BUNGE LIMITED
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(Exact Name of Registrant as Specified in its Charter)
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Bermuda
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(State of Incorporation)
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001-16625
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98-0231912
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(Commission File Number)
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(IRS Employer Identification Number)
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50 Main Street
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White Plains, New York
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10606
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(Address of principal executive offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Shares, $0.01 par value per share
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BG
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New York Stock Exchange
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Exhibit No.
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Description
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99.1
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Press Release, dated July 31, 2019
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BUNGE LIMITED
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|||
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|||
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By:
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/s/ John W. Neppl
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Name:
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John W. Neppl
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Title:
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Chief Financial Officer
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Exhibit No.
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Description
|
|
|
|
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• |
Q2 GAAP EPS of $1.43 vs. $(0.20) in the prior year; $1.52 vs. $0.10 on an adjusted basis
|
• |
Results include $135 million net unrealized gain on Bunge Ventures’ stake in Beyond Meat, Inc.
|
• |
Agribusiness benefited from approximately $70 million in timing differences in soy crush, along with increased soy crush volumes,
partly offset by lower structural margins
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• |
Food & Ingredients largely in-line as strength in Edible Oils offset weakness in Milling
|
• |
Achieved major portfolio optimization milestone with announcement of Brazilian sugar JV with BP
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![]() |
Overview
|
![]() |
Financial Highlights
|
Quarter Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
US$ in millions, except per share data
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net income (loss) attributable to Bunge
|
$
|
214
|
$
|
(12
|
)
|
$
|
259
|
$
|
(33
|
)
|
||||||
Net income (loss) per common share from continuing operations-diluted
|
$
|
1.43
|
$
|
(0.20
|
)
|
$
|
1.71
|
$
|
(0.39
|
)
|
||||||
Net income (loss) per common share from continuing operations-diluted, adjusted (a)
|
$
|
1.52
|
$
|
0.10
|
$
|
1.90
|
$
|
0.04
|
||||||||
Total Segment EBIT (a)
|
$
|
354
|
$
|
71
|
$
|
505
|
$
|
132
|
||||||||
Certain gains & (charges) (b)
|
(16 |
)
|
(46 |
)
|
(31 |
)
|
(70 |
)
|
||||||||
Total Segment EBIT, adjusted (a)
|
$
|
370
|
$
|
117
|
$
|
536
|
$
|
202
|
||||||||
Agribusiness (c)
|
$
|
189
|
$
|
118
|
$
|
309
|
$
|
170
|
||||||||
Oilseeds
|
$
|
164
|
$
|
140
|
$
|
262
|
$
|
106
|
||||||||
Grains
|
$
|
25
|
$
|
(22
|
)
|
$
|
47
|
$
|
64
|
|||||||
Food & Ingredients (d)
|
$
|
49
|
$
|
46
|
$
|
117
|
$
|
100
|
||||||||
Sugar & Bioenergy
|
$
|
(9
|
)
|
$
|
(40
|
)
|
$
|
(32
|
)
|
$
|
(60
|
)
|
||||
Fertilizer
|
$
|
6
|
$
|
(7
|
)
|
$
|
7
|
$
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(8
|
)
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||||||
Other (e)
|
$
|
135
|
$
|
—
|
$
|
135
|
$
|
—
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(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. See Note 12 for a reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations.
|
(b) |
Certain gains & (charges) included in Total Segment EBIT. See Additional Financial Information for detail.
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(c) |
See footnote 11 for a description of the Oilseeds and Grains businesses in Bunge’s Agribusiness segment.
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(d) |
Includes Edible Oil Products and Milling Products segments.
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(e) |
Represents amounts attributable corporate and other items not allocated to the reportable segments.
