Bermuda
(State or other jurisdiction of incorporation) |
001-16625
(Commission File Number) |
98-0231912
(I.R.S. Employer Identification No.) |
50 Main Street
White Plains, New York (Address of principal executive offices) |
10606
(Zip Code) |
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
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 August 2, 2017
|
|
BUNGE LIMITED
|
|||
|
|
|||
|
|
|||
|
By:
|
/s/ Thomas M. Boehlert
|
||
|
|
Name:
|
Thomas M. Boehlert
|
|
|
|
Title:
|
Chief Financial Officer
|
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Press Release, dated August 2, 2017
|
·
|
Q2 GAAP EPS of $0.48 vs. $0.81 last year; $0.17 vs. $0.79 on an adjusted basis
|
·
|
Agribusiness impacted by weak margins and slow farmer selling in South America
|
·
|
Food & Ingredients results as expected, driven by improved Edible Oils
|
·
|
Sugar & Bioenergy benefitted from higher hedged sugar prices
|
·
|
Combined Agri-Foods trailing four quarter ROIC of 6.1%; 0.9 points below WACC
|
·
|
Announced $250 million Competitiveness Program
|
·
|
Expect significant improvement in the second half of the year
|
„ |
Financial Highlights
|
Quarter Ended
|
Six Months Ended
|
|||
US$ in millions, except per share
data |
6/30/17
|
6/30/16
|
6/30/17
|
6/30/16
|
Net income attributable to Bunge
|
$81
|
$121
|
$128
|
$356
|
Net income (loss) per common share from continuing operations-diluted
|
$0.48
|
$0.81
|
$0.79
|
$2.43
|
Net income (loss) per common share from continuing operations-diluted, adjusted (a)
|
$0.17
|
$0.79
|
$0.52
|
$2.23
|
Total Segment EBIT (a)
|
$73
|
$205
|
$206
|
$527
|
Certain gains & (charges) (b)
|
$(6)
|
$(12)
|
$(12)
|
$(12)
|
Total Segment EBIT, adjusted (a)
|
$79
|
$217
|
$218
|
$539
|
Agribusiness (c)
|
$18
|
$180
|
$127
|
$462
|
Oilseeds
|
$2
|
$56
|
$94
|
$194
|
Grains
|
$16
|
$124
|
$33
|
$268
|
Food & Ingredients (d)
|
$44
|
$35
|
$89
|
$87
|
Sugar & Bioenergy
|
$14
|
$-
|
$3
|
$(14)
|
Fertilizer
|
$3
|
$2
|
$(1)
|
$4
|
(a) |
Total Segment earnings before interest and tax (“Total Segment EBIT”); Total Segment EBIT, adjusted; net income (loss) per common share from continuing operations-diluted, adjusted funds from operations and ROIC are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge’s website.
|
(b) |
Certain gains & (charges) included in Total Segment EBIT. See Additional Financial Information for detail.
|
(c) |
See footnote 8 of Additional Financial Information for a description of the Oilseeds and Grains businesses in Bunge’s Agribusiness segment.
|
(d) |
Includes Edible Oil Products and Milling Products segments.
