Day: November 3, 2022

Apply now to become the Next Global Changemakers

• The new Intercultural Innovation Hub of UNAOC and the BMW Group connects people and cultures, empowers grassroots organizations and elevates intercultural innovation.
• Selected projects promoting diversity, integration and social inclusion will work towards achieving sustainable growth.
• Participants will benefit from a financial grant of up to 20,000 USD plus a year of capacity-building workshops, customized support, and membership to the “Intercultural Leaders” global networking platform.
• Deadline for Applications: 2^nd December 2022 at www.interculturalinnovation.org.

MUNICH, Germany and NEW YORK, Nov. 03, 2022 (GLOBE NEWSWIRE) — Since 2011, UNAOC and the BMW Group have worked with leaders and organizations from around the globe to tackle intercultural challenges through social innovations. With the new Intercultural Innovation Hub, our mission is to connect people and cultures, empower grassroots organizations, as well as elevate and scale up intercultural innovation. To this end, organizations promoting diversity, integration and social inclusion are invited to become part of the hub and benefit from comprehensive support to expand the social impact of their projects.

Participating and increasing impact
The Intercultural Innovation Hub is focused on supporting projects that promote gender equality, counter violent extremism, hatred, and prejudice, and advocate for art, culture and sports as vectors for social cohesion and diversity, through:

Financial support for sustainable growth: To leverage the social impact of the selected projects, up to ten finalists will receive up to 20,000 USD each to help their initiative scale up sustainably.
One-year capacity-building program: UNAOC and BMW Group with the support of Accenture, will provide the recipients a year-long series of capacity-building workshops and customized support.
Membership to the “Intercultural Leaders” community: Participants will be part of a global network of changemakers working in the fields of social inclusion and diversity.

Apply now and become the next global changemaker
Interested organizations should submit their applications by 5:00 p.m. (EST) on Friday, December 2^nd, 2022, at www.interculturalinnovation.org

If you have any questions, please contact:

Milena Pighi, BMW Group Corporate and Governmental Affairs, Spokesperson CSR
Telephone: +49-89-382-66563, Milena.PA.Pighi@bmw.de

Alessandro Girola, Programming Coordinator, UNAOC
Telephone: +1 (929) 274-6217, alessandrog@unops.org

GlobeNewswire Distribution ID  8685593

DUBAI, United Arab Emirates, Nov. 03, 2022 (GLOBE NEWSWIRE) — After a successful first round of public voting, yielding a record-breaking 10 million votes, football fans worldwide have now elected the finalists for the Globe Soccer Awards 2022 who will advance to the second and final round of voting. For the TikTok Fans’ Player of the Year fans selected: Karim Benzema, Thibaut Courtois, Kevin De Bruyne, Erling Haaland, Robert Lewandowski, Lionel Messi, Cristiano Ronaldo e Mohamed Salah. The same are selected also for the Best Men’s Player of the Year with Luis Díaz e Sadio Mané. Fans selected also the finalists for the Best Women’s Player of the Year, Best Men’s Club of the Year (with Ac Milan, As Rome, Manchester City, Liverpool, Psg and Real Madrid), Best Women’s Club of the Year. For the Best Coach of the Year, fans selected: Carlo Ancelotti, Abel Ferreira, Renato Gaúcho, Josep Guardiola, Jürgen Klopp, José Mourinho e Stefano Pioli. While, for the Power Horse Emerging Player of the Year are selected: Julián Álvarez, Jude Bellingham, Eduardo Camavinga, Gavi, Rafael Leão, Victor Osimhen e Federico Valverde. For the Best President of the Year fans selected: Khaldoon Al Mubarak, Pinto da Costa, Herbert Hainer, Florentino Pérez e Paolo Scaroni. Also will be announced finalists for the Best Sporting Director of the Year, Best Agent of the Year, Best Scout of the Year and CNN Off The Pitch Award.

The second and final round of public voting to choose the winners in the main categories is now open at voting.globesoccer.com and will close on 10 November 2022. This year’s winners will once again be chosen by the fans and an international jury of sports coaches, directors and club presidents. Voting for the TikTok Fans’ Player of the Year award is taking place on TikTok platform. Similarly, voting for the Socios.com Fan Activation of the Year will take place on the Socios.com platform.

The winners for all categories will be announced at the awards ceremony on Thursday, 17 November at the Madinat Jumeirah in Dubai, with the winners of others special categories: Best Transfer Deal of the Year, Maradona Award for Best Goal Scorer of the Year, Best Executive of the Year and Career Awards.

