Month: November 2021

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Ingredion Incorporated Reports Third Quarter 2021 Results and Raises Full Year Adjusted Earnings Expectation

  • Third quarter 2021 reported and adjusted EPS* were $1.75 and $1.67, respectively, compared to third quarter 2020 reported and adjusted EPS of $1.36 and $1.77, respectively.
  • The Company expects full year 2021 adjusted EPS to be in the range of $6.65-$7.00, up from the previously provided full year outlook of $6.45-$6.85.

WESTCHESTER, Ill., Nov. 02, 2021 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the third quarter of 2021. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2021 and 2020, include items that are excluded from the non-GAAP financial measures that the Company presents.

“We delivered outstanding top-line performance of 17% net sales growth in the quarter resulting from well managed sales execution to fulfill strong customer demand. Every region achieved double-digit sales growth through a clear focus on managing price mix and partnering with customers to meet changing demand requirements as a result of global supply chain constraints. At the same time, we kept pace with higher input costs to deliver reported operating income up 12% and adjusted operating income down 9%, against previously anticipated high double-digit corn cost inflation,” said Jim Zallie, Ingredion’s president and chief executive officer.

“Once again, our specialty ingredients growth platforms achieved double-digit increases in net sales, which outpaced the remainder of our portfolio. During the quarter, we generated the largest specialty sales growth from our sugar reduction and specialty sweeteners platform, driven by customer wins from PureCircle and strong demand recovery globally. In addition, consumers’ heightened focus on nutrition and wellness is underpinning the robust demand we are seeing for our clean & simple, texture and plant-based protein solutions,” continued Zallie.

“More broadly, we continue to execute on our Driving Growth Roadmap to strategically shape our portfolio for the future. During the quarter, we completed the contribution of our Argentina business to the Arcor joint venture, reducing our exposure to currency volatility and high fructose corn syrup,” added Zallie. “Our teams are actively addressing the difficult challenges brought on by global supply chain constraints and rising inflation, to continue to serve customers, just as we have throughout the disruptions and uncertainty of the pandemic. I am incredibly proud of our employees as they engage each day to create lasting value for our stakeholders.”

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted diluted weighted average common shares outstanding are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this news release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

Diluted Earnings Per Share (EPS)

3Q20 3Q21 YTD20 YTD21
Reported EPS $1.36 $1.75 $3.45 $0.74
Impairment/Restructuring costs 0.22 0.10 0.51 0.25
Acquisition/Integration costs 0.06 0.06 0.10 0.09
Impairment (favorable adjustment)*** – (0.30) – 5.02
Tax items and other matters 0.13 0.06 0.45 (0.52)
Adjusted EPS** $1.77 $1.67 $4.50 $5.58

Estimated factors affecting changes in Reported and Adjusted EPS

3Q21 YTD21
Margin $(0.26) $0.47
Volume 0.07 0.44
Foreign exchange 0.02 0.10
Other income (0.01) 0.06
Total operating items ($0.18) $1.07
Other non-operating income – 0.01
Financing costs (0.05) (0.05)
Shares outstanding – (0.02)
Non-controlling interests 0.01 (0.01)
Tax rate 0.12 0.08
Total non-operating items $0.08 $0.01
Total items affecting EPS** $(0.10) $1.08

**Totals may not foot due to rounding
*** Reported results reflect a finalized $340 million net asset impairment charge, net of a $20 million favorable adjustment in the third quarter of 2021, which reduced the $360 million asset impairment charge recorded in the first quarter, related to the contribution of the Company’s Argentina operations to the Arcor joint venture.

Financial Highlights

  • At September 30, 2021, total debt and cash including short-term investments were $2.1 billion and $438 million, respectively, versus $2.2 billion and $665 million, respectively, at December 31, 2020.
  • Net financing costs for the third quarter were $20 million, down compared to the year-ago reported financing costs driven by the early debt extinguishment charges that were excluded from prior year adjusted net income.
  • Reported and adjusted effective tax rates for the third quarter were 22.2 percent and 21.5 percent, respectively, compared to 30.1 percent and 26.2 percent, respectively, in the year-ago period. The decrease in reported tax rate resulted primarily from U.S. foreign tax credits and other one-time adjustments. These items were partially offset by a change in value of the Mexican peso against the U.S. dollar.
  • Year-to-date net capital expenditures were $186 million, down $64 million from the year-ago period.

Business Review

Total Ingredion

$ in millions 2020
Net Sales		 FX
Impact		 Volume Price/mix 2021
Net Sales		 % change % change
excl. FX
Third quarter 1,502 10 39 212 1,763 17% 17%
Year-to-Date 4,394 51 261 433 5,139 17% 16%


Reported Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 Acquisition /
Integration		 Restructuring
/ Impairment		 Other 2021 %
change		 % change
excl. FX
Third quarter 153 2 -18 2 28 5 172 12% 11%
Year-to-Date 419 9 90 7 -321 20 224 -47% -49%


Adjusted Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 2021 % change % change
excl. FX
Third quarter 179 2 -18 163 -9% -10%
Year-to-Date 473 9 90 572 21% 19%


Net Sales

  • Third quarter and year-to-date net sales were up from the year-ago period, driven by strong price mix including the pass through of higher corn costs, and higher volumes, including PureCircle and KaTech results. Excluding foreign exchange impacts, net sales were up 17 percent and 16 percent for the quarter and year-to-date, respectively.

Operating Income

  • Third quarter reported and adjusted operating income were $172 million and $163 million, respectively, an increase of 12 percent and a decrease of 9 percent, respectively, from the same period last year. The increase in reported operating income was driven by a favorable adjustment to the net asset impairment related to the contribution of Argentina assets to the Arcor joint venture, which was partially offset by higher corn and manufacturing costs, including costs associated with the ramp-up of plant-based protein operations in our South Sioux City and Vanscoy facilities. The decrease in adjusted operating income was driven by higher corn and manufacturing costs, including the costs associated with the ramp-up of plant-based protein operations. Excluding foreign exchange impacts, reported and adjusted operating income were up 11 percent and down 10 percent, respectively, from the same period last year.
  • Year-to-date reported and adjusted operating income were $224 million and $572 million, respectively, a decrease of 47 percent and an increase of 21 percent, respectively, from the year-ago period. The decrease in reported operating income was attributable to the net asset impairment charge related to the contribution of the Company’s Argentina assets to the Arcor joint venture and higher corn and manufacturing costs, which were partially offset by strong price mix and higher volumes. Excluding foreign exchange impacts, reported and adjusted operating income were down 49 percent and up 19 percent, respectively, from the same period last year.
  • Third quarter reported operating income was higher than adjusted operating income by $9 million driven by a favorable adjustment to the net asset impairment related to the contribution of Argentina assets to the Arcor joint venture which was partially offset by Cost Smart-related restructuring costs.
  • Year-to-date reported operating income was lower than adjusted operating income by $348 million primarily due to the net asset impairment charge related to the contribution of the Company’s Argentina assets to the Arcor joint venture.

North America
Net Sales

$ in millions 2020
Net Sales		 FX
Impact		 Volume Price
mix		 2021
Net Sales		 % change % change
excl. FX
Third quarter 928 6 32 117 1,083 17% 16%
Year-to-Date 2,739 23 107 227 3,096 13% 12%


Segment Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 2021 % change % change
excl. FX
Third quarter 132 1 -13 120 -9% -10%
Year-to-Date 358 4 41 403 13% 11%
  • Third quarter operating income was $120 million, a decrease of $12 million from the year-ago period, and year-to-date operating income was $403 million, an increase of $45 million from the year-ago period. For the third quarter, the decrease was driven by higher corn and manufacturing costs, including costs associated with the ramp-up of plant-based protein operations in our South Sioux City and Vanscoy facilities. Year-to-date, the increase was driven by favorable price mix and higher volumes, which were partially offset by input cost inflation.