|
„ |
Overview
|
„ |
Second Quarter Results
|
„ |
Outlook
|
„ |
Conference Call and Webcast Details
|
„ |
Website Information
|
„ |
About Bunge Limited
|
„ |
Cautionary Statement Concerning Forward-Looking Statements
|
Investor Contact:
Mark Haden
Bunge Limited
914-684-3398
mark.haden@bunge.com
|
Media Contact:
Susan Burns
Bunge Limited
914-684-3246
susan.burns@bunge.com
|
„ |
Additional Financial Information
|
Net Income (loss)
|
Earnings
|
|||||||||||||||||||||||
Attributable to
|
Per Share
|
Total Segment
|
||||||||||||||||||||||
(US$ in millions, except per share data)
|
Bunge
|
Diluted
|
EBIT
|
|||||||||||||||||||||
Quarter Ended June 30:
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||||
Continuing operations:
|
||||||||||||||||||||||||
Agribusiness:
|
$
|
-
|
$
|
(8
|
)
|
$
|
-
|
$
|
(0.06
|
)
|
$
|
-
|
$
|
(12
|
)
|
|||||||||
Impairment of intangible assets (1)
|
-
|
(8
|
)
|
-
|
(0.06
|
)
|
-
|
(12
|
)
|
|||||||||||||||
Sugar & Bioenergy:
|
$
|
(6
|
)
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
-
|
$
|
(6
|
)
|
$
|
-
|
|||||||||
Restructuring charges (2)
|
(6
|
)
|
-
|
(0.04
|
)
|
-
|
(6
|
)
|
-
|
|||||||||||||||
Income Taxes:
|
$
|
49
|
$
|
11
|
$
|
0.35
|
$
|
0.08
|
$
|
-
|
$
|
-
|
||||||||||||
Income tax benefits (charges) (3)
|
49
|
11
|
0.35
|
0.08
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
43
|
$
|
3
|
$
|
0.31
|
$
|
0.02
|
$
|
(6
|
)
|
$
|
(12
|
)
|
Net Income
|
Earnings
|
|||||||||||||||||||||||
Attributable to
|
Per Share
|
Total Segment
|
||||||||||||||||||||||
(US$ in millions, except per share data)
|
Bunge
|
Diluted
|
EBIT
|
|||||||||||||||||||||
Six Months Ended June 30:
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||||
Continuing operations:
|
||||||||||||||||||||||||
Agribusiness:
|
$
|
-
|
$
|
(8
|
)
|
$
|
-
|
$
|
(0.05
|
)
|
$
|
-
|
$
|
(12
|
)
|
|||||||||
Impairment of intangible assets (1)
|
-
|
(8
|
)
|
-
|
(0.05
|
)
|
-
|
(12
|
)
|
|||||||||||||||
Sugar & Bioenergy:
|
$
|
(12
|
)
|
$
|
-
|
$
|
(0.08
|
)
|
$
|
-
|
$
|
(12
|
)
|
$
|
-
|
|||||||||
Restructuring charges (2)
|
(12
|
)
|
-
|
(0.08
|
)
|
-
|
(12
|
)
|
-
|
|||||||||||||||
Income Taxes:
|
$
|
49
|
$
|
39
|
$
|
0.35
|
$
|
0.25
|
$
|
-
|
$
|
-
|
||||||||||||
Income tax benefits (charges) (3)
|
49
|
39
|
0.35
|
0.25
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
37
|
$
|
31
|
$
|
0.27
|
$
|
0.20
|
$
|
(12
|
)
|
$
|
(12
|
)
|
Consolidated Earnings Data (Unaudited)
|
||||||||||||||||
Quarter Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(In millions)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net sales
|
$
|
11,645
|
$
|
10,541
|
$
|
22,766
|
$
|
19,457
|
||||||||
Cost of goods sold
|
(11,290
|
)
|
(10,011
|
)
|
(21,951
|
)
|
(18,307
|
)
|
||||||||
Gross profit
|
355
|
530
|
815
|
1,150
|
||||||||||||
Selling, general and administrative expenses
|
(328
|
)
|
(303
|
)
|
(706
|
)
|
(617
|
)
|
||||||||
Foreign exchange gains (losses)
|
51
|
(6
|
)
|
107
|
15
|
|||||||||||
Other income (expense)−net
|
2
|
(13
|
)
|
(1
|
)
|
(18
|
)
|
|||||||||
EBIT attributable to noncontrolling interest (a) (5)
