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Bunge Reports Fourth Quarter and Full Year 2013 Results

           Bunge Reports Fourth Quarter and Full Year 2013 Results

PR Newswire

WHITE PLAINS, N.Y., Feb. 13, 2014

WHITE PLAINS, N.Y., Feb. 13, 2014 /PRNewswire/ --Bunge Limited (NYSE:BG)

  oQ4 adjusted total segment EBIT of $404 million, up $264 million from last
    year
  oRecord combined full-year EBIT in agribusiness and food & ingredients
  oExpect momentum in agribusiness and food & ingredients to continue in 2014
  oEPS impacted by higher than expected tax rate
  oAnnual operating cash flow of approximately $2.2 billion
  oCompany to repurchase $200 million of shares under current authorization



Financial Highlights

                           Quarter Ended     Year Ended


US$ in millions, except per 12/31/13       12/31/12       12/31/13   12/31/12
sharedata
Net sales                   $16,375        $17,040        $61,347    $60,991
Total segment EBIT ^(a)     $396           $(423)         $1,329     $628
Certain gains & (charges)   $(8)           $(563)         $38        $(481)
^(b)
Total segment EBIT,         $404           $140           $1,291     $1,109
adjusted ^(a)
Agribusiness                $346           $134           $1,008     $1,038
Sugar & Bioenergy           $(35)          $(49)          $(34)      $(118)
Food & Ingredients          $84            $49            $280       $166
Fertilizer                  $9             $6             $37        $23
Net income (loss) per
common share from
                            $0.75          $(2.06)        $0.90      $2.51
continuing
operations-diluted
Net income (loss) per
common share from
                            $1.35          $0.50          $4.78      $4.62
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 (excluding 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
quarter and year-end December 31, 2013 of $0 and $24 million for agribusiness,
$(8) million and $(26) million for sugar & bioenergy, $0 and $8 million for
food & ingredients and $0 and $32 million for fertilizer, respectively.
Includes certain gains and charges included in segment EBIT for the year ended
December 31, 2012 of $(76) million and $9 million for agribusiness, $(480)
million and $(519) million for sugar & bioenergy and $(7) million and $29
million for food & ingredients, respectively.



Overview

Soren Schroder, Bunge's Chief Executive Officer stated, "Agribusiness and food
& ingredients finished the year on a strong note. On a combined, full-year
basis, agribusiness, edible oils and milling segments generated record results
of approximately $1.3 billion in EBIT and returns above cost of capital.

"Our agribusiness teameffectivelymanaged risks as markets transitioned from
extreme tightness to emerging surpluses, while capitalizing on strong oilseed
processing margins in the Northern Hemisphere and navigatingunpredictable
farmer selling patterns.Food & ingredients achievedrecord quarter and
full-year results with all regionsreporting higher year-over-year annual
earnings. Our food team has made bigstridesinits effort toengage with
customers and extract more value from operations and category management,
which are all part of a larger performance management program we are rolling
out across our business.

"Our sugar and ethanol trading & merchandising operations performed well in
the quarter and full year; however, our Brazilian sugarcane milling operations
continued to be impacted by depressedglobal sugar prices, low sucrose cane
content (ATR) and capped ethanol prices in Brazil. In the quarter we took
several restructuring & impairment charges, which is part of our ongoing
effort to improve the cost structure of our industrial business. We made good
progress during the year to reduce costs in our milling operations, and the
efforts will continue. We are actively engaged in our strategic review to
optimize the value of this business and have retained financial advisors to
assist in the process.

"We enter 2014 with good momentum. Lower commodity prices are spurring growth
in demand and trade. Soybean crops in South America are on track to set
another record level of production. Similar to last year, this will put a
premium on logistics expertise and assets, which fits our capabilities well.
We expect our food & ingredients segment to extract even greater value from
the downstream chains, and we will have incremental contribution from our
acquisition of Grupo Altex's wheat mills in Mexico, which we completed at the
end of 2013. 

"Lastly, we believe our strong financial position provides us the opportunity
to return capital to our shareholders as part of our balanced approach to
allocating capital. As a result, commencing in the first quarter we intend to
repurchase $200 million of our common shares and will continue to be focused
on our use of capital to maximize returns as we move through 2014." 

