Iveco Group 2022 Full Year and Fourth Quarter Results

The following is an extract from the “Iveco Group 2022 Full Year and Fourth Quarter Results” press release. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:

Iveco Group consolidated revenues of €14 billion (up 13% year on year).
Adjusted EBIT of €527 million and adjusted net income of €225 million.
Net cash of Industrial Activities at €1,727 million,
with positive free cash flow of Industrial Activities of €690 million.
Initiating the approval process for a Share Buy-Back Programme up to 10 million common shares.

Consolidated revenues of €14,357 million, up 13.5%. Net revenues of Industrial Activities of €14,165 million, up 13.1%, mainly due to higher volumes and positive price realization.

Adjusted EBIT of €527 million (€151 million increase compared to 2021), with a 3.7% margin (up 70 bps compared to 2021). Adjusted EBIT of Industrial Activities of €424 million (€302 million in 2021), with positive price realization, higher volumes and better mix more than offsetting higher raw material and energy costs.

Adjusted net income of €225 million (€85 million increase compared to 2021), which primarily excludes a negative impact in connection with our operations in Russia and in Ukraine, due to the impairment of certain assets, spin-off costs, a negative impact from the first-time adoption of the hyperinflationary accounting in Türkiye, and the gain on the final step of Chinese joint ventures’ restructuring. Adjusted net income also excludes the effects, booked in Q4 2022, deriving from the gain on the disposal of certain fixed assets in Australia, as well as from the loss for the impairment of certain R&D costs and other assets, primarily related to the bus business, as a consequence of the acceleration in emission-related technological transition. Adjusted diluted earnings per share of €0.78 (up €0.35 compared to 2021).

Financial expenses of €206 million (€115 million in 2021), increasing mainly due to higher interest rates and hyperinflation impacts in Argentina and Türkiye.

Reported income tax expense of €101 million, with adjusted effective tax rate (adjusted ETR) of 30% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Net cash of Industrial Activities at €1,727 million (€1,063 million at 31st December 2021). Free cash flow of Industrial Activities positive for €690 million (€815 million improvement compared to 2021) primarily due to the operating performance and working capital improvement.

Available liquidity at €4,364 million as of 31st December 2022, up €2,928 million from 31st December 2021, including €2,000 million of undrawn committed facilities.

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GlobeNewswire Distribution ID 1000781908

AKWEL: 2022 TURNOVER UP 7.1%

        Thursday 09 February 2023

2022 TURNOVER UP 7.1%

AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid and mechanism management and structural parts for electric vehicles, posted consolidated revenue of €988.5m for 2022.

Consolidated turnover (1 January to 31 December)

In € millions – unaudited 2022 2021 Variation Like-for-like variation (1)
1st quarter 245.8 273.3 -10.1% -4.4%
2nd quarter 242.3 214.3 +13.1% +16.9%
3rd quarter 251.1 211.5 +18.7% +22.3%
4th quarter 249.4 223.5 +11.5% +14.6%
Total for 12 months 988.5 922.6 +7.1% +11.3%

(1)   Comparing like-for-like figures.

In the last quarter, AKWEL posted a consolidated turnover of €249.4 million, up by 11.5% when comparing published figures and by 14.6% when taking exchange rates and scope as constants.

With this third consecutive quarter of increased activity, in an environment that continues to be disrupted by component shortages and inflation, the Group ends 2022 with a 7.1% annual increase in turnover compared with 2021.

On a like-for-like basis, the increase in annual turnover was +11.3%.

The Products and Functions turnover stood at €951.4m, up by 7.8%, with an increase across almost all of the Group’s product lines

Net cash excluding lease obligations fell by €7.6m in Q4 to reach €115.1m at closing, an increase of €6.7m over the year.

As expected, the Group’s profitability was impacted by supply constraints and the difficulties in passing on the inflationary impacts recorded across all operating costs, with current operating income expected to fall by around 40% for 2022.

For the 2023 financial year, in an environment in which visibility over the global automotive market remains very limited, AKWEL anticipates a slight increase in turnover.

An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer specialising in fluid management, mechanisms, and structural components for electric vehicles. The Group achieves this by relying on state-of-the-art industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration.

Operating in 20 countries across every continent, AKWEL employs 10,000 people worldwide.

Euronext Paris – Compartment B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP

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GlobeNewswire Distribution ID 1000781838

Ingredion Incorporated Reports 13% Net Sales Growth in the Fourth Quarter and Strong Full-Year 2022 Results

  • Fourth quarter 2022 reported and adjusted EPS* were $1.71 and $1.65, respectively, compared to fourth quarter 2021 reported and adjusted EPS of $0.99 and $1.09
  • Full year 2022 reported and adjusted EPS* were $7.34 and $7.45, respectively, compared to full year 2021 reported and adjusted EPS of $1.73 and $6.67
  • In 2022, the Company returned $288 million to shareholders and increased the dividend rate by 9%
  • The Company expects full-year 2023 reported and adjusted EPS to be in the range of $7.70-$8.40

WESTCHESTER, Ill., Feb. 08, 2023 (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 fourth quarter and full year 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.

