Bunge Limited · NYSE:BG
Bunge — Investor Presentation (October 2022)
14 slides from Bunge's investor presentation, October 2022
Slide 1: Understanding Bunge’s Cash Flow from Operations
Understanding Bunge’s Cash Flow from Operations October 2022
Slide 2: Key Messages about our Cash Flow From Operations
Key Messages about our Cash Flow From Operations Focus on Look through Disregard Adjusted Funds From Working capital volatility - Distortion from A/R Operations (Adjusted FFO)1 mostly commodity price securitization presentation driven and mean reverting over cycle • Adjusted FFO is cash flow from •
Slide 3: Understanding Bunge’s Cash Flow From Operations
Understanding Bunge’s Cash Flow From Operations Cash Flow from Adj. Funds From Working Capital US GAAP Adj. for Operations Operations Inflow / (Outflow) A/R Securitization Cashflow Value of Earnings Disregard: • Balance primarily driven by readily marketable Offset in “Cash Flow from Investing” inve
Slide 4: Adjusted Funds from Operations (Adjusted FFO) History
Adjusted Funds from Operations (Adjusted FFO) History • Adjusted FFO reflects cash flow of earnings before taking into account investment in RMI & other working capital and tracks closely with adjusted EPS • Management considers Adjusted FFO as the cash flow available for allocation towards dividend
Slide 5: Working Capital is Mean Reverting…Volatility is Primarily Driven by Commodity Price Movements on RMI
Working Capital is Mean Reverting…Volatility is Primarily Driven by the Impact of Commodity Price Movements on RMI • Working capital cash flow is negatively correlated with soybean/grain prices1 • Sustained high commodity price environment over past 3-years has driven large negative working capital
Slide 6: Bunge’s Balance Sheet Has Significantly Strengthened Over the Past 3-Years
Bunge’s Balance Sheet Has Significantly Strengthened Over the Past 3-Years as Excess Adjusted FFO was Deployed Toward RMI • Increased financial flexibility as well as positioning the company for growth RMI vs Net Debt 8.9 8.4 6.9 6.8 6.7 7.4 6.1 6.2 6.2 7.0 6.1 5.8 6.8 5.7 5.5 6.3 6.5 5.4 6.4 5.1 4.
Slide 7: Appendix
. Appendix
Slide 8: Snapshot of Q3-22 Statement of Cash Flows
Snapshot of Q3-22 Statement of Cash Flows 2018 US GAAP reporting rule change no longer allows netting these line items* 8 * Slight difference in amounts reported in Cash Flow from Operating Activities and Investing Activities is driven by cash cycle days for A/R collections.
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation This presentation contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the following slides. These measure
Slide 10: Reconciliation
Non-GAAP Reconciliation Cash Flows To facilitate a comparison of Bunge’s historical cash flow generation and related trends, Bunge uses the following non- GAAP financial measure: • Adjusted Funds from Operations (Adjusted FFO) • Cash Flow from (for) Working Capital Adjusted FFO is calculated by excl
Slide 11: Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Total Segment EBIT to Adjusted EBIT, excluding certain gains and charges, and mark-to-market timing differences, and Adjusted EPS, excluding notables T4Q Q3-22 2021 2020 2019 2018 2017 2016 2015 (US$ in millions) Total segment EBIT $2,116 $2,661 $
Slide 12: Cash provided by (used for) operating activities to Adjusted Funds from Operations
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted Funds from Operations US$ in millions YTD Q3-22 TTM Q3-221 2021 2020 2019 2018 2017 2016 2015 Cash provided by (used for) operating ($5,031) ($6,283) ($2,894) ($3,535) ($808) ($1,264) ($1,975) $1904 $610 activities
Slide 13: Cash provided by (used for) operating activities to cash flow from (for) working capital
Non-GAAP reconciliation Cash provided by (used for) operating activities to cash flow from (for) working capital YTD US$ in millions 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Q3-22 Cash provided by (used for) operating activities ($5,031) ($2,894) ($3,536) ($808) ($1,264) ($1,975) $1,90
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