Bunge Reports Second Quarter 2013 Results

                  Bunge Reports Second Quarter 2013 Results

PR Newswire

WHITE PLAINS, N.Y., July 25, 2013

WHITE PLAINS, N.Y., July 25, 2013 /PRNewswire/ --Bunge Limited (NYSE: BG)

  oTotal segment EBIT of $239 million, down $44 million vs. last year on an
    adjusted basis
  oSugar & bioenergy, food & ingredients and fertilizer reported improved
    results
  oStrong agribusiness results in Brazil offset by challenging conditions in
    the Northern Hemisphere due to supply tightness
  oRemain optimistic about second half

Financial Highlights

                            Quarter Ended               Six Months Ended
US$ in millions, except per
share                       6/30/13          6/30/12    6/30/13     6/30/12
data
Net sales                   $15,491          $14,499    $30,276     $27,408
Total segment EBIT ^(a)     $239             $404       $562        $604
Certain gains & charges     -                $121       $63         $121
^(b)
Total segment EBIT,         $239             $283       $499        $483
adjusted ^(a)
Agribusiness                $170             $301       $345        $498
Sugar & Bioenergy           $(3)             $(28)      $20         $(61)
Food & Ingredients ^(c)     $63              $10        $122        $58
Fertilizer                  $9               -          $12         $(12)
Net income per common share
from
                            $0.74            $1.73      $1.95       $2.55
continuing
operations-diluted
Net income per common share
from
                            $0.74            $1.15      $1.89       $1.97
continuing
operations-diluted,
adjusted ^(a)
(a) Total segment earnings before interest and tax ("EBIT") and net income
(loss) per common share from continuing operations-diluted (excl. certain
gains and charges and discontinued operations) 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, respectively.
(b) Includes certain gains and charges included in segment EBIT for the six
months ended June 30, 2013 of $16 million for agribusiness, $15 million for
food & ingredients and $32 million for fertilizer. Includes certain gains and
charges included in segment EBIT for the quarter ended and six months ended
June 30, 2012 of $85 million for agribusiness and $36 million in food &
ingredients.
(c) Includes edible oil products and milling products segments.

Overview

Soren Schroder, Bunge's Chief Executive Officer, stated, "The first half of
the year came in generally as we expected, and we are anticipating a strong
second half. In the second quarter, in agribusiness our Brazilian operations
generated strong results executing record volumes under challenging logistical
conditions. We navigated the choppy markets well, but faced some challenges
in North America, Europe and Argentina, which suffered from the continued
effects of last year's poor oilseed and grain crops.

"In sugar & bioenergy, we are pleased to see our improvements in industrial
operations, global risk and trade flow management begin to be reflected in
better results. And food & ingredients delivered a record first half of the
year due to improved volumes, margins, service levels and working closely with
customers on procurement strategies.

"Good demand and big Northern Hemisphere crops should drive robust commercial
activity, asset utilization and global trade in agribusiness during the
remainder of the year. Sugar & bioenergy will enter the peak milling season.
In food & ingredients we expect continued strong performance in both milling
and edible oils, as we launch new consumer and B2B edible oil products and
continue to improve total supply chain efficiency.

"We are optimistic about the long term as well. Our markets, while
competitive, are growing steadily, and Bunge is well positioned for the
future. We recognize, however, that growth must be balanced with good
returns, and Bunge's must improve. Our improvement plan for sugar & bioenergy
is an essential part of elevating overall returns above our cost of capital,
but we can do more in other segments as well. To support this goal, we are
taking steps such as enhancing our global performance management system, which
will intensify our continuous improvement and operational excellence efforts
to drive higher returns through more granular management of business unit
performance.

