Bermuda
(State or other jurisdiction of incorporation) |
001-16625
(Commission File Number) |
98-0231912
(I.R.S. Employer Identification Number) |
50 Main Street
White Plains, New York (Address of principal executive offices) |
10606
(Zip code) |
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
(d) |
Exhibits
|
Exhibit No. |
Description
|
99.1 |
Press Release, dated February 15, 2017
|
|
BUNGE LIMITED
|
|||
|
|
|||
|
|
|||
|
By:
|
/s/ Thomas M. Boehlert
|
||
|
|
Name:
|
Thomas M. Boehlert
|
|
|
|
Title:
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press Release, dated February 15, 2017
|
·
|
Q4 GAAP EPS of $1.83 vs. $1.31 last year, $1.70 vs $1.49 on an adjusted basis
|
·
|
Higher results driven by Food & Ingredients and Sugar & Bioenergy
|
·
|
Combined Agri-Foods trailing four quarter ROIC of 8.6%; 1.6 points over WACC
|
·
|
Operating cash flow of $1,904 million; adjusted funds from operations of $1,477 million (a)
|
·
|
Continue to expect strong earnings growth in 2017
|
„ |
Financial Highlights
|
Quarter Ended
|
Year Ended
|
|||
US$ in millions, except per share
data |
12/31/16
|
12/31/15
|
12/31/16
|
12/31/15
|
Net income attributable to Bunge
|
$271
|
$203
|
$745
|
$791
|
Net income (loss) per common share from continuing operations-diluted
|
$1.83
|
$1.31
|
$5.07
|
$4.84
|
Net income (loss) per common share from continuing operations-diluted, adjusted (a)
|
$1.70
|
$1.49
|
$4.67
|
$4.83
|
Total Segment EBIT (a)
|
$403
|
$294
|
$1,143
|
$1,248
|
Certain gains & (charges) (b)
|
$41
|
$(43)
|
$43
|
$19
|
Total Segment EBIT, adjusted (a)
|
$362
|
$337
|
$1,100
|
$1,229
|
Agribusiness (c)
|
$237
|
$268
|
$782
|
$1,054
|
Oilseeds
|
$134
|
$185
|
$407
|
$596
|
Grains
|
$103
|
$83
|
$375
|
$458
|
Food & Ingredients (d)
|
$70
|
$46
|
$229
|
$192
|
Sugar & Bioenergy
|
$30
|
$10
|
$51
|
$(22)
|
Fertilizer
|
$25
|
$13
|
$38
|
$5
|
(a) |
Total Segment earnings before interest and tax (“Total Segment EBIT”); Total Segment EBIT, adjusted; net income (loss) per common share from continuing operations-diluted, adjusted funds from operations and ROIC are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge’s website.
|
(b) |
Certain gains & (charges) included in Total Segment EBIT. See Additional Financial Information for detail.
|
(c) |
See footnote 23 of Additional Financial Information for a description of the Oilseeds and Grains businesses in Bunge’s Agribusiness segment.
|
(d) |
Includes Edible Oil Products and Milling Products segments.
