Company Quick10K Filing
Quick10K
Bunge
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$54.70 141 $7,739
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-13 Exit Costs, Impairments, Other Events, Exhibits
8-K 2019-07-22 Exit Costs, Impairments, Other Events, Exhibits
8-K 2019-06-30 Earnings, Exhibits
8-K 2019-05-24 Shareholder Vote
8-K 2019-05-08 Officers, Exhibits
8-K 2019-04-26 Officers, Exhibits
8-K 2019-03-31 Earnings, Exhibits
8-K 2019-02-28 Officers
8-K 2019-01-24 Officers
8-K 2019-01-24 Officers
8-K 2019-01-17 Earnings, Officers, Other Events, Exhibits
8-K 2018-12-31 Earnings, Exhibits
8-K 2018-12-14 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-09 Officers, Other Events, Exhibits
8-K 2018-12-05 Officers, Regulation FD, Exhibits
8-K 2018-10-31 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-30 Regulation FD, Other Events, Exhibits
8-K 2018-09-10 Other Events, Exhibits
8-K 2018-09-04 Other Events, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-06 Officers, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-12 Officers, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-05-15 Other Events, Exhibits
8-K 2018-05-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-20 Officers
8-K 2018-02-14 Earnings, Exit Costs, Exhibits
8-K 2018-01-03 Officers, Exhibits
ADM Archer Daniels Midland 20,961
SJM JM Smucker 11,871
NOMD Nomad Foods 3,522
FRPT Freshpet 1,696
TWNK Hostess Brands 1,378
LNDC Landec 321
FTFT Future Fintech Group 31
ANFI Amira Nature Foods 28
PETZ TDH Holdings 19
FAMI Farmmi 16
BG 2019-06-30
Part I- Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 offerltrneppl-05x7x19f.htm
EX-31.1 bg-06302019x10qex311.htm
EX-31.2 bg-06302019x10qex312.htm
EX-32.1 bg-06302019x10qex321.htm
EX-32.2 bg-06302019x10qex322.htm

Bunge Earnings 2019-06-30

BG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from        to       
Commission File Number 001-16625
BUNGE LIMITED
(Exact name of registrant as specified in its charter)
Bermuda
 
98-0231912
(State or other jurisdiction of incorporation or
organization)
 
(I.R.S. Employer Identification No.)
 
 
 
50 Main Street
 
 
White Plains
 
 
New York
 
10606
(Address of principal executive offices)
 
(Zip Code)
(914) 684-2800
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ý  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
ý
Accelerated filer
Non-accelerated filer
(Do not check if a smaller
reporting company)
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934).  Yes    No  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).  Yes    No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Shares, $0.01 par value per share
 
BG
 
New York Stock Exchange
As of July 26, 2019 the number of shares issued of the registrant was:
Common shares, par value $.01 per share: 141,556,942



Table of Contents

BUNGE LIMITED
TABLE OF CONTENTS
 
 
Page
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 

2

Table of Contents

PART I— FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(U.S. dollars in millions, except per share data)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
10,096

 
$
12,147

 
$
20,034

 
$
22,788

Cost of goods sold
 
(9,584
)
 
(11,605
)
 
(19,085
)
 
(21,862
)
Gross profit
 
512

 
542

 
949

 
926

Selling, general and administrative expenses
 
(335
)
 
(377
)
 
(640
)
 
(721
)
Interest income
 
7

 
6

 
14

 
14

Interest expense
 
(88
)
 
(94
)
 
(163
)
 
(164
)
Foreign exchange gains (losses)
 
(11
)
 
(96
)
 
(18
)
 
(96
)
Other income (expense) – net
 
187

 
4

 
218

 
28

Income (loss) from continuing operations before income tax
 
272

 
(15
)
 
360

 
(13
)
Income tax (expense) benefit
 
(60
)
 
(2
)
 
(98
)
 
(21
)
Income (loss) from continuing operations
 
212

 
(17
)
 
262

 
(34
)
Income (loss) from discontinued operations, net of tax
 

 
7

 

 
5

Net income (loss)
 
212

 
(10
)
 
262

 
(29
)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
2


(2
)

(3
)

(4
)
Net income (loss) attributable to Bunge
 
214

 
(12
)
 
259

 
(33
)
Convertible preference share dividends
 
(9
)
 
(9
)
 
(17
)
 
(17
)
Net income (loss) available to Bunge common shareholders
 
$
205

 
$
(21
)
 
$
242

 
$
(50
)
 
 
 
 
 
 
 
 
 
Earnings per common share—basic (Note 19)
 
 

 
 

 
 

 
 

