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 Conditions.
|
Item 2.05 |
Costs Associated With Exit or Disposal Activities
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release, dated February 14, 2018
|
BUNGE LIMITED
|
||||
By:
|
/s/ Thomas M. Boehlert
|
|||
Name:
|
Thomas M. Boehlert
|
|||
Title:
|
Chief Financial Officer
|
Exhibit No. |
Description
|
• |
Q4 GAAP EPS of $(0.48) reflecting charges primarily related to restructuring and tax reform;
|
• |
Agribusiness impacted by weak margins; Sugar & Bioenergy impacted by adverse weather
|
• |
Edible Oils finished the year strong with near record results
|
• |
Global Competitiveness Program exceeded expectations in 2017
|
• |
Expect Loders Croklaan acquisition to close in Q1
|
• |
2018 outlook includes year-over-year improvement in all segments
|
Ø
|
Financial Highlights
|
Quarter Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
US$ in millions, except per share data
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net income (loss) attributable to Bunge
|
$
|
(60
|
)
|
$
|
271
|
$
|
160
|
$
|
745
|
|||||||
Net income (loss) per common share from continuing operations-diluted
|
$
|
(0.48
|
)
|
$
|
1.83
|
$
|
0.89
|
$
|
5.07
|
|||||||
Net income (loss) per common share from continuing operations-diluted, adjusted (a)
|
$
|
0.67
|
$
|
1.70
|
$
|
1.94
|
$
|
4.67
|
||||||||
Total Segment EBIT (a)
|
$
|
55
|
$
|
403
|
$
|
436
|
$
|
1,143
|
||||||||
Certain gains & (charges) (b)
|
(100
|
)
|
41
|
(141
|
)
|
43
|
||||||||||
Total Segment EBIT, adjusted (a)
|
$
|
155
|
$
|
362
|
$
|
577
|
$
|
1,100
|
||||||||
Agribusiness (c)
|
$
|
78
|
$
|
237
|
$
|
332
|
$
|
782
|
||||||||
Oilseeds
|
$
|
34
|
$
|
134
|
$
|
216
|
$
|
407
|
||||||||
Grains
|
$
|
44
|
$
|
103
|
$
|
116
|
$
|
375
|
||||||||
Food & Ingredients (d)
|
$
|
70
|
$
|
70
|
$
|
223
|
$
|
229
|
||||||||
Sugar & Bioenergy
|
$
|
(8
|
)
|
$
|
30
|
$
|
3
|
$
|
51
|
|||||||
Fertilizer
|
$
|
15
|
$
|
25
|
$
|
19
|
$
|
38
|
(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; 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 11 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.
|
Ø
|
Overview
|
Ø
|
Fourth Quarter Results
|
Ø
|
Outlook
|
Ø
|
Conference Call and Webcast Details
|
Ø
|
Website Information
|
Ø
|
About Bunge Limited
|
Ø
|
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
|
Ø
|
Additional Financial Information
|
(US$ in millions, except per share data)
|
Net Income (Loss)
Attributable to
Bunge
|
Earnings
Per Share
Diluted
|
Total Segment
EBIT (7)
|
|||||||||||||||
Quarter Ended December 31,
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Agribusiness: (1)
|
$
|
(42
|
)
|
$
|
71
|
$
|
(0.29
|
)
|
$
|
0.48
|
$
|
(52
|
)
|
$
|
105
|
|||
Severance, employee benefit, and other costs
|
(29
|
)
|
—
|
(0.20
|
)
|
—
|
(42
|
)
|
—
|
|||||||||
Impairment charges
|
(19
|
)
|
(15
|
)
|
(0.13
|
)
|
(0.10
|
)
|
(19
|
)
|
(15
|
)
|
||||||
Gain on disposition of equity interests/subsidiaries
|
6
|
86
|
0.04
|
0.58
|
9
|
120
|
