World Leaders from Dozens of Countries are Gathering — International Summit in South Korea, August 11-15, 2022, to Address Paths to Global Peace

Special Emphasis on Africa, the Asia Pacific Region and Reconciliation Between North and South Korea

Washington, DC, Aug. 09, 2022 (GLOBE NEWSWIRE) — FOR IMMEDIATE RELEASE

MEDIA ALERT

International Summit in South Korea

Toward Peace on the Korean Peninsula: Toward a World Culture of Peace

The Universal Peace Federation (UPF) is hosting “Summit 2022 and Leadership Conference,” a five-day international summit with related peace events at the Jamsil Lotte Hotel in Seoul, South Korea, beginning this week.

World leaders from dozens of countries are gathering from August 11-15, 2022, to address paths to global peace, with a special emphasis on Africa, the Asia Pacific Region and reconciliation between North and South Korea.

A highlight of the August 12 opening ceremony is a presentation of a resolution to propose the development of a Peace Charter, which follows on the foundation of the Seoul Resolution signed at World Summit 2022 (February 2022) in Seoul by former UN Secretary General Ban Ki-moon and Cambodian Prime Minister Hun Sen.

Prominent international speakers will include: Rt. Hon. Stephen Harper, Canadian Prime Minister (2006-2015); Hon. Newt Gingrich, US House Speaker (1995-1999); Hon. Mike Pompeo, US Secretary of State (2018-2021); Hon. Dan Burton, US Congressman (1983-2013); and H.E. Brigi Rafini, Executive General, Community of Sahel-Saharan States and Prime Minister (2011-2021), Niger.

Later that same day, participants will hear about a recent UPF Fact-Finding Delegation for Peace on the Korean Peninsula from experts on Korea, including Gen. Walter Sharp, Commander of United Nations Command, Combined Forces Command and US Forces Korea (2008-2011); Amb. Harry Harris, US Ambassador to Korea (2018-2021); and Amb. Joseph DeTrani, Special Envoy, Six-Party Talks with DPRK (2003-2006). In addition, a special program will feature The Washington Times, now celebrating its 40th anniversary.

Multiple sessions will cover peace efforts in Africa, and feature a Resolution endorsed by African Religious Representatives and led by Imboni Prophet Radebe, founder of The Revelation Spiritual Home in South Africa.

Afternoon sessions will include presentations on threats to religious freedom across the globe that features Pastor Paula White-Cain, Senior Pastor, City of Destiny Church in the US; Hon. Jan Figel, European Union Special Envoy for the promotion of freedom of religion (2016-2019); and Dr. Massimo Introvigne, Managing Director, Center for Studies on New Religions, Italy.

On Saturday, August 13, symposia will be held around themes of unified Korea, a peaceful world, harmonizing science and religion, the women’s movement, youth character education, and the role of the media and economics in the 21st century.

On Sunday, August 14, participants will travel to the HJ Global Arts Center in Seorak, outside of Seoul, for a special program hosted by Dr. Hak Ja Han Moon honoring her late husband and UPF co-founder, Rev. Dr. Sun Myung Moon and his lifelong efforts to establish peace around the world.

In addition to UPF International Chair Dr. Thomas G. Walsh, the summit’s dozens of speakers will include Sheikh Mansour Diouf, Senegal; Hon. Ibrahim Natatou, Minister of Education, Niger; Hon. Hamza Said Hamza, Minister of Youth and Sports, Somalia; Hon. Adi Koila Nailitikau, First Lady (2009-2015), Fiji; Hon. Mwaba Tony, Minister of Higher Education, DR Congo; Hon. Neziha Labidi, Minister of Women, Family and Children (2016-2020), Tunisia; H.E. Dr. Sok Siphana, Chairman, Asian Vision Institute, Cambodia;  Jim Rogers, Chairman of Beeland Interests, Inc.; Bishop Don Meares, Senior Pastor, Evangel Cathedral, USA; H.E. Callista Mutharika, First Lady (2010-2012), Malawi; Dr. Song Yong-cheon, Chair, Sunhak Foundation; Dr. Hwang Sun-jo, President, Sun Moon University; and Dr. Yun Young Ho, Director General, FFWPU International.

UPF is an NGO with General Consultative Status with the Economic and Social Council of the United Nations. It has been hosting dozens of forums and events that promote peacebuilding with leaders of 157 nations that have diplomatic ties to North and/or South Korea, in an effort to explore prospects for the peaceful reconciliation of the Korean Peninsula. The Royal Government of Cambodia has been a co-host to some of these events.

The August 11-15 events will have in-person speakers and participants, as well as a large global audience who will join digitally via a high-tech hybrid format.

UPF’s works through a set of peacebuilding associations segmented into seven field-based organizations:

  • International Summit Council for Peace (ISCP) and the International Association of First Ladies for Peace (IAFLP)
  • International Association of Parliamentarians for Peace (IAPP)
  • Interreligious Association for Peace and Development (IAPD)
  • International Association for Peace and Economic Development (IAED)
  • International Media Association for Peace (IMAP)
  • International Association of Academicians for Peace (IAAP)
  • International Association of Arts and Culture for Peace (IAACP)

For media inquiries, please contact:

William P. Selig | Communications Director, Universal Peace Federation

Ph: 240-274-1744 | Email: wselig@upf.org | Web: www.upf.org

Attachment

William P. Selig
Universal Peace Federation
240-274-1744
wselig@upf.org

New Survey Elevates Site Reliability Engineering (SRE) as the Force Multiplier for Digital Experiences

Insights from the Global SRE Pulse 2022 showcase the growing dependence on SRE to deliver reliable and secure digital experiences by harnessing new processes and cloud-native tools

SRE Benefits Digital Transformation

SRE is critical for digital transformation, both for running the business (SOR) and serving customers (SOE).

