Day: May 5, 2022

Turin and Piedmont are ready for the Eurovision Song Contest, one of the most important international songwriting one competitions globally.

The city of vermouth, homemade ice creams, gianduiotti and breadsticks, Turin’s culinary tradition is for true connoisseurs, with Michelin-starred restaurants and the typical trattorias. The nightlife is just as lively with many wine bars and DJ sets. But the list of the cities of art and culture of Piedmont is long: Alessandria, with its Baroque buildings, scenic squares, streets, and stores; Asti, with the Palio, the famous medieval commemoration held every year in September, the artistic heritage ranging from Romanesque to Baroque, in the heart of the Vineyard Landscape of Langhe Roero and Monferrato UNESCO; Alba, a Creative City for Gastronomy UNESCO and capital of the famous white truffle; Biella, the “Italian Manchester,” among the UNESCO Creative Cities for “Crafts & Folk Art”; Cuneo, known for its seventeenth-century Cathedral of Santa Maria del Bosco, the Church of Santa Chiara, Palazzo Audifreddi, the church of St. Ambrose; Novara, surrounded by plains and rice fields, with a medieval midtown, and the soaring brick dome of the Basilica of San Gaudenzio, the highest in Europe. Verbania, “a garden on the lake”, with the Borromean Islands and the Botanical Gardens of Villa Taranto – 1,000 plants and 20,000 varieties and species of interest; Vercelli, a stop for pilgrims on their way from Canterbury to Rome and an important junction of the Via Francigena, as well as the European capital of rice and an economic-social laboratory.
Discover more at visitpiemonte.com

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dbe429f0-eb07-4efe-acb6-48802efac3df

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

Polymetallic nodule collector vehicle

• Following earlier successful harbor wet-testing and shallow-water trials in the open sea, the Allseas-designed and constructed pilot nodule collector vehicle was deployed from the Hidden Gem and lowered to the seafloor at depths of 2,470 meters, marking the first time the vehicle has been subjected to ultra-deep-water temperatures and pressures
• A range of critical functions were successfully tested while driving over one kilometer on the seafloor, confirming the robot’s capability to operate in pressure and temperature conditions similar to those it will encounter in the NORI-D Area in the CCZ
• Upcoming trials in TMC’s NORI-D contract area are expected to include deployment of a four-kilometer-long riser, an umbilical that provides power and control during seafloor operations, and a 500-meter-long flexible jumper hose to connect the riser to the collector vehicle

NEW YORK, May 05, 2022 (GLOBE NEWSWIRE) — TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today announced the successful completion of initial deep-water trials of the polymetallic nodule collector vehicle in the Atlantic Ocean.

Engineers successfully lowered the Allseas-designed collector vehicle to the seafloor at depths of 2,470 meters, marking the first time the vehicle had been subjected to ultra-deep-water temperatures and pressures. Engineers then subjected the vehicle to extensive testing of its various pumps and critical mobility functions, driving 1,018 meters across the seafloor.

“The pilot nodule collection system is so far performing beautifully throughout these trials and getting the collector vehicle into the deep water in the Atlantic has given the team the opportunity to really pressure-test critical components,” said Gerard Barron, CEO & Chairman of The Metals Company. “I continue to be astounded by the planning and preparedness of Allseas engineers who are moving right along into wet-test commissioning and trial deployment of the riser system.”

Since 2019, Allseas and TMC have been working together to develop a pilot system to responsibly collect polymetallic nodules that sit unattached on the seafloor and lift them to the surface for transportation to shore. Nodules contain high grades of nickel, manganese, copper and cobalt — key metals required for building electric vehicle batteries and renewable energy technologies.

Previously, TMC and Allseas announced successful harbor wet-test commissioning and shallow-water drive tests in the North Sea. With this latest round of deep-sea trials Allseas engineers will also test deployment of components of the riser as well as the connection between the jumper hose and the collector vehicle. All of the trials to date are in preparation for full pilot nodule collection system trials later this year over an 8 km² section of the NORI-D contract area in the Clarion Clipperton Zone of the Pacific Ocean. The trials are an integral part of the International Seabed Authority’s regulatory and permitting process and the environmental impact data collected both during and after this nodule collection test work will form the basis of the application for an exploitation contract by TMC’s wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI).

