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Citis 2009 Food Fest1st Annual Food Manufacturing Conference
New York City, New YorkDecember 3, 2009
Ilene S. GordonChairman, President and
Chief Executive Officer
Cheryl K. BeebeChief Financial Officer
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2
IndexForward looking statement - Page 3
Company background - Pages 4 to 14
Financial review - Pages 15 to 23
2009 Outlook - Pages 24 to 28Shareholder value proposition - Page 29
Appendix - Pages 31 to 74
Corn wet milling process - Pages 32 to 34
Geographic segments -Pages 35 to 51
North America - Pages 38 to 44
South America - Pages 45 to 48Asia/Africa - Pages 49 to 52
Additional financial data - Pages 53 to 64
Non-GAAP reconciliations - Pages 65 to 71
Company management - Pages 72 to 74
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4
A Proven Global Leader in Our Industry
Highly respected Fortune 1,000 company with a rich,
100-year history of success, growth and innovation
Strong ethics and solid, unchanging values (integrity,
respect, excellence and financial success)
Consistently named to Forbes 400 Best Big Companies
and Fortunes Most Admired Companies annual lists
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5
Experienced Management Team
CEO with extensive international
manufacturing and marketing experience
Strong senior management team averaging 18
years company tenure 7,800 talented employees worldwide with
nearly 12 years average company tenure
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Production33 plants and 15 countries *,**
North AmericaUnited States, Canada, Mexico
South AmericaArgentina, Brazil, Chile, Colombia, Peru, Venezuela*
Asia/Africa
South Korea, Thailand, Pakistan, China**,
KenyaSouth Africa*
* Technical License Agreements
**Joint Venture
Strong and Unique Global Position
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Pure-Play Starch Refiner/IngredientsCompany
SweetenersDextrose
Glucose
Maltose
High fructose corn syrup
Fermentation products
Polyols
Stevia
Starches
Industrial starches
Process food starchesFermentation products
Co-products
Corn gluten feedCorn gluten meal
Corn oil
corn syrups
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Our Ingredients Are Critical Component
of Everyday Life
We Serve Customers in About 60 Diverse Industries/70 CountriesFood Industrial Fine Chemicals/
Sweeteners Starches Starches Pharmaceuticals
Carbonated beverages Cereals Paper IV Dextrose
Beer Soups Corrugated boxes Tableting excipientsSports drinks Sauces Textiles Fermentation feedstocks
Frozen desserts Drink mixes Adhesives
Canned fruits and vegetables Pudding Baby and face powders
Drink mixes Cakes Rubber
Presweetened cereals Cookies Leather
Breads Crackers Detergents
Fruit juices
Jams and jellies
Chewing gum
Cream filling
SyrupsCandy
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Ingredient Applications
Ingredient Applications
Animal Feeds & Pet Foods
Beverages & Soft Drinks
Building Materials
Canners & Packers
Cereals
Chemicals
Condiments
Confectionery, Gum & Cough Drops
Fats & Oils
Formulated Dairy Products
Ice Cream & Frozen Desserts
Jams, Jellies & Preserves
Meat Products
Mining/Metallurgy
Miscellaneous Foods
Miscellaneous Industry
Mixes & Prepared Foods
Paper, Corrugated & Related
Pastes & Adhesives
Personal Care
Pharmaceuticals
Syrups & Sweeteners
Textiles
Wines & Brewing
Modifi
edStarch
UnmodifiedSt
arch
Dextrin
Malto
dextrin
Glucos
e/CornSyrup
Dextros
e
HFCS Co
rnOil
Gluten
Feed
Gluten
Meal
GermM
eal
Steepw
ater
scFOS
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We Operate with a Clear Mission
Excel at the
Base Business
Grow
Defensible
Businesses in
New High-Growth
Regions
Expand
Value-AddedProduct
PortfolioSelectively
Drive Organic
Growth
To be the Premier Regional Provider of Refined, Agriculturally
Based Products and Ingredients Worldwide
Ingredients Solutions Provider
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Strong Americas position
Managing geographic breadth
Cultural understanding
Performance in difficult
environments
Reputation/assets/infrastructure
Managing alliance relationships
Core Capabilities A Building Platform
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Attributes and Attractions
Emphasis on shareholder value creation over the long term
2004-2008 CAGR
Net sales 13%
Operating income 20%
Net income 28%
Earnings per share 27%
Healthy balance sheet and solid cash flow generation
Product portfolio serves important and expanding markets
many opportunities to grow in coming years.