|
„ |
Overview
|
„ |
Fourth Quarter Results
|
„ |
Outlook
|
„ |
Conference Call and Webcast Details
|
„ |
About Bunge Limited
|
„ |
Cautionary Statement Concerning Forward-Looking Statements
|
Investor Contact:
Mark Haden
Bunge Limited
914-684-3398
mark.haden@bunge.com
|
Media Contact:
Susan Burns
Bunge Limited
914-684-3246
susan.burns@bunge.com
|
„
|
Additional Financial Information
|
Net Income (loss)
|
Earnings
|
|||||||||||||||||||||||
Attributable to
|
Per Share
|
Total Segment
|
||||||||||||||||||||||
(US$ in millions, except per share data)
|
Bunge
|
Diluted
|
EBIT
|
|||||||||||||||||||||
Quarter Ended December 31,
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||||
Continuing operations:
|
||||||||||||||||||||||||
Agribusiness:
|
$
|
71
|
$
|
(20
|
)
|
$
|
0.48
|
$
|
(0.13
|
)
|
$
|
105
|
$
|
(23
|
)
|
|||||||||
Gain on disposition of equity interest of operations in Brazil (1)
|
59
|
-
|
0.40
|
-
|
90
|
-
|
||||||||||||||||||
Gain on disposition of equity interest of operations in Asia (2)
|
27
|
-
|
0.18
|
-
|
30
|
-
|
||||||||||||||||||
Impairment of equity investment in Asia (3)
|
(15
|
)
|
-
|
(0.10
|
)
|
-
|
(15
|
)
|
-
|
|||||||||||||||
Tax assessment transfer fee (7)
|
-
|
(6
|
)
|
-
|
(0.04
|
)
|
-
|
(9
|
)
|
|||||||||||||||
Impairment of equity investment in Europe (8)
|
-
|
(14
|
)
|
-
|
(0.09
|
)
|
-
|
(14
|
)
|
|||||||||||||||
Edible Oil Products:
|
$
|
-
|
$
|
(10
|
)
|
$
|
-
|
$
|
(0.07
|
)
|
$
|
-
|
$
|
(15
|
)
|
|||||||||
Goodwill impairment (10)
|
-
|
(9
|
)
|
-
|
(0.06
|
)
|
-
|
(13
|
)
|
|||||||||||||||
Restructuring charges (11)
|
-
|
(1
|
)
|
-
|
(0.01
|
)
|
-
|
(2
|
)
|
|||||||||||||||
Sugar & Bioenergy:
|
$
|
(53
|
)
|
$
|
(5
|
)
|
$
|
(0.35
|
)
|
$
|
(0.03
|
)
|
$
|
(55
|
)
|
$
|
(5
|
)
|
||||||
Restructuring charges (13)
|
(3
|
)
|
(5
|
)
|
(0.02
|
)
|
(0.03
|
)
|
(3
|
)
|
(5
|
)
|
||||||||||||
Provision for long-term receivables in Brazil (14)
|
(8
|
)
|
-
|
(0.05
|
)
|
-
|
(8
|
)
|
-
|
|||||||||||||||
Impairment of equity investment in Brazil (15)
|
(42
|
)
|
-
|
(0.28
|
)
|
-
|
(44
|
)
|
-
|
|||||||||||||||
Fertilizer:
|
$
|
(6
|
)
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
-
|
$
|
(9
|
)
|
$
|
-
|
|||||||||
Asset impairment in Argentina (16)
|
(6
|
)
|
-
|
(0.04
|
)
|
-
|
(9
|
)
|
-
|
|||||||||||||||
Interest and Income Taxes:
|
$
|
5
|
$
|
8
|
$
|
0.04
|
$
|
0.05
|
$
|
-
|
$
|
-
|
||||||||||||
Income tax benefits (charges) (17)
|
(5
|
)
|
8
|
(0.03
|
)
|
0.05
|
-
|
-
|
||||||||||||||||
Reversal of interest related to ICMS tax credits in Brazil (18)
|
10
|
-
|
0.07
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
17
|
$
|
(27
|
)
|
$
|
0.13
|
$
|
(0.18
|
)
|
$
|
41
|
$
|
(43
|
)
|
|||||||||
„
|
Additional Financial Information
|
Net Income
|