Fourth Quarter Results

Agribusiness
Agribusiness produced solid results, more than doubling a challenging year-ago
period. Higher results in the quarter were primarily driven by strong oilseed
processing margins in North America, Europe and China, which benefited from
the combination of strong demand, large harvests and a lack of oilseed exports
out of South America. Higher results in our merchandising operations were
driven by large export programs to Asia, the Middle East and Europe. In South
America, which was in the slow season, domestic oilseed processing results
were higher in Brazil and Argentina. Results in the fourth quarter 2012
included charges of $76 million, primarily related to the loss on sale of
certain long-term recoverable tax assets for cash. 

Sugar & Bioenergy
Higher results in the quarter were driven by higher margins and volumes in our
trading & merchandising operations and improved performance in our U.S.
biofuels business, which benefited from the robust ethanol production
environment. Results in our Brazilian sugarcane milling operations were lower
than last year and generated a loss in the quarter, as expected. Higher cane
milling volume and ethanol prices were more than offset by lower ATR and sugar
prices. Results in the fourth quarter included approximately $10 million of
restructuring and impairment charges related to improving the cost structure
of our Brazilian milling operations.

Edible Oil Products
The fourth quarter was the strongest quarter of the year as we drove higher
margins through improved management of pricing, new product introduction, and
improved operational efficiency. While we delivered a record year, quarterly
results compared to last year were slightly lower on an adjusted basis as
improved performances in Europe and North America were more than offset by
lower results in Brazil and Asia. Results in the fourth quarter 2012 included
a $7 million charge related to the loss on sale of certain long-term
recoverable tax assets for cash and a $16 million valuation adjustment for
certain value added taxes in Brazil.

Milling Products
Higher results in the quarter were primarily driven by improved performances
in corn milling and our Brazilian wheat milling operations. Corn milling
results benefited from improved margins and higher volumes, which were due in
part to the arrival of the U.S. corn crop and strong demand from customers who
had delayed purchases in anticipation of record corn production. In Brazil,
results benefited from improved customer mix and well-executed wheat import
programs from North America, which replaced wheat volumes from Argentina.
Wheat milling results in Mexico were solid and up from last year, and rice
milling results were comparable to the year-ago period. Results in the fourth
quarter 2012 included a $6 million valuation adjustment for certain value
added taxes in Brazil.

Fertilizer
Higher results in our Brazilian fertilizer port operation were partially
offset by lower results in Argentina, primarily due to lower volumes from a
reduction in planted corn and wheat acreage, which requires higher levels of
fertilization. Overall, the ongoing fertilizer operations continue to deliver
returns above cost of capital while contributing to our integrated
agribusiness activities in Brazil, Argentina and Paraguay.

Cash Flow
Cash provided by operations in the twelve months ended December 31, 2013 was
approximately $2.2 billion compared to cash used of $457 million in the same
period last year. The year-over-year variance primarily reflects lower levels
of operating working capital resulting from the decrease in crop prices and a
continued focus on optimizing working capital. Capital investment for the
year was approximately $1 billion, which was in line with our targeted level
of spend.

Income Taxes
Income taxes for the year ended December 31, 2013 were $904 million and were
impacted by valuation allowances and provisions related to deferred tax assets
primarily in our sugar & bioenergy segment, charges for uncertain tax
positions and company earnings mix. Adjusting for certain gains and charges,
the full year effective tax rate was approximately 30%.

Outlook

Drew Burke, Chief Financial Officer, stated, "In agribusiness, global demand
is strong. With the reduction in crop prices, livestock production economics
are generally good around the world, which is positive for oilseed processing
margins and trade. South American crops are progressing well, and soon soy
export demand will be shifting from the U.S. to this region. Handling and
transporting this record crop will pose significant logistical challenges,
particularly in Brazil, which should provide us with attractive market
opportunities considering our network of assets and experience in the region.

"In food & ingredients, we expect continued strong performance, as we continue
to strengthen our operations, invest in innovation and leverage our customer
relationships across regions and businesses. Demand in our core categories is
strong and our businesses are well placed to take full advantage of that
dynamic. Similar to past years, we expect results to be seasonally weaker in
the first quarter and progressively improve throughout the year.