“For 2022, Ingredion delivered outstanding performance, with top line and profit both growing double digits,” said Jim Zallie, Ingredion’s president and chief executive officer. “Throughout the year, our teams demonstrated resilience and agility as they overcame macroeconomic headwinds while executing against our Driving Growth Roadmap while also expanding and transforming our solutions and opportunity set with customers.

“For the fourth quarter, Ingredion’s net sales were up 13% driven by strong performance for both core and specialty ingredients. We effectively managed strong demand for texturizing, sugar reduction and higher-value industrial applications through both customer and product mix management and pricing. These actions combined with expanded raw material risk management and improved supply chain conditions drove increased year-over-year gross margins.

“Specialty ingredients once again delivered strong double-digit growth, with net sales higher across all four regions versus last year. Notably, we completed one-third of our planned $160 million multi-year global capacity expansion for specialty starches to strengthen our leadership position in texturizing of foods,” Zallie continued. “I am especially proud of the work our team did ramping up production at our new Shandong, China facility, despite widespread Covid related challenges. With the expanded capacity, our business in China is well-positioned for accelerated growth as the economy reopens. Additionally, we acquired a specialty ingredient pharma business in India that broadens our capabilities to serve this growing and attractive high value market.

“Following our contracting season, having worked with customers to balance their demand requirements amidst rising input costs, we anticipate another year of double-digit sales growth. Given the resiliency of our business model, the diversification of our products and customer base, and track record of disciplined capital allocation, we are confident in Ingredion’s ability to deliver sustainable growth and create value for our shareholders,” 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)

4Q21 4Q22 FY2021 FY2022
Reported EPS $0.99 $1.71 $1.73 $7.34
Restructuring/Impairment costs 0.28 0.53 0.05
Acquisition/Integration costs 0.01 0.06 0.10 0.08
Impairment*** 5.01
Tax items and other matters (0.19) (0.12) (0.70) (0.02)
Adjusted EPS** $1.09 $1.65 $6.67 $7.45

Estimated factors affecting changes in Reported and Adjusted EPS

4Q22 FY2022
Total items affecting EPS** 0.56 0.78
Total operating items 0.62 1.12
Margin 0.82 1.70
Volume (0.09) (0.23)
Foreign exchange (0.10) (0.33)
Other income (0.01) (0.02)
Total non-operating items (0.06) (0.34)
Other non-operating income (0.01) (0.01)
Financing costs (0.15) (0.23)
Shares outstanding 0.02 0.09
Non-controlling interests 0.01 (0.02)
Tax rate 0.07 (0.17)

**Totals may not foot due to rounding; ***Related to the Argentina joint venture, 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 December 31, 2022, total debt and cash including short-term investments were $2.5 billion and $239 million, respectively, versus $2.0 billion and $332 million, respectively, at December 31, 2021.
  • Reported net financing costs for the fourth quarter were $34 million versus $16 million for the year-ago period.
  • Reported and adjusted effective tax rates for the fourth quarter were 7.3 percent and 20.1 percent, respectively, compared to 12.8 percent and 24.2 percent, respectively, for the year-ago period. The decrease in reported tax rate resulted primarily from South American non-taxable incentives, partially offset by favorable judgments related to the treatment of interest and credits on Brazil indirect taxes in the fourth quarter of 2021.
  • Full-year net capital expenditures were $293 million, up $11 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
Fourth quarter 1,755 (65) (39) 0 336 1,987 13% 17%
Full year 6,894 (201) 117 (146) 1,282 7,946 15% 18%

* Related to the Argentina joint venture closing in third quarter 2021; 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
Fourth quarter 86 (9) 64 2 25 (11) 157 83% 93%
Full year 310 (30) 132 2 43 305 762 146% 155%

Adjusted Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 113 (9) 64 168 49% 57%
Full year 685 (30) 132 787 15% 19%

Net Sales

  • Fourth quarter and full-year net sales were up from the year-ago period. The increase for the fourth quarter was driven by strong price mix, partially offset by foreign currency impacts and lower volumes. For the full year, price mix was partially offset by foreign currency impacts. Excluding foreign exchange impacts, net sales were up 17% for the quarter and 18% for the full year.

Operating Income

  • Fourth quarter reported operating income increased 83% to $157 million and adjusted operating income increased 49% to $168 million over the same period in the prior year. The increases were driven by favorable price mix and expanded raw material risk management. Excluding foreign exchange impacts, reported and adjusted operating income were up 93% and 57%, respectively, from the same period last year.
  • Full-year reported and adjusted operating income were $762 million and $787 million, respectively, an increase of 146% and 15%, from the prior year. 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 155% and 19%, respectively, from the prior year.

North America
Net Sales

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 1,041 (7) (15) 195 1,214 17% 17%
Full year 4,137 (17) 33 781 4,934 19% 20%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 84 (2) 40 122 45% 48%
Full year 487 (3) 81 565 16% 17%
  • Fourth quarter operating income for North America was $122 million, an increase of $38 million from the year-ago period, and full-year operating income was $565 million, an increase of $78 million from the prior year. For both the quarter and full year, the increase was driven by favorable price mix and expanded raw material risk management.

