Slide 1: Third Quarter 2014 Earnings Conference Call
Third Quarter 2014 Earnings Conference Call OCTOBER 30, 2014 1 THIRD QUARTER 2014 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 Comments
CEO’s Comments 3 THIRD QUARTER 2014 EARNINGS CONFERENCE CALL
Slide 4: Bunge Limited Earnings Highlights
Bunge Limited Earnings Highlights Quarter Ended Sep 30 Nine Months Ended Sep 30 $ in millions, except EPS data 2014 2013 2014 2013 Total segment EBIT (a) $316 $371 $809 $933 Certain (gains) & charges (b) - $17 - $(46) Total segment EBIT, adjusted (a) $316 $388 $809 $887 Agribusiness $186 $318 $576 $
Slide 5: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Trailing 4Q Average 8.4% 7.5% 6.6% WACC = 7% 5.8% As of As of Dec 31, 2013 Sep 30, 2014 Adjusted for certain gains & charges Adjusted for certain gains & charges and excludes Sugar & Bioenergy segment 5 THIRD QUARTER 2014 EARNINGS CONFERENCE CALL
Slide 6: Bunge Limited Cash Flow Highlights
Bunge Limited Cash Flow Highlights Nine Months Ended Sep 30 $ in millions 2014 2013 Funds from Operations (1) $908 $1,003 Changes in Operating Assets & Liabilities $208 $(105) Cash provided by (used for) Operating Activities $1,116 $898 Capital Expenditures $(515) $(720) Bunge has committed credit f
Slide 7: Outlook
Outlook Agribusiness – expect strong fourth quarter Oilseed processing margins good throughout Northern Hemisphere • U.S. soy crush margins particularly strong • European softseed margins supported by large harvests • China has worked through excess supply and margins have recently improved U.S. and
Slide 8: Outlook
Outlook Food & Ingredients Expect record full year • Q4 is seasonally strongest quarter • Continued emphasis on productivity, cost control and working capital management • Contributions from new Mexico milling operations Sugar & Bioenergy Expect segment to be EBIT breakeven and free cash flow neutra
Slide 9: Thank you
Thank you 9 THIRD QUARTER 2014 EARNINGS CONFERENCE CALL
Slide 10: Sugar & Bioenergy Highlights
Sugar & Bioenergy Highlights Quarter Ended Sep 30 Nine Months Ended Sep 30 2014 2013 2014 2013 Merchandising/Trading Volume (000 mt) 1,485 2,286 4,412 5,644 Milling Volume (mmt of cane) 7.4 7.9 15.0 14.4 Industrial Product Sales Volumes Sugar (000 mt) 272 305 586 605 Ethanol (000 mt) (1) 454 404 1,3
Slide 11: Backup: Non-GAAP Reconciliation Notes
Backup: Non-GAAP Reconciliation Notes Total segment earnings before interest and tax (EBIT) Total segment EBIT is consolidated net income attributable to Bunge excluding interest income and expense and income tax attributable to each segment. Total segment EBIT is a non-GAAP financial measure and is
Slide 12: Backup: Non-GAAP Reconciliation
Backup: Non-GAAP Reconciliation Below is a reconciliation of total segment EBIT to net income (loss) attributable to Bunge: Quarter Ended Sep 30 Nine Months Ended Sep 30 ($ in millions) 2014 2013 2014 2013 Total segment EBIT $316 $371 $809 $933 Interest income 19 27 71 47 Interest expense (70) (103)
Slide 13: Backup: Non-GAAP Reconciliation
Backup: Non-GAAP Reconciliation Below is a reconciliation of earnings per common share-diluted (excl. certain gains & charges) to earnings per common share-diluted: Quarter Ended Nine Months Ended September 30, September 30, 2014 2013 2014 2013 Continuing operations: Net income (loss) per common sha
Slide 14: Backup: Non-GAAP Reconciliation Notes
Backup: Non-GAAP Reconciliation Notes Return on Invested Capital: Bunge Limited continuing operations excl. certain gains and charges Trailing 4 YTD Year ended YTD Quarter Average September 30,+ December 31, - September 30, = September 30, (US$ in millions) 2014 2013 2013 2014 Operating income befor
Slide 15: 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 YTD Year ended YTD Quarter Average September 30, December 31, September 30, September 30, (US$ in millions) 2014 + 2013
Slide 16: 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: September 30, December 31, September 30, (US$ in m illions) 2014 2013 2013 Income (loss) from continuing o