Quick10K

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Bunge

Financials

Price	56.98	EPS	-8
Shares	142	P/E	-7
MCap	8,067	P/FCF	-6
Net Debt	4,353	EBIT	-847
TEV	12,420	TEV/EBIT	-15
TTM 2019-09-30, in MM, except price, ratios

Filings

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

Reports

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

Bunge Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

bg-20200630

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


☐			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
Missouri						63017
(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 filer

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

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
PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Statements of Income for the Three and Six Months Ended June 3 0 , 2020 and 2019	3

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 3 0 , 2020 and 2019	4

	Condensed Consolidated Balance Sheets at June 3 0 , 2020 and December 31, 2019	5

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2020 and 2019	6

	Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Three and Six Months Ended June 3 0 , 2020 and 2019	7

	Notes to the Condensed Consolidated Financial Statements	9

	Cautionary Statement Regarding Forward-Looking Statements	35

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55

Item 4.	Controls and Procedures	57

PART II — INFORMATION

Item 1.	Legal Proceedings	58

Item 1A.	Risk Factors	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59

Item 3.	Defaults Upon Senior Securities	59

Item 4.	Mine Safety Disclosures	59

Item 5.	Other Information	59

Item 6.	Exhibits	59

Signatures			60

Exhibit Index			60

Table of Contents

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,
	2020		2019		2020		2019
Net sales	$	9,462	$	10,096	$	18,635	$	20,034
Cost of goods sold	(8,357)		(9,584)		(17,356)		(19,085)
Gross profit	1,105		512		1,279		949
Selling, general and administrative expenses	(346)		(335)		(641)		(640)
Interest income	6		7		13		14
Interest expense	(62)		(88)		(139)		(163)
Foreign exchange gains (losses)	27		(11)		21		(18)
Other income (expense) – net	27		181		20		205
Income (loss) from affiliates	(67)		6		(111)		13
Income (loss) before income tax	690		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 Bunge	516		214		332		259
Convertible preference share dividends	(9)		(9)		(17)		(17)
Adjustment of redeemable noncontrolling interest	5		—		(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.

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,
	2020		2019		2020		2019
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 2019	3		(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.

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 assets	11,468		10,248
Property, plant and equipment, net	3,714		4,132
Operating lease assets (Note 4)	776		796
Goodwill	550		611
Other intangible assets, net	524		583
Investments in affiliates	565		827
Deferred income taxes	295		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 liabilities	7,496		6,595
Long-term debt (Note 14)	3,980		3,716
Deferred income taxes	309		329
Non-current operating lease obligations (Note 4)	503		539
Other non-current liabilities	665		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 capital	5,356		5,329
Retained earnings	6,581		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’ equity	5,093		5,913
Noncontrolling interests	116		117
Total equity	5,209		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.

Table of Contents

BUNGE LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(U.S. dollars in millions)


	Six Months Ended June 30,
	2020		2019
OPERATING ACTIVITIES
Net income (loss)	$	329	$	262
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Impairment charges	1		22

Foreign exchange (gain) loss on net debt	(107)		38
Bad debt expense	65		4
Depreciation, depletion and amortization	217		294
Share-based compensation expense	27		17
Deferred income tax loss (benefit)	50		3
Other, net	105		(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 payable	75		(503)
Advances on sales	(84)		(169)
Net unrealized (gains) losses on derivative contracts	3		(214)
Margin deposits	(90)		121
Marketable securities	62		(272)
Beneficial interest in securitized trade receivables	(761)		(521)
Other, net	231		69
Cash provided by (used for) operating activities	(1,502)		(1,083)
INVESTING ACTIVITIES
Payments made for capital expenditures	(127)		(265)

Proceeds from investments	238		213
Payments for investments	(226)		(277)
Settlements of net investment hedges	66		(39)
Proceeds from beneficial interest in securitized trade receivables	748		547
Payments for investments in affiliates	(2)		(6)
Other, net	31		12
Cash provided by (used for) investing activities	728		185
FINANCING ACTIVITIES
Net change in short-term debt with maturities of 90 days or less	719		1,198
Proceeds from short-term debt with maturities greater than 90 days	90		44
Repayments of short-term debt with maturities greater than 90 days	(4)		(104)
Proceeds from long-term debt	1,762		3,262
Repayments of long-term debt	(1,567)		(3,496)
Proceeds from the exercise of options for common shares	2		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 activities	726		745
Effect of exchange rate changes on cash and cash equivalents and restricted cash	5		8
Net increase (decrease) in cash and cash equivalents and restricted cash	(43)		(145)
Cash and cash equivalents and restricted cash - beginning of period	322

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

BG 10Q Quarterly Report

Bunge Earnings 2020-06-30