(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area 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)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Press Release, dated February 9, 2022 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
BUNGE LIMITED | |||||
By: | /s/ John W. Neppl | ||||
Name: | John W. Neppl | ||||
Title: | Executive Vice President, Chief Financial Officer |
Ø | Overview |
Ø | Financial Highlights |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||
(US$ in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income attributable to Bunge | $ | 231 | $ | 551 | $ | 2,078 | $ | 1,145 | |||||||||
Net income per common share-diluted | $ | 1.52 | $ | 3.74 | $ | 13.64 | $ | 7.71 | |||||||||
Mark-to-market timing differences (a) | $ | 0.90 | $ | (0.05) | $ | 0.08 | $ | 0.92 | |||||||||
Certain (gains) and charges (b) | $ | 1.07 | $ | (0.59) | $ | (0.79) | $ | (0.27) | |||||||||
Adjustment of redeemable noncontrolling interest (c) | $ | — | $ | (0.05) | $ | — | $ | (0.06) | |||||||||
Adjusted Net income per common share-diluted (d) | $ | 3.49 | $ | 3.05 | $ | 12.93 | $ | 8.30 | |||||||||
Core Segment EBIT (d) (e) | $ | 418 | $ | 779 | $ | 2,882 | $ | 2,091 | |||||||||
Mark-to-market timing differences (a) | 143 | 4 | (8) | 190 | |||||||||||||
Certain (gains) & charges (b) | 205 | (147) | (123) | (147) | |||||||||||||
Adjusted Core Segment EBIT (d) | $ | 766 | $ | 636 | $ | 2,751 | $ | 2,134 | |||||||||
Corporate and Other EBIT (d) | $ | (106) | $ | (92) | $ | (333) | $ | (371) | |||||||||
Certain (gains) & charges (b) | — | 12 | — | 83 | |||||||||||||
Adjusted Corporate and Other EBIT (d) | $ | (106) | $ | (80) | $ | (333) | $ | (288) | |||||||||
Non-core Segment EBIT (d) (f) | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Certain (gains) & charges (b) | — | — | — | — | |||||||||||||
Adjusted Non-core Segment EBIT (d) | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Total Segment EBIT (d) | $ | 332 | $ | 714 | $ | 2,661 | $ | 1,633 | |||||||||
Mark-to-market timing differences (a) | 143 | 4 | (8) | 190 | |||||||||||||
Total Certain (gains) & charges (b) | 205 | (135) | (123) | (64) | |||||||||||||
Adjusted Total Segment EBIT (d) | $ | 680 | $ | 583 | $ | 2,530 | $ | 1,759 |
Ø | Fourth Quarter and Full-Year 2021 Results |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions, except per share data) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Volumes (in thousand metric tons) | 35,638 | 35,785 | 142,013 | 143,054 | |||||||||||||
Net Sales | $ | 12,324 | $ | 9,450 | $ | 43,636 | $ | 30,047 | |||||||||
Gross Profit | $ | 616 | $ | 584 | $ | 2,503 | $ | 1,862 | |||||||||
Selling, general and administrative expense | $ | (119) | $ | (155) | $ | (432) | $ | (520) | |||||||||
Foreign exchange gains (losses) | $ | (23) | $ | 72 | $ | (24) | $ | 150 | |||||||||
EBIT attributable to noncontrolling interests | $ | (22) | $ | (14) | $ | (28) | $ | (21) | |||||||||
Other income (expense) - net | $ | (12) | $ | 3 | $ | 215 | $ | 42 | |||||||||
Income (loss) from affiliates | $ | 12 | $ | 1 | $ | 56 | $ | 47 | |||||||||
Segment EBIT | $ | 452 | $ | 491 | $ | 2,290 | $ | 1,560 | |||||||||
Mark-to-market timing differences | 143 | 7 | (1) | 182 | |||||||||||||
Certain (gains) & charges | — | — | (158) | — | |||||||||||||
Adjusted Segment EBIT | $ | 595 | $ | 498 | $ | 2,131 | $ | 1,742 | |||||||||
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge | $ | — | $ | — | $ | (119) | $ | — | |||||||||
Certain (gains) & charges, Earnings Per Share | $ | — | $ | — | $ | (0.78) | $ | — |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Processing EBIT | $ | 261 | $ | 239 | $ | 1,625 | $ | 1,067 | |||||||||
Mark-to-market timing differences | 183 | 96 | (118) | 237 | |||||||||||||
Certain (gains) & charges | — | — | (73) | — | |||||||||||||
