Bunge LTD WKN 762269
Bunge ist wie ADM weltweit im Bereich Agrarrohstoffe, Handel, Verarbeitung, Veredelung (Biodiesel, Bioethanol) breit aufgestellt. Dazu kommt noch die Sparte Düngemittel und ist mit einer Kooperation mit Dupont in der Chemiesparte tätig.
Bunge ist in Südamerika der grösste Produzent von Bioethanol und hat auch Produktionsanlagen in den USA. Bei Bunge liegt der Schwerpunkt beim Zuckerrohr zur Herstellung von Bioethanol(ADM bevorzugt Mais).
Durch ein Jointventure mit Diester Industrie (Paris) werden die Kapazitäten der Biodieselproduktion in Europa erhöht. Bunge betreibt schon eigene Anlagen in Europa. Darüber hinaus ist Bunge weltweit der grösste Anbieter von Ölsaaten wie Raps, Soja und deren Produkte, die als Vorprodukte für die Biodieselproduktion dienen.
Dadurch, dass weltweit immer mehr Agrarrohstoffe zur Herstellung von Treibstoffen verwendet werden, damit zu einer Verknappung von Raps, Soja, Mais, Zuckerrohr führen wird und einen Preisanstieg dieser Agrarrohstoffen in Zukunft mit sich bringt halte ich ein Investment in solche Konzerne für aussichstreich.
Ich hab dazu auch schon was bei Archer Daniels geschrieben, wie ich die Aussichten der Agrarrohstoffe einschätze.
http://www.ariva.de/board/247495?secu=5013
Es gibt auch ein Thread Agrarinvestments, wo es Infos über Bunge LTD und zu den Agrarrohstoffen und den Produkten gibt.
http://www.ariva.de/board/248347
White Plains, NY--Bunge Limited reported fourth quarter 2005 results Feb. 9. The company reported a net income of $149 million, thanks to a $52 million gain from a tax credit.
Bunge also forecast 2006 earnings at $4.29 to $4.45 per share.
Overview
Alberto Weisser, Bunge's Chairman and Chief Executive Officer stated: "2005 was a difficult year for Bunge.
"We faced significant external challenges, and we made some mistakes.
"We have improved our operations however, and while we will not see a return to trend line growth in all areas, we believe that 2006 will be a better year.
"In 2005, our principal problems stemmed from a weak operating environment in Brazil.
"Farm economics deteriorated due to a drought, lower soybean prices and a steadily appreciating Brazilian real.
"Farmers reacted by withholding crop sales and delaying purchases of farm inputs.
"The real appreciation affected Bunge directly, primarily by raising local costs and squeezing margins.
"Fertilizer inventory purchased earlier in the year was sold later at a stronger real-U.S. dollar exchange rate, pressuring dollar margins.
"Had we started the year with a lower level of fertilizer inventory, reduced crushing capacity sooner and improved our foreign exchange risk management program we would have achieved better results.
"The appreciation of the real, and its timing, was perhaps the biggest negative of the year, and we did not anticipate it or react to it quickly enough.
"We hedged our balance sheet exposure but not our local costs, and we could have made better decisions when hedging fertilizer inventories.
"Local costs in dollar terms increased by 19% in 2005 due to foreign exchange.
"The market situation in Brazil will improve more slowly than we had anticipated, largely due to the continued strength of the real.
"Farm economics remain weak, and retail fertilizer volumes will likely be flat for the year.
"We are not waiting for better conditions, however.
"We have taken steps to improve our performance in the current environment and, largely as a result of these changes, expect Bunge to produce better operational results in 2006.
-We have initiated an expanded and refined risk management program that will lower our exposure to the Brazilian real by hedging both the balance sheet and expenses.
-We have liquidated higher-priced fertilizer inventories, which should benefit margins.
We are beginning 2006 with inventory value approximately 20% below levels at the start of 2005.
-We have reduced our workforce in Brazil by approximately 10%, initiated cost savings measures, permanently closed two oilseed processing plants and idled seven fertilizer facilities.
We estimate that these steps will save $60-80 million in 2006.
-We have also reduced our ongoing effective tax rate through a legal restructuring.
"In 2006 we will stay focused on growth and efficiency.
"This year we intend to create a stronger link to customers in China by purchasing a second soybean crushing and refining plant in that country.
"We will bring on-stream two new crushing plants in Spain, replacing less efficient assets.
"We will also expand our phosphate mining capacity in Brazil by over 10% and substitute more fertilizer imports with domestic supply at better margins.
"2006 should see the start of operations at our new grain and fertilizer terminal in Santos, Brazil-one of many logistics projects that help to improve the efficiency of our integrated food production chain-as well as the completion of two new sunseed crushing plants in Eastern Europe.
"By year end, our new Russian plant should supply our domestic bottled oil business at improved margins.
"We are also leveraging the efficiencies of our existing infrastructure to initiate a small sugar origination and marketing business.
"The fundamentals of our industry remain intact, with steady growth in agricultural production and food consumption.
"While we will always experience market fluctuations, these fundamentals should drive long-term growth in our business.
"We will continue to position Bunge to benefit from them."
Fourth Quarter Results
Agribusiness
In the fourth quarter, stronger agribusiness results in the Northern Hemisphere were more than offset by weak results in Brazil.
Volumes were higher than in the fourth quarter of 2004 due primarily to higher international marketing sales and oilseed processing activity in Argentina.
Bunge's U.S. businesses and global softseed operations benefited from solid margins and produced strong results.
In Brazil, slow farmer selling and an appreciating local currency continued to pressure margins and increase local costs when translated into U.S. dollars.
The average real-U.S. dollar exchange rate in the fourth quarter of 2005 was R$2.25, a 19% appreciation over an average rate of R$2.79 in the fourth quarter of 2004.
Freight management results declined from last year primarily due to a decrease in ocean vessel freight rates.
Energy costs increased in the U.S. and Argentina. Selling, general and administrative (SG&A) expenses declined due to lower variable compensation expenses and reduced bad debt.
Fourth quarter 2005 results included $35 million of impairment charges related to the closure of two oilseed processing plants in Brazil and the impairment of one plant in India, and $10 million of restructuring charges related to operations in Brazil and Europe.
Fourth quarter 2004 results included $10 million of impairment and $7 million of cash restructuring charges related to Bunge's Western European oilseed processing operations.
Fertilizer
Fertilizer results in the quarter were extremely poor despite higher volumes, which rose on increased sales at Fosfertil.
Margins were pressured by higher average inventory costs, higher industrial costs and the liquidation of excess inventories.
Fertilizer raw material inventory purchased earlier in the year in anticipation of good demand was sold at a stronger real-U.S. dollar exchange rate later in the year, pressuring dollar margins.
Due to a stronger real relative to the same period last year, local costs were higher when translated into U.S. dollars.