South America
Net Sales

$ in millions 2021 FX
Impact
Volume Argentina
JV Volume
*
Price
mix
2022 Change Change
excl. FX
Fourth quarter 256 (5) (10) 0 48 289 13% 15%
Full year 1,057 (7) 20 (146) 200 1,124 6% 7%

* Related to the Argentina joint venture closing in third quarter 2021; 2021 reported results were part of the transferred business

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 30 (2) 16 44 47% 53%
Full year 138 (2) 33 169 22% 24%
  • Fourth quarter operating income for South America was $44 million, an increase of $14 million from the year-ago period, and full-year operating income was $169 million, an increase of $31 million from the prior year. For both the quarter and full year, the increases were driven by favorable price mix, partially offset by higher corn and input costs. Excluding foreign exchange impacts, segment operating income was up 53% and 24%, respectively, for the fourth quarter and full year.

Asia-Pacific
Net Sales

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 269 (25) (8) 46 282 5% 14%
Full year 997 (79) 48 141 1,107 11% 19%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 17 (2) 8 23 35% 47%
Full year 87 (9) 15 93 7% 17%
  • Fourth quarter operating income for Asia-Pacific was $23 million, up $6 million from the year-ago period, and full-year operating income was $93 million, up $6 million compared to the prior year. For both the quarter and full year, the change was driven by favorable price mix that was partially offset by foreign exchange impacts. Excluding foreign exchange impacts, segment operating income was up 47% and 17%, respectively, for the fourth quarter and full year.

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

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 189 (28) (6) 47 202 7% 22%
Full year 703 (98) 16 160 781 11% 25%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 20 (3) 3 20 0% 15%
Full year 106 (16) 20 110 4% 19%
  • Fourth quarter operating income for EMEA was $20 million, flat with the year-ago period, and full-year operating income was $110 million, up $4 million from the prior year. For both the quarter and full year, favorability in Europe was partially offset by conditions in Pakistan and foreign exchange impacts across the region. Excluding foreign exchange impacts, fourth quarter and full-year segment operating income were up 15% and 19%, respectively.

Dividends and Share Repurchases
For the full year of 2022, the Company paid total dividends of $181 million, and in the fourth quarter declared a quarterly dividend of $0.71 per share payable in the first quarter of 2023. During 2022, the Company repurchased $112 million of outstanding shares of common stock, for a total of 1.3 million shares. 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.

2023 Full-Year Outlook
The Company expects its outlook for full-year 2023 reported and adjusted EPS to be in the range of $7.70 to $8.40. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

The Company expects full-year 2023 net sales to be up mid-double-digits and adjusted operating income to be up high single-digits to low double-digits.

Compared to last year, the 2023 full-year outlook assumes the following: North America operating income is expected to be up low double-digits, driven by favorable price mix partially offset by higher input costs; South America operating income is expected to be up low single-digits, with favorable price mix mostly offsetting higher input costs; Asia-Pacific operating income is expected to be up mid-double-digits, driven by favorable price mix and PureCircle growth, partially offset by higher input costs; and EMEA operating income is expected to be up mid-single-digits as we navigate foreign exchange impacts. Corporate costs are expected to be up low single-digits.

For full-year 2023, the Company expects a reported and adjusted effective tax rate of 26.5 percent to 28.5 percent.

Cash from operations for full-year 2023 is expected to be in the range of $550 million to $650 million, which reflects an anticipated increase in our working capital balances. Capital expenditures for the full year are expected to be approximately $300 million.

Conference Call and Webcast Details
Ingredion will host a conference call on Wednesday, February 8, 2023, 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 2022 annual net sales of $7.9 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 2023 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
December 31,
Change
%
Twelve Months Ended
December 31,
Change
%
2022 2021 2022 2021
Net sales $ 1,987 $ 1,755 13 % $ 7,946 $ 6,894 15 %
Cost of sales 1,636 1,465 6,452 5,563
Gross profit 351 290 21 % 1,494 1,331 12 %
Operating expenses 187 184 2 % 715 668 7 %
Other operating expense (income) 9 (5 ) 13 (34 )
Restructuring/impairment charges and related adjustments (2 ) 25 4 387
Operating income 157 86 83 % 762 310 146 %
Financing costs 34 16 99 74
Other non-operating (income) (1 ) (8 ) (5 ) (12 )
Income before income taxes 124 78 59 % 668 248 169 %
Provision for income taxes 9 10 166 123
Net income 115 68 69 % 502 125 302 %
Less: Net income attributable to non-controlling interests 1 1 10 8
Net income attributable to Ingredion $ 114 $ 67 70 % $ 492 $ 117 321 %
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic 65.8 66.8 66.2 67.1
Diluted 66.7 67.6 67.0 67.8
Earnings per common share of Ingredion:
Basic $ 1.73 $ 1.00 73 % $ 7.43 $ 1.74 327 %
Diluted $ 1.71 $ 0.99 73 % $ 7.34 $ 1.73 324 %