||||||||||||
Edible Oil Products: (2)
|
$
|
(18
|
)
|
$
|
—
|
$
|
(0.13
|
)
|
$
|
—
|
$
|
(22
|
)
|
$
|
—
|
|||
Severance, employee benefit, and other costs
|
(9
|
)
|
—
|
(0.06
|
)
|
—
|
(13
|
)
|
—
|
|||||||||
Acquisition costs
|
(9
|
)
|
—
|
(0.07
|
)
|
—
|
(9
|
)
|
—
|
|||||||||
Milling Products: (3)
|
$
|
(3
|
)
|
$
|
—
|
$
|
(0.02
|
)
|
$
|
—
|
$
|
(5
|
)
|
$
|
—
|
|||
Severance, employee benefit, and other costs
|
(3
|
)
|
—
|
(0.02
|
)
|
—
|
(5
|
)
|
—
|
|||||||||
Sugar & Bioenergy: (4)
|
$
|
(4
|
)
|
$
|
(53
|
)
|
$
|
(0.03
|
)
|
$
|
(0.35
|
)
|
$
|
(5
|
)
|
$
|
(55
|
)
|
Severance, employee benefit, and other costs
|
(2
|
)
|
—
|
(0.02
|
)
|
—
|
(3
|
)
|
—
|
|||||||||
Impairment charges
|
(4
|
)
|
(42
|
)
|
(0.03
|
)
|
(0.28
|
)
|
(4
|
)
|
(44
|
)
|
||||||
Indirect tax credits
|
8
|
—
|
0.06
|
—
|
8
|
—
|
||||||||||||
Sugar restructuring charges
|
(6
|
)
|
(3
|
)
|
(0.04
|
)
|
(0.02
|
)
|
(6
|
)
|
(3
|
)
|
||||||
Provision for long-term receivables in Brazil
|
—
|
(8
|
)
|
—
|
(0.05
|
)
|
—
|
(8
|
)
|
|||||||||
Fertilizer: (5)
|
$
|
(10
|
)
|
$
|
(6
|
)
|
$
|
(0.07
|
)
|
$
|
(0.04
|
)
|
$
|
(16
|
)
|
$
|
(9
|
)
|
Severance, employee benefit, and other costs
|
(9
|
)
|
—
|
(0.06
|
)
|
—
|
(14
|
)
|
—
|
|||||||||
Impairment charges
|
(1
|
)
|
(6
|
)
|
(0.01
|
)
|
(0.04
|
)
|
(2
|
)
|
(9
|
)
|
||||||
Interest and Income Taxes: (6)
|
$
|
(86
|
)
|
$
|
5
|
$
|
(0.61
|
)
|
$
|
0.04
|
$
|
—
|
$
|
—
|
||||
Income tax benefits (charges)
|
(86
|
)
|
(5
|
)
|
(0.61
|
)
|
(0.03
|
)
|
—
|
—
|
||||||||
Reversal of interest related to ICMS tax credits in Brazil
|
—
|
10
|
—
|
0.07
|
—
|
—
|
||||||||||||
Total
|
$
|
(163
|
)
|
$
|
17
|
$
|
(1.15
|
)
|
$
|
0.13
|
$
|
(100
|
)
|
$
|
41
|
(US$ in millions, except per share data)
|
Net Income (Loss)
Attributable to
Bunge
|
Earnings
Per Share
Diluted
|
Total Segment
EBIT (7)
|
|||||||||||||||
Year Ended December 31,
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Agribusiness: (1)
|
$
|
(61
|
)
|
$
|
63
|
$
|
(0.43
|
)
|
$
|
0.43
|
$
|
(76
|
)
|
$
|
93
|
|||
Severance, employee benefit, and other costs
|
(33
|
)
|
—
|
(0.23
|
)
|
—
|
(49
|
)
|
—
|
|||||||||
Impairment charges
|
(34
|
)
|
(23
|
)
|
(0.24
|
)
|
(0.15
|
)
|
(36
|
)
|
(27
|
)
|
||||||
Gain on disposition of equity interests/subsidiaries
|
6
|
86
|
0.04
|
0.58
|
9
|
120
|
||||||||||||
Edible Oil Products: (2)
|
$
|
(21
|
)
|
$
|
—
|
$
|
(0.15
|
)
|
$
|
—
|
$
|
(26
|
)
|
$
|
—
|
|||
Severance, employee benefit, and other costs
|
(11
|
)
|
—
|
(0.07
|
)
|
—
|
(16
|
)
|
—
|
|||||||||
Impairment charges
|
(1
|
)
|
—
|
(0.01
|
)
|
—
|
(1
|
)
|
—
|
|||||||||
Acquisition costs
|
(9
|
)
|
—
|
(0.07
|
)
|
—
|
(9
|
)
|
—
|
|||||||||
Milling Products: (3)
|
$
|
(5
|
)
|
$
|
9
|
$
|
(0.04
|
)
|
$
|
0.06
|
$
|
(8
|
)
|
$
|
14
|
|||
Severance, employee benefit, and other costs
|
(5
|
)
|
—
|
(0.04
|
)
|
—
|
(7
|
)
|
—
|
|||||||||
Impairment charges
|
—
|
—
|
—
|
—
|
(1
|
)
|
—
|
|||||||||||
Brazilian wheat import tax contingency
|
—
|
9
|
—
|
0.06
|
—
|
14
|