Fourth quarter 2005 results included a $2 million cash restructuring charge.
Edible Oil Products
Edible oil results declined primarily due to weaker performance in Europe.
Improved results in Ukraine and Hungary were more than offset by lower volumes and margins in Romania, higher advertising expenses for a new margarine brand in Poland, and higher SG&A in Russia.
In North America, strong demand for canola oil and trans fatty acid replacement products benefited results.
Energy and transport costs rose in the U.S. In Brazil, stronger performance in margarine and specialty oil was offset by lower margins and volumes in packaged oil.
Costs rose due to the appreciation of the Brazilian real and higher marketing expenses for a repositioned margarine brand.
Fourth quarter 2005 results included a $2 million cash restructuring charge related to operations in Brazil and Europe.
Fourth quarter 2004 results included a $4 million non-cash impairment charge related to Bunge's Brazilian packaged oil operations.
Milling Products
Wheat milling results benefited from higher volumes and improved product mix, but were offset by margin declines in corn milling.
Financial Costs
Interest income decreased primarily due to lower average balances of invested cash.
Interest expense increased primarily due to higher average borrowings funding operating working capital and increases in short-term interest rates.
Foreign exchange losses in the fourth quarter of 2005 resulted from the effects of the devaluation of the Brazilian real at year end compared to the U.S. dollar on the net U.S. dollar-denominated monetary liability position of Bunge's Brazilian subsidiaries.
In the fourth quarter of 2004, the Brazilian real and the euro appreciated against the U.S. dollar which resulted in foreign exchange gains on the net U.S. dollar-denominated monetary liability position of Bunge's Brazilian and European subsidiaries.
Income Taxes
In the fourth quarter of 2005, Bunge received a favorable U.S. tax ruling with respect to the unremitted earnings of a foreign subsidiary holding company.
As a result, Bunge liquidated this foreign subsidiary, reduced the associated deferred tax liability and recognized a $77 million one-time, non-cash tax benefit.
Additionally, Bunge decreased its deferred tax valuation allowance by $36 million, primarily as a result of projected increased taxable income in subsidiaries with previously reserved net operating losses.
Minority Interest
Minority interest decreased when compared to 2004 due to lower earnings at Fosfertil.
Cash Flow and Net Financial Debt(3)
Net financial debt at December 31, 2005, decreased $52 million from December 31, 2004.
Cash flow provided by operations was $382 million in 2005 compared to $802 million in 2004.
Cash flow from operations declined from last year primarily due to lower segment operating profit.
Cash flow from operations in the fourth quarter of 2005 included approximately $155 million from the sale of accounts receivable through a new securitization facility.
Outlook
Bill Wells, Chief Financial Officer, stated, "The global agribusiness market should experience good conditions in 2006, but will not be free of challenges.
"We see growing demand for our core products, soybean meal and vegetable oil, and strong consumption of biodiesel that should benefit the softseed market, but continued weakness in Brazil and a tougher crushing environment in Argentina.
"North America should have a good year, but a difficult comparison to excellent results in 2004 and 2005.
"We anticipate higher energy costs generally and headwinds in our freight management business.
"Expectations are for flat retail sales in the Brazilian fertilizer market.
Solid demand for vegetable oil and improved results in Ukraine should contribute to improved performance in edible oils.
"Overall, we expect Bunge to produce better operational results in 2006 due to initiatives to improve margins, lower costs, and mitigate exposure to the real.
"Many of these initiatives are already in place and are beginning to produce results.
"Our 2006 guidance is as follows:
-Depreciation, Depletion and Amortization: $300 million to $310 million.
-Capital Expenditures (net of asset dispositions): $490 million to $510 million.
-$195 million to $215 million maintenance, safety and environmental capital expenditures.
-Effective Tax Rate: 18% to 22%.
-Joint Venture Earnings: $40 million to $45 million.
"This guidance assumes the following:
-Stable currencies in South America and Europe.
-Normal 2005/2006 North and South American and European crops.
-Stable international fertilizer prices, and
-Flat Brazilian market retail fertilizer sales when compared to 2005.
"Based on these assumptions, our 2006 net income guidance is $520 million to $540 million, representing $4.29 to $4.45 per share.
"This fully diluted per share guidance is based on an estimated weighted average of 121.3 million shares outstanding, includes $0.05 per share for stock option expense and is a reasonable base for calculating Bunge's five-year, 10-12% average annual EPS growth target."
For more information, call Stewart Lindsay at 914-684-3369.
See Related Websites/Articles:
* Bunge
Von [02.03.2006; Boerse Online Heft 10/2006]
1,4 Q4 BRASILIENS WIRTSCHAFT IST IM VIERTEN QUARTAL 2005 SCHWÄCHER GEWACHSEN ALS ERWARTET. FÜR DAS JAHR 2006 ZEICHNET SICH ABER EINE KONJUNKTURELLE BELEBUNG AB. BRASILIEN
Turnaround geschafft - und trotzdem enttäuscht: Nach einem kräftigen Rückgang im dritten Vierteljahr hat Brasiliens Wirtschaft im vierten um 0,8 Prozent gegenüber dem Vorquartal zugelegt. Gegenüber dem Vorjahr betrug das Wachstum 1,4 Prozent - deutlich weniger als die vom Markt erwarteten 2,1 Prozent.
Erfreulich ist aber, dass die Investitionen zuletzt wieder angezogen haben.
Für das Gesamtjahr 2005 ergibt sich eine Zunahme des Bruttoinlandsprodukts (BIP) um 2,3 Prozent. Das ist ernüchternd, da das durchschnittliche Wachstum Lateinamerikas fast doppelt, dasjenige Argentiniens sogar vier Mal so hoch war.
Besonders enttäuschend: Der für Brasilien noch immer wichtige Agrarsektor verzeichnete nur ein Plus von 0,8 Prozent.
Gebremst wurde der Aufschwung durch hohe Zinsen und den festen Real.
Im vergangenen September hat die Notenbank jedoch begonnen, die Leitzinsen zu senken: von 19,75 Prozent auf mittlerweile 17,25 Prozent - mit der Aussicht auf weitere Schritte nach unten. Volkswirt Mauro Toldo von der DekaBank erwartet deshalb für 2006 eine Beschleunigung des BIP-Wachstums auf 3,5 Prozent. LH
Der starke Real hat den Exporteuren des Landes 2005 das Leben schwer gemacht - und neben den hohen Zinsen das Wirtschaftswachstum gedämpft.
Ergon and Bunge Propose One of the Largest Ethanol Plants in the Southeast
A Mississippi-based energy company and one of the nation's leading agribusiness firms are teaming up to build the largest ethanol plant in the southeastern United States.
Ergon Ethanol, Inc. and Bunge (Nachrichten) North America, Inc. announced the signing of a letter of intent to form a joint venture to build an ethanol plant with an annual capacity of at least 60 million gallons in the State of Mississippi. The state-of-the-art facility will provide a key link between Bunge's grain handling facilities in Mississippi and Louisiana, and Ergon's petroleum refining assets.