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/5f6705c1-8828-448a-b50f-cb199c7ae040
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

GlobeNewswire Distribution ID 8688600

MILAN, Italy, Nov. 03, 2022 (GLOBE NEWSWIRE) — The maritozzo in an evolved version, where its classic sweet nature is counterbalanced by a savory and decidedly gourmet reinterpretation. This is the proposal of Matì-Gourmet Maritozzi Pleasures, a Milanese restaurant at 23 Via Cesare Correnti. This is a new gastronomic reality that stimulates the taste and curiosity devoted to maritozzo, the famous sweet of the Roman culinary tradition, which has left the regional borders to conquer all of Italy.

Matì is the new boutique dedicated to refined palates, a must-visit destination for gourmand explorers of taste. The “atelier of maritozzo” in Milanese format is configured as the new culinary landing place in which to live a synaesthetic experience of taste capable of delighting eyes and taste buds. The idea of revisiting one of the Italian gastronomic cults in a gourmet key comes from the vision of four young entrepreneurs who propose an original reinterpretation of maritozzo: not only in the traditional sweet version, but also in a new savory proposal. Matteo Casaroli (Chef and Researcher), Arjuna Ullrich Rimbotti (Entrepreneur and Sommelier), Daniele Ionni (Production Manager) and Laura Muccini, (creative and entrepreneurial mind): these are the four founding partners who have combined skills and aspirations to bring the project to life by indulging the chef’s passion for the leavened and stuffed dough sphere.

Matì is carbon neutral. The genuine and authentic values behind Matì’s concept can be found in the responsible approach that the founders have declined in every part of the project: thanks to the collaboration with Green Future Project-an online platform that supports companies in CO2 offsetting processes. Even the paper used for packaging and communication materials is made from recycled materials.

Matì does not stop in Milan: the stop in Milan kicks off a journey in the making to take the premium street food project throughout Italy, major European capitals and Asia.

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/d2040c70-0b93-43dd-b02e-9799d4151285

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

GlobeNewswire Distribution ID 8688467

• Third quarter 2022 net sales of $2,023 million, 15% higher on a reported basis and 19% higher excluding foreign exchange impacts compared to the same period in 2021
• Third quarter 2022 reported and adjusted EPS^* were $1.59 and $1.73, respectively, compared to third quarter 2021 reported and adjusted EPS of $1.75 and 1.67, respectively
• The Company updates its outlook for full-year 2022 adjusted EPS to be in the range of $7.00-$7.45 versus the previous outlook of $6.90-$7.45

WESTCHESTER, Ill., Nov. 03, 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 third 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 delivered another strong quarter with net sales up 15%,” said Jim Zallie, Ingredion’s president and chief executive officer. “The results were driven by solid demand across both core and specialty ingredients combined with in-year, dynamic price management in each region led by our pricing centers of excellence. We fully offset higher input costs, expanded gross margins and delivered strong operating income growth.

“Specialty ingredients continued to grow double digits as we executed against our Driving Growth Roadmap, with net sales and gross profit margins higher across all four of our regions versus last year,” Zallie continued. “Among the highlights in the quarter, we commissioned our new Shandong, China production facility, more than doubling our local starch production capacity to serve this large and growing market. This well-timed expansion also enables us to leverage our new network capacity to support our European customers who are concerned about anticipated industry shortages for some starch products due to the severe summer drought. Additionally, supporting our sugar reduction growth platform, we received European Union approval for our bioconverted Reb M stevia solutions which further positions us to grow our PureCircle franchise.

“While the macro environment remains uncertain, our team continues to do a great job offsetting inflationary and foreign exchange headwinds while overcoming supply chain challenges to deliver growth. As we look forward, we are closely monitoring customers’ demand, and are currently working to ensure we meet their needs now and into the future,” 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)

3Q21

3Q22

YTD21

YTD22

Reported EPS

$1.75

$1.59

$0.74

$5.63

Restructuring/Impairment costs

0.10

–

0.25

0.05

Acquisition/Integration costs

0.06

–

0.09

0.01

Impairment***

(0.30)

–

5.02

–

Tax items and other matters

0.06

0.14

(0.52)

0.11

Adjusted EPS**

$1.67

$1.73

$5.58

$5.80

Estimated factors affecting changes in Reported and Adjusted EPS

	3Q22	YTD22
Total items affecting EPS**	0.06	0.22
Total operating items	0.33	0.51
Margin	0.47	0.89
Volume	0.01	(0.14)
Foreign exchange	(0.12)	(0.23)
Other income	(0.03)	(0.01)
Total non-operating items	(0.27)	(0.29)
Other non-operating income	–	–
Financing costs	(0.04)	(0.07)
Shares outstanding	0.03	0.06
Non-controlling interests	(0.03)	(0.03)
Tax rate	(0.23)	(0.25)

**Totals may not foot due to rounding; ***Related to the Argentina joint venture announcement, 2021 reported results reflect a $340 million assets held for sale impairment charge, net of a $20 million favorable adjustment made in the third quarter of 2021, including $311 million of cumulative translation losses.