Strong, diverse and global customer base
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Management/Shareholder Alignment
Executive compensation aligned with shareholders
Management variable compensation
Direct stock ownership targets for officers
Short-term
EPS/Operating Income 50% Operating Cash Flow 25%
Working Capital 25%
Long-term
Shareholder return 50% Return on capital employed (ROCE) 50%
Annual Incentive Plan
EPS/Operating Income 60%
Individual 20%
Working Capital/ROCE 20%
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Financial
ReviewReturn to index
G hi S t
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Geographic Segments2008 Annual Net Sales
($ millions)
12%
60%
28%
North America South America As ia/Af rica
North America
51%32%
17%
United States Mexico Canada
South America
29%
53%
18%
Brazil
Argentina
Other
Asia /Afri ca
59%41%
Korea Other
Total Net Sales - $3,944
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Sales by Product Category & Markets Served
55%
20%
25%
54%
21%
25%
52%
22%
26%
53%
23%
24%
55%
22%
23%
57%
22%
21%
53%
22%
25%
0%
10%
20%
30%
40%
50%
60%
2002 2003 2004 2005 2006 2007 2008
Sweeteners
Starches
Co-Products &Other
Soft Drink
Industry, 13%
Animal Feed, 12%Brewing Industry,
12%
Other, 38%
Processed Foods
Industry, 25%
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Income Statement Selected Highlights*Period Ended September 30
Q1 Q2 Q3 9 months 9 months 9 months(In millions, except per share amounts) ange
Net sales $831 $912 $971 $2,713 $3,043 -11%
Gross profit 93 112 153 358 564 -37%
Margins 11.2% 12.2% 15.8% 13.2% 18.5%
Operating income - before
impairment and restructuring cost1 39 52 88 179 370 -59%
Operating margin - adjusted basis1
4.7% 5.7% 9.1% 6.6% 12.2%
Diluted earn ings per share -
adjusted
2 $0.22 $0.34 $0.70 $1.27 $2.90 -56%
1 - Adjusted to exclude the Q2 2009 impairment and restructuring charges - see appendix page 70 for reconciliaton of this non-GAAP financial measure to
the corresponding GAAP financial measure
2 - Adjusted to exclude the Q2 2009 after tax impact of impairment and restructuring charges - see appendix page 71 for a reconciliation of this non-
GAAP financial measure to the corresponding GAAP financial measure
* - See appendix pages 55 and 56 for summary income statements
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Estimated Sources of Diluted Earnings Per Share
Nine Months Ended September 30
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(dollars per share)
Earnings per share - 2008 2.90$
Changes from operations:*
Margins - Price / Mix (0.24)
Co-Product recovery (1.65) (0.95)Change in volumes (0.19)Foreign currency values (0.27)
Non-operational changes:*
Financing cost (0.07)Change in non-controling interest 0.02 0.02Effective tax rate 0.03Shares outstanding 0.04
Impairment and restructuring charges (1.47)
Net change for the period (3.10)
Earnings per share - 2009 (0.20)$
* Based on an estimated effective tax rate of 32.8%.* - Based on an estimated effective tax rate of approximately 34%
Cash Flow Highlights
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Cash Flow HighlightsFor the Nine Months Ended September 30
($ millions)
2009 2008
Cash provided by operations: 368$ 16$
Net income (loss) (11) 227Write-off of impaired assets 124 -
Working capital 154 (293)Depreciation and amortization 95 98
Cash invested in the business: (102)$ (157)$
Fixed assets, net (98) (160)
Cash used for financing activities: (214)$ 83$
Net increase (decrease) in debt (180) 101Dividends paid (34) (31)
Issuance (repurchase) of common stock,net (1) 10
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N t D bt P iti
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Net Debt Position
Quarter End
$695
$820$821$866
$161$175
$91$107
$730
$645
$534
$759
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Dec. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009
million
s
Total DebtCash
Net Debt