Producing this renewable, clean-burning fuel will require at least 21-million bushels of corn each year, creating new markets for regional corn growers. This facility will also generate corn-based co-products which are excellent feed ingredients for area poultry and livestock producers.
"This proposed joint venture leverages the strengths of both Ergon and Bunge," said Don Davis, executive vice president of Ergon. "With fifty years of experience in petroleum refining and marketing fuel, Ergon has the expertise to operate a highly efficient ethanol refinery as well as to market the ethanol produced by the facility. Ergon has been evaluating renewable energy sources for several years and expects that this project will benefit all of Mississippi -- its drivers and its farmers."
"Bunge is a leading grain originator in North America with a strong domestic network of elevators on the Mississippi River and its tributaries," said Tim Gallagher, senior vice president of Bunge North America. "Our relationships with farmers and our experience in grain origination and merchandising will ensure that the new venture has a ready supply of corn. Ethanol production will also bring new feed ingredient opportunities for our poultry customers."
About Ergon Ethanol
Ergon Ethanol, Inc. is a wholly owned subsidiary of Ergon, Inc (www.ergon.com) with headquarters in Jackson, Mississippi. Ergon, Inc., privately held, operates under six primary business segments: Refining&Marketing, Asphalt&Emulsions, Transportation & Terminaling, Oil and Gas, Embedded Computing and Real Estate. Ergon owns and operates three petroleum refineries located in Mississippi, Arkansas and West Virginia, producing gasoline, low sulfur diesel, lubricant and process base oils, asphalts and other specialty products.
About Bunge North America
Bunge North America (www.bungenorthamerica.com), the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico.
26.10.2006 23:28
Bunge reaches $13.9M pollution settlement
ST. LOUIS (AFX) - Bunge (Nachrichten) North America Inc., an oilseed processor, said Thursday it settled a complaint with the U.S. federal government on carbon emissions at 12 U.S. soybean processing plants and corn mills.
The $13.9 million multi-state Clean Air Act settlement reached with the Department of Justice and Environmental Protection Agency was filed by the Justice Department on Thursday.
Bunge and three of its subsidiaries agreed to reduce emissions at nationwide facilities by 2,200 tons a year. The St.Louis-based company also agreed to pay a $625,000 civil penalty that would be divided between the government and the eight states effected by the emissions.
The EPA and Justice Department are also calling on Bunge to participate in an emissions reduction project estimated to cost $12 million. In addition, the company will spend $1.25 million supplemental funds to pay for community environmental projects within the eight states, Dave Ryan, a spokesman for the EPA, said.
Emission reduction funds have already been designated to specific projects, all of which will be completed by the end of 2007, according to Deb Seidel, spokeswoman for Bunge.
Some of the projects include retrofitting diesel vehicles in Alabama, Indiana, Iowa, Kansas and Ohio; providing hazardous materials response equipment and training in Illinois and Mississippi; and removal of mercury, lead and asbestos from schools in Louisiana.
Shares of White Plains, N.Y.-based Bunge rose $3.83, or 6.5 percent, to close earlier at $62.69 on the NYSE, and then dipped 24 cents in aftermarket trading.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
bunge.png (verkleinert auf 93%)
bunge.png (verkleinert auf 93%)
Analyst Note: High Corn Prices
Friday November 3, 12:16 pm ET
Analyst Says Higher Corn Prices Could Hurt Producers of Livestock, Corn Sweeteners and Dairy
NEW YORK (AP) -- Corn prices reached 10-year highs on Thursday, and on Friday an analyst said prices will continue to rise due to an ethanol boom, which may come at the expense of other industries that depend on corn.
The "crop conundrum," Credit Suisse analyst David C. Nelson said in a research note, is just beginning.
Thursday, corn prices on the Chicago Board of Trade rose sharply to 10-year highs of $3.4475 per bushel on concerns about the size of the U.S. corn crop and ongoing demand for ethanol.
"Ethanol and biodiesel production is expanding rationally and rapidly due to returns far in excess of capital costs," wrote Nelson.
"With variable costs of dry corn milling near $4 per bushel with crude oil near $60 per barrel (and for wet milling above $5 due to higher byproduct values), we believe corn prices will need to rise above $4 per bushel before ethanol production expansion is curtailed (and higher if there is an unpredictable supply reduction such as a drought or a surge in demand from, say, China), which would have large and far-ranging affects across agribusiness," he added.
In particular, Nelson said rising prices will hurt livestock and poultry producers including Tyson Foods Inc. and Smithfield Foods Inc., as their feed costs rise. It could lead to industry-wide consolidation and to a shift in world export growth to Brazil, he said.
He also noted that higher corn prices could also have an indirect negative impact on dairy producers such as Dean Foods and Kraft.
Meanwhile, corn sweetener producers such as Archer Daniels Midland and Bunge Ltd., a soybean and oilseed producer, will be negatively affected.
"By our rough calculation, sweetener prices would need to rise by about 24 percent to offset a $1 per bushel increase in corn costs," Nelson wrote.
However, ADM and Bunge, as oil producers, will also reap benefits from the rising corn prices since they are both ethanol producers and oilseed processors.
The higher prices will be favorable to ethanol producers in the short term, but over time that benefit will shift to farms and grain merchandisers, Nelson said. In terms of oilseed production, impact will be positive on margin spreads from high vegetable oil demand, according to Nelson.
Tyson Foods shares lost 9 cents to $14.15 during afternoon trading on the New York Stock Exchange. Also on the NYSE, Smithfield fell 70 cents, or 2.7 percent, to $25.65. The stock has traded between $25 and $31.47 over the past year.
ADM fell $1.19, or 3.3 percent, to $34.47, and Bunge gained 54 cents to $64.77 on the NYSE.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
bunge.png (verkleinert auf 93%)
bunge.png (verkleinert auf 93%)
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
bunge+ADM.png (verkleinert auf 93%)
bunge+ADM.png (verkleinert auf 93%)
WHITE PLAINS, N.Y., Nov. 14 /PRNewswire-FirstCall/ -- Bunge Limited (Nachrichten) announced today that it has priced a public offering of $600 million of its 4.875% cumulative convertible perpetual preference shares with a liquidation preference of $100 per share. Bunge expects the offering to close on or about November 20, 2006. Bunge has also granted the underwriter a 30-day option to purchase a maximum of $90 million in additional cumulative convertible perpetual preference shares to cover over-allotments. The offering was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission.
Bunge intends to use the estimated net proceeds from the offering of $589 million to repay indebtedness.
The annual dividend on each preference share will be $4.875 and will be payable quarterly in cash, Bunge Limited common shares or a combination thereof, when, as and if declared by Bunge's board of directors, on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2007.
