宜瑞安 2024年度报告

Better Texturefor Better Health 2024 ANNUAL REPORT Resegmentation:Driving AcceleratedGrowth andInnovation “ Our new structureenhances customerservice andengagement whileimproving our focuson growing marketopportunities.” A Message to our Shareholders: Ingredion’s success over our115+ year history comes directly from ourcommitment tobe what’s next™for our customers. Our resegmentationis the latest example of this forward-thinking approach. In2024, we introduced new segments—Texture & Healthful Solutions,Food & Industrial Ingredients LATAM and Food & Industrial IngredientsUS/CAN. Each was specifically designed to closely align with thestrategic value drivers of our business. Our new structure enhancescustomer service and engagement while improving our focus ongrowing market opportunities, all while providing greater shareholdertransparency and value. We have seen the initial benefits of ourreorganization during this first year. —James P. ZalliePRESIDENT & CEO We saw sales volume and operationalexcellence drive strong profit growth andmargin expansion in2024. Although weexperienced reductions in pricing as wepassed through lower raw material coststo our customers, these reductions wereoffset by strong sales volume growthfrom Texture & Healthful Solutions. Thesefactors collectively led to a year-over-year increase of5% in adjusted operatingincome to $1,016million and an increaseof8% when taking into account the saleof our South Korea business. Reported andadjusted earnings per share grew to $9.71and $10.65, respectively. Additionally, cashfrom operations exceeded $1,436million,and we returned $426million to ourshareholders in the form of dividends andshare repurchases. COST COMPETITIVENESS THROUGHOPERATIONAL EXCELLENCE Our expertise in operational excellence isdriving down cost while also improvingcustomer service. We launched Cost2Compete,a two-year program targeting $50million ofrun-rate savings by the end of2025. I am happyto report that we have exceeded our year-onerun-rate cost savings target of $18million bymore than30%. At the same time, increasedproduction resulting from higher volumeshas given our commercial, operations andprocurement teams the opportunity to improvesales, forecasting and operations planningefficiency, leading to higher service levels andimproved Net Promoter Scores. 2024Highlights NET SALES$7.4B PURPOSE-DRIVEN, PEOPLE-CENTRICPERFORMANCE GROWTH CULTURE At Ingredion, people power our growth andinnovation. That’s why we were recognizedfor safety, employee engagement and careeropportunities in nine different countries wherewe operate, all while maintaining employeeengagement scores exceeding industrybenchmarks during a year of significantorganizational change. I would particularlylike to call out how our team stepped up whenHurricane Helene damaged a major producerof IV solutions in North Carolina, successfullyallocating ourCERELOSE®anhydrous dextrosevolume for critical IV solutions. CASH FROMOPERATIONS>$1.4B BUSINESS GROWTH THROUGHRESEGMENTATION Texture & Healthful Solutions has aglobal mandate, leveraging our strongposition in higher-value specialty starches,hydrocolloids and clean-label texturizersin pursuit of above-market growthopportunities. We saw double-digit organicsales volume growth in this segment duringthe second half of the year. This strongsales volume is noteworthy as Texture &Healthful Solutions is the segment with ourmost differentiated products and solutions,generally offering higher profitability. ADJUSTEDOPERATING INCOME5% LOOKING TO THE FUTURE Our global reorganization improves ourfocus on growing market opportunities andserving customers, providing greater insightfor shareholders. Our ability to achieve thissuccessful transformation owes much to ourmore than11,000employees worldwide. I wouldlike to take this opportunity to thank them fortheir dedication and creativity. I would also liketo thank our shareholders for their continuedtrust in Ingredion and extend my appreciationto our board of directors for their guidanceand support. Our record performance in2024demonstrated the power of our strategy. Welook forward to extending these gains evenfurther in2025. Our two Food & Industrial Ingredientsbusinesses have a local focus thatemphasizes efficient and reliable supplywhich generates steady cash flow. Ourmanufacturing facilities are optimizedto meet local needs—and we focusour capital expenditures on reliability,efficiency and cost savings. For instance,in our Food & Industrial IngredientsLATAM segment, we successfullydebottlenecked our Cali, Colombia, andMexico City manufacturing facilities withminimal cost, yielding positive returns.In our Food & Industrial Ingredients US/CAN segment, we renewed several largemultiyear contracts, better aligning themwith higher input costs and ensuringbetter profitability. ADJUSTED EARNINGSPER SHARE13% TOTAL SHAREHOLDERRETURN30% Sincerely,James P. Zallie Texture& HealthfulSolutions At Ingredion, we aim to be