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Dividend History*
*Adjusted for 2-for-1 stock split effective January 25, 2005
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Annual Cash Dividend Paid Per Common Share
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Key Metrics*
($ millions)
30-Sep 31-Dec 30-Sep
2009 2008 2008
Debt to capitalization 29.0% 36.1% 29.4%
Debt to adjusted EBITDA** (TTM) 1.9 X 1.5 1.2 X
Operating working capital $424 $439 $482(excluding short-term debt, cash and def. tax)
% of 12 mo. Net sales 11.7% 11.1% 12.2%
Net debt (total debt less cash) $534 $759 $612
* See appendix pages 65-71 for a reconciliation of these non-GAAP financial measures to GAAP financialmeasures
** Adjusted to exclude the impact of impairment and restructuring charges of $125 million in Q2 2009
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Outlook
2009 is a challenging year but we believe we operatefrom a position of strength and flexibility with proven
business models
2009 performance expected to be negatively impacted
by:
Major negative swing in co-product pricing, primarily in North Americaand largely from corn oil, contributing to higher net corn costs
Significant, double-digit currency devaluations in virtually all of our
international businesses
Generally lower demand due to the global economic recession
Second half of 2009 should be stronger than the first half Expect second half diluted EPS of $1.24 to $1.44 compared to first half
diluted EPS $0.56*
* excluding the $1.47 after-tax impact of impairment and restructuring charges taken in Q2-2009Return to index
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Outlook
Healthy balance sheet, solid liquidity, and substantial
cash flow should be key advantages, especially in this
global recessionary environment
Four areas are key to our 2009 performance Staying close to our customers
Keeping an eye on our cost structure
Maintaining a strong balance sheet and solid liquidity
Executing flawlessly
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Outlook - Cash Flow from Operations
($ millions)Cash Flow from Operations
($100)
$0
$100
$200
$300
$400
$500
$600
2002 2003 2004 2005 2006 2007 2008 2009 (est.)
Cash Flow Net Income
Expect 2009 cash flow fromoperations of $425-525 million
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$0
$50
$100
$150
$200
$250
2001 2002 2003 2004 2005 2006 2007 2008 2009Est.
Cap-X
D&A
Outlook - Cap-X and D&A
($ millions)
2009 Cap-X to be approximately $150 million vs. $219million in 2008 Most of the 2009 spending is carryover projects from 2008
Annual maintenance cap-x is about $50 million
*
*
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Shareholder Value Proposition
Strategic StrengthsSingle focus starch refining
Clear long-term strategy
Specific growth pathwaysMgmt/shareholder alignment
ATTRACTIVEGROWTH PROFILE
Low CostModern plants
Favorable locations
Worldwide network
Global cost optimization
Organizational DepthExperienced management
Focused workforce
Technical & market expertise
Financial FlexibilitySolid balance sheet
Good cash generation
Low maintenance cap-x
Investment grade ratings
Leading PositionsDiverse geographies
Product/customer breadth
Valuable alliancesHigh barriers to entry
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Appendix
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Corn Wet Milling Process
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Corn
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CornBasic Structure and Approximate Yield*
Kernel Structure
Hull Fiber
Starch
Protein
Germ
Approximate Yield
Starch 68%
Gluten Feed 19%
Gluten Meal 5%
Germ Corn oil 4%
Germ meal 3%
*Note: These are only approximations due to our use of varieties of hybrids throughout our world
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Corn Wet Milling Process
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Geographic Segments