Earnings
|
|||||||||||||||||||||||
Attributable to
|
Per Share
|
Total Segment
|
||||||||||||||||||||||
(US$ in millions, except per share data)
|
Bunge
|
Diluted
|
EBIT
|
|||||||||||||||||||||
Year Ended December 31,
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||||
Continuing operations:
|
||||||||||||||||||||||||
Agribusiness:
|
$
|
63
|
$
|
42
|
$
|
0.43
|
$
|
0.27
|
$
|
93
|
$
|
54
|
||||||||||||
Gain on disposition of equity interest of operations in Brazil (1)
|
59
|
-
|
0.40
|
-
|
90
|
-
|
||||||||||||||||||
Gain on disposition of equity interest of operations in Asia (2)
|
27
|
-
|
0.18
|
-
|
30
|
-
|
||||||||||||||||||
Impairment of equity investment in Asia (3)
|
(15
|
)
|
-
|
(0.10
|
)
|
-
|
(15
|
)
|
-
|
|||||||||||||||
Impairment of intangible assets (4)
|
(8
|
)
|
-
|
(0.05
|
)
|
-
|
(12
|
)
|
-
|
|||||||||||||||
Gain on sale of grain assets in Canada (5)
|
-
|
43
|
-
|
0.28
|
-
|
47
|
||||||||||||||||||
Reversal of export tax contingency (6)
|
-
|
19
|
-
|
0.12
|
-
|
30
|
||||||||||||||||||
Tax assessment transfer fee (7)
|
-
|
(6
|
)
|
-
|
(0.04
|
)
|
-
|
(9
|
)
|
|||||||||||||||
Impairment of equity investment in Europe (8)
|
-
|
(14
|
)
|
-
|
(0.09
|
)
|
-
|
(14
|
)
|
|||||||||||||||
Edible Oil Products:
|
$
|
-
|
$
|
(20
|
)
|
$
|
-
|
$
|
(0.14
|
)
|
$
|
-
|
$
|
(30
|
)
|
|||||||||
Impairment of packaged oil facility (9)
|
-
|
(10
|
)
|
-
|
(0.07
|
)
|
-
|
(15
|
)
|
|||||||||||||||
Goodwill impairment (10)
|
-
|
(9
|
)
|
-
|
(0.06
|
)
|
-
|
(13
|
)
|
|||||||||||||||
Restructuring charges (11)
|
-
|
(1
|
)
|
-
|
(0.01
|
)
|
-
|
(2
|
)
|
|||||||||||||||
Milling Products:
|
$
|
9
|
$
|
-
|
$
|
0.06
|
$
|
-
|
$
|
14
|
$
|
-
|
||||||||||||
Brazilian wheat import tax contingency (12)
|
9
|
-
|
0.06
|
-
|
14
|
-
|
||||||||||||||||||
Sugar & Bioenergy:
|
$
|
(53
|
)
|
$
|
(5
|
)
|
$
|
(0.35
|
)
|
$
|
(0.03
|
)
|
$
|
(55
|
)
|
$
|
(5
|
)
|
||||||
Restructuring charges (13)
|
(3
|
)
|
(5
|
)
|
(0.02
|
)
|
(0.03
|
)
|
(3
|
)
|
(5
|
)
|
||||||||||||
Provision for long-term receivables in Brazil (14)
|
(8
|
)
|
-
|
(0.05
|
)
|
-
|
(8
|
)
|
-
|
|||||||||||||||
Impairment of equity investment in Brazil (15)
|
(42
|
)
|
-
|
(0.28
|
)
|
-
|
(44
|
)
|
-
|
|||||||||||||||
Fertilizer:
|
$
|
(6
|
)
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
-
|
$
|
(9
|
)
|
$
|
-
|
|||||||||
Asset impairment in Argentina (16)
|
(6
|
)
|
-
|
(0.04
|
)
|
-
|
(9
|
)
|
-
|
|||||||||||||||
Interest and Income Taxes:
|
$
|
44
|
$
|
(16
|
)
|
$
|
0.30
|
$
|
(0.09
|
)
|
$
|
-
|
$
|
-
|
||||||||||
Income tax benefits (charges) (17)
|
34
|
(16
|
)
|
0.23
|
(0.09
|
)
|
-
|
-
|
||||||||||||||||
Reversal of interest related to ICMS tax credits in Brazil (18)
|
10
|
-
|
0.07
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
