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FULL YEAR: BUNGE'S SALES EVEN, EARNINGS MORE THAN DOUBLE
Source: Bunge news release

To view complete report, click here.

Soren Schroder, Bunge's Chief Executive Officer stated, "Agribusiness and food & ingredients finished the year on a strong note. On a combined, full-year basis, agribusiness, edible oils and milling segments generated record results of approximately $1.3 billion in EBIT and returns above cost of capital.

"Our agribusiness team effectively managed risks as markets transitioned from extreme tightness to emerging surpluses, while capitalizing on strong oilseed processing margins in the Northern Hemisphere and navigating unpredictable farmer selling patterns. Food & ingredients achieved record quarter and full-year results with all regions reporting higher year-over-year annual earnings.

Our food team has made big strides in its effort to engage with customers and extract more value from operations and category management, which are all part of a larger performance management program we are rolling out across our business.

"Our sugar and ethanol trading & merchandising operations performed well in the quarter and full year; however, our Brazilian sugarcane milling operations continued to be impacted by depressed global sugar prices, low sucrose cane content (ATR) and capped ethanol prices in Brazil. In the quarter we took several restructuring & impairment charges, which is part of our ongoing effort to improve the cost structure of our industrial business.

We made good progress during the year to reduce costs in our milling operations, and the efforts will continue. We are actively engaged in our strategic review to optimize the value of this business and have retained financial advisors to assist in the process.

"We enter 2014 with good momentum. Lower commodity prices are spurring growth in demand and trade. Soybean crops in South America are on track to set another record level of production. Similar to last year, this will put a premium on logistics expertise and assets, which fits our capabilities well. We expect our food & ingredients segment to extract even greater value from the downstream chains, and we will have incremental contribution from our acquisition of Grupo Altex's wheat mills in Mexico, which we completed at the end of 2013.

"Lastly, we believe our strong financial position provides us the opportunity to return capital to our shareholders as part of our balanced approach to allocating capital. As a result, commencing in the first quarter we intend to repurchase $200 million of our common shares and will continue to be focused on our use of capital to maximize returns as we move through 2014."


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