South America
Net Sales

$ in millions 2020
Net Sales		 FX
Impact		 Volume Price
mix		 2021
Net Sales		 % change % change
excl. FX
Third quarter 224 – -34 70 260 16% 16%
Year-to-Date 643 -19 -1 178 801 25% 27%


Segment Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 2021 % change % change
excl. FX
Third quarter 29 – 6 35 21% 20%
Year-to-Date 68 -2 42 108 59% 62%
  • Third quarter operating income was $35 million, an increase of $6 million from the year-ago period, and year-to-date operating income was $108 million, an increase of $40 million from the year-ago period. For both the quarter and year-to-date, the increases were driven by favorable price mix partially offset by higher corn costs. Excluding foreign exchange impacts, segment operating income was up 20 percent and 62 percent for the third quarter and year-to-date, respectively. Results for Argentina are accounted for in U.S. dollars under hyperinflationary accounting.

Asia-Pacific
Net Sales

$ in millions 2020
Net Sales		 FX
Impact		 Volume Price
mix		 2021
Net Sales		 % change % change
excl. FX
Third quarter 207 1 18 19 245 18% 18%
Year-to-Date 583 24 108 13 728 25% 21%


Segment Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 2021 % change % change
excl. FX
Third quarter 18 – 3 21 17% 16%
Year-to-Date 60 3 7 70 17% 13%
  • Third quarter operating income was $21 million, up $3 million from the year-ago period, and year-to-date operating income was $70 million, an increase of $10 million from the year-ago period. For the third quarter, the increase was driven by higher volumes and favorable price mix, which were partially offset by higher freight and manufacturing costs. Year-to-date, the increase was driven by higher volumes and favorable foreign exchange impacts.

Europe, Middle East, and Africa (EMEA)
Net Sales

$ in millions 2020
Net Sales		 FX
Impact		 Volume Price
mix		 2021
Net Sales		 % change % change
excl. FX
Third quarter 143 4 22 6 175 22% 20%
Year-to-Date 429 23 48 14 514 20% 14%


Segment Operating Income

$ in millions 2020 FX
Impact		 Business
Drivers		 2021 % change % change
excl. FX
Third quarter 25 1 -3 23 -8% -11%
Year-to-Date 73 4 9 86 18% 12%
  • Third quarter operating income was $23 million, down $2 million from the year-ago period, and year-to-date operating income was $86 million, an increase of $13 million from a year ago. For the third quarter, the decrease was driven by higher corn and energy costs in Pakistan. Year-to-date, the increase was largely attributable to lower net corn costs and favorable price mix in Pakistan and favorable foreign exchange impacts in Europe.

Dividends and Share Repurchases
Ingredion continues to return cash to shareholders through cash dividends and share repurchases.

In July 2021, a quarterly cash dividend of $0.64 per share was paid to shareholders of record on July 1, 2021, totaling $43 million bringing total year-to-date dividend payments to $138 million. In September 2021, the Company increased the quarterly dividend by $0.01 to $0.65 per share, the seventh consecutive annual increase in the dividend.

Ingredion repurchased $44 million of outstanding shares of common stock in the third quarter. This brings Ingredion’s total year-to-date share repurchases in 2021 to $68 million.

2021 Full Year Outlook
The Company now expects full year 2021 adjusted EPS to be in the range of $6.65-$7.00 compared to adjusted EPS of $6.23 in 2020, and up from the previously provided full year outlook of $6.45-$6.85. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

Compared with last year, the 2021 full year outlook is as follows: North America operating income is expected to be up low single-digits to mid-single-digits driven by higher volumes and lower operating expenses; South America operating income, including the impact of the Arcor joint venture in Argentina, is expected to be up 20 to 25 percent driven by favorable price mix; Asia-Pacific operating income is expected to be up high single-digits driven by higher volumes; EMEA operating income is expected to be up high single-digits driven by higher volumes partially offset by higher input costs; and Corporate costs are expected to be up low single-digits driven by investments in global capabilities and centers of excellence. The Company expects full year adjusted operating income to be up high single-digits.

Cash from operations for the full year is expected to be in the range of $450 million to $550 million, which includes an increase in expected working capital due to higher expected net sales and the impact of higher corn costs on inventory. Capital expenditures for the full year are anticipated to be between $320 million and $350 million.

For the full year, the Company expects a reported effective tax rate of 46.0 percent to 51.0 percent and an adjusted effective tax rate of 25.5 percent to 27.0 percent.

Conference Call and Webcast Details
Ingredion will host a conference call on Tuesday, November 2, 2021, at 8 a.m. Central Time / 9 a.m. Eastern Time, hosted by Jim Zallie, president and chief executive officer, and James Gray, executive vice president and chief financial officer. The call will be webcast in real time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. The accompanying presentation will be accessible through the Company’s website, and available to download a few hours prior to the start of the call. A replay will be available for a limited time at: https://ir.ingredionincorporated.com/financial-information/quarterly-results.

About the Company
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2020 annual net sales of $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, the Company’s expectations for full-year 2021 adjusted EPS, adjusted operating income, cash from operations, capital expenditures, and reported and adjusted effective tax rates, as well as other statements regarding the Company’s future prospects or financial condition, net sales, operating income, volumes, corporate costs, tax rates, capital expenditures, expenses or other financial items, any statements concerning the Company’s prospects or future operations, including management’s plans or strategies and objectives therefor, and any assumptions, expectations or beliefs underlying the foregoing.

These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts in this news release or referred to in or incorporated by reference into this news release are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various factors, including the impact of COVID-19 on the demand for our products and our financial results; changing consumption preferences relating to high fructose corn syrup and other products we make; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency, and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition, and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic, and the specific varieties of corn upon which some of our products are based, and our ability to pass along potential increases in the cost of corn or other raw materials to customers; energy costs and availability, including energy issues in Pakistan; our ability to contain costs, achieve budgets, and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget and realize expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the behavior of financial and capital markets, including with respect to foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing facilities; the impact of impairment charges on our goodwill or long-lived assets; changes in our tax rates or exposure to additional income tax liability; our ability to maintain satisfactory labor relations; the impact on our business of natural disasters, war, or similar acts of hostility, threats or acts of terrorism, the outbreak or continuation of pandemics such as COVID-19, or the occurrence of other significant events beyond our control; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; potential effects of climate change; security breaches with respect to information technology systems, processes, and sites; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent reports on Forms 10-Q and 8-K filed with the Securities and Exchange Commission.