REDWOOD CITY, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) — Sumo Logic (NASDAQ: SUMO), the SaaS analytics platform to enable reliable and secure cloud-native applications, today unveiled the results of the Global SRE Pulse 2022, a survey of insights from the global IT community, which highlights the growing adoption of SRE as a central operating model to deliver digital services and applications. The survey was conducted by DevOps Institute to establish a baseline on the current state of SRE in practice.

“With the explosion of digital services, SRE has rapidly evolved to become an essential collaboration center across development and operations teams to deliver digital experiences,” said Bruno Kurtic, Founding VP of Product & Strategy, Sumo Logic. “The Global SRE Pulse demonstrates that in this modern age, the SRE model adds even greater value to application performance management and observability programs. SREs have emerged as a specialized group poised to seize on the next opportunity and drive growth.”

Read the Global SRE Pulse 2022 here.

SRE: Are We There Yet?
Daily life is filled with the use of digital experiences powered by digital services. Over the course of the pandemic, enterprises have shifted to deliver even more services for health, video communications and financial livelihood as virtual and hybrid work models have taken shape. All of this drives digital transformation and the accelerated pace shows no signs of slowing down. To keep pace with this needed transformation, organizations have turned to SRE to anchor enhanced digital experiences.

It is no surprise that respondents to the Global SRE Pulse cite that the adoption of SRE is in full swing, with a resounding 62% of respondents reporting that their organizations employ SRE processes today. When asked how their enterprises are leveraging SRE:

  • 19% are applying SRE throughout the IT organization;
  • 55% are using SRE within specific teams, products or services;
  • 23% are currently piloting SRE; and
  • Two percent of respondents selected “other” and only one percent of organizations tried to apply SRE, but it didn’t work.

“The adoption of SRE is also helping to create new experiences so that digital transformation can take place even faster. This research has proven it – SRE has become an essential engineering function and it should be considered a standard for any business to succeed in the digital age,” said Eveline Oehrlich, Chief Research Officer, DevOps Institute.

SRE benefits digital transformation

Harnessing the Power of SRE: Adoption and Tools
According to the Global SRE Pulse, organizations adopt SRE for a variety of reasons. Reliability and security are top of mind, including the need to reduce the risk of service failure and unplanned downtime (68%), improve the ability to compete with improved reliable services and offerings (65%), and ensure satisfaction with business team partners because the frequency and severity of incidents are reduced (59%).

While SRE adoption is strong and growing, the challenge still lies in applying automation tools and techniques across domains and data silos. Respondents state that they are currently implementing the following top automation tools within the SRE team: ITSM/ticketing systems (30%), observability (29%), monitoring and performance management (29%), configuration management (29%), release management (27%), and security tools (26%).

Observability solutions offer SRE teams the visibility needed to garner necessary insights into complex architecture and software stacks. Today, SRE teams are currently or continuously using the classic approach to monitoring: application performance monitoring (79%), availability, uptime and performance monitoring (86%), and synthetic transaction monitoring (60%).

Respondents to the Global SRE Pulse also state they are currently implementing other types of monitoring, including web performance (25%), real user monitoring (24%), security (24%) and business activity monitoring (23%).

“As application modernization continues to accelerate, SREs are under more pressure to release faster,” continued Kurtic. “This requires organizations to manage services across performance, security and reliability metrics. As SRE takes hold, we expect to see the additional removal of various silos for faster remediation and collaboration.”

Additional Resources: SRE and Sumo Logic Observability

Report Methodology
DevOps Institute surveyed 460 professionals involved in SRE across the globe, verticals and organization sizes from March to May 2022. Professionals working in IT infrastructure and operations made up 35% of respondents, with IT managers to C-Levels making up 23%.

Gartner Disclaimer:
Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

About Sumo Logic
Sumo Logic, Inc. (NASDAQ: SUMO) empowers the people who power modern, digital business. Through its SaaS analytics platform, Sumo Logic enables customers to deliver reliable and secure cloud-native applications. The Sumo Logic Continuous Intelligence Platform™ helps practitioners and developers ensure application reliability, secure and protect against modern security threats, and gain insights into their cloud infrastructures. Customers around the world rely on Sumo Logic to get powerful real-time analytics and insights across observability and security solutions for their cloud-native applications. For more information, visit www.sumologic.com.

Sumo Logic is a trademark or registered trademark of Sumo Logic in the United States and in foreign countries. All other company and product names may be trademarks or registered trademarks of their respective owners.

Media Contacts
Carmen Harris, Sumo Logic
charris@sumologic.com

Jenna Shikoff, RH Strategic
SumoLogicPR@RHStrategic.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5b4f9362-2e32-42ea-9671-0349064246e7

EV Technology Group Underpins Ambition to Grow With Plans to Open All-New EV Centre of Excellence in Silverstone

EV TECHNOLOGY GROUP UNDERPINS AMBITION TO GROW WITH PLANS TO OPEN ALL-NEW EV CENTRE OF EXCELLENCE IN SILVERSTONE

EV Technology Group’s New Centre of Excellence in Silverstone

TORONTO, Aug. 09, 2022 (GLOBE NEWSWIRE) — EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (OTCQB: EVTGF, NEO: EVTG, DE: B96A), announces today that it has entered into terms with MEPC Silverstone Park (“Silverstone Park”), securing a 90,000 sq ft industrial lease at the historic motoring site. The new facility comprises EV Technology Group’s “EV Centre of Excellence”, and has been constructed by MEPC, and is a part of MEPC’s latest 265,000 sq ft development at Silverstone Park.

This announcement follows the recent announcement of the proposed acquisition by EV Technology Group of Fablink Group Holdings Limited, (“Fablink”), a tier one contract manufacturer in the United Kingdom, who operate seven manufacturing and assembly sites with over 750 employees. Fablink operates its ‘Streamline Automotive’ Division, which services the increasing demand in the U.K. for contract vehicle assembly services, especially in the electric vehicle sector. The new Silverstone facility will allow EV Technology Group and its subsidiaries to rapidly expand electric vehicle manufacturing and assembly capacity, supporting its vision of electrifying iconic brands.