Adjusted Processing EBIT | $ | 444 | $ | 335 | $ | 1,434 | $ | 1,304 |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Merchandising EBIT | 191 | $ | 252 | $ | 665 | $ | 493 | ||||||||||
Mark-to-market timing differences | (40) | (89) | 117 | (55) | |||||||||||||
Certain (gains) & charges | — | — | (85) | — | |||||||||||||
Adjusted Merchandising EBIT | $ | 151 | $ | 163 | $ | 697 | $ | 438 |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions, except per share data) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Volumes (in thousand metric tons) | 2,361 | 2,414 | 9,202 | 9,529 | |||||||||||||
Net Sales | $ | 3,760 | $ | 2,712 | $ | 13,332 | $ | 9,599 | |||||||||
Gross Profit | $ | 208 | $ | 287 | $ | 856 | $ | 740 | |||||||||
Selling, general and administrative expense | $ | (96) | $ | (112) | $ | (355) | $ | (391) | |||||||||
Foreign exchange gains (losses) | $ | (2) | $ | (2) | $ | (1) | $ | (2) | |||||||||
EBIT attributable to noncontrolling interests | $ | 12 | $ | (5) | $ | (73) | $ | (2) | |||||||||
Other income (expense) - net | $ | 3 | $ | 98 | $ | 239 | $ | 95 | |||||||||
Income (loss) from affiliates | $ | — | $ | — | $ | — | $ | — | |||||||||
Segment EBIT | $ | 125 | $ | 266 | $ | 666 | $ | 440 | |||||||||
Mark-to-market timing differences | (6) | (9) | 3 | (1) | |||||||||||||
Certain (gains) & charges | 35 | (145) | (135) | (145) | |||||||||||||
Adjusted Segment EBIT | $ | 154 | $ | 112 | $ | 534 | $ | 294 | |||||||||
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge | $ | 35 | $ | (96) | $ | (130) | $ | (96) | |||||||||
Certain (gains) & charges, Earnings Per Share | $ | 0.23 | $ | (0.65) | $ | (0.85) | $ | (0.65) |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions, except per share data) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Volumes (in thousand metric tons) | 2,400 | 1,661 | 7,189 | 6,091 | |||||||||||||
Net Sales | $ | 517 | $ | 431 | $ | 1,909 | $ | 1,616 | |||||||||
Gross Profit | $ | (134) | $ | 40 | $ | 27 | $ | 189 | |||||||||
Selling, general and administrative expense | $ | (23) | $ | (23) | $ | (96) | $ | (100) | |||||||||
Foreign exchange gains (losses) | $ | — | $ | 4 | $ | (2) | $ | 4 | |||||||||
Other income (expense) - net | $ | — | $ | — | $ | — | $ | (1) | |||||||||
Income (loss) from affiliates | $ | (2) | $ | — | $ | (2) | $ | (1) | |||||||||
Segment EBIT | $ | (159) | $ | 22 | $ | (74) | $ | 91 | |||||||||
Mark-to-market timing differences | 6 | 6 | (10) | 9 | |||||||||||||
Certain (gains) & charges | 170 | (2) | 170 | (2) | |||||||||||||
Adjusted Segment EBIT | $ | 17 | $ | 26 | $ | 86 | $ | 98 | |||||||||
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge | $ | 129 | $ | (1) | $ | 129 | $ | (1) | |||||||||
Certain (gains) & charges, Earnings Per Share | $ | 0.84 | $ | — | $ | 0.84 | $ | — |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions, except per share data) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Gross Profit | $ | (4) | $ | (3) | $ | (29) | $ | (9) | |||||||||
Selling, general and administrative expense | $ | (100) | $ | (75) | $ | (350) | $ | (347) | |||||||||
Foreign exchange gains (losses) | $ | (2) | $ | 1 | $ | (11) | $ | (2) | |||||||||
Other income (expense) - net | $ | (1) | $ | (14) | $ | 54 | $ | (12) | |||||||||
Segment EBIT | $ | (106) | $ | (92) | $ | (333) | $ | (371) | |||||||||
Certain (gains) & charges | — | 12 | — | 83 | |||||||||||||
Adjusted Segment EBIT | $ | (106) | $ | (80) | $ | (333) | $ | (288) | |||||||||
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge | $ | — | $ | 9 | $ | — | $ | 57 | |||||||||
Certain (gains) & charges, Earnings Per Share | $ | — | $ | 0.06 | $ | — | $ | 0.38 |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Corporate EBIT | $ | (110) | $ | (95) | $ | (381) | $ | (318) | |||||||||
Certain (gains) & charges | — | 12 | — | 17 | |||||||||||||