CONTACTS:
Investors: Jason Payant, 708-551-2584
Media: Becca Hary, 708-551-2602

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts) Three Months Ended
September 30,		 Change
%		 Nine Months Ended
September 30,		 Change
%
2021 2020 2021 2020
Net sales $ 1,763 $ 1,502 17 % $ 5,139 $ 4,394 17 %
Cost of sales 1,440 1,176 4,098 3,474
Gross profit 323 326 (1 %) 1,041 920 13 %
Operating expenses 164 155 6 % 484 456 (6 %)
Other (income) expense, net (1 ) 2 (29 ) 4
Restructuring/impairment charges and related adjustments (12 ) 16 362 41
Operating income 172 153 12 % 224 419 (47 %)
Financing costs, net 20 22 58 59
Other, non-operating (income), net (1 ) (2 ) (4 ) (3 )
Income before income taxes 153 133 15 % 170 363 (53 %)
Provision for income taxes 34 40 113 125
Net income 119 93 28 % 57 238 (76 %)
Less: Net income attributable to non-controlling interests 1 1 7 5
Net income attributable to Ingredion $ 118 $ 92 28 % $ 50 $ 233 (79 %)
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic 67.0 67.2 67.2 67.2
Diluted 67.6 67.6 67.8 67.6
Earnings per common share of Ingredion:
Basic $ 1.76 $ 1.37 28 % $ 0.74 $ 3.47 (79 %)
Diluted $ 1.75 $ 1.36 29 % $ 0.74 $ 3.45 (79 %)
Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) September 30, 2021 December 31, 2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 434 $ 665
Short-term investments 4 –
Accounts receivable – net 1,128 1,011
Inventories 1,093 917
Prepaid expenses 74 54
Total current assets 2,733 2,647
Property, plant and equipment – net 2,369 2,455
Goodwill 916 902
Other intangible assets – net 424 444
Operating lease assets 191 173
Deferred income tax assets 17 23
Other assets 336 214
Total assets $ 6,986 $ 6,858
Liabilities and equity
Current liabilities
Short-term borrowings 398 $ 438
Accounts payable and accrued liabilities 1,059 1,020
Total current liabilities 1,457 1,458
Other non-current liabilities 226 227
Long-term debt 1,748 1,748
Non-current operating lease liabilities 152 136
Deferred income tax liabilities 200 217
Total liabilities 3,783 3,786
Share-based payments subject to redemption 32 30
Redeemable non-controlling interests 68 70
Equity
Ingredion stockholders’ equity:
Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued – –
Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875 shares issued at September 30, 2021 and December 31, 2020 1 1
Additional paid-in capital 1,155 1,150
Less: Treasury stock (common stock; 11,295,044 and 10,795,346 shares at September 30, 2021 and December 31, 2020, respectively) at cost (1,072 ) (1,024 )
Accumulated other comprehensive loss (877 ) (1,133 )
Retained earnings 3,877 3,957
Total Ingredion stockholders’ equity 3,084 2,951
Non-redeemable non-controlling interests 19 21
Total equity 3,103 2,972
Total liabilities and equity $ 6,986 $ 6,858
Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended September 30,
(in millions) 2021 2020
Cash provided by operating activities:
Net income $ 57 $ 238
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 155 158
Mechanical stores expense 40 39
Deferred income taxes (25 ) (1 )
Impairment on disposition of assets 340 –
Charge for fair value markup of acquired inventory – 3
Margin accounts (34 ) 6
Changes in other trade working capital (258 ) 80
Other (16 ) 39
Cash provided by operating activities 259 562
Cash used for investing activities:
Capital expenditures and mechanical stores purchases, net proceeds on disposals (186 ) (250 )
Payments for acquisitions, net of cash acquired (40 ) (208 )
Investment in a non-consolidated affiliate (8 ) (6 )
Short-term investments (4 ) 4
Cash used for investing activities (238 ) (460 )
Cash (used for) provided by financing activities:
(Payments on) proceeds from borrowings, net (390 ) 341
Commercial paper borrowings, net 350 –
Debt issuance costs – (9 )
Repurchases of common stock, net (68 ) –
Issuances of common stock for share-based compensation, net of settlements 10 2
Dividends paid, including to non-controlling interests (138 ) (132 )
Cash (used for) provided by financing activities (236 ) 202
Effect of foreign exchange rate changes on cash (16 ) (15 )
(Decrease) increase in cash and cash equivalents (231 ) 289
Cash and cash equivalents, beginning of period 665 264
Cash and cash equivalents, end of period $ 434 $ 553
Ingredion Incorporated (“Ingredion”)
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages) Three Months Ended September 30, Change Nine Months Ended September 30, Change Change
2021 2020 Change Excl. FX 2021 2020 % Excl. FX
Net Sales
North America $ 1,083 $ 928 17 % 16 % $ 3,096 $ 2,739 13 % 12 %
South America 260 224 16 % 16 % 801 643 25 % 27 %
Asia-Pacific 245 207 18 % 18 % 728 583 25 % 21 %
EMEA 175 143 22 % 20 % 514 429 20 % 14 %
Total Net Sales $ 1,763 $ 1,502 17 % 17 % $ 5,139 $ 4,394 17 % 16 %
Operating Income
North America $ 120 $ 132 (9 %) (10 %) $ 403 $ 358 13 % 11 %
South America 35 29 21 % 20 % 108 68 59 % 62 %
Asia-Pacific 21 18 17 % 16 % 70 60 17 % 13 %
EMEA 23 25 (8 %) (11 %) 86 73 18 % 12 %
Corporate (36 ) (25 ) (44 %) (44 %) (95 ) (86 ) (10 %) (10 %)
Sub-total 163 179 (9 %) (10 %) 572 473 21 % 19 %
Acquisition/integration costs – (5 ) (5 ) (8 )
Equity method acquisition charges (3 ) – 4 –
Restructuring/impairment charges (8 ) (16 ) (22 ) (41 )
Impairment on disposition of assets 20 – (340 ) –
Other matters – – 15 –
Charge for fair value markup of acquired inventory – (3 ) – (3 )
North America storm damage – (2 ) – (2 )
Total Operating Income $ 172 $ 153 12 % 11 % $ 224 $ 419 (47 %) (49 %)

II. Non-GAAP Information

To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment costs, Mexico tax provision (benefit), and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables below.

Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
(in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 118 $ 1.75 $ 92 $ 1.36 $ 50 $ 0.74 $ 233 $ 3.45
Add back:
Acquisition/integration costs, net of an insignificant amount of income tax expense for the three and nine months ended September 30, 2021, and net of income tax benefit of $1 million and $2 million for the three and nine months ended September 30, 2020 (i) – – 4 0.06 5 0.08 6 0.10
Equity method acquisition charges, net of income tax expense of $ – million and $4 million for the three and nine months ended September 30, 2021, respectively (ii) 4 0.06 – – 1 0.01 – –
Restructuring/impairment charges, net of income tax benefit of $1 million and $5 million for the three and nine months ended September 30, 2021, respectively, and $1 million and $7 million for the three and nine months ended September 30, 2020, respectively (iii) 7 0.10 15 0.22 17 0.25 34 0.51
Impairment on disposition of assets, net of $ – million of income tax benefit for the three and nine months ended September 30, 2021 (iv) (20 ) (0.30 ) – – 340 5.02 – –
Other matters, net of income tax expense of $ – and $5 million for the three and nine months ended September 30, 2021, respectively (v) – – – – (10 ) (0.15 ) – –
Charge for fair value markup of acquired inventory, net of income tax benefit of $ – for the three and nine months ending September 30, 2020, respectively (vi) – – 3 0.04 – – 3 0.04
Charge for early extinguishment of debt, net of income tax benefit of $1 million for the three and nine months ended September 30, 2020, respectively (vii) – – 4 0.06 – – 4 0.06
North America storm damage, net of income tax benefit of $ – for the three and nine months ended September 30, 2020, respectively (viii) – – 2 0.03 – – 2 0.03
Tax provision (benefit) – Mexico (ix) 5 0.07 (6 ) (0.08 ) 4 0.06 16 0.24
Other tax matters (x) (1 ) (0.01 ) 6 0.09 (29 ) (0.43 ) 6 0.09
Non-GAAP adjusted net income attributable to Ingredion $ 113 $ 1.67 $ 120 $ 1.77 $ 378 $ 5.58 $ 304 $ 4.50


Notes

(i) During the three and nine months ended September 30, 2021, the Company recorded pre-tax charges of $ – million and $5 million, respectively of acquisition and integration costs, primarily related to the acquisition and integration of the business acquired from PureCircle Limited, KaTech, and Verdient Foods, Inc. During the three and nine months ended September 30, 2020, the Company recorded $5 million and $8 million of pre-tax charges primarily related to the acquisition and integration of the business acquired from PureCircle Limited. Acquisition and integration costs presented in the “reconciliation of adjusted net income attributable to Ingredion” table are net of costs attributable to non-controlling interest.