"We are also adjusting our capital management and investment approach. As a
first step, we are reducing our 2013 capex by $200 million and commencing a
review of 2014 plans. Projects that more immediately improve efficiencies and
competitiveness—and that generate faster payback—will be priorities for
Bunge. We'll also be mindful of balancing the need to continue to pursue
growth opportunities while generating compelling, consistent value for
shareholders as we assess our capital management framework. We look forward
to sharing more details in the coming months."

Second Quarter Results

Agribusiness

Results were below last year, but within our expectations. Strong margins and
volumes in our Brazilian operations were the primary driver of results in the
quarter. Tight sunflower and rape seed supplies in Europe and last year's poor
grain crops in the Black Sea negatively impacted results in this region.
Oilseed processing capacity utilization in North America was low for both
soybeans and canola, hampered by last year's drought which has reduced
available raw material. U.S. grain exports were weak, reflecting the impact
of the extreme drought last summer on corn production. Results in Argentina
were lower due in part to slow farmer selling and the poor wheat crop.
Oilseed processing results in Asia were comparable to last year. Our teams
managed global supply lines and market volatility well in a challenging
environment. Results in the second quarter of 2012 included an $85 million
gain on sale of our minority stake in Solae.

Sugar & Bioenergy

Results were higher in the quarter due to improved performance in all parts of
the segment. Trading & merchandising benefited from higher volumes and
margins on export programs and good risk management. In sugarcane milling
higher ethanol prices and lower production costs, driven by the combination of
higher cane yields, ATR and crush volume, more than offset lower sugar
prices. At the end of June, we had crushed approximately 1.3 million metric
tons more sugarcane than in the previous year. The second quarter is
typically a weak period for the milling operations as it marks the beginning
of the sugarcane harvest in the Center-South of Brazil when the sugar content
of the sugarcane is at its lowest level. Consequently, mills produce less
sugar and ethanol per unit of sugarcane milled than they will in the second
half of the year when the yield increases. Results in U.S. biofuels were
higher due to improved margins in our ethanol joint venture. 

Edible Oil Products

Results in the quarter were higher in all regions due to significant
operational improvements and more efficient channel strategies, especially in
Brazil and Eastern Europe. Prior year results included an impairment charge of
approximately $5 million related to the closing of a European margarine plant
as part of a facilities consolidation program to improve efficiency.

Milling Products

Excluding last year's $36 million gain related to the acquisition of a
controlling interest in a Mexican wheat milling business, our results in the
quarter were higher driven by improved performances in our Brazilian wheat
milling and U.S. corn dry milling operations. Contributing to the better
results were greater efficiencies in operations, working more closely with our
largest customers on procurement strategies and the successful integration of
our Mexico wheat mill acquisition.

Fertilizer

Higher results in our Brazilian fertilizer port operations and our Morocco
joint venture more than offset slightly lower results in Argentina.

Cash Flow

Cash used by operations in the six months ended June 30, 2013 was $513 million
compared to cash used of $2,699 million in the same period last year. The
year-over-year variance primarily reflects lower inventories.

Income Taxes

The effective tax rate for the six months ended June 30, 2013, excluding our
discontinued fertilizer business and discrete tax items, was approximately
19%.

Outlook

Drew Burke, Chief Financial Officer, stated, "We are confident about the
second half of the year. In agribusiness, export demand for agricultural
commodities should be strong due to the combination of lean customer inventory
pipelines resulting from delays in exporting product out of South America, and
lower prices driven by what are expected to be large new crops in the Northern
Hemisphere. Farmer selling in South America has picked up, supporting
near-term oilseed processing margins. Our oilseed processing and
merchandising operations in North America and Europe will continue to be
impacted by low capacity utilizations due to tight supplies until new crops
are harvested. While the critical growing period is still in front of us,
U.S. soybean and European softseed crops are developing well, supporting good
forward processing margins in these regions.

