St. Louis, MO - February 9, 2022 - Bunge Limited (NYSE:BG) today reported fourth quarter and full-year 2021 results.
• Full-year GAAP EPS of $13.64 vs. $7.71 in the prior year; $12.93 vs. $8.30 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
• Q4 GAAP EPS of $1.52 vs. $3.74 in the prior year; $3.49 vs. $3.05 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
• Outstanding Q4 and full year performance across Bunge’s operations
• Agribusiness results driven by strong execution throughout the value chains
• Refined and Specialty Oils posted record Q4 and full year results
• Expect favorable market environment to continue in 2022

Overview

Greg Heckman, Bunge's Chief Executive Officer, commented, “Our strong 2021 performance reflects our talented team and the power of our global platform, demonstrating the impact of the improvements we have made over the last three years. With focus and discipline, we capitalized on changing market conditions, achieved a number of operational milestones, made investments in key growth areas and advanced toward ESG goals.

“Looking forward, we are confident in our ability to capture the opportunities ahead of us, while continuously improving and growing our business to maximize the expanding potential of Bunge.”

Financial Highlights
Quarter Ended December 31, Year Ended December 31,
(US$ in millions, except per share data) 2021 2020 2021 2020
Net income attributable to Bunge $ 231 $ 551 $ 2,078 1,145
Net income per common share-diluted $ 1.52 $ 3.74 $ 13.64 $ 7.71
Mark-to-market timing differences (a) $ 0.90 $ (0.05) $ 0.08 $ 0.92
Certain (gains) and charges (b) $ 1.07 $ (0.59) $ (0.79) $ (0.27)
Adjustment of redeemable noncontrolling interest (c) $ — $ (0.05) $ — $ (0.06)
Adjusted Net income per common share-diluted (d) $ 3.49 $ 3.05 $ 12.93 $ 8.30
Core Segment EBIT (d) (e) $ 418 $ 779 $ 2,882 $ 2,091
Mark-to-market timing differences (a) 143 4 (8) 190
Certain (gains) & charges (b) 205 (147) (123) (147)
Adjusted Core Segment EBIT (d) $ 766 $ 636 $ 2,751 $ 2,134
Corporate and Other EBIT (d) $ (106) $ (92) $ (333) $ (371)
Certain (gains) & charges (b)
— 12 — 83
Adjusted Corporate and Other EBIT (d) $ (106) $ (80) $ (333) $ (288)
Non-core Segment EBIT (d) (f) $ 20 $ 27 $ 112 $ (87)
Certain (gains) & charges (b)
— — — —
Adjusted Non-core Segment EBIT (d) $ 20 $ 27 $ 112 $ (87)
Total Segment EBIT (d) $ 332 $ 714 $ 2,661 $ 1,633
Mark-to-market timing differences (a) 143 4 (8) 190
Total Certain (gains) & charges (b) 205 (135) (123) (64)
Adjusted Total Segment EBIT (d) $ 680 $ 583 $ 2,530 $ 1,759
(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) Retained earnings impact associated with an adjustment to the carrying amount of the redeemable noncontrolling interest recorded in respect of our 70%
ownership interest in Loders. See note 4 in the Additional Financial information section of this release for details.
(d) 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.
(e) 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.
(f) 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.