As EV Technology Group looks to expand its house of brands, this state-of-the-art facility will be home to the Company’s electric vehicle engineering and development hub, whilst also providing world class facilities for Streamline Automotive for vehicle assembly and finishing.

Silverstone itself has a rich automotive history – hosting legendary motorsport events like the Formula One. Beyond its history, the site presents an opportunity to take advantage of the large, skilled local labour pool within commuting distance of the site. Silverstone Park is seeing the development of many electric vehicle and technology related businesses, increasing talent density and corporate linkages in the area. For example, the Silverstone Technology Cluster has been formed to support engineering, electronics and software companies in the region as they grow.

EVTG Silverstone site

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f35cc94-0875-440a-956b-28510114a97e

Wouter Witvoet, CEO and founder of EV Technology Group, said: “Silverstone has been the home to many iconic motoring stories – and our future electrifying iconic brands here will be part of its next chapter. The site’s location puts us in the heart of the booming UK EV industry, and will allow us to scale manufacture and assembly of electric brands such as the iconic MOKE”.

EV Technology Group

EV Technology Group was founded in 2021 with a vision of electrifying iconic brands – the and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/

Media
Rachael D’Amore
rachael@talkshopmedia.com
+1519-564-9850

Investor Relations
Dave Gentry
dave@redchip.com
+14074914498

EV Technology Group
Wouter Witvoet
CEO and Chairman of the Board
wouter@evtgroup.com

Forward-Looking Information

This news release contains forward-looking statements including, but not limited to, the acquisition of Fablink, EV Technology Group’s development in Silverstone and statements about the Company’s strategies, expectations, planned operations or future actions. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the filing statement of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Ingredion Incorporated Reports Strong Growth in Second Quarter 2022

  • Second quarter 2022 reported and adjusted EPS* were both $2.12, compared to second quarter 2021 reported and adjusted EPS of $2.62 and $2.05, respectively
  • Year-to-date 2022 reported and adjusted EPS were $4.04 and $4.06, respectively, compared to $(1.01) and $3.90 in the year-ago period, respectively
  • The Company expects full year 2022 adjusted earnings per share to be in the range of $6.90-$7.45

WESTCHESTER, Ill., Aug. 09, 2022 (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 second quarter of 2022. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2022 and 2021, include items that are excluded from the non-GAAP financial measures that the Company presents.

“Our teams delivered our strongest quarter since 2017,” said Jim Zallie, Ingredion’s president and chief executive officer. “Net sales growth of 16% reflected robust customer demand, which drove comparable volume growth; this, along with active price mix management, enabled us to fully offset higher input costs. As a result, our adjusted operating income was up over last year’s strong performance and was higher than our expectations.”

“Specialty ingredients continued their momentum underpinned by solid execution against our Driving Growth Roadmap. Notably, across all four of our regions, solid double-digit net sales increases exceeded our four-year specialties growth outlook,” Zallie continued. “In response to continued strong demand for clean label texturizing starches, we accelerated the commissioning of new capacity at our Indianapolis facility. In addition, our Sugar Reduction and Specialty Sweetener platform had another excellent quarter, growing net sales by more than 20%, led by a double-digit top line increase of PureCircle’s stevia franchise.”

“Also contributing to second quarter performance, core ingredients delivered net sales growth in the mid-teens. Our volume growth resulted from strong customer demand in categories such as brewery and confectionary. In addition, enhanced contract terms have enabled us to more quickly address changing input costs in our largest markets. Higher net sales growth was led by South America and Mexico as we continued to shift our focus to fast growing categories in these territories.”

“Overall, I am extremely proud of how our global teams continue to perform in this inflationary environment. While the business landscape remains challenging, our positive results in the first half of this year position us well to deliver a strong second half as we continue to execute against each of our four strategic growth pillars,” Zallie concluded.

*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)

2Q21 2Q22 YTD21 YTD22
Reported EPS $2.62 $2.12 $(1.01) $4.04
Impairment/Restructuring costs 0.03 0.01 0.15 0.03
Acquisition/Integration costs 0.02 0.02 0.01
Impairment*** 5.35
Tax items and other matters (0.62) (0.01) (0.58) (0.02)
Diluted share impact (0.03)
Adjusted EPS** $2.05 $2.12 $3.90 $4.06

Estimated factors affecting changes in Reported and Adjusted EPS

2Q22 YTD22
Total items affecting EPS** 0.07 0.16
Total operating items 0.07 0.22
Margin 0.24 0.44
Volume (0.11) (0.13)
Foreign exchange (0.07) (0.11)
Other income 0.01 0.02
Total non-operating items 0.00 (0.06)
Other non-operating income (0.01) (0.01)
Financing costs 0.02 (0.03)
Shares outstanding 0.02
Non-controlling interests 0.01
Tax rate (0.03) (0.03)

**Totals may not foot due to rounding; ***Related to the Argentina joint venture announcement, reported results reflect a $360 million assets held for sale impairment charge, including $311 million of cumulative translation losses.

Financial Highlights

  • At June 30, 2022, total debt and cash including short-term investments were $2.4 billion and $322 million, respectively, versus $2.0 billion and $332 million, respectively, at December 31, 2021.
  • Net financing costs for the second quarter were $17 million versus $19 million in the year-ago period.
  • Reported and adjusted effective tax rates for the second quarter were 26.0 percent and 26.8 percent, respectively, compared to 11.7 percent and 25.7 percent, respectively, in the year-ago period. The increase in reported tax rate resulted primarily from the reversal of an accrual for unremitted earnings from foreign subsidiaries during the second quarter of 2021.
  • Year-to-date net capital expenditures were $137 million, up $35 million from the year-ago period.

