misleadingpresentationormaterialomissions,andassumejointandseverallegalliabilityarisingtherefrom.
ChenLichtenstein,thepersoninchargeoftheCompanyaswellasitslegalrepresentative,andAviramLahav,thepersoninchargeoftheaccountingfunction(ChiefFinancialOfficer),herebystateandensurethetruthfulness,accuracyandcompletenessoftheFinancialReport.
AlltheCompany’sdirectorsattendedtheboardmeetingforthereviewofthisReport.
ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesbetweenthetwoversions,theChineseversionshallprevail.
SectionIIFinancialHighlights&ShareholderChanges
IHighlightsofaccountingdataandfinancialindicators
WhethertheCompanyperformsanyretroactiveadjustmentstoorrestatementsofitsaccountingdataoflastyearduetochangeinaccountingpoliciesorcorrectionofaccountingerrors
□Yes√No
Unit:RMB’000
EndofReportingPeriod Endoflastyear +/-(%)
Totalassets 42,628,220 39,685,756Note1 7.41%
Netassetsattributabletoshareholdersof
theCompany 22,423,162 18,849,847Note1 18.96%
Unit:RMB’000
July-September +/-(%) January-September +/-(%)
2018 2017 2018 2017
Operatingrevenues 5,928,627 5,624,175 5.41% 18,954,885 18,394,239 3.05%
Netprofitattributabletoshareholdersof
theCompany 179,661 282,520 (36.41%) 2,542,442 1,599,514 58.95%
Netprofitattributabletoshareholdersof
theCompanyexcludingnon-recurring
profitandloss 175,718 270,892 (35.13%) 966,014 436,359 121.38%
Netcashflowfromoperatingactivities 1,454,557 2,521,540 (42.31%)
BasicEPS(RMB/share) 0.0734 0.1206 (39.14%) 1.0392 0.6830 52.15%
DilutedEPS(RMB/share) N/A N/A - N/A N/A -
Weightedaveragereturnonnetassets 28.0% 18.1% (49.10%) 12.31% 9.28% 32.70%
Note1:
Theamountsspecifiedare2018openingbalanceamountsratherthan2017closingbalanceamounts.AsofJanuary1,2018,theCompanybegantoadopttherevisedAccountingStandardsforBusinessEnterprises(“ASBE”)regardingfinancialinstrumentsandrevenues,promulgatedbyMinistryofFinancein2017.AccordingtothetransitionalrequirementsofrelevantrevisedASBEs,theopeningbalancesoftotalassetsandnetassetsattributabletotheshareholdersoftheCompanyhavebeenadjusted.ThetotalassetsandnetassetsattributabletotheshareholdersoftheCompanyasatDecember31,2017wereRMB’00039,613,922andRMB’00018,778,013,respectively.
PleaseseekeyadditionalinformationandfurtherdetailsincludedintheAnnex.
Non-Recurringprofit/loss
√Applicable□Notapplicable
Unit:RMB’000
Item ReportingPeriod Note
Gains/lossesonthedisposalofnon-currentassets 1,996,244 DivestmentinEurope,related
(includingtheoffsetpartofassetimpairmentprovisions) totheSyngentaTransaction.
Governmentgrantsrecognizedthroughprofitorloss
(excludinggovernmentgrantscloselyrelatedtobusinessof 16,667 --
theCompanyandgivenatafixedquotaoramountin
accordancewithgovernment’suniformstandards)
Recoveryorreversalofprovisionforbaddebtswhichis 17,027 --
assessedindividuallyduringtheyears
Othernon-operatingincomeandexpensesotherthanthe (4,134) --
above
Less:Incometaxeffects 449,376 --
Total 1,576,428 --
ExplanationofwhytheCompanyclassifiedanitemasexceptionalprofit/lossaccordingtothedefinitionintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic―ExceptionalProfitandLoss,orreclassifiedanyexceptionalprofit/lossitemgivenasanexampleinthesaidexplanatoryannouncementtorecurrentprofit/loss
□Applicable√Notapplicable
NosuchcasesintheReportingPeriod.