Development of technologies to collect polymetallic nodules first began in the 1970s when oil, gas and mining majors including Shell, Rio Tinto (Kennecott) and Sumitomo successfully conducted pilot test work in the CCZ, recovering over ten thousand tons of nodules. In the decades since, the ISA was established to develop the regulatory framework to govern mineral extraction in the high seas while technology development efforts have largely focused on scaling proven nodule collection technologies and optimizing for minimal seafloor disturbance and environmental impact.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

About The Metals Company

TMC the metals company Inc. (The Metals Company) is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. More information is available at www.metals.co.

About Allseas
Allseas is a world-leading contractor in the offshore energy market, with dynamism, rapid progress and pioneering spirit at its core. Allseas specialise in offshore pipeline installation, heavy lift and subsea construction. The company employs over 4000 people worldwide and operates a versatile fleet of specialised heavy-lift, pipelay and support vessels, designed and developed in-house. More information about Allseas is available at www.allseas.com.

More Info
Media | media@metals.co.
Investors | investors@metals.co.

Forward Looking Statements
Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including related to upcoming trials in TMC’s NORI-D contract area and future offshore operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Allseas ability to conduct a full pilot nodule collection trial in the Clarion Clipperton Zone; TMC’s ability to enter into definitive agreement(s) with Allseas with respect to the proposed strategic alliance to develop and operate a commercial collection system on terms and conditionals substantially similar to those set forth in the non-binding terms sheet; the successful completion of the pilot collection tests; TMC’s ability to obtain exploitation contracts for its areas in the CCZ; regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the CCZ and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collective, development and processing operations; fluctuations in transportation costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties, including those under Item 1A “Risk Factors” in TMC’s Annual Report on Form 10-K for the quarter ended December 31, 2021, filed by TMC with the Securities and Exchange Commission (“SEC”) on March 25, 2022, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except as required by law.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9627299-69bf-4d6d-82af-65dc1bd52455

https://www.globenewswire.com/NewsRoom/AttachmentNg/375d0436-dda9-4fce-a64f-82bbee5d83e4

https://www.globenewswire.com/NewsRoom/AttachmentNg/54ba1a97-e154-423d-b608-c373c36b80a2

The availability of Cellebrite’s advanced access capability as a cloud-based service is intended to enable a broader base of law enforcement agencies to benefit from the most cutting-edge technology

PETAH TIKVA, Israel and TYSONS CORNER, Va., May 05, 2022 (GLOBE NEWSWIRE) — Cellebrite DI Ltd. (NASDAQ: CLBT), a global leader in Digital Intelligence (DI) solutions for the public and private sectors, today announced the upcoming release of the SaaS-based version of Cellebrite Premium. Cellebrite Premium is an industry leading advanced access solution, providing unlock and extract capabilities for most iOS as well as the leading Android devices. The new offering, which is part of Cellebrite’s industry-leading DI suite of Solutions, will be previewed at the upcoming Techno Security & Digital Forensics Conference in Myrtle Beach, South Carolina, from May 9^th to May 12^th, 2022.

The solution aims to allow law enforcement agencies to benefit from flexible licensing options and reduce ongoing hardware and maintenance costs. In addition, the SaaS-based version of Premium aims to provide agencies immediate access to the most up-to-date capabilities, allowing more law enforcement organizations to decentralize device access and data collection efforts as they work to expedite digital investigations and reduce case backlogs.

Ronnen Armon, Cellebrite’s Chief Products & Technologies Officer, commented: “Law enforcement agencies of all sizes should have access to solutions that can help them combat continuously growing digital evidence challenges. We are committed to addressing our customer needs in the face of the ever-growing quantity, variety, and complexity of digital evidence, and enabling a flexible consumption of our most advanced capability is our latest innovation to achieve this goal. We look forward to continuing to partner with our customers to enable them to protect and save lives, accelerate justice, and preserve privacy in communities around the world.”