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![]() |
Second Quarter Results
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![]() |
Outlook
|
![]() |
Conference Call and Webcast Details
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![]() |
About Bunge Limited
|
![]() |
Website Information
|
![]() |
Cautionary Statement Concerning Forward-Looking Statements
|
Investor Contact:
Ruth Ann Wisener
Bunge Limited
914-684-3273
ruthann.wisener@bunge.com
|
Media Contact:
Bunge News Bureau
Bunge Limited
917-659-9209
news@bunge.com
|
![]() |
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 June 30,
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||||
Agribusiness: (1)
|
$
|
(6
|
)
|
$
|
(9
|
)
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(7
|
)
|
$
|
(12
|
)
|
||||||
Severance, employee benefit, and other costs
|
(6
|
)
|
(9
|
)
|
(0.04
|
)
|
(0.07
|
)
|
(7
|
)
|
(12
|
)
|
||||||||||||
Edible Oil Products: (2)
|
$
|
(4
|
)
|
$
|
(9
|
)
|
$
|
(0.02
|
)
|
$
|
(0.06
|
)
|
$
|
(4
|
)
|
$
|
(8
|
)
|
||||||
Severance, employee benefit, and other costs
|
(2
|
)
|
(2
|
)
|
(0.01
|
)
|
(0.02
|
)
|
(2
|
)
|
(3
|
)
|
||||||||||||
Acquisition and integration costs
|
(2
|
)
|
(7
|
)
|
(0.01
|
)
|
(0.04
|
)
|
(2
|
)
|
(5
|
)
|
||||||||||||
Milling Products: (3)
|
$
|
(2
|
) |
$
|
(1
|
)
|
$
|
(0.02 |
) |
$
|
—
|
|
$
|
(3
|
) |
$
|
(1
|
)
|
||||||
Severance, employee benefit, and other costs
|
(1 |
) |
(1
|
)
|
(0.01
|
) |
— | |
(1 |
) |
(1
|
)
|
||||||||||||
Impairment charges
|
(8 | ) |
— |
(0.06 | ) | — | (11 | ) |
— | |||||||||||||||
Gain on arbitration settlement
|
7 | — | 0.05 | — | 9 | — | ||||||||||||||||||
Sugar & Bioenergy: (4)
|
$
|
(1
|
)
|
$
|
(22
|
)
|
$
|
(0.01
|
)
|
$
|
(0.16
|
)
|
$
|
(2
|
)
|
$
|
(23
|
)
|
||||||
Severance, employee benefit, and other costs
|
—
|
(3
|
)
|
—
|
(0.02
|
)
|
(1
|
) |
(4
|
)
|
||||||||||||||
Sugar restructuring charges
|
(1
|
)
|
(3
|
)
|
(0.01
|
)
|
(0.03
|
)
|
(1
|
)
|
(3
|
)
|
||||||||||||
Loss on disposition of equity investment
|
— |
(16 |
) |
— |
(0.11 | ) |
— | (16 |
) |
|||||||||||||||
Fertilizer: (5)
|
$
|
—
|
$
|
(1
|
)
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
(2
|
)
|
|||||||||
Severance, employee benefit, and other costs
|
—
|
(1
|
)
|
—
|
(0.01
|
)
|
—
|
(2
|
)
|
|||||||||||||||
Total
|
$
|
(13
|
)
|
$
|
(42
|
)
|
$
|
(0.09
|
)
|
$
|
(0.30
|
)
|
$
|
(16
|
)
|
$
|
(46
|
)
|
(US$ in millions, except per share data)
|
Net Income (Loss)
Attributable to
Bunge
|
Earnings
Per Share
Diluted
|
Total Segment
EBIT (7)
|
|||||||||||||||||||||
Six Months Ended June 30,
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||||
Agribusiness: (1)
|
$
|
(16
|
)
|
$
|
(17
|
)
|
$
|
(0.11
|
)
|
$
|
(0.12
|
)
|
$
|
(18
|
)
|
$
|
(22
|
)
|
||||||
Severance, employee benefit, and other costs
|
(10
|
)
|
(18
|
)
|
(0.07