IITotalnumberofshareholdersandshareholdingsoftop10shareholdersattheperiod-end1.Totalnumberofordinaryshareholdersandpreferenceshareholderswhohadresumedtheirvotingright&shareholdingsoftop10shareholdersattheperiod-end
Unit:share
52,055 Total number of preference
Total number of ordinary (including shareholderswhohadresumedtheir
shareholdersattheendof votingrightattheendofthe 0
theReportingPeriod 35,817forAsharesand
16,238forBshares) ReportingPeriod(ifany)
Shareholdingsoftop10shareholders
Natureof Shareholding Numberof Numberof Pledgedorfrozenshares
Nameofshareholder shareholder percentage sharesheld restricted
sharesheld Status Number
ChinaNational State-owned
Agrochemical legalperson 74.02% 1,810,883,039 1,810,883,039 - -
Corporation(CNAC)
JingzhouSanonda State-owned 4.89% 119,687,202 - - -
HoldingCo.,Ltd. legalperson
ChinaCindaAsset State-owned 1.37% 33,557,046 33,557,046 - -
ManagementCo.,Ltd. legalperson
ChinaStructural State-owned 1.37% 33,557,046 33,557,046 - -
ReformFundCo.,Ltd. legalperson
CCB Others 0.53% 12,885,906 12,885,906 - -
Principal-ICBC-Avic
Trust,TrustPlanof
PooledFundsofCCB
PrincipalPrivate
Placement
Investment,Tianqi
(2016)No.293ofAvic
Trust
IndustrialBankCo.,
Ltd,MixedSecurities
InvestmentFund, Others 0.33% 8,053,736 8,053,736 - -
Aegon-Industrial
TrendInvestment
(LOF)
PortfolioNo.503of
NationalSocial Others 0.25% 5,999,921 - - -
SecurityFund
JiangYun Domestic 0.21% 5,200,173 - - -
naturalperson
PortfolioNo.118of
NationalSocial Others 0.21% 5,065,684 - - -
SecurityFund
GUOTAIJUNAN Foreignlegal
SECURITIES(HONG person 0.20% 4,838,044 - - -
KONG)LIMITED
Shareholdingsoftop10non-restrictedshareholders
Numberofnon-restricted Typeofshares
Nameofshareholder sharesheldattheperiod-end
Type Number
JingzhouSanondaHoldingCo.,Ltd. 119,687,202 RMBordinary 119,687,202
share
PortfolioNo.503ofNationalSocialSecurityFund 5,999,921 RMBordinary 5,999,921
share
JiangYun 5,200,173 RMBordinary 5,200,173
share
PortfolioNo.118ofNationalSocialSecurityFund 5,065,684 RMBordinary 5,065,684
share
Domestically
GUOTAIJUNANSECURITIES(HONGKONG)LIMITED 4,838,044 listedforeign 4,838,044
share
QichunCountyState-ownedAssetsAdministration 4,169,266 RMBordinary 4,169,266
share
AgriculturalBankofChinaLimited-CSI500Exchange 4,034,562 RMBordinary 4,034,562
TradedFund share
WuFeng 2,980,237 RMBordinary 2,980,237
share
Domestically
XieQingjun 2,500,000 listedforeign 2,500,000
share
Aegon-IndustrialFund�CAgriculturalBankofChina�C 2,493,609 RMBordinary 2,493,609
ChinaPacificLifeInsurance�CEntrustedInvestmentby share
PrivatePlacementStrategicProduct(AssuredAmount
Bonus)
JingzhouSanondaHoldingsCo.,Ltd.andCNACarerelatedparties,andare
acting-in-concertpartiesasprescribedintheAdministrativeMethodsforAcquisition
Relatedoract-in-concertparties ofListedCompanies.SanondaHoldingisawholly-controlledsubsidiaryofCNAC.Itamongtheshareholdersabove isunknownwhethertheothershareholdersarerelatedpartiesoracting-in-concert
partiesasprescribedintheAdministrativeMethodsforAcquisitionofListed
Companies.