"Considering global sugar prices and the uncertainty surrounding further
gasoline price increases in Brazil, we are forecasting results in sugar &
bioenergy to be about breakeven. We will manage this business to be cash flow
positive, limiting capital investment to agricultural and industrial
maintenance and efficiency projects only.

"Additionally, we expect the following for 2014: depreciation, depletion and
amortization of approximately $560 million; capital expenditures of
approximately $900 million; and a full-year tax rate of approximately 23%."

Conference Call and Webcast Details

Bunge Limited's management will host a conference call at 10:00 a.m. EST on
February 13, 2014 to discuss the company's results.

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

Earnings announcements for the first, second and third quarters of fiscal year
2014 are tentatively scheduled for May 1, July 31 and October 30,
respectively.

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 36550037. The call will also be webcast live at www.bunge.com.

To access the webcast, go to "Webcasts and Events" in the "Investors" section
of the company's website. Select "Q4 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.

A replay of the call will be available later in the day on February 13, 2014,
continuing through March 15, 2014. 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 36550037. A replay will
also be available at "Past Events" in 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 quarter and year ended December 31, 2013 and 2012.



                                             Net Income      Earnings
                              Total Segment  Attributable to Per Share
(In millions, except per      EBIT           Bunge           Diluted
share data)
Quarter Ended December 31:    2013   2012    2013    2012    2013     2012
Continuing operations:
Agribusiness:                 $ -    $ (76)  $  (67) $ (53)  $ (0.45) $ (0.36)
 Income tax valuation           -      -        (20)   -       (0.13)   -
 allowances ^(3)
 Loss on sale of recoverable    -      (66)     -      (44)    -        (0.30)
 tax credits ^(5)
 Impairment of equity method
 investment
  and related party loan      -      (10)     -      (9)     -        (0.06)
 ^(6)
 Discrete tax charges ^(4)      -      -        (47)   -       (0.32)   -
Sugar & Bioenergy:              (8)    (480)    (22)   (316)   (0.15)   (2.17)
 Gain on sale of investment     2      -        1      -       0.01     -
 in affiliate ^(7)
 Impairment and restructuring   (10)   -        (10)   -       (0.07)   -
 charges ^(8)
 Income tax valuation           -      -        (13)   -       (0.09)   -
 allowance ^(9)
 Goodwill impairment, net of
 noncontrolling interest        -      (496)    -      (327)   -        (2.24)
 share ^(11)
 Gain on sale of investment     -      16       -      11      -        0.07
 ^(12)
Edible oil products:
 Loss on sale of recoverable    -      (7)      -      (5)     -        (0.03)
 tax credits ^(15)
Total                         $ (8)  $ (563) $  (89) $ (374) $ (0.60) $ (2.56)