For more information on Cellebrite Premium, please visit https://cellebrite.com/en/premium/

About Cellebrite
Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.

Caution Regarding Forward Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on form 20-F filed with the SEC on March 29, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contacts

Media
Renee Soto
+1 212-433-4606
cellebrite@reevemark.com

Investors
Anat Earon-Heilborn
VP Investor Relations
+972 73 394 8440
investors@cellebrite.com

 

MOKE France’s EV subscription model gives clients the opportunity to pay a monthly fee to drive a MOKE, without the hassle of owning a car and having to deal with insurance, tax, servicing, and more – offering a market-leading product for electric vehicle subscription experiences.

Indie Group is an iconic hospitality collective from Saint-Tropez, operating venues in key French holiday destinations, with the concepts of authenticity and celebration at the heart of its identity. Starting with Indie Beach House as their flagship business on the famous Pampelonne Beach in Ramatuelle, Indie Group has quickly progressed into a national hospitality player with an additional beach club in Ramatuelle (Playamigos), a festive restaurant on Place des Lices in the centre of Saint-Tropez (Pablo), a beach restaurant in the Escalet area (La Sauvageonne) and an apres-ski restaurant in Megève, managed by the famous chef Diego Alary (Indie Mountain).

“The team at Indie Group have managed to develop a hospitality atmosphere that very much appeals to an international audience: staying true to their local roots whilst continually revitalising the brand,” said MOKE France CEO, Willy Gruyelle. “For us, they’re the right mobility partner for driving a MOKE this summer: with a fresh perspective on the Riviera lifestyle, in line with the local heritage but always pushing the boundaries. We hope to drive with them in each and every new location they open!”

Vincent Luftman (Indie), Tobias Chaix (Indie), Willy Gruyelle (VP Operations EVT), Raphaël Blanc (Indie),
Wouter Witvoet (CEO EVT)

“We’re opening Café de l’Ormeau in Ramatuelle in 2022, and we will create a special MOKE for this new restaurant: what better than a MOKE to go to this relaxed yet distinguished part of one of the most-visited villages in France?” said Vincent Luftman, partner at Indie Group.

“After signing our first partners for the pilot scheme – luxury real estate players, Bo-House and Tardieu Immobilier – we are very excited about the potential for this product,” said Wouter Witvoet, CEO of EV Technology Group. “We saw there was a deep market for both the beloved MOKE, and accessing it through a subscription model.”

Indie Beach – a prominent Indie Group property

The bespoke Indie Group MOKEs will be visible in the streets of Saint-Tropez and beyond from June 2022.

EV Technology Group

EV Technology Group was founded in 2021 with the vision to electrify iconic brands – and a mission to create and redefine the joy of motoring for the electric age. By acquiring iconic brands and reigniting beloved motoring experiences, EVT Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EVT 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, subscription service agreements between MOKE France and Indie Group, expansion of MOKE France and EV Technology Group operations, expectations, and 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

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/37e50239-d5e2-493f-b375-bc2917b1fc80

https://www.globenewswire.com/NewsRoom/AttachmentNg/88f92bde-30bc-4a93-83e0-abdf117fb199

17% net sales growth offset inflationary pressures contributing to strong year-over-year performance

• First quarter 2022 reported and adjusted EPS^* were $1.92 and $1.95, respectively, compared to first quarter 2021 reported and adjusted EPS of $(3.66) and $1.85, respectively
• The Company maintains its expectation for full year adjusted EPS of $6.85 to $7.45, which reflects the impact of higher than expected effective tax rates

WESTCHESTER, Ill., May 05, 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 first 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.

“Ingredion overcame inflationary headwinds and is off to a strong start in 2022,” said Jim Zallie, Ingredion’s president and chief executive officer. “We delivered 17% net sales growth driven by higher-than-expected demand and strong price mix. In a highly inflationary environment, we achieved significant, favorable price mix that more than offset increased input costs and contributed to 6% operating income growth. We also made progress in the quarter improving the resilience of our supply chain despite continued global logistics constraints, which enabled us to better meet customers’ changing needs.”

