v2.4.0.8
SEGMENT INFORMATION (Tables)
6 Months Ended
Jun. 30, 2013
SEGMENT INFORMATION  
Operating Segment Information

 

(US$ in millions)

 

 

 

 

 

 

 

Edible

 

 

 

 

 

Discontinued

 

 

 

Three Months Ended

 

 

 

Sugar and

 

Oil

 

Milling

 

 

 

Operations &

 

 

 

June 30, 2013

 

Agribusiness

 

Bioenergy

 

Products

 

Products

 

Fertilizer

 

Unallocated (1)

 

Total

 

Net sales to external customers

 

$

11,566

 

$

939

 

$

2,376

 

$

509

 

$

101

 

$

 

$

15,491

 

Inter-segment revenues

 

1,238

 

 

39

 

9

 

27

 

(1,313

)

 

Gross profit

 

370

 

34

 

137

 

61

 

14

 

 

616

 

Foreign exchange gains (losses)

 

(2

)

(4

)

 

 

3

 

 

(3

)

Noncontrolling interests (1)

 

4

 

3

 

 

 

(1

)

8

 

14

 

Other income (expense) — net

 

(1

)

3

 

 

(1

)

(2

)

 

(1

)

Segment EBIT (2)

 

170

 

(3

)

34

 

29

 

9

 

 

239

 

Discontinued operations (3)

 

 

 

 

 

 

1

 

1

 

Depreciation, depletion and amortization

 

(58

)

(53

)

(25

)

(8

)

(5

)

 

(149

)

Total assets

 

20,885

 

4,088

 

2,531

 

872

 

944

 

1,023

 

30,343

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

10,580

 

$

1,079

 

$

2,331

 

$

421

 

$

88

 

$

 

$

14,499

 

Inter-segment revenues

 

1,340

 

 

33

 

 

16

 

(1,389

)

 

Gross profit

 

478

 

15

 

91

 

43

 

16

 

 

643

 

Foreign exchange gains (losses)

 

20

 

(5

)

(2

)

 

 

 

13

 

Noncontrolling interest (1)

 

5

 

3

 

1

 

 

(1

)

 

8

 

Other income (expense) — net

 

4

 

(4

)

 

(1

)

(6

)

 

(7

)

Gain on sale of investments in affiliates

 

85

 

 

 

 

 

 

85

 

Gain on acquisition of controlling interest

 

 

 

 

36

 

 

 

36

 

Segment EBIT (2)

 

386

 

(28

)

2

 

44

 

 

 

404

 

Discontinued operations (3)

 

 

 

 

 

 

7

 

7

 

Depreciation, depletion and amortization

 

(56

)

(45

)

(23

)

(6

)

(5

)

 

(135

)

Total assets

 

16,777

 

3,925

 

2,737

 

846

 

2,428

 

 

26,713

 

 

 

 

 

 

 

 

Edible

 

 

 

 

 

Discontinued

 

 

 

Six Months Ended

 

 

 

Sugar and

 

Oil

 

Milling

 

 

 

Operations &

 

 

 

June 30, 2013

 

Agribusiness

 

Bioenergy

 

Products

 

Products

 

Fertilizer

 

Unallocated (1)

 

Total

 

Net sales to external customers

 

$

22,340

 

$

2,052

 

$

4,673

 

$

1,044

 

$

167

 

$

 

$

30,276

 

Inter-segment revenues

 

2,655

 

 

59

 

9

 

36

 

(2,759

)

 

Gross profit

 

768

 

91

 

253

 

124

 

27

 

 

1,263

 

Foreign exchange gains (losses)

 

(43

)

(1

)

(1

)

 

2

 

 

(43

)

Noncontrolling interest (1)

 

30

 

4

 

 

 

(2

)

14

 

46

 

Other income (expense) — net

 

(4

)

2

 

8

 

5

 

27

 

 

38

 

Segment EBIT (2)

 

361

 

20

 

72

 

65

 

44

 

 

562

 

Discontinued operations (3)

 

 

 

 

 

 

(8

)

(8

)

Depreciation, depletion and amortization

 

(118

)

(79

)

(49

)

(15

)

(9

)

 

(270

)

Total assets

 

20,885

 

4,088

 

2,531

 

872

 

944

 

1,023

 

30,343

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

19,897

 

$

1,960

 

$

4,552

 

$

848

 

$

151

 

$

 

$

27,408

 

Inter-segment revenues

 

2,400

 

 

64

 

 

34

 

(2,498

)

 

Gross profit

 

830

 

23

 

204

 

99

 

24

 

 

1,180

 

Foreign exchange gains (losses)

 

74

 

 

(3

)

 

 

 

71

 

Noncontrolling interest (1)

 

3

 

4

 

1

 

 

(1

)

4

 

11

 

Other income (expense) — net

 

11

 

(7

)

2

 

1

 

(15

)

 

(8

)

Gain on sale of investments in affiliates

 

85

 

 

 

 

 

 

85

 

Gain on acquisition of controlling interest

 

 

 

 

36

 

 

 

36

 

Segment EBIT (2)

 

583

 

(61

)

23

 

71

 

(12

)

 

604

 

Discontinued operations (3)

 

 

 

 

 

 

(28

)

(28

)

Depreciation, depletion and amortization

 

(105

)

(72

)

(47

)

(13

)

(9

)

 

(246

)

Total assets

 

16,777

 

3,925

 

2,737

 

846

 

2,428

 

 

26,713

 

 

 

(1)             Includes noncontrolling interests share of interest and tax to reconcile to consolidated noncontrolling interest.

 

(2)             Total segment earnings before interest and taxes (EBIT) is an operating performance measure used by Bunge’s management to evaluate segment operating activities.  Bunge’s management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure.  In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries.

 

(3)             Represents net income (loss) from discontinued operations (see Note 4).

Reconciliation of total segment earnings before interest and tax to net income attributable to Bunge

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

(US$ in millions)

 

2013

 

2012

 

2013

 

2012

 

Total segment EBIT

 

$

239

 

$

404

 

$

562

 

$

604

 

Interest income

 

12

 

16

 

21

 

38

 

Interest expense

 

(86

)

(78

)

(162

)

(137

)

Income tax (expense) benefit

 

(38

)

(75

)

(111

)

(115

)

Income (loss) from discontinued operations, net of tax

 

1

 

7

 

(8

)

(28

)

Noncontrolling interests’ share of interest and tax

 

8

 

 

14

 

4

 

Net income attributable to Bunge

 

$

136

 

$

274

 

$

316

 

$

366