Latest news with #Viterra
Bloomberg
20-05-2025
- Business
- Bloomberg
Commodity Trader ED&F Man Expands Into Cotton With Viterra Hires
Commodities trader ED&F Man Holdings Ltd. is expanding into the cotton market after hiring a team from Viterra, an agriculture company backed by Glencore Plc, according to people familiar with the matter. The London-based trader, best known for hauling sugar and coffee around the world, has tapped more than 10 traders from Viterra, said the people, who asked not to be named because the information isn't public. The new hires include Josh Taylor, global trading manager for cotton at Viterra, and Andrew Kelly, head of physical cotton trading at the company, the people said.
Zawya
19-05-2025
- Business
- Zawya
Saudi Arabia buys 621,000 metric tons of wheat in tender, GFSA says
DUBAI - Saudi Arabia bought 621,000 metric tons of wheat in a tender for arrival in August to October, the kingdom's main state wheat buying agency the General Food Security Authority (GFSA) said on Monday. The purchase involved hard wheat with 12.5% protein content. Origins offered were the European Union, Black Sea region, North America, South America and Australia with the sellers having the option of selecting the origin supplied, GFSA governor Ahmad Al-Fares said in a statement. Traders said they expected the wheat in the purchase to be mainly sourced from the Black Sea region including Russia, Romania and Bulgaria. The purchase was smaller than the 655,000 tons sought in the tender. Traders said the agency had recently also been seeking wheat sourced from Saudi investments abroad in farmland and trading companies following similar purchases last year. The GFSA said the following purchases were made all in dollars a ton cost and freight (C&F) included with the trading houses making sales and the port and arrival period in Saudi Arabia: Jeddah Sea Port (C&F): - 60,000 tons from Louis Dreyfus at $251.99 C&F (August 15 - 31) - 60,000 tons from AST Group (Grain Star) at $252.00 C&F (August 15 - 31) - 60,000 tons from Solaris at $252.27 C&F (September 1 - 15) Yanbu Sea Port (C&F): - 65,000 tons from Viterra at $247.69 C&F (August 15 - 31) - 65,000 tons from Agricost at $251.98 C&F (August 15 - 31) - 65,000 tons from Viterra at $248.73 C&F (September 1 - 15) - 65,000 tons from Viterra at $249.94 C&F (September 15 - 30) - 65,000 tons from Viterra at $252.42 C&F (October 1 - 15) Dammam Sea Port (C&F): - 58,000 tons from Louis Dreyfus at $254.79 C&F (August 15 - 31) - 58,000 tons from Louis Dreyfus at $256.29 C&F (September 15 - 30 ) In its last reported wheat tender on February 17, the GFSA purchased about 920,000 tons at an average price of $276.37 a ton C&F. (Reporting by Nayera Abdallah and Michael Hogan in Hamburg, Editing by Louise Heavens)
CTV News
13-05-2025
- General
- CTV News
Canadian grain giant Viterra says no one injured in train derailment at Saskatoon terminal
Viterra Canada says no one was injured when four grain cars derailed near its terminal in Saskatoon on Saturday. Photos from the scene shared with CTV News show one CN Rail grain car tipped off the track just east of the Viterra terminal, located on 11th Street adjacent to the Montgomery neighbourhood. Saskatoon derailment (Courtesy: Michelle Linklater) CTV News contacted CN Rail about the incident and was told to direct questions to Viterra. In a statement to CTV News, a Viterra spokesperson said the cars were empty at the time of the derailment, and operations resumed shortly after. The company said it's still looking into the cause.