||||||||||||
Sugar & Bioenergy: (4)
|
$
|
(14
|
)
|
$
|
(53
|
)
|
$
|
(0.10
|
)
|
$
|
(0.35
|
)
|
$
|
(15
|
)
|
$
|
(55
|
)
|
Severance, employee benefit, and other costs
|
(3
|
)
|
—
|
(0.02
|
)
|
—
|
(4
|
)
|
—
|
|||||||||
Impairment charges
|
(5
|
)
|
(42
|
)
|
(0.04
|
)
|
(0.28
|
)
|
(5
|
)
|
(44
|
)
|
||||||
Indirect tax credits
|
16
|
—
|
0.11
|
—
|
16
|
—
|
||||||||||||
Sugar restructuring charges
|
(22
|
)
|
(3
|
)
|
(0.15
|
)
|
(0.02
|
)
|
(22
|
)
|
(3
|
)
|
||||||
Provision for long-term receivables in Brazil
|
—
|
(8
|
)
|
—
|
(0.05
|
)
|
—
|
(8
|
)
|
|||||||||
Fertilizer: (5)
|
$
|
(10
|
)
|
$
|
(6
|
)
|
$
|
(0.07
|
)
|
$
|
(0.04
|
)
|
$
|
(16
|
)
|
$
|
(9
|
)
|
Severance, employee benefit, and other costs
|
(9
|
)
|
—
|
(0.06
|
)
|
—
|
(14
|
)
|
—
|
|||||||||
Impairment charges
|
(1
|
)
|
(6
|
)
|
(0.01
|
)
|
(0.04
|
)
|
(2
|
)
|
(9
|
)
|
||||||
Interest and Income Taxes: (6)
|
$
|
(37
|
)
|
$
|
44
|
$
|
(0.26
|
)
|
$
|
0.30
|
$
|
—
|
$
|
—
|
||||
Income tax benefits (charges)
|
(37
|
)
|
34
|
(0.26
|
)
|
0.23
|
—
|
—
|
||||||||||
Reversal of interest related to ICMS tax credits in Brazil
|
—
|
10
|
—
|
0.07
|
—
|
—
|
||||||||||||
Total
|
$
|
(148
|
)
|
$
|
57
|
$
|
(1.05
|
)
|
$
|
0.40
|
$
|
(141
|
)
|
$
|
43
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|||||||||||
(US$ in millions, except per share data)
|
2017
|
2016
|
2017
|
2016
|
||||||||
Net sales
|
$
|
11,605
|
$
|
11,799
|
$
|
45,794
|
$
|
42,679
|
||||
Cost of goods sold
|
(11,146
|
)
|
(11,095
|
)
|
(44,030
|
)
|
(40,269
|
)
|
||||
Gross profit
|
459
|
704
|
1,764
|
2,410
|
||||||||
Selling, general and administrative expenses
|
(399
|
)
|
(345
|
)
|
(1,445
|
)
|
(1,286
|
)
|
||||
Foreign exchange gains (losses)
|
(13
|
)
|
(17
|
)
|
95
|
(8
|
)
|
|||||
Other income (expense) – net
|
12
|
14
|
49
|
12
|
||||||||
Gain on disposition of equity interests/subsidiaries
|
9
|
122
|
9
|
122
|
||||||||
Equity investment impairments
|
(4
|
)
|
(59
|
)
|
(17
|
)
|
(59
|
)
|
||||
Intangible asset impairment
|
—
|
—
|
—
|
(12
|
)
|
|||||||
EBIT attributable to noncontrolling interest (a) (8)
|
(9
|
)
|
(16
|
)
|
(19
|
)
|
(36
|
)
|
||||
Total Segment EBIT (7)
|
55
|
403
|
436
|
1,143
|
||||||||
Interest income
|
9
|
14
|
38
|
51
|
||||||||
Interest expense
|
(72
|
)
|
(45
|
)
|
(263
|
)
|
(234
|
)
|
||||
Income tax (expense) benefit (6)
|
(54
|
)
|
(102
|
)
|
(56
|
)
|
(220
|
)
|
||||
Noncontrolling interest share of interest and tax (a) (8)
|
2
|
2
|
5
|
14
|
||||||||
Income (loss) from continuing operations, net of tax
|
(60
|
)
|
272
|
160
|
754
|
|||||||
Income (loss) from discontinued operations, net of tax
|
—
|
(1
|
)
|
—
|
(9
|
)
|
||||||
Net income (loss) attributable to Bunge (8)
|
(60
|
)
|
271
|
160
|
745
|
|||||||
Convertible preference share dividends and other obligations
|
(9
|
)
|
(9
|
)
|
(34
|
)
|
(36
|
)
|
||||
Net income (loss) available to Bunge common shareholders
|
$
|
(69
|
)
|
$
|
262
|
$
|
126
|
$
|
709
|
|||
Net income (loss) per common share diluted attributable to Bunge common shareholders (9)