|
(7
|
)
|
(3
|
)
|
(9
|
)
|
(3
|
)
|
||||||||
Total Segment EBIT (4)
|
73
|
205
|
206
|
527
|
||||||||||||
Interest income
|
8
|
14
|
20
|
24
|
||||||||||||
Interest expense
|
(62
|
)
|
(59
|
)
|
(127
|
)
|
(116
|
)
|
||||||||
Income tax (expense) benefit (3)
|
55
|
(39
|
)
|
27
|
(73
|
)
|
||||||||||
Noncontrolling interest share of interest and tax (a) (5)
|
1
|
4
|
2
|
7
|
||||||||||||
Income from continuing operations, net of tax
|
75
|
125
|
128
|
369
|
||||||||||||
Income (loss) from discontinued operations, net of tax
|
6
|
(4
|
)
|
-
|
(13
|
)
|
||||||||||
Net income attributable to Bunge (5)
|
81
|
121
|
128
|
356
|
||||||||||||
Convertible preference share dividends and other obligations
|
(9
|
)
|
(12
|
)
|
(17
|
)
|
(25
|
)
|
||||||||
Net income available to Bunge common shareholders
|
$
|
72
|
$
|
109
|
$
|
111
|
$
|
331
|
||||||||
Net income (loss) per common share diluted attributable to Bunge common shareholders (6):
|
||||||||||||||||
Continuing operations
|
$
|
0.48
|
$
|
0.81
|
$
|
0.79
|
$
|
2.43
|
||||||||
Discontinued operations
|
0.03
|
(0.03
|
)
|
-
|
(0.09
|
)
|
||||||||||
Net income (loss) per common share - diluted
|
$
|
0.51
|
$
|
0.78
|
$
|
0.79
|
$
|
2.34
|
||||||||
Weighted–average common shares outstanding - diluted
|
141
|
140
|
141
|
148
|
||||||||||||
(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 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
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(In millions, except volumes)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Volumes (in thousands of metric tons):
|
||||||||||||||||
Agribusiness
|
36,173
|
33,944
|
71,196
|
66,697
|
||||||||||||
Edible Oil Products
|
1,947
|
1,742
|
3,736
|
3,344
|
||||||||||||
Milling Products
|
1,099
|
1,136
|
2,173
|
2,242
|
||||||||||||
Sugar & Bioenergy
|
2,134
|
2,116
|
3,981
|
4,039
|
||||||||||||
Fertilizer
|
246
|
249
|
408
|
415
|
||||||||||||
Net sales:
|
||||||||||||||||
Agribusiness
|
$
|
8,298
|
$
|
7,524
|
$
|
16,117
|
13,807
|
|||||||||
Edible Oil Products
|
1,970
|
1,705
|
3,850
|
3,231
|
||||||||||||
Milling Products
|
390
|
422
|
772
|
813
|
||||||||||||
Sugar & Bioenergy
|
906
|
809
|
1,894
|
1,467
|
||||||||||||
Fertilizer
|
81
|
81
|
133
|
139
|
||||||||||||
Total
|
$
|
11,645
|
$
|
10,541
|
$
|
22,766
|
19,457
|
|||||||||
Gross profit:
|
||||||||||||||||
Agribusiness
|
$
|
157
|
$
|
343
|
$
|
435
|
773
|
|||||||||
Edible Oil Products
|
111
|
87
|
234
|
199
|
||||||||||||
Milling Products
|
48
|
68
|
96
|
123
|
||||||||||||
Sugar & Bioenergy
|
33
|
25
|
42
|
41
|
||||||||||||
Fertilizer
|
6
|
7
|
8
|
14
|
||||||||||||
Total
|
$
|
355
|
$
|
530
|
$
|
815
|
1,150
|
|||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Agribusiness
|
$
|
(177
|
)
|
$
|
(160
|
)
|
$
|
(398
|
)
|
(337
|
)
|
|||||
Edible Oil Products
|
(85
|
)
|
(82
|
)
|
(171
|
)
|
(161
|
)
|
||||||||
Milling Products
|
(33
|
)
|
(32
|
)
|
(70
|
)
|
(61
|
)
|
||||||||
Sugar & Bioenergy
|
(27
|
)
|
(24
|
)
|
(56
|
)
|
(49
|
)
|
||||||||
Fertilizer
|
(6
|
)
|
(5
|
)
|
(11
|
)
|
(9
|
)
|
||||||||
Total
|
$
|
(328