"In sugar & bioenergy, we are entering the seasonally stronger period of the
year as higher crush and ATR levels reduce our unit production costs. Our cane
supply is now in line with industrial capacity as a result of our investments
in planting and agricultural productivity over the past two years. At the end
of June, we were 30% through the harvest, so weather remains an important
factor both in ATR evolution and the length of the processing season. Changes
in Brazilian ethanol policy have improved the economics of producing ethanol,
somewhat offsetting weaker sugar prices; however, Brazilian ex-refinery fuel
prices remain significantly below international parity. There is no change to
our outlook that we will finish the year solidly profitable.

"In food & ingredients, we expect the strong momentum to continue.
Additionally, our new multi-oil refining facility in India and our new
refining and packaging facility in Decatur, Alabama, which started up earlier
this year, will contribute to the second half.

"As mentioned earlier, our 2013 capex target has been reduced by $200 million
to $1 billion.

"Lastly, the pending sale of the Brazilian fertilizer business remains on
track to close during the third quarter."

Conference Call and Webcast Details

Bunge Limited's management will host a conference call at 10:00 a.m. EDT on
July 25, 2013 to discuss the company's results.

Additionally, a slide presentation to accompany the discussion of results will
be posted on www.bunge.com.

To listen to the call, please dial (866) 436-9172. If you are located outside
the United States or Canada, dial (630) 691-2760. Please dial in five to 10
minutes before the scheduled start time. When prompted, enter confirmation
code 35272737. The call will also be webcast live at www.bunge.com.

To access the webcast, go to the "Webcasts and Events" page of the "Investors"
section of the company's website. Select "Q2 2013 Bunge Limited Conference
Call" and follow the prompts. Please go to the website at least 15 minutes
prior to the call to register and download any necessary audio software.

For those who cannot listen to the live broadcast, a replay will be available
later in the day on July 25, 2013, continuing through August 24, 2013. To
listen to it, please dial (888) 843-7419 or, if located outside the United
States or Canada, dial (630) 652-3042. When prompted, enter confirmation code
35272737. A replay will also be available on the "Past Events" page of the
"Investors" section of the company's website.

About Bunge Limited

Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and
food company operating in over 40 countries with approximately 35,000
employees. Bunge buys, sells, stores and transports oilseeds and grains to
serve customers worldwide; processes oilseeds to make protein meal for animal
feed and edible oil products for commercial customers and consumers; produces
sugar and ethanol from sugarcane; mills wheat, corn and rice to make
ingredients used by food companies; and sells fertilizer in South America.
Founded in 1818, the company is headquartered in White Plains, New York.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains both historical and forward-looking statements.
All statements, other than statements of historical fact are, or may be deemed
to be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "should," "could," "expect," "anticipate," "believe," "plan,"
"intend," "estimate," "continue" and similar expressions. These
forward-looking statements are subject to a number of risks, uncertainties and
other factors that could cause our actual results, performance, prospects or
opportunities to differ materially from those expressed in, or implied by,
these forward-looking statements. The following important factors, among
others, could affect our business and financial performance: industry
conditions, including fluctuations in supply, demand and prices for
agricultural commodities and other raw materials and products used in our
business; fluctuations in energy and freight costs and competitive
developments in our industries; the effects of weather conditions and the
outbreak of crop and animal disease on our business; global and regional
agricultural, economic, financial and commodities market, political, social
and health conditions; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from acquisitions,
dispositions, joint ventures and strategic alliances; our ability to achieve
the efficiencies, savings and other benefits anticipated from our cost
reduction, margin improvement and other business optimization initiatives;
changes in government policies, laws and regulations affecting our business,
including agricultural and trade policies, tax regulations and biofuels
legislation; and other factors affecting our business generally. The
forward-looking statements included in this release are made only as of the
date of this release, and except as otherwise required by federal securities
law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.

Additional Financial Information

The following table provides a summary of certain gains and charges that may
be of interest to investors. The table includes a description of these items
and their effect on total segment EBIT, net income attributable to Bunge and
earnings per share for the quarters ended June 30, 2013 and 2012.