|
)
|
(0.13
|
)
|
(12
|
)
|
(23
|
)
|
||||||||||||
Impairment charges
|
(6 |
) |
— |
(0.04 |
) |
— | (6 |
) |
— | |||||||||||||||
Gain on disposition of subsidiary
|
—
|
1 |
— | 0.01 | — | 1 | ||||||||||||||||||
Edible Oil Products: (2)
|
$
|
(6
|
)
|
$
|
(14
|
)
|
$
|
(0.04
|
)
|
$
|
(0.10
|
)
|
$
|
(7
|
)
|
$
|
(15
|
)
|
||||||
Severance, employee benefit, and other costs
|
(3
|
)
|
(4
|
)
|
(0.02
|
)
|
(0.03
|
)
|
(4
|
)
|
(5
|
)
|
||||||||||||
Acquisition and integration costs
|
(3
|
)
|
(10
|
)
|
(0.02
|
)
|
(0.07
|
)
|
(3
|
)
|
(10
|
)
|
||||||||||||
Milling Products: (3)
|
$
|
(2
|
) |
$
|
(2
|
)
|
$
|
(0.02 |
) |
$
|
(0.01
|
) |
$
|
(3
|
) |
$
|
(3
|
)
|
||||||
Severance, employee benefit, and other costs
|
(1 |
) |
(2
|
)
|
(0.01
|
) |
(0.01 |
) |
(1 |
) |
(3
|
)
|
||||||||||||
Impairment charges
|
(8 | ) |
— |
(0.06 | ) | — | (11 | ) |
— | |||||||||||||||
Gain on arbitration settlement
|
7 | — | 0.05 | — | 9 | — | ||||||||||||||||||
Sugar & Bioenergy: (4)
|
$
|
(3
|
)
|
$
|
(26
|
)
|
$
|
(0.02
|
)
|
$
|
(0.19
|
)
|
$
|
(3
|
)
|
$
|
(27
|
)
|
||||||
Severance, employee benefit, and other costs
|
—
|
(4
|
)
|
—
|
(0.03
|
)
|
— | |
(5
|
)
|
||||||||||||||
Sugar restructuring charges
|
(3
|
)
|
(6
|
)
|
(0.02
|
)
|
(0.05
|
)
|
(3
|
)
|
(6
|
)
|
||||||||||||
Loss on disposition of equity investment
|
— |
(16 |
) |
— |
(0.11 | ) |
— | (16 |
) |
|||||||||||||||
Fertilizer: (5)
|
$
|
—
|
$
|
(2
|
)
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
(3
|
)
|
|||||||||
Severance, employee benefit, and other costs
|
—
|
(2
|
)
|
—
|
(0.01
|
)
|
—
|
(3
|
)
|
|||||||||||||||
Total
|
$
|
(27
|
)
|
$
|
(61
|
)
|
$
|
(0.19
|
)
|
$
|
(0.43
|
)
|
$
|
(31
|
)
|
$
|
(70
|
)
|
Quarter Ended June 30, |
Six Months Ended
June 30,
|
|||||||||||||||
(US$ in millions, except per share data) | 2019 |
2018 | 2019 | 2018 | ||||||||||||
Net Sales |
$ |
10,096 |
$ |
12,147 |
$ |
20,034 |
$ |
22,788 |
||||||||
Cost of goods sold
|
(9,584
|
)
|
(11,605
|
)
|
(19,085
|
)
|
(21,862
|
)
|
||||||||
Gross profit
|
512
|
542
|
949
|
926
|
||||||||||||
Selling, general and administrative expenses
|
(335
|
)
|
(377
|
)
|
(640
|
)
|
(721
|
)
|
||||||||
Foreign exchange gains (losses)
|
(11
|
)
|
(96
|
)
|
(18
|
)
|
(96
|
)
|
||||||||
Other income (expense) – net
|
187
|
4
|
218
|
28
|
||||||||||||
EBIT attributable to noncontrolling interest (a) (8)
|
1
|
(2
|
)
|
(4
|
)
|
(5
|
)
|
|||||||||
Total Segment EBIT (7)
|
354
|
71
|
505
|
132
|
||||||||||||
Interest income
|
7
|
6
|
14
|
14
|
||||||||||||
Interest expense
|
(88
|
)
|
(94
|
)
|
(163
|
)
|
(164
|
)
|
||||||||
Income tax (expense) benefit
|
(60
|
)
|
(2
|
)
|
(98
|
)
|
(21
|
)
|
||||||||
Noncontrolling interest share of interest and tax (a) (8)
|
1
|
—
|
1
|
1
|
||||||||||||
Income (loss) from continuing operations, net of tax
|
214
|
(19
|
)
|
259
|