Financial Highlights

• At September 30, 2022, total debt and cash including short-term investments were $2.4 billion and $298 million, respectively, versus $2.0 billion and $332 million, respectively, at December 31, 2021.
• Net financing costs for the third quarter were $24 million versus $20 million for the year-ago period.
• Reported and adjusted effective tax rates for the third quarter were 32.3 percent and 30.6 percent, respectively, compared to 22.2 percent and 21.5 percent, respectively, for the year-ago period. The increase in the reported effective income tax rate was primarily driven by U.S. international tax implications including foreign tax credits and an impairment charge adjustment in the third quarter of 2021.
• Year-to-date net capital expenditures were $196 million, up $10 million from the year-ago period.

Business Review

Total Ingredion
Net Sales

$ in millions	2021	FX Impact	Volume	Argentina JV Volume*	Price mix	2022	Change	Change excl. FX
Third Quarter	1,763	(71)	14	(18)	335	2,023	15%	19%
Year-to-Date	5,139	(136)	156	(146)	946	5,959	16%	19%

* Related to the Argentina joint venture announcement, 2021 reported results were part of the transferred business

Reported Operating Income

$ in millions	2021	FX Impact	Business Drivers	Acquisition / Integration	Restructuring / Impairment	Other	2022	Change	Change excl. FX
Third Quarter	172	(10)	38	3	8	(29)	182	6%	12%
Year-to-Date	224	(21)	68	0	18	316	605	170%	179%

Adjusted Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	Change	Change excl. FX
Third Quarter	163	(10)	38	191	17%	23%
Year-to-Date	572	(21)	68	619	8%	12%

Net Sales

• Third quarter and year-to-date net sales were up from the year-ago period. These increases were driven by strong price mix and volume, partially offset by lapping of prior year consolidated Argentina net sales volume. Excluding foreign exchange impacts, net sales were up 19% for the quarter and year-to-date.

Operating Income

• Third quarter reported and adjusted operating income were $182 million and $191 million, respectively, an increase of 6% and 17%, respectively, from the same period last year. The increase in reported operating income was driven by favorable price mix partially offset by the prior year favorable adjustment to the Argentina held for sale impairment. 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 12% and 23%, respectively, from the same period last year.
• Year-to-date reported and adjusted operating income were $605 million and $619 million, respectively, an increase of 170% and 8%, respectively, from the year-ago period. The increase in reported operating income was attributable to the prior year’s held for sale impairment charge 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 179% and 12%, respectively, from the same period last year.

North America
Net Sales

$ in millions	2021	FX Impact	Volume	Price mix	2022	Change	Change excl. FX
Third Quarter	1,083	(6)	(4)	189	1,262	17%	17%
Year-to-Date	3,096	(10)	48	586	3,720	20%	20%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	Change	Change excl. FX
Third Quarter	120	0	6	126	5%	5%
Year-to-Date	403	(1)	41	443	10%	10%

• Third quarter operating income for North America was $126 million, an increase of $6 million from the year-ago period, and year-to-date operating income was $443 million, an increase of $40 million from the year-ago period. For both the quarter and year-to-date, the increase was driven by favorable price mix that more than offset higher corn and input costs.

South America
Net Sales

$ in millions	2021	FX Impact	Volume	Argentina JV Volume*	Price mix	2022	Change	Change excl. FX
Third Quarter	260	(9)	7	(18)	53	293	13%	16%
Year-to-Date	801	(2)	30	(146)	152	835	4%	4%

* Related to the Argentina joint venture announcement, 2021 reported results were part of the transferred business

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	Change	Change excl. FX
Third Quarter	35	(2)	15	48	37%	43%
Year-to-Date	108	0	17	125	16%	16%

• Third quarter operating income for South America was $48 million, an increase of $13 million from the year-ago period, and year-to-date operating income was $125 million, an increase of $17 million from the year-ago period. For both the quarter and year-to-date, the increases were driven by favorable price mix and higher volumes that more than offset higher corn and input costs. Excluding foreign exchange impacts, segment operating income was up 43% and 16%, respectively, for the third quarter and year-to-date.