                                             Net Income      Earnings
                               Total Segment Attributable to Per Share
(In millions, except per share EBIT          Bunge           Diluted
data)
Quarter Ended June 30:           2013   2012    2013    2012   2013     2012
Continuing operations:
  Gain on sale of investment   $ -    $ 85   $  -     $ 54   $ -      $ 0.35
  ^(3)
  Gain on acquisition of         -      36      -       36     -        0.23
  controlling interest ^(4)
Total                          $ -    $ 121  $  -     $ 90   $ -      $ 0.58
                                             Net Income      Earnings
                               Total Segment Attributable to Per Share
(In millions, except per share EBIT          Bunge           Diluted
data)
Six Months Ended June 30:        2013   2012    2013    2012   2013     2012
Continuing operations:
  Sale of certain rights ^(1)  $ 63   $ -    $  41    $ -    $ 0.28   $ -
  Discrete tax charges ^(2)      -      -       (31)    -      (0.22)   -
  Gain on sale of investment     -      85      -       54     -        0.35
  ^(3)
  Gain on acquisition of         -      36      -       36     -        0.23
  controlling interest ^(4)
Discontinued operations:
  Discrete tax charges ^(5)      -      -       (17)    -      (0.11)   -
  Other income (expense) - net   -      -       -       (18)   -        (0.12)
  ^(6)
Total                          $ 63   $ 121  $  (7)   $ 72   $ (0.05) $ 0.46



Consolidated Earnings Data (Unaudited)
                                 Quarter Ended           Six Months Ended
                                 June 30,                June 30,
(In millions)                      2013       2012         2013       2012
Net sales                        $ 15,491   $ 14,499     $ 30,276   $ 27,408
Cost of goods sold                 (14,875)   (13,856)     (29,013)   (26,228)
Gross profit                       616        643          1,263      1,180
Selling, general and               (379)      (374)        (728)      (767)
administrative expenses
Foreign exchange gain (loss)       (3)        13           (43)       71
Other income (expense)−net ^(1)    (1)        (7)          38         (8)
Gain on sale of investment in      -          85           -          85
affiliate
Gain on acquisition of             -          36           -          36
controlling interest
EBIT attributable to               6          8            32         7
noncontrolling interests
Total Segment EBIT ^(7)            239        404          562        604
Interest income                    12         16           21         38
Interest expense ^(8)              (86)       (78)         (162)      (137)
Income tax (expense) benefit       (38)       (75)         (111)      (115)
Noncontrolling interest share of   8          -            14         4
interest and tax
Income from continuing             135        267          324        394
operations, net of tax
Income (loss) from discontinued    1          7            (8)        (28)
operations, net of tax
Net income attributable to Bunge   136        274          316        366
^(9)
Convertible preference share       (26)       (9)          (36)       (17)
dividends and other obligations
Net income available to Bunge    $ 110      $ 265        $ 280      $ 349
common shareholders
Earnings per common share -
diluted
Net income (loss) from           $ 0.74     $ 1.73       $ 1.95     $ 2.55
continuing operations
Net income (loss) from             0.01       0.05         (0.05)     (0.18)
discontinued operations
Net income (loss) to Bunge       $ 0.75     $ 1.78       $ 1.90     $ 2.37
common shareholders
Weighted–average common shares     148        154          148        154
outstanding - diluted ^(10)



