Slide 1: First Quarter 2015 Earnings Conference Call
First Quarter 2015 Earnings Conference Call APRIL 30, 2015 1 FIRST QUARTER 2015 EARNINGS CONFERENCE CALL
Slide 2: Forward-Looking Statements
Forward-Looking Statements Today’s presentation includes forward-looking statements that reflect Bunge’s current views with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bunge has provided add
Slide 3: CEO's Opening Comments
CEO’s Opening Comments 3 FIRST QUARTER 2015 EARNINGS CONFERENCE CALL
Slide 4: Bunge Limited earnings highlights
Bunge Limited earnings highlights Quarter Ended Mar 31, $ in millions, except EPS data 2015 2014 Total segment EBIT 1 $373 $75 Agribusiness 2 330 79 Oilseeds 242 79 Grains 88 0 Food & Ingredients 3 72 54 Sugar & Bioenergy (23) (64) Fertilizer (6) 6 Net income (loss) per common share from $1.58 $(0.1
Slide 5: Return on invested capital (ROIC)
Return on invested capital (ROIC) Trailing 4Q Average Adjusted for certain gains & charges Adjusted for certain gains & charges and excludes Sugar & Bioenergy segment 10.7% 8.4% 8.8% 6.6% WACC = 7% As of As of Dec 31, 2014 Mar 31, 2015 5 FIRST QUARTER 2015 EARNINGS CONFERENCE CALL
Slide 6: Bunge Limited cash flow
Bunge Limited cash flow Quarter Ended Mar 31, $ in millions 2015 2014 Funds from Operations 1 173 151 Changes in Operating Assets & Liabilities 135 (1,208) Cash Provided by (Used for) Operating $308 $(1,057) Activities • Bunge has committed credit facilities of ~$5.0 billion, of which ~$4.7 billion
Slide 7: Right balance: capital allocation priorities
Right balance: capital allocation priorities Balance sheet strength (Target BBB credit rating) • Investment grade critical • Commodity companies require capital buffer Reinvest in the M&A Return capital business (Capex) to shareholders • Productivity • Filling gaps in Agribusiness • Dividends: ($58m
Slide 8: 2015 outlook
2015 outlook Agribusiness Ag Outlook: generally favorable as big supplies are met with solid underlying demand Excellent South American crops and great potential for the next Northern Hemisphere crops Lower prices have increased underlying consumption and trade flows Slow farmer selling could
Slide 9: 2015 outlook
2015 outlook Food & Ingredients Expect higher yoy full-year results Continued emphasis on operational efficiency and supply chain optimization Increased customer engagement Further upgrade of portfolio mix towards value-added products FX and slowing economies present headwinds in certain mar
Slide 10: Thank you
Thank you 10 FIRST QUARTER 2015 EARNINGS CONFERENCE CALL
Slide 11: Agribusiness – Oilseeds & Grains definitions
Agribusiness – Oilseeds & Grains definitions Oilseeds Grains • Oilseed processing • Grain origination − Soybean: U.S., South America, − Grains (corn, wheat, barley, rice) Europe, Asia − Oilseeds (soybean, rapeseed/canola, − Rapeseed/Canola: Europe, Canada sunseed) − Sunseed: Eastern Europe, Argentin
Slide 12: Segment volume highlights
Segment volume highlights Quarter Ended Mar 31, In thousands of metric tons 2015 2014 Agribusiness 31,244 31,674 Oilseeds 14,096 13,669 Grains 17,148 18,005 Edible Oil Products 1,605 1,613 Milling Products 1,080 1,152 Sugar & Bioenergy 2,216 1,940 Fertilizer 117 137 12 FIRST QUARTER 2015 EARNINGS CO
Slide 13: Sugar & Bioenergy highlights
Sugar & Bioenergy highlights Quarter Ended Mar 31, 2015 2014 Merchandising/Trading Volume (000 mt) 1,560 1,408 Milling Volume (mmt of cane) 0.4 0.5 Industrial Product Sales Volumes Sugar (000 mt) 226 122 Ethanol (000 mt) (1) 415 410 Cogeneration Sales (K MWh) 28 26 ATR (kg/mt of cane) 108 109 1. Ref
Slide 14: Backup: non-GAAP reconciliation notes
Backup: non-GAAP reconciliation notes Total segment earnings before interest and tax (EBIT) Total segment EBIT is consolidated net income (loss) attributable to Bunge excluding interest income and expense, income tax expense, income (loss) from discontinued operations, net of tax and noncontrolling
Slide 15: Backup: non-GAAP reconciliation
Backup: non-GAAP reconciliation Below is a reconciliation of total segment EBIT to net income (loss) attributable to Bunge: Quarter Ended Mar 31, ($ in millions) 2015 2014 Total segment EBIT $373 $75 Interest income 11 19 Interest expense (53) (79) Income tax expense (85) (30) Income (loss) from dis
Slide 16: Backup: non-GAAP reconciliation notes
Backup: non-GAAP reconciliation notes Below is a reconciliation of earnings per common share-diluted (excl. certain gains & charges and discontinued operations) to earnings per common share-diluted: Quarter Ended March 31, 2015 2014 Continuing operations: Net income (loss) per common share - diluted
Slide 17: Backup: non-GAAP reconciliation notes
Backup: non-GAAP reconciliation notes Return on Invested Capital: Bunge Limited continuing operations excl. certain gains and charges Trailing 4 Trailing 4 Quarter Average Quarter Average March 31, December 31, (US$ in m illions) 2015 2014 Operating income before income tax $ 1,620 $ 1,331 (1) Effec
Slide 18: Backup: non-GAAP reconciliation notes
Backup: non-GAAP reconciliation notes Return on Invested Capital: Bunge Limited continuing operations excl. certain gains & charges and Sugar and Bioenergy segment EBIT Trailing 4 Trailing 4 Quarter Average Quarter Average March 31, December 31, (US$ in m illions) 2015 2014 Operating income before i
Slide 19: Backup: non-GAAP reconciliation
Backup: non-GAAP reconciliation Operating income before income tax Below is a reconciliation of Income (loss) from continuing operations before income tax to Operating income before income tax: Trailing 4 Quarters March 31, December 31, (US$ in m illions) 2015 2014 Income (loss) from continuing oper