Ingredion Incorporated
Condensed Consolidated Balance Sheets

(in millions, except share and per share amounts) December 31,
2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 236 $ 328
Short-term investments 3 4
Accounts receivable – net 1,411 1,130
Inventories 1,597 1,172
Prepaid expenses 62 63
Total current assets 3,309 2,697
Property, plant and equipment – net 2,407 2,423
Intangible assets – net 1,301 1,348
Other assets 544 531
Total assets $ 7,561 $ 6,999
Liabilities and equity
Current liabilities
Short-term borrowings $ 543 $ 308
Accounts payable and accrued liabilities 1,339 1,204
Total current liabilities 1,882 1,512
Long-term debt 1,940 1,738
Other non-current liabilities 477 524
Total liabilities 4,299 3,774
Share-based payments subject to redemption 48 36
Redeemable non-controlling interests 51 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 issued at December 31, 2022 and December 31, 2021 1 1
Additional paid-in capital 1,132 1,158
Less: Treasury stock (common stock: 12,116,920 and 11,154,203 shares at December 31, 2022 and December 31, 2021, respectively) at cost (1,148 ) (1,061 )
Accumulated other comprehensive loss (1,048 ) (897 )
Retained earnings 4,210 3,899
Total Ingredion stockholders’ equity 3,147 3,100
Non-redeemable non-controlling interests 16 18
Total equity 3,163 3,118
Total liabilities and equity $ 7,561 $ 6,999

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in millions) Twelve Months Ended December 31,
2022 2021
Cash provided by operating activities:
Net income $ 502 $ 125
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 215 220
Mechanical stores expense 55 55
Impairment on disposition of assets 340
Deferred income taxes (3 ) (61 )
Margin accounts (44 ) (32 )
Changes in other trade working capital (620 ) (248 )
Other 47 (7 )
Cash provided by operating activities 152 392
Cash used for investing activities:
Capital expenditures and mechanical stores purchases (300 ) (300 )
Proceeds from disposal of manufacturing facilities and properties 7 18
Payments for acquisitions, net of cash acquired (29 ) (40 )
Other 2 (13 )
Cash used for investing activities (320 ) (335 )
Cash provided by (used for) financing activities:
Proceeds from borrowings, net 293 (390 )
Commercial paper borrowings, net 140 250
(Repurchases) of common stock, net (103 ) (49 )
Purchases of non-controlling interests (46 )
Dividends paid, including to non-controlling interests (181 ) (184 )
Cash provided by (used for) financing activities 103 (373 )
Effect of foreign exchange rate changes on cash (27 ) (21 )
Decrease in cash and cash equivalents (92 ) (337 )
Cash and cash equivalents, beginning of period 328 665
Cash and cash equivalents, end of period $ 236 $ 328

Ingredion Incorporated
Supplemental Financial Information
(Unaudited)

I. Geographic Information of Net Sales and Operating Income

(in millions, except for percentages) Three Months Ended
December 31,
Change Change
Excl. FX
Twelve Months Ended
December 31,
Change Change
Excl. FX
2022 2021 2022 2021
Net Sales
North America $ 1,214 $ 1,041 17 % 17 % $ 4,934 $ 4,137 19 % 20 %
South America 289 256 13 % 15 % 1,124 1,057 6 % 7 %
Asia-Pacific 282 269 5 % 14 % 1,107 997 11 % 19 %
EMEA 202 189 7 % 22 % 781 703 11 % 25 %
Total Net Sales $ 1,987 $ 1,755 13 % 17 % $ 7,946 $ 6,894 15 % 18 %
Operating Income
North America $ 122 $ 84 45 % 48 % $ 565 $ 487 16 % 17 %
South America 44 30 47 % 53 % 169 138 22 % 24 %
Asia-Pacific 23 17 35 % 47 % 93 87 7 % 17 %
EMEA 20 20 % 15 % 110 106 4 % 19 %
Corporate (41 ) (38 ) (8 )% (8 )% (150 ) (133 ) (13 )% (13 )%
Sub-total 168 113 49 % 57 % 787 685 15 % 19 %
Acquisition/integration costs (2 ) (1 ) (3 )
Restructuring/impairment charges (25 ) (4 ) (47 )
Impairment on disposition of assets (340 )
Other matters (11 ) (20 ) 15
Total Operating Income $ 157 $ 86 83 % 93 % $ 762 $ 310 146 % 155 %

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
December 31, 2022
Three Months Ended
December 31, 2021
Twelve Months Ended
December 31, 2022
Twelve Months Ended
December 31, 2021
(in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 114 $ 1.71 $ 67 $ 0.99 $ 492 $ 7.34 $ 117 $ 1.73
Add back:
Acquisition/integration costs (i) 4 0.06 1 0.01 5 0.08 7 0.10
Restructuring/impairment charges (ii) 19 0.28 3 0.05 36 0.53
Impairment on disposition of assets (iii) 340 5.01
Other matters (iv) 8 0.12 (12 ) (0.18 ) 15 0.22 (22 ) (0.32 )
Fair value adjustments to equity investments (v) (5 ) (0.07 ) (5 ) (0.07 )
Tax item – Mexico (vi) (2 ) (0.03 ) 2 0.03 (4 ) (0.06 ) 6 0.09
Other tax matters (vii) (14 ) (0.21 ) 2 0.03 (12 ) (0.18 ) (27 ) (0.40 )
Non-GAAP adjusted net income attributable to Ingredion $ 110 $ 1.65 $ 74 $ 1.09 $ 499 $ 7.45 $ 452 $ 6.67

Net income, EPS and tax rates may not foot or recalculate due to rounding.

