FMC (FMC) 8-K Regulation FD Disclosure

FMC Corporation

M & G Investment Management, Ltd.

August 21, 2006

W. Kim Foster

Senior Vice President and CFO

Brennen M. Arndt

Director, Investor Relations

Exhibit 99.1

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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

($ million, LTM ending June 30, 2006)

FMC

Revenue:

$2,218.6

EBITDA:

$447.9

Margin*:

20.2%

Industrial

Chemicals

Revenue:

$928.0

EBITDA:

$155.9

Margin*:

16.8%

Agricultural

Products

Revenue:

$721.0

EBITDA:

$178.4

Margin*:

24.7%

Specialty

Chemicals

Revenue:

$572.8

EBITDA:

$145.6

Margin*:

25.4%

*

EBITDA margin

Leading Market Positions

Greater than 80% of Sales in Non-GDP Cyclical Markets

Backward Integration and Global Sourcing

Limited Dependence on Petrochemical Feedstocks

3

Leading Market Positions

(1)

Based on 2005 consolidated sales

(2)

Shared

Industrial

Chemicals

#1 in N.A.

Soda Ash

#1 in N.A.

Peroxygens

#1 Globally

Carrageenan

#1 Globally

Carbofuran

#2 in N.A.

Pyrethroids

Agricultural

Products

#2 Globally

Alginates

Specialty

Chemicals

#1

Globally

(2)

#1 Globally

Lithium Specialties

Microcrystalline Cellulose

Product Group

Position

(1)

4

Diversified Customers and End Markets

Greater than 80% of sales to non-cyclical end markets

Long term relationships with blue chip customers

No single customer represents more than 5% of sales

Top

10

customers

in

total

represent

approximately

15%

of

sales

2005 Consolidated Sales

Agricultural 34%

Detergents 9%

Pharmaceuticals 11%

Food 8%

Other 12%

Glass/Fiberglass 4%

Chemicals 6%

Pulp & Paper 4%

Electronics 2%

Other 3%     

Bottle

Glass 3%

Non-Cyclical

81%

Cyclical

19%

Chemicals 4%

5

Diversified and Integrated Cost Structure

Low cost sourcing of raw materials

–

Backward integration: soda ash, lithium

–

Global sourcing of renewable resources: wood pulp, seaweed

Low reliance on purchased raw materials

–

Total raw materials represent approximately 25% of cost of sales

–

No single raw material accounts for more than 7% of total raw material

purchases

–

Reduced volatility from limited use of petrochemical feedstocks

Low energy demand requirements

–

Energy represents approximately 10% of cost of sales

6

Realizing the inherent operating leverage within FMC

-

Sustained

earnings

growth

>10%

per

year

(1)

-

Industrial Chemicals recovery in mid-cycle in 2006

-

Continued growth in Specialty Chemicals and Agricultural Products

Maintaining financial strength and flexibility

-

Investing to grow our businesses

-

Pursuing external growth opportunities

-

Initiated quarterly cash dividend of $0.18 per share

-

Announced $150 million share repurchase program

Focusing the portfolio on higher growth businesses

-

Managing Specialty Chemicals and Agricultural Products for growth

-

Managing Industrial Chemicals for cash

Disciplined Approach to Unlocking Value

(1)

Earnings before restructuring and other income and charges

7

Industrial Chemicals

#1 North American manufacturer of soda ash and peroxygens

Backward integration into natural resources

Low cost, proprietary production technology

Foret is a leading Iberian producer of inorganic chemicals

Asia

7%

Alkali

(Soda ash)

49%

Peroxygens

18%

Foret

33%

Latin

America

9%

North America

50%

Europe/Middle

East/Africa

34%

Asia

7%

Based on 2005 Consolidated Sales of $870.4 million

8

0

2

4

6

8

10

12

Soda Ash Demand

Exports

Glass Containers

Chemicals

U.S. Soda Ash Shipments 1990-2005

Demand Drivers:

–

Industrialization rates in key export markets

–

Cost advantage of natural soda ash vs. synthetic soda ash

–

GDP growth

Other

Detergents

Flat Glass

9

Industrial Chemicals Financial Performance

2006

Earnings growth of 30-35% driven by higher selling prices, partially offset by higher

energy-and-raw-material-costs-and-the-loss-of-Astaris-earnings

Longer Term

Managing for cash generation

Continued top line growth, primarily due to higher selling prices

Margin expansion despite higher energy and raw material costs

0

50

100

150

2001

2002

2003

2004

2005

0.0%

10.0%

20.0%

30.0%

EBITDA

Capital Spending

EBITDA Margin

133

130

94

124

151

10

BioPolymer

69%

Lithium

31%

Latin

America

6%

North America

39%

Europe/Middle

East/Africa

37%

Asia

18%

•

One of two global, integrated manufacturers

•

Focus on specialty products –

pharmaceuticals and

energy storage devices

Lithium:

•

Adds structure, texture and stability to food

•

Acts as a binder & disintegrant for dry tablet drugs

•

Market leader in every product line

BioPolymer:

Growth Franchises in Specialty Chemicals

Based on 2005 Consolidated Sales of $558.5 million

11

Specialty Chemicals Financial Performance

0

50

100

150

2001

2002

2003

2004

2005

0.0%

10.0%

20.0%

30.0%

EBITDA

Capital Spending

EBITDA Margin

122

116

132

129

140

2006

Earnings

growth

of

approx.

10%,

driven

by

strong

commercial

performance

in

lithium and BioPolymer, offset in part by higher raw material and energy costs

Longer Term

Growing core market segments

Commercializing new technology platforms

Managing maturing segments for improved earnings and cash

Identifying financially attractive bolt-on acquisitions

12

Agricultural Products

Strong niche positions in the Americas, Europe and Asia

Proprietary, branded insecticides and herbicides

FMC differentiated by:

–

Focused strategy in selected products, crops and regions

–

Leverage proprietary products and third party products/technologies

–

Depth and breadth of alliances and partnerships 

–

Manufacturing cost competitiveness via sourcing from lower cost regions

Insecticides

73%

North America

28%

Latin America

39%

Asia

16%

Europe/

Middle

East/Africa

17%

Herbicides

25%

Based on 2005 Consolidated Sales of $724.5 million

Fungicides 2%

13

Agricultural Products Financial Performance

0

50

100

150

2001

2002

2003

2004

2005

0.0%

10.0%

20.0%

30.0%

EBITDA

Capital Spending

EBITDA Margin

101

99

111

148

157

2006

Earnings growth in the mid-to-high teens, reflecting favorable mix and further

supply

chain

productivity

improvements,

partially

offset

by

lower

bifenthrin

pricing and higher raw materials costs

Longer Term

Focusing in selected products, crops and markets

Shifting to significantly shorter innovation cycle

Reducing global supply chain and overhead costs

14

FMC in Summary

Great businesses, each with EBITDA of at least $140 million

Double digit earnings growth

-

Earnings leverage in Industrial Chemicals

-

Continued growth in Specialty Chemicals and Ag Products

Strong financial position

-

Robust and growing EBITDA

-

Substantial decline in unusual demands on cash flow

-

Recent balance sheet de-leveraging

-

Low capex requirements

Strategic and financial flexibility

FMC Corporation

Appendix

-

Glossary of Financial Terms

-

Reconciliations of GAAP to Non-GAAP

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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.

17

Segment Financial Terms

These

slides

contain

references

to

segment

financial

items

which

are

presented

in

detail

in

Note

18

of

FMC’s

2005

Form

10-K.

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.

18

Reconciliation of LTM 6/30/2006 consolidated income from continuing operations before income

taxes (a GAAP measure) to LTM 6/30/2006 EBITDA (a Non-GAAP measure)

EBITDA Reconciliation: LTM 6/30/06

(Unaudited, in $ millions)

LTM 6/30/2006

Income (loss) from continuing operations before

income taxes

$191.9

Add:

Restructuring and other charges 

78.9

Interest expense, net

41.7

Affiliate Interest Expense

0.6

Depreciation and amortization

131.8

EBITDA (Non-GAAP)

$447.9

Loss on Extinguishment of Debt

58.7

Investment Gains

(57.7)

In-process research and development

2.0

19

Reconciliation of LTM 6/30/06 segment operating profit (a GAAP measure)

to LTM 6/30/06 EBITDA (a Non-GAAP measure)

(Unaudited, in millions)

Industrial

Specialty

Agricultural

Segment

Chemicals

Chemicals

Products

LTM 6/30/06 segment operating profit (GAAP)

$92.0

$115.0

$145.8

Add:

Depreciation and amortization

63.9

30.6

32.6

LTM 6/30/06 EBITDA (Non-GAAP)

$155.9

$145.6

$178.4

Segment EBITDA Reconciliation

FMC Corporation

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