Bunge Limited: Announces External Volume Reporting Changes

St. Louis / MO. (bl) Bunge Limited, a leader in agriculture, food and ingredients, announced 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 percent 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
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