Workflow
Bunge SA(BG) - 2024 Q1 - Quarterly Report
Bunge SABunge SA(US:BG)2024-04-24 20:35

Financial Performance - For the three months ended March 31, 2024, net income attributable to Bunge was $244 million, a decrease of $388 million compared to $632 million for the same period in 2023[351]. - Total Segment EBIT for the three months ended March 31, 2024, was $433 million, a decrease of $453 million compared to $886 million for the same period in 2023[382]. - Net sales in the Processing segment decreased by 12% due to lower average sales prices across all regions for soybean oilseed processing businesses[355]. - Refined and Specialty Oils segment net sales decreased 17% to $3,240 million for the three months ended March 31, 2024, primarily due to lower sales prices driven by price stabilization and increased supply[388]. - The company reported a decrease in cost of goods sold by 8% to $9,286 million for the three months ended March 31, 2024[356]. - Cost of goods sold in the Processing segment decreased by 7% due to lower net sales, partially offset by unfavorable mark-to-market results[411]. Balance Sheet and Working Capital - Working capital as of March 31, 2024, was $8,311 million, a decrease of $321 million from $8,632 million at March 31, 2023, primarily due to lower trade accounts receivables and inventories[352]. - Total debt increased to $5,095 million as of March 31, 2024, compared to $4,882 million at December 31, 2023[358]. - As of March 31, 2024, total debt was $5,095 million, an increase of $213 million from $4,882 million at December 31, 2023, but a decrease of $625 million from $5,720 million at March 31, 2023[426]. - Other current liabilities decreased to $2,595 million at March 31, 2024, down $318 million from $2,913 million at December 31, 2023[397]. - Trade accounts receivable decreased to $2,285 million at March 31, 2024, down $307 million from $2,592 million at December 31, 2023, and down $504 million from $2,789 million at March 31, 2023[422]. - Short-term debt increased to $1,016 million at March 31, 2024, up $214 million from $802 million at December 31, 2023[423]. - Total equity decreased to $11,528 million at March 31, 2024, down from $11,814 million at December 31, 2023[404]. Cash Flow and Investments - Cash and cash equivalents increased to $2,939 million at March 31, 2024, up $337 million from $2,602 million at December 31, 2023, but down $113 million from $3,052 million at March 31, 2023[421]. - Cash used for investing activities was $396 million for the three months ended March 31, 2024, a decrease of $441 million compared to cash provided by investing activities of $45 million for the same period in 2023[406]. Foreign Exchange and Financial Compliance - Foreign exchange losses for the three months ended March 31, 2024, amounted to a net loss of $62 million, reflecting a significant impact from a stronger U.S. dollar[386]. - The decrease in working capital compared to December 31, 2023, was primarily due to higher trade accounts payable and short-term debt balances[352]. - The company was in compliance with specified financial covenants as of March 31, 2024, including minimum current ratio and maximum debt to capitalization ratio[403]. Financing and Credit Ratings - The company secured a total of $8.0 billion in Acquisition Financing to fund the cash portion of the Transaction Consideration and repay certain indebtedness of Viterra[428]. - The company’s credit ratings were reviewed by all three major agencies, with Standard and Poor's upgrading the rating to BBB+ and placing it on a positive outlook for an upgrade to A-[429].