Adjusted Corporate EBIT | $ | (110) | $ | (83) | $ | (381) | $ | (301) |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Other EBIT | $ | 4 | $ | 3 | $ | 48 | $ | (53) | |||||||||
Certain (gains) & charges | — | — | — | 66 | |||||||||||||
Adjusted Other EBIT | $ | 4 | $ | 3 | $ | 48 | $ | 13 |
Quarter Ended | Year Ended | ||||||||||||||||
(US$ in millions, except per share data) | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||
Volumes (in thousand metric tons) | 84 | 90 | 375 | 334 | |||||||||||||
Net Sales | $ | 80 | $ | 17 | $ | 270 | $ | 142 | |||||||||
Gross Profit | $ | 3 | $ | (4) | $ | 6 | $ | 3 | |||||||||
Selling, general and administrative expense | $ | — | $ | — | $ | (1) | $ | — | |||||||||
Foreign exchange gains (losses) | $ | — | $ | — | $ | — | $ | — | |||||||||
Other income (expense) - net | $ | — | $ | 2 | $ | 1 | $ | 2 | |||||||||
Income (loss) from affiliates | $ | 17 | $ | 29 | $ | 106 | $ | (92) | |||||||||
Segment EBIT | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Certain (gains) & charges | — | — | — | — | |||||||||||||
Adjusted Segment EBIT | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge | $ | — | $ | — | $ | — | $ | — | |||||||||
Certain (gains) & charges, Earnings Per Share | $ | — | $ | — | $ | — | $ | — |
Year Ended | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Cash used for operating activities | $ | (2,894) | $ | (3,536) | ||||
Net Proceeds from beneficial interest in securitized trade receivables | 5,057 | 1,943 | ||||||
Cash provided by (used for) operating activities, adjusted | $ | 2,163 | $ | (1,593) |
Ø | COVID-19 Update |
Ø | Outlook |
Ø | Conference Call and Webcast Details |
Ø | About Bunge Limited |
Ø | Website Information |
Ø | Cautionary Statement Concerning Forward-Looking Statements |
Investor Contact: Ruth Ann Wisener Bunge Limited 636-292-3014 ruthann.wisener@bunge.com | Media Contact: Bunge News Bureau Bunge Limited 636-292-3022 news@bunge.com |
Ø | Additional Financial Information |
(US$ in millions, except per share data) | Net Income (Loss) Attributable to Bunge | Earnings Per Share Diluted | Segment EBIT | |||||||||||||||||
Quarter Ended December 31, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Core Segments: | $ | (164) | $ | 97 | $ | (1.07) | $ | 0.65 | $ | (205) | $ | 147 | ||||||||
Agribusiness | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Refined and Specialty Oils | $ | (35) | $ | 96 | $ | (0.23) | $ | 0.65 | $ | (35) | $ | 145 | ||||||||
Fixed asset impairment | (35) | — | (0.23) | — | (35) | — | ||||||||||||||
Indirect tax (charges) credits | — | 31 | — | 0.21 | — | 47 | ||||||||||||||
Gain on sale of assets | — | 65 | — | 0.44 | — | 98 | ||||||||||||||
Milling | $ | (129) | $ | 1 | $ | (0.84) | $ | — | $ | (170) | $ | 2 | ||||||||
Impairment on sale of a business | (129) | — | (0.84) | — | (170) | — | ||||||||||||||
Indirect tax (charges) credits | — | 1 | — | — | — | 2 | ||||||||||||||
Corporate and Other: | $ | — | $ | (9) | $ | — | $ | (0.06) | $ | — | $ | (12) | ||||||||
U.S. pension plan partial settlement | (9) | (0.06) | (12) | |||||||||||||||||
Non-core Segment: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Sugar & Bioenergy | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Total | $ | (164) | $ | 88 | $ | (1.07) | $ | 0.59 | $ | (205) | $ | 135 |
(US$ in millions, except per share data) | Net Income (Loss) Attributable to Bunge | Earnings Per Share Diluted | Segment EBIT | |||||||||||||||||
Year Ended December 31, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Core Segments: | $ | 120 | $ | 97 | $ | 0.79 | $ | 0.65 | $ | 123 | $ | 147 | ||||||||
Agribusiness | $ | 119 | $ | — | $ | 0.78 | $ | — | $ | 158 | $ | — | ||||||||
Gain on sale of a business | 119 | — | 0.78 | — | 158 | — | ||||||||||||||