„ Additional Financial Information


                                            Net Income      Earnings
                             Total Segment  Attributable to Per Share
(In millions, except per     EBIT           Bunge           Diluted
share data)
Year Ended December 31:      2013   2012    2013    2012    2013     2012
Continuing operations:
Agribusiness:                $ 24   $ 9     $ (92)  $ 1     $ (0.62) $ 0.01
 Sale of certain rights ^(1)   16   $ -       10      -       0.07     -
 Gains on sales of             8      85      6       54      0.04     0.37
 investments ^(2)
 Income tax valuation          -      -       (30)    -       (0.20)   -
 allowances ^(3)
 Discrete tax charges ^(4)     -      -       (78)    -       (0.53)   -
 Loss on sale of recoverable   -      (66)    -       (44)    -        (0.30)
 tax credits ^(5)
 Impairment of equity method
 investment
  and related party loan     -      (10)    -       (9)     -        (0.06)
 ^(6)
Sugar & Bioenergy:           $ (26) $ (519) $ (504) $ (341) $ (3.40) $ (2.33)
 Gain on sale of investment    2      -       1       -       0.01     -
 in affiliate ^(7)
 Impairment and                (28)   -       (28)    -       (0.19)   -
 restructuring charges ^(8)
 Income tax valuation          -      -       (477)   -       (3.22)   -
 allowances ^(9)
 Impairment of equity method
 investments
  and related party loan     -      (39)    -       (25)    -        (0.17)
 ^(10)
 Goodwill impairment, net of
 noncontrolling interest       -      (496)   -       (327)   -        (2.23)
 share ^(11)
 Gain on sale of investment    -      16      -       11      -        0.07
 ^(12)
Edible oil products:         $ 9    $ (7)   $ 1     $ (5)   $ 0.01   $ (0.03)
 Sale of certain rights        9      -       6       -       0.04     -
 ^(13)
 Income tax valuation          -      -       (5)     -       (0.03)   -
 allowance ^(14)
 Loss on sale of recoverable   -      (7)     -       (5)     -        (0.03)
 tax credits ^(15)
Milling products:            $ (1)  $ 36    $ (1)   $ 36    $ (0.01) $ 0.24
 Sale of certain rights        6      -       4       -       0.02     -
 ^(16)
 Provision for recoverable     (7)    -       (5)     -       (0.03)   -
 taxes ^(17)
 Gain on acquisition of        -      36      -       36      -        0.24
 controlling interest ^(18)
Fertilizer:
 Sale of certain rights        32     -       21      -       0.14     -
 ^(19)
Total                        $ 38   $ (481) $ (575) $ (309) $ (3.88) $ (2.11)



Consolidated Earnings Data (Unaudited)
                   Quarter     Year Ended
                  Ended
                  December   December 31,
                  31,
(In millions)              2013                    2012              2013       2012
Net sales         $        16,375          $       17,040          $ 61,347   $ 60,991
Cost of goods              (15,565)                (16,490)          (58,587)   (58,418)
sold
Gross profit               810                     550               2,760      2,573
Selling, general
and                        (443)                   (400)             (1,559)    (1,563)
administrative
expenses
Foreign exchange           46                      2                 53         88
gains (losses)
Other income               (14)                    (82)              47         29
(expense)−net
Goodwill                   -                       (514)             -          (514)
impairment ^(11)
EBIT attributable
to noncontrolling          (3)                     21                28         15
interest
Total Segment              396                     (423)             1,329      628
EBIT ^(22)
Interest income            29                      10                76         53
Interest expense           (99)                    (80)              (363)      (294)
^(23)
Income tax
(expense) benefit          (202)                   203               (904)      6
^(3),(4),(9),(14)
Noncontrolling
interest share of          11                      -                 71         13
interest and tax
Income (loss)
from continuing            135                     (290)             209        406
operations, net
of tax
Income (loss)
from discontinued          3                       (309)             97         (342)
operations, net
of tax ^(20),(21)
Net income (loss)
attributable to            138                     (599)             306        64
Bunge
Convertible
preference share           (23)                    (11)              (76)       (36)
dividends and
other obligations
Net income (loss)
available to      $        115             $       (610)           $ 230      $ 28
Bunge common
shareholders
Net income (loss)
per common share
diluted
attributable to
Bunge common
shareholders
^(24):
Continuing        $        0.75            $       (2.06)          $ 0.90     $ 2.51
operations
Discontinued               0.03                    (2.11)            0.65       (2.32)
operations
Net income (loss)
per common share  $        0.78            $       (4.17)          $ 1.55     $ 0.19
- diluted
Weighted–average
common shares              149                     146               148        147
outstanding -
diluted



