Bunge Limited · NYSE:BG
Bunge — Q3 2009 Earnings Presentation
11 slides from Bunge's earnings presentation, Oct 22, 2009
Slide 1: Third Quarter 2009 Earnings Conference Call
Third Quarter 2009 Earnings Conference Call October 22, 2009
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: Bunge Limited Results
Bunge Limited Results Quarter Ended September 30 $ in millions Quarter Ended Nine Months Ended excl. volume & EPS September 30, September 30, 2009 2008 %- 2009 2008 %- Volume (000 mt) 36,843 35,221 5% 107,599 102,502 5% Total segment EBIT (1) $209 $247 (15)% $425 $1,767 (76)% Agribusiness $294 $17
Slide 4: Effective Tax Rate
Bunge Limited Effective Tax Rate Net Income Tax From Pre-Tax (Expense) Operations Effective $ in millions Earnings Benefit After Tax Tax Rate YTD actual June 30, 2009 $180 $(45) $135 25% (1) Quarter ended Sep. 30, 2009 $100 $97 $197 (97)% YTD actual Sep 30, 2009 $280 $52 $332 (19)% (1) Includes appr
Slide 5: Balance Sheet Summary
Bunge Limited Balance Sheet Summary $ in millions Sep 30, Dec. 31, Sep 30, 2009 2008 2008 Operating Working Capital (1) $5,165 $4,635 $6,013 - Inventories $4,835 $5,653 $6,995 • Readily Marketable Inventories $2,568 $2,741 $3,304 Cash Cycle Days (2) 47.0 46.5 46.8 Total Debt $4,078 $3,583 $4,293 Tot
Slide 6: Cash Flow Summary
Bunge Limited Cash Flow Summary $ in millions Quarter Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Funds from Operations $44 $793 $(8) $2,002 (before working capital changes) Working Capital Changes $1,163 $1,417 $(539) $(275) Cash Flow from Operations $1,207 $2,210 $(547)
Slide 7: 2009 Full-Year Earnings Guidance
Bunge Limited 2009 Full-Year Earnings Guidance Revising full year earnings guidance to $3.10 to $3.50(1) from $4.90 to $5.40 per share Previous New Guidance Guidance Net income range attributable to Bunge $675 - $745 $475 - $525 Convertible preference share dividends $78 $78 Net income range availab
Slide 8: 2009 Outlook
Bunge Limited 2009 Outlook Agribusiness should finish the year strong • Large US harvests should provide operations ample supplies • Margins in northern hemisphere should remain good due to supply shortages in South America Food & Ingredients should continue its recovery • Previous steps to reduce c
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Slide 10: Backup: Non-GAAP Reconciliation
Backup: Non-GAAP Reconciliation Below is a reconciliation of total segment EBIT to net income attributable to Bunge: Quarter Ended Nine Months Ended September 30, September 30, ($ in millions) 2009 2008 2009 2008 Total segment EBIT $209 $247 $425 $1,767 Interest income 20 57 96 159 Interest expense
Slide 11: Backup: Non-GAAP Reconciliation Notes
Backup: Non-GAAP Reconciliation Notes Total segment earnings before interest and tax Total segment earnings before interest and tax (“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