Refined and Specialty Oils | $ | 130 | $ | 96 | $ | 0.85 | $ | 0.65 | $ | 135 | $ | 145 | ||||||||
Indirect tax (charges) credits | — | 31 | — | 0.21 | — | 47 | ||||||||||||||
Gain on sale of assets | 165 | 65 | 1.08 | 0.44 | 170 | 98 | ||||||||||||||
Fixed asset impairment | (35) | — | (0.23) | — | (35) | — | ||||||||||||||
Milling | $ | (129) | $ | 1 | $ | (0.84) | $ | — | $ | (170) | $ | 2 | ||||||||
Impairment on sale of a business | (129) | — | (0.84) | — | (170) | — | ||||||||||||||
Indirect tax (charges) credits | — | 1 | — | — | — | 2 | ||||||||||||||
Corporate and Other: | $ | — | $ | (57) | $ | — | $ | (0.38) | $ | — | $ | (83) | ||||||||
Severance, employee benefit, and other costs | — | (3) | — | (0.02) | — | (5) | ||||||||||||||
Commercial claim provision | — | (66) | — | (0.44) | — | (66) | ||||||||||||||
Income tax benefits | — | 21 | — | 0.14 | — | — | ||||||||||||||
U.S. pension plan partial settlement | — | (9) | — | (0.06) | — | (12) | ||||||||||||||
Non-core Segment: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Sugar & Bioenergy | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Total | $ | 120 | $ | 40 | $ | 0.79 | $ | 0.27 | $ | 123 | $ | 64 |
Ø | Consolidated Earnings Data (Unaudited) |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||
(US$ in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net sales | $ | 16,683 | $ | 12,610 | $ | 59,152 | $ | 41,404 | |||||||||
Cost of goods sold | (15,994) | (11,706) | (55,789) | (38,619) | |||||||||||||
Gross profit | 689 | 904 | 3,363 | 2,785 | |||||||||||||
Selling, general and administrative expenses | (338) | (365) | (1,234) | (1,358) | |||||||||||||
Foreign exchange gains (losses) | (27) | 75 | (38) | 150 | |||||||||||||
Other income (expense) – net | (10) | 89 | 509 | 126 | |||||||||||||
Income (loss) from affiliates | 27 | 29 | 160 | (47) | |||||||||||||
EBIT attributable to noncontrolling interest (a) (1) | (9) | (18) | (99) | (23) | |||||||||||||
Total Segment EBIT | 332 | 714 | 2,661 | 1,633 | |||||||||||||
Interest income | 14 | 4 | 48 | 22 | |||||||||||||
Interest expense | (59) | (70) | (243) | (265) | |||||||||||||
Income tax (expense) benefit | (64) | (97) | (398) | (248) | |||||||||||||
Noncontrolling interest share of interest and tax (a) (1) | 8 | — | 10 | 3 | |||||||||||||
Net income (loss) attributable to Bunge (1) | 231 | 551 | 2,078 | 1,145 | |||||||||||||
Convertible preference share dividends | (9) | (9) | (34) | (34) | |||||||||||||
Adjustment of redeemable noncontrolling interest | — | 8 | — | 10 | |||||||||||||
Net income (loss) available to Bunge common shareholders - basic | $ | 222 | $ | 550 | $ | 2,044 | $ | 1,121 | |||||||||
Add back convertible preference share dividends | 9 | 9 | 34 | 34 | |||||||||||||
Net income (loss) available to Bunge common shareholders - diluted | $ | 231 | $ | 559 | $ | 2,078 | $ | 1,155 | |||||||||
Net income (loss) per common share diluted attributable to Bunge common shareholders | $ | 1.52 | $ | 3.74 | $ | 13.64 | $ | 7.71 | |||||||||
Weighted–average common shares outstanding - diluted | 152 | 149 | 152 | 150 |
(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. |
Ø | Condensed Consolidated Balance Sheets (Unaudited) |
December 31, | ||||||||
(US$ in millions) | 2021 | 2020 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 902 | $ | 352 | ||||
Trade accounts receivable, net | 2,117 | 1,717 | ||||||
Inventories (a) | 8,402 | 7,172 | ||||||
Assets held for sale | 264 | 672 | ||||||
Other current assets | 4,742 | 6,268 | ||||||
Total current assets | 16,427 | 16,181 | ||||||
Property, plant and equipment, net | 3,499 | 3,775 | ||||||
Operating lease assets | 912 | 868 | ||||||
Goodwill and other intangible assets, net | 915 | 1,115 | ||||||
Investments in affiliates | 764 | 631 | ||||||
Other non-current assets | 1,269 | 1,085 | ||||||