Net income (loss) from continuing operations
 
$
1.46

 
$
(0.20
)
 
$
1.72

 
$
(0.39
)
Net income (loss) from discontinued operations
 

 
0.05

 

 
0.03

Net income (loss) attributable to Bunge common shareholders
 
$
1.46

 
$
(0.15
)
 
$
1.72

 
$
(0.36
)
 
 
 
 
 
 
 
 
 
Earnings per common share—diluted (Note 19)
 
 

 
 

 
 

 
 

Net income (loss) from continuing operations
 
$
1.43

 
$
(0.20
)
 
$
1.71

 
$
(0.39
)
Net income (loss) from discontinued operations
 

 
0.05

 

 
0.03

Net income (loss) attributable to Bunge common shareholders
 
$
1.43

 
$
(0.15
)
 
$
1.71

 
$
(0.36
)
The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
212

 
$
(10
)
 
$
262

 
$
(29
)
Other comprehensive income (loss):
 
 

 
 

 
 

 
 

Foreign exchange translation adjustment
 
97

 
(1,024
)
 
68

 
(1,036
)
  Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of ($1) and ($1) in 2019 and $2 and $2 in 2018
 
(8
)
 
161

 
(31
)
 
164

Reclassification of realized net (gains) losses to net income, net of tax expense (benefit) of $1 and $1 in 2019 and nil and nil in 2018
 
(1
)
 
3

 
(2
)
 
(1
)
Pension adjustment, net of tax (expense) benefit of nil and nil in 2019 and nil and nil in 2018
 

 
2

 

 
1

Total other comprehensive income (loss)
 
88

 
(858
)
 
35

 
(872
)
Total comprehensive income (loss)
 
300

 
(868
)
 
297

 
(901
)
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5
)
 
8

 
(1
)
 
3

Total comprehensive income (loss) attributable to Bunge
 
$
295

 
$
(860
)
 
$
296

 
$
(898
)

The accompanying notes are an integral part of these condensed consolidated financial statements.


4

Table of Contents

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
 
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
238

 
$
389

Trade accounts receivable (less allowances of $113 and $113) (Note 14)
 
1,711

 
1,637

Inventories (Note 6)
 
5,875

 
5,871

Other current assets (Note 7)
 
3,283

 
3,171

Total current assets
 
11,107

 
11,068

Property, plant and equipment, net
 
5,238

 
5,201

Operating lease assets (Note 4)
 
1,027

 

Goodwill
 
729

 
727

Other intangible assets, net
 
643

 
697

Investments in affiliates
 
474

 
451

Deferred income taxes
 
456

 
458

Other non-current assets (Note 8)
 
750

 
823

Total assets
 
$
20,424

 
$
19,425

LIABILITIES AND EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Short-term debt
 
$
1,885

 
$
750

Current portion of long-term debt (Note 13)
 
424

 
419

Trade accounts payable (includes $721 and $441 carried at fair value)
 
3,053

 
3,501

Current operating lease obligations (Note 4)
 
231

 

Other current liabilities (Note 10)
 
1,864

 
2,502

Total current liabilities
 
7,457

 
7,172

Long-term debt (Note 13)
 
4,039

 
4,203

Deferred income taxes
 
349

 
356

Non-current operating lease obligations (Note 4)
 
750

 

Other non-current liabilities
 
879

 
892

Commitments and contingencies (Note 16)
 


 


Redeemable noncontrolling interest (Note 17)
 
425

 
424

Equity (Note 18):
 
 

 
 

Convertible perpetual preference shares, par value $.01; authorized – 21,000,000 shares, issued and outstanding: 2019 and 2018 - 6,899,683 shares (liquidation preference $100 per share)
 
690

 
690

Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2019 – 141,533,722 shares, 2018 – 141,111,081 shares
 
1

 
1

Additional paid-in capital
 
5,300

 
5,278

Retained earnings
 
8,179

 
8,059

Accumulated other comprehensive income (loss) (Note 18)
 
(6,919
)
 
(6,935
)
Treasury shares, at cost - 2019 and 2018 - 12,882,313 shares
 
(920
)
 
(920
)
Total Bunge shareholders’ equity
 
6,331

 
6,173

Noncontrolling interests
 
194

 
205

Total equity
 
6,525

 
6,378

Total liabilities, redeemable noncontrolling interest and equity
 
$
20,424

 
$
19,425

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
 
 
Six Months Ended June 30,
 
 
2019
 
2018
OPERATING ACTIVITIES
 
 

 
 

Net income (loss)
 
$
262

 
$
(29
)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
 
 

 
 

