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Feb. 8, 2013 Source: Bunge news release To view complete report, click here. Alberto Weisser, Bunge's Chairman and Chief Executive Officer stated, "The fourth quarter was weaker than expected, but looking at the full year, agribusiness achieved record EBIT of over $1 billion in a challenging, volatile period. On an adjusted basis, this exceeded last year's record year by 20%. After a slow beginning to the year, food & ingredients recovered and delivered a solid second half. And in fertilizer we took the important strategic step of agreeing to sell our Brazilian business for $750 million. This divestiture will create a more streamlined complement to our agribusiness operations with lower price risk. Sugar & bioenergy, however, continued to be challenged by negative margins in our Brazilian ethanol operations and the lingering impact of weather on sugarcane yields and ATR. While the non-cash impairment charge to goodwill that we were required to take under U.S. GAAP accounting rules is disappointing, it does not change our positive view of the business and our optimism about its future growth opportunities. "Looking to 2013, the agribusiness environment is robust. The world needs to rebuild grain and oilseed stocks to meet growing consumption. Crops in South America are developing well and are expected to reach record levels. In combination with expected strong export demand, this will stress local grain transport and handling infrastructure more than usual, particularly in Brazil. In these environments, the value of our services and network of elevators, processing plants and port terminals increases as we are able to provide market access for farmers and deliver the right products to customers when and where they are needed. In sugar & bioenergy, we reached our sugarcane planting target of nearly 70 thousand hectares in 2012, which combined with our planting programs in previous years, should allow us to operate our mills at capacity in 2013. We expect our food & ingredients segment to build upon its recent momentum and extract even greater value from the business." Tweet |
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