Total assets | $ | 23,786 | $ | 23,655 | ||||
Liabilities and Equity | ||||||||
Short-term debt | $ | 673 | $ | 2,828 | ||||
Current portion of long-term debt | 504 | 8 | ||||||
Trade accounts payable | 4,214 | 2,636 | ||||||
Current operating lease obligations | 350 | 235 | ||||||
Liabilities held for sale | 122 | 438 | ||||||
Other current liabilities | 3,428 | 4,840 | ||||||
Total current liabilities | 9,291 | 10,985 | ||||||
Long-term debt | 4,787 | 4,452 | ||||||
Non-current operating lease obligations | 506 | 581 | ||||||
Other non-current liabilities | 996 | 1,017 | ||||||
Total liabilities | 15,580 | 17,035 | ||||||
Redeemable noncontrolling interest | 381 | 415 | ||||||
Total equity | 7,825 | 6,205 | ||||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 23,786 | $ | 23,655 |
Ø | Condensed Consolidated Statements of Cash Flows (Unaudited) |
Year Ended December 31, | ||||||||
(US$ in millions) | 2021 | 2020 | ||||||
Operating Activities | ||||||||
Net income (loss) (1) | $ | 2,167 | $ | 1,165 | ||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||||||
Foreign exchange (gain) loss on net debt | 78 | (206) | ||||||
Depreciation, depletion and amortization | 424 | 435 | ||||||
Deferred income tax (benefit) | (272) | 71 | ||||||
Impairment charges | 226 | 10 | ||||||
Gain on sale of investments and property, plant and equipment | (417) | (110) | ||||||
Other, net | (93) | 196 | ||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||||||||
Trade accounts receivable | (536) | (255) | ||||||
Inventories | (1,272) | (2,298) | ||||||
Secured advances to suppliers | (48) | (162) | ||||||
Trade accounts payable and accrued liabilities | 1,601 | 155 | ||||||
Advances on sales | 32 | (11) | ||||||
Net unrealized (gain) loss on derivative contracts | 394 | (127) | ||||||
Margin deposits | 252 | (502) | ||||||
Marketable securities | (82) | 46 | ||||||
Beneficial interest in securitized trade receivables | (5,376) | (2,015) | ||||||
Other, net | 28 | 72 | ||||||
Cash provided by (used for) operating activities | (2,894) | (3,536) | ||||||
Investing Activities | ||||||||
Payments made for capital expenditures | (399) | (365) | ||||||
Proceeds from investments | 171 | 305 | ||||||
Payments for investments | (308) | (337) | ||||||
Settlement of net investment hedges | (34) | 65 | ||||||
Proceeds from beneficial interest in securitized trade receivables | 5,234 | 1,943 | ||||||
Payments for beneficial interest in securitized trade receivables | (177) | — | ||||||
Payments for investments in affiliates | (46) | (14) | ||||||
Proceeds from divestiture of business and disposal of property, plant, & equipment | 647 | 194 | ||||||
Other, net | 25 | 22 | ||||||
Cash provided by (used for) investing activities | 5,113 | 1,813 | ||||||
Financing Activities | ||||||||
Net borrowings (repayments) of short-term debt | (2,094) | 1,915 | ||||||
Net proceeds (repayments) of long-term debt | 997 | 287 | ||||||
Proceeds from the exercise of options for common shares | 116 | 9 | ||||||
Repurchases of common shares | (100) | (100) | ||||||
Dividends paid to common and preference shareholders | (323) | (316) | ||||||
Other, net | (228) | (32) | ||||||
Cash provided by (used for) financing activities | (1,632) | 1,763 | ||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (63) | 19 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 524 | 59 | ||||||
Cash and cash equivalents and restricted cash - beginning of period | 381 | 322 | ||||||
Cash and cash equivalents and restricted cash - end of period | $ | 905 | $ | 381 |
Ø | Definition and Reconciliation of Non-GAAP Measures |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||
(US$ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Bunge | $ | 231 | $ | 551 | $ | 2,078 | $ | 1,145 | |||||||||
Interest income | (14) | (4) | (48) | (22) | |||||||||||||