Cision Canada
08-05-2025
- Business
- Cision Canada
Decade-long partnership between Viterra and Canadian Foodgrains Bank pushes forward the fight to end global hunger
, May 8, 2025 /CNW/ - As millions face rising hunger in 2025 due to war, climate disasters, and soaring food costs, Viterra and Canadian Foodgrains Bank are commemorating a decade of collaboration in the ongoing fight to end hunger. The two Canadian organizations have worked together for ten consecutive years through a land donation program, with Viterra providing land around multiple terminals in Alberta and Saskatchewan to the Foodgrains Bank. The donated land is used by volunteer farmers to grow crops that are harvested and then sold on the Canadian market, with the proceeds given to Foodgrains Bank, supporting local partner organizations overseas who are working to end hunger through urgent humanitarian responses and long-term solutions to food insecurity. These farmers donate their time and resources either as part of a community-led growing project, or as a notable addition to their own farmwork. "Canadian Foodgrains Bank continues to play a vital role in responding to the global hunger crisis and ensuring that vulnerable communities are not forgotten, especially in the world's hardest-hit areas like Sudan," says Andy Harrington, executive director of the Foodgrains Bank. "We're very grateful for the ongoing support of Viterra as we do all we can, together with Canadian organizations and supporters across the country, to end global hunger." Viterra terminals in Lethbridge and Trochu in Alberta and in Balgonie, Grenfell, and Raymore in Saskatchewan totalling 267 acres are being seeded on behalf of the Foodgrains Bank. "As a leading global agricultural company, we are proud to support the Foodgrains Bank and the important work they do to fight hunger around the world," says Kyle Jeworski, CEO for Viterra Canada. "We are also grateful for our farm customers, who give generously and work hard to ensure the success of our growing projects each year." Food security projects implemented through the Foodgrains Bank network include both humanitarian response projects that help people affected by conflicts and natural disaster, as well as development projects that help people reduce their vulnerability to hunger and improve their resiliency in the longer-term, often through conservation agriculture training. In 2023-24, this assistance reached nearly one million people in 35 countries around the world. In addition to providing the land, Viterra will also provide the Foodgrains Bank with a donation of $5 for each tonne of crops donated to the organization through any of its grain elevators in western Canada. About Viterra At Viterra, we believe in the power of connection. Our world-leading, fully integrated agriculture network connects producers to consumers with sustainable, traceable and quality-controlled agricultural products. With more than 17,500 talented employees operating in 37 countries, our strategic network of storage, processing and transport assets enable us to offer innovative solutions and open pathways for our customers, creating successful partnerships that last. Together, we are stronger, and achieve more. About Canadian Foodgrains Bank Canadian Foodgrains Bank is a partnership of 15 churches and church agencies working together to end hunger. In the 2023-24 budget year, the Foodgrains Bank provided $68.3 million of assistance for 974,683 people in 35 countries. Canadian Foodgrains Bank programs are undertaken with support from the Government of Canada provided through Global Affairs Canada. Assistance from the Foodgrains Bank is provided through its member agencies, which work with local partners in the developing world. SOURCE Viterra Canada Inc.
Business Wire
07-05-2025
- Business
- Business Wire
Bunge Reports First Quarter 2025 Results
ST. LOUIS--(BUSINESS WIRE)-- Bunge Global SA (NYSE: BG) today reported first quarter 2025 results Q1 GAAP diluted EPS of $1.48 vs. $1.68 in the prior year; $1.81 vs. $3.04 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences Solid performance in Agribusiness driven by Processing, though down from last year Refined and Specialty Oils results reflected a more balanced supply and demand environment, particularly in the U.S. In final stage of regulatory process for Viterra transaction Further strengthened business alignment with our global value chains through agreements to divest regional corn milling and margarine businesses Maintaining adjusted full-year EPS outlook of approximately $7.75 Overview Greg Heckman, Bunge's Chief Executive Officer, commented, 'Our team delivered a better than expected start to 2025, staying nimble in a quickly evolving market environment while continuing to serve our customers at both ends of the value chain. We announced agreements to sell our European margarine and U.S. corn milling businesses as we further align our assets with our global integrated value chains. We are in the final stage of regulatory approval for our combination with Viterra and are prepared to close quickly once received. 