57
|
$
|
1
|
$
|
0.40
|
$
|
0.01
|
$
|
43
|
$
|
19
|
Consolidated Earnings Data (Unaudited)
|
Quarter Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(US$ in millions, except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Net sales
|
$
|
12,059
|
$
|
11,105
|
$
|
42,939
|
$
|
43,455
|
||||||||
Cost of goods sold
|
(11,355
|
)
|
(10,402
|
)
|
(40,529
|
)
|
(40,762
|
)
|
||||||||
Gross profit
|
704
|
703
|
2,410
|
2,693
|
||||||||||||
Selling, general and administrative expenses
|
(345
|
)
|
(385
|
)
|
(1,286
|
)
|
(1,435
|
)
|
||||||||
Foreign exchange gains (losses)
|
(17
|
)
|
7
|
(8
|
)
|
(8
|
)
|
|||||||||
Other income (expense)−net
|
14
|
(12
|
)
|
12
|
(18
|
)
|
||||||||||
Gain on disposition of equity interests and sale of assets (1),(2),(5)
|
122
|
-
|
122
|
47
|
||||||||||||
Equity investment impairments (3),(15)
|
(59
|
)
|
-
|
(59
|
)
|
-
|
||||||||||
Goodwill and intangible impairments (4),(10)
|
-
|
(13
|
)
|
(12
|
)
|
(13
|
)
|
|||||||||
EBIT attributable to noncontrolling interest(a) (19)
|
(16
|
)
|
(6
|
)
|
(36
|
)
|
(18
|
)
|
||||||||
Total Segment EBIT (18)
|
403
|
294
|
1,143
|
1,248
|
||||||||||||
Interest income
|
14
|
1
|
51
|
43
|
||||||||||||
Interest expense
|
(45
|
)
|
(71
|
)
|
(234
|
)
|
(258
|
)
|
||||||||
Income tax expense
|
(102
|
)
|
(26
|
)
|
(220
|
)
|
(296
|
)
|
||||||||
Noncontrolling interest share of interest and tax(a) (20)
|
2
|
6
|
14
|
19
|
||||||||||||
Income from continuing operations, net of tax
|
272
|
204
|
754
|
756
|
||||||||||||
Income (loss) from discontinued operations, net of tax
|
(1
|
)
|
(1
|
)
|
(9
|
)
|
35
|
|||||||||
Net income attributable to Bunge(20)
|
271
|
203
|
745
|
791
|
||||||||||||
Convertible preference share dividends and other obligations
|
(9
|
)
|
(15
|
)
|
(36
|
)
|
(53
|
)
|
||||||||
Net income available to Bunge common shareholders
|
$
|
262
|
$
|
188
|
$
|
709
|
$
|
738
|
||||||||
Net income (loss) per common share diluted attributable to Bunge common shareholders (21):
|
||||||||||||||||
Continuing operations
|
$
|
1.83
|
$
|
1.31
|
$
|
5.07
|
$
|
4.84
|
||||||||
Discontinued operations
|
(0.01
|
)
|
(0.01
|
)
|
(0.06
|
)
|
0.23
|
|||||||||
Net income (loss) per common share - diluted
|
$
|
1.82
|
$
|
1.30
|
$
|
5.01
|
$
|
5.07
|
||||||||
Weighted–average common shares outstanding - diluted
|
148
|
151
|
148
|
152
|
(a) The line items “EBIT attributable to noncontrolling interest” and “Noncontrolling interest share of interest and tax” when combined, represent consolidated Net loss (income) attributed to noncontrolling interests on a U.S. GAAP basis of presentation.
|
Consolidated Segment Information (Unaudited)
|
Set forth below is a summary of certain earnings data and volumes by reportable segment.
