公告日期：2019-03-21

ADAMAREPORTSQ4SALESUP17%,NETINCOMEUP79%



Record-highfourthquartercapsbestannualSalesandEBITDAeverfor

theCompany



 Q4Salesincreased17.3%toarecordhigh$963million,up22.8%inconstantcurrency

terms



‒RecordQ4salesdrivenbyrobustbusinessgrowth,ledbysignificantoutperformanceinBrazil,

aswellasincreasedprices,somewhatoffsetbysoftercurrencies



‒Fullyearsalesgrewby$358million,or10.2%,toarecordhigh$3,881million(up12.4%

inconstantcurrencyterms),drivenby8.1%growthinsalesofanincreasinglydifferentiated

portfolio,aswellasincreasedprices



‒Best-everperformanceinmostterritories,withsignificantmarketsharegains



‒40%increaseinsalesofformulated,brandedproductsinChina

 Q4GrossProfitincreased17.6%toarecordhigh$312million



‒Grossmarginof32.4%,inlinewithlastyear



‒Continueddifferentiatedportfoliogrowthandpriceincreasespartiallyoffsetbyhigher

procurementcostsandsoftercurrencies



‒FullyearGrossProfitup4.4%toarecordhigh$1,291million;grossmarginof33.3%



‒Strongbusinessgrowthandincreasedpricesmorethanoffsetincreasesinprocurement

costsandadversecurrenciesimpact;capitalizingonincreasedbackwardintegrationinkey

products

 Operatingcostdisciplineyieldsimprovedcost/salesratio,drivinghigheroperatingprofit Q4EBITDAincreased34.5%toarecordhigh$134millionvs.$100millioninQ4lastyear

‒EBITDAmarginof13.9%,up1.7percentagepointsoverlastyear



‒FullyearEBITDAreachesall-timerecordhighof$653million(marginof16.8%),beating

lastyear’srecord

 Q4IncomebeforeTaxup279.4%to$47million



‒FullyearIncomebeforeTaxabovelastyear’s

 Q4NetIncomeincreased97%toarecordhigh$46million



‒FullyearNetIncomeof$249million(marginof6.4%)vs.$280millionlastyear(marginof

8.0%)



‒2017sawrelativelylowtaxexpenses,benefitingfromtaxincomefromexpectedutilizationof

taxlosscarryforwards;normalizedtaxeswouldhaveputFYNetIncomeabove2017record Continuedmeaningfulcashflowgeneration,whilesupportingstronggrowth……
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