|
||||||||||||
Continuing operations
|
$
|
(0.48
|
)
|
$
|
1.83
|
$
|
0.89
|
$
|
5.07
|
|||
Discontinued operations
|
—
|
(0.01
|
)
|
—
|
(0.06
|
)
|
||||||
Net income (loss) per common share - diluted
|
$
|
(0.48
|
)
|
$
|
1.82
|
$
|
0.89
|
$
|
5.01
|
|||
Weighted–average common shares outstanding - diluted
|
141
|
148
|
141
|
148
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|||||||||||
(US$ in millions, except volumes)
|
2017
|
2016
|
2017
|
2016
|
||||||||
Volumes (in thousands of metric tons):
|
||||||||||||
Agribusiness
|
34,343
|
32,829
|
142,855
|
134,605
|
||||||||
Edible Oil Products
|
2,050
|
1,883
|
7,731
|
6,989
|
||||||||
Milling Products
|
1,160
|
1,103
|
4,460
|
4,498
|
||||||||
Sugar & Bioenergy
|
2,712
|
2,504
|
9,389
|
8,847
|
||||||||
Fertilizer
|
499
|
440
|
1,329
|
1,272
|
||||||||
Net sales:
|
||||||||||||
Agribusiness
|
$
|
7,904
|
$
|
8,191
|
$
|
31,741
|
$
|
30,061
|
||||
Edible Oil Products
|
2,141
|
1,901
|
8,018
|
6,859
|
||||||||
Milling Products
|
406
|
404
|
1,575
|
1,647
|
||||||||
Sugar & Bioenergy
|
1,002
|
1,168
|
4,054
|
3,709
|
||||||||
Fertilizer
|
152
|
135
|
406
|
403
|
||||||||
Total
|
$
|
11,605
|
$
|
11,799
|
$
|
45,794
|
$
|
42,679
|
||||
Gross profit:
|
||||||||||||
Agribusiness
|
$
|
236
|
$
|
451
|
$
|
932
|
$
|
1,490
|
||||
Edible Oil Products
|
140
|
123
|
499
|
439
|
||||||||
Milling Products
|
54
|
57
|
209
|
269
|
||||||||
Sugar & Bioenergy
|
21
|
51
|
99
|
159
|
||||||||
Fertilizer
|
8
|
22
|
25
|
53
|
||||||||
Total
|
$
|
459
|
$
|
704
|
$
|
1,764
|
$
|
2,410
|
||||
Selling, general and administrative expenses:
|
||||||||||||
Agribusiness
|
$
|
(225
|
)
|
$
|
(195
|
)
|
$
|
(810
|
)
|
$
|
(706
|
)
|
Edible Oil Products
|
(104
|
)
|
(82
|
)
|
(362
|
)
|
(320
|
)
|
||||
Milling Products
|
(36
|
)
|
(30
|
)
|
(139
|
)
|
(127
|
)
|
||||
Sugar & Bioenergy
|
(28
|
)
|
(32
|
)
|
(115
|
)
|
(112
|
)
|
||||
Fertilizer
|
(6
|
)
|
(6
|
)
|
(19
|
)
|
(21
|
)
|
||||
Total
|
$
|
(399
|
)
|
$
|
(345
|
)
|
$
|
(1,445
|
)
|
$
|
(1,286
|
)
|
Foreign exchange gains (losses):
|
||||||||||||
Agribusiness
|
$
|
(8
|
)
|
$
|
(20
|
)
|
$
|
85
|
$
|
(7
|
)
|
|
Edible Oil Products
|
(1
|
)
|
1
|
3
|
(1
|
)
|
||||||
Milling Products
|
(2
|
)
|
(2
|
)
|
(3
|
)
|
(7
|
)
|
||||
Sugar & Bioenergy
|
1
|
4
|
11
|
9
|
||||||||
Fertilizer
|
(3
|
)
|
—
|
(1
|
)
|
(2
|
)
|
|||||
Total
|
$
|
(13
|
)
|
$
|
(17
|
)
|
$
|
95
|
$
|
(8
|
)
|
|
Segment EBIT:
|
||||||||||||
Agribusiness
|
$
|
26
|
$
|
342
|
$
|
256
|
$
|
875
|
||||
Edible Oil Products
|
28
|
46
|
126
|
112
|
||||||||
Milling Products
|
15
|
24
|
63
|
131
|
||||||||
Sugar & Bioenergy
|
(13
|
)
|
(25
|
)
|
(12
|
)
|
(4
|
)
|
||||
Fertilizer
|
(1
|
)
|
16
|
3
|
29
|
|||||||
Total Segment EBIT (7)
|
$
|
55
|
$
|
403
|
$
|
436
|
$
|
1,143
|
December 31,
|
December 31,
|
|||||
(US$ in millions)
|
2017
|
2016
|
||||
Assets
|
||||||
Cash and cash equivalents
|
$
|
601
|
$
|
934
|
||
Time deposits under trade structured finance program
|
—
|
64