|
Quarter Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(US$ in millions, except volumes)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Volumes (in thousands of metric tons):
|
||||||||||||||||
Agribusiness
|
32,829
|
33,936
|
134,605
|
134,136
|
||||||||||||
Edible Oil Products
|
1,883
|
1,826
|
6,989
|
6,831
|
||||||||||||
Milling Products
|
1,103
|
1,063
|
4,498
|
4,199
|
||||||||||||
Sugar & Bioenergy
|
2,734
|
3,016
|
9,077
|
10,440
|
||||||||||||
Fertilizer
|
440
|
359
|
1,272
|
979
|
||||||||||||
Net sales:
|
||||||||||||||||
Agribusiness
|
$
|
8,344
|
$
|
7,894
|
$
|
30,214
|
$
|
31,267
|
||||||||
Edible Oil Products
|
1,901
|
1,724
|
6,859
|
6,698
|
||||||||||||
Milling Products
|
404
|
379
|
1,647
|
1,609
|
||||||||||||
Sugar & Bioenergy
|
1,275
|
976
|
3,816
|
3,495
|
||||||||||||
Fertilizer
|
135
|
132
|
403
|
386
|
||||||||||||
Total
|
$
|
12,059
|
$
|
11,105
|
$
|
42,939
|
$
|
43,455
|
||||||||
Gross profit:
|
||||||||||||||||
Agribusiness
|
$
|
451
|
$
|
465
|
$
|
1,490
|
$
|
1,858
|
||||||||
Edible Oil Products
|
123
|
107
|
439
|
404
|
||||||||||||
Milling Products
|
57
|
44
|
269
|
237
|
||||||||||||
Sugar & Bioenergy
|
51
|
65
|
159
|
164
|
||||||||||||
Fertilizer
|
22
|
22
|
53
|
30
|
||||||||||||
Total
|
$
|
704
|
$
|
703
|
$
|
2,410
|
$
|
2,693
|
||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Agribusiness
|
$
|
(195
|
)
|
$
|
(251
|
)
|
$
|
(706
|
)
|
$
|
(851
|
)
|
||||
Edible Oil Products
|
(82
|
)
|
(76
|
)
|
(320
|
)
|
(328
|
)
|
||||||||
Milling Products
|
(30
|
)
|
(29
|
)
|
(127
|
)
|
(123
|
)
|
||||||||
Sugar & Bioenergy
|
(32
|
)
|
(23
|
)
|
(112
|
)
|
(109
|
)
|
||||||||
Fertilizer
|
(6
|
)
|
(6
|
)
|
(21
|
)
|
(24
|
)
|
||||||||
Total
|
$
|
(345
|
)
|
$
|
(385
|
)
|
$
|
(1,286
|
)
|
$
|
(1,435
|
)
|
||||
Foreign exchange gain (loss):
|
||||||||||||||||
Agribusiness
|
$
|
(20
|
)
|
$
|
38
|
$
|
(7
|
)
|
$
|
67
|
||||||
Edible Oil Products
|
1
|
-
|
(1
|
)
|
-
|
|||||||||||
Milling Products
|
(2
|
)
|
-
|
(7
|
)
|
(8
|
)
|
|||||||||
Sugar & Bioenergy
|
4
|
(30
|
)
|
9
|
(68
|
)
|
||||||||||
Fertilizer
|
-
|
(1
|
)
|
(2
|
)
|
1
|
||||||||||
Total
|
$
|
(17
|
)
|
$
|
7
|
$
|
(8
|
)
|
$
|
(8
|
)
|
|||||
Segment EBIT:
|
||||||||||||||||
Agribusiness
|
$
|
342
|
$
|
245
|
$
|
875
|
$
|
1,108
|
||||||||
Edible Oil Products
|
46
|
16
|
112
|
59
|
||||||||||||
Milling Products
|
24
|
15
|
131
|
103
|
||||||||||||
Sugar & Bioenergy
|
(25
|
)
|
5
|
(4
|
)
|
(27
|
)
|
|||||||||
Fertilizer
|
16
|
13
|
29
|
5
|
||||||||||||
Total(19)
|
$
|
403
|
$
|
294
|
$
|
1,143
|
$
|
1,248
|
Condensed Consolidated Balance Sheets (Unaudited)
|
December 31,
|
December 31,
|
|||||||
(US$ in millions)
|
2016
|
2015
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
934
|
$
|
411
|
||||
Time deposits under trade structured finance program
|
64
|
325
|
||||||
Trade accounts receivable, net
|
1,676
|
1,607
|
||||||
Inventories (22)
|
4,773
|
4,466
|
||||||