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Strong and Unique Global PositionProducing: 15 countries**,*** 33 plants**,***
Marketing: 70 countries
North America 3United States 4
Canada, Mexico 1
South America 1Argentina, Brazil, Chile, Colombia, Peru, Venezuela**
Asia/Africa
South Korea, Thailand, Pakistan, China***,
KenyaSouth Africa**
*Share of production capacity
**Technical License Agreements
***Joint Venture
Geographic Installed-Capacity Leadership
Top Tieror 1
Rank*
Source: Corn Products International Competitive Intelligence Process Return to index
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North America Region Margin Stability
More than 100 years old in the US
Improved industry fundamentals
High capacity utilization rates
Industry rationalization/plant closures
Ethanol demand
Higher US, Canadian contract pricing
Mexico leadership
Open border as of January 1, 2008
HFCS beverage usage tax eliminated
Only North American corn refiner with full-scale
sweetener and starch facilities in all 3 NAFTA countries
unique position
Canada 3 corn refining plants
Mexico 3 corn refining plants
Ingredient technology center
United States 3 corn refining plants
1 polyol plantIngredient technology center
Canada
Mexico
United States
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Historical Update North America
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Historical Update North America1997 to 2003 Driven by Mexican HFCS Situation
*Source: Corn Products Competitive Intelligence Process
1997 Large Mexican HFCS market border closed to US exports
Result: US overcapacity utilization: 90s% low 70s%*
Corn Products locally produced HFCS in Mexico
Strong results through 2001
1998 and 1999 US Recovery underway
2000 Detour
2001 to present US corn refiners environment
Major structural change among US corn refiners
Grind capacity utilization: 90s%*
- Ethanol demand: more than doubled
Finishing capacity utilization improved*
2002 & 2003 Corn Products US/Canada results increased substantially
Mexico levies 20% tax on HFCS-sweetened soft drinks
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Historical Update North America
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41*Source: Corn Products Competitive Intelligence Process
1997 Large Mexican HFCS market border closed to US exportsResult: US overcapacity utilization: 90s% low 70s%*
CPOs locally produced HFCS in Mexico
Strong results through 2001
1998 and 1999 US Recovery underway
2000 Detour
2001 to present US corn refiners environment
Major structural change among U.S. corn refiners
Grind capacity utilization: 90s%*
- Ethanol demand: more than doubled
Finishing capacity utilization improved*
2002 & 2003 CPO US/Canada Operating Income increased substantially
Mexico 20% tax on HFCS-sweetened soft drinks
Except for ethanol
No expansions since 1997*
Historical Update North America1997 to 2003 Driven by Mexican HFCS Situation
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Historical Update North America
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42*Source: Corn Products International Competitive Intelligence Process
**Source: Associated Press, August 17, 2004 ; ***Source: Decatur Daily, October 4, 2005
Competitive arena*: US HFCS processor company changes
November 2000: 7 HFCS producers 3 with 17% of capacity
March 2002 thru present: 4 HFCS producers with 97% of capacity
Historical Update North America
ProGold MCP Cerestar
Cargill
Cargill ADM 30%
CPMCP
ADM
Coors
Gone1997
2000
2002
2004
2005
2006
Cargill
Shuts Dayton
Closes Dimmitt, TX**
Idles Decatur, AL***
Restarts Decatur, AL
Closing Decatur, AL2009
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N h A i I di
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North America Ingredients
BASIC INGREDIENTS
HFCS
Corn Starch
Corn Syrup
Liquid Dextrose
Blends
SPECIALTY INGREDIENTS
Refined Corn Oil
Crystalline Dextrose
Modified Starches
Maltodextrine
Polyols
Fructooligosaccharide
Caramel Color
ANIMAL NUTRITION
& HEALTH
Gluten Feed