'We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity and remain confident in our ability to continue to execute despite the current market environment. Our resilient global footprint, disciplined approach, and focus on connecting farmers to consumers to deliver essential food, feed, and fuel position us well to create value for all stakeholders.' Financial Highlights (a) Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories ("RMI"), and related hedges associated with committed future operating capacity and sales. See note 3 in the Additional Financial Information section of this release for details. (b) Certain (gains) & charges included in Total EBIT and Net income attributable to Bunge. See Additional Financial Information for details. (c) Segment EBIT, Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge's website. (d) Segment earnings before interest and tax ("Segment EBIT") comprises the aggregate earnings before interest and tax ('EBIT') of Bunge's Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Corporate and Other activities. (e) Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company's individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities. Corporate and Other also includes historical results of Bunge's previously recognized Sugar & Bioenergy segment. See note 6 in the Additional Financial information section of this release for details Expand First Quarter Results Agribusiness Processing (2) Three Months Ended (US$ in millions) Mar 31, 2025 Mar 31, 2024 Processing EBIT $ 233 $ 180 Mark-to-market timing differences (26 ) 231 Certain (gains) & charges — — Adjusted Processing EBIT $ 207 $ 411 Expand Higher results in Brazil, Europe and Asia soy crush value chains were more than offset by lower results in North America, Argentina and European softseeds. Merchandising (2) Improved performance in global grains and our financial services business were more than offset by lower results in ocean freight. Refined & Specialty Oils Refined & Specialty Oils Summary With the exception of Asia, results were down in all regions reflecting a more balanced global supply and demand environment driven in part by the uncertainty in U.S. biofuel policies. Milling Milling Summary Slightly higher results in North America were more than offset by lower results in South America where milling margins were pressured by a more competitive pricing environment. Corporate and Other (6) Corporate Three Months Ended (US$ in millions) Mar 31, 2025 Mar 31, 2024 Corporate EBIT $ (87 ) $ (140 ) Certain (gains) & charges 32 61 Adjusted Corporate EBIT $ (55 ) $ (79 ) Expand Other Three Months Ended (US$ in millions) Mar 31, 2025 Mar 31, 2024 Other EBIT $ 11 $ 36 Certain (gains) & charges — — Adjusted Other EBIT $ 11 $ 36 Expand Corporate and Other Summary Corporate expenses were lower primarily due to performance-based compensation. Prior year Other results include $24 million from the sugar & bioenergy joint venture that we divested in the fourth quarter of last year. Cash Flow Cash used for operations in the three months ended March 31, 2025 was $285 million compared to cash provided of $994 million in the same period last year. The reduction of cash from operations was primarily driven by net changes in working capital. Adjusted funds from operations (FFO) was $392 million compared to $514 million in the prior year. (4) Income Taxes For the three months ended March 31, 2025, income tax expense was $80 million compared to $117 million in the prior year. The decrease was primarily due to lower pre-tax income in 2025 and unfavorable adjustments related to foreign currency fluctuations in South America in 2024. Outlook (5) Taking into account first quarter results, the current margin and macro environment and forward curves, we continue to forecast full-year 2025 adjusted EPS of approximately $7.75. This forecast excludes the impact of announced acquisitions and divestitures that are expected to close during the year. In Agribusiness, full-year results are forecasted to be slightly lower than our previous outlook and down from last year primarily due to lower results in Processing. In Refined and Specialty Oils, full-year results are expected to be similar to our previous outlook and down from the prior year primarily driven by a more balanced supply and demand environment in North America. In Milling, full-year results are expected to be similar to our previous outlook and up from last year. In Corporate and Other, full-year results are expected to be more favorable than our previous outlook and the prior year. Additionally, the Company expects the following for 2025: an adjusted annual effective tax rate in the range of 21% to 25%; net interest expense in the range of $220 to $250 million, which is down from our previous expected range of $250 to $280 million; capital expenditures in the range of $1.5 to $1.7 billion; and depreciation and amortization of approximately $490 million. Conference Call and Webcast Details Bunge Global SA's management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, May 7, 2025 to discuss the Company's results. Additionally, a slide presentation to accompany the discussion of results will be posted on To access the webcast, go to 'Events & Presentations' under 'News & Events' in the 'Investor Center' section of the company's website. Select 'Q1 2025 Bunge Global SA Conference Call' and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software. To listen to the call, please dial 1-844-735-3666. If you are located outside the United States or Canada, dial 1-412-317-5706. Please dial in five to 10 minutes before the scheduled start time. The call will also be webcast live at A replay of the call will be available later in the day on May 7, 2025, continuing through June 7, 2025. To listen to it, please dial 1-877-344-7529 in the United States, 1-855-669-9658 in Canada, or 1-412-317-0088 in other locations. When prompted, enter confirmation code 5982954. About Bunge 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 strengthen global food security, increase sustainability where we operate, 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 bring quality products from where they're grown to where they're consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 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, 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, U.S. Securities and Exchange Commission ("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. Cautionary Statement Concerning Forward Looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. 