Asia-Pacific
Net Sales

$ in millions	2021	FX Impact	Volume	Price mix	2022	Change	Change excl. FX
Third Quarter	245	(23)	14	42	278	13%	23%
Year-to-Date	728	(54)	56	95	825	13%	21%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	Change	Change excl. FX
Third Quarter	21	(3)	9	27	29%	43%
Year-to-Date	70	(7)	7	70	0%	10%

• Third quarter operating income for Asia-Pacific was $27 million, up $6 million from the year-ago period, and year-to-date operating income was $70 million, flat compared to the year-ago period. For both the quarter and year-to-date, the change was driven by favorable price mix that more than offset higher input costs and foreign exchange impacts. Excluding foreign exchange impacts, segment operating income was up 43% and 10%, respectively, for the third 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
Third Quarter	175	(33)	(3)	51	190	9%	27%
Year-to-Date	514	(70)	22	113	579	13%	26%

Segment Operating Income

$ in millions	2021	FX Impact	Business Drivers	2022	Change	Change excl. FX
Third Quarter	23	(5)	12	30	30%	52%
Year-to-Date	86	(13)	17	90	5%	20%

• Third quarter operating income for EMEA was $30 million, up $7 million from the year-ago period, and year-to-date operating income was $90 million, up $4 million from the prior-year period. For both the third quarter and year-to-date, favorability in Europe was partially offset by challenges in Pakistan and foreign exchange impacts across the region. Excluding foreign exchange impacts, third quarter and year-to-date segment operating income was up 52% and 20%, respectively.

Dividends and Share Repurchases
For the first three quarters of 2022, the Company has paid total dividends of $133 million, and in the third quarter declared a quarterly dividend of $0.71 per share payable in the fourth quarter. This was a 9% increase from the prior dividend and is the eighth consecutive annual increase. During the quarter, the Company repurchased $29 million of outstanding shares of common stock, bringing Ingredion’s total share repurchases for the first three quarters of 2022 to $112 million. On September 26, 2022, the Company authorized a new stock repurchase program for up to 6 million shares through December 2025, replacing the previous program. 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
The Company now expects its outlook for full-year 2022 reported EPS to be in the range of $6.90 to $7.20. Adjusted EPS is now expected to be in the range of $7.00 to $7.45, compared to adjusted EPS of $6.67 in 2021 and versus the previous outlook of $6.90 to $7.45. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

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

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 other input costs; South America operating income is expected to now be up high double-digits, driven by favorable price mix; Asia-Pacific operating income is expected to now be up mid-single digits, driven by PureCircle growth; and EMEA operating income is expected to now be flat to up low single-digits, driven by favorable price mix partially offset by higher input costs and foreign exchange impacts. Corporate costs are expected to be up mid-single digits.

For full-year 2022, the Company now expects a reported effective tax rate of 28.0 percent to 31.5 percent and an adjusted effective tax rate of 28.5 percent to 29.5 percent.

Cash from operations for full-year 2022 is now expected to be in the range of $225 million to $275 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 Thursday, November 3, 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. A presentation containing additional financial and operating information 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 full-year 2022 net sales, 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
(Unaudited)
(in millions, except per share amounts)			Three Months Ended September 30,							Change %				Nine Months Ended September 30,							Change %
				2022			2021								2022			2021
Net sales			$	2,023		$	1,763			15	%			$	5,959		$	5,139			16	%
Cost of sales				1,649			1,440								4,816			4,098
Gross profit				374			323			16	%				1,143			1,041			10	%
Operating expenses				180			164			10	%				528			484			9	%
Other operating expense (income)				10			(1	)							4			(29	)
Restructuring/impairment charges and related adjustments				2			(12	)							6			362
Operating income				182			172			6	%				605			224			170	%
Financing costs				24			20								65			58
Other non-operating (income)				(3	)		(1	)							(4	)		(4	)
Income before income taxes				161			153			5	%				544			170			220	%
Provision for income taxes				52			34								157			113
Net income				109			119			(8	%)				387			57			579	%
Less: Net income attributable to non-controlling interests				3			1								9			7
Net income attributable to Ingredion			$	106		$	118			(10	%)			$	378		$	50			656	%
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic				65.8			67.0								66.4			67.2
Diluted				66.6			67.6								67.1			67.8
Earnings per common share of Ingredion:
Basic			$	1.61		$	1.76			(9	%)			$	5.69		$	0.74			669	%
Diluted			$	1.59		$	1.75			(9	%)			$	5.63		$	0.74			661	%