Each preference share will be convertible at any time, at the option of the holder, into 1.0846 common shares of Bunge, which is based on an initial conversion price of $92.20 per common share. The conversion price is subject to customary adjustments in certain circumstances. After December 1, 2011, the preference shares will, at the option of Bunge, be subject to mandatory conversion into Bunge common shares at the prevailing conversion price, if the closing price of Bunge's common shares exceeds 130% of the conversion price for 20 trading days during any consecutive 30-trading day period.
Credit Suisse Securities (USA) LLC is serving as the sole manager for the offering.
This offering of cumulative convertible perpetual preference shares may be made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to this offering can be obtained from Credit Suisse Securities (USA) LLC at Prospectus Department, One Madison Avenue, New York, NY 10010 (toll free: 800-221-1037 or 212-538-5441 or fax: 212-325-8057).
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these cumulative convertible perpetual preference shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Bunge
Bunge Limited is an integrated, global agribusiness and food company operating in the farm-to-consumer food chain. Founded in 1818 and headquartered in White Plains, New York, Bunge has over 22,000 employees and locations in 32 countries. Bunge is the world's leading oilseed processor, the largest producer and supplier of fertilizers to farmers in South America and the world's leading seller of bottled vegetable oils to consumers.
Cautionary Statement Concerning Forward-Looking Statements
This 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 including whether or not we will consummate the offering and the anticipated use of proceeds of the offering. We have tried to identify these forward-looking statements by using words including "may," "will," "expect," "anticipate," "believe," "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 to differ materially from those expressed in, or implied by, these forward- looking statements. These risks and uncertainties include market conditions and other factors beyond our control and the risk factors and other cautionary statements described in our filings with the SEC, including the Risk Factors section in Item 1A. of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Tuesday November 14, 2:25 pm ET
Standard & Poor's Ratings Services Reduces Credit Rating Due to Cash Flow Weakness
NEW YORK (AP) -- Standard & Poor's Ratings Services on Tuesday cut its rating on oilseed processor and fertilizer company Bunge Ltd. due to what it called the company's "aggressive financial policies," including weak cash flow.
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S&P dropped its corporate credit rating on Bermuda-based Bunge to BBB- from BBB but rated the company's outlook to "stable."
"The downgrade reflects our concerns about Bunge's aggressive financial policies, negative free cash flow generation and high debt leverage," S&P credit analyst Jayne Ross said in a statement.
On Monday, Bunge announced plans to raise $500 million in a public offering of convertible preferred shares, plus an overallotment option for the underwriters to buy up to $75 million in additional shares. The company said it intends to use the proceeds for working capital, debt repayment and acquisitions.
S&P rates the $500 million cumulative convertible preference shares at BB.
Ross said Bunge has not generated the cash flow expected from acquisitions and growth plans of the past few years.
"We now expect that Bunge will not generate consistent positive free cash flow for quite some time as the company continues its growth strategy," Ross said.
Shares of Bunge fell $1.40, or 2.1 percent, to $65.94 in afternoon trading on the New York Stock Exchange.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Die Herabstufung der Kreditwürdigkeit seitens S&P scheint berechtigt zu sein.
16.08.2006 13:20
Aktionäre von der Dnipropetrovsk Oil-Extracting Plant fordern von Bunge, sich an die finanziellen Transparenzpinzipien bei DOEP zu halten
Minderheitenaktionäre verlangen, dass der Mehrheitsaktionär Bunge Limited (Nachrichten) im rechtlich vorgegebenen Rahmen agiert und Versuche der Dividendenminimierung und Gewinnverschiebung durch Off-Shore-Aktivitäten unterlässt. Die Aktionäre fordern eine unabhängige Wirtschaftsprüfung und sind bereit, für ihre Rechte vor Gericht einzutreten.
Die Minderheitenaktionäre des wichtigsten Produzenten von raffiniertem Öl in der Ukraine erachten die Beschlussfassung hinsichtlich der Dividendenzahlung als ???illegal und diskriminierend", die auf der Hauptversammlung der Dnipropetrovsk Oil-Extracting Plant (DOEP, tätig unter der Marke ???Oleyna") am 9. August 2006 in Kyiv verabschiedet wurde. Die Minderheitenaktionäre sind sicher, dass die Unternehmensverluste in den Büchern in Wirklichkeit einen Versuch darstellen, eine angemessene Dividendenzahlung an die Minderheitenaktionäre zu umgehen und diese in Konzernstrukturen zu verbergen.
Unabhängig von dem Verlustergebnis des Unternehmens erging auf der Aktionärsversammlung die Beschlussfassung, die folgenden Dividenden für das Jahr 2005 zu zahlen: $210,68 pro Vorzugsaktie (2.738 Vorzugsaktien - 2,95% aller Aktien besitzt Bunge) aus der Rücklage des Unternehmens und $4,95 pro registrierter Stammaktie - zu Lasten früherer Gewinne.
Marktexperten sind der Auffassung, dass die erfolgten Maßnahmen wahrscheinlich aus einer starren Strategie resultieren, die durch den Mehrheitsaktionär (Bunge) vorgegeben wird, und auf eine finanzielle Instabilität des Unternehmens hindeuten könnten.
???Wir betrachten die Daten im Unternehmensbericht hinsichtlich der Finanz- und Geschäftsergebnisse für das Jahr 2005 als unvollständig und irreführend", erklärte Sergey Yanchenko, Leiter der Minority Shareholders Action Group (Aktionsgruppe der Minderheitsaktionäre). ???Ein günstiges Marktumfeld und der wachsende heimische Marktanteil von DOEP stehen im Widerspruch zu den Überzeugungen des Mehrheitsaktionärs." Entsprechend dem Bericht schloss das Unternehmen das Jahr 2005 infolge einer Reihe ungünstiger Umstände mit Auswirkungen auf den Produktionsprozess mit einem Verlust in Höhe von $ 9,54 Millionen ab.
Diese Aktionärsbedenken teilen auch Branchenanalysten. Experten können keine Gründe aufzeigen, warum DOEP das Jahr 2005 mit einem Verlust abgeschlossen hat. ???Das ist ziemlich merkwürdig, da die Produzenten von Sonnenblumenöl, die sich auf den heimischen Markt konzentrieren, letztes Jahr eine Rentabilität von 30-35% und Exporteure 42-48% erreichten", sagte Sergey Nalivka, Director der AAA Consulting Agency.
Die durch DOEP dokumentierten Ergebnisse stoßen bei den Minderheitenaktionären auf eine Welle der Kritik. ???Bunge profitiert, wenn das Unternehmen Verluste einfährt. In dem Fall hat das Unternehmen einen guten Grund, uns keine Dividenden zu zahlen und so ist es bereits seit über drei Jahren", erklärte Sergey Paliy, Minderheitenaktionär von DOEP. ???Das Unternehmen erwirbt Rohstoffe von seinen Konzerngesellschaften zu utopischen Preisen und verkauft sie als gebrauchsfertig unter dem Marktpreis. Infolgedessen ist die Rentabilität bereits auf die Vorlieben von Bunge als wichtigstem Aktionär zugeschnitten."