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               Year Ended
                           December 31,                December 31,
(In millions, except           2013         2012          2013        2012
volumes)
Volumes (in thousands of
metric tons):
Agribusiness                   36,132       31,617        137,405     132,760
Sugar & Bioenergy              2,987        2,597         10,316      8,587
Edible oil products            1,785        1,778         6,972       6,654
Milling products               982          1,032         4,034       4,262
Fertilizer                     336          364           958         986
Net sales:
Agribusiness               $   12,449   $   12,671     $  45,507   $  44,561
Sugar & Bioenergy              1,030        1,177         4,215       4,659
Edible oil products            2,267        2,525         9,165       9,472
Milling products               481          500           2,012       1,833
Fertilizer                     148          167           448         466
Total                      $   16,375   $   17,040     $  61,347   $  60,991
Gross profit:
Agribusiness               $   545      $   362        $  1,797    $  1,786
Sugar & Bioenergy              3            (9)           92          64
Edible oil products            160          129           540         446
Milling products               77           42            262         201
Fertilizer                     25           26            69          76
Total                      $   810      $   550        $  2,760    $  2,573
Selling, general and
administrative expenses:
Agribusiness               $   (236)    $   (232)      $  (836)    $  (858)
Sugar & Bioenergy              (50)         (44)          (166)       (194)
Edible oil products            (107)        (89)          (384)       (353)
Milling products               (39)         (28)          (139)       (123)
Fertilizer                     (11)         (7)           (34)        (35)
Total                      $   (443)    $   (400)      $  (1,559)  $  (1,563)
Foreign exchange gain
(loss):
Agribusiness               $   46       $   5          $  41       $  111
Sugar & Bioenergy              1            -             3           (15)
Edible oil products            (1)          (3)           5           (8)
Milling products               -            -             (1)         1
Fertilizer                     -            -             5           (1)
Total                      $   46       $   2          $  53       $  88
Goodwill impairment ^(11)  $   -        $   (514)      $  -        $  (514)
Segment earnings before
interest and tax:
Agribusiness               $   346      $   58         $  1,032    $  1,047
Sugar & Bioenergy              (43)         (529)         (60)        (637)
Edible oil products            48           28            163         80
Milling products               36           14            125         115
Fertilizer                     9            6             69          23
Total^(22)                 $   396      $   (423)      $  1,329    $  628



Condensed Consolidated Balance Sheets (Unaudited)
                                                   December 31,   December 31,
(In millions)                                      2013           2012
Assets
Cash and cash equivalents                          $   742        $   569
Time deposits under trade structured finance           4,470          3,048
program
Trade accounts receivable, net                         2,144          2,471
Inventories ^(25)                                      5,796          6,590
Current assets held for sale                           55             660
Other current assets                                   4,455          3,926
Total current assets                                   17,662         17,264
Property, plant and equipment, net                     6,075          5,888
Goodwill and other intangible assets, net              718            646
Investments in affiliates                              241            273
Non-current assets held for sale                       46             250
Other non-current assets                               2,039          2,959
Total assets                                       $   26,781     $   27,280
Liabilities and Equity
Short-term debt                                    $   703        $   1,598
Current portion of long-term debt                      762            719
Letter of credit obligations under trade               4,470          3,048
structured finance program
Trade accounts payable                                 3,522          3,319
Current liabilities held for sale                      -              297
Other current liabilities                              3,078          2,580
Total current liabilities                              12,535         11,561
Long-term debt                                         3,179          3,532
Non-current liabilities held for sale                  -              13
Other non-current liabilities                          942            881
Total liabilities                                      16,656         15,987
Redeemable noncontrolling interest                     37             38
Total equity                                           10,088         11,255
Total liabilities and equity                       $   26,781     $   27,280



Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                           Year Ended
                                                           December 31,
(In millions)                                              2013        2012
Operating Activities
Net income ^(26)                                         $ 207       $ 36
Adjustments to reconcile net income to cash provided by
(used for) operating activities:
Gain on sale of Brazilian fertilizer distribution          (148)       -
business
Goodwill and other impairment charges                      35          574
Gains on sales of investments in affiliates                (3)         (85)
Gain on acquisition of controlling interest                -           (36)
Deferred income taxes                                      460         (35)
Depreciation, depletion and amortization                   568         570
Other, net                                                 31          87
Changes in operating assets and liabilities, excluding
the effects of acquisitions:
Trade accounts receivable, net                             148         (373)
Inventories                                                238         (1,567)
Trade accounts payable                                     436         554
Other, net                                                 253         (182)
 Cash provided by (used for) operating activities        2,225       (457)
Investing Activities
Payments made for capital expenditures                     (1,042)     (1,095)
Acquisitions of businesses (net of cash acquired)          (355)       (298)
Proceeds from sales of investments in affiliates           47          483
Proceeds from sale of Brazilian fertilizer distribution    750         -
business
Other, net                                                 171         (57)
 Cash provided by (used for) investing activities        (429)       (967)
Financing Activities
Net borrowings (repayments) of short-term debt             (956)       819
Net proceeds (repayments) of long-term debt                (362)       549
Dividends paid                                             (204)       (192)
Other, net                                                 (43)        30
 Cash provided by (used for) financing activities        (1,565)     1,206
 Effect of exchange rate changes on cash and cash        (60)        (46)
equivalents
 Net increase (decrease) in cash and cash equivalents    171         (264)
Change in cash related to assets held for sale             2           (2)
 Cash and cash equivalents, beginning of period          569         835
 Cash and cash equivalents, end of period              $ 742       $ 569