Ingredion Incorporated
Condensed Consolidated Balance Sheets
			(in millions, except share and per share amounts)	September 30, 2022				December 31, 2021
				(Unaudited)
	Assets
		Current assets
			Cash and cash equivalents	$	294			$	328
			Short-term investments		4				4
			Accounts receivable – net		1,406				1,130
			Inventories		1,500				1,172
			Prepaid expenses		64				63
		Total current assets			3,268				2,697
			Property, plant and equipment – net		2,308				2,423
			Intangible assets – net		1,286				1,348
			Other assets		541				531
	Total assets			$	7,403			$	6,999
	Liabilities and equity
		Current liabilities
			Short-term borrowings	$	709			$	308
			Accounts payable and accrued liabilities		1,240				1,204
		Total current liabilities			1,949				1,512
			Long-term debt		1,739				1,738
			Other non-current liabilities		536				524
		Total liabilities			4,224				3,774
			Share-based payments subject to redemption		43				36
			Redeemable non-controlling interests		56				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 September 30, 2022 and December 31, 2021		1				1
			Additional paid-in capital		1,133				1,158
			Less: Treasury stock (common stock; 12,258,900 and 11,154,203 shares
			at September 30, 2022 and December 31, 2021, respectively) at cost		(1,159	)			(1,061	)
			Accumulated other comprehensive loss		(1,052	)			(897	)
			Retained earnings		4,143				3,899
		Total Ingredion stockholders’ equity			3,066				3,100
		Non-redeemable non-controlling interests			14				18
		Total equity			3,080				3,118
	Total liabilities and equity			$	7,403			$	6,999

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
				Nine Months Ended September 30,
	(in millions)				2022				2021
	Cash provided by operating activities:
		Net income		$	387			$	57
		Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation and amortization			160				155
		Mechanical stores expense			42				40
		Impairment on disposition of assets			–				340
		Deferred income taxes			(3	)			(25	)
		Margin accounts			(11	)			(34	)
		Changes in other trade working capital			(578	)			(258	)
		Other			83				(16	)
		Cash provided by operating activities			80				259
	Cash used for investing activities:
		Capital expenditures and mechanical stores purchases			(203	)			(203	)
		Proceeds from disposal of manufacturing facilities and properties			7				17
		Payments for acquisitions, net of cash acquired			(7	)			(40	)
		Other			1				(12	)
		Cash used for investing activities			(202	)			(238	)
	Cash provided by (used for) financing activities:
		Proceeds from (payments on) borrowings, net			34				(390	)
		Commercial paper borrowings, net			372				350
		Repurchases of common stock, net			(112	)			(68	)
		Purchases of non-controlling interests			(40	)			–
		Issuances of common stock for share-based compensation, net of settlements			1				10
		Dividends paid, including to non-controlling interests			(133	)			(138	)
		Cash provided by (used for) financing activities			122				(236	)
		Effect of foreign exchange rate changes on cash			(34	)			(16	)
		Decrease in cash and cash equivalents			(34	)			(231	)
		Cash and cash equivalents, beginning of period			328				665
		Cash and cash equivalents, end of period		$	294			$	434

Ingredion Incorporated
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages)	Three Months Ended September 30,												Change Excl. FX			Nine Months Ended September 30,											Change Excl. FX
			2022				2021			Change							2022				2021			Change
Net Sales
North America		$	1,262			$	1,083			17	%		17	%		$	3,720			$	3,096			20	%		20	%
South America			293				260			13	%		16	%			835				801			4	%		4	%
Asia-Pacific			278				245			13	%		23	%			825				728			13	%		21	%
EMEA			190				175			9	%		27	%			579				514			13	%		26	%
Total Net Sales		$	2,023			$	1,763			15	%		19	%		$	5,959			$	5,139			16	%		19	%
Operating Income
North America		$	126			$	120			5	%		5	%		$	443			$	403			10	%		10	%
South America			48				35			37	%		43	%			125				108			16	%		16	%
Asia-Pacific			27				21			29	%		43	%			70				70			0	%		10	%
EMEA			30				23			30	%		52	%			90				86			5	%		20	%
Corporate			(40	)			(36	)		(11	%)		(11	%)			(109	)			(95	)		(15	%)		(15	%)
Sub-total			191				163			17	%		23	%			619				572			8	%		12	%
Acquisition/integration costs			–				(3	)									(1	)			(1	)
Restructuring/impairment charges			–				(8	)									(4	)			(22	)
Impairment on disposition of assets			–				20										–				(340	)
Other matters			(9	)			–										(9	)			15
Total Operating Income		$	182			$	172			6	%		12	%		$	605			$	224			170	%		179	%