???Wir haben versucht, den Vertretern von Bunge unsere Meinung auf der Jahreshauptversammlung kundzutun und haben vorgeschlagen, die Finanzergebnisse des Unternehmens in Zusammenarbeit mit einer unabhängigen Wirtschaftsprüfungsgesellschaft zu überarbeiten, aber man lehnte es ab, unsere Forderung in Betracht zu ziehen", kommentiert Ekaterina Uzhva, eine andere Minderheitenaktionärin. ???Wir werden mit dem Protokoll der Jahreshauptversammlung vor Gericht prozessieren."
Die Aktionäre befinden, dass das Geschäft von Bunge in der Ukraine beweise, dass mit zweierlei Maß gemessen werde. Den Aktionären zufolge wird das auch durch die Ansprüche gegen das Unternehmen seitens der Steuerbehörden in der Ukraine hinsichtlich der Mehrwertsteuererklärung bewiesen, die eine intransparente Rechnungslegung des Unternehmens, ebenso wie Gewinnverschiebungen zulasten des Staates und der Aktionäre aufzeigt.
Referenz:
Informationen über DOEP
Die Dnipropetrovsk Oil-Extracting Plant ist der wichtigste Produzent von raffiniertem Öl in der Ukraine und verkauft das Öl unter der Marke ???Oleyna". Die gesamte Verarbeitungskapazität der Sonnenblumenkerne beträgt jährlich 1,2 Millionen Tonnen.
Informationen über Bunge Limited
Bunge Limited ist eines der weltweit führenden Unternehmen bei der Verarbeitung von Ölkulturen und dem Vertrieb von abgefüllten Pflanzenölen. Darüber hinaus ist Bunge Limited der größte Produzent und Lieferant von Düngemitteln. Das Unternehmen ist derzeit in 30 Ländern tätig, und der Marktanteil bei der Verarbeitung von Ölkulturen wurde 2004 global auf 20% beziffert. Der Umsatz des Unternehmens beträgt jährlich rund $ 25 Milliarden.
Bunge baut zurzeit ein Ölverarbeitungswerk in Illichivsk (in der Region Odessa), was voraussichtlich die größte Anlage seiner Art in Europa werden wird.
Laut Unternehmensdaten hält Bunge 91% der Stammaktien und 3% der Vorzugsaktien an DOEP, das sind insgesamt 94% der Aktien. Die Minderheitenaktionäre besitzen rund fünftausend Aktien.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
SÃO PAULO, 1/8/07 - Minority shareholders of Brazilian fertilizer maker Fosfertil on Monday announced they support the merger with Bunge. The group also supports the conversion of the preferred shares into common shares.The group also supports the conversion of the preferred shares into common shares.
Besides, the shareholders of Bunge Brasil Holdings B.V. and BPI - Bunge Participações e Investimentos S.A. - informed they are for the company's listing in the São Paulo Stock Exchange's (Bovespa) Novo Mercado, investor-friendly section which requires stricter corporate governance standards from its members.
http://www.gazetamercantil.com.br/Investnews/...0%2c2%2c376862%2cUIOU
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
Bunge.png (verkleinert auf 80%)
Bunge.png (verkleinert auf 80%)
Bunge 4Q Profit Rose 77 Percent
Thursday February 8, 9:31 am ET
Bunge Fourth-Quarter Rose 77 Percent to Beat Projections
WHITE PLAINS, N.Y. (AP) -- Bunge Ltd., the world's largest oilseed processor, said Thursday fourth-quarter profit spiked 77 percent on a turnaround in its Brazilian operations and one-time gains.
Profit during the December-quarter rose to $264 million, or $2.12 per share, from $149 million, or $1.25 per share, a year earlier.
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The company said profit included a gain of $74 million, or 60 cents per share, from tax rulings and other settlements. Excluding these gains, the company reported a profit of $230 million, or $1.52 per share.
Revenue surged 14 percent to $7.68 billion.
Wall Street expected a profit of $1.44 per share on revenue of $7.43 billion, according to analysts polled by Thomson Financial.
"Over the past several months we have seen clear signs of improvement in the Brazilian agribusiness and fertilizer markets," said Chairman and Chief Executive Alberto Weisser in a statement.
"There are still some challenges, such as the strong (Brazilian currency), but higher commodity prices, large new corn and soybean crops and continued government support have improved farm economics in the country and should translate into more crop sales and larger fertilizer purchases in 2007," he said.
http://biz.yahoo.com/ap/070208/earns_bunge.html
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Diversa and Bunge Oils Collaborate to Develop Novel Enzymes for Enhancing Production of Edible Oil Products
SAN DIEGO, Feb. 21 /PRNewswire-FirstCall/ -- Diversa Corporation (Nachrichten) and Bunge (Nachrichten) Oils, Inc., a part of Bunge North America, have entered into an agreement to discover and develop novel enzymes optimized for the production of edible oil products with enhanced nutritional or health benefits. Edible oil products include bottled vegetable and cooking oils, shortenings, margarines, and other products derived from the processing of soybeans, corn, rapeseed and other oilseed plants.
Under the terms of the agreement, Diversa is responsible for discovering, optimizing, and manufacturing enzymes, and Bunge is responsible for commercializing oils using new enzyme-enabled processes. Diversa has received an upfront technology access fee and will receive full research funding for its enzyme discovery and development activities under the project. In addition, Diversa is eligible to receive milestone payments for successful enzyme development activities as well as royalties on products that may be commercialized.
"We are pleased to be working with Bunge, a world leader in oilseed processing and plant oil-based products," stated Edward T. Shonsey, Diversa's Chief Executive Officer. "A key component of Diversa's specialty industrial processes strategy is to develop high-performance enzymes optimized for the specific process conditions used in the edible oil industry, and this collaboration will accelerate our push to commercialization in this strategic area. We believe our customized enzymes can expedite the production of a new generation of superior edible oil products, and we applaud Bunge for recognizing the benefits of using new, innovative oilseed processing techniques."
"At Bunge, we see enzyme-enabled processes playing an increasingly important role in the rapidly-growing area of vegetable oil production," stated Dick Goodman, senior vice president and general manager, Bunge Oils. "Global vegetable oil demand has risen by 4.7 percent per annum since 1990. We believe that one of the keys to meeting these increasing market demands is incorporating new process technologies through innovative biotech-based partnerships. We look forward to working with Diversa on this and other projects of mutual interest in the future."
The annual global market for edible oils for 2005 was in excess of $29 billion. Bunge has a broad geographic presence that focuses on areas of high growth, such as Asia and Latin America, and large, high-value markets, such as North America and Europe.