“We continued to advance our Driving Growth Roadmap, growing our specialties ingredients net sales by 20% in the quarter, led by strong demand for texturizing ingredients. Additionally, plant-based proteins net sales grew more than 250% in the quarter, as our quality and yield improved and our production ramp-up accelerated at our two manufacturing facilities. PureCircle also achieved another high double-digit net sales growth quarter, reflecting strong demand for high intensity, nature-based sweeteners,” stated Zallie.

“As we started 2022, new challenges arose, and our team continued to show exceptional agility in responding to events such as the dislocations brought on by the Ukraine conflict, its impact on global corn supply, and, most recently, the resurgence of the pandemic in China. I am incredibly proud of our people as they operate with an owner’s mindset to adapt and engage each day to create value for our stakeholders. We look forward to a year of meaningful growth, as we leverage technology and the best of nature, to deliver an expanding set of innovative ingredient solutions for our customers and consumers alike.”

^{*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 press release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.}

Diluted Earnings Per Share (EPS)

	1Q21		1Q22
Reported EPS	$(3.66)		$1.92
Restructuring/Impairment Costs	$0.12		$0.03
Acquisition/Integration Costs	$0.01		$0.01
Impairment***	$5.35		–
Tax Items	$0.05		$(0.01)
Diluted share impact	$(0.02)		–
Adjusted EPS**	$1.85		$1.95

Estimated factors affecting change

	1Q22 vs 1Q21
Total items affecting EPS**	$0.10
Total operating items	$0.12
Margin	0.19
Volume	(0.03)
Foreign exchange	(0.04)
Other income	–
Total non-operating items	$(0.02)
Other non-operating income	–
Financing costs	(0.04)
Non-controlling interests	–
Shares outstanding	0.01
Tax rate	0.01

^{**Totals may not foot due to rounding
*** Q1 2021 impairment reflects the initial $360 million net asset impairment charge recorded for 2021 related to the contribution of the Company’s Argentina operations to the Arcor joint venture. The final impairment charge recorded for 2021 was $340 million.}

Financial Highlights

• At March 31, 2022, total debt and cash including short-term investments were $2.3 billion and $329 million, respectively, compared to $2.0 billion and $332 million, respectively, at December 31, 2021.
• Net financing costs were $24 million, or $5 million higher in the first quarter than in the year-ago period, driven by higher transactional foreign exchange losses related to country-specific net working capital balances.
• Reported and adjusted effective tax rates for the quarter were 28.9 percent and 28.9 percent, respectively, for the period compared to (29.3) percent and 29.5 percent, respectively, in the year-ago period. The increase in the reported effective tax rate resulted primarily from the prior year impact of impairment charges related to the Arcor joint venture in Argentina recorded in 2021. The decrease in the adjusted effective tax rate resulted primarily from favorable foreign exchange impacts, partially offset by new U.S. tax regulations that reduced the Company’s ability to claim certain foreign tax credits against U.S taxes.
• First quarter capital expenditures were $85 million, up $20 million from the year-ago period.

Business Review

Total Ingredion

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	1,614	(24)	19	283	1,892	17%	19%

Reported Operating Income

$ in millions	2021	FX Impact	Business Drivers	Acquisition / Integration	Restructuring / Impairment	Other	2022	% change	% change excl. FX
First Quarter	(170)	(4)	16	0	8	360	210	224%	226%

Adjusted Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	201	(4)	16	213	6%	8%

Net Sales

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

Operating income

• Reported and adjusted operating income for the quarter were $210 million and $213 million, respectively, an increase of 224 percent and an increase of 6 percent, respectively, from the same period last year. The increase in reported operating income was primarily due to the held for sale impairment charge related to the Arcor joint venture in Argentina recorded in the prior year. The increase in adjusted operating income was primarily driven by favorable price mix in North America. Excluding foreign exchange impacts, reported and adjusted operating income were up 226 percent and 8 percent, respectively, from the same period last year.
• First quarter reported operating income was lower than adjusted operating income by $3 million primarily due to restructuring costs in the period.