(ii) During the three and nine months ended September 30, 2021, the Company recorded pre-tax charges of $3 million and pre-tax benefits of $4 million, respectively related to its equity method investments in Amyris, Inc (“Amyris”) and Ingrear Holdings, S.A, the Arcor joint venture.

As part of the Amyris equity method investment, the Company has exclusive commercialization rights to Amyris’ rebaudioside M by fermentation sweetener (“Reb M”), the exclusive licensing of Amyris’ Reb M manufacturing technology, and a 31 percent ownership stake in a Reb M joint venture. In exchange for the ownership in the joint venture, Ingredion contributed $28 million of total consideration including $10 million of cash, and non-exclusive intellectual property licenses and other consideration valued at $18 million. The transaction resulted in $8 million in Other (income) expense, net recorded in the Condensed Consolidated Statements of Income (Loss) during the nine months ended September 30, 2021. The gain on the transaction is partly offset by $1 million of acquisition charges for the nine months ended September 2021. Additionally, the equity method acquisition charges presented in the “reconciliation of adjusted net income attributable to Ingredion” table are shown net of acquisition gains attributable to non-controlling interest of $1 million.

During the three and nine months ended September 30, 2021, the Company finalized all closing conditions and agreements necessary to finalize the contribution of the Company’s Argentina operations to the Arcor joint venture in exchange its equity method investment in Ingrear. The Company recorded pre-tax acquisition charges of $3 million related to this equity method investment.

(iii) During the three months ended September 30, 2021, the Company recorded $8 million of pre-tax restructuring-related charges, consisting of $4 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program, $3 million of restructuring-related charges primarily in North America as a part of its Cost Smart Cost of sales program, and $1 million of employee-related and other restructuring costs associated with the contribution of Argentina to the Arcor joint venture. During the nine months ended September 30, 2021, the Company recorded $22 million of pre-tax restructuring-related charges, consisting of $13 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program, $11 million of restructuring-related charges as part of its Cost Smart Cost of sales program, primarily in North America, and $3 million of employee-related and other restructuring costs associated with the contribution of Argentina to the Arcor joint venture. The Cost Smart Cost of sales program charges were partly offset by a $5 million gain on the sale of Stockton, California land and building during the year.

During the three months ended September 30, 2020, the Company recorded $6 million of pre-tax restructuring/impairment charges, consisting of $4 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program and $2 million of restructuring-related charges primarily in North America and APAC as part of its Cost Smart Cost of sales program. During the nine months ended September 30, 2020, the Company recorded $41 million of pre-tax restructuring/impairment charges, consisting of $17 million of restructuring-related charges primarily in North America and APAC as part of its Cost Smart Cost of sales program and $14 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program. In addition, the Company recorded a $10 million impairment of an equity method investment during the three months ended September 30, 2020, triggered by the decrease in fair value of its investment resulting from the agreed upon purchase price of the remaining 80% interest in Verdient Foods, Inc.

(iv) During the nine months ended September 30, 2021, the Company recorded a $340 million net asset impairment charge related to the contribution of the Company’s Argentina operations to the Arcor joint venture. The impairment charge reflects a $29 million write-down to the agreed upon fair value of certain Argentina, Chile and Uruguay assets and liabilities contributed and a $311 million write-off of the cumulative translation losses related to the contributed net assets. During the three months ended September 30, 2021, the Company recorded a $20 million favorable adjustment to the impairment upon finalization of the transaction, which reduced the $360 million asset impairment charge recorded in the first quarter.

(v) In May 2021, the Brazilian Supreme Court issued their ruling related to the calculation of certain indirect taxes, and the ruling affirmed the lower court rulings that the Company had received in previous years and ensured that the Company is entitled to the previously recorded tax credits. The Supreme Court ruling also ensures that the Company will be entitled to $15 million of additional credits from the period of 2015 to 2018 that was previously awaiting final court ruling. The Company recorded the $15 million of additional credits during the nine months ended September 30, 2021 within Other income (expense), net in the Condensed Consolidated Income statement.

(vi) The three and nine months ended September 30, 2020 includes the flow-through costs associated with the purchase of PureCircle Limited inventory that was adjusted to fair value at the acquisition date in accordance with business combination accounting rules.

(vii) During the three and nine months ended September 30, 2020, the Company incurred $5 million of charges directly related to the early debt extinguishment of the $400 million 4.625% senior notes due November 1, 2020. The Company recorded the debt extinguishment charges within Financing costs, net on the Condensed Consolidated Statements of Income.

(viii) During the three and nine months ended September 30, 2020, the Company incurred storm damage to the Cedar Rapids, IA manufacturing facility. The facility was shut down for 10 days, and the storm-related damage resulted in $2 million of charges during the three months ended September 30, 2020. The Company recorded the storm damage costs within Other (income) expense, net on the Condensed Consolidated Statements of Income.

(ix) The tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The company recorded a tax provision of $5 million and a tax benefit of $6 million for the three months ended September 30, 2021 and 2020, respectively, and a tax provision of $4 million and $16 million for the nine months ended September 30, 2021 and 2020, respectively as a result of the movement of the Mexican peso against the U.S. dollar during the periods.

(x) This item relates to the reversal of tax liabilities related to certain unremitted earnings from foreign subsidiaries, tax adjustments for an intercompany reorganization, and tax results of the above non-GAAP addbacks.

Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, pre-tax) 2021 2020 2021 2020
Operating income $ 172 $ 153 $ 224 $ 419
Add back:
Acquisition/integration costs (i) – 5 5 8
Equity method acquisition charges (ii) 3 – (4 ) –
Restructuring/impairment charges (iii) 8 16 22 41
Impairment on disposition of assets (iv) (20 ) – 340 –
Other matters (v) – – (15 ) –
Charge for fair value markup of acquired inventory (vi) – 3 – 3
North America storm damage (viii) – 2 – 2
Non-GAAP adjusted operating income $ 163 $ 179 $ 572 $ 473