Top10ordinaryshareholders ShareholderWuFengheld775,726sharesoftheCompanythroughacredit
conductingsecuritiesmargin collateralsecuritiestradingaccountandheld2,204,511sharesoftheCompany
trading(ifany) throughacommonsecuritiesaccount,whothusheld2,980,237sharesofthe
Companyintotal.
Didanyofthetop10ordinaryshareholdersorthetop10non-restrictedordinaryshareholdersoftheCompanyconductanypromissoryrepoduringtheReportingPeriod?
□Yes√No
NosuchcasesintheReportingPeriod.
2.Totalnumberofpreferenceshareholdersandshareholdingsofthetop10ofthemattheperiod-end
□Applicable√Notapplicable
SectionIIISignificantEvents
IChangesinmainaccountingstatementitemsandfinancialindicatorsintheReporting
Period,aswellasreasonsforthechanges
√Applicable□Notapplicable
Unit:RMB’000
Assetsandliabilities September30,2018 January1,2018 +/-(%) Mainreasonforchange
Financialassetsheldfortrading 47,528 23,000 107% Additionalinvestment
Derivativefinancialassets 677,223 455,153 49% Revaluationof
derivatives
Assetsheldforsale - 403,297 (100%) Divestmenttransaction
completed
Othercurrentassets 533,834 765,028 (30%) Decreaseinbank
acceptancebills
Longtermreceivables Mainlycollectionand
134,984 192,968 (30%) devaluationofaforeign
currency
Constructioninprogress 433,350 803,421 (46%) CIPtransferredtofixed
assets
Mainlypurchaseof
Intangibleassets 5,900,418 4,036,588 46% intangiblefromSyngenta
AG
Shorttermloans 452,729 2,280,912 (80%) Repaymentofshortterm
loans
Derivativefinancialliabilities 1,045,164 789,050 32% Revaluationof
derivatives
Advancesfromcustomers 140,211 226,711 (38%) Decreaseinadvances
fromcustomers
Mainlyincreasein
liabilitiesfordiscounts,
Otherpayables 2,201,178 1,422,734 55% accruedexpensesand
liabilityinrespectof
securitizationtransaction
Taxesandfarespayable Mainlyduetoincreasein
630,084 431,275 46% corporateincometaxdue
toincreaseintaxable
profit
Long-termloans 304,549 514,320 (41%) Mainlyduetorepayment
ofloans
Deferredtaxliabilities Mainlyduetoutilization
431,346 224,613 92% oflossescarryforward
duetogainfromdisposal
ofintangibleassets.
Provisions Decreaseinprovisionin
102,337 163,913 (38%) respectofcontingencies
andlawsuits
Deferredincome 34,485 - 100% Deferredincomerelated
todivestmenttransaction
Othercomprehensiveincome Mainlyduetorevaluation
1,108,221 (104,080) 1165% ofhedgetransactionand
translationeffectof
foreignoperations
Specialreserves(China) 16,255 9,349 74% Additionstosafety
productionreserve
Retainedearnings 5,671,403 3,307,924 71% Mainlynetprofit
Profitandlosses January-September January-September +/-(%) Mainreasonforchange
2018 2017
Taxesandsurcharges 63,870 48,661 31% Increaseinrevenues
ResearchandDevelopment 262,581 196,579 43% Increaseininvestments
expenses inR&Dprojects
Creditimpairmentloss 14,096 - 100% AdoptionofASBE22
Gains(Losses)fromchangesin Mainlyduetochangein
fairvalue (344,673) 170,228 (302%) thefairvalueof
derivatives
Investmentincome(loss) 355,813 28,088 1167% Mainlyduetorealization
ofderivatives
Gain(Loss)fromdisposalof 1,996,242 55,761 3480% Gainfromdisposalof
assets intangibleassets
Non-operatingincome 30,407 22,763 34% Increaseinnon-recurring
income
Mainlyduetogainfrom
disposalofintangible
Incometaxexpenses 787,319 259,358 204% assetsanddevaluationof
theBrazilianRealwhich
resultedinadecreasein
thelocaltaxassets
IIProgressonsignificantevents,aswellastheinfluenceandsolutions
□Applicable√Notapplicable
IIINonecompletionofCommitmentsthatshouldhavebeencompletedinthereporting
periodbytheCompany,actualcontroller,shareholders,relatedparties,acquirer,andother
committedparties.