North America
Net Sales

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	945	0	41	188	1,174	24%	24%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	134	0	22	156	16%	16%

• First quarter operating income was $156 million, an increase of $22 million from the year-ago period. The increase was driven by strong price mix in the period that more than offset inflationary input costs.

South America
Net Sales

$ in millions	2021 Net Sales	FX Impact	Volume	Excluding Arcor JV Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	273	0	(7)	(66)	52	252	-8%	-8%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	40	1	(3)	38	-5%	-8%

• First quarter operating income was $38 million, a decrease of $2 million from the year-ago period. The decrease was primarily due to impact of the contribution of the Company’s Argentina operations to the Arcor joint venture, partially offset by strong price mix. Excluding foreign exchange impacts, segment operating income was down 8 percent.

Asia-Pacific
Net Sales

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	235	(12)	33	16	272	16%	21%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	25	(2)	(1)	22	-12%	-4%

• First quarter operating income was $22 million, down $3 million from the year-ago period, driven by higher corn costs primarily in Korea, which more than offset price mix in the period. Excluding foreign exchange impacts, segment operating income was down 4 percent.

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

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	161	(12)	18	27	194	20%	28%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	31	(3)	3	31	0%	10%

• First quarter operating income was flat at $31 million, compared to the year-ago period. Favorable price mix in Europe was offset by higher input costs in Pakistan and unfavorable foreign exchange impacts. Excluding foreign exchange impacts, segment operating income was up 10 percent.

Dividend and Share Repurchases
In March 2022, the Company announced a quarterly dividend of $0.65 per share, totaling $43 million. During the quarter, the Company repurchased $39 million of outstanding shares of common stock. 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 Second Quarter Outlook and Full-Year Perspective
For the second quarter 2022, the Company expects net sales to increase by low double-digits and operating income growth to be relatively flat, when both are compared to second quarter 2021.

The Company expects full-year 2022 reported EPS to be in the range of $6.80 to $7.40, and maintains its expectation of adjusted EPS to be in the range of $6.85 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 with 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 single-digits, driven by favorable pricing; Asia-Pacific operating income is expected to be flat compared to the prior year period, driven by higher corn costs in Korea related to the Ukraine conflict, offsetting PureCircle growth; EMEA operating income is expected to be up low single-digits, driven by favorable price mix. Corporate costs are expected to be flat.

The Company expects full-year 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 30.5 percent and an adjusted effective tax rate of 28.0 percent to 29.5 percent. The increase in the reported and adjusted full year effective tax rate is driven by favorable foreign exchange impacts, which were partially offset by new U.S. tax regulations that reduced the Company’s ability to claim certain foreign tax credits against U.S. taxes.

Cash from operations for full-year 2022 is expected to be in the range of $580 million to $660 million. Capital expenditures for the full year are expected to be between $300 million and $335 million.

Conference Call and Webcast Details
Ingredion will conduct a conference call on Thursday, May 5, 2022, at 10 a.m. Central 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 2021 annual net sales of nearly $7 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, statements regarding the Company’s expectations for second quarter 2022 net sales and operating income, its expectations for full-year 2022 reported and adjusted operating income, segment operating income, reported and adjusted EPS, reported and adjusted effective tax rates, cash flow from operations, and capital expenditures, and any other statements regarding the Company’s prospects, future operations, or future 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 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 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; 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 and in our subsequent reports on Form 10-Q and Form 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 (Loss)
(Unaudited)
(in millions, except per share amounts)			Three Months Ended March 31,							Change %
				2022			2021
Net sales			$	1,892		$	1,614			17	%
Cost of sales				1,513			1,263
Gross profit				379			351			8	%
Operating expenses				169			153			10	%
Other operating (income)				(2	)		(2	)
Restructuring/impairment charges				2			370
Operating income (loss)				210			(170	)		224	%
Financing costs				24			19
Other non-operating income				(1	)		(1	)
Income (loss) before income taxes				187			(188	)		199	%
Provision for income taxes				54			55
Net income (loss)				133			(243	)		155	%
Less: Net income attributable to non-controlling interests				3			3
Net income (loss) attributable to Ingredion			$	130		$	(246	)		153	%
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic				66.9			67.3
Diluted				67.6			67.3
Earnings (loss) per common share of Ingredion:
Basic			$1.94			($3.66		)		153	%
Diluted			$1.92			($3.66		)		152	%