|
)
|
$
|
(303
|
)
|
$
|
(706
|
)
|
(617
|
)
|
|||||
Foreign exchange gain (loss):
|
||||||||||||||||
Agribusiness
|
$
|
43
|
$
|
(4
|
)
|
$
|
92
|
$
|
20
|
|||||||
Edible Oil Products
|
1
|
(1
|
)
|
4
|
(2
|
)
|
||||||||||
Milling Products
|
(1
|
)
|
(4
|
)
|
(1
|
)
|
(5
|
)
|
||||||||
Sugar & Bioenergy
|
4
|
3
|
9
|
3
|
||||||||||||
Fertilizer
|
4
|
-
|
3
|
(1
|
)
|
|||||||||||
Total
|
$
|
51
|
$
|
(6
|
)
|
$
|
107
|
$
|
15
|
|||||||
Segment EBIT:
|
||||||||||||||||
Agribusiness
|
$
|
18
|
$
|
168
|
$
|
127
|
$
|
450
|
||||||||
Edible Oil Products
|
28
|
2
|
64
|
32
|
||||||||||||
Milling Products
|
16
|
33
|
25
|
55
|
||||||||||||
Sugar & Bioenergy
|
8
|
-
|
(9
|
)
|
(14
|
)
|
||||||||||
Fertilizer
|
3
|
2
|
(1
|
)
|
4
|
|||||||||||
Total (4)
|
$
|
73
|
$
|
205
|
$
|
206
|
$
|
527
|
Condensed Consolidated Balance Sheets (Unaudited)
|
||||||||
June 30,
|
December 31,
|
|||||||
(US$ in millions)
|
2017
|
2016
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
575
|
$
|
934
|
||||
Time deposits under trade structured finance program
|
-
|
64
|
||||||
Trade accounts receivable, net
|
1,747
|
1,676
|
||||||
Inventories (7)
|
5,454
|
4,773
|
||||||
Other current assets
|
4,138
|
3,645
|
||||||
Total current assets
|
11,914
|
11,092
|
||||||
Property, plant and equipment, net
|
5,331
|
5,099
|
||||||
Goodwill and other intangible assets, net
|
866
|
709
|
||||||
Investments in affiliates
|
426
|
373
|
||||||
Time deposits under trade structured finance program
|
411
|
464
|
||||||
Other non-current assets
|
1,485
|
1,451
|
||||||
Total assets
|
$
|
20,433
|
$
|
19,188
|
||||
Liabilities and Equity
|
||||||||
Short-term debt
|
$
|
1,274
|
$
|
257
|
||||
Current portion of long-term debt
|
206
|
938
|
||||||
Letter of credit obligations under trade structured finance program
|
411
|
528
|
||||||
Trade accounts payable
|
3,513
|
3,485
|
||||||
Other current liabilities
|
2,529
|
2,476
|
||||||
Total current liabilities
|
7,933
|
7,684
|
||||||
Long-term debt
|
3,918
|
3,069
|
||||||
Other non-current liabilities
|
1,147
|
1,092
|
||||||
Total liabilities
|
12,998
|
11,845
|
||||||
Total equity
|
7,435
|
7,343
|
||||||
Total liabilities and equity
|
$
|
20,433
|
$
|
19,188
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
||||||||
Six Months Ended
|
||||||||
June 30,
|
||||||||
(US$ in millions)
|
2017
|
2016
|
||||||
Operating Activities
|
||||||||
Net income (loss) (5)
|
$
|
135
|
$
|
352
|
||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
|
||||||||
Foreign exchange loss (gain) on net debt
|
(33
|
)
|
118
|
|||||
Depreciation, depletion and amortization
|
282
|
254
|
||||||
Deferred income taxes
|
(2
|
)
|
82
|
|||||
Other, net
|
43
|
60
|
||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
||||||||
Trade accounts receivable, net
|
(93
|
)
|
39
|
|||||
Inventories
|
(532
|
)
|
(1,250
|
)
|
||||
Secured advances to suppliers
|
125
|
265
|
||||||
Advances on sales
|
(149
|
)
|
(106
|
)
|
||||
Net unrealized gain/loss on derivative contracts
|
(36
|
)
|
34
|
|||||
Margin deposits
|
(45
|
)
|
(117
|
)
|
||||
