Company Quick10K Filing
Bunge
Price56.98 EPS-8
Shares142 P/E-7
MCap8,067 P/FCF-6
Net Debt4,353 EBIT-847
TEV12,420 TEV/EBIT-15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-07-17 Officers, Exhibits
8-K 2020-06-24
8-K 2020-05-21
8-K 2020-05-13
8-K 2020-05-06
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-02-12
8-K 2019-12-16
8-K 2019-12-10
8-K 2019-12-04
8-K 2019-12-02
8-K 2019-09-30
8-K 2019-08-13
8-K 2019-07-22
8-K 2019-06-30
8-K 2019-05-24
8-K 2019-05-08
8-K 2019-04-26
8-K 2019-03-31
8-K 2019-02-28
8-K 2019-01-24
8-K 2019-01-17
8-K 2018-12-31
8-K 2018-12-14
8-K 2018-12-09
8-K 2018-12-05
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-10-30
8-K 2018-09-10
8-K 2018-09-04
8-K 2018-09-04
8-K 2018-08-06
8-K 2018-08-01
8-K 2018-07-12
8-K 2018-05-24
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-03-20
8-K 2018-02-14
8-K 2018-01-03
8-K 2015-09-09
8-K 2015-08-10
8-K 2015-07-30
8-K 2015-07-06
8-K 2015-05-19
8-K 2015-04-30
8-K 2015-02-26
8-K 2015-02-12

BG 10Q Quarterly Report

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-31.1 bg-06302020x10qex311.htm
EX-31.2 bg-06302020x10qex312.htm
EX-32.1 bg-06302020x10qex321.htm
EX-32.2 bg-06302020x10qex322.htm

Bunge Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
20151172-12012201420172020
Rev, G Profit, Net Income
2.21.40.6-0.3-1.1-1.92012201420172020
Ops, Inv, Fin

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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, 2020
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.)
 
1391 Timberlake Manor Parkway
St. Louis
Missouri63017
(Address of principal executive offices)(Zip Code)
(314) 292-2000
(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 filerýAccelerated filerNon-accelerated filer
(Do not check if a smaller
reporting company)
Smaller reporting companyEmerging 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 23, 2020, the number of shares issued of the registrant was:
Common shares, par value $.01 per share:139,642,911


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

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PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net sales$9,462  $10,096  $18,635  $20,034  
Cost of goods sold(8,357) (9,584) (17,356) (19,085) 
Gross profit1,105  512  1,279  949  
Selling, general and administrative expenses(346) (335) (641) (640) 
Interest income6  7  13  14  
Interest expense(62) (88) (139) (163) 
Foreign exchange gains (losses)27  (11) 21  (18) 
Other income (expense) – net27  181  20  205  
Income (loss) from affiliates(67) 6  (111) 13  
Income (loss) before income tax690  272  442  360  
Income tax (expense) benefit(168) (60) (113) (98) 
Net income (loss)522  212  329  262  
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(6) 2  3  (3) 
Net income (loss) attributable to Bunge516  214  332  259  
Convertible preference share dividends(9) (9) (17) (17) 
Adjustment of redeemable noncontrolling interest5    (10)   
Net income (loss) available to Bunge common shareholders$512  $205  $305  $242  
Earnings per common share—basic (Note 19)    
Net income (loss) attributable to Bunge common shareholders - basic$3.62  $1.46  $2.15  $1.72  
Earnings per common share—diluted (Note 19)    
Net income (loss) attributable to Bunge common shareholders - diluted$3.47  $1.43  $2.14  $1.71  
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,
 2020201920202019
Net income (loss)$522  $212  $329  $262  
Other comprehensive income (loss):    
Foreign exchange translation adjustment(98) 97  (950) 68  
Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of $1 and $6 in 2020 and ($1) and ($1) in 20193  (8) 54  (31) 
Reclassification of realized net (gains) losses to net income, net of tax (benefit) expense of ($1) and nil in 2020 and $1 and $1 in 2019
4  (1) 1  (2) 
Total other comprehensive income (loss)(91) 88  (895) 35  
Total comprehensive income (loss)431  300  (566) 297  
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
(18) (5) 7  (1) 
Total comprehensive income (loss) attributable to Bunge
$413  $295  $(559) $296  
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,
2020
December 31,
2019
ASSETS  
Current assets:  
Cash and cash equivalents$277  $320  
Trade accounts receivable (less allowances of $146 and $108) (Note 6)1,526  1,705  
Inventories (Note 7)6,007  5,038  
Assets held for sale (Note 3)296  72  
Other current assets (Note 8)3,362  3,113  
Total current assets11,468  10,248  
Property, plant and equipment, net3,714  4,132  
Operating lease assets (Note 4)776  796  
Goodwill550  611  
Other intangible assets, net524  583  
Investments in affiliates565  827  
Deferred income taxes295  442  
Other non-current assets (Note 9)667  678  
Total assets$18,559  $18,317  
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 14)$1,535  $771  
Current portion of long-term debt (Note 14)522  507  
Trade accounts payable (includes $514 and $378 carried at fair value)2,602  2,842  
Current operating lease obligations (Note 4)220  216  
Liabilities held for sale (Note 3)150  4  
Other current liabilities (Note 11)2,467  2,255  
Total current liabilities7,496  6,595  
Long-term debt (Note 14)3,980  3,716  
Deferred income taxes309  329  
Non-current operating lease obligations (Note 4)503  539  
Other non-current liabilities665  711  
Redeemable noncontrolling interest (Note 17)
397  397  
Equity (Note 18):
  