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Balance Sheets
			(in millions, except share and per share amounts)	March 31, 2022				December 31, 2021
				(Unaudited)
	Assets
		Current assets
			Cash and cash equivalents	$	324			$	328
			Short-term investments		5				4
			Accounts receivable – net		1,431				1,130
			Inventories		1,306				1,172
			Prepaid expenses		63				63
		Total current assets			3,129				2,697
			Property, plant and equipment – net		2,446				2,423
			Intangible assets – net		1,339				1,348
			Other assets		521				531
	Total assets			$	7,435			$	6,999
	Liabilities and equity
		Current liabilities
			Short-term borrowings	$	514			$	308
			Accounts payable and accrued liabilities		1,207				1,204
		Total current liabilities			1,721				1,512
			Long-term debt		1,739				1,738
			Other non-current liabilities		561				524
		Total liabilities			4,021				3,774
			Share-based payments subject to redemption		31				36
			Redeemable non-controlling interests		71				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 March 31, 2022 and December 31, 2021		1				1
			Additional paid-in capital		1,160				1,158
			Less: Treasury stock (common stock; 11,464,034 and 11,154,203 shares at
			March 31, 2022 and December 31, 2021, respectively) at cost		(1,091	)			(1,061	)
			Accumulated other comprehensive loss		(763	)			(897	)
			Retained earnings		3,986				3,899
		Total Ingredion stockholders’ equity			3,293				3,100
		Non-redeemable non-controlling interests			19				18
		Total equity			3,312				3,118
	Total liabilities and equity			$	7,435			$	6,999

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Cash Flows
(Unaudited)
				For the Three Months Ended March 31,
	(in millions)				2022				2021
	Cash (used for) provided by operating activities:
		Net income (loss)		$	133			$	(243	)
		Adjustments to reconcile net income (loss) to
		net cash (used for) provided by operating activities:
		Depreciation and amortization			53				52
		Mechanical stores expense			13				14
		Deferred income taxes			3				(4	)
		Impairment charge for assets held for sale			–				360
		Margin accounts			28				(16	)
		Changes in other trade working capital			(290	)			(130	)
		Other			8				(11	)
		Cash (used for) provided by operating activities			(52	)			22
	Cash used for investing activities:
		Capital expenditures and mechanical stores purchases			(85	)			(65	)
		Proceeds from disposal of manufacturing facilities and properties			5				2
		Other			4				(1	)
		Cash used for investing activities			(76	)			(64	)
	Cash provided by (used for) financing activities:
		Proceeds from borrowings, net			24				10
		Commercial paper borrowings, net			178				–
		Repurchases of common stock, net			(39	)			(14	)
		(Settlements) issuances of common stock for share-based compensation, net			(1	)			7
		Dividends paid, including to non-controlling interests			(43	)			(43	)
		Cash provided by (used for) financing activities			119				(40	)
		Effect of foreign exchange rate changes on cash			5				(7	)
		Decrease in cash and cash equivalents			(4	)			(89	)
		Cash and cash equivalents, beginning of period			328				665
		Cash and cash equivalents, end of period		$	324			$	576

Ingredion Incorporated (“Ingredion”)
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages)		Three Months Ended March 31,											Change
			2022				2021			Change			Excl. FX
Net Sales
North America		$	1,174			$	945			24	%		24	%
South America			252				273			(8	%)		(8	%)
Asia-Pacific			272				235			16	%		21	%
EMEA			194				161			20	%		28	%
Total Net Sales		$	1,892			$	1,614			17	%		19	%
Operating Income
North America		$	156			$	134			16	%		16	%
South America			38				40			(5	%)		(8	%)
Asia-Pacific			22				25			(12	%)		(4	%)
EMEA			31				31			0	%		10	%
Corporate			(34	)			(29	)		(17	%)		(17	%)
Sub-total			213				201			6	%		8	%
Acquisition/integration costs			(1	)			(1	)
Restructuring/impairment charges			(2	)			(10	)
Impairment charge for assets held for sale			–				(360	)
Total Operating Income		$	210			$	(170	)		224	%		226	%

