| Schedule of all equity method investments in affiliates |
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December 31, |
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(US$ in millions) |
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2010 |
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2009 |
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Combined financial position (unaudited): |
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Current assets |
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$ |
1,269 |
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$ |
1,268 |
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Non-current assets |
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2,004 |
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2,238 |
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Total assets |
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$ |
3,273 |
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$ |
3,506 |
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Current liabilities |
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778 |
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933 |
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Non-current liabilities |
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600 |
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640 |
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Stockholders' equity |
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1,895 |
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1,933 |
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Total liabilities and stockholders' equity |
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$ |
3,273 |
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$ |
3,506 |
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Amounts recorded by Bunge: |
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Investments (1) |
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$ |
609 |
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$ |
622 |
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(US$ in millions) |
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2010 |
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2009 |
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2008 |
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Combined results of operations (unaudited): |
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Revenues |
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$ |
2,902 |
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$ |
5,407 |
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$ |
6,063 |
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Income before income tax and noncontrolling interest |
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82 |
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94 |
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92 |
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Net income |
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66 |
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82 |
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85 |
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Amounts recorded by Bunge: |
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Equity in earnings of affiliates (2) |
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27 |
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80 |
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34 |
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- (1)
- Approximately $5 million and $9 million of this amount at December 31, 2010 and 2009, respectively, related to Bunge's investment in Bunge-Ergon Vicksburg, LLC. At December 31, 2010 and 2009, Bunge's investment exceeded its underlying equity in the net assets of BEV. Straight line amortization of this excess against equity in earnings of affiliates was $1 million and $4 million, respectively. Amortization of the excess has been attributed to fixed assets of Bunge-Ergon Vicksburg, LLC, which were being amortized over 15 years. At December 31, 2010 and 2009, Bunge's investment of $367 million and $360 million, respectively, equaled its underlying equity in the net assets of Solae.
- (2)
- In 2009, equity in earnings of affiliates includes a $66 million, (net of tax of $3 million), gain on the sale of Saipol. In 2008, Bunge's equity in earnings of Solae included impairment and restructuring charges of $5 million, net of a tax benefit of $2 million.
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