Trade accounts payable and accrued liabilities
|
98
|
(272
|
)
|
|||||
Other, net
|
(270
|
)
|
(143
|
)
|
||||
Cash provided by (used for) operating activities
|
(477
|
)
|
(684
|
)
|
||||
Investing Activities
|
||||||||
Payments made for capital expenditures
|
(342
|
)
|
(275
|
)
|
||||
Acquisitions of businesses (net of cash acquired)
|
(394
|
)
|
-
|
|||||
Proceeds from investments
|
119
|
449
|
||||||
Payments for investments
|
(160
|
)
|
(436
|
)
|
||||
Settlement of net investment hedges
|
(3
|
)
|
(115
|
)
|
||||
Payments for investments in affiliates
|
(68
|
)
|
(20
|
)
|
||||
Other, net
|
9
|
(20
|
)
|
|||||
Cash provided by (used for) investing activities
|
(839
|
)
|
(417
|
)
|
||||
Financing Activities
|
||||||||
Net borrowings (repayments) of short-term debt
|
1,001
|
1,007
|
||||||
Net proceeds (repayments) of long-term debt
|
19
|
547
|
||||||
Repurchases of common shares
|
-
|
(200
|
)
|
|||||
Proceeds from the exercise of option for common shares
|
57
|
-
|
||||||
Dividends paid
|
(135
|
)
|
(124
|
)
|
||||
Other, net
|
(6
|
)
|
(18
|
)
|
||||
Cash provided by (used for) financing activities
|
936
|
1,212
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
21
|
26
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(359
|
)
|
137
|
|||||
Cash and cash equivalents, beginning of period
|
934
|
411
|
||||||
Cash and cash equivalents, end of period
|
$
|
575
|
$
|
548
|
„ |
Definition and Reconciliation of Non-GAAP Measures
|
Quarter Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(US$ in millions)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net income (loss) attributable to Bunge
|
$
|
81
|
$
|
121
|
$
|
128
|
$
|
356
|
||||||||
Interest income
|
(8
|
)
|
(14
|
)
|
(20
|
)
|
(24
|
)
|
||||||||
Interest expense
|
62
|
59
|
127
|
116
|
||||||||||||
Income tax expense (benefit)
|
(55
|
)
|
39
|
(27
|
)
|
73
|
||||||||||
(Income) loss from discontinued operations, net of tax
|
(6
|
)
|
4
|
-
|
13
|
|||||||||||
Noncontrolling interest share of interest and tax
|
(1
|
)
|
(4
|
)
|
(2
|
)
|
(7
|
)
|
||||||||
Total Segment EBIT
|
73
|
205
|
206
|
527
|
||||||||||||
Certain (gains) and charges
|
6
|
12
|
12
|
12
|
||||||||||||
Total Segment EBIT, adjusted
|
$
|
79
|
$
|
217
|
$
|
218
|
$
|
539
|
„ |
Net Income (loss) per common share from continuing operations–diluted, adjusted
|
Quarter Ended
|
Six Months Ended
|
|||||||||||||||
(US$ in millions, except per share data)
|
June 30,
|
June 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income attributable to Bunge
|
$
|
81
|
$
|
121
|
$
|
128
|
$
|
356
|
||||||||
Adjusted for certain gains and charges:
|
||||||||||||||||
Impairment Charges (1)
|
-
|
8
|
-
|
8
|
||||||||||||
Restructuring Charges (2)
|
6
|
-
|
12
|
-
|
||||||||||||
Income tax benefits (charges) (3)
|
(49
|
)
|
(11
|
)
|
(49
|
)
|
(39
|
)
|
||||||||
Adjusted Net Income attributable to Bunge
|
38
|
118
|
91
|
325
|
||||||||||||
Discontinued Operations
|
(6
|
)
|
4
|
-
|
13
|
|||||||||||
Other Redeemable Obligations
|
-
|
(3
|
)
|
-
|
(8
|
)
|
||||||||||
Convertible Preference shares dividends
|
(9
|
)
|