Notes

(i) During the three and twelve months ended December 31, 2022, we recorded $4 million and $5 million, respectively, of pre-tax acquisition and integration charges primarily related to our investment in the Argentina joint venture. During the three and twelve months ended December 31, 2021, we recorded pre-tax acquisition and integration charges of $2 million and $3 million, respectively, for our acquisitions of the PureCircle, KaTech and Verdient Foods businesses, as well as our investments with the Amyris and Argentina joint ventures.

(ii) During the twelve months ended December 31, 2022, we recorded $4 million of remaining pre-tax restructuring-related charges for the Cost Smart programs. During the three and twelve months ended December 31, 2021, we recorded pre-tax restructuring-related charges of $25 million and $47 million, respectively, primarily related to our Cost Smart programs.

(iii) During the twelve months ended December 31, 2021, we recorded a $340 million net asset impairment charge related to the contribution of Ingredion’s Argentina operations to the Argentina joint venture.

(iv) During the three and twelve months ended December 31, 2022, we recorded pre-tax charges of $11 million and $20 million, respectively, primarily related to the impacts of a U.S.-based work stoppage. During the twelve months ended December 31, 2021, we recorded a pre-tax benefit of $15 million for certain indirect tax credits that the Brazilian Supreme Court affirmed in May 2021 that we are entitled to receive.

(v) During the three and twelve months ended December 31, 2021, we recorded a net pre-tax fair value adjustment of $6 million to our equity investments.

(vi) We recorded tax benefits of $2 million and $4 million for the three and twelve months ended December 31, 2022, respectively, and tax provisions of $2 million and $6 million for the three and twelve months ended December 31, 2021, respectively, as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of our Mexico financial statements during the periods.

(vii) In the fourth quarter of 2022, we recognized an income tax benefit of $20 million for certain Brazilian state grants we received between 2018 and 2021, which were previously taxable. Other adjustments relate to the impacts of prior year tax liabilities and contingencies, as well as the tax results of the above non-GAAP addbacks.

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)

(in millions, pre-tax) Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022 2021 2022 2021
Operating income $ 157 $ 86 $ 762 $ 310
Add back:
Acquisition/integration costs (i) 2 1 3
Restructuring/impairment charges (ii) 25 4 47
Impairment on disposition of assets (iii) 340
Other matters (iv) 11 20 (15 )
Non-GAAP adjusted operating income $ 168 $ 113 $ 787 $ 685

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.

Ingredion Incorporated
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)

(in millions) Three Months Ended December 31, 2022 Twelve Months Ended December 31, 2022
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 124 $ 9 7.3 % $ 668 $ 166 24.9 %
Add back:
Acquisition/integration costs (i) 4 5
Restructuring/impairment charges (ii) 4 1
Other matters (iv) 11 3 20 5
Tax item – Mexico (vi) 2 4
Other tax matters (vii) 14 12
Adjusted Non-GAAP $ 139 $ 28 20.1 % $ 697 $ 188 27.0 %
(in millions) Three Months Ended December 31, 2021 Twelve months ended December 31, 2021
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 78 $ 10 12.8 % $ 248 $ 123 49.6 %
Add back:
Acquisition/integration costs (i) 2 1 3 (3 )
Restructuring/impairment charges (ii) 25 6 47 11
Impairment on disposition of assets (iii) 340
Other matters (iv) 12 (15 ) 7
Fair value adjustments to equity investments (v) (6 ) (1 ) (6 ) (1 )
Tax item – Mexico (vi) (2 ) (6 )
Other tax matters (vii) (2 ) 27
Adjusted Non-GAAP $ 99 $ 24 24.2 % $ 617 $ 158 25.6 %

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

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

GlobeNewswire Distribution ID 8744941

BLUETTI Helps Create the Best Valentine’s Day Experience

Valentine’s Day

Valentine’s Day

SYDNEY, Feb. 10, 2023 (GLOBE NEWSWIRE) — With Valentine’s Day right around the corner, BLUETTI has rolled out loads of savings on solar generators as of Feb. 6 to bolster the sweet celebration at home, outdoor entertainment, or RV trips on the road.

Don’t want to squeeze into a crowded restaurant, cinema or shopping centre? With BLUETTI, there are plenty of special ways to enjoy love and peace. AC300 + B300 is a modular model that has established a distinct presence in the market. Boasting up to 12,288Wh capacity and a 3,000W PSW inverter for securely running high-load devices, it’s an ideal gift for partners who love camping, outdoor adventures and DIY.

It’s frustrating to lose power unexpectedly when RV-travelling or camping in the wild. AC200MAX adopts premium LifePO4 battery to provide 3500+ life cycles. It also has a 2,200W PSW inverter and 2,048Wh capacity to fulfill most power demand, which can be extended by connecting with B230 or B300 expansion batteries. Even standalone, those LFP battery packs can be a DC power source to charge three devices simultaneously. They support solar, brick and car charging as well.

To avoid frequent power cuts due to flooding or have an outdoor cinema in the garden, BLUETTI EP500 is the perfect pick. Equipped with 5,100Wh capacity and 2,000W PSW inverter, it’s built for 24/7 home charging and less dependent on the utility grid. The wheel design on the bottom allows effortless mobility.

Walk through the wonderland of nature, where there’s clean air, acres of woods, and streams flowing by. Portable power stations like BLUETTI EB55, can charge cellphone, walkie-talkie, camera, coffee maker, mini fridge, and more.