(38
|
)
|
||||||||||
Income (loss) from discontinued operations, net of tax
|
—
|
7
|
—
|
5
|
||||||||||||
Net income (loss) attributable to Bunge (8)
|
214
|
(12
|
)
|
259
|
(33
|
)
|
||||||||||
Convertible preference share dividends
|
(9
|
)
|
(9
|
)
|
(17
|
)
|
(17
|
)
|
||||||||
Net income (loss) available to Bunge common shareholders
|
$ | 205 | $ |
(21
|
) |
$ | 242 | $ | (50 | ) | ||||||
Net income (loss) per common share diluted attributable to Bunge common shareholders (9)
|
||||||||||||||||
Continuing operations
|
$ | 1.43 | $ | (0.20 | )
|
$ | 1.71 | $ | (0.39 | ) | ||||||
Discontinued operations
|
—
|
0.05
|
—
|
0.03
|
||||||||||||
Net income (loss) per common share - diluted
|
$ | 1.43 | $ | (0.15 | ) |
$ | 1.71 | $ |
(0.36
|
)
|
||||||
Weighted–average common shares outstanding - diluted
|
150
|
141
|
142
|
141
|
(a) The line items “EBIT attributable to noncontrolling interest” and “Noncontrolling interest share of interest and tax” when combined,
represent consolidated Net (income) loss attributable to noncontrolling interests on a U.S. GAAP basis of presentation.
|
Quarter Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
(US$ in millions, except volumes)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Volumes (in thousands of metric tons):
|
||||||||||||||||
Agribusiness
|
34,009
|
37,398
|
68,438
|
73,203
|
||||||||||||
Edible Oil Products
|
2,328
|
2,261
|
4,637
|
4,269
|
||||||||||||
Milling Products
|
1,113
|
1,177
|
2,218
|
2,312
|
||||||||||||
Sugar & Bioenergy
|
828
|
1,570
|
1,644
|
3,017
|
||||||||||||
Fertilizer
|
305
|
254
|
501
|
426
|
||||||||||||
Net sales:
|
||||||||||||||||
Agribusiness
|
$
|
7,068
|
$
|
8,725
|
$
|
13,987
|
$
|
16,187
|
||||||||
Edible Oil Products
|
2,206
|
2,325
|
4,445
|
4,474
|
||||||||||||
Milling Products
|
430
|
426
|
856
|
835
|
||||||||||||
Sugar & Bioenergy
|
284
|
582
|
569
|
1,145
|
||||||||||||
Fertilizer
|
108
|
89
|
177
|
147
|
||||||||||||
Total
|
$
|
10,096
|
$
|
12,147
|
$
|
20,034
|
$
|
22,788
|
||||||||
Gross profit:
|
||||||||||||||||
Agribusiness
|
$
|
314
|
$
|
354
|
$
|
549
|
$
|
557
|
||||||||
Edible Oil Products
|
142
|
123
|
292
|
249
|
||||||||||||
Milling Products
|
41
|
63
|
90
|
117
|
||||||||||||
Sugar & Bioenergy
|
4
|
2
|
2
|
(2
|
)
|
|||||||||||
Fertilizer
|
11
|
—
|
16
|
5
|
||||||||||||
Total
|
$
|
512
|
$
|
542
|
$
|
949
|
$
|
926
|
||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Agribusiness
|
$
|
(157
|
)
|
$
|
(178
|
)
|
$
|
(309
|
)
|
$
|
(363
|
)
|
||||
Edible Oil Products
|
(113
|
)
|
(114
|
)
|
(212
|
)
|
(205
|
)
|
||||||||
Milling Products
|
(34
|
)
|
(33
|
)
|
(67
|
)
|
(72
|
)
|
||||||||
Sugar & Bioenergy
|
(15
|
)
|
(45
|
)
|
(33
|
)
|
(69
|
)
|
||||||||
Fertilizer
|
(4
|
)
|
(7
|
)
|
(7
|
)
|
(12
|
)
|
||||||||
Other (6)
|
(12
|
)
|
—
|
(12
|
)
|
—
|
||||||||||
Total