Other current assets
|
3,645
|
4,107
|
||||||
Total current assets
|
11,092
|
10,916
|
||||||
Property, plant and equipment, net
|
5,099
|
4,736
|
||||||
Goodwill and other intangible assets, net
|
709
|
744
|
||||||
Investments in affiliates
|
373
|
329
|
||||||
Time deposits under trade structured finance program
|
464
|
-
|
||||||
Other non-current assets
|
1,451
|
1,189
|
||||||
Total assets
|
$
|
19,188
|
$
|
17,914
|
||||
Liabilities and Equity
|
||||||||
Short-term debt
|
$
|
257
|
$
|
648
|
||||
Current portion of long-term debt
|
938
|
869
|
||||||
Letter of credit obligations under trade structured finance program
|
528
|
325
|
||||||
Trade accounts payable
|
3,485
|
2,675
|
||||||
Other current liabilities
|
2,476
|
2,823
|
||||||
Total current liabilities
|
7,684
|
7,340
|
||||||
Long-term debt
|
3,069
|
2,926
|
||||||
Other non-current liabilities
|
1,092
|
959
|
||||||
Total liabilities
|
11,845
|
11,225
|
||||||
Redeemable noncontrolling interest
|
-
|
37
|
||||||
Total equity
|
7,343
|
6,652
|
||||||
Total liabilities and equity
|
$
|
19,188
|
$
|
17,914
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
Year Ended
|
||||||||
December 31,
|
||||||||
(US$ in millions)
|
2016
|
2015
|
||||||
Operating Activities
|
||||||||
Net income (20)
|
$
|
767
|
$
|
790
|
||||
Adjustments to reconcile net income to cash provided by (used for) operating activities:
|
||||||||
Impairment charges
|
87
|
57
|
||||||
Foreign exchange loss (gain) on debt
|
80
|
(213
|
)
|
|||||
Gain on disposition of equity interest of operations
|
(120
|
)
|
(47
|
)
|
||||
Deferred income taxes
|
126
|
16
|
||||||
Depreciation, depletion and amortization
|
547
|
545
|
||||||
Other, net
|
70
|
55
|
||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
||||||||
Trade accounts receivable, net
|
(131
|
)
|
(97
|
)
|
||||
Inventories
|
(269
|
)
|
314
|
|||||
Secured advances to suppliers
|
38
|
(397
|
)
|
|||||
Trade accounts payable
|
708
|
(88
|
)
|
|||||
Advances on sales
|
36
|
22
|
||||||
Net unrealized gain/loss on derivative contracts
|
(84
|
)
|
(16
|
)
|
||||
Accrued liabilities
|
(148
|
)
|
(7
|
)
|
||||
Margin deposits
|
199
|
(154
|
)
|
|||||
Other, net
|
(2
|
)
|
(170
|
)
|
||||
Cash provided by (used for) operating activities
|
1,904
|
610
|
||||||
Investing Activities
|
||||||||
Payments made for capital expenditures
|
(784
|
)
|
(649
|
)
|
||||
Acquisitions of businesses (net of cash acquired)
|
(34
|
)
|
(347
|
)
|
||||
Proceeds from investments
|
802
|
295
|
||||||
Payments for investments
|
(553
|
)
|
(235
|
)
|
||||
Settlement of net investment hedges
|
(375
|
)
|
203
|
|||||
Proceeds from the sale of grain assets in Canada
|
-
|
88
|
||||||
Payments for investments in affiliates
|
(40
|
)
|
(167
|
)
|
||||
Other, net
|
58
|
10
|
||||||
Cash provided by (used for) investing activities
|
(926
|
)
|
(802
|
)
|
||||
Financing Activities
|
||||||||
Net borrowings (repayments) of short-term debt
|
