Bunge Reports Fourth Quarter and Full-Year 2022 Results

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Algemeen advies 08/02/2023 13:39
St. Louis, MO - February 8, 2023 - Bunge Limited (NYSE: BG) today reported fourth quarter and full-year 2022 results.
• Full-year GAAP EPS of $10.51 vs. $13.64 in the prior year; $13.91 vs. $12.93 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
• Q4 GAAP EPS of $2.21 vs. $1.52 in the prior year; $3.24 vs. $3.49 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
• Strong close to the year with full-year 2022 results exceeding last year's record performance
• Agribusiness in line with last year's strong results
• Higher Refined and Specialty Oils results reflected strength in all regions
• Market environment expected to continue to be favorable in 2023

Overview

Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our team delivered another strong quarter, capping off an exceptional 2022 for Bunge. Our global platform, approach, and focused execution demonstrated the adaptability of our business, allowing us to successfully navigate a dynamic market. Over the course of the year, we made progress on executing our strategy to strengthen and expand our core business while positioning us to benefit over the long term from the growing demand for food, feed and renewable fuel.

“Looking ahead to 2023, we expect the favorable market environment we experienced last year to continue. With our critical position at the center of the global agribusiness supply chain, we remain well positioned to capitalize on the upside opportunities ahead of us as we continue to help our customers at both ends of the value chain manage risk and find solutions to their essential needs.”

Read full press release
Financial Highlights
Quarter Ended December 31, Year Ended December 31,
(US$ in millions, except per share data) 2022 2021 2022 2021
Net income attributable to Bunge $ 336 $ 231 $ 1,610 $ 2,078
Net income per common share-diluted $ 2.21 $ 1.52 $ 10.51 $ 13.64
Mark-to-market timing differences (a) $ 0.56 $ 0.90 $ 1.61 $ 0.08
Certain (gains) & charges (b) 0.47 1.07 1.79 (0.79)
Adjusted Net income per common share-diluted (c) $ 3.24 $ 3.49 $ 13.91 $ 12.93
Core Segment EBIT (c) (d) $ 664 $ 418 $ 2,623 $ 2,882
Mark-to-market timing differences (a) 121 143 314 (8)
Certain (gains) & charges (b) 19 205 175 (123)
Adjusted Core Segment EBIT (c) $ 804 $ 766 $ 3,112 $ 2,751
Corporate and Other EBIT (c) $ (159) $ (106) $ (397) $ (333)
Certain (gains) & charges (b) 53 — 35 —
Adjusted Corporate and Other EBIT (c) $ (106) $ (106) $ (362) $ (333)
Non-core Segment EBIT (c) (e) $ 42 $ 20 $ 105 $ 112
Certain (gains) & charges (b) — — — —
Adjusted Non-core Segment EBIT (c) $ 42 $ 20 $ 105 $ 112
Total Segment EBIT (c) $ 547 $ 332 $ 2,331 $ 2,661
Mark-to-market timing differences (a) 121 143 314 (8)
Total Certain (gains) & charges (b) 72 205 210 (123)
Adjusted Total Segment EBIT (c) $ 740 $ 680 $ 2,855 $ 2,530
(a) Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories, and related hedges associated with committed
future operating capacity. See note 3 in the Additional Financial Information section of this release for details.
(b) Certain (gains) & charges included in Total Segment EBIT. See Additional Financial Information for details.
(c) Core Segment EBIT, Adjusted Core Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Non-core Segment EBIT, Adjusted Noncore Segment EBIT, Total Segment EBIT, Adjusted Total Segment EBIT, and Adjusted Net income per common share-diluted 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.
(d) Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s
Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Bunge's Sugar & Bioenergy reportable segment and Corporate
and Other activities.
(e) Non-core Segment EBIT comprises Bunge’s Sugar & Bioenergy reportable segment EBIT, which reflects Bunge's share of the results of its 50/50 joint
venture with BP p.l.c.