Convertible perpetual preference shares, par value $.01; authorized – 21,000,000 shares, issued and outstanding: 2020 and 2019 - 6,899,683 shares (liquidation preference $100 per share)
690  690  
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2020 – 139,640,018 shares, 2019 – 141,813,142 shares
1  1  
Additional paid-in capital5,356  5,329  
Retained earnings6,581  6,437  
Accumulated other comprehensive income (loss) (Note 18)(6,515) (5,624) 
Treasury shares, at cost - 2020 - 15,428,313 and 2019 - 12,882,313 shares(1,020) (920) 
Total Bunge shareholders’ equity5,093  5,913  
Noncontrolling interests116  117  
Total equity5,209  6,030  
Total liabilities, redeemable noncontrolling interest and equity$18,559  $18,317  
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,
 20202019
OPERATING ACTIVITIES  
Net income (loss)$329  $262  
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Impairment charges1  22  
Foreign exchange (gain) loss on net debt(107) 38  
Bad debt expense65  4  
Depreciation, depletion and amortization217  294  
Share-based compensation expense27  17  
Deferred income tax loss (benefit)50  3  
Other, net105  (13) 
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable(99) (106) 
Inventories(1,308) 5  
Secured advances to suppliers(218) (120) 
Trade accounts payable75  (503) 
Advances on sales(84) (169) 
Net unrealized (gains) losses on derivative contracts3  (214) 
Margin deposits(90) 121  
Marketable securities62  (272) 
Beneficial interest in securitized trade receivables(761) (521) 
Other, net231  69  
Cash provided by (used for) operating activities(1,502) (1,083) 
INVESTING ACTIVITIES  
Payments made for capital expenditures(127) (265) 
Proceeds from investments238  213  
Payments for investments(226) (277) 
Settlements of net investment hedges66  (39) 
Proceeds from beneficial interest in securitized trade receivables748  547  
Payments for investments in affiliates(2) (6) 
Other, net31  12  
Cash provided by (used for) investing activities728  185  
FINANCING ACTIVITIES  
Net change in short-term debt with maturities of 90 days or less719  1,198  
Proceeds from short-term debt with maturities greater than 90 days90  44  
Repayments of short-term debt with maturities greater than 90 days(4) (104) 
Proceeds from long-term debt1,762  3,262  
Repayments of long-term debt(1,567) (3,496) 
Proceeds from the exercise of options for common shares2  7  
Repurchases of common shares(100)   
Dividends paid to common and preference shareholders(159) (158) 
Other, net(17) (8) 
Cash provided by (used for) financing activities726  745  
Effect of exchange rate changes on cash and cash equivalents and restricted cash5  8  
Net increase (decrease) in cash and cash equivalents and restricted cash(43) (145) 
Cash and cash equivalents and restricted cash - beginning of period322