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 (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
	March 31, 2022							March 31, 2021
	(in millions)			Diluted EPS				(in millions)			Diluted EPS
Net income (loss) attributable to Ingredion	$	130		$	1.92			$	(246	)	$	(3.66	)
Add back:
Acquisition/integration costs, net of $ – million income tax benefit for the three months ended March 31, 2022 and 2021 (i)		1			0.01				1			0.01
Restructuring/impairment charges, net of income tax benefit of $ – million and $2 million for the three months ended March 31, 2022 and 2021, respectively (ii)		2			0.03				8			0.12
Impairment on assets held for sale, net of $ – million of income tax benefit for the three months ended March 31, 2021 (iii)		–			–				360			5.35
Tax (benefit) provision – Mexico (iv)		(1	)		(0.01	)			3			0.05
Diluted share impact (v)		–			–				–			(0.02	)
Non-GAAP adjusted net income attributable to Ingredion	$	132		$	1.95			$	126		$	1.85
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) During the first quarter of 2022, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition and integration of KaTech, as well as our investment in the Arcor joint venture. During the first quarter of 2021, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition of PureCircle Limited.
(ii) During the first quarter of 2022, the Company recorded $2 million of remaining pre-tax restructuring-related charges for the Cost Smart program. During the first quarter of 2021, the Company recorded $10 million of pre-tax restructuring/impairment charges, consisting of $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program, $3 million of restructuring-related charges as part of our Cost Smart Cost of sales program, primarily in North America, and $2 million of employee-related and other costs related to the Arcor joint venture.
(iii) During the first quarter of 2021, the Company recorded a $360 million held for sale impairment charge related to entering the Arcor 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) The Company recorded a tax benefit of $1 million for the first quarter of 2022, and a tax provision of $3 million for the first quarter of 2021, 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.
(v) 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 quarter of 2021, the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents.
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Adjusted Operating Income
(Unaudited)
	Three Months Ended
	March 31,
(in millions, pre-tax)		2022			2021
Operating income (loss)	$	210		$	(170	)
Add back:
Acquisition/integration costs (i)		1			1
Restructuring/impairment charges (ii)		2			10
Impairment on assets held for sale (iii)		–			360
Non-GAAP adjusted operating income	$	213		$	201
For notes (i) through (iii), see notes (i) through (iii) 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 (“Ingredion”)
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
		Three Months Ended March 31, 2022
		Income before				Provision for				Effective Income
(in millions)		Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)
As Reported		$	187			$	54			28.9	%
Add back:
Acquisition/integration costs (i)			1				–
Restructuring/impairment charges (ii)			2				–
Tax item – Mexico (vi)			–				1
Adjusted Non-GAAP		$	190			$	55			28.9	%
		Three Months Ended March 31, 2021
		Income (Loss) before				Provision for				Effective Income
(in millions)		Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)
As Reported		$	(188	)		$	55			(29.3	%)
Add back:
Acquisition/integration costs (i)			1				–
Restructuring/impairment charges (ii)			10				2
Impairment on assets held for sale (iii)			360				–
Tax item – Mexico (iv)			–				(3	)
Adjusted Non-GAAP		$	183			$	54			29.5	%
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 (“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 2022
		Low End					High End
GAAP EPS		$	6.80				$	7.40
Add:
Acquisition/integration costs (i)			0.02					0.02
Restructuring/impairment charges (ii)			0.04					0.04
Tax benefit- Mexico (iii)			(0.01	)				(0.01	)
Adjusted EPS		$	6.85				$	7.45
Above is a reconciliation of our anticipated full year 2022 diluted EPS to our anticipated 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 special items. We generally exclude these adjustments 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.
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 Arcor joint venture.
(ii) Remaining pre-tax restructuring-related charges for the Cost Smart programs.
(iii) Tax benefit 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.