About Diversa
Since 1994, San Diego-based Diversa Corporation has pioneered the development of high-performance specialty enzymes. Diversa possesses the world's broadest array of enzymes derived from bio-diverse environments as well as patented DirectEvolution(R) technologies. Diversa customizes enzymes for manufacturers within the alternative fuel, industrial, and health and nutrition markets to enable higher throughput, lower costs, and improved environmental outcomes. On February 12, 2007, Diversa entered into a merger agreement with Celunol Corp. pursuant to which Celunol will merge with and into a wholly owned subsidiary of Diversa, with Celunol as the surviving corporation, becoming a wholly owned subsidiary of Diversa. The proposed merger transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and the approval of the stockholders of Diversa and Celunol. For more information, please visit http://www.diversa.com/.
About Bunge North America
Bunge North America (http://www.bungenorthamerica.com/), the North American operating arm of Bunge Limited , is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico.
Additional Information about the Diversa/Celunol Merger and Where to Find It
Diversa Corporation intends to file with the Securities and Exchange Commission a registration statement on Form S-4 that will include a proxy statement/prospectus and other relevant documents in connection with the proposed merger transaction. Investors and security holders of Diversa and Celunol are urged to read the proxy statement/prospectus (including any amendments or supplements to the proxy statement/prospectus) and other relevant materials when they become available, because they will contain important information about Diversa, Celunol, and the proposed merger transaction. Investors may obtain a free copy of these materials (when they are available) and other documents filed with the Securities and Exchange Commission at the SEC's website at http://www.sec.gov/. A free copy of the proxy statement/prospectus, when it becomes available, may also be obtained from Diversa by directing a request to: Diversa Corporation, 4955 Directors Place, San Diego, CA 92121, Attn. Investor Relations. In addition, investors may access copies of the documents filed with the SEC by Diversa on Diversa's website at http://www.diversa.com/.
Participants in the Solicitation
Diversa and its executive officers and directors and Celunol and its executive officers and directors may be deemed to be participants in the solicitation of proxies from the stockholders of Diversa in connection with the proposed transaction. Information regarding the special interests of these executive officers and directors in the proposed transaction will be included in the proxy statement/prospectus referred to above. Additional information regarding the executive officers and directors of Diversa is also included in Diversa's proxy statement for its 2006 Annual Meeting of Stockholders, which was filed with the SEC on April 5, 2006. This document is available free of charge at the SEC's website (http://www.sec.gov/) and from Investor Relations at Diversa at the address described above.
Forward-Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include statements related to Diversa's ability to discover, develop and manufacture novel enzymes optimized for the production of edible oil products with enhanced nutritional or health aspects, Bunge's ability to commercialize oils using new enzyme-enabled processes, Diversa's receipt of milestone payments and royalties under the agreement with Bunge, the potential benefits of the agreement for Diversa's push to commercialization in the edible oil industry, the potential benefits of Diversa's enzymes in the production of edible oils, the size and growth of the global market for edible oils, and statements regarding the proposed merger transaction between Diversa and Celunol, including the receipt of regulatory and stockholder approval for the transaction. Such statements are only predictions, and the actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks involved in general with the enzyme development process, risks involved with Diversa's new and uncertain technologies, Diversa's dependence on patents and proprietary rights, Diversa's protection and enforcement of its patents and proprietary rights, the timing and composition of funding under existing and future collaboration agreements, Diversa's dependence on Bunge in connection with this agreement, Diversa's and Bunge's ability to commercialize products, the time and resources needed to develop new products and obtain any necessary regulatory approvals, customer adoption of new products, the development or availability of competitive products or technologies, and the risk that either Diversa or Celunol may be unable to obtain stockholder or regulatory approvals required for the merger transaction on a timely basis, or at all. Certain of these factors and others are more fully described in Diversa's filings with the Securities and Exchange Commission, including, but not limited to, Diversa's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. These forward-looking statements speak only as of the date hereof. Diversa expressly disclaims any intent or obligation to update these forward-looking statements.
Contacts: Wendy Kelley Investor Relations Diversa Corporation (858) 526-5437 Deb Seidel Director of Communications Bunge North America (314) 292-2934
http://www.finanznachrichten.de/...ichten-2007-02/artikel-7788288.asp
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Bunge Shares Slip on 1st-Quarter Warning
Tuesday April 3, 11:43 am ET
Bunge Shares Tumble After Fertilizer, Oilseeds Company Warns of Break-Even 1st Quarter
NEW YORK (AP) -- Shares of Bunge Ltd. tumbled Tuesday after the maker of fertilizer and oilseeds warned that first-quarter results would be near break-even, missing Wall Street estimates.
The forecast unnerved investors, who sent the company's stock down $3.08, or 3.7 percent, to $80.61 in midday trading on the New York Stock Exchange. Shares earlier slipped nearly 9 percent, to $76.39.
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Over the past 52 weeks, the stock has moved between a low of $47.25, reached June 26, and a high of $85.68 on Feb. 22.
Bunge blamed the expected miss on a hefty loss from its hedging instruments.
"Bunge buys soybeans forward from farmers and hedges positions by selling futures against these positions," said Prudential analyst John M. McMillin, "and it got hurt when the spread between futures and cash prices rose to high levels."
The company tends to be aggressive in its hedging program, which can at times drive results sharply lower and other times provide a large gain, the analyst said.
McMillan kept a "Neutral" rating on Bunge.
White Plains, N.Y.-based Bunge reported net income of $58 million, or 48 cents per share, on sales of $5.6 billion in the same quarter a year ago. Wall Street analysts expected the company to earn 75 cents per share on sales of $6.2 billion.
http://biz.yahoo.com/ap/070403/bunge_mover.html
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Bunge's Breakeven Q1 Prompts Slide
Andrew Farrell, 04.03.07, 4:55 PM ET
Bunge shares buckled Tuesday after rising soybean futures forced a write-down that will cause first-quarter earnings to plunge. But the stock had partly rebounded by early afternoon on hopes the problem wouldn't continue through the year.
Bunge (nyse: BG - news - people ) shares opened Tuesday down nearly 8% after the company said it expects first quarter 2007 results to fall below analyst estimates and last year's results. The company predicted net income for the quarter "near breakeven."
Analysts polled by Thomson Financial were expecting earnings per share of 75 cents. Last April, the company announced 2006 first-quarter earnings per share of 48 cents.
But shares had recouped some of the losses by early afternoon when it was only trading down $2.12, or 2.5%, to $81.57. Shares gained on hopes that the warning was spawned from hedging problems -- not detioriating fundamentals -- and so the company could still hit its yearly guidance.
Bunge said that lower-than-expected agribusiness results were the primary driver of a weaker quarter. The company generates the majority of its revenue through this segment, which includes its grain and oilseeds business.
