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4. Segment Information
The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia Pacific and Europe, Middle East and Africa (“EMEA”). Its North America segment includes businesses in the United States, Canada and Mexico. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador, Peru and the Southern Cone of South America, which includes Argentina, Chile and Uruguay. Its Asia Pacific segment includes businesses in Korea, Malaysia, China, Japan, Indonesia, the Philippines, Singapore, India, Australia and New Zealand and tapioca root processing operations in Thailand. The Company’s EMEA segment includes businesses in the United Kingdom, Germany, South Africa, Pakistan, Kenya and Nigeria.
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|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
(in millions) |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
949.7 |
|
$ |
852.6 |
|
$ |
1,841.5 |
|
$ |
1,632.4 |
|
|
South America |
|
349.1 |
|
390.3 |
|
716.6 |
|
758.0 |
|
|
Asia Pacific |
|
208.1 |
|
201.4 |
|
397.2 |
|
383.3 |
|
|
EMEA |
|
128.1 |
|
140.3 |
|
253.9 |
|
270.3 |
|
|
Total |
|
$ |
1,635.0 |
|
$ |
1,584.6 |
|
$ |
3,209.2 |
|
$ |
3,044.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
96.9 |
|
$ |
70.2 |
|
$ |
196.9 |
|
$ |
170.7 |
|
|
South America |
|
47.3 |
|
47.6 |
|
92.9 |
|
96.9 |
|
|
Asia Pacific |
|
22.9 |
|
22.4 |
|
43.2 |
|
41.1 |
|
|
EMEA |
|
18.8 |
|
21.7 |
|
37.6 |
|
43.7 |
|
|
Corporate |
|
(18.1 |
) |
(16.5 |
) |
(35.7 |
) |
(31.0 |
) |
|
Sub-total |
|
167.8 |
|
145.4 |
|
334.9 |
|
321.4 |
|
|
Restructuring/impairment charges |
|
(13.6 |
) |
(2.5 |
) |
(17.4 |
) |
(2.5 |
) |
|
Integration costs |
|
(1.3 |
) |
(8.0 |
) |
(3.7 |
) |
(15.0 |
) |
|
NAFTA award |
|
— |
|
— |
|
— |
|
58.4 |
|
|
Total |
|
$ |
152.9 |
|
$ |
134.9 |
|
$ |
313.8 |
|
$ |
362.3 |
|
|
(in millions) |
|
At
June 30, 2012 |
|
At
December 31, 2011 |
|
|
Total Assets |
|
|
|
|
|
|
North America |
|
$ |
2,845 |
|
$ |
2,879 |
|
|
South America |
|
1,166 |
|
1,218 |
|
|
Asia Pacific |
|
811 |
|
757 |
|
|
EMEA |
|
507 |
|
463 |
|
|
Total |
|
$ |
5,329 |
|
$ |
5,317 |
|
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