|
$
|
(335
|
)
|
$
|
(377
|
)
|
$
|
(640
|
)
|
$
|
(721
|
)
|
||||
Foreign exchange gains (losses):
|
||||||||||||||||
Agribusiness
|
$
|
(10
|
)
|
$
|
(93
|
)
|
$
|
(18
|
)
|
$
|
(93
|
)
|
||||
Edible Oil Products
|
(3
|
)
|
5
|
(1
|
)
|
4
|
||||||||||
Milling Products
|
1
|
(2
|
)
|
3
|
—
|
|||||||||||
Sugar & Bioenergy
|
1
|
(4
|
)
|
(2
|
)
|
(3
|
)
|
|||||||||
Fertilizer
|
—
|
(2
|
)
|
—
|
(4
|
)
|
||||||||||
Total
|
$
|
(11
|
)
|
$
|
(96
|
)
|
$
|
(18
|
)
|
$
|
(96
|
)
|
||||
Segment EBIT:
|
||||||||||||||||
Agribusiness
|
$
|
182
|
$
|
106
|
$
|
291
|
$
|
148
|
||||||||
Edible Oil Products
|
25
|
11
|
73
|
39
|
||||||||||||
Milling Products
|
17
|
26
|
34
|
43
|
||||||||||||
Sugar & Bioenergy
|
(11
|
)
|
(63
|
)
|
(35
|
)
|
(87
|
)
|
||||||||
Fertilizer
|
6
|
(9
|
)
|
7
|
(11
|
)
|
||||||||||
Other (6)
|
135
|
—
|
135
|
—
|
||||||||||||
Total Segment EBIT (7)
|
$
|
354
|
$
|
71
|
$
|
505
|
$
|
132
|
June 30,
|
December 31,
|
|||||||
(US$ in millions)
|
2019
|
2018
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
238
|
$
|
389
|
||||
Trade accounts receivable, net
|
1,711
|
1,637
|
||||||
Inventories (10)
|
5,875
|
5,871
|
||||||
Other current assets
|
3,283
|
3,171
|
||||||
Total current assets
|
11,107
|
11,068
|
||||||
Property, plant and equipment, net
|
5,238
|
5,201
|
||||||
Operating lease assets
|
1,027
|
—
|
||||||
Goodwill and other intangible assets, net
|
1,372
|
1,424
|
||||||
Investments in affiliates
|
474
|
451
|
||||||
Other non-current assets
|
1,206
|
1,281
|
||||||
Total assets
|
$
|
20,424
|
$
|
19,425
|
||||
Liabilities and Equity
|
||||||||
Short-term debt
|
$
|
1,885
|
$
|
750
|
||||
Current portion of long-term debt
|
424
|
419
|
||||||
Trade accounts payable
|
3,053
|
3,501
|
||||||
Current operating lease obligations
|
231
|
—
|
||||||
Other current liabilities
|
1,864
|
2,502
|
||||||
Total current liabilities
|
7,457
|
7,172
|
||||||
Long-term debt
|
4,039
|
4,203
|
||||||
Non-current operating lease obligations
|
750
|
—
|
||||||
Other non-current liabilities
|
1,228
|
1,248
|
||||||
Total liabilities
|
13,474
|
12,623
|
||||||
Redeemable noncontrolling interest
|
425
|
424
|
||||||
Total equity
|
6,525
|
6,378
|
||||||
Total liabilities, redeemable noncontrolling interest and equity
|
$
|
20,424
|
$
|
19,425
|
Six Months Ended June 30,
|
||||||||
(US$ in millions)
|
2019
|
2018
|
||||||
Operating Activities
|
||||||||
Net income (loss) (8)
|
$
|
262
|
$
|
(29
|
)
|
|||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
|
||||||||
Foreign exchange (gain) loss on net debt
|
38
|
171
|
||||||
Depreciation, depletion and amortization
|
294
|
304
|
||||||
Deferred income tax (benefit)
|
3
|
(50
|
)
|
|||||
Other, net
|
30
|
53
|
||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
||||||||
Trade accounts receivable
|
(106
|
)
|
(245
|
)
|