Business Review

Total Ingredion
Net Sales

$ in millions 2021 FX Impact Volume Price/mix 2022 Change Change
excl. FX
Second Quarter 1,762 (41) (5) 328 2,044 16% 18%
Year-to-Date 3,376 (66) 14 612 3,936 17% 19%

Reported Operating Income

$ in millions 2021 FX Impact Business Drivers Acquisition / Integration Restructuring / Impairment Other 2022 Change Change
excl. FX
Second Quarter 222 (7) 14 (3) 2 (15) 213 -4% -1%
Year-to-Date 52 (11) 30 (3) 10 345 423 713% 735%

Adjusted Operating Income

$ in millions 2021 FX Impact Business Drivers 2022 Change Change
excl. FX
Second Quarter 208 (7) 14 215 3% 7%
Year-to-Date 409 (11) 30 428 5% 7%

Net Sales

  • Second quarter and year-to-date net sales were up from the year-ago period. The increase was driven by strong price mix, including the pass through of higher corn and input costs. Excluding foreign exchange impacts, net sales were up 18 percent and 19 percent, respectively, for the quarter and year-to-date.

Operating income

  • Second quarter reported and adjusted operating income were $213 million and $215 million, respectively, a decrease of 4 percent and an increase of 3 percent, respectively, from the same period last year. The decrease in reported operating income was driven by a favorable court decision related to Brazil indirect taxes in the prior year. The increase in adjusted operating income was driven by strong price mix that more than offset higher corn and input costs. Excluding foreign exchange impacts, reported and adjusted operating income were down 1 percent and up 7 percent, respectively, from the same period last year.
  • Year-to-date reported and adjusted operating income were $423 million and $428 million, respectively, an increase of 713 percent and 5 percent, respectively, from the year-ago period. The increase in reported operating income was attributable to the held for sale impairment charge in the prior year related to the Argentina joint venture. The increase in adjusted operating income was driven by strong price mix that more than offset higher corn and input costs. Excluding foreign exchange impacts, reported and adjusted operating income were up 735 percent and 7 percent, respectively, from the same period last year.
  • Second quarter and year-to-date reported operating income were lower than adjusted operating income by $2 million and $5 million, respectively, due primarily to restructuring costs.

North America
Net Sales

$ in millions 2021 FX Impact Volume Price
mix
2022 Change Change
excl. FX
Second Quarter 1,068 (4) 11 209 1,284 20% 21%
Year-to-Date 2,013 (4) 52 397 2,458 22% 22%

Segment Operating Income

$ in millions 2021 FX Impact Business Drivers 2022 Change Change
excl. FX
Second Quarter 149 (1) 13 161 8% 9%
Year-to-Date 283 (1) 35 317 12% 12%
  • Second quarter operating income was $161 million, an increase of $12 million from the year-ago period, and year-to-date operating income was $317 million, an increase of $34 million from the year-ago period. For both the quarter and year-to-date, the increase was driven by favorable price mix and higher volumes that more than offset higher corn and input costs.

South America
Net Sales

$ in millions 2021 FX Impact Volume Excluding Argentina JV Volume Price
mix
2022 Change Change
excl. FX
Second Quarter 268 7 30 (62) 47 290 8% 6%
Year-to-Date 541 7 23 (128) 99 542 0% -1%

Segment Operating Income

$ in millions 2021 FX Impact Business Drivers 2022 Change Change
excl. FX
Second Quarter 33 1 5 39 18% 15%
Year-to-Date 73 2 2 77 5% 3%
  • Second quarter operating income was $39 million, an increase of $6 million from the year-ago period, and year-to-date operating income was $77 million, an increase of $4 million from the year-ago period. For both the quarter and year-to-date, the increases were driven by favorable price mix which more than offset higher corn and input costs. Excluding foreign exchange impacts, segment operating income was up 15 percent and 3 percent, respectively, for the second quarter and year-to-date.

Asia-Pacific
Net Sales

$ in millions 2021 FX Impact Volume Price
mix
2022 Change Change
excl. FX
Second Quarter 248 (19) 9 37 275 11% 19%
Year-to-Date 483 (31) 42 53 547 13% 20%

Segment Operating Income

$ in millions 2021 FX Impact Business Drivers 2022 Change Change
excl. FX
Second Quarter 24 (2) (1) 21 -13% -4%
Year-to-Date 49 (4) (2) 43 -12% -4%
  • Second quarter operating income was $21 million, down $3 million from the year-ago period, and year-to-date operating income was $43 million, a decrease of $6 million from the year-ago period. For both the second quarter and year-to-date, the decreases were driven by higher corn and input costs in Korea, COVID-19 disruptions in China, and foreign currency headwinds. Excluding foreign exchange impacts, segment operating income was down 4 percent for both the quarter and year-to-date.

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

$ in millions 2021 FX Impact Volume Price
mix
2022 Change Change
excl. FX
Second Quarter 178 (25) 7 35 195 10% 24%
Year-to-Date 339 (38) 25 63 389 15% 26%

Segment Operating Income

$ in millions 2021 FX Impact Business Drivers 2022 Change Change
excl. FX
Second Quarter 32 (5) 2 29 -9% 6%
Year-to-Date 63 (8) 5 60 -5% 8%
  • Second quarter operating income was $29 million, down $3 million from the year-ago period, and year-to-date operating income was $60 million, down $3 million from a year ago. For both the second quarter and year-to-date, favorability in Europe was more than offset by unfavorable Pakistan results and foreign exchange headwinds across the region. Excluding foreign exchange impacts, second quarter and year-to-date segment operating income was up 6% and 8%, respectively.

Dividends and Share Repurchases
For the first half of 2022, the Company has paid total dividends of $90 million, and in the second quarter declared a quarterly dividend of $0.65 per share payable in the third quarter. During the quarter, the Company repurchased $44 million of outstanding shares of common stock, bringing Ingredion’s total share repurchases for first half 2022 to $83 million. Ingredion considers return of value to shareholders through cash dividends and share repurchases as part of its capital allocation strategy to support total shareholder return.