Impairment charges
 
22

 
4

Foreign exchange loss on net debt
 
38

 
171

Bad debt expense
 
4

 
23

Depreciation, depletion and amortization
 
294

 
304

Share-based compensation expense
 
17

 
21

Deferred income tax (benefit)
 
3

 
(50
)
Other, net
 
(13
)
 
5

Changes in operating assets and liabilities, excluding the effects of acquisitions:
 
 

 
 

Trade accounts receivable
 
(106
)
 
(245
)
Inventories
 
5

 
(2,202
)
Secured advances to suppliers
 
(120
)
 
(308
)
Trade accounts payable and accrued liabilities
 
(503
)
 
(48
)
Advances on sales
 
(169
)
 
(80
)
Net unrealized gains and losses on derivative contracts
 
(214
)
 
262

Margin deposits
 
121

 
(217
)
Marketable securities
 
(272
)
 
(56
)
Beneficial interest in securitized trade receivables
 
(521
)
 
(1,074
)
Other, net
 
69

 
(30
)
Cash provided by (used for) operating activities
 
(1,083
)
 
(3,549
)
INVESTING ACTIVITIES
 
 

 
 

Payments made for capital expenditures
 
(265
)
 
(220
)
Acquisitions of businesses (net of cash acquired)
 

 
(968
)
Proceeds from investments
 
213

 
945

Payments for investments
 
(277
)
 
(1,082
)
Settlement of net investment hedges
 
(39
)
 
12

Proceeds from beneficial interest in securitized trade receivables
 
547

 
1,064

Payments for investments in affiliates
 
(6
)
 

Other, net
 
12

 
32

Cash provided by (used for) investing activities
 
185

 
(217
)
FINANCING ACTIVITIES
 
 

 
 

Net change in short-term debt with maturities of 90 days or less
 
1,198

 
1,903

Proceeds from short-term debt with maturities greater than 90 days
 
44

 
231

Repayments of short-term debt with maturities greater than 90 days
 
(104
)
 
(63
)
Proceeds from long-term debt
 
3,262

 
5,926

Repayments of long-term debt
 
(3,496
)
 
(4,430
)
Proceeds from the exercise of options for common shares
 
7

 
11

Dividends paid to common and preference shareholders
 
(158
)
 
(147
)
Other, net
 
(8
)
 
(13
)
Cash provided by (used for) financing activities
 
745

 
3,418

Effect of exchange rate changes on cash and cash equivalents and restricted cash
 
8

 
(32
)
Net increase (decrease) in cash and cash equivalents and restricted cash
 
(145
)
 
(380
)
Cash and cash equivalents and restricted cash - beginning of period
 
393

 
605

Cash and cash equivalents and restricted cash - end of period
 
$
248

 
$
225

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of Contents

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)
 
 
 
Convertible
Preference Shares
 
Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable
Non-
Controlling
Interests
Shares
 
Amount
 
Shares
 
Amount
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury
Shares
 
Non-
Controlling
Interests
 
Total
Equity
Balance, April 1, 2019
 
$
421

6,899,683

 
$
690

 
141,469,061

 
$
1

 
$
5,284

 
$
8,045

 
$
(7,000
)
 
$
(920
)
 
$
204

 
$
6,304

Net income (loss)
 
(1
)

 

 

 

 

 
214

 

 

 
(1
)
 
213

Other comprehensive income (loss)
 
5


 

 

 

 

 

 
81

 

 
2

 
83

Dividends on common shares, $0.50 per share
 


 

 

 

 

 
(71
)
 

 

 

 
(71
)
Dividends on preference shares, $1.21875 per share
 


 

 

 

 

 
(9
)
 

 

 

 
(9
)
Dividends to noncontrolling interests on subsidiary common stock
 


 

 

 

 

 

 

 

 
(11
)
 
(11
)
Share-based compensation expense
 


 

 

 

 
13

 

 

 

 

 
13

Issuance of common shares, including stock dividends
 


 

 
64,661

 

 
3

 

 

 

 

 
3

Balance, June 30, 2019
 
$
425

6,899,683

 
$
690

 
141,533,722

 
$
1

 
$
5,300

 
$
8,179

 
$
(6,919
)
 
$
(920
)
 
$
194

 
$
6,525

 
 
 
Convertible
Preference Shares
 
Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable
Non-
Controlling
Interests
Shares
 
Amount
 
Shares
 
Amount
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury
Shares
 
Non-
Controlling
Interests
 
Total
Equity
Balance, April 1, 2018
 
$
470

6,899,700

 
$
690

 
140,904,028

 
$
1

 
$
5,233

 
$
8,008

 
$
(5,947
)
 
$
(920
)
 
$
212

 
$
7,277

Net income (loss)