||||
Inventories
|
5
|
(2,202
|
)
|
|||||
Secured advances to suppliers
|
(120
|
)
|
(308
|
)
|
||||
Trade accounts payable and accrued liabilities
|
(503
|
)
|
(48
|
)
|
||||
Advances on sales
|
(169
|
)
|
(80
|
)
|
||||
Net unrealized gain (loss) on derivative contracts
|
(214
|
)
|
262
|
|||||
Margin deposits
|
121
|
(217
|
)
|
|||||
Marketable securities
|
(272
|
)
|
(56
|
)
|
||||
Beneficial interest in securitized trade receivables
|
(521
|
)
|
(1,074
|
)
|
||||
Other, net
|
69
|
(30
|
)
|
|||||
Cash provided by (used for) operating activities
|
(1,083
|
)
|
(3,549
|
)
|
||||
Investing Activities
|
||||||||
Payments made for capital expenditures
|
(265
|
)
|
(220
|
)
|
||||
Acquisitions of businesses (net of cash acquired)
|
—
|
(968
|
)
|
|||||
Proceeds from investments
|
213
|
945
|
||||||
Payments for investments
|
(277
|
)
|
(1,082
|
)
|
||||
Settlement of net investment hedges
|
(39
|
)
|
12
|
|||||
Proceeds from beneficial interest in securitized trade receivables
|
547
|
1,064
|
||||||
Payments for investments in affiliates
|
(6
|
)
|
—
|
|||||
Other, net
|
12
|
32
|
||||||
Cash provided by (used for) investing activities
|
185
|
(217
|
)
|
|||||
Financing Activities
|
||||||||
Net borrowings (repayments) of short-term debt
|
1,138
|
2,071
|
||||||
Net proceeds (repayments) of long-term debt
|
(234
|
)
|
1,496
|
|||||
Proceeds from the exercise of options for common shares
|
7
|
11
|
||||||
Dividends paid to common and preference shareholders
|
(158
|
)
|
(147
|
)
|
||||
Other, net
|
(8
|
)
|
(13
|
)
|
||||
Cash provided by (used for) financing activities
|
745
|
3,418
|
||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
8
|
(32
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
(145
|
)
|
(380
|
)
|
||||
Cash and cash equivalents and restricted cash - beginning of period
|
393
|
605
|
||||||
Cash and cash equivalents and restricted cash - end of period
|
$
|
248
|
$
|
225
|
![]() |
Definition and Reconciliation of Non-GAAP Measures
|
Quarter Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
(US$ in millions)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net income (loss) attributable to Bunge
|
$
|
214
|
$
|
(12
|
)
|
$
|
259
|
$
|
(33
|
)
|
||||||
Interest income
|
(7
|
)
|
(6
|
)
|
(14
|
)
|
(14
|
)
|
||||||||
Interest expense
|
88
|
94
|
163
|
164
|
||||||||||||
Income tax expense (benefit)
|
60
|
2
|
98
|
21
|
||||||||||||
(Income) loss from discontinued operations, net of tax
|
—
|
(7
|
)
|
—
|
(5
|
)
|
||||||||||
Noncontrolling interest share of interest and tax
|
(1
|
)
|
—
|
(1
|
)
|
(1
|
)
|
|||||||||
Total Segment EBIT
|
354
|
71
|
505
|
132
|
||||||||||||
Certain (gains) and charges
|
16
|
46
|
31
|
70
|
||||||||||||
Total Segment EBIT, adjusted
|
$
|
370
|
$
|
117
|
$
|
536
|
$
|
202
|
![]() |
Net Income (loss) per common share from continuing operations–diluted, adjusted