2022 Full-Year Outlook
For the third quarter 2022, the Company expects net sales growth to be in the high teens and operating income growth to be in the high single-digits, when both are compared to third quarter 2021.

The Company expects full-year 2022 reported EPS to be in the range of $6.95 to $7.35, and adjusted EPS to be in the range of $6.90 to $7.45, compared to adjusted EPS of $6.67 in 2021. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

Compared to last year, the 2022 full-year outlook assumes the following: North America operating income is expected to be up low to mid-double digits, driven by favorable price mix more than offsetting higher corn and input costs; South America operating income is expected to be up low double-digits, driven by favorable price mix; Asia-Pacific operating income is expected to be flat compared to the prior year, driven by higher corn costs in Korea related to the Ukraine conflict and the impact of COVID-19 lockdowns in China, offsetting PureCircle growth; and EMEA operating income is expected to be flat to down low single-digits, driven by higher input costs and negative foreign exchange impacts. Corporate costs are expected to be up mid-single digits.

The Company expects full-year 2022 adjusted operating income to be up low-double digits.

For full-year 2022, the Company expects a reported effective tax rate of 27.0 percent to 29.5 percent and an adjusted effective tax rate of 28.0 percent to 29.0 percent.

Cash from operations for full-year 2022 is now expected to be in the range of $300 million to $360 million which reflects an anticipated increase in our working capital balances due to higher corn costs. Capital expenditures for the full year are expected to be between $290 million and $320 million.

Conference Call and Webcast Details
Ingredion will host a conference call on Tuesday, August 9, 2022, at 8 a.m. Central Time / 9 a.m Eastern Time, hosted by Jim Zallie, president and chief executive officer, and Jim 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 2021 annual net sales of $6.9 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 or may contain 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, any statements regarding the Company’s expectations for third quarter 2022 net sales and operating income, its expectations for full-year 2022 adjusted operating income, reported and adjusted EPS, segment operating income, reported and adjusted effective tax rates, cash flow from operations, and capital expenditures, and any other statements regarding the Company’s prospects and its future operations, financial condition, net sales, operating income, volumes, corporate costs, tax rates, capital expenditures, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing, and any assumptions, expectations or beliefs underlying any of 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 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 expressed or implied 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 risks and uncertainties, 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 purchases of our products by 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 as well as with respect to freight and shipping costs; the effects of climate change and legal, regulatory, and market measures to address climate change; 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 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; effects of the conflict between Russia and Ukraine, including impacts on the availability and prices of raw materials and energy supplies and volatility in exchange and interest rates; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact on our business of natural disasters, war, 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; the impact of impairment charges on our goodwill or long-lived assets; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; changes in our tax rates or exposure to additional income tax liability; increases in our borrowing costs that could result from increased interest rates; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; security breaches with respect to information technology systems, processes, and sites; 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, 2021, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.

Ingredion Incorporated
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
(in millions, except per share amounts) Three Months Ended June 30, Change % Six Months Ended June 30, Change %
2022 2021 2022 2021
Net sales $ 2,044 $ 1,762 16 % $ 3,936 $ 3,376 17 %
Cost of sales 1,654 1,395 3,167 2,658
Gross profit 390 367 6 % 769 718 7 %
Operating expenses 179 167 7 % 348 320 9 %
Other operating (income) (4 ) (26 ) (6 ) (28 )
Restructuring/impairment charges 2 4 4 374
Operating income 213 222 (4 %) 423 52 713 %
Financing costs 17 19 41 38
Other non-operating (income) (2 ) (1 ) (3 )
Income before income taxes 196 205 (4 %) 383 17 2153 %
Provision for income taxes 51 24 105 79
Net income (loss) 145 181 (20 %) 278 (62 ) 548 %
Less: Net income attributable to non-controlling interests 3 3 6 6
Net income (loss) attributable to Ingredion $ 142 $ 178 (20 %) $ 272 $ (68 ) 500 %
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic 66.4 67.2 66.6 67.3
Diluted 67.1 67.9 67.3 67.3
Earnings (loss) per common share of Ingredion:
Basic $2.14 $2.65 (19 %) $4.08 ($1.01 ) 504 %
Diluted $2.12 $2.62 (19 %) $4.04 ($1.01 ) 500 %

 

Ingredion Incorporated
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) June 30, 2022 December 31, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 318 $ 328
Short-term investments 4 4
Accounts receivable – net 1,396 1,130
Inventories 1,403 1,172
Prepaid expenses 56 63
Total current assets 3,177 2,697
Property, plant and equipment – net 2,375 2,423
Intangible assets – net 1,313 1,348
Other assets 524 531
Total assets $ 7,389 $ 6,999
Liabilities and equity
Current liabilities
Short-term borrowings $ 652 $ 308
Accounts payable and accrued liabilities 1,193 1,204
Total current liabilities 1,845 1,512
Long-term debt 1,739 1,738
Other non-current liabilities 537 524
Total liabilities 4,121 3,774
Share-based payments subject to redemption 37 36
Redeemable non-controlling interests 70 71
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 June 30, 2022 and December 31, 2021 1 1
Additional paid-in capital 1,133 1,158
Less: Treasury stock (common stock; 11,972,479 and 11,154,203 shares at
June 30, 2022 and December 31, 2021, respectively) at cost (1,133 ) (1,061 )
Accumulated other comprehensive loss (940 ) (897 )
Retained earnings 4,085 3,899
Total Ingredion stockholders’ equity 3,146 3,100
Non-redeemable non-controlling interests 15 18
Total equity 3,161 3,118
Total liabilities and equity $ 7,389 $ 6,999

 