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, assumptions 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 factors, among others, could cause actual results to differ from these forward looking statements: the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia; 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 government policies and laws affecting our business, including agricultural and trade (including tariff) 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, including without limitation Bunge's pending business combination with Viterra Limited ('Viterra'); 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, pandemics or epidemics, wars 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; and other factors affecting our business generally. 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. You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. Certain gains and (charges), quarter-to-date The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the three month periods ended March 31, 2025 and 2024. See Definition and Reconciliation of Non-GAAP Measures. Corporate and Other The following is a summary of acquisition and integration costs related to the announced business combination agreement with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss). Condensed Consolidated Earnings Data (Unaudited) Three Months Ended March 31, (US$ in millions, except per share data) 2025 2024 Net sales $ 11,643 $ 13,417 Cost of goods sold (11,046 ) (12,541 ) Gross profit 597 876 Selling, general and administrative expenses (380 ) (439 ) Foreign exchange gains (losses) – net 25 (78 ) Other income (expense) – net 82 68 Income (loss) from affiliates 5 8 EBIT attributable to noncontrolling interest (a) (1) (1 ) (2 ) Total EBIT 328 433 Interest income 59 42 Interest expense (104 ) (108 ) Income tax (expense) benefit (80 ) (117 ) Noncontrolling interest share of interest and tax (a) (1) (2 ) (6 ) Net income (loss) attributable to Bunge (1) $ 201 $ 244 Net income (loss) attributable to Bunge shareholders - diluted $ 1.48 $ 1.68 Weighted–average shares outstanding - diluted 135 145 Expand (a) The line items 'EBIT attributable to noncontrolling interest' and 'Noncontrolling interest share of interest and tax' when combined, represent consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests on a U.S. GAAP basis of presentation. Expand Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (US$ in millions) 2025 2024 Assets Cash and cash equivalents $ 3,245 $ 3,311 Trade accounts receivable, net 2,334 2,148 Inventories (a) 7,817 6,491 Assets held for sale 177 8 Other current assets 3,800 4,000 Total current assets 17,373 15,958 Property, plant and equipment, net 5,511 5,254 Operating lease assets 996 932 Goodwill and other intangible assets, net 782 774 Investments in affiliates 800 779 Other non-current assets 1,198 1,202 Total assets $ 26,660 $ 24,899 Liabilities and Equity Short-term debt $ 1,328 $ 875 Current portion of long-term debt 675 669 Trade accounts payable 3,831 2,777 Current operating lease obligations 285 286 Liabilities held for sale 72 10 Other current liabilities 2,344 2,818 Total current liabilities 8,535 7,435 Long-term debt 4,714 4,694 Non-current operating lease obligations 659 595 Other non-current liabilities 1,159 1,226 Total liabilities 15,067 13,950 Redeemable noncontrolling interest 49 4 Total equity 11,544 10,945 Total liabilities, redeemable noncontrolling interest and equity $ 26,660 $ 24,899 Expand (a) Includes RMI of $6,499 million and $5,224 million at March 31, 2025 and December 31, 2024, respectively. Expand Condensed Consolidated Statements of Cash Flows (Unaudited) Definition and Reconciliation of Non-GAAP Measures This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures below. These measures may not be comparable to similarly titled measures used by other companies. Total EBIT and Adjusted Total EBIT Bunge uses earnings before interest and tax ("EBIT') to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests. Bunge also uses Segment EBIT, Corporate and Other EBIT and Total EBIT to evaluate the operating performance of Bunge's reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge's Agribusiness, Refined and Specialty Oils, and Milling segments. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge's reportable segments, together with its Corporate and Other activities. Adjusted Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, from Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively. Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge's management believes these non-GAAP measures are a useful measure of its operating profitability, since the measures allow for an evaluation of performance without regard to financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge's industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. Net Income (loss) attributable to Bunge to Adjusted Net Income (loss) attributable to Bunge Adjusted Net Income (loss) excludes temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. It should not be considered as an alternative to Net Income (loss) attributable to Bunge, Net Income (loss), or any other measure of consolidated operating results under U.S. GAAP. Bunge's management believes Adjusted Net income (loss) is a useful measure of the Company's profitability. We also have presented projected Adjusted Net income per share for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2025, the most directly comparable U.S. GAAP measure. The most directly comparable GAAP measure has not been provided due to the inability to quantify certain amounts necessary for such reconciliation, including but not limited to potentially significant future market price movements over the remainder of the year. Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT: Below is a reconciliation of Net income (loss) attributable to Bunge, to Adjusted Net income (loss) attributable to Bunge: (a) There were less than 1 million anti-dilutive contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for each of the three months ended March 31, 2025 and 2024. Expand Adjusted Funds From Operations Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Adjusted FFO is a non-GAAP financial measure and is not intended to replace Cash provided by (used for) operating activities, the most directly comparable U.S. GAAP financial measure. Bunge's management believes the presentation of this measure allows investors to view its cash generating performance using the same measure that management uses in evaluating financial and business performance and trends without regard to foreign exchange gains and losses, working capital changes and mark-to-market timing differences. This non-GAAP measure is not a measure of consolidated cash flow under U.S. GAAP and should not be considered as an alternative to Cash provided by (used for) operating activities, Net increase (decrease) in cash and cash equivalents, and restricted cash, or any other measure of consolidated cash flow under U.S. GAAP. Notes Three months ended March 31, (US$ in millions) 2025 2024 Net income (loss) attributable to Bunge $ 201 $ 244 EBIT attributable to noncontrolling interest 1 2 Noncontrolling interest share of interest and tax 2 6 Net income (loss) $ 204 $ 252 Expand (2) The Processing business included in our Agribusiness segment consists of: global oilseed processing activities, which principally include the origination and crushing of oilseeds (including soybeans, canola, rapeseed and sunflower seed) into protein meals and vegetable oils; the distribution of oilseeds, oilseed products and fertilizer products through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); fertilizer production; and biodiesel production, which is partially conducted through joint ventures. The Merchandising business included in our Agribusiness segment primarily consists of: global grain origination activities, which principally include the purchasing, cleaning, drying, storing and handling of corn, wheat and barley at our network of grain elevators; global trading and distribution of grains and oils; logistical services for the distribution of these commodities to our customer markets through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); and financial services and activities for customers from whom we purchase commodities, and other third parties. (3) Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, RMI, and related futures contracts associated with our committed future operating capacity and sales. The impact of these mark-to-market timing differences, which is expected to reverse over time due to the forward contracts, RMI, and related futures contracts being part of an economically-hedged position, is not representative of the operating performance of our business. (4) A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations (FFO) is as follows: Expand Three months ended March 31, (US$ in millions) 2025 2024 Cash provided by (used for) operating activities $ (285 ) $ 994 Foreign exchange gain (loss) on net debt 84 2 Working capital changes 586 (610 ) Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (3 ) (8 ) Mark-to-Market timing difference, after tax 10 136 Adjusted FFO $ 392 $ 514 Expand (5) We have not presented a comparable U.S. GAAP financial measure for any full-year 2025 outlook financial measures presented on an adjusted, non-GAAP basis because the information necessary for such presentation is unavailable at this time. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from the non-GAAP financial measures presented in this release. Please see 'Definition and Reconciliation of Non-GAAP Measures' for more information. (6) Effective January 1, 2025, Bunge's Sugar & Bioenergy segment reporting activity has been reclassified to Corporate and Other. Historically, the Sugar and Bioenergy segment was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture, divested in the fourth quarter of 2024. Following the divestment, Bunge will no longer separately present a Sugar & Bioenergy segment as remaining activity is insignificant, nor separately present segment results between Core segment and Non-core segment. Corresponding prior period amounts have been restated to conform to current period presentation. This change has no impact on previously-reported condensed consolidated earnings data, condensed consolidated balance sheets, or condensed consolidated statements of cash flows. Expand