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) provision, 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 attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
	Three Months Ended							Three Months Ended							Nine Months Ended							Nine Months Ended
	September 30, 2022							September 30, 2021							September 30, 2022							September 30, 2021
	(in millions)			Diluted EPS				(in millions)			Diluted EPS				(in millions)			Diluted EPS				(in millions)			Diluted EPS
Net income attributable to Ingredion	$	106		$	1.59			$	118		$	1.75			$	378		$	5.63			$	50		$	0.74
Add back:
Acquisition/integration costs, net of $ – million of income taxes for the three and nine months ended September 30, 2022, and inclusive of $ – million and $4 million of income tax expense for the three and nine months ended September 30, 2021, respectively (i)		–			–				4			0.06				1			0.01				6			0.09
Restructuring/impairment charges, net of $ – million and $1 million of income tax benefit for the three and nine months ended September 30, 2022, respectively and $1 million and $5 million for the three and nine months ended September 30, 2021, respectively (ii)		–			–				7			0.10				3			0.05				17			0.25
Impairment on disposition of assets, net of $ – million of income tax benefit for the three and nine months ended September 30, 2021 (iii)		–			–				(20	)		(0.30	)			–			–				340			5.02
Other matters, net of income tax expense of $2 million for the three and nine months ended September 30, 2022, and $ – million and $5 million for the three and nine months ended September 30, 2021, respectively (iv)		7			0.11				–			–				7			0.11				(10	)		(0.15	)
Tax (benefit) provision – Mexico (v)		(1	)		(0.02	)			5			0.07				(2	)		(0.03	)			4			0.06
Other tax matters (vi)		3			0.05				(1	)		(0.01	)			2			0.03				(29	)		(0.43	)
Non-GAAP adjusted net income attributable to Ingredion	$	115		$	1.73			$	113		$	1.67			$	389		$	5.80			$	378		$	5.58
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) During the nine months ended September 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 nine months ended September 30, 2021, we recorded $3 million and $1 million of pre-tax net acquisition and integration charges, respectively, related to our investments in the Amyris and Argentina joint ventures, as well as our acquisition of PureCircle Limited.
(ii) During the nine months ended September 30, 2022, we recorded $4 million of remaining pre-tax restructuring-related charges for the Cost Smart program. During the three and nine months ended September 30, 2021, we recorded pre-tax restructuring-related charges of $8 million and $22 million, respectively, primarily related to our Cost Smart programs. The $22 million of charges for the nine months ended September 30, 2022 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 nine months ended September 30, 2021, we recorded a $340 million net asset impairment charge related to the contribution of Ingredion’s Argentina operations to the Argentina joint venture. The impairment charge reflected a $29 million write-down to the agreed upon fair value of certain Argentina, Chile and Uruguay assets and liabilities contributed and a $311 million write-off of the cumulative translation losses related to the contributed net assets. During the three months ended September 30, 2021, we recorded a $20 million favorable adjustment to the impairment upon finalization of the transaction, which reduced the $360 million asset impairment charge recorded during the first quarter of 2021.
(iv) During the three months ended September 30, 2022, we recorded pre-tax charges of $9 million primarily related to the impacts of a U.S.-based work stoppage. During the nine months ended September 30, 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 tax benefits of $1 million and $2 million for the three and nine months ended September 30, 2022, respectively, and tax provisions of $5 million and $4 million for the three and nine months ended September 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.

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, pre-tax)	2022			2021			2022			2021
Operating income	$	182	$	172			$	605	$	224
Add back:
Acquisition/integration costs (i)		–		3				1		1
Restructuring/impairment charges (ii)		–		8				4		22
Impairment on disposition of assets (iii)		–		(20	)			–		340
Other matters (iv)		9		–				9		(15	)
Non-GAAP adjusted operating income	$	191	$	163			$	619	$	572
For notes (i) through (iv), see notes (i) through (iv) 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.

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 September 30, 2022											Nine Months Ended September 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		$	161			$	52			32.3	%		$	544			$	157			28.9	%
Add back:
Acquisition/integration costs (i)			–				–							1				–
Restructuring/impairment charges (ii)			–				–							4				1
Other matters (iv)			9				2							9				2
Tax item – Mexico (v)			–				1							–				2
Other tax matters (vi)			–				(3	)						–				(2	)
Adjusted Non-GAAP		$	170			$	52			30.6	%		$	558			$	160			28.7	%
		Three Months Ended September 30, 2021											Nine Months Ended September 30, 2021
		Income before				Provision for				Effective Income			Income before				Provision for				Effective Income
(in millions)		Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)			Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)
As Reported		$	153			$	34			22.2	%		$	170			$	113			66.5	%
Add back:
Acquisition/integration costs (i)			3				–							1				(4	)
Restructuring/impairment charges (ii)			8				1							22				5
Impairment on disposition of assets (iii)			(20	)			–							340				–
Other matters (iv)			–				–							(15	)			(5	)
Tax item – Mexico (v)			–				(5	)						–				(4	)
Other tax matters (vi)			–				1							–				29
Adjusted Non-GAAP		$	144			$	31			21.5	%		$	518			$	134			25.9	%
For notes (i) through (vi), see notes (i) through (vi) 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.