□Applicable√Notapplicable
NosuchcasesintheReportingPeriod.
IVPerformanceforecastforY2018
WarningofpossiblelossorconsiderableYoYchangeintheaccumulativenetprofitmadeduringtheyear-beginningtothe
endofthenextreportingperiod,aswellasthereasons
□Applicable√Notapplicable
VSecuritiesinvestment
□Applicable√Notapplicable
NosuchcasesintheReportingPeriod.
VIWealthmanagemententrustment
□Applicable √Notapplicable
NosuchcasesintheReportingPeriod.
VIIInvestmentinderivativefinancialinstruments
√Applicable□Notapplicable
Unit:RMB’000
Theparty Relation Related Type Initial Starting Expiring Investment Amount Amountsold Impairment Investment Percentageof Gain/loss
that withthe party investment date date amountat purchased duringthe accrued(if amountat investment duringthe
operatestheCompany transaction amount beginningof duringthe reporting any) endofthe amountdivided reporting
investment ornot? theperiod reporting period period bynetassetat period
period endofthe
period
Banks No No Option 52,274 03/06/201809/03/2019 52,274 6,097,265 (2,547,865) No 3,601,674 16.06% (229,646)
Banks No No Forward15,911,92328/05/201811/01/2019 15,911,923 20,962,417 (23,768,719) No 13,105,621 58.45% (35,845)
Total 15,964,197 -- -- 15,964,197 27,059,682 (26,316,584) 16,707,295 74.51% (265,491)
Sourceoffundfortheinvestment Internal
litigation-relatedsituations(ifapplicable) N/A
DateofdisclosureofBoardapproval(ifany) December30,2017
DateofdisclosureofShareholders’approval(ifN/A
any)
Theaforesaidreferstoshorttermhedgingcurrencytransactionsmadewithbanks.
TheGroup’stransactionSARenottradedinthemarket.ThetransactionSARebetweentheapplicablecompanyintheGroupandtheapplicable
bankuntiltheexpirationdateofthetransaction,thereforenomarketriskisinvolved.
Regardingcreditandliquidityrisk,theGroupisworkingwithlargeandsubstantialbanksonlyandwithsomeofthemtheGrouphasISDA
agreements.
Astooperationalrisk,theGroupisworkingwithapprovedsoftwareforalltransactions.
Nolegalriskisinvolved.
RiskandcontrolanalysisforthereportingThecontrolstakeninordertofurtherreducesaidriskSARe:
period(includingbutnotlimitedtomarketrisk, ? Therelevantsubsidiarieshavespecificguidelines,undertheGroup’spolicy,whichwereapprovedbythesubsidiaries'Financial
liquidityrisk,creditrisk,operationalrisk,legal StatementsCommitteeoftheBoard,whichspecifies,interalia,thehedgingpolicy,thepersonsthathavetheauthorizationto
risk,etc.) dealwithhedging,thetools,rangesetc.TheonlysubsidiarythathashedgingpositionsintheGroupintheperiodwasAdama
Solutionsanditssubsidiaries.
? TherelevantsubsidiariesapplylocalSOXauditsthataudittheworkingprocessandthecontrolsofthehedgingtransactions,in
additiontothequarterlyaudit.
? ThecontrollersoftherelevantsubsidiarieSAReinvolvedandmonitorthehedgingaccountingtreatment.