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 earnings before interest and tax (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     Year Ended
                                               December 31,      December 31,
(In millions)                                  2013    2012      2013    2012
Total segment EBIT                           $ 396   $ (423)   $ 1,329 $ 628
Interest income                                29      10        76      53
Interest expense                               (99)    (80)      (363)   (294)
Income tax (expense) benefit                   (202)   203       (904)   6
Income (loss) from discontinued operations,    3       (309)     97      (342)
net of tax
Noncontrolling interest share of interest      11      -         71      13
and tax
Net income (loss) attributable to Bunge      $ 138   $ (599)   $ 306   $ 64

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

Below is a reconciliation to earnings per common share-diluted (excluding
certain gains & charges and discontinued operations) to earnings per common
share-diluted. Earnings per common share-diluted (excluding certain gains &
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       Year Ended
                                         December 31,        December 31,
                                           2013     2012       2013     2012
Continuing operations:
Net income (loss) per common share -
diluted
       (excluding certain gains &
       charges and
       discontinued operations)          $ 1.35   $ 0.50     $ 4.78   $ 4.62
Certain gains & charges (see Additional
       Financial Information section)      (0.60)   (2.56)     (3.88)   (2.11)
Net income (loss) per share - continuing   0.75     (2.06)     0.90     2.51
operations
Discontinued operations:
Net income (loss) per common share -
diluted from
       discontinued operations
       (excluding certain
       gains & charges)                    0.03     (0.07)     -        (0.17)
Certain gains & charges                    -        (2.04)     0.65     (2.15)
Net income (loss) per share -              0.03     (2.11)     0.65     (2.32)
discontinued operations
Net income (loss) per common share -     $ 0.78   $ (4.17)   $ 1.55   $ 0.19
diluted



Notes

Agribusiness:

^(1)EBIT includes a gain of $16 million recorded in other income (expense) –
net in the first quarter of 2013 related to the sale of Bunge's rights to
certain legal claims.

^(2)2012 EBIT includes a gain of $85 million recorded in the second quarter
from the sale of Bunge's interest in The Solae Company.

^(3)Income tax (expense) benefit for 2013 includes a charge of $10 million
and $20 million recorded in the third and fourth quarters, respectively, for
valuation allowances related to net operating loss carryforwards resulting
from management's evaluation of the recoverability of deferred tax assets.

^(4)Income tax (expense) benefit for 2013 includes charges of $27 million and
$47 million recorded in the first and fourth quarters, respectively, as a
result of uncertain income tax positions and provisions related to tax years
2008-2010 in Brazil, and a charge of $4 million recorded in the first quarter
related to the finalization of a European tax audit. ^ ^

^(5)EBIT includes a loss of $66 million recorded in other income (expense) –
net in the fourth quarter of 2012 related to the sale of $94 million of
long-term recoverable tax credits in Brazil.

^(6)EBIT includes impairment charges of $9 million recorded in other income
(expense)-net and $1 million recorded in selling, general and administrative
expenses, both in the fourth quarter of 2012, relating to the write down of
two separate equity method investments in European biodiesel producers and an
affiliate loan to a European biodiesel joint venture,
respectively.

Sugar & Bioenergy:

^(7)EBIT includes a pre-tax gain of $2 million recorded in the fourth quarter
of 2013 from the sale of an investment in affiliate.

^(8)EBIT includes restructuring and impairment charges of $18 million and $10
million recorded in the third and fourth quarters of 2013, respectively.