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
(in millions) 2022 2021
Cash (used for) provided by operating activities:
Net income (loss) $ 278 $ (62 )
Adjustments to reconcile net income (loss) to
net cash (used for) provided by operating activities:
Depreciation and amortization 107 103
Mechanical stores expense 27 27
Deferred income taxes (2 ) (21 )
Impairment charge for assets held for sale 360
Margin accounts (5 ) (20 )
Changes in other trade working capital (454 ) (221 )
Other 45 (37 )
Cash (used for) provided by operating activities (4 ) 129
Cash used for investing activities:
Capital expenditures and mechanical stores purchases (144 ) (117 )
Proceeds from disposal of manufacturing facilities and properties 7 15
Payments for acquisitions, net of cash acquired (40 )
Other 1 (15 )
Cash used for investing activities (136 ) (157 )
Cash provided by (used for) financing activities:
Proceeds from borrowings, net 38 14
Commercial paper borrowings, net 308
Repurchases of common stock, net (83 ) (24 )
Purchases of non-controlling interests (27 )
(Settlements) issuances of common stock for share-based compensation, net (1 ) 9
Dividends paid, including to non-controlling interests (90 ) (93 )
Cash provided by (used for) financing activities 145 (94 )
Effect of foreign exchange rate changes on cash (15 ) (1 )
Decrease in cash and cash equivalents (10 ) (123 )
Cash and cash equivalents, beginning of period 328 665
Cash and cash equivalents, end of period $ 318 $ 542

 

Ingredion Incorporated
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages) Three Months Ended June 30, Change Six Months Ended June 30, Change
2022 2021 Change Excl. FX 2022 2021 Change Excl. FX
Net Sales
  North America $ 1,284 $ 1,068 20 % 21 % $ 2,458 $ 2,013 22 % 22 %
  South America 290 268 8 % 6 % 542 541 0 % (1 %)
  Asia-Pacific 275 248 11 % 19 % 547 483 13 % 20 %
  EMEA 195 178 10 % 24 % 389 339 15 % 26 %
 Total Net Sales $ 2,044 $ 1,762 16 % 18 % $ 3,936 $ 3,376 17 % 19 %
Operating Income
  North America $ 161 $ 149 8 % 9 % $ 317 $ 283 12 % 12 %
  South America 39 33 18 % 15 % 77 73 5 % 3 %
  Asia-Pacific 21 24 (13 %) (4 %) 43 49 (12 %) (4 %)
  EMEA 29 32 (9 %) 6 % 60 63 (5 %) 8 %
  Corporate (35 ) (30 ) (17 %) (17 %) (69 ) (59 ) (17 %) (17 %)
Sub-total 215 208 3 % 7 % 428 409 5 % 7 %
Acquisition/integration costs 3 (1 ) 2
Restructuring/impairment charges (2 ) (4 ) (4 ) (14 )
Impairment charge for assets held for sale (360 )
Other matters 15 15
Total Operating Income $ 213 $ 222 (4 %) (1 %) $ 423 $ 52 713 % 735 %
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 (benefit), and other specified 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; so our non-GAAP 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
Reconciliation of GAAP Net Income (Loss) 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 Six Months Ended Six Months Ended
June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
(in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS
Net income (loss) attributable to Ingredion $ 142 $ 2.12 $ 178 $ 2.62 $ 272 $ 4.04 $ (68 ) $ (1.01 )
Add back:
Acquisition/integration costs, net of an insignificant amount of income taxes for the three and six months ended June 30, 2022 and net of income tax expense of $4 million for the three and six months ended June 30, 2021 (i) 1 0.02 1 0.01 2 0.02
Restructuring/impairment charges, net of income tax benefit of $1 million for the three and six months ended June 30, 2022, and net of income tax benefit of $2 million and $4 million for the three and six months ended June 30, 2021, respectively (ii) 1 0.01 2 0.03 3 0.03 10 0.15
Impairment on assets held for sale, net of $ – million of income tax benefit for the six months ended June 30, 2021 (iii) 360 5.35
Other matters, net of income tax expense of $5 million for the three and six months ended June 30, 2021 (iv) (10 ) (0.15 ) (10 ) (0.15 )
Tax (benefit) – Mexico (v) (4 ) (0.06 ) (1 ) (0.01 ) (1 ) (0.01 )
Other tax matters (vi) (1 ) (0.01 ) (28 ) (0.41 ) (1 ) (0.01 ) (28 ) (0.42 )
Diluted share impact (vii) (0.03 )
Non-GAAP adjusted net income attributable to Ingredion $ 142 $ 2.12 $ 139 $ 2.05 $ 274 $ 4.06 $ 265 $ 3.90
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) During the six months ended June 30, 2022, we recorded $1 million of pre-tax acquisition and integration charges related to our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture. During the three and six months ended June 30, 2021, we recorded a net pre-tax acquisition and integration gain of $3 million and $2 million, respectively, for our acquisition of PureCircle Limited, as well as our investment in the Argentina joint venture.
(ii) During the three and six months ended June 30, 2022, we recorded $2 million and $4 million, respectively, of remaining pre-tax restructuring-related charges for the Cost Smart program. During the three and six months ended June 30, 2021, we recorded pre-tax restructuring-related charges of $4 million and $14 million, respectively, for our Cost Smart programs. These charges are net of a $5 million gain on the sale of Stockton, California land and building that occurred during the second quarter of 2021.
(iii) During the first quarter of 2021, we recorded a $360 million held for sale impairment charge related to entering the Argentina joint venture. The impairment charge primarily reflected a $49 million write-down of contributed net assets to the agreed upon fair value and a $311 million valuation allowance for the cumulative foreign translation losses related to the net assets to be contributed.
(iv) During the second quarter of 2021, we recorded a pre-tax benefit of $15 million to reflect a ruling the Brazilian Supreme Court issued in May 2021 that affirmed that we were entitled to certain indirect taxes.
(v) We recorded a tax benefit of $1 million for the six months ended June 30, 2022, and tax benefits of $4 million and $1 million for the three and six months ended June 30, 2021, respectively, as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company’s Mexico financial statements during the periods.
(vi) This item relates to prior year tax liabilities and contingencies, the reversal of tax liabilities related to certain unremitted earnings from foreign subsidiaries and tax results of the above non-GAAP addbacks.
(vii) When GAAP net income is negative and Non-GAAP Adjusted net income is positive, adjusted diluted weighted average common shares outstanding will include any options, restricted share units, or performance share units that would be otherwise dilutive. During the first half of 2021, the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents.
Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions, pre-tax) 2022 2021 2022 2021
Operating income $ 213 $ 222 $ 423 $ 52
Add back:
Acquisition/integration costs (i) (3 ) 1 (2 )
Restructuring/impairment charges (ii) 2 4 4 14
Impairment on assets held for sale (iii) 360
Other matters (iv) (15 ) (15 )
Non-GAAP adjusted operating income $ 215 $ 208 $ 428 $ 409
For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
Three Months Ended June 30, 2022 Six Months Ended June 30, 2022
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 $ 196 $ 51 26.0 % $ 383 $ 105 27.4 %
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 2 1 4 1
Tax item – Mexico (v) 1
Other tax matters (vi) 1 1
Adjusted Non-GAAP $ 198 $ 53 26.8 % $ 388 $ 108 27.8 %
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
Income (Loss) 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 $ 205 $ 24 11.7 % $ 17 $ 79 464.7 %
Add back:
Acquisition/integration costs (i) (3 ) (4 ) (2 ) (4 )
Restructuring/impairment charges (ii) 4 2 14 4
Impairment on assets held for sale (iii) 360
Other matters (iv) (15 ) (5 ) (15 ) (5 )
Tax item – Mexico (v) 4 1
Other tax matters (vi) 28 28
Adjusted Non-GAAP $ 191 $ 49 25.7 % $ 374 $ 103 27.5 %
For notes (i) through (vi), see notes (i) through (vi) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of Expected GAAP Diluted Earnings per Share (“GAAP EPS”)
to Expected Adjusted Diluted Earnings per Share (“Adjusted EPS”)
(Unaudited)
Expected EPS Range
for Full-Year 2022
Low End of Guidance High End of Guidance
GAAP EPS $ 6.95 $ 7.35
Add:
Acquisition/integration costs (i) 0.01 0.01
Restructuring/impairment charges (ii) 0.03 0.03
Tax item – Mexico (iii) (0.08 ) 0.07
Other tax matters (iv) (0.01 ) (0.01 )
Adjusted EPS $ 6.90 $ 7.45
Above is a reconciliation of our expected full-year 2022 diluted EPS to our expected full-year 2022 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, adjustments to GAAP EPS for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted EPS guidance. For these reasons, we are more confident in our ability to forecast adjusted EPS than we are in our ability to forecast GAAP EPS.
These adjustments to GAAP EPS for 2022 include the following:
(i) Pre-tax acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture.
(ii) Remaining pre-tax restructuring-related charges for the Cost Smart programs.
(iii) Tax (benefit) expense as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company’s Mexico financial statements during the period.
(iv) This item relates to prior year tax liabilities and contingencies.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of Expected U.S. GAAP Effective Tax Rate (“GAAP ETR”)
to Expected Adjusted Effective Tax Rate (“Adjusted ETR”)
(Unaudited)
Expected Effective Tax Rate Range
for Full-Year 2022
Low End of Guidance High End of Guidance
GAAP ETR 27.0 % 29.5 %
Add:
Acquisition/integration costs (i) % %
Restructuring/impairment charges (ii) 0.2 % 0.2 %
Tax item – Mexico (iii) 0.9 % (0.6 ) %
Other Tax Matters (iv) 0.2 % 0.2 %
Impact of adjustment on Effective Tax Rate (v) (0.3 ) % (0.3 ) %
Adjusted ETR 28.0 % 29.0 %
Above is a reconciliation of our expected full-year 2022 GAAP ETR to our expected full-year 2022 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, adjustments to GAAP ETR for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to forecast adjusted ETR than we are in our ability to forecast GAAP ETR.
These adjustments to GAAP ETR for 2022 include the following:
(i) Tax impact on acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture.
(ii) Tax impact on remaining restructuring-related charges for the Cost Smart programs.
(iii) Tax benefit (expense) as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of the Company’s Mexico financial statements during the periods.
(iv) This item relates to prior year tax liabilities and contingencies.
(v) Indirect impact of tax rate after items (i) and (ii).