Bunge purchases grain and oilseeds, then stores, processes, markets and sells the products. Bunge primarily uses soybeans, along with some corn, sorghum and wheat.
To hedge its exposure to soybean price changes, the company purchases futures. The price of those futures has risen dramatically recently.
Rising ethanol demand has eaten increasing chunks of the corn crop so livestock growers and food processors have bought more soybeans. Also, farmer trying to benefit from soaring corn prices have diverted soybean fields to corn. The planting intentions report for Untied States farmers showed that soybean planted acreage will be down 11.1% from last year.
Soybean futures have rallied on anticipation of weakened future supply. However physical cash commodity prices haven't yet caught up with the rally and that means a difference between the price Bunge paid for futures and current market prices.
"During the first quarter the value of the physical cash commodity markets did not mirror the increase in value in the futures markets, which we use to hedge our commodity inventories and forward purchases," said chief executive Alberto Weisser. "This resulted in unrealized mark- to-market losses."
However, the company said that it still expects to meet its previously stated full year guidance of $4.56 to $4.71 per share. Weisser explained that earnings can shift among quarters and market fundamentals are still solid, so he believes Bunge can compensate for the first quarter underperformance during the remainder of the year.
Bunge will release its first-quarter results on April 26.
http://www.forbes.com/markets/2007/04/03/...-cx_af_0403markets18.html
War ein satter Einbruch an der NYSE zu Börsenanfang.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
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Bunge_ltd.png
4/26/2007 10:23:46 AM Thursday, agribusiness and food company Bunge Ltd. (BG) said its first quarter net income fell 76% from the prior year quarter. According to the company, unrealized mark-to-market losses on hedged commodity inventories and forward purchases in South America in its Agribusiness were the main factors that affected the quarterly earnings. However, the company's revenues for the quarter surged 46% from the prior year. The company also reaffirmed full-year 2007 earnings guidance, above street view.
White Plains, New York-based Bunge's first quarter net income fell to $14 million or $0.05 per share from $58 million or $0.48 per share in the year ago quarter.
On average, seven analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.04 per share.
During the quarter, the company's net sales climbed to $8.2 billion from $5.6 billion a year-ago, and came above Street expectation of $6.25 billion. The company noted that its net sales from agribusiness were $6.19 billion for the quarter, up 47% from $4.21 billion last year. Fertilizer and Edible oil products sales for the quarter increased 46% and 48%, respectively. Milling products first quarter sales reached $261 million, a 12% increase from $233 million in the previous year.
Gross profit for the quarter rose 6% to $300 million from $284 million last year.
Total segment operating profit for the quarter declined 65% to $19 million from $54 million a year ago. Bunge reported first quarter selling, general and administrative expenses were $265, up 17% from $227 million in the same quarter a year ago. Interest expense on readily marketable inventories was $29 million, compared to $13 million in the previous year.
Commenting on the first quarter results, Alberto Weisser, Bunge's Chairman and Chief Executive Officer, stated, "Agribusiness had a disappointing quarter due primarily to unrealized mark-to- market losses that caused Bunge's overall results to fall below expectations. However, our fertilizer business performed strongly, driven by high prices and robust sales for Brazilian winter plantings. Edible oils and milling segments performed in line with expectations. We remain confident that full-year 2007 results will meet our original expectations.”
Moving ahead to the full-year 2007, the company reaffirmed its outlook for net income in the range of $590-$610 million or $4.56-$4.71 per share. This includes an estimated $30 million or $0.23 per share related to a gain on sale of assets. Eight Street analysts estimate earnings of $4.44 per share for the year. The company also increased the year-over-year growth forecast for the Brazilian retail fertilizer market to 9%.
The company noted that its fertilizer business in 2007 and up to an extent in 2008 will be benefited by the expected shift of U.S. acreage to corn in response to ethanol demand should prompting greater plantings in South America, combined with healthy global agricultural commodity prices.
BG is currently trading at $77.78, down $0.92 or 1.17%, on a volume of 259K shares.
Evergreen Energy Posts Wider Than Expected Loss Per Share In Q1 - Update [EEE]
4/26/2007 10:14:56 AM Denver, Colorado - based Evergreen Energy, Inc. (EEE) announced a wider than expected loss per share for the first quarter, compared to the last year, despite a surge in operating revenue backed by acquisition.
Quarterly net loss widened to $15.99 million from $6.228 million a year ago. Diluted loss per share widened to $0.20 per share from $0.09 per share a year ago. On average, five analysts polled by First Call/Thomson Financial expected the company to incur a loss of $0.17 per share.
Total operating revenue surged to $11.088 million from $185 thousand a year ago. The company noted that revenue growth was boosted mainly by the acquisition of Buckeye mining segment in April 2006. Operating loss for the first quarter widened to $17.062 million from $7.338 million a year ago.
Looking ahead to the second quarter, the company expects to incur a one-time, non-cash charge of approximately $9.8 million associated with the departure of its former Chief Executive Officer. Further, the company said a non -cash charge of around $500 thousand related to stock awards granted to its former Chief Executive Officer that has been incurring since 2005 and would be stopped for the coming quarters.
Commenting on the financial results for the first quarter, Kevin Collins, Interim President and Chief Executive Officer of the company said, “We are moving full speed ahead on pursuing our goals - getting the Ft. Union plant running to Bechtel's deliverables, getting K-Direct definitive agreements signed, and getting future plants financed and built.”
Collins further added that, “We always said we would pursue a licensing strategy internationally. We want strong partners that know the coal business, know the region and allow us to attack major international opportunities with limited capital risk.”
EEE is currently trading at $6.2275, down $0.3925 or 5.93% on a volume of 213, 200 shares.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
http://www.rttnews.com/sp/breakingnews.asp?item=193
Bunge Q2 Profit Climbs On Higher Sales; Lifts FY07 Forecast [BG]
7/26/2007 3:43:34 PM Thursday, Bunge Ltd. (BG), a global agribusiness and food company, reported higher profit in second quarter, helped by strong sales. The company also raised out look for the fiscal year 2007.
The New York-based company's net income available to common shareholders for the second quarter jumped to $158 million or $1.30 per share from $30 million or $0.25 per share in the same quarter last year. On average, eight analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.90 per share.
Bunge's net sales for the quarter rose 65% to $9.9 billion from $6.0 billion in the prior year quarter. Four Wall Street analysts estimated revenues of $6.83 billion.
Segmental Results
Total segment operating profit was $257 million, compared to $18 million in the comparable quarter previous year.
Agribusiness
Net sales for the quarter were up 68% to $7.5 billion from $4.5 billion in the same period of 2006. The Agribusiness segment posted an operating profit for the quarter of $107 million reversing an operating loss of $30 million reported in the comparable period of 2006. The current quarter agribusiness segment results benefited from improved oilseed processing margins and strong international marketing results.