Fourth Quarter and Full-Year 2021 Results
Core Segments
Agribusiness
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Volumes (in thousand metric tons) 35,638 35,785 142,013 143,054
Net Sales $ 12,324 $ 9,450 $ 43,636 $ 30,047
Gross Profit $ 616 $ 584 $ 2,503 $ 1,862
Selling, general and administrative $ (119) $ (155) $ (432) $ (520)
Foreign exchange gains (losses) $ (23) $ 72 $ (24) $ 150
EBIT attributable to noncontrolling $ (22) $ (14) $ (28) $ (21)
Other income (expense) - net $ (12) $ 3 $ 215 $ 42
Income (loss) from affiliates $ 12 $ 1 $ 56 $ 47
Segment EBIT $ 452 $ 491 $ 2,290 $ 1,560
Mark-to-market timing differences 143 7 (1) 182
Certain (gains) & charges — — (158) —
Adjusted Segment EBIT $ 595 $ 498 $ 2,131 $ 1,742
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge
$ — $ — $ (119) $ —
Certain (gains) & charges, Earnings Per Share $ — $ — $ (0.78) $ —
Processing (2)
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Processing EBIT $ 261 $ 239 $ 1,625 $ 1,067
Mark-to-market timing differences 183 96 (118) 237
Certain (gains) & charges — — (73) —
Adjusted Processing EBIT $ 444 $ 335 $ 1,434 $ 1,304
In Processing, results were higher in all value chains with notable strength in North America soy and
European softseeds crushing, which benefited from large crops and strong oil and meal demand.

Merchandising (2)
Quarter Ended Year Ended
(US$ in millions) Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Merchandising EBIT 191 $ 252 $ 665 $ 493
Mark-to-market timing differences (40) (89) 117 (55)
Certain (gains) & charges — — (85) —
Adjusted Merchandising EBIT $ 151 $ 163 $ 697 $ 438
Merchandising had a strong quarter driven by our global vegetable oil and grain value chains, as well as
good execution in ocean freight, however, results were slightly lower than prior year.
Refined & Specialty Oils
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Volumes (in thousand metric tons) 2,361 2,414 9,202 9,529
Net Sales $ 3,760 $ 2,712 $ 13,332 $ 9,599
Gross Profit $ 208 $ 287 $ 856 $ 740
Selling, general and administrative $ (96) $ (112) $ (355) $ (391)
Foreign exchange gains (losses) $ (2) $ (2) $ (1) $ (2)
EBIT attributable to noncontrolling $ 12 $ (5) $ (73) $ (2)
Other income (expense) - net $ 3 $ 98 $ 239 $ 95
Income (loss) from affiliates $ — $ — $ — $ —
Segment EBIT $ 125 $ 266 $ 666 $ 440
Mark-to-market timing differences (6) (9) 3 (1)
Certain (gains) & charges 35 (145) (135) (145)
Adjusted Segment EBIT $ 154 $ 112 $ 534 $ 294
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge
$ 35 $ (96) $ (130) $ (96)
Certain (gains) & charges, Earnings Per Share $ 0.23 $ (0.65) $ (0.85) $ (0.65)
Refined & Specialty Oils Summary
Higher results in the quarter were primarily driven by improved margins in North America and Europe, which benefited from strong food and fuel demand. Results in South America and Asia were down due to lower margins and volumes.

Milling
Quarter Ended Year Ended
(US$ in millions, except per share data) Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Volumes (in thousand metric tons) 2,400 1,661 7,189 6,091
Net Sales $ 517 $ 431 $ 1,909 $ 1,616
Gross Profit $ (134) $ 40 $ 27 $ 189
Selling, general and administrative
expense
$ (23) $ (23) $ (96) $ (100)
Foreign exchange gains (losses) $ — $ 4 $ (2) $ 4
Other income (expense) - net $ — $ — $ — $ (1)
Income (loss) from affiliates $ (2) $ — $ (2) $ (1)
Segment EBIT $ (159) $ 22 $ (74) $ 91
Mark-to-market timing differences 6 6 (10) 9
Certain (gains) & charges 170 (2) 170 (2)
Adjusted Segment EBIT $ 17 $ 26 $ 86 $ 98
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge
$ 129 $ (1) $ 129 $ (1)
Certain (gains) & charges, Earnings Per Share $ 0.84 $ — $ 0.84 $ —
Milling Summary
Higher results in North America were more than offset by lower results in Brazil due to decreased margins.

see & read more on
https://bunge.com/sites/default/files/epr_12.31.2021_final.pdf