|
Quarter Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
(US$ in millions, except per share data)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net Income (loss) attributable to Bunge
|
$
|
214
|
$
|
(12
|
)
|
$
|
259
|
$
|
(33
|
)
|
||||||
Adjusted for certain gains and charges:
|
||||||||||||||||
Severance, employee benefit, and other costs
|
9
|
16
|
14
|
30
|
||||||||||||
Impairment charges
|
8
|
—
|
14
|
—
|
||||||||||||
Sugar restructuring charges
|
1
|
3
|
3
|
6
|
||||||||||||
Acquisition and integration costs
|
2
|
7
|
3
|
10
|
||||||||||||
Gain on arbitration settlement
|
(7
|
)
|
—
|
(7
|
)
|
—
|
||||||||||
(Gain) loss, net on disposition of equity interest and subsidiary
|
—
|
16
|
—
|
15
|
||||||||||||
Adjusted Net Income attributable to Bunge
|
227
|
30
|
286
|
28
|
||||||||||||
Discontinued operations
|
—
|
(7
|
)
|
—
|
(5
|
)
|
||||||||||
Convertible preference shares dividends
|
—
|
(9
|
)
|
(17
|
)
|
(17
|
)
|
|||||||||
Net income (loss) - adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
227
|
$
|
14
|
$
|
269
|
$
|
6
|
||||||||
Weighted-average common shares outstanding - diluted
|
150
|
141
|
142
|
141
|
||||||||||||
Net income (loss) per common share - diluted, adjusted (excluding certain gains & charges and discontinued
operations)
|
$
|
1.52
|
$
|
0.10
|
$
|
1.90
|
$
|
0.04
|
Quarter Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Continuing operations:
|
||||||||||||||||
Net income (loss) per common share - diluted adjusted (excluding certain gains & charges and discontinued operations)
|
$
|
1.52
|
$
|
0.10
|
$
|
1.90
|
$
|
0.04
|
||||||||
Certain gains & charges (see Additional Financial Information section)
|
(0.09
|
)
|
(0.30
|
)
|
(0.19
|
)
|
(0.43
|
)
|
||||||||
Net income (loss) per common share - continuing operations
|
1.43
|
(0.20
|
)
|
1.71
|
(0.39
|
)
|
||||||||||
Discontinued operations:
|
—
|
0.05
|
—
|
0.03
|
||||||||||||
Net income (loss) per common share - diluted
|
$
|
1.43
|
$
|
(0.15
|
)
|
$
|
1.71
|
$
|
(0.36
|
)
|
![]() |
Severance, Employee Benefit and Other Costs
|
Quarter Ended
June 30, 2019
|
Quarter Ended
June 30, 2018
|
|||||||||||||||||||||||||||
Severance and Employee Benefit Costs
|
Consulting and Professional Services
|
Other Program Costs
|
Total Costs
|
Severance and Employee Benefit Costs
|
Consulting and Professional Services
|
Total Costs
|
||||||||||||||||||||||
Global Competitiveness Program:
|
||||||||||||||||||||||||||||
Agribusiness
|
$
|
5
|
$
|
—
|
$
|
2
|
$
|
7
|
$
|
3
|
$
|
6
|
$
|
9
|
||||||||||||||
Edible Oil Products
|
1
|
—
|
—
|
1
|
1
|
2
|
3
|
|||||||||||||||||||||
Milling Products
|
1
|
—
|
—
|
1
|
—
|
1
|
1
|
|||||||||||||||||||||
Sugar & Bioenergy
|
—
|
—
|
1
|
1
|
2
|
2
|
4
|
|||||||||||||||||||||
Fertilizer
|
—
|
—
|
—
|
—
|
—
|
1
|
1
|