(9
|
)
|
(17
|
)
|
-
|
|||||||||
Net income (loss) - adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
23
|
$
|
110
|
$
|
74
|
$
|
330
|
||||||||
Weighted-average common shares outstanding - diluted (6)
|
141
|
140
|
141
|
148
|
||||||||||||
Net income (loss) per common share - diluted, adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
0.17
|
$
|
0.79
|
$
|
0.52
|
$
|
2.23
|
Below is a reconciliation of Net income (loss) per common share from continuing operations - diluted, adjusted (excluding certain gains & charges and discontinued operations) to Net income (loss) per common share–diluted.
|
Quarter Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Continuing operations:
|
||||||||||||||||
Net income (loss) per common share – diluted, adjusted (excluding certain
|
||||||||||||||||
gains & charges and discontinued operations)
|
$
|
0.17
|
$
|
0.79
|
$
|
0.52
|
$
|
2.23
|
||||||||
Certain gains & charges (see Additional Financial Information section)
|
0.31
|
0.02
|
0.27
|
0.20
|
||||||||||||
Net income (loss) per common share - continuing operations
|
0.48
|
0.81
|
0.79
|
2.43
|
||||||||||||
Discontinued operations:
|
0.03
|
(0.03
|
)
|
-
|
(0.09
|
)
|
||||||||||
Net income (loss) per common share - diluted
|
$
|
0.51
|
$
|
0.78
|
$
|
0.79
|
$
|
2.34
|
„ |
Notes
|
1) |
2016 EBIT includes a pre-tax impairment charge of $(12) million related to remaining unamortized carrying value of certain patents, recorded in the second quarter.
|
2) |
2017 EBIT includes a $(12) million pre-tax restructuring charge of which $(6) million was recorded in the first quarter and $(6) million recorded in the second quarter.
|
3) |
2017 income tax benefits (charges) include a benefit of $32 million for the favorable resolution of an uncertain tax position in Asia recorded in the second quarter. In addition, 2017 income tax benefits (charges) include a benefit of $17 million as a result of a tax election in South America recorded in the second quarter.
|
4) |
See Definition and Reconciliation of Non-GAAP Measures.
|
5) |
A reconciliation of Net income attributable to Bunge to Net income is as follows:
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
2017
|
2016
|
|||||||
Net income attributable to Bunge
|
$
|
128
|
$
|
356
|
||||
EBIT attributable to noncontrolling interest
|
9
|
3
|
||||||
Noncontrolling interest share of interest and tax
|
(2
|
)
|
(7
|
)
|
||||
Net income
|
$
|
135
|
$
|
352
|
6) |
Approximately 3 million outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the three and six months ended June 30, 2017. Approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares were not dilutive and not included in the weighted-average number of shares outstanding for the three and six months ended June 30, 2017.
|
7) |
Includes readily marketable inventories of $4,376 million and $3,855 million at June 30, 2017 and December 31, 2016, respectively. Of these amounts, $3,147 million and $2,523 million, respectively, can be attributable to merchandising activities.
|
8) |
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.
|