For notes (i) through (viii), see notes (i) through (viii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021
Income before Provision for Effective Income Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 153 $ 34 22.2 % $ 170 $ 113 66.5 %
Add back:
Acquisition/integration costs (i) – – 5 –
Equity method acquisition charges (ii) 3 – (4 ) (4 )
Restructuring/impairment charges (iii) 8 1 22 5
Impairment on disposition of assets (iv) (20 ) – 340 –
Other matters (v) – – (15 ) (5 )
Tax item – Mexico (ix) – (5 ) – (4 )
Other tax matters (x) – 1 – 29
Adjusted Non-GAAP $ 144 $ 31 21.5 % $ 518 $ 134 25.9 %
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
Income before Provision for Effective Income Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 133 $ 40 30.1 % $ 363 $ 125 34.4 %
Add back:
Acquisition/integration costs (i) 5 1 8 2
Restructuring/impairment charges (iii) 16 1 41 7
Charge for fair value markup of acquired inventory (vi) 3 – 3 –
Charge for early extinguishment of debt (vii) 5 1 5 1
North America storm damage (viii) 2 – 2 –
Tax item – Mexico (ix) – 6 – (16 )
Other tax matters (x) – (6 ) – (6 )
Adjusted Non-GAAP $ 164 $ 43 26.2 % $ 422 $ 113 26.8 %
For notes (i) through (vii), see notes (i) through (vii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
Ingredion Incorporated (“Ingredion”)
Reconciliation of Anticipated GAAP Diluted Earnings per Share (“GAAP EPS”)
to Anticipated Adjusted Diluted Earnings per Share (“Adjusted EPS”)
(Unaudited)
Anticipated EPS Range
for Full Year 2021
Low End High End
GAAP EPS $ 1.81 $ 2.16
Add:
Acquisition/integration costs (i) 0.08 0.08
Equity method acquisition charges (ii) 0.01 0.01
Restructuring/impairment charges (iii) 0.25 0.25
Impairment on disposition of assets (iv) 5.02 5.02
Other matters (v) (0.15 ) (0.15 )
Tax provision – Mexico (ix) 0.06 0.06
Other tax matters (x) (0.43 ) (0.43 )
Adjusted EPS $ 6.65 $ 7.00

Above is a reconciliation of our anticipated full year 2021 diluted EPS to our anticipated full year 2021 adjusted diluted EPS. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted EPS guidance. For these reasons, we are more confident in our ability to predict adjusted EPS than we are in our ability to predict GAAP EPS.

For items (i) through (x), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

Ingredion Incorporated (“Ingredion”)
Reconciliation of Reported U.S. GAAP Effective Tax Rate (“GAAP ETR”)
to Anticipated Adjusted Effective Tax Rate (“Adjusted ETR”)
(Unaudited)
Anticipated Effective Tax Rate Range
for Full Year 2021
Low End High End
GAAP ETR 46.0 % 51.0 %
Add:
Acquisition/integration costs (i) 0.1 % 0.1 %
Equity method acquisition charges (ii) (0.6 )% (0.6 )%
Restructuring/impairment charges (iii) 0.9 % 0.9 %
Impairment on disposition of assets (iv) 0.0 % 0.0 %
Other matters (v) (0.8 )% (0.8 )%
Tax item – Mexico (ix) 0.2 % (1.3 )%
Other tax matters (x) 4.1 % 4.1 %
Impact of adjustment on Effective Tax Rate (xi) (24.4 )% (26.4 )%
Adjusted ETR 25.5 % 27.0 %

Above is a reconciliation of our anticipated full year 2021 GAAP ETR to our anticipated full year 2021 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR.

For items (i) through (x), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

(xi) Indirect impact of tax rate after items (i) through (x).

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CNH Industrial unveils new organizational structure for its Off-Highway future

  • Corporate vision: Sustainably advancing the noble work of global agricultural and construction workers
  • New optimized organizational structure will drive efficiency, agility and accountability
  • Structure enhances customer-centricity and targets digital and technology leadership

London, November 2, 2021

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces a new strategic structure as an integral part of the Company’s transition into an organization that will lead in the agriculture and construction sectors following the spin-off of Iveco Group.

This organization aims to accomplish key strategic objectives, all fulfilling CNH Industrial’s vision: Sustainably advancing the noble work of global agricultural and construction workers.

“We are implementing a new organizational structure, and enhancing our Senior Leadership Team, to elevate our focus on customers and dealers, improve productivity and accelerate profitable growth,” said Scott Wine, CEO, CNH Industrial. “This new structure fosters agility, eliminates unnecessary bureaucracy, and promotes clear accountability as we execute our strategic priorities and create value for our stakeholders.”

A new organizational model

CNH Industrial is committed to delivering the highest ethical standards and supporting its dealers and customers through a diverse and inclusive workforce, industry-leading technology, exceptional safety and quality, and unmatched innovation.

This structure embraces a lean and agile approach to business and delineates clear accountability. It includes the full list of appointments to the Senior Leadership Team (SLT).

The CEO oversees three Global Business Units (GBUs), which are tasked with profitably and sustainably growing their businesses:

           Agriculture                                 Construction                            Financial Services
Derek Neilson, President         Stefano Pampalone, President          Oddone Incisa, President

The following areas, which report to the CEO, are integrated into the GBUs, driving strategic growth by swiftly identifying, creating, and deploying relevant solutions:

Corporate Regions
North America – Brad Crews, President
Europe, Middle East & Africa – Carlo Alberto Sisto, President
Latin America – Vilmar Fistarol, President
Asia Pacific – Chun Woytera, President

Business Functions
Digital & Precision – Parag Garg, Chief Digital Officer
Technology & Quality – Jay Iyengar, Chief Technology & Quality Officer
Supply Chain – Tom Verbaeten, Chief Supply Chain Officer
CNH Industrial Business System1 – Scott Moran, Chief CNH Industrial Business                               System Officer

Support Functions
Finance – Oddone Incisa, Chief Financial Officer
Human Resources – Kevin Barr, Chief Human Resources Officer
IT – Marc Kermisch, Chief Information Officer
Legal & Compliance – Roberto Russo, Chief Legal and Compliance Officer

Operating at global level in direct support of the CEO and the effective execution of the GBUs and Corporate Regions are the following Corporate Staff functions:

Diversity & Inclusion, Sustainability and Transformation – Kelly Tolbert, Chief Diversity & Inclusion, Sustainability and Transformation Officer
Corporate Development – Michele Lombardi, Senior Vice President of Corporate Development
Internal Audit – Carlo De Bernardi, Senior Vice President of Internal Audit
Communications – Laura Overall, Senior Vice President of Communications

“Our new streamlined structure will drive improved results by empowering front-line managers, accelerating decision-making across our organization, and holding us accountable to our customers,” said Wine. “I wish to congratulate the full SLT on their appointments and thank them for their strong leadership. Their comprehensive knowledge and diverse experience qualify them as the core group to lead us forward. With their guidance and our customer-centric mindset and structure, we are positioned to compete and win in our vast, global Agriculture and Construction Equipment markets.”

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Sign up for corporate news alerts from the CNH Industrial Newsroom:
bit.ly/media-cnhindustrial–subscribe

Contacts:

Corporate Communications

Email: mediarelations@cnhind.com

Investor Relations

Email: investor.relations@cnhind.com

1 This new function within the company was implemented in July 2021. It is a comprehensive company-wide program that drives continuous improvement in all facets of the organization.

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Barrows Hotels is looking for acquisitions in Asia and Africa

Barrows, the provider of hotel investments and advisory services to hotels in the Middle East, wants to expand in Asia and Russia; Barrows recently started offering asset based lending to the hotel industry to meet the demand for cash flow freedom; Barrows is in the market for over 10 years now and wants to significantly expand its services within the industry.

LONDON, Nov. 02, 2021 (GLOBE NEWSWIRE) — Barrows Hotel Enterprises internationally manages more than 10,000 hotel rooms in more than 10 countries. The company started in 2008 as a real estate investor in the residential market in Dubai. Since 2012, Barrows has changed its strategy and the company is fully focused on the fast-growing hotel industry in the Middle East. Barrows’ ambition for the coming years is loud and clear. The company wants to expand its range of services in view of the rapidly growing tourism industry. In addition, Barrows aims for international expansion in growth markets such as Asia, Africa and Russia.

