Bunge Limited (NYSE:BG) announced today that, beginning in the
first quarter of 2022, it changed its methodology for externally
reported volumes to simplify and more closely align volume
reporting with Bunge's primary income-generating activities and
those of industry peers.
The primary change comprises the elimination of grains and
oilseeds origination volumes.
Volumes will now be reported as follows:
- Processing volumes represent oilseed volumes crushed
(processed) during a period, which approximate sales volumes to
third parties during the same period.
- Merchandising volumes represent sales volumes to third party
customers.
- Refined and Specialty Oils segment volumes represent sales
volumes to third party customers.
- Milling segment volumes represent feedstock ground (processed)
during a period, which approximate sales volumes during the same
period.
No volumes will be reported for either our Sugar and Bioenergy
segment, which primarily comprises Bunge’s net earnings from its
50% interest in the BP Bunge Bioenergia joint venture, or for our
Corporate and Other activities, which have no material
revenue-generating activities.
In conjunction with this change, certain prior year amounts have
been recast to conform to the new volumes reporting methodology.
The new reporting methodology has no impact on previously issued
financial statements and footnotes.
To illustrate the impact of the new volumes reporting
methodology, volume information for the four 2021 fiscal quarters
and fiscal year ended 2021 is presented below, both recast under
the new reporting methodology and as originally presented under the
previous methodology.
Externally reported volumes - as
originally reported
Year ended December 31,
2021
(in thousands of metric tons)
Q1
Q2
Q3
Q4
Total
Agribusiness
36,356
39,533
30,486
35,638
142,013
Processing
24,013
27,230
18,867
25,049
95,159
Merchandising
12,343
12,303
11,619
10,589
46,854
Refined and Specialty Oils
2,205
2,246
2,390
2,361
9,202
Milling Products
1,739
1,508
1,542
2,400
7,189
Externally reported volumes - as recast
under new methodology
Year ended December 31,
2021
(in thousands of metric tons)
Q1
Q2
Q3
Q4
Total
Agribusiness
21,644
21,649
19,535
21,129
83,957
Processing
11,116
12,333
10,867
12,066
46,382
Merchandising
10,528
9,316
8,668
9,063
37,575
Refined and Specialty Oils
2,177
2,242
2,383
2,353
9,155
Milling Products
1,041
1,120
1,190
1,158
4,509
About Bunge Limited
At Bunge (NYSE: BG), our purpose is to connect farmers to
consumers to deliver essential food, feed and fuel to the world.
With more than two centuries of experience, unmatched global scale
and deeply rooted relationships, we work to put quality food on the
table, increase sustainability where we operate, strengthen global
food security, and help communities prosper. As the world’s leader
in oilseed processing and a leading producer and supplier of
specialty plant-based oils and fats, we value our partnerships with
farmers to improve the productivity and environmental efficiency of
agriculture across our value chains and to bring quality products
from where they’re grown to where they’re consumed. At the same
time, we collaborate with our customers to create and reimagine the
future of food, developing tailored and innovative solutions to
meet evolving dietary needs and trends in every part of the world.
Our Company is headquartered in St. Louis, Missouri, and we have
almost 23,000 dedicated employees working across approximately 300
facilities located in more than 40 countries.
Website Information
We routinely post important information for investors on our
website, www.bunge.com, in the "Investors" section. We may use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investors section of
our website, in addition to following our press releases, SEC
filings, public conference calls, presentations and webcasts. The
information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
Cautionary Statement Concerning
Forward-Looking Statements
This Bunge press release contains both historical and
forward-looking statements. All statements, other than statements
of historical fact are, or may be deemed to be, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are not based
on historical facts, but rather reflect our current expectations
and projections about our future results, performance, prospects
and opportunities. We have tried to identify these forward-looking
statements by using words including “may,” “will,” “should,”
“could,” “expect,” “anticipate,” “believe,” “plan,” “intend,”
“estimate,” “continue” and similar expressions. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among
others, could cause actual results to differ from these
forward-looking statements: the impacts of the COVID-19 pandemic
and other potential pandemic outbreaks; the effect of weather
conditions and the impact of crop and animal disease on our
business; the impact of global and regional economic, agricultural,
financial and commodities market, political, social and health
conditions; changes in governmental policies and laws affecting our
business, including agricultural and trade policies, financial
markets regulation and environmental, tax and biofuels regulation;
the impact of seasonality; the impact of government policies and
regulations; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from
acquisitions, divestitures, joint ventures and strategic alliances;
the impact of industry conditions, including fluctuations in
supply, demand and prices for agricultural commodities and other
raw materials and products that we sell and use in our business,
fluctuations in energy and freight costs and competitive
developments in our industries; the effectiveness of our capital
allocation plans, funding needs and financing sources; the
effectiveness of our risk management strategies; operational risks,
including industrial accidents, natural disasters and cybersecurity
incidents; changes in foreign exchange policy or rates; the impact
of our dependence on third parties; our ability to attract and
retain executive management and key personnel; other factors
affecting our business generally; and the risks and uncertainties
described in our Securities and Exchange Commission filings,
including those set forth in the Risk Factors section and under the
heading “Cautionary Statement Regarding Forward Looking Statements”
in our most recently filed Annual Report on Form 10-K. The
forward-looking statements included in this release are made only
as of the date of this release, and except as otherwise required by
federal securities law, we do not have any obligation to publicly
update or revise any forward-looking statements to reflect
subsequent events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20220420005282/en/
Media Contact: Bunge News Bureau Bunge 636-292-3022
news@bunge.com
Investor Contact: Ruth Ann Wisener Bunge Limited 636-292-3014
Ruthann.wisener@bunge.com
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