(255
|
)
|
187
|
|||||
Net proceeds (repayments) of long-term debt
|
316
|
695
|
||||||
Repurchases of common shares
|
(200
|
)
|
(300
|
)
|
||||
Dividends paid
|
(282
|
)
|
(249
|
)
|
||||
Other, net
|
(67
|
)
|
27
|
|||||
Cash provided by (used for) financing activities
|
(488
|
)
|
360
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
33
|
(119
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
523
|
49
|
||||||
Cash and cash equivalents, beginning of period
|
411
|
362
|
||||||
Cash and cash equivalents, end of period
|
$
|
934
|
$
|
411
|
„
|
Definition and Reconciliation of Non-GAAP Measures
|
Quarter Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(US$ in millions)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Net income attributable to Bunge
|
$
|
271
|
$
|
203
|
$
|
745
|
$
|
791
|
||||||||
Interest income
|
(14
|
)
|
(1
|
)
|
(51
|
)
|
(43
|
)
|
||||||||
Interest expense
|
45
|
71
|
234
|
258
|
||||||||||||
Income tax expense (benefit)
|
102
|
26
|
220
|
296
|
||||||||||||
(Income) loss from discontinued operations, net of tax
|
1
|
1
|
9
|
(35
|
)
|
|||||||||||
Noncontrolling interest share of interest and tax
|
(2
|
)
|
(6
|
)
|
(14
|
)
|
(19
|
)
|
||||||||
Total Segment EBIT
|
403
|
294
|
1,143
|
1,248
|
||||||||||||
Certain gains & (charges)
|
41
|
(43
|
)
|
43
|
19
|
|||||||||||
Total Segment EBIT, adjusted
|
$
|
362
|
$
|
337
|
$
|
1,100
|
$
|
1,229
|
„
|
Net Income (loss) per common share from continuing operations–diluted, adjusted
|
Quarter Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Continuing operations:
|
||||||||||||||||
Net income (loss) per common share - diluted adjusted (excluding certain
|
||||||||||||||||
gains & charges and discontinued operations)
|
$
|
1.70
|
$
|
1.49
|
$
|
4.67
|
$
|
4.83
|
||||||||
Certain gains & charges (see Additional Financial Information section)
|
0.13
|
(0.18
|
)
|
0.40
|
0.01
|
|||||||||||
Net income (loss) per common share - continuing operations
|
1.83
|
1.31
|
5.07
|
4.84
|
||||||||||||
Discontinued operations:
|
(0.01
|
)
|
(0.01
|
)
|
(0.06
|
)
|
0.23
|
|||||||||
Net income (loss) per common share - diluted
|
$
|
1.82
|
$
|
1.30
|
$
|
5.01
|
$
|
5.07
|
„
|
Notes
|
1) |
2016 EBIT includes a $90 million pre-tax gain related to disposition of equity interest of operations in Brazil, recorded in the fourth quarter, of which $92 million was recorded in other income (expense)-net and $(2) million in foreign exchange gains and (losses).
|
2) |
2016 EBIT includes a $30 million pre-tax gain related to disposition of equity interest of operations in Asia, recorded in the fourth quarter.
|
3) |
2016 EBIT includes a $(15) million pre-tax impairment charge related to an equity investment in Asia, recorded in the fourth quarter.
|
4) |
2016 EBIT includes a $(12) million pre-tax impairment charge related to remaining unamortized carrying value of certain patents in the United States, recorded in the second quarter.