In this context, an office was recently opened in Singapore. With its headquarters in Dubai, the company has a solid market share. The company has been growing strongly in Asian countries since the Covid19 pandemic. Barrows is a well-known gateway for the international hotel industry, acting as a real estate developer, investor and management advisory. Besides the hotel chains, Barrows has the most connections with institutional investors, but also counts family offices and high net worth individuals among its clientele.

By acquiring, Barrows Hotels is expanding its service offerings with various products in various Asian and African countries. With the acquisition, the company wants to grow into an important supplier in the international hotel industry in these regions.

Barrows Chairman Erwin Jager explains that the company will open offices in Johannesburg, Accra and Zhengzhou in the coming 2 months. Acquisitions of existing parties will quickly give Barrows enough scale to offer hotels a wide range of services. In addition to Asia and Africa, the Hotel specialist wants to expand in growth markets such as Russia from 2024. “In the meantime, we will continue to look at opportunities for acquisitions and collaborations. Barrows Hotels focuses on adding new markets and services to serve customers in the best possible way.”

For more information:
Barrows Hotel Enterprises
media@barrowshotels.com

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Ideal Systems Deliver Next-Generation 4K TV Studio for iFAST in Singapore

Ideal Systems announces today that it has designed, built and delivered next-generation NDI® based TV studios with 4K live production and streaming capabilities for iFAST Corporation Ltd in Singapore.

iFast TV Studio

iFast TV Studio

SINGAPORE, Nov. 02, 2021 (GLOBE NEWSWIRE) — Ideal Systems announces today that it has designed, built and delivered next-generation NDI® based TV studios with 4K live production and streaming capabilities for iFAST Corporation Ltd. (“iFAST Corp”), a leading Singapore public listed wealth management fintech company.

The cutting-edge facilities are located at iFAST Corp’s head office in the Ocean Financial Centre in the heart of Singapore’s Central Business District. The extensive studio contains multiple sets including a large chroma key green screen set for virtual reality (VR) and augmented reality (AR) productions and news set containing a 5-meter-wide production-grade LED video-wall from Unilumin. All the studio cameras are NDI® 4K, and all the networking and production systems are based on the latest NDI® 5 technology from BirdDog and NewTek.

The new iFAST TV studio is built in what was formerly a large conference room which had seen a great reduction in usage due to the Covid-19 social distancing measures. The studio will provide unprecedented communications ability for iFAST Corp to produce and live-stream high-quality 4K professional television programmes and provide a content library to its customers which include over 520 companies with more than 10,000 wealth advisers currently using the iFAST B2B platforms.

“iFAST Corp’s mission is to help investors around the world invest globally and profitably. For more than 20 years, we have worked to ensure our investors have access to information and research content that can help them in the investment journey. Tapping on the potential of the rapidly growing digital media space, we see iFAST TV as a natural extension of our fintech driven and investor-focused business as we continually seek to better serve, educate and engage our investors,” said Mr Lim Chung Chun, Chairman and CEO of iFAST Corp.

“Covid-19 has dramatically impacted how corporations communicate with their customers and partners. With conferences and exhibitions being cancelled and travel being restricted, many corporations are choosing to build professional-grade TV studios to create their own content and communicate directly with their customers via social media and streaming to apps. For the iFAST TV studio, we based the whole video production architecture on next-generation NDI® infrastructure and is likely a world first insofar as there is zero legacy SDI equipment or cabling used in the entire facility. This is truly a next-generation TV production system supporting end-to-end 4K over IP from camera, through production and live-streamed securely up to 4K to the viewer. By utilizing NDI® and Live Call Connect with the NewTek™ TriCaster® 2 Elite we have dramatically reduced the complexity of the solution architecture for technically complex productions such as featuring multiple video calls from platforms like Zoom® and Microsoft® Teams in live interviews on the Video Wall or in Virtual Space in the Chroma set, while making the backend production systems easier to and more efficient to operate by the iFAST TV production team,” said Fintan Mc Kiernan, CEO of Ideal Systems Singapore.

About iFAST Corporation

iFAST Corporation is a wealth management fintech platform headquartered and listed in Singapore, providing a comprehensive range of investment products and services to financial advisory firms, financial institutions, banks, internet companies, multinational companies, as well as retail and high net worth investors in Asia. The Group offers access to over 12,000 investment products including funds, bonds and Singapore Government Securities (SGS), stocks, Exchange Traded Funds (ETFs), insurance products, and services including online discretionary portfolio management services (DPMS), research and investment seminars, financial technology (fintech) solutions, investment administration and transactions services. The company is also present in Hong Kong, Malaysia, China and India.

iFAST Corporation website www.ifastcorp.com

About Ideal Group

With 13 offices across Asia, Ideal Systems is the region’s largest broadcast and media systems integrator. Ideal is a multinational organization providing innovative broadcast, cloud and AV solutions and consultancy to sectors including broadcasting, media, house of worship, corporate and government. Ideal Systems provide services that range from systems and business consultancy, cloud integration and systems design, systems deployment and support, building of media facilities to live broadcast services.

Web www.idealsys.com

Contact ndi@idealsys.com

Ideal Systems Media Contact

Fintan Mc Kiernan  fmckiernan@idealsys.com  +65 6684-8770

Related Images

Image 1: iFast TV Studio

Left to Right: Fintan Mc Kiernan, CEO of Ideal Systems Singapore and Mr Lim Chung Chun, Chairman and CEO of iFAST Corp in the new Studio.

Image 2: The new iFast TV Studio

Left to Right: Fintan Mc Kiernan, CEO of Ideal Systems Singapore and Mr Lim Chung Chun, Chairman and CEO of iFAST Corp.
This content was issued through the press release distribution service at Newswire.com.

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Australian TGA Approves Illuccix® for Prostate Cancer Imaging

MELBOURNE, Australia, Nov. 01, 2021 (GLOBE NEWSWIRE) — Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces that the Australian Therapeutic Goods Administration (TGA) has approved Illuccix® (TLX591-CDx), the Company’s lead prostate cancer imaging product.

Illuccix (Kit for the preparation of 68Ga PSMA-11 Injection) is a positron emission tomography (PET) agent for the diagnostic imaging of men with prostate cancer. The TGA has granted Illuccix a broad clinical indication comprising:

  1. Patients with prostate cancer who are at risk of metastasis and who are suitable for initial definitive therapy (also known as “primary staging”), and
  2. Patients with prostate cancer who have suspected recurrence based on elevated serum prostate specific antigen (PSA) level (also known as “biochemical recurrence”).

Illuccix, after radiolabeling with gallium-68, is the first commercially approved PSMA-PET imaging agent available in Australia. The TGA approval of Illuccix facilitates wide-spread clinical access to prostate cancer imaging for all men across Australia including rural and regional areas, enabling availability of state-of-the-art PSMA PET imaging across the country.

Telix President APAC Dr. David Cade stated, “The approval of Illuccix means Australian patients with prostate cancer will have broad access to a TGA-approved PSMA-PET imaging agent. This new mode of imaging has been recognised in leading clinical practice guidelines as superior to conventional imaging with CT1 or MRI2, for the staging of prostate cancer. Illuccix attaches to prostate cancer cells expressing PSMA and can be picked up by a PET scanner, giving physicians the ability to visualise tumour cells, including very small metastases, wherever they are in the body.”