II. Non-GAAP Information (continued)
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 2022
		Low End				High End
GAAP ETR		27.0		%		30.5		%
Add:
Acquisition/integration costs (i)		–		%		–		%
Restructuring/impairment charges (ii)		0.1		%		0.1		%
Tax item – Mexico (iv)		–		%		–		%
Impact of adjustment on Effective Tax Rate and other tax matters (vi)		0.9		%		(1.1	)	%
Adjusted ETR		28.0		%		29.5		%
Above is a reconciliation of our anticipated full year 2022 GAAP ETR to our anticipated 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 special items. We generally exclude these adjustments 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 (iv), 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.
(vi) Indirect impact of tax rate after items (i) through (iv) and other tax matters.

The pharmaceutical company Ferrer and the European Pulmonary Hypertension Association (PHA Europe) have joined forces in the PHantasticals awareness campaign to make people aware of Pulmonary Hypertension (PH), a progressive disease that reduces blood flow and increases pressure in the pulmonary arteries, affecting the heart and lungs. Some forms are rare and can progress rapidly, as well as being debilitating and deadly.

The campaign features the PHantasticals, rare fantasy creatures that are extraordinary, unique and, of course, fantastic. As well as the characteristics that make them so special, they all have something else in common: they are strong, resilient and often go unnoticed. Just like people who live with rare, severe and debilitating pulmonary vascular and interstitial lung diseases.

In this first phase of the campaign, the mermaids PHoebe, PAHola and PHILipa have come to life, three mythological beings that help create an understanding of what Pulmonary Hypertension (PH) is and what the main differences are between two of its groups: Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension due to Interstitial Lung Disease (PH-ILD). Through the website www.phantasticals.com, the mermaids explain the main aspects of the three diseases, emphasizing their low prevalence, their symptoms, the diagnosis and the possible treatments.

In addition, the site includes statements and testimonials from people who live with the illness, so that the general public understands the difficulties they face on a daily basis and the challenges that they, as well as the health systems, have before them. One example is that most people take the ability to breathe for granted, while people living with PH do not.

According to Gergely Meszaros, project manager in PHA Europe, “We need awareness campaigns targeting primary health care professionals to fasten the diagnosis of patients living with pulmonary hypertension, but campaigns addressing the general population are also critical to improve the acceptance and understanding of this sometimes invisible disease.”

The project is part of Ferrer’s mission to provide significant differential value to people suffering from serious illnesses. Thanks to the acquired know-how and expertise, Ferrer’s efforts are focused on developing products in two key therapeutic areas: pulmonary vascular and interstitial lung diseases and neurological disorders.

According to Oscar Pérez, Chief Marketing, Market Access and Business Development Officer at Ferrer, “this campaign is very much aligned with our purpose of making a positive impact in society. People who live with some of the forms of pulmonary hypertension often go unnoticed due to widespread lack of awareness of these pathologies. With projects like Phantasticals, our intention is to help spread the word about pulmonary hypertension and its subtypes, in addition to showing our unwavering commitment to people living with these diseases and their families.”

Engagement campaign on Instagram

To participate in the campaign and help raise awareness of pulmonary hypertension, an Instagram filter has also been created with the international symbol of the disease, blue lips. For each photograph published on social networks, including the hashtags #WeBelieveInPHantasticals, #WorldPHDay and #TogetherStronger, one euro will be donated to PHA Europe, one of the patient associations that support the initiative, up to a maximum of €5,000.

The campaign focused on pulmonary hypertension will continue throughout the month of May, both on the website www.phantasticals.com, and through social networks. Later, in the second phase of Phantasticals, scheduled for June, other fantastic creatures will come to life to help raise awareness of neurological disorders.

For more information:
gortizdez@ferrer.com
+34 936 003 779

Related Images

Image 1: Phantasticals – World PH Day awareness campaign

On World Pulmonary Hypertension (PH) Day, Ferrer, together with the European Pulmonary Hypertension Association launches the PHantasticals awareness campaign, an initiative that seeks to raise awareness about Pulmonary Hypertension (PH).

This content was issued through the press release distribution service at Newswire.com.

Attachment

• Phantasticals – World PH Day awareness campaign