Gluten Meal
Other
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Net Sales and Operating Income/Margins
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Net Sales and Operating Income/Margins
North America 2001-2008
$2,369
$2,052
$1,588
$1,422$1,419
$1,219$1,212
$1,329
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
2001 2002 2003 2004 2005 2006 2007 2008
0
50
100
150
200
250
300
350
Net Sales Operating Income
Net Sales
($ millions)
Operating Income
($ millions)
5.1%
6.1%
4.2%
8.2%
4.6%5.4%
11.4%
13.2%
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South America
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S th A i I di t
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South America Ingredients
BASIC INGREDIENTS
High Maltose Syrup
Regular Starch
Glucose Corn Syrup
HFCS
Liquid Dextrose
Syrup Blends
SPECIAL INGREDIENTS
Food Modified Starches
Industrial Modified Starches
Dried Blends
Crystalline Dextrose
Dried Syrups
Maltodextrine
Sorbitol, Mannitol, Liquid
Maltitol
Fructooligosaccharide
Caramel Color
Adhesives & Dextrines
Fats & Emulsifiers
Refined Corn Oil
ANIMAL NUTRITION
& HEALTH
Gluten Feed
Gluten Meal Other, Basic & Special
Ingredients
Raw Materials:
Regular and Waxy Corn, Tapioca, Wheat & Soy Flour, Sucrose
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Net Sales & Operating Income/Margins
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p g g
South America 2001-2008
$495
$670$603
$1,120
$925
$440$401
$556
$0
$200
$400
$600
$800
$1,000
$1,200
2001 2002 2003 2004 2005 2006 2007 2008
0
50
100
150
200
Net Sales Operating Income
Net Sales
($ Millions)
Operating Income
($ Millions)
16.8%
17.6%16.8% 12.5%
14.5%
15.5%
12.4%
13.5%
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A i /Af i R i E i F
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Decades of operations in various countries
Geographic growth opportunities
Significant capacity shares
Favorable market drivers
Multi-national customersmigrating production here
Asian Region
South Korea 2 corn refining plants
Thailand 1 tapioca plant
Malaysia Regional marketing
office
Pakistan 2 corn refining plants
China 1 modified starch plant (JV)
India Rep office
African Region
Kenya 1 corn refining plant
South Africa 4 plants (TLA)
Nigeria Sales office
Asia/Africa Region Expansion Focus
Kenya
Pakistan
Malaysia
Thailand
South Afr ica
South KoreaChina
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Net Sales & Operating Income/Margins
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p g g
Asia/Africa 2001-2008
$454
$414
$363$335
$308
$278$251
$235
$0
$50$100
$150
$200
$250
$300
$350
$400
$450
$500
2001 2002 2003 2004 2005 2006 2007 2008
0
20
40
60
80
100
120
Net Sales Operating Income
Net Sales
($ Millions)
Operating Income
($ Millions)
19.4%15.6%
15.8% 14.6%21.5%
19.2% 10.9%
8.4%
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Financial Data
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Summary Income StatementQ t E d d
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Quarter Ended($ millions, except per share amounts)
31-Mar 30-Jun 30-Sep2009 2009 2009
Net sales $831 $912 $971
Gross profit 93 112 153M a rg ins 11.2% 12.2% 15.8%
Operating Expenses 55 61 66
Op. income before impairment
and restructuring charges 39 52 88
Impairment/restructuring cost - 125 -
Operating income (loss) 39 (73) 88
Financing Costs, net 11 11 9
Taxes 33.8% 1.1% 31.2%
Net income (loss) of CPI $17 ($85) $53
Diluted earnings (loss) per share $0.22 ($1.13) $0.70
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Summary Income StatementNi M th E d d S t b 30
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Nine Months Ended September 30($ millions, except per share amounts)
2009 2008 Change
Net sales $2,713 $3,044 (11%)
Gross profit 358 564 (37%) Ma rg ins 13.2% 18.5%
Operating expenses 182 208 (13%)
Op. income before impairment
and restructuring cost 179 370 (52%)
Impairment/restructuring cost 125 -