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		$	6.90				$	7.20
Add:
Acquisition/integration costs (i)			0.01					0.01
Restructuring/impairment charges (ii)			0.05					0.05
Other matters (iii)			0.11					0.11
Tax item – Mexico (iv)			(0.10	)				0.05
Other tax matters (v)			0.03					0.03
Adjusted EPS		$	7.00				$	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) Acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture.
(ii) Remaining restructuring-related charges for the Cost Smart programs.
(iii) Charges to date primarily related to the impacts of a U.S.-based work stoppage.
(iv) 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.
(v) 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		28.0		%		31.5		%
Add:
Acquisition/integration costs (i)		–		%		–		%
Restructuring/impairment charges (ii)		0.2		%		0.2		%
Other matters (iii)		0.3		%		0.3		%
Tax item – Mexico (iv)		1.0		%		(1.5	)	%
Other Tax Matters (v)		(0.2	)	%		(0.2	)	%
Impact of adjustment on Effective Tax Rate (vi)		(0.8	)	%		(0.8	)	%
Adjusted ETR		28.5		%	–	29.5		%
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 impact primarily on charges to date related to the impacts of a U.S.-based work stoppage.
(iv) 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.
(v) This item relates to prior year tax liabilities and contingencies.
(vi) Indirect impact of tax rate after items (i), (ii), and (iii).

CONTACTS:
Investors: Noah Weiss, 773-896-5242
Media: Becca Hary, 708-551-2602

GlobeNewswire Distribution ID 8688226

Singapore, Nov. 03, 2022 (GLOBE NEWSWIRE) —

• DBS will leverage Terrascope’s smart carbon measurement and management platform to empower large corporates and small & medium enterprises (SMEs) with the data and expertise to decarbonise
• ERM and Terrascope will help large enterprises to advance with smarter carbon measurement and management to accelerate decarbonisation efforts
• Workiva and Terrascope will help make ESG and carbon reporting seamless for large enterprises

Terrascope, a smart carbon measurement and management platform, announces strategic partnerships to offer large enterprises a connected solution to drive and scale decarbonisation across their business operations and supply chains. By bringing together the ecosystem of real economy stakeholders, financial institutions, reporting platforms, and sustainability consultants around a common software platform, Terrascope will enable the collaboration between internal teams and external expertise needed for enterprises to translate high level targets into specific decarbonisation action plans. This ecosystem of partners will provide companies with end-to-end decarbonisation solutions, accelerating their journey to Net Zero. Since its commercial launch in June 2022, Terrascope has scaled across Agriculture, Food and Beverages, Industrial Manufacturing, Luxury Goods, Transportation and other categories all over the world.

“Accurate carbon measurement is just the first step of the decarbonisation journey. Terrascope also helps large enterprises manage emissions across their operations and supply chains. We are enhancing emissions management by bringing together experts with complementary strengths across the ESG ecosystem such as DBS Bank Singapore, Workiva, and ERM, to create end-to-end decarbonisation solutions for enterprises on their path to Net Zero,” Maya Hari, CEO, Terrascope.

The partnership between DBS Bank and Terrascope is aimed at timely and accurate carbon emissions measurement and management, to better assess the bankability of clients, and accelerate sustainable financing flows in Singapore and other markets in which DBS Bank operates.

“DBS is committed to achieving scale without compromising the integrity of sustainable finance. Terrascope will help our customers gain a more accurate and comprehensive picture of their carbon footprint, and enable DBS to provide financing to advance their decarbonisation journeys,” Yulanda Chung, Head of Sustainability at Institutional Banking Group, DBS Bank.

ERM, a pure-play sustainability advisory firm that advises corporates and financial institutions on sustainability, climate change, product stewardship, low carbon economy transition, and a number of other ESG related services, has also partnered with Terrascope to help large enterprises explore the right course of action once they’ve identified hotspots contributing to the highest emissions.

“ERM continues to play a critical role in advancing the region’s decarbonisation journey, working in partnership with our clients to address operationalising sustainability for our customers, underpinned by our deep technical expertise in addressing their environmental, health, safety, risk, and social challenges. The collaboration with Terrascope will pave the way for customers to better understand their carbon emission to effect smarter carbon measurement and management, as we help journey towards a low carbon economy,” Mark Errington, Chairman, Asia Pacific, ERM.

Workiva Inc., with its leading cloud platform for regulatory, financial and ESG reporting, has partnered with Terrascope to make the collaboration between ESG, audit, and financial reporting teams seamless.

“Businesses are under increasing pressure to provide clear, consistent and comparable sustainability data to regulators, investors and the community they serve. Large enterprises must therefore be more agile than ever, leveraging an ecosystem of fit-for-purpose solutions to streamline their reporting processes. Workiva’s end-to-end, audit-ready platform for collection, assembly, and reporting of financial and non-financial data is complemented by Terrascope’s ability to help enterprises measure and manage their carbon emissions. Together, we can provide confidence to large enterprises to make the right decisions on decarbonisation and deliver reports that can be trusted,” Erik Saito, Senior Vice President & General Manager, EMEA and APAC at Workiva.

