FMC CORP - FORM 8-K - EX-99.1 - FMC PRESENTATION BY W. KIM FOSTER - November 17, 2009

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8-K - FORM 8-K - FMC CORPd8k.htm
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FMC Corporation
Ingalls & Snyder LLC
Seminar for Specialty Chemicals Companies
New York, NY
November 17, 2009
W. Kim Foster
Senior Vice President and CFO
Exhibit 99.1

1
Disclaimer
Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995
These slides and the accompanying presentation contain “forward-looking
statements”
that represent management’s best judgment as of the date hereof
based
on
information
currently
available.
Actual
results
of
the
Company
may
differ materially from those contained in the forward-looking statements. 
Additional
information
concerning
factors
that
may
cause
results
to
differ
materially from those in the forward-looking statements is contained in the
Company’s periodic reports filed under the Securities Exchange Act of 1934, as
amended.
The Company undertakes no obligation to update or revise these forward-
looking statements to reflect new events or uncertainties.
Non-GAAP Financial Terms
These
slides
contain
certain
“non-GAAP
financial
terms”
which
are
defined
in
the appendix.  In addition, we have provided reconciliations of non-GAAP terms
to the closest GAAP term in the appendix.

2
FMC Corporation
LTM ending September 30, 2009 ($ millions)
FMC CORPORATION
Revenue:             $2,842
EBITDA:                   $599
Margin*:               21.1%
INDUSTRIAL
CHEMICALS
Revenue:
$1,075
EBITDA:
$180
Margin*:
16.7%
AGRICULTURAL
PRODUCTS
Revenue:          $1,023
EBITDA:
$288
Margin*:
28.1%
SPECIALTY
CHEMICALS
Revenue:
$749
EBITDA:
$186
Margin*:
24.8%
*
EBITDA margin
Leading Market Positions
Diverse End Markets -
Low Correlation to Economic Cycles
Diversified and Integrated Cost Structure
Limited Dependence on Petrochemical Feedstocks

3
Realizing the inherent operating leverage within FMC
•
Sustaining earnings growth > 10% per year
(1)
•
Maintaining return on capital > 12%
Focusing the portfolio on higher growth businesses
•
Managing Specialty Chemicals and Agricultural Products for growth
•
Managing Industrial Chemicals for cash
Maintaining financial strength and flexibility
•
Solid balance sheet, conservative liquidity profile, strong cash
flow
•
Investing in higher growth businesses
•
Pursuing external growth opportunities
•
Returning cash to shareholders –
dividend and share repurchase
Disciplined Approach to Unlocking Value
(1)
Earnings before restructuring and other income and charges

4
Agricultural Products
Strong niche positions in the Americas, Europe and Asia
Proprietary, branded insecticides and herbicides
Strategic Focus:
•
Selected products, crops and regions
•
Shifting to significantly shorter innovation cycle
•
Reducing global supply chain and overhead costs

5
Specialty Chemicals
BioPolymers
–
pharmaceutical and food ingredients
Lithium focus on specialties –
pharmaceuticals and energy storage
Strategic Focus:
•
Growing core market segments
•
Commercializing new technology platforms
•
Pursuing financially attractive bolt-on acquisitions

6
Industrial Chemicals
#1 North American manufacturer of soda ash and peroxygens
Low cost, proprietary production technologies
Strategic Focus:
•
Managing for cash generation
•
Continued top line growth driven primarily by higher selling prices
•
Aggressive cost management

7
FMC in Summary
Great businesses, each with EBITDA  >$180 million
Sustained
double-digit
earnings
growth
(1)
•
Diverse end-markets, low correlation to economic cycles
•
Diversified and integrated cost structure
•
Products aligned with global secular growth trends
Strategic and financial flexibility
•
Solid balance sheet
•
Conservative liquidity profile
•
Strong cash flow
Disciplined approach to unlocking value
(1)
Earnings before restructuring and other income and charges

FMC Corporation
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FMC Corporation
Glossary of Financial Terms
&
Reconciliations of GAAP to Non-GAAP
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10
Non-GAAP Financial Terms
These slides contain certain “non-GAAP financial terms”
which are defined
below. In addition, we have provided reconciliations of non-GAAP terms to
the closest GAAP term in the appendix of this presentation.
EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization) is
the
sum
of
Income
(loss)
from
continuing
operations
before
income
taxes
and
Depreciation and Amortization.
EBITDA
Margin
is
the
quotient
of
EBITDA
(defined
above)
divided
by
Revenue.
ROIC
(Return
on
Invested
Capital)
is
the
sum
of
Earnings
from
continuing
operations
before
restructuring
and
other
income
and
charges
and
after-
tax
Interest
expense
divided
by
the
sum
of
Short-term
debt,
Current
portion
of
long-term
debt,
Long-term
debt
and
Total
shareholders’
equity.

11
Segment Financial Terms
These slides contain references to segment financial items. Some
of the
segment financial terms are “non-GAAP financial terms”
and are defined
below. In addition, we have provided reconciliations of non-GAAP terms
to the closest GAAP term in the appendix of this presentation. 
EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization)
for a segment
is the
sum
of Income (loss) from continuing operations
before
income
taxes
for
that
segment
and
Depreciation
and
Amortization
for that segment.
EBITDA
Margin
for
a
segment
is
the
quotient
of
EBITDA
(defined
above)
divided by Revenue
for that segment.

12
Reconciliation
of
consolidated
income
from
continuing
operations
before
income taxes (a GAAP measure) to EBITDA (a Non-GAAP measure)
EBITDA Reconciliation: LTM 9/30/2009
(Unaudited, in $ millions)
LTM 9/30/2009
Income (loss) from continuing operations before income taxes
$336.0
Net Income attributable to non-controlling interests
(11.2)
Restructuring and other charges/(income), net  
116.5
Impairment
of
Perorsa
Joint
Venture
1.4
Purchase accounting inventory fair value impact and other
related inventory adjustments
6.0
Interest expense, net
27.1
Depreciation and amortization
123.4
EBITDA (Non-GAAP)
$599.2

13
Reconciliation of Segment Operating Profit (a GAAP measure) to EBITDA
(a Non-GAAP measure)
Segment EBITDA Reconciliation: LTM 9/30/2009
(Unaudited, in $ millions)
LTM 9/30/2009
Segment
Industrial
Chemicals
Specialty
Chemicals
Agricultural
Products
Segment Operating Profit (GAAP)
$110.3
$154.6
$275.9
Add:
Depreciation and Amortization
69.5
30.9
11.8
EBITDA (Non-GAAP)
$179.8
$185.5
$287.7

FMC Corporation
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