^(9)Income tax (expense) benefit for 2013 includes charges of $464 million
recorded in the third quarter and $13 million recorded in the fourth quarter
for income tax valuation allowances, resulting from management's evaluation of
its net operating loss (NOL) carryforwards.

^(10)EBIT includes pre-tax impairment charges of $10 million recorded in
other income (expense)-net and $29 million recorded in selling, general and
administrative expenses, both in the third quarter of 2012, related to an
investment in and related loan to a North American bioenergy joint venture.

^(11)EBIT includes a goodwill impairment charge of $514 million recorded in
the fourth quarter of 2012.

^(12)EBIT includes a gain of $16 million recorded in selling, general and
administrative expenses in the fourth quarter of 2012 related to the sale of
an investment in a logistics facility in Brazil.

Edible oils products:

^(13)EBIT includes a gain of $9 million recorded in other income (expense) –
net in the first quarter of 2013 related to the sale of Bunge's rights to
certain legal claims.

^(14)Income tax (expense) benefit includes a charge of $5 million for income
tax valuation allowances recorded in the third quarter of 2013, resulting from
management's evaluation of the recoverability of net operating loss
carryforwards.

^(15)EBIT includes a loss of $7 million recorded in other income (expense) –
net in the fourth quarter of 2012 related to the sale of certain long-term
recoverable tax credits in Brazil.

Milling products:

^(16)EBIT includes a gain of $6 million recorded in other income (expense) –
net in the first quarter of 2013 related to the sale of Bunge's rights to
certain legal claims.

^(17)EBIT includes a provision of $7 million recorded in other income
(expense)-net in the third quarter of 2013 related to recoverable taxes in
Brazil.

^(18)EBIT includes a gain of $36 million recorded in the second quarter of
2012 from the acquisition of a controlling interest in a North American
milling business in which Bunge previously held a minority investment.

Fertilizer:

^(19)EBIT includes a gain of $32 million recorded in other income (expense)
– net in the first quarter of 2013 related to the sale of Bunge's rights to
certain legal claims.

Discontinued Operations - Fertilizer:

^(20)Income (loss) from discontinued operations, net of tax, includes a net
gain of $112 million recorded in the third quarter of 2013 on the sale of
Bunge's Brazilian fertilizer distribution business to Yara International ASA.

^(21)Income (loss) from discontinued operations, net of tax, includes a
charge of $266 million recorded in the fourth quarter of 2012 for an income
tax valuation allowance resulting from the then pending sale of the Brazilian
fertilizer distribution business.

Notes to the Financial Tables:

^(22)See Reconciliation of Non-GAAP Measures.

^(23)Includes interest expense on readily marketable inventories of $43
million and $38 million for the quarters ended December 31, 2013 and 2012,
respectively, and $77 million and $133 million for the years ended December
31, 2013 and 2012, respectively.

^(24)Weighted-average common shares outstanding-diluted for the fourth
quarter and year ended December 31, 2013 exclude the dilutive effect of 2
million and 3 million, respectively, of 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 fourth quarter and year ended December 31, 2013
exclude the dilutive effect of the dilutive effect of approximately 7.7
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 fourth quarter and
year ended December 31, 2012 exclude the effect of 4 million of 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 year ended December 31, 2012 exclude the
effect of approximately 7.6 million weighted average common shares that would
be issuable upon conversion of Bunge's convertible preference shares because
the effect would not have been dilutive.

^(25)Includes readily marketable inventories of $4,413 million and $5,306
million at December 31, 2013 and 2012, respectively. Of these amounts $2,927
million and $3,442 million, respectively, can be attributable to merchandising
activities.

^(26)A reconciliation of Net income attributable to Bunge to Net income is
as follows:



                                                   Year Ended
(In millions)                                      December 31,
                                                   2013          2012
Net income attributable to Bunge                   $    306  $    64
EBIT attributable to noncontrolling interests      (28)          (15)
Noncontrolling interest share of interest and tax  (71)          (13)
 Net income                                     $    207  $    36



SOURCE Bunge Limited

Website: http://www.bunge.com
Contact: 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
 
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