Consolidated Segment Information (Unaudited)
Set forth below is a summary of certain items in our Consolidated Earnings
Data and volumes by reportable segment.
                            Quarter Ended                Six Months Ended
                            June 30,                     June 30,
(In millions, except            2013         2012           2013       2012
volumes)
Volumes (in thousands of
metric tons):
Agribusiness                    34,356       34,723         65,802     65,373
Sugar & Bioenergy               2,021        1,804          4,324      3,135
Edible oil products             1,765        1,634          3,408      3,184
Milling products                1,031        1,087          2,042      2,133
Fertilizer                      194          176            329        300
Net sales:
Agribusiness                $   11,566   $   10,580      $  22,340     19,897
Sugar & Bioenergy               939          1,079          2,052      1,960
Edible oil products             2,376        2,331          4,673      4,552
Milling products                509          421            1,044      848
Fertilizer                      101          88             167        151
Total                       $   15,491   $   14,499      $  30,276     27,408
Gross profit:
Agribusiness                $   370      $   478         $  768        830
Sugar & Bioenergy               34           15             91         23
Edible oil products             137          91             253        204
Milling products                61           43             124        99
Fertilizer                      14           16             27         24
Total                       $   616      $   643         $  1,263      1,180
Selling, general and
administrative expenses:
Agribusiness                $   (199)    $   (205)       $  (390)      (420)
Sugar & Bioenergy               (39)         (37)           (76)       (81)
Edible oil products             (104)        (89)           (188)      (181)
Milling products                (31)         (34)           (64)       (65)
Fertilizer                      (6)          (9)            (10)       (20)
Total                       $   (379)    $   (374)       $  (728)      (767)
Foreign exchange gain
(loss):
Agribusiness                $   (2)      $   20          $  (43)    $  74
Sugar & Bioenergy               (4)          (5)            (1)        -
Edible oil products             -            (2)            (1)        (3)
Milling products                -            -              -          -
Fertilizer                      3            -              2          -
Total                       $   (3)      $   13          $  (43)    $  71
Segment earnings before
interest and tax:
Agribusiness ^(3)           $   170      $   386         $  361     $  583
Sugar & Bioenergy               (3)          (28)           20         (61)
Edible oil products             34           2              72         23
Milling products ^(4)           29           44             65         71
Fertilizer                      9            -              44         (12)
Total ^(7)                  $   239      $   404         $  562     $  604



Condensed Consolidated Balance Sheets (Unaudited)
                                                       June 30,   December 31,
(In millions)                                          2013       2012
Assets
Cash and cash equivalents                              $ 726      $   569
Time deposits under trade structured finance program     4,687        3,048
Trade accounts receivable, net                           3,010        2,471
Inventories ^(11)                                        6,391        6,590
Current assets held for sale                             771          660
Other current assets                                     5,098        3,926
Total current assets                                     20,683       17,264
Property, plant and equipment, net                       5,762        5,888
Goodwill and other intangible assets, net                642          646
Investments in affiliates                                273          273
Non-current assets held for sale                         251          250
Other non-current assets                                 2,732        2,959
Total assets                                           $ 30,343   $   27,280
Liabilities and Equity
Short-term debt                                        $ 2,725    $   1,598
Current portion of long-term debt                        879          719
Letter of credit obligations under trade structured      4,687        3,048
finance program
Trade accounts payable                                   3,482        3,319
Current liabilities held for sale                        456          297
Other current liabilities                                2,930        2,580
Total current liabilities                                15,159       11,561
Long-term debt                                           3,513        3,532
Non-current liabilities held for sale                    20           13
Other non-current liabilities                            911          881
Total liabilities                                        19,603       15,987
Redeemable noncontrolling interests                      33           38
Total equity                                             10,707       11,255
Total liabilities and equity                           $ 30,343   $   27,280



Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                             Six Months Ended
                                                             June 30,
(In millions)                                                2013      2012
Operating Activities
Net income ^(9)                                           $ 270     $ 355
Adjustments to reconcile net income to cash provided by
(used for) operating activities:
Gain on sale of investment in affiliate                      -         (85)
Gain on acquisition of controlling interest                  -         (36)
Foreign exchange loss (gain) on debt                         49        (49)
Depreciation, depletion and amortization                     270       264
Other, net                                                   75        (48)
Changes in operating assets and liabilities, excluding the
effects of acquisitions:
Trade accounts receivable                                    (632)     (434)
Inventories                                                  (316)     (2,513)
Trade accounts payable and accrued liabilities               460       186
Other, net                                                   (689)     (339)
Cash provided by (used for) operating activities             (513)     (2,699)
Investing Activities
Payments made for capital expenditures                       (470)     (473)
Acquisitions of businesses (net of cash acquired)            (11)      (277)
Proceeds from sale of investment in affiliate                -         483
Other, net                                                   (47)      (16)
Cash provided by (used for) investing activities             (528)     (283)
Financing Activities
Net borrowings (repayments) of short-term debt               1,075     1,620
Net proceeds (repayments) of long-term debt                  278       1,123
Proceeds from sale of common shares                          12        10
Dividends paid                                               (96)      (89)
Other, net                                                   (3)       -
Cash provided by (used for) financing activities             1,266     2,664
Effect of exchange rate changes on cash and cash             (68)      (50)
equivalents
Net increase (decrease) in cash and cash equivalents         157       (368)
Cash and cash equivalents, beginning of period               569       835
Cash and cash equivalents, end of period                   $ 726     $ 467

Reconciliation of Non-GAAP Measures

This earnings release contains certain "non-GAAP financial measures" as
defined in Regulation G of the Securities Exchange Act of 1934. Bunge has
reconciled these non-GAAP financial measures to the most directly comparable
U.S. GAAP measures below. These measures may not be comparable to similarly
titled measures used by other companies.

Total segment EBIT

Total segment EBIT is consolidated net income attributable to Bunge excluding
interest income, interest expense and income tax attributable to each segment.

Total segment EBIT is a non-GAAP financial measure and is not intended to
replace net income attributable to Bunge, the most directly comparable GAAP
financial measure. Total segment EBIT is an operating performance measure used
by Bunge's management to evaluate its segments' operating activities. Bunge's
management believes total segment EBIT is a useful measure of its segments'
operating profitability, since the measure allows for an evaluation of the
performance of its segments without regard to its financing methods or capital
structure. In addition, EBIT is a financial measure that is widely used by
analysts and investors in Bunge's industries. Total segment EBIT is not a
measure of consolidated operating results under U.S. GAAP and should not be
considered as an alternative to net income or any other measure of
consolidated operating results under U.S. GAAP.

Below is a reconciliation of total segment EBIT to net income attributable to
Bunge:

                                            Quarter Ended     Six Months Ended
                                            June 30,          June 30,
(In millions)                               2013     2012     2013      2012
Total segment EBIT                        $ 239   $  404    $ 562    $  604
Interest income                             12       16       21        38
Interest expense                            (86)     (78)     (162)     (137)
Income tax expense                          (38)     (75)     (111)     (115)
Income (loss) from discontinued             1        7        (8)       (28)
operations, net of tax
Noncontrolling interest share of interest   8        -        14        4
and tax
Net income attributable to Bunge          $ 136   $  274    $ 316    $  366

Earnings per common share-diluted (excluding certain gains & charges)

Below is a reconciliation to earnings per common share-diluted (excluding
certain gains and charges and discontinued operations) to earnings per common
share-diluted. Earnings per common share-diluted (excluding certain gains and
charges and discontinued operations) is a non-GAAP financial measure and is
not a measure of earnings per common share–diluted, the most directly
comparable GAAP financial measure. It should not be considered as an
alternative to earnings per share-diluted or any other measure of consolidated
operating results under U.S. GAAP.