---

About Terrascope:
Terrascope is an enterprise grade, end to end, smart carbon measurement and management SaaS platform. By combining data science, machine learning and sustainability expertise, Terrascope provides the data, analytics and digital tools to help large companies to decarbonise their business operations and supply chains.

Publicly launched in June ’22, Terrascope has worked with customers in multiple sectors from Agriculture, Food and Beverages, Industrial manufacturing, to Luxury, Transportation and Public Sector, all over the world. Terrascope is globally headquartered in Singapore, and is a key partner of the Monetary Authority of Singapore’s ESG Impact Hub. Learn more at https://www.terrascope.com/ .

About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About ERM
ERM is the business of sustainability. As the largest global pure-play sustainability consultancy, ERM partners with the world’s leading organizations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities that meet the needs of today while preserving opportunities for future generations.
ERM’s diverse team of 7,500+ world-class experts in over 170 offices across 39 countries supports clients across the breadth of their organizations to operationalize sustainability. Through ERM’s deep technical expertise, clients are well-positioned to address their environmental, health, safety, risk, and social issues. ERM calls this capability its “boots to boardroom” approach – a comprehensive service model that allows ERM to develop strategic and technical solutions that advance objectives on the ground or at the executive level.

About Workiva
Workiva Inc. is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading regulatory, financial, and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.sg.

Name: Anuroop Krishnan, Marketing and Growth Lead, Terrascope
Email: anuroop.krishnan@terrascope.com

Name: Maryanne Lee / Claudia Lee
Email: olamagri@spurwingcomms.com

GlobeNewswire Distribution ID 8688420

• Recognized and awarded for its leadership and expertise in biosimilars – following 2020 Biosimilar Initiative of the Year award
• Also shortlisted as finalists in Company of the Year, Regulatory Achievement of the Year, and Biosimilar Initiative of the Year

INCHEON, Korea, Nov. 03, 2022 (GLOBE NEWSWIRE) — Samsung Bioepis Co., Ltd. announced the company has won ‘Company of the Year, Asia-Pacific’ at the ‘Global Generics & Biosimilars Awards 2022’ held on November 2, 2022 in Frankfurt, Germany.

“It is an honor to receive a prestigious ‘Company of the Year, Asia-Pacific’ award and to be recognized by the ‘Global Generics & Biosimilars Awards’ again this year,” said, Christopher Hansung Ko, President and Chief Executive Officer at Samsung Bioepis. “Samsung Bioepis was established with a vision to develop and provide high-quality biologic medicines that are affordable and accessible to those who need them most and this award is a testimony to our continuous efforts to realizing our vision. We will continue to strive for innovation to enhance the lives of patients through our pioneering and innovative use of science and technology.”

Samsung Bioepis has been recognized for its best practice and setting new milestones as a leading company within the biosimilar industry over the past year. Notably in September 2021, Samsung Bioepis became the first company to receive FDA approval for an ophthalmology biosimilar, which became commercially available in the United States in July 2022.

This is the second time Samsung Bioepis has won the ‘Global Generics & Biosimilars Award’ after being a finalist for Biosimilar Initiative of the Year in 2020. This year, the company has also been shortlisted in several categories: Company of the Year, Regulatory Achievement of the Year, and Biosimilar Initiative of the Year.

The ‘Global Generics & Biosimilars Awards’ are presented annually by the international publishing company Citeline in cooperation with IQVIA. This year the event was held in Frankfurt, Germany to reward ‘best practice’ across the generics, biosimilars and value-added medicine industries, while at the same time encouraging improvements in every aspect of the way business is conducted.

Samsung Bioepis has six products approved in immunology, oncology and ophthalmology, with five of them marketed around the world. The immunology products have treated over 256,000 patients in Europe alone¹ which contributed to over EUR 2.6 billion of healthcare savings across Europe².

About Samsung Bioepis Co., Ltd.
Established in 2012, Samsung Bioepis is a biopharmaceutical company committed to realizing healthcare that is accessible to everyone. Through innovations in product development and a firm commitment to quality, Samsung Bioepis aims to become the world’s leading biopharmaceutical company. Samsung Bioepis continues to advance a broad pipeline of biologic candidates that cover a spectrum of therapeutic areas, including immunology, oncology, ophthalmology, hematology, endocrinology and gastroenterology. For more information, please visit: www.samsungbioepis.com and follow us on social media – Twitter, LinkedIn.

MEDIA CONTACT
Yoon Kim: yoon1.kim@samsung.com
Jane Chung: ejane.chung@samsung.com

Reference

1 2022 Q3 Biogen Earnings presentation.

2 2022 Q1 Biogen Earnings presentation.

 

GlobeNewswire Distribution ID 8688323