BLUETTI will launch a BLUETTILOVE campaign during Valentine’s Day Sale. Participants can upload photos,share love stories or post anonymous SMS to win Free EB3A, PV120, and $20 coupons. Click https://www.bluettipower.com.au/pages/valentines-day-sale to join.

About BLUETTI
With over 10 years of industry experience, BLUETTI has tried to stay true to a sustainable future through green energy storage solutions for both indoor and outdoor use while delivering an exceptional eco-friendly experience for everyone and the world. BLUETTI is making its presence in 70+ countries and is trusted by millions of customers across the globe. For more information, please visit https://www.bluettipower.com.au.

Social Media
Facebook: https://www.facebook.com/bluetti.au
Instagram: https://www.instagram.com/bluetti_australia
YouTube: https://www.youtube.com/@BLUETTIOfficial

Contact Information:
Amanda Yan
Integrated Marketing for BLUETTI
pr@bluetti.com
+8615013559696

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GlobeNewswire Distribution ID 8746712

Constellation Brands to Present at the 2023 Consumer Analyst Group of New York Conference on Thursday, February 23, 2023

 VICTOR, N.Y., Feb. 09, 2023 (GLOBE NEWSWIRE) — Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today that Bill Newlands, President and Chief Executive Officer, will present at the 2023 Consumer Analyst Group of New York Conference on Thursday, February 23, 2023 in Boca Raton, FL. The presentation is scheduled to begin at 3:00 p.m. ET and is expected to cover the company’s strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future.

A live, listen-only webcast of the presentation will be available on the company’s investor relations website at ir.cbrands.com under the News & Events section. When the presentation begins, financial information discussed in the presentation, and a reconciliation of reported GAAP financial measures with comparable or non-GAAP financial measures, will also be available on the company’s investor relations website under the Financial History section. For anyone unable to participate in the webcast, a replay will be available on the company’s investor relations website through the close of business on March 31, 2023.

ABOUT CONSTELLATION BRANDS
At Constellation Brands (NYSE: STZ), our mission is to build brands that people love because we believe sharing a toast, unwinding after a day, celebrating milestones, and helping people connect, are Worth Reaching For. It’s worth our dedication, hard work, and the bold calculated risks we take to deliver more for our consumers, trade partners, shareholders, and communities in which we live and work. It’s what has made us one of the fastest-growing large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what’s next.

Today, we are a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Every day, people reach for our high-end, iconic imported beer brands such as Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, our fine wine and craft spirits brands, including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey, and our premium wine brands such as Meiomi, and Kim Crawford.

But we won’t stop here. Our visionary leadership team and passionate employees from barrel room to boardroom are reaching for the next level, to explore the boundaries of the beverage alcohol industry and beyond. Join us in discovering what’s Worth Reaching For.

To learn more, visit www.cbrands.com and follow us on Twitter, Instagram, and LinkedIn.

MEDIA CONTACTS INVESTOR RELATIONS CONTACTS
Mike McGrew 773-251-4934 / michael.mcgrew@cbrands.com
Amy Martin 585-678-7141 / amy.martin@cbrands.com
Joseph Suarez 773-551-4397 / joseph.suarez@cbrands.com
Snehal Shah 847-385-4940 / snehal.shah@cbrands.com
David Paccapaniccia 585-282-7227 / david.paccapaniccia@cbrands.com

A downloadable PDF copy of this news release can be found here: http://ml.globenewswire.com/Resource/Download/5c38f131-fe59-42ac-bddd-5b8dc28d8fd4

GlobeNewswire Distribution ID 8746390

Meltwater Named to G2 Best Software Awards for Second Year in a Row

SAN FRANCISCO, Feb. 09, 2023 (GLOBE NEWSWIRE) — Meltwater, a global leader in media and social intelligence, has been named to G2’s 2023 Best Software Awards, the world’s largest and most trusted software marketplace used by more than 80 million people annually. For the second year in a row, Meltwater has earned titles in two categories, including Best Overall Software Products and Best Marketing and Digital Advertising Products.

G2’s annual Best Software Awards ranks the world’s best software companies and products based on authentic, timely reviews from real users. Meltwater scored highly across the board on features that are critical for Marketing & PR professionals such as: Social Media Analytics, Social Media Monitoring, Media Monitoring, Social Media Management, PR Analytics, Social Media Suites, Media and Influencer Targeting.

“It’s an honor to again be recognized as a winner of the G2 Best Software Awards,” said John Box, CEO, Meltwater. “Our customers are truly at the heart of everything we do – and it’s with their support and feedback that we’re able to continue to invest in and evolve our suite of solutions to meet the evolving needs of their businesses. Our team is committed to continuing our proven track record of delivering the innovative, impactful products that PR, Marketing and Communications professionals have come to expect from Meltwater.”

The lists G2 created are based on data from over 1M authentic, verified customer reviews. Meltwater earned its place on these lists because of positive customer feedback, including:

  • “Fantastic tool for measuring SOV and impact of other awareness-building initiatives!”
  • “I love the multitude of features Meltwater provides, beyond merely, monitoring social media accounts and groups. It is an invaluable tool for our market research team in helping us investigate trends within a particular market or industry.”
  • “Meltwater has been incredibly helpful in researching and shaping messaging for our clients. Sentiment analysis very much drives our decision making and clients are super happy with the results!”
  • “Meltwater has changed my workday.”
  • “Meltwater makes media watching and PR management easy and the tutorials were great for me and my team to stay on top of the latest trends…”
  • “My monthly calls with my account manager are always very helpful. I appreciate the partnership and Meltwater’s priority to make the platform work for me.”