                                               Quarter Ended Six Months Ended
                                               June 30,     June 30,
                                             2013    2012    2013     2012
Continuing operations:
Net income (loss) per common share-diluted
   (excluding certain gains & charges and
   discontinued operations)                  $ 0.74  $  1.15 $ 1.89   $ 1.97
Certain gains & charges (see Additional
   Financial Information section)              -        0.58   0.06     0.58
Net income (loss) per share - continuing       0.74     1.73   1.95     2.55
operations
Discontinued operations:
Net income (loss) per common share-diluted
from
   discontinued operations (excluding
   certain
   gains & charges)                            0.01     0.05   0.06     (0.06)
Certain gains & charges (see Additional
   Financial Information section)              -        -      (0.11)   (0.12)
Net income (loss) per share - discontinued     0.01     0.05   (0.05)   (0.18)
operations
Net income (loss) per common share-diluted   $ 0.75  $  1.78 $ 1.90   $ 2.37

Notes

           Segment EBIT in the first quarter of 2013 includes a gain of $63
           million in other income (expense) – net related to the sale of
^(1)    Bunge's rights to certain legal claims. The gain was $16 million,
           $9 million, $6 million and $32 million in the agribusiness, edible
           oil products, milling products and fertilizer segments,
           respectively.
           Income tax expense in the first quarter of 2013 includes a charge
           of $27 million as a result of new legal precedents that impacted
^(2)    our assessment of an uncertain income tax position in Brazil and a
           charge of $4 million related to the finalization of a European tax
           audit. ^ ^
           Segment EBIT in the second quarter of 2012 includes a pre-tax gain
^(3)    of $85 million in the agribusiness segment from the sale of Bunge's
           interest in The Solae Company.
           Segment EBIT in the second quarter of 2012 includes a pre-tax gain
^(4)   of $36 million in the milling segment from the acquisition of a
           controlling interest in a North American milling business in which
           Bunge previously held a minority investment.
           Discontinued operations, net of tax, in the first quarter of 2013
^(5)  includes an income tax charge of $17 million as a result of new
           legal precedents that impacted our assessment of an uncertain
           income tax position in Brazil.
           Discontinued operations, net of tax, in the first quarter of 2012
^(6)    includes a charge of $18 million stemming from an environmental
           incident due to a sulfuric acid spill during vessel unloading in
           the south of Brazil in 1998.
^(7)   See Reconciliation of non-GAAP Measures.
           Includes interest expense on readily marketable inventories of $11
^(8)   million and $33 million for the quarters ended June 30, 2013 and
           2012, respectively, and $27 million and $50 million for the six
           months ended June 30, 2013 and 2012, respectively.
^(9)   A reconciliation of Net income attributable to Bunge to Net income
           is as follows:



                                                   Six Months Ended
                                                   June 30,
                                                   2013          2012
Net income attributable to Bunge                   $    316  $    366
EBIT attributable to nonconrolling interests       (32)          (7)
Noncontrolling interest share of interest and tax  (14)          (4)
Net income                                         $    270  $    355



         Weighted-average common shares outstanding-diluted for the quarter
         and six months ended June 30, 2013 exclude the dilutive effect of
         approximately 4 million of outstanding stock options and contingently
^(10)  issuable restricted stock units and the dilutive effect of
         approximately 7.6 million weighted average common shares that would
         be issuable upon conversion of Bunge's convertible preference shares
         because the effects of these conversions would not have been
         dilutive.
         Weighted-average common shares outstanding-diluted for the quarter
         and six months ended June 30, 2012 exclude the dilutive effect of
         approximately 4 millionof outstanding stock options and contingently
         issuable restricted stock units because the effect of conversion
         would not have been dilutive. Weighted-average common shares
         outstanding-diluted for the quarter and six months ended June 30,
         2012 include the dilutive effect of 7.6 million weighted average
         common shares that would be issuable upon conversion of Bunge's
         convertible preference shares.
^(11) Includes readily marketable inventories of $4,908 million and $5,306
         million at June 30, 2013 and December 31, 2012, respectively.

SOURCE Bunge Limited

Website: http://www.bunge.com
Contact: Investor Contact: Mark Haden, Bunge Limited, 914-684-3398,
mark.haden@bunge.com; or Media Contact: Susan Burns, Bunge Limited,
914-684-3246, susan.burns@bunge.com