An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Bunge Limited (NYSE:BG) has updated its volume reporting methodology starting Q1 2022, aiming for clearer alignment with its primary income-generating activities. The company will no longer report grains and oilseeds origination volumes. New reporting categories include processing volumes, merchandising volumes, refined and specialty oils segment volumes, and milling segment volumes, while sugar and bioenergy segments will not report volumes. Prior year amounts have been adjusted to match this new methodology, but it does not affect previously issued financial statements.
Positive
New volume reporting methodology aligns better with income-generating activities.
Simplifies reporting by eliminating non-essential categories.
Negative
None.
ST. LOUIS--(BUSINESS WIRE)--
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.
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.
What is the new volume reporting methodology introduced by Bunge Limited (NYSE:BG)?
Bunge Limited has changed its volume reporting methodology to align more closely with its primary income-generating activities, eliminating the reporting of grains and oilseeds origination volumes.
When will Bunge Limited start using the new volume reporting methodology?
Bunge Limited will implement the new volume reporting methodology beginning in the first quarter of 2022.
What categories will Bunge Limited report under the new methodology?
Under the new methodology, Bunge Limited will report processing volumes, merchandising volumes, refined and specialty oils segment volumes, and milling segment volumes.
How does the new reporting methodology affect Bunge Limited's financial statements?
The new reporting methodology does not impact previously issued financial statements but involves recasting prior year amounts to conform to the new methodology.