|
||||
Trade accounts receivable, net
|
1,501
|
1,676
|
||||
Inventories (10)
|
5,074
|
4,773
|
||||
Other current assets
|
3,227
|
3,645
|
||||
Total current assets
|
10,403
|
11,092
|
||||
Property, plant and equipment, net
|
5,310
|
5,099
|
||||
Goodwill and other intangible assets, net
|
838
|
709
|
||||
Investments in affiliates
|
461
|
373
|
||||
Time deposits under trade structured finance program
|
315
|
464
|
||||
Other non-current assets
|
1,544
|
1,451
|
||||
Total assets
|
$
|
18,871
|
$
|
19,188
|
||
Liabilities and Equity
|
||||||
Short-term debt
|
$
|
304
|
$
|
257
|
||
Current portion of long-term debt
|
15
|
938
|
||||
Letter of credit obligations under trade structured finance program
|
315
|
528
|
||||
Trade accounts payable
|
3,395
|
3,485
|
||||
Other current liabilities
|
2,186
|
2,476
|
||||
Total current liabilities
|
6,215
|
7,684
|
||||
Long-term debt
|
4,160
|
3,069
|
||||
Other non-current liabilities
|
1,139
|
1,092
|
||||
Total liabilities
|
11,514
|
11,845
|
||||
Total equity
|
7,357
|
7,343
|
||||
Total liabilities and equity
|
$
|
18,871
|
$
|
19,188
|
Year Ended
December 31, |
||||||
(US$ in millions)
|
2017
|
2016
|
||||
Operating Activities
|
||||||
Net income (8)
|
$
|
174
|
$
|
767
|
||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
|
||||||
Impairment charges
|
52
|
87
|
||||
Foreign exchange (gain) loss on net debt
|
21
|
80
|
||||
Depreciation, depletion and amortization
|
609
|
547
|
||||
Deferred income tax
|
(23
|
)
|
126
|
|||
Other, net
|
72
|
(50
|
)
|
|||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
||||||
Trade accounts receivable
|
95
|
(131
|
)
|
|||
Inventories
|
(130
|
)
|
(269
|
)
|
||
Secured advances to suppliers
|
172
|
38
|
||||
Trade accounts payable and accrued liabilities
|
50
|
560
|
||||
Advances on sales
|
11
|
36
|
||||
Net unrealized gain (loss) on derivative contracts
|
105
|
(84
|
)
|
|||
Margin deposits
|
(5
|
)
|
199
|
|||
Marketable securities
|
(128
|
)
|
76
|
|||
Other, net
|
(69
|
)
|
(78
|
)
|
||
Cash provided by (used for) operating activities
|
1,006
|
1,904
|
||||
Investing Activities
|
||||||
Payments made for capital expenditures
|
(662
|
)
|
(784
|
)
|
||
Acquisitions of businesses (net of cash acquired)
|
(369
|
)
|
(34
|
)
|
||
Settlement of net investment hedges
|
(20
|
)
|
(375
|
)
|
||
Proceeds from investments
|
961
|
802
|
||||
Payments for investments
|
(944
|
)
|
(553
|
)
|
||
Payments for investments in affiliates
|
(126
|
)
|
(40
|
)
|
||
Other, net
|
(2
|
)
|
58
|
|||
Cash provided by (used for) investing activities
|
(1,162
|
)
|
(926
|
)
|
||
Financing Activities
|
||||||
Net borrowings (repayments) of short-term debt
|
42
|
(255
|
)
|
|||
Net proceeds (repayments) of long-term debt
|
44
|
316
|
||||
Repurchases of common shares
|
—
|
(200
|
)
|
|||
Proceeds from the exercise of options for common shares
|
59
|
—
|
||||
Dividends paid
|
(297
|
)
|
(282
|
)
|
||
Other, net
|
(28
|
)
|
(67
|
)
|
||
Cash provided by (used for) financing activities
|