Core Segments
Agribusiness
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Volumes (in thousand metric tons) 18,310 21,129 77,492 83,957
Net Sales $ 11,981 $ 12,324 $ 47,700 $ 43,636
Gross Profit $ 478 $ 616 $ 2,290 $ 2,503
Selling, general and administrative expense $ (157) $ (119) $ (532) $ (432)
Foreign exchange gains (losses) $ 121 $ (23) $ 2 $ (24)
EBIT attributable to noncontrolling interests $ (31) $ (22) $ (45) $ (28)
Other income (expense) - net $ 4 $ (12) $ (67) $ 215
Income (loss) from affiliates $ 26 $ 12 $ 67 $ 56
Segment EBIT $ 441 $ 452 $ 1,715 $ 2,290
Mark-to-market timing differences 132 143 299 (1)
Certain (gains) & charges 19 — 120 (158)
Adjusted Segment EBIT $ 592 $ 595 $ 2,134 $ 2,131
Certain (gains) & charges, Net Income (Loss) Attributable
to Bunge
$ 19 $ — $ 108 $ (119)
Certain (gains) & charges, Earnings Per Share $ 0.12 $ — $ 0.70 $ (0.78)
Processing (2)
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Processing EBIT $ 219 $ 261 $ 1,126 $ 1,625
Mark-to-market timing differences 223 183 355 (118)
Certain (gains) & charges 19 — 92 (73)
Adjusted Processing EBIT $ 461 $ 444 $ 1,573 $ 1,434
Higher results in the quarter were primarily driven by North America, which benefited from the
combination of large crops and strong meal and oil demand. Partially offsetting this strong performance
were lower results in Europe, which were negatively impacted by higher energy costs and lower volumes,
and in South America due to tight bean supplies.
4
Merchandising (2)
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Merchandising EBIT 222 $ 191 $ 589 $ 665
Mark-to-market timing differences (91) (40) (56) 117
Certain (gains) & charges — — 28 (85)
Adjusted Merchandising EBIT $ 131 $ 151 $ 561 $ 697
Higher results in global grains were more than offset by lower results in global oils marketing, which had a
particularly strong prior year.
Refined & Specialty Oils
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Volumes (in thousand metric tons) 2,260 2,353 9,201 9,155
Net Sales $ 4,127 $ 3,760 $ 16,850 $ 13,332
Gross Profit $ 339 $ 208 $ 1,158 $ 856
Selling, general and administrative expense $ (95) $ (96) $ (357) $ (355)
Foreign exchange gains (losses) $ — $ (2) $ (14) $ (1)
EBIT attributable to noncontrolling interests $ (5) $ 12 $ (12) $ (73)
Other income (expense) - net $ (12) $ 3 $ (29) $ 239
Segment EBIT $ 227 $ 125 $ 746 $ 666
Mark-to-market timing differences (5) (6) 10 3
Certain (gains) & charges — 35 55 (135)
Adjusted Segment EBIT $ 222 $ 154 $ 811 $ 534
Certain (gains) & charges, Net Income (Loss) Attributable
to Bunge
$ — $ 35 $ 55 $ (130)
Certain (gains) & charges, Earnings Per Share $ — $ 0.23 $ 0.36 $ (0.85)
Refined & Specialty Oils Summary
Higher results reflected strong food and renewable fuel demand with notable improvements in Europe,
Asia and South America.
5
Milling
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Volumes (in thousand metric tons) 794 1,158 4,331 4,509
Net Sales $ 477 $ 517 $ 2,388 $ 1,909
Gross Profit $ 18 $ (134) $ 260 $ 27
Selling, general and administrative expense $ (24) $ (23) $ (102) $ (96)
Foreign exchange gains (losses) $ 2 $ — $ 4 $ (2)
Income (loss) from affiliates $ 1 $ (2) $ — $ (2)
Segment EBIT $ (4) $ (159) $ 162 $ (74)
Mark-to-market timing differences (6) 6 5 (10)
Certain (gains) & charges — 170 — 170
Adjusted Segment EBIT $ (10) $ 17 $ 167 $ 86
Certain (gains) & charges, Net Income (Loss) Attributable
to Bunge
$ — $ 129 $ — $ 129
Certain (gains) & charges, Earnings Per Share $ — $ 0.84 $ — $ 0.84
Milling Summary
The loss in the quarter was primarily driven by low origination volume and high supply chain costs
reflecting the small Argentine wheat crop that negatively impacted our local merchandising operations.
Results in the prior year benefited from contributions from our Mexican wheat mills which we sold in the third quarter of 2022.

Corporate and Other
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Gross Profit $ (20) $ (4) $ (35) $ (29)
Selling, general and administrative expense $ (114) $ (100) $ (377) $ (350)
Foreign exchange gains (losses) $ 14 $ (2) $ (5) $ (11)
EBIT attributable to noncontrolling interests $ 2 $ 1 $ (9) $ 3
Other income (expense) - net $ 13 $ (1) $ 84 $ 54
Income (loss) from affiliates $ (54) $ — $ (55) $ —
Segment EBIT $ (159) $ (106) $ (397) $ (333)
Certain (gains) & charges 53 — 35 —
Adjusted Segment EBIT $ (106) $ (106) $ (362) $ (333)
Certain (gains) & charges, Net Income (Loss) Attributable
to Bunge
$ 53 $ — $ 112 $ —
Certain (gains) & charges, Earnings Per Share $ 0.35 $ — $ 0.73 $ —
Corporate
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Corporate EBIT $ (104) $ (110) $ (366) $ (381)
Certain (gains) & charges — — (18) —
Adjusted Corporate EBIT $ (104) $ (110) $ (384) $ (381)
Other
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Other EBIT $ (55) $ 4 $ (31) $ 48
Certain (gains) & charges 53 — 53 —
Adjusted Other EBIT $ (2) $ 4 $ 22 $ 48
Corporate and Other Summary
The decrease in Corporate expenses in the quarter was primarily related to the timing of performancebased compensation accruals. The decrease in Other was primarily related to our captive insurance program and lower results in Bunge Ventures.

see & read more on
https://bunge.com/sites/default/files/attachments/epr_4q22_final.pdf



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