Telix CEO Dr. Christian Behrenbruch added, “PSMA-PET imaging has been one of the most important developments in prostate cancer management in recent years. As an Australian company, we are especially pleased to be delivering the first TGA-approved, GMP manufactured PSMA-PET imaging agent that will be widely available to Australian patients. The TGA is a sophisticated regulatory authority that is highly regarded in the Asia Pacific region. This approval is an important milestone for Telix, demonstrating the approvability of Illuccix and establishing a blueprint for a series of near-term regulatory submissions and reviews in other important markets across the Asia Pacific.”

About Illuccix®

Illuccix (TLX591-CDx) is a preparation for imaging prostate cancer with positron emission tomography (PET), targeting prostate specific membrane antigen (PSMA), a protein that is overexpressed on the surface of more than 90% of primary and metastatic prostate cancer cells. Illuccix enables PSMA-11 to be labelled with the radionuclide Ga-68 directly before injection by medical professionals. After preparing the radiopharmaceutical and injecting it into the patient, PSMA positive lesions are localised by PET imaging.

Telix’s lead investigational product, Illuccix (TLX591-CDx) for prostate cancer imaging has been approved by Australian Therapeutic Goods Administration (TGA).3 Telix is also progressing marketing authorisation applications for Illuccix in the USA,4 European Union5 and Canada.6

About Prostate Cancer

Together with the United States and Canada, Australia has one of the highest rates of prostate cancer in the world. In 2020, prostate cancer was the most commonly diagnosed cancer in men in Australia with approximately 17,000 new cases. Prostate cancer was also the second most common cause of cancer death in men (after lung cancer), with almost 3,500 men dying from their disease in 2020 in Australia. More than 70,000 men in Australia were estimated to be living with prostate cancer in 2020.7

About Telix Pharmaceuticals Limited

Telix is a biopharmaceutical company focused on the development of diagnostic and therapeutic products using Molecularly Targeted Radiation (MTR). Telix is headquartered in Melbourne, Australia with international operations in Belgium, Switzerland, Japan, and the United States. Telix is developing a portfolio of clinical-stage products that address significant unmet medical need in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX). For more information visit www.telixpharma.com and follow Telix on Twitter (@TelixPharma) and LinkedIn.

Telix Investor Relations

Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Corporate Communications and Investor Relations
Email: kyahn.williamson@telixpharma.com

Important Information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold within the United States, unless the securities have been registered under the U.S. Securities Act or an exemption from the registration requirements of the U.S. Securities Act is available. None of the technologies or products described in this document have received a marketing authorisation in any jurisdiction. This announcement has been authorised for release by Dr Christian Behrenbruch, Managing Director and Chief Executive Officer. The Telix Pharmaceuticals name and logo are trademarks of Telix Pharmaceuticals Limited and its affiliates (all rights reserved).

1 Computed Tomography
2 Magnetic Resonance Imaging
3 ASX disclosure 14/04/21.
4 ASX disclosure 24/11/20.
5 ASX disclosure 01/05/20.
6 ASX disclosure 16/12/20.
7 Globocan 2021.

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Barrows Hotels Comments on Recent Global Investors Meeting

LONDON, Nov. 01, 2021 (GLOBE NEWSWIRE) — The hotel development industry is accelerating the completion of its business improvement initiatives aimed at creating promising new opportunities for investors.

The initiative is supported by the flexibility and effectiveness of relaxed government procedures worldwide and the numerous benefits it offers investors.

The announcement follows a digital meeting with government officials from several countries who see the importance of strengthening the global investment climate.
A large majority of investors say these initiatives will have a positive effect on the business climate in the global hotel industry.

Erwin Jager, chairman of Barrows Hotel Enterprises, confirmed that the hotel industry will continue to create the conditions necessary to strengthen its status for global investment.

As a developer and hotel investor, Barrows Hotel Enterprises focuses on the MENA Region and sees good opportunities after the global pandemic. The company has daily contacts with institutional and private stakeholders within the industry.

We see the accelerated growth of the investment environment in the hotel sector. In today’s post-pandemic world, we need to keep pace with global developments while remaining vigilant and adaptive in our response to the ongoing rapid changes in our industry.

“The relationship with international investors is strong and we remain committed to continuous innovation and creating exceptional business opportunities that will drive growth within the hotel industry,” said Erwin Jager.

Together we ensure that the hotel industry continues to offer opportunities within a very stable, sustainable and attractive environment. This offers huge opportunities worldwide to boost employment

Investors have recently indicated that the improvements will help improve procedures and reduce effort. This creates promising new investment opportunities.

Efforts by government agencies are welcomed with open arms. This allows the hotel industry to continue to create new opportunities to improve and simplify their services.

Media Contact
Barrows Hotel Enterprises
info@barrowshotels.com
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Ukrainian Ministers Discuss the Journey to the Green Transition With DTEK, MHP and UBTA

How Government and Business in Ukraine Are Working Together to Transform Its Economy to Achieve Its Sustainability Goals

COP26 | Ukraine 2030: Journey to a green transition

COP26 | Ukraine 2030: Journey to a green transition

GLASGOW, Nov. 01, 2021 (GLOBE NEWSWIRE) — Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration, Olha Stefanishyna, together with business leaders from Ukraine’s energy and food sectors, today addressed an event in the Blue Zone at COP26. The meeting was hosted by Chatham House, the Ukrainian Business and Trade Association, the Deputy Prime Minister’s Office for European and Euro-Atlantic Integration, and the Ministry of Foreign Affairs of Ukraine, and supported by DTEK and MHP. The event examined how Ukraine aims to meet the sustainability goals and the country’s role in supporting the drive to net zero across the whole of Europe by 2050.

The Deputy Prime Minister opened the discussion by talking about Ukraine’s climate agenda and the ambitious goals. She was interviewed by Prof. Tim Benton, Director of the Chatham House Environment and Society Programme.

Deputy Prime Minister Olha Stefanishyna said, “The generational challenge we’re facing is how we change the way our economies and societies are structured so our children and grandchildren have a sustainable environment in which to live and, importantly, thrive. We’re beyond talking about the ‘why?’ It’s now time to addresses the fine detail of the “how”. That’s why it’s so important we have leaders from Ukraine’s key business sectors here, talking about their plans to achieve the ambitious targets our Government is setting to combat climate change.

“It is also important that global players start forming new post-carbonization market rules. It will ensure sustainability and proper resilience of economies in the process of green transformation.”

After the Deputy Prime Minister, a panel discussion was held with government officials and the top management of Ukrainian businesses, which presented and discussed the measures needed to achieve climate goals and the ways to implement them.

The speakers were: Iryna Stavchuk, Deputy Minister for Environmental Protection and Natural Resources; Dmytro Los, Chairman of the Board of UBTA; Maxim Timchenko, CEO of DTEK; Oleksandr Dombrovskyi, Vice President of MHP, President of MHP Eco Energy; and Antony Froggatt, Senior Research Fellow and Deputy Director, Chatham House Environment and Society Programme.

Iryna Stavchuk said, “It is essential we decarbonize our economy: that process is integrally tied into the modernization of Ukraine’s economy and our society. It is also a central part of our European integration obligations. We need to reshape our economy to ensure we use all our natural resources in a sustainable way. And for that to happen, we have to have the domestic and inward investment in place. That is why it is so important we have continuing constructive co-operation between government and business.”

Dmytro Los from UBTA, which represents the interests of Ukrainian exporters, said, “Ukrainian business fully supports the European green course. We are ready to be active participants in these ‘green transformations’, given the real situation in the country, including the Crimea and the war in the East. Also, domestic businesses are ready to join the creation of national programmes for sectoral transformation of the ‘green agreement’, which will lead to sustainable development of both business and Ukrainian society.