Find the complete list of G2’s 2023 Best Software Awards here: https://www.g2.com/best-software-companies.

For more information or to schedule a demo, please visit https://www.meltwater.com/request-demo

Contacts:
Jenny Force
VP Marketing, Meltwater
jenny.force@meltwater.com

Ellen Presutti
Vice President, Red Havas
ellen.presutti@redhavas.com

About Meltwater
Meltwater provides social and media intelligence. By examining millions of posts each day from social media platforms, blogs and news sites, Meltwater helps companies make better, more informed decisions based on insight from the outside. The company was founded in Oslo, Norway, in 2001 and is headquartered in San Francisco, California, with 50 offices across six continents. The company has 2,300 employees and 27,000 corporate customers, including industry leaders in several sectors. Learn more at meltwater.com.

GlobeNewswire Distribution ID 8746586

Taiwan’s Chen advances to final in 60m hurdles at Asian championships

Taiwanese hurdler Chen Kuei-ru (???) advanced to the finals of the men’s 60-meter sprint hurdles at the Asian Indoor Athletics Championships in Kazakhstan on Saturday.

The men’s 60m hurdles was divided into three heats held Saturday, with only the top two finishers in each heat and two fastest finishers from the three heats advancing to the finals.

The 29-year-old Chen finished second in his heat with a time of 7.74 seconds, and will vie for a medal on Sunday against seven other competitors.

Last year, the Taiwanese hurdler broke the national record which he retains, running 6.67 seconds in the men’s 60m hurdles during the semifinals of the World Athletics Indoor Championships in Serbia.

The 10th Asian Indoor Athletics Championships is being held in the Kazakhstan capital Astana until Sunday.

Three other Taiwanese athletes are also competing at the event, Li Yun-chen (???), Wen Hua-yu (???) and Lin Yu-tang (???).

Li competed in the men’s triple jump final on Friday, finishing sixth with a distance of 16.28 meters. Despite being not good enough to win a medal, his performance still broke the Republic of China (Taiwan) national indoor triple jump record.

Meanwhile, Wen and Lin have qualified to compete in the men’s long jump final on Sunday.

Source: Focus Taiwan News Channel

Turkey office to receive quake donations until Feb. 11 at 5 p.m.

The Turkish Trade Office in Taipei announced on Saturday that due to having received more in-kind donations than expected for survivors of a deadly magnitude-7.8 earthquake in Turkey and Syria early Monday, the office will stop receiving relief supplies from 5 p.m. on Saturday.

In a statement, the Turkish Trade Office expressed gratitude for the generosity and kindness of people in Taiwan who have donated in-kind assistance to the victims affected by the temblor, with the quantity of donations being more than expected.

With many other countries in the world doing the same to send in-kind donations to Turkey, the office said it had decided to stop receiving donations from people in Taiwan from 5 p.m. on Feb. 11 instead of the original deadline of Feb. 15.

In collaboration with the Tzu Chi Foundation, the office began accepting in-kind donations of winter clothing and necessities from Thursday as the displaced earthquake survivors were faced with freezing weather conditions.

During a visit on Saturday to the Tzu Chi liaison office in Taipei’s Neihu District where the donations were being collected, Turkey’s representative to Taiwan Muhammed Berdibek said when he witnessed the massive amount of relief supplies that had poured in over the past few days, he was so moved that he almost cried.

Berdibek expressed regret that his office had to bring forward the donation deadline as it had received more donations than it could handle, adding that he did not know what he could say to accurately express his gratitude to Taiwanese.

More than 23,000 people were confirmed dead as of late Friday evening after the massive earthquake struck Turkey and Syria on Monday, according to authorities.

In addition to the in-kind donations, cash donations continue to pour in from Taiwanese, with more than NT$271.77 million (US$9 million) received as of Friday afternoon, the Ministry of Health and Welfare (MOHW) said on Saturday.

Taiwan has also sent two search and rescue teams totaling 130 members with five search dogs to Turkey to help search for possible survivors.

Source: Focus Taiwan News Channel

First day of Kinmen Marathon event draws huge turnout

The continued appeal of the Kinmen Marathon, held on the offshore county of Kinmen, was on show early Saturday morning when 13,000 runners from across Taiwan took to the starting line for a 5km “fun run” on day one of the event.

The marathon was canceled in 2020 and 2021 due to the COVID-19 pandemic, and admissions were capped at 11,000 last year amid rising daily numbers of confirmed cases.

The fun run was free for participants, but they were still required to sign up in advance.

The runners gathered in front of Kinmen-Matsu Joint Services Center in the morning, many expressing excitement over the large turnout.

While some runners dressed in outlandish costumes, there were also five participants from the Cerebral Palsy International Sports and Recreation Association Taiwan Chapter.

With the help of specially designed frame runners, the athletes came to promote their belief that sport is for everyone, even those with disabilities, chapter head Chou Po-hung (???) told CNA.