Operating income (loss) 54 370 (85%)
Financing costs,net 31 24 31% Ta xe s 148.0% 34.5%
Net income (loss) of CPI (15) 221 (107%)
Diluted earnings (loss) per share ($0.20) $2.90 (107%)
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Net Sales Top Six Countries
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Year Ended: 2002-2008
2008 2007 2006 2005 2004 2003 2002
United States 1,221$ 1,021$ 770$ 710$ 765$ 738$ 605$Mexico 750 668 532 450 383 331 332
Canada 399 363 286 262 271 260 281
Sub Total 2,370$ $2,052 1,588$ 1,422$ 1,419$ 1,329$ 1,218$
Brazil 594$ 498$ 350$ 322$ 288$ 251$ 195$
Korea 187 195 185 186 187 170 162
Argentina 200 160 129 114 106 102 63
Others 593 486 369 316 283 250 233
Total 3,944$ 3,391$ 2,621$ 2,360$ 2,283$ 2,102$ 1,871$
($ millions)
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Long-Lived Assets Top Six Countries
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as of December 31: 2001-2008
2008 2007 2006 2005 2004 2003 2002 2001
United States 527$ 506$ 466$ 428$ 407$ 406$ 433$ 434$Mexico 397 370 365 382 401 426 433 457
Canada 165 188 154 176 173 165 147 151
Sub Total 1,089$ 1,064$ 985$ 986$ 981$ 997$ 1,013$ 1,042$
Brazil 261$ 320$ 219$ 160$ 125$ 112$ 88$ 131$
Korea 201 276 280 252 243 212 210 186
Argentina 149 137 125 120 117 116 67 135
Others 206 216 198 183 175 171 146 158
Total 1,906$ 2,013$ 1,807$ 1,701$ 1,641$ 1,608$ 1,524$ 1,652$
($ millions)
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Percent of Net Sales
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Percent of Net Sales
2008 2007 2006 2005 2004 2003 2002 2001
Starch 22% 22% 22% 23% 22% 21% 20% 20%
Sweeteners 53% 57% 55% 53% 52% 54% 55% 57%
Co-products & other 25% 21% 23% 24% 26% 25% 25% 23%
Major Industries
Processed foods 25% 25% 19% 19% 22% 21% 21% 22%
Soft drink 13% 16% 18% 18% 17% 17% 17% 20%
Brewing 12% 11% 11%
Animal feed 12% 11% 10% 11% 19% 19% 16% 15%
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Summary Balance Sheet
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2008, 2007 and 2006
2008 2007 2006
Current assets 1,297$ 1,089$ 837$
Net fixed assets 1,447 1,500 1,356Other assets 463 514 452
Total assets 3,207$ 3,103$ 2,645$
Current liabilities* 653$ 544$ 443$
Total debt 866 649 554
Other liabilities 290 286 274
Redeemable equity 14 19 44
Stockholders' equity 1,384 1,605 1,330
Total liabilities and equity 3,207$ 3,103$ 2,645$
*Excludes short-term debt
($ millions)
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Summary Cash Flow
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2008 and 2007
2008 2007
Cash flow from operations (79)$ 258$Net income 267 198Depreciation 128 125
(Increase) decrease in margin accounts (295) 55Increase in other trade working capital (163) (114)Other (16) (6)
Cash flow from investing (219)$ (232)$Fixed assets, net (219) (174)Acquisition - (59)Sale of investment - -Other - 1
Cash flow from financing 230$ 15$
Net increase (decrease) in debt 257 83Dividends paid (42) (33)Issuance (Repurchase) of common, net 10 (39)Excess tax benefit onshare-based compensation 5 6Other - (2)
($ millions)
Return to index
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Creditworthiness Improvement
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2002 2008($ millions)
EBIT
EBITDA
Interest Expense, Net
Total DebtBook Capital
Market Capitalization
EBITDA Interest Coverage
EBIT Interest Coverage
Total Debt/EBITDA
Total Debt/Book Capitalization
Total Debt/Market CapitalizationSubsidiary Debt as a % of Total Debt
2005 2004(b)
2003 2002(a)
$ 180 $ 178 $ 174 $ 153
286 280 275 256
32 33 39 37
528 568 550 600
1,912 1,877 1,802 1,710
2,465 2,794 2,146 2,013
8.9x 8.5x 7.1x 6.9x
5.6x 5.4x 4.5x 4.2x
1.8x 2.0x 2.0x 2.3x
28% 30% 31% 35%
21% 20% 26% 30%14% 20% 18% 25%
2006
(c)
$ 225
339
28
554
2,072
3,304
12.0x
8.0x
1.6x
27%
17%18%
(a)Includes unusual items of $8 million pre-tax or $5 million after-tax.
(b)Includes net charges of $21 million pre-tax and $15 million after-tax.