Vista announces record sales 1H 2022 — Members increase 43%

ista global fleet

Global 7500

VISTA ANNOUNCES RECORD SALES IN THE FIRST HALF OF 2022
AS MEMBERS INCREASE 43%

Record sales across Vista’s core subscription offerings
as client demand continues to grow for both VistaJet and XO memberships

  • Member growth increases 43% across operating companies;
  • Sales accelerate across core markets, with VistaJet’s subscription Program more than doubling in the U.S.;
  • Successful closing of Air Hamburg and Jet Edge acquisitions, both being immediately accretive and significantly expanding the Group’s scale and service capabilities across the entire globe;
  • Vista has added over 100 aircraft during first half of 2022 giving clients access to a Members’ fleet of over 350 aircraft and access to over 2,100 alliance jets.

Dubai, August 8, 2022: Vista Global Holding (Vista), the world’s largest On Demand provider, gives a market update and overview into its performance for the first half of 2022 as the Group’s impressive growth trajectory continued, leading to a record first six months across all key metrics.

In the first half of 2022, Vista reported double digit growth despite the challenging macro-economic backdrop, driven primarily by a 43% year-on-year growth across its combined subscription Member base. Sales across VistaJet’s subscription Program reached all-time highs — a 25% increase in VistaJet Members has driven a 76% growth in gross Program hours sold during H1 2022 year-on-year and 27% higher than pre-pandemic full year 2019. The number of XO’s Deposit Members also continued increasing 33% against the same time last year. The recently acquired Jet Edge further expands the Group’s Member base with the addition of a further 400 unique Deposit Members through the brand’s Reserve program.