|||||||||||||||||||||
Costs included in Selling, general and administrative expenses
|
7
|
—
|
3
|
10
|
$
|
6
|
$
|
12
|
$
|
18
|
||||||||||||||||||
Other associated cost reduction and strategic initiatives:
|
||||||||||||||||||||||||||||
Costs included in Cost of goods sold
|
1
|
—
|
—
|
1
|
$
|
4
|
$
|
—
|
$
|
4
|
||||||||||||||||||
Total GCP and Other costs
|
$
|
8
|
$
|
—
|
$
|
3
|
$
|
11
|
$
|
10
|
$
|
12
|
$
|
22
|
Six Months
Ended June 30, 2019
|
Six Months Ended
June 30, 2018
|
|||||||||||||||||||||||||||
Severance and Employee Benefit Costs
|
Consulting and Professional Services
|
Other Program Costs
|
Total
Costs
|
Severance and Employee Benefit Costs
|
Consulting and Professional Services
|
Total
Costs
|
||||||||||||||||||||||
Global Competitiveness Program:
|
||||||||||||||||||||||||||||
Agribusiness
|
$
|
7
|
$
|
2
|
$
|
3
|
$
|
12
|
$
|
7
|
$
|
12
|
$
|
19
|
||||||||||||||
Edible Oil Products
|
2
|
1
|
—
|
3
|
2
|
3
|
5
|
|||||||||||||||||||||
Milling Products
|
1
|
—
|
—
|
1
|
—
|
2
|
2
|
|||||||||||||||||||||
Sugar & Bioenergy
|
(1
|
)
|
—
|
1
|
—
|
2
|
3
|
5
|
||||||||||||||||||||
Fertilizer
|
—
|
—
|
—
|
—
|
—
|
1
|
1
|
|||||||||||||||||||||
Costs included in Selling, general and administrative expenses
|
9
|
3
|
4
|
16
|
$
|
11
|
$
|
21
|
$
|
32
|
||||||||||||||||||
Other associated cost reduction and strategic initiatives:
|
||||||||||||||||||||||||||||
Costs included in Cost of goods sold
|
1
|
—
|
—
|
1
|
$
|
6
|
$
|
—
|
$
|
6
|
||||||||||||||||||
Total GCP and Other costs
|
$
|
10
|
$
|
3
|
$
|
4
|
$
|
17
|
$
|
17
|
$
|
21
|
$
|
38
|
• |
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.
|
![]() |
Notes
|
Six Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
Net income (loss) attributable to Bunge
|
$
|
259
|
$
|
(33
|
)
|
|||
EBIT attributable to noncontrolling interest
|
4
|
5
|
||||||
Noncontrolling interest share of interest and tax
|
(1
|
)
|
(1
|
)
|
||||
Net income (loss)
|
$
|
262
|
$
|
(29
|
)
|
(9) |
Approximately 6 million and 5 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, 2019, respectively. 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 six months ended June 30, 2019.
|
(10) |
Includes readily marketable inventories of $4,423 million and $4,532 million at June 30, 2019 and December 31, 2018, respectively. Of these amounts,
$3,369 million and $3,374 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 partially conducted through joint ventures.
|
(12) |
A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations is as follows:
|
Trailing Four Quarters Ended June 30, 2019
|
||||
Cash provided by (used for) operating activities
|
$
|
1,202
|
||
Foreign exchange gain (loss) on net debt
|
(6
|
)
|
||
Working capital changes
|
204
|
|||
Adjusted funds from operations
|
$
|
1,400
|
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