(c)
Market capital assumes year-end share prices
2007
$ 343
468
38
649
2,436
3,533
12.3x
9.0x
1.4x
27%
18%23%
2008
$ 447
575
38
866
2,405
3,157
15.1x
11.7x
1.5x
36%
27%28%
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Non-GAAP Financial Measures
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Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accountingprinciples (GAAP). However, Management believes that certain items not calculated inaccordance with GAAP, including non-GAAP performance measures, results excluding the impact
of impairment and restructuring charges incurred during the second quarter of 2009, ratios andtrends, guidance with respect to earnings per diluted share for 2009 excluding impairment andrestructuring charges incurred in the second quarter of 2009, may provide investors with ameaningful presentation of useful information on a basis consistent with the way in whichmanagement monitors and evaluates the Companys operating performance and provide investorswith additional information to assess and facilitate a more clear understanding of our financialresults. The non-GAAP information is presented for analytical purposes only, should not beconsidered in isolation and should not be used as a substitute for our financial results calculatedunder GAAP. In addition, these non-GAAP amounts are susceptible to varying interpretations andcalculations, and the amounts presented may not be comparable to similarly titled measures of othercompanies. Our reconciliation of debt to capitalization, debt to adjusted EBITDA, operatingworking capital, earnings per share for the three months ended June 30, 2009 excluding impairmentand restructuring charges incurred in that quarter, guidance with respect to earnings per diluted
share for 2009 excluding impairment and restructuring charges incurred in the second quarter of2009 to the most directly comparable financial measures calculated and presented in accordancewith GAAP is presented in this Appendix.
Return to index
Key Metric GAAP ReconciliationR t C it l E l d t D b 31
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Return on Capital Employed at December 31
($ millions)Return on Capital Employed 2008 2007Total stockholders equity* $1,605 $1,330
Add:
Cumulative translation adjustment* 132 214
Minority interest in subsidiaries* 21 19
Redeemable common stock* 19 44
Share-based payments subject to redemption* 9 4
Total debt* 649 554
Less:
Cash and cash equivalents* (175) (131)
Capital employed* (a) $2,260 $2,034
Operating income $434 $347
Adjusted for:
Income taxes (at effective tax rates of 32.0% in 2008 and
33.5% in 2007) (139) (116)
Adjusted operating income, net of tax (b) $295 $231
Return on Capital Employed (b a) 13.1% 11.4%
* Balance sheet items used in computing capital employed
represent beginning of period balances
Return to index
Key Metric GAAP ReconciliationD b T l C i li i
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Debt to Total Capitalization
($ millions)
30-Sep 31-Dec 30-Sep
Debt to Capitalization percentage 2009 2008 2008
Short-term debt $162 $206 $223
Long-term debt 533 660 505
Total debt (a) $695 $866 $728
Deferred income tax liabilities $109 $105 $126
Redeemable common stock 14 14 18
Share-based payments subject to redemption 7 11 10
Total equity 1,575 1,406 1,597
Total capital $1,705 $1,536 $1,751
Total debt and capital (b) $2,400 $2,402 $2,479
Debt to Capitalization percentage (ab) 29.0% 36.1% 29.4%
Return to index
Key Metric GAAP ReconciliationD bt t Adj t d EBITDA R ti (TTM)
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Debt to Adjusted EBITDA Ratio (TTM)
($ millions)30-Sep 31-Dec 30-Sep
Debt to adjusted EBITDA ratio 2009 2008 2008
Short-term debt $162 $206 $223
Long-term debt 533 660 505 Total debt (a) $695 $866 $728
Net income attributable to CPI $31 $267 $267
Add back:
Impairment and restructuring charges 125 - -
Net income attributable to non-controlling interest 6 8 7
Provision for income taxes 43 130 144
Interest expense, net 38 38 35
Depreciation 126 128 130
Adjsuted EBITDA (b) $369 $571 $583
Debt to adjusted EBITDA ratio (a b) 1.9 1.5 1.2
Return to index
Key Metric GAAP ReconciliationO ti W ki C it l % f N t S l
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Operating Working Capital as % of Net Sales
($ millions)
Operating Working Capital 30-Sep 31-Dec 30-Sep
as a percentage of Net Sales 2009 2008 2008
Current assets $1,193 $1,297 $1,252
Less: Cash and cash equivalents (161) (107) (116)
Less: Deferred income tax assets (57) (99) (50)