“As practice shows, the synergy of business and government creates effective solutions. The approval of the Second National Defined Contribution of Ukraine (NVV-2) and the development of a roadmap for the transformation of food systems are both good examples. But at the same time, Ukrainian business survives in a very difficult environment and now faces serious financial problems given the high Ukrainian banks’ high interest rates. Only with the help of financial programmes created by global financial institutions, including the from the EU, will companies be able to take real steps towards decarbonisation and meeting the global ‘green agreement’ trends.”

DTEK is the leading private investor in Ukraine’s energy sector. Maxim Timchenko said, “The current task is to adapt and diversify, as quickly as possible and in a controlled manner. The planet is in real danger: it’s time to take action. The main challenge is acting carefully to avoid disruption. Such is the paradox at the heart of our global challenge. DTEK is at the forefront of developing new wind and solar energy facilities, putting Ukraine in a leading position within the European drive to decarbonisation. Ukraine’s first energy storage systems, built by DTEK, are designed to improve the company’s productivity and stir the development whole Ukrainian energy sector. DTEK strives to achieve carbon neutrality by 2040. There is a long way ahead, but mutual actions are already being taken towards a sustainable future.”

Oleksandr Dombrovskyi, Vice President of MHP, which is a leading Ukrainian agricultural holding that produces poultry and meat products, added: “Food, environmental and energy security are key elements of the formula for the survival of mankind and the planet. We see our company’s mission as a contribution to solving the issue of global food security, and each of our actions should not harm the environment. We understand that the world, and those of us living in it, need to be transformed to implement the ‘green’ economy model. And it is important to work on it immediately because time is short. At MHP, we are already actively implementing specific steps, including the introduction of innovations, the use of renewable energy, the implementation of the circular economy model, the use of new energy efficiency technologies. Our ambitious goal is to become a climate-neutral and energy-independent company by 2030. To implement this plan, we need dialogue with the government, state support and partnership with the companies and associations that have the same ambitions.”

Antony Froggatt said, “Ukraine is the second largest country in Europe, by area, so everything that happens there has a major impact on the region. And Ukraine also has abundant natural resources, putting it in a strong position to lead the transition to renewable energy. It is very encouraging to see the worlds of politics and business coming together to effect real change.”

The event successfully brought together leaders from the Ukrainian government and the business community to discuss the challenges and opportunities arising from the green transition.

About DTEK

DTEK Group is Ukraine’s leading energy company and largest private investor in the country’s energy sector. DTEK enterprises generate electricity at solar, wind, and thermal power plants, produce coal and natural gas, and trade energy products in both Ukrainian and international markets, providing energy efficiency services to customers; and developing high-speed charging station networks.

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For further information, please contact (not for publication):

Charlie Pryor

Charlie.pryor@leidar.com

+44 7958 975 667
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OKEx launches CME-like portfolio margin system for the crypto industry

VICTORIA, Seychelles, Nov. 01, 2021 (GLOBE NEWSWIRE) — OKEx has announced the launch of a new advanced trading mode for professional and institutional traders — portfolio margin — as part of its efforts to build the world’s most powerful trading platform for crypto traders. The new trading mode is available on the platform’s web and API versions for high-volume traders as of today, Nov. 1.

Portfolio margin on OKEx is designed for high-volume professional traders, including market makers and institutions, looking to substantially reduce their capital requirements. The mode offers traders — and especially market makers for cryptocurrency futures and options — significantly reduced margin calculation. Notably, OKEx sees this new feature as a way to address the current problem of fragmented liquidity across crypto options markets.

A risk management system similar to portfolio margin — standardized portfolio analysis of risk, or SPAN — was first pioneered for traditional finance participants by the world’s largest derivatives exchange, CME Group. With the release of the new portfolio margin mode on OKEx, the platform is leading the way in the cryptocurrency industry by introducing this powerful tool for capital efficiency enhancement and risk management.

OKEx’s version of this trading mode stands out from competitors by allowing for multiple-currency portfolio margining — meaning that a trader can open derivatives positions with significantly reduced margin requirements across multiple currencies at the same time.

With its new portfolio margin mode, alongside industry leading liquidity, OKEx is showing its commitment to providing the most advanced tools and best possible trading experience for its customers.

About OKEx

Founded in 2017, OKEx is one of the world’s leading cryptocurrency spot and derivatives exchanges. OKEx has innovatively adopted blockchain technology to reshape the financial ecosystem and offers some of the most diverse and sophisticated products, including our recently launched DeFi ecosystem and NFT Marketplace.

Trusted by more than 20 million users in over 180 regions across the globe, its mission is to empower every individual through the promotion and advancement of cryptocurrencies globally.

Andrea Leung
andrea.leung@okex.com

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A spark of life in Chiang Mai’s tourism sector

Many travellers have been heading to Thailand’s northern province of Chiang Mai, where four districts have reopened for tourism as this year’s cold season gets underway.

Fog was seen this morning shrouding Chiang Mai’s Phra That Doi Kham Temple, which attracted many tourists who enjoyed a cool breeze while praying to the large Buddha image and took some light morning exercise.

Many also went to Mon Cham, in Mae Rim district, known for its scenic views of nature and breezes throughout the year. Resorts in the area are also fully booked over weekends and holidays, as opposed to weekdays where resorts are at 50-60% capacity.

Many areas in Chiang Mai’s city centre, such as the Tha Phae Gate, have been decorated with colourful lamps to welcome tourists to its Yi Peng festival, which will run from November 5th to 20th. Yesterday, a traditional Thai dance for the festival was held in front of the Three Kings Monument.

Meanwhile, Chiang Mai province held walk-in vaccinations for local residents aged 18 and over, where they will receive AstraZeneca as their first dose and either Pfizer or AstraZeneca as their second.

It is also been reported that the first international flight will arrive in Chiang Mai this Friday (November 5th).

Source: Thai Public Broadcasting Service

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‘Time for action’, Queen Elizabeth tells climate change summit

GLASGOW (Reuters) – Britain’s Queen Elizabeth told the United Nations climate change summit on Monday that “the time for words has now moved to the time for action”, as she urged world leaders to think of future generations when negotiating a deal to limit global warming.

In a video message on the first day of the conference in Scotland, the queen urged leaders to rise above “the politics of the moment” and said the legacy of a successful summit would help “our children’s children”.

The 95-year-old, the world’s oldest and longest-reigning monarch, was due to attend the event in person in Glasgow but pulled out after doctors advised her to rest.

“It is the hope of many that the legacy of this summit – written in history books yet to be printed – will describe you as the leaders who did not pass up the opportunity; and that you answered the call of those future generations,” the queen said.

“The benefits of such actions will not be there to enjoy for all of us here today: we, none of us will live forever. But we are doing this not for ourselves but for our children and our children’s children.”

She paid tribute to her late husband, Prince Philip, who died earlier this year aged 99. She remembered how he had warned an academic gathering in 1969 about the need to tackle the threats from pollution.

“If the world pollution situation is not critical at the moment, it is as certain as anything can be that the situation will become increasingly intolerable within a very short time,” she quoted him as saying.

The queen said she “could not be more proud” that his work had been continued by her two closest heirs, her son Prince Charles and grandson Prince William, who are both attending the summit.

On Monday, the queen was pictured driving by herself around her Windsor Castle estate after she last month cancelled some engagements and spent a night in hospital for an unspecified ailment, her first such overnight stay for years.

Source: Thai Public Broadcasting Service