Every2-3yearstheinternalauditoftherelevantsubsidiariesdepartmentisauditingtheentireprocedure.
Market price or fair value change ofTheaforesaidreferstoshorttermhedgingcurrencytransactionsmadebytherelevantsubsidiarywithbanks.
investmentsduringthereportingperiod. Segregationofdutiesasfollows:
SpecificmethodologyandassumptionsshouldForthefairvalueevaluation,therelevantsubsidiaryisusingexternalexperts.Therelevantsubsidiaryhedgescurrenciesonly;therelevantbedisclosedintheanalysisoffairvalueofthetransactionSAResimple(optionsandforwards)forupto1.5years.Therefore,thevaluationisstraightforward,andtheexchangerateSARe
investments providedbytheaccountingdepartmentoftherelevantsubsidiaryandallotherparameterSAReprovidedbytheexternalexperts.
Explanationforanysignificantchangesin
accountingpoliciesandprinciples,comparedN/A
withlastreportingperiod
Independent Directors’ opinion on theThederivativeinvestmentscarriedbytheCompanyareforhedgingandavoidingtheriskofmarketfluctuations.Theinvestmentsrespondto
investmentinderivativefinancialinstrumentstheCompany’sroutinebusinessdemandsandareinaccordancewiththerelevantlawsandregulations.Additionally,theCompanyhas
andrelatedriskcontrols adoptedCurrencyRiskHedgingPolicytostrengthentheriskmanagementandcontrolwhichbenefittheCompany’sabilitytoprotectagainst
marketrisk.ThederivativeinvestmentsdonotharmtheinterestsoftheCompanyanditsshareholders.
VIIIVisitspaidtotheCompanyforpurposesofresearch,communication,interview,etc.
duringtheReportingPeriod
√Applicable□Notapplicable
Dateofvisit Wayofvisit Typeofvisitor About
Introduced the Company's overall
July10,2018 Call(OnetoMany) InstitutionalInvestors
situationandbusinessdevelopment.
Introduced the Company's overall
July11,2018 OnSiteResearch InstitutionalInvestors
situationandbusinessdevelopment.
Introducedtheglobaloverallsituationof
PublicDayofCapital
July17,2018 InstitutionalInvestors Agrochemicalindustry,andthebusiness
Market
ofeachfunctionoftheCompany.
Introducedtheglobaloverallsituationof
PublicDayofCapital
July19,2018 InstitutionalInvestors Agrochemicalindustry,andthebusiness
Market
ofeachfunctionoftheCompany.
CommunicationontheQ2andthefirst
August27,2018 Call(OnetoMany) InstitutionalInvestors
halfyearperformancesoftheCompany.
CommunicationontheQ2andthefirst
August28,2018 Roadshow(OnetoMany) InstitutionalInvestors
halfyearperformancesoftheCompany.
August29,2018 Roadshow(OnetoMany) InstitutionalInvestors CommunicationontheQ2andthefirst
Dateofvisit Wayofvisit Typeofvisitor About
halfyearperformancesoftheCompany.
CommunicationontheQ2andthefirst
August30,2018 Roadshow(OnetoMany) InstitutionalInvestors
halfyearperformancesoftheCompany.
Introduced the Company's overall
situation,businessdevelopment,andthe
September4,2018 Brokers’StrategyMeeting InstitutionalInvestors
Q2andthefirsthalfyearperformances
oftheCompany.
CommunicationontheQ2andthefirst
September6,2018 Brokers’StrategyMeeting InstitutionalInvestors
halfyearperformancesoftheCompany.
IXIllegalprovisionofguaranteesforexternalparties
□Applicable√Notapplicable
NosuchcasesintheReportingPeriod.
XUtilizationoftheCompany’scapitalbythecontrollingshareholderoritsrelatedpartiesfornon-operatingpurposes
□Applicable√Notapplicable
NosuchcasesintheReportingPeriod.
HubeiSanondaCo.,Ltd.
30October2018
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