Thomas Flohr, Vista’s Founder and Chairman said: It has been an impressive start to 2022 for Vista as we continue to grow across all markets globally, particularly in the United States. As business aviation remains robust, we have seen huge demand as clients turn to Vista for their flying needs.

Contract sizes continue to grow as clients add hours to fulfil their flying requirements around the world. Vista’s trusted brands, shared economy model, asset light offerings away from full or fractional ownership and proprietary technology create superior client value and elevated end-to-end experience.

During the first six months of 2022, Vista added over 100 aircraft to the fleet and expanded its managed fleet, both through two strategic acquisitions of Air Hamburg and Jet Edge, alongside scheduled fleet deliveries. With these investments, Vista clients have access to a larger team of experts, and a greater range of aircraft and availability — Air Hamburg expands our scale in Europe and the Middle East, while Jet Edge significantly scales up Vista’s U.S. presence.

I am excited for the future as our expanded team drives the momentum to keep innovating every aspect of private aviation to provide the most advanced flying solutions at the very best value to every client around the world.”

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Regionally, North America accounted for around half of VistaJet’s Program revenue, with sales more than doubling in the region — driven by both existing clients adding hours and new client sign-ups. Despite the ongoing geopolitical uncertainty and backdrop, Europe was the fastest growing region in terms of flight activity and revenue, both of which more than doubled year-on-year. VistaJet’s Program sales followed suit with hours sold up 65% both quarter-on-quarter and year-on-year. There are also strong signs of activity picking up in Asia with a 77% increase in hours sold compared with the same period last year, while growth in the Middle East was driven by existing clients purchasing more hours, with total hours sold up by 60% year-on-year.

The strong performance during the first six months of 2022 is supported by a significantly larger fleet, which has expanded from around 200 aircraft at the end of 2021 to more than 350 by mid-2022 through acquisitions and delivery of aircraft orders. Over the last 10 years Vista has invested over $4 billion in its fleet expansion — most recently taking delivery of the world’s largest fleet of Global 7500 aircraft, currently at 12, and 10 new Challenger 350s being delivered through 2022. The acquisitions of Air Hamburg and Jet Edge acquisitions, which both closed in May 2022, further expanded the Group’s aircraft portfolio and is providing more value to clients, at a time of unprecedented demand across the two largest aviation markets. These acquisitions form part of Vista’s strategy to transform the fragmented business aviation ecosystem and increase its presence across the core regions of North America, Europe and the Middle East. This is in addition to upgrading Wi-Fi connectivity and providing brand new cabin interiors across all fleets, supporting Vista’s commitment to ensuring it has the best quality fleet in the market.

– Ends –

Notes to Editors
Statements in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of the Group’s financial results or positions as of or for the H1-2022, and have not been audited, reviewed, or compiled by an independent registered accounting firm. Thus, the financial information in this release is preliminary, unaudited and subject to revision upon completion of the Group’s closing and audit processes. The Group assumes no obligation to update any information contained herein, save for any information required to be disclosed by law.

About Vista
Vista Global Holding’s (Vista) subsidiaries provide worldwide business flight services. A global group headquartered at the DIFC in Dubai, Vista integrates a unique portfolio of companies offering asset light services to cover all key aspects of business aviation: guaranteed and on demand global flight coverage; subscription and membership solutions; and cutting-edge mobility technology. The Group’s mission is to lead the change to provide clients with the most advanced flying services at the very best value, anytime, anywhere around the world. Vista’s knowledge and understanding of all facets of the industry deliver the best end-to-end offering and technology to all business aviation clients, through its VistaJet and XO branded services and duly licensed carriers. Vista is not a direct air carrier and does not operate or charter flights.
More Vista information and news at www.vistaglobal.com

Contacts
press@vistaglobal.com

Vista Global Holding Limited (“Vista”) does not own or operate any aircraft. All flights are performed by FAA-licensed/DOT-registered EASA or U.S. certified Vista group direct air carriers and/or partner operators. Vista holds non-controlling minority stakes in XOJET Aviation, GMJ Air Shuttle, JetSelect, Wester Air Charter, Red Wing Aviation and Talon Air.

Attachments

Ville Parpala Named Regional Sales Manager, Scandinavia for Nikkiso Clean Energy and Industrial Gases Group Europe

TEMECULA, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is pleased to announce that Ville Parpala has been named Regional Sales Manager for Scandinavia.

Ville brings a strong European sales and business development background with an emphasis in international Marine and Industrial market segments. His background in Automation Technology and International Business has proved invaluable to his ability to find new solutions, including utilizing hybrid technologies. He has over 20 years’ experience in Europe, the Middle East and Asia, and has most recently served as Director of Marine Product Marketing for The Switch, as well as Sales management positions with Grundfos, ABB, Marioff and Emerson.

Based in Finland, he will manage and develop business opportunities there and in the Scandinavian territory, including Sweden, Denmark and Norway and will report to Ole Jensen, Vice President, NCEIG Europe.

“We look forward to be able to grow and expand our support of this important market with Ville’s industry and market knowledge, and to further develop opportunities in this region,” according to Ole Jensen.

With this addition, Nikkiso continues their commitment to be both a global and local presence for their customers.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture and service engineered cryogenic gas processing equipment (pumps, turboexpanders, heat exchangers, etc.), and process plants for Industrial Gases, Natural gas Liquefaction (LNG), Hydrogen Liquefaction (LH2) and Organic Rankine Cycle for Waste Heat Recovery. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Nikkiso Cryo, Nikkiso Integrated Cryogenic Solutions, Cosmodyne and Cryoquip and a commonly controlled group of approximately 20 operating entities.

For more information, please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com