The healing power of sport far surpasses that of rehabilitation, and cerebral palsy patients have the added benefit of interacting with people at the event, Chou said.

Runners who finished the 5km course received a free lunchbox and a bottle of Kaoliang liquor, a Kinmen specialty.

The Palauan Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl was also present at the event.

Tmetuchl, one of five individuals to fire a starter pistol, said he was observing the event in preparation for the first-ever marathon in Palau to be held in June.

The event also features a 10km road run, 21km half-marathon and 42km full marathon on Sunday, where runners will compete for honors, with up to 600 trophies awarded to first-time runners who complete the full marathon.

Source: Focus Taiwan News Channel

TSMC ranked No. 1 patent applicant in Taiwan for 7th straight year

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, took the top spot among patent applicants in the country for the seventh consecutive year in 2022, according to the Intellectual Property Office of the Ministry of Economic Affairs.

Last year, TSMC filed 1,534 patent applications, down 21 percent from a year earlier, but remained the top applicant in Taiwan, the office said. All of TSMC’s patent applications were invention patents, according to the office.

Under Taiwan law, patents are categorized into three groups — invention, utility model and design — with invention patents being the most important in terms of the creation of new technical ideas.

TSMC, which has a more than 50 percent share of the global pure wafer foundry business, is keen to develop high-tech processes to cement the company’s technological lead over its peers with the invention patent category a focus of patent applications.

The chipmaker started mass production of chips made using its most advanced 3 nanometer process at the end of last year, and is developing the more sophisticated 2nm process, which is scheduled to begin commercial production in 2025.

On the foreign applicant front, U.S.-based semiconductor equipment supplier Applied Materials Inc. was the largest patent applicant in Taiwan in 2022 after filing 881 applications which were comprised of 847 invention patents, two utility model patents and 32 design patents, the office said.

While Applied Materials had fewer patent applications than TSMC, the U.S. company replaced Qualcomm Inc., an American smartphone IC designer, as the largest foreign patent applicant in Taiwan, the office said. Qualcomm fell one notch to second place in 2022, with 763 patent applications, down 10 percent from a year earlier, the office added.

After TSMC, PC brand Acer Inc. was second among local patent applicants in 2022 with 530 patent applications, up 15 percent from a year earlier, ahead of flat panel maker AUO Corp. (505, up 7 percent), smartphone IC designer MediaTek Inc. (412, up 58 percent) and dynamic random access memory (DRAM) chip maker Nanya Technology Corp. (371, up 28 percent).

Rounding out the top 10 local patent application companies were flat panel supplier Innolux Corp. (336, up 2,700 percent), followed by communication network IC designer Realtek Semiconductor Corp. (332, down 25 percent), the government-sponsored Industrial Technology Research Institute (331, down 18 percent), contract notebook computer maker Inventec Corp. (289, up 24 percent) and China Steel Corp., the largest steel maker in Taiwan, (249, up 18 percent).

Hong Shu-min (???), director of the office, said applications from Nanya Technology and Innolux hit 10-year highs, adding that the impressive growth for Innolux resulted from a relatively low comparison base a year earlier as well as its efforts to develop Micro LED devices and precision medical equipment.

Commenting on the failure of iPhone assembler Hon Hai Precision Industry Co. to make it into the top 10 patent applicants in Taiwan for the second consecutive year in 2022, Hong said the company has clearly changed its research and development strategies by assigning more of its efforts overseas.

According to Hong, Hon Hai, also known as Foxconn globally, focuses its R&D efforts in the United States and Japan, with each account for about 30 percent, while China and Taiwan made up 20 percent and 10 percent, respectively.

After Applied Materials and Qualcomm, South Korean electronics giant Samsung Electronics Co. took third spot among foreign patent applicants in Taiwan in 2022 by filing 675 patents, up 30 percent from a year earlier, ahead of Japan-based semiconductor supplier Tokyo Electron Ltd. (487, up 2 percent) and Japanese electrical product maker Nitto Denko Corp. (445, down 16 percent), the office said.

Japanese memory chip supplier Kioxia Holdings Corp. came in sixth with 436 applications in 2022, down 5 percent from a year earlier, followed by Meta Platforms Technologies, LLC, formerly known as Facebook (293, up 281 percent), Japan’s Shin-Etsu Chemical Co., Ltd. (275, up 35 percent), Japan’s Fujifim Corp. (270, up 3 percent) and Japanese precision processing tool supplier Disco Corp. (266, 18 percent), the office added.

According to the office, it was the first time Meta and Shin-Etsu Chemical have ranked in the top 10 foreign patent applicants in Taiwan, adding that Meta benefited from its efforts to develop technologies related to the “metaverse,” a digital world where people can move between devices and communicate in a virtual environment.

The office said the top 10 foreign patent applicants were largely from the semiconductor, information technology and chemical industries.

In 2022, a total of 72,059 patent applications were filed in Taiwan, down 0.8 percent, but invention patent applications bucked the downturn, rising 2 percent to a 10-year high of 50,242, the office said.

Among foreign applications, Japan was the largest applicant with 13,128 applications, ahead of the U.S. (8,517) and China (4,424), the office added.

According to the office, Japan was the largest invention and design patent applicant, with China the largest utility model patent applicant, in 2022.

Source: Focus Taiwan News Channel