|
5) |
2015 EBIT includes a $47 million pre-tax gain on the sale of grain assets in Canada, recorded in the third quarter.
|
6) |
2015 EBIT includes a $30 million pre-tax reversal of an export tax contingency in Argentina, recorded in the second quarter.
|
7) |
2015 EBIT includes $(9) million pre-tax charge of taxes and fees related to export activities in our Argentinian subsidiary, recorded in the fourth quarter.
|
8) |
2015 EBIT includes a $(14) million pre-tax impairment charge related to an equity investment in a freight shipping company in Europe, recorded in the fourth quarter.
|
9) |
2015 EBIT includes a $(15) million pre-tax impairment charge related to the announced closure of a packaged oil plant in the United States, recorded in the second quarter.
|
10)
|
2015 EBIT includes a $(13) million pre-tax goodwill impairment charge related to our tomato products business in Brazil, recorded in the fourth quarter.
|
11)
|
2015 EBIT includes $(2) million of pre-tax restructuring charges recorded in the fourth quarter.
|
12)
|
2016 EBIT includes a $14 million pre-tax gain related to a wheat import tax contingency settlement in Brazil recorded in the third quarter.
|
13)
|
2016 EBIT includes a $(3) million pre-tax restructuring charge recorded in the fourth quarter.
|
14)
|
2016 EBIT includes a $(8) million pre-tax provision for long-term receivables in Brazil recorded in the fourth quarter.
|
15)
|
2016 EBIT includes a $(44) million pre-tax impairment charge of an equity investment in Brazil, recorded in the fourth quarter.
|
16)
|
2016 EBIT includes a $(9) million pre-tax impairment charge related to property, plant and equipment in Argentina, recorded in the fourth quarter.
|
17)
|
2016 income tax benefits (charges) include benefits of $34 million. Of these amounts $60 million, net of reserves, relates to the change in a tax election in North America, recorded in the first quarter, $11 million tax credits in Europe recorded in the second quarter and $19 million to Sugar & Bioenergy deferred tax allowance release recorded in the fourth quarter, offset by a charges of $(32) million and $(24) million for uncertain tax positions related to Asia, recorded in the first and fourth quarters, respectively.
|
„
|
Notes
|
18)
|
2016 interest expense and income tax benefits (charges) includes pre-tax interest benefits of $16 million ($10 million after tax) related to the reversal of interest related to ICMS tax credits in Brazil, resulting from a tax amnesty program recorded in the fourth quarter.
|
19)
|
See Definition and Reconciliation of Non-GAAP Measures.
|
20)
|
A reconciliation of Net income attributable to Bunge to Net income is as follows:
|
Twelve Months Ended
|
||||||||
December 31,
|
||||||||
2016
|
2015
|
|||||||
Net income attributable to Bunge
|
$
|
745
|
$
|
791
|
||||
EBIT attributable to noncontrolling interest
|
36
|
18
|
||||||
Noncontrolling interest share of interest and tax
|
(14
|
)
|
(19
|
)
|
||||
Net income
|
$
|
767
|
$
|
790
|
||||
21)
|
Weighted-average common shares outstanding-diluted for the fourth quarter and year ended December 31, 2016 excludes the dilutive effect of 4 million, respectively, of outstanding stock options and contingently issuable restricted stock units as the effect of conversion would not have been dilutive.
|
22)
|
Includes readily marketable inventories of $3,855 million and $3,666 million at December 31, 2016 and 2015, respectively. Of these amounts, $2,523 million and $2,513 million, respectively, can be attributable to merchandising activities.
|
23)
|
The Oilseed business included in our Agribusiness segment consists of our global activities related to the crushing of oilseeds (including soybeans, canola, rapeseed and sunflower seed) into protein meals and vegetable oils; the trading and distribution of oilseeds and oilseed products; and biodiesel production, which is primarily conducted through joint ventures.
|