(180
|
)
|
(488
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
3
|
33
|
||||
Net increase (decrease) in cash and cash equivalents
|
(333
|
)
|
523
|
|||
Cash and cash equivalents, beginning of period
|
934
|
411
|
||||
Cash and cash equivalents, end of period
|
$
|
601
|
$
|
934
|
Ø
|
Definition and Reconciliation of Non-GAAP Measures
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|||||||||||
(US$ in millions)
|
2017
|
2016
|
2017
|
2016
|
||||||||
Net income (loss) attributable to Bunge
|
$
|
(60
|
)
|
$
|
271
|
$
|
160
|
$
|
745
|
|||
Interest income
|
(9
|
)
|
(14
|
)
|
(38
|
)
|
(51
|
)
|
||||
Interest expense
|
72
|
45
|
263
|
234
|
||||||||
Income tax expense (benefit)
|
54
|
102
|
56
|
220
|
||||||||
(Income) loss from discontinued operations, net of tax
|
—
|
1
|
—
|
9
|
||||||||
Noncontrolling interest share of interest and tax
|
(2
|
)
|
(2
|
)
|
(5
|
)
|
(14
|
)
|
||||
Total Segment EBIT
|
55
|
403
|
436
|
1,143
|
||||||||
Certain (gains) and charges
|
100
|
(41
|
)
|
141
|
(43
|
)
|
||||||
Total Segment EBIT, adjusted
|
$
|
155
|
$
|
362
|
$
|
577
|
$
|
1,100
|
Ø
|
Net Income (loss) per common share from continuing operations–diluted, adjusted
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|||||||||||||||
(US$ in millions, except per share data)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income (loss) attributable to Bunge
|
$
|
(60
|
)
|
$
|
271
|
$
|
160
|
$
|
745
|
|||||||
Adjusted for certain gains and charges:
|
||||||||||||||||
Severance, employee benefit, and other costs
|
52
|
—
|
61
|
—
|
||||||||||||
Impairment charges
|
24
|
63
|
41
|
71
|
||||||||||||
Sugar restructuring charges
|
6
|
3
|
22
|
3
|
||||||||||||
Indirect tax credits
|
(8
|
)
|
—
|
(16
|
)
|
—
|
||||||||||
Acquisition costs
|
9
|
—
|
9
|
—
|
||||||||||||
Brazilian wheat import tax contingency
|
—
|
—
|
—
|
(9
|
)
|
|||||||||||
Gain on disposition of equity interests/subsidiaries
|
(6
|
)
|
(86
|
)
|
(6
|
)
|
(86
|
)
|
||||||||
Provision for long-term receivables in Brazil
|
—
|
8
|
—
|
8
|
||||||||||||
Interest and Income tax charges (benefits)
|
86
|
(5
|
)
|
37
|
(44
|
)
|
||||||||||
Adjusted Net Income attributable to Bunge
|
103
|
254
|
308
|
688
|
||||||||||||
Discontinued Operations
|
—
|
1
|
—
|
9
|
||||||||||||
Other Redeemable Obligations
|
—
|
—
|
—
|
(2
|
)
|
|||||||||||
Convertible Preference shares dividends
|
(9
|
)
|
—
|
(34
|
)
|
—
|
||||||||||
Net income (loss) - adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
94
|
$
|
255
|
$
|
274
|
$
|
695
|
||||||||
Weighted-average common shares outstanding - diluted
|
141
|
148
|
141
|
148
|
||||||||||||
Net income (loss) per common share - diluted, adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
0.67
|
$
|
1.70
|
$
|
1.94
|
$
|
4.67
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Continuing operations:
|
||||||||||||||||
Net income (loss) per common share - diluted adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
0.67
|
$
|
1.70
|
$
|
1.94
|
$
|
4.67
|