Adjusted current assets $975 $1,091 $1,086
Current liabilities $713 $859 $828
Less: Short-term debt (162) (206) (223)
Less: Deferred income tax liabilities - - (1)
Adjusted current liabilities $551 $653 $604
Operating working capital (a) $424 $438 $482
Net sales for the last 12 months (b) $3,613 $3,944 $3,938
Operating Working Capital as a percentage
of Net Sales (a b) 12.2%11.7% 11.1%
Return to index
Reconciliation to Non-GAAPO ti I d O ti M i
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Operating Income and Operating Margin
3 Months 3 Months 3 MonthsEnded Ended Ended
(in millions) Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009
Net sales (a) 831$ 912$ 971$
Operating income (loss) (b) 39 (73) 88
Impairment/restructuring charges - 125 -
Operating income before impairment
and restructuring charges (c)39$ 52$ 88$
Operating margin - GAAP basis (ba) 4.7% -8.0% 9.1%
Operating margin - adjusted basis (ca) 4.7% 5.7% 9.1%
9 Months 9 Months
Ended Ended
(in millions) Sep. 30, 2009 Sep. 30, 2008
Net sales (a) 2,713$ 3,043$
Operating income (b) 54 370
Impairment/restructuring charges 125 -
Operating income before impairment and
restructuring charges (c)179$ 370$
Operating margin - GAAP basis (ba) 2.0% 12.2%
Operating margin - adjusted basis (ca) 6.6% 12.2%
Return to index
Reconciliation to Non-GAAP EarningsP Sh
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Per Share
Reconciliation to Non-GAAP Earnings Per Share ("EPS")
(Unaudited)
(in millions) EPS (in millions) EPSNet (loss) attributable to CPI ($84.8) ($1.13) ($15.2) ($0.20)
Add back:
110.3 1.47 110.3 1.47
on- net ncome $25.5 $0.34 $95.1 $1.27
econc a on o on- arn ngs er are u ance or
(Unaudited)
2009
Guidance
EPSEarnings per share Guidance (GAAP basis), as presented $0.33 - $0.53
Add back:
Impairment and restructuring charges 1.47
Earnings per share Guidance (Non-GAAP) $1.80 - $2.00
Nine Months Ended
9/30/2009
Three Months Ended
June 30, 2009
Impairment / restructuring charges, net of income tax benefit of $14.7 million
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Management
Return to index
Management ProfilesCEO d CFO
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CEO and CFOIlene S. Gordon - Chairman, President and Chief Executive Officer
Ilene Gordon became chairman, president and chief executive officer on May 4, 2009.Gordon, 55, previously was president and CEO of Alcan Packaging, a subsidiary of RioTinto Group, positions to which she was appointed in 2006. She led a $6.5 billion globalpackaging business with 130 factories and 30,000 employees in 30 countries, servingcustomers in the food, beauty, tobacco and pharmaceutical industries. Gordon previouslywas senior vice president of Alcan, Inc. and president and CEO of Alcan Packaging. Prior
to that, she was president of Alcan Packagings $1.4 billion food packaging Americas unit.Alcan acquired Pechiney in 2003 and prior to the acquisition, Gordon was Pechineyssenior vice president and president of plastic packaging. Gordon spent 17 years inexecutive roles at the Packaging Corporation of America, a division of Tenneco Inc.Before joining Tenneco, she spent two years as director of strategic planning at Signode, aleading global packaging company specialized in materials handling, which today is a partof Illinois Tool Works. From 1976-1980, Gordon was a strategy consultant at the BostonConsulting Group (BCG), an international management consulting firm. Gordon holds abachelors degree in mathematics, Phi Beta Kappa, from the Massachusetts Institute ofTechnology (MIT) in Cambridge, Mass., and a masters degree in management from MIT'sSloan School of Management. She serves on the board of directors of Arthur J. Gallagher& Company and United Stationers.
Cheryl K. Beebe - Chief Financial OfficerCheryl Beebe, 53, was appointed vice president and chief financial officer in 2004. Priorto this position, she served as vice president of finance and corporate treasurer of theCompany. Beebe has held various positions of increasing responsibility in marketing,market services, audit, finance and treasury functions, since joining CPC International in1980. She holds a bachelors degree in accounting from Rutgers University and a mastersdegree of business administration in corporate finance from Fairleigh Dickinson
University. Beebe is a member of the board of directors of Packaging Corporation ofAmerica and the board of trustees of Fairleigh Dickinson University.
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