Interest expense | 59 | 70 | 243 | 265 | |||||||||||||
Income tax expense (benefit) | 64 | 97 | 398 | 248 | |||||||||||||
Noncontrolling interest share of interest and tax | (8) | — | (10) | (3) | |||||||||||||
Total Segment EBIT | $ | 332 | $ | 714 | $ | 2,661 | $ | 1,633 | |||||||||
Agribusiness EBIT | $ | 452 | $ | 491 | $ | 2,290 | $ | 1,560 | |||||||||
Refined and Specialty Oils EBIT | 125 | 266 | 666 | $ | 440 | ||||||||||||
Milling EBIT | (159) | 22 | (74) | $ | 91 | ||||||||||||
Core Segment EBIT | $ | 418 | $ | 779 | $ | 2,882 | $ | 2,091 | |||||||||
Corporate and Other EBIT | $ | (106) | $ | (92) | $ | (333) | $ | (371) | |||||||||
Sugar & Bioenergy EBIT | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Non-Core Segment EBIT | $ | 20 | $ | 27 | $ | 112 | $ | (87) | |||||||||
Total Segment EBIT | $ | 332 | $ | 714 | $ | 2,661 | $ | 1,633 | |||||||||
Mark-to-market timing differences | 143 | 4 | (8) | 190 | |||||||||||||
Certain (gains) & charges | 205 | (135) | (123) | (64) | |||||||||||||
Adjusted Total Segment EBIT | $ | 680 | $ | 583 | $ | 2,530 | $ | 1,759 |
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||
(US$ in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Bunge | $ | 231 | $ | 551 | $ | 2,078 | $ | 1,145 | |||||||||
Adjustment for Mark-to-market timing differences | 138 | (8) | 12 | 138 | |||||||||||||
Adjusted for certain (gains) and charges: | |||||||||||||||||
Severance, employee benefit, and other | — | — | — | 3 | |||||||||||||
Impairment charges | 164 | — | 164 | — | |||||||||||||
Indirect tax (credits) and charges | — | (32) | — | (32) | |||||||||||||
Gain on sale of assets | — | (65) | (165) | (65) | |||||||||||||
Gain on sale of a business | — | — | (119) | — | |||||||||||||
Commercial claim provision | — | — | — | 66 | |||||||||||||
U.S. pension plan partial settlement | — | 9 | — | 9 | |||||||||||||
Income tax (benefits) charges and Interest | — | — | — | (21) | |||||||||||||
Adjusted Net income (loss) available for common shareholders | $ | 533 | $ | 455 | $ | 1,970 | $ | 1,243 | |||||||||
Weighted-average common shares outstanding - diluted, adjusted (a) | 152 | 149 | 152 | 150 | |||||||||||||
Adjusted Net income (loss) per common share - diluted | $ | 3.49 | $ | 3.05 | $ | 12.93 | $ | 8.30 | |||||||||
Ø | Notes |
Year Ended December 31, | |||||||||||
(US$ in millions) | 2021 | 2020 | |||||||||
Net income (loss) attributable to Bunge | $ | 2,078 | $ | 1,145 | |||||||
EBIT attributable to noncontrolling interest | 99 | 23 | |||||||||
Noncontrolling interest share of interest and tax | (10) | (3) | |||||||||
Net income (loss) | $ | 2,167 | $ | 1,165 |
Year Ended December 31, | |||||||||||
(US$ in millions) | 2021 | 2020 | |||||||||
Cash provided by (used for) operating activities | $ | (2,894) | $ | (3,535) | |||||||
Foreign exchange (loss) gain on net debt | (78) | 206 | |||||||||
Working capital changes | 5,007 | 5,097 | |||||||||
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (89) | (20) | |||||||||
Mark-to-Market timing difference, after tax | 12 | 138 | |||||||||
Adjusted FFO | $ | 1,958 | $ | 1,886 |
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Cover Page |
Feb. 09, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 09, 2022 |
Entity Registrant Name | BUNGE LIMITED |
Entity Incorporation, State or Country Code | D0 |
Entity File Number | 001-16625 |
Entity Tax Identification Number | 98-0231912 |
Entity Address, Address Line One | 1391 Timberlake Manor Parkway |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
City Area Code | 314 |
Local Phone Number | 292-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Shares, $0.01 par value per share |
Trading Symbol | BG |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001144519 |
Amendment Flag | false |
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