||||||||
Certain gains & charges (see Additional Financial Information section)
|
(1.15
|
)
|
0.13
|
(1.05
|
)
|
0.40
|
||||||||||
Net income (loss) per common share - continuing operations
|
(0.48
|
)
|
1.83
|
0.89
|
5.07
|
|||||||||||
Discontinued operations:
|
—
|
(0.01
|
)
|
—
|
(0.06
|
)
|
||||||||||
Net income (loss) per common share - diluted
|
$
|
(0.48
|
)
|
$
|
1.82
|
$
|
0.89
|
$
|
5.01
|
Quarter Ended December 31, 2017
|
Year Ended December 31, 2017
|
||||||||||||||||||
Severance
and
Employee
Benefit Costs
|
Other Costs
|
Total Costs
|
Severance
and
Employee
Benefit Costs
|
Other Costs
|
Total Costs
|
||||||||||||||
Global Competitiveness Program:
|
|||||||||||||||||||
Agribusiness
|
$
|
23
|
$
|
7
|
$
|
30
|
$
|
27
|
$
|
10
|
$
|
37
|
|||||||
Edible Oil Products
|
6
|
2
|
8
|
6
|
4
|
10
|
|||||||||||||
Milling Products
|
1
|
1
|
2
|
2
|
1
|
3
|
|||||||||||||
Sugar & Bioenergy
|
1
|
2
|
3
|
1
|
3
|
4
|
|||||||||||||
Fertilizer
|
1
|
—
|
1
|
1
|
—
|
1
|
|||||||||||||
Costs included in Selling, general and administrative expenses
|
$
|
32
|
$
|
12
|
$
|
44
|
$
|
37
|
$
|
18
|
$
|
55
|
|||||||
Other associated cost reduction and strategic initiatives:
|
|||||||||||||||||||
Costs included in Cost of goods sold
|
$
|
20
|
$
|
—
|
$
|
20
|
$
|
22
|
$
|
—
|
$
|
22
|
|||||||
Total GCP and Other costs
|
$
|
52
|
$
|
12
|
$
|
64
|
$
|
59
|
$
|
18
|
$
|
77
|
• |
GCP program costs which include severance and related employee costs, consulting and professional costs and other costs specifically designated to the program,
|
• |
Changes in inflation and foreign exchange rates as compared to Addressable Baseline assumptions,
|
• |
Perimeter changes relating to acquisitions and divestitures and corporate transactions,
|
• |
Changes in variable compensation relating to business performance as compared to the Addressable Baseline assumptions, and
|
• |
Identified investments in new or enhanced capabilities.
|
Ø
|
Notes
|
2016 fourth quarter and full year EBIT includes a $(44) million impairment charge of an equity investment in Brazil, an $(8) million provision for long-term receivables in Brazil, and a $(3) million restructuring charge.
|
Year Ended
December 31, |
|||||||
2017
|
2016
|
||||||
Net income (loss) attributable to Bunge
|
$
|
160
|
$
|
745
|
|||
EBIT attributable to noncontrolling interest
|
19
|
36
|
|||||
Noncontrolling interest share of interest and tax
|
(5
|
)
|
(14
|
)
|
|||
Net income (loss)
|
$
|
174
|
$
|
767
|
(9) |
Approximately 4 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 quarter and year ended December 31, 2017. Additionally, 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 quarter and year ended December 31, 2017.
|
(10) |
Includes readily marketable inventories of $4,056 million and $3,855 million at December 31, 2017 and 2016, respectively. Of these amounts, $2,767 million and $2,657 million, respectively, can be attributable to merchandising activities.
|
(11) |
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.
|