Fertilizer
The Fertilizer segment posted an operating profit for the quarter of $142 million, compared to $16 million in the same quarter of 2006. The segment's net sales for the quarter rose 109% to $795 million from $381 million in the same period of 2006. The increase in volumes was almost entirely driven by product sales for soybean plantings, which historically are purchased in the second half of the year. Soybean farmers accelerated purchases because of favorable agricultural commodity prices and concerns about increasing crop input costs. Margins benefited from higher international prices for imported fertilizers and raw materials, as products are priced to import parity.
Edible oil products
Edible oils results declined primarily due to weaker performance in Europe, which was negatively impacted by higher raw material costs that were difficult to pass on to customers and higher sales and marketing expenses, the segment's operating loss for the quarter was $15 million, compared to a profit of $13 million in the same quarter of 2005. The net sales of edible oil products for the quarter improved 44% to $1.26 billion from $882 million in the comparable period of 2006.
Milling Products
Lower results in the quarter were due to higher raw material and operating costs in wheat milling, the segment's operating profit for the quarter rose to $21 million from $12 million in the same period of 2006. The segment's quarterly net sales climbed 30% to $310 million from $239 million in the comparable quarter of 2006.
Six months results
For the period, Bunge's net income available to common shareholders increased to $165 million or $1.35 per share from $88 million or $0.73 per share last year.
The company's net sales for the period totaled $18.1 billion, in comparison with $11.6 billion a year ago, reflecting a 56% growth.
Outlook
Looking ahead, the company raised its fiscal 2007 earnings outlook by $40 million, to the range of $630-$650 million, or $4.86-$5.02 per share from prior guidance $590-$610 million or $4.56-$4.71 per share. The view includes an estimated gain of $30 million, or $0.23 per share, primarily from asset sales somewhat offset by restructuring and impairment charges. Analysts expect the company to report earnings of $4.36 per share on revenues of $30.48 billion.
Alberto Weisser, Chairman and Chief Executive Officer stated, "Bunge's strong second quarter earnings were driven by a good performance in agribusiness and outstanding results in our fertilizer operations. We are optimistic about the second half of 2007 and our opportunities in 2008. We expect good global harvests, with some exceptions in Europe, and large crop plantings in South America.”
Shares of BG are currently trading at $89.79, up $4.71 or 5.54%, a 52-week high, on a volume of about 5.23 million shares compared to 3-month average volume of about 1.17 million shares. For the past 52-weeks, the shares have been trading in the range of $54.12 - $88.28.
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Tidewater Q1 Profit Up 23%, EPS Misses Consensus; Shares Fall - Update [TDW]
7/26/2007 3:41:11 PM On Thursday, Tidewater Inc. (TDW) announced financial results for its first quarter, reporting that profit increased 23% year-over-year as rates for its equipment climbed. The company's earnings per share rose 26% from last year but still missed the Wall Street expectations by a wide margin. Revenue for the quarter climbed 13% and beat the analysts' estimate. Following the news, shares of Tidewater fell $6.55 or 8.52% on the New York Stock Exchange.
The New Orleans, Louisiana-based provider of offshore supply vessels and marine support services reported net earnings for the first quarter of $87.5 million or $1.55 per common share, compared to net earnings of $71.4 million or $1.23 per common share in the same period last year.
On an average, eleven analysts polled by First Call/ Thomson Financial expected the company to report earnings of $1.64 per share for the first quarter.
Tidewater stated that the current quarter's net earnings include after-tax charges totalling $3.5 million or $.06 per common share, related to the settlement of a recent class action in California related to certain wage and hour claims, retirement costs and legal costs associated with the company's investigation of its Nigerian operations.
Revenues for the quarter increased to $305.5 million from revenues of $269.8 million in the same period last year. Six analysts had a revenue consensus estimate of $299.27 million for the first quarter.
The immediately preceding quarter ended March 31, 2007, had net earnings of $87.6 million, or $1.56 per common share, on revenues of $293.5 million.
Included in the March 31, 2007, quarterly earnings was a $3.5 million pre-tax charge to vessel operating costs for the company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom, the Merchants Navy Officers Pension Fund (MNOPF).
TDW is currently trading at $70.83, down $6.07 or 7.89%, on the New York Stock Exchange.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Angehängte Grafik:
bunge.png (verkleinert auf 75%)
bunge.png (verkleinert auf 75%)
Friday, July 27, 2007 2:06:21 PM ET
BMO Capital Markets
NEW YORK, July 27 (newratings.com) - Analysts at BMO Capital Markets reiterate their "outperform" rating on Bunge Ltd (BG.NYS). The target price has been raised from $85 to $103.
http://www.newratings.com/analyst_news/article_1580571.html
Bunge "outperform," target price raised
Saturday, July 28, 2007 7:03:18 AM ET
Credit Suisse
NEW YORK, July 28 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Bunge Limited (ticker: BG), while raising their estimates for the company. The target price has been raised from $85 to $99.
In a research note published yesterday, the analysts mention that although Bunge’s risk/reward profile has been negatively impacted by the recent appreciation in the company’s share price, the current valuation of the company’s stock continues to be attractive. The business environment in Brazil is expected to have improved, which would bolster the company’s ROIC towards the management’s target of 9%-10% going forward, the analysts add. The EPS estimate for 2007 has been raised to $4.75.
Recommend this article to a friend
http://www.newratings.com/analyst_news/article_1580623.html
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
27.07.2007 07:57
Bunge, Sinograin in China soybean processing tieup
BEIJING (XFN-ASIA) - Bunge Ltd (Nachrichten) (NYSE: BG) said it has set up a 65:35 joint venture to build and operate a soybean processing plant in southern China with state-owned Sinograin.
Construction of the plant is expected to be completed in late 2008, and will have a daily processing capacity of 4,000 metric tons of soybeans.
White Plains, NY-based Bunge did not provide financial details of the deal.
andrew.pasek@xinhuafinance.com
http://www.finanznachrichten.de/...ichten-2007-07/artikel-8693995.asp
30.07.2007 17:00
Minnesota Soybean Processors Signs Service Agreement with Bunge North America
BREWSTER, Minn., July 30 /PRNewswire-FirstCall/ -- Minnesota Soybean Processors has entered into a service agreement with Bunge (Nachrichten) North America, Inc. for its soybean processing facility in Brewster, Minn.
Under the agreement which is effective September 1, 2007, Bunge will provide commercial and administrative support to the processing operations.
"While we have strong relationships with our local farmers, we will look to Bunge to expand our markets since the company has extensive experience marketing meal and oil both domestically and for export," said Bruce Hill, president of Minnesota Soybean Processors. "We will also be able to tap into Bunge's operational expertise as needed."
"This service agreement with Minnesota Soybean Processors gives Bunge access to additional meal and oil supplies in an area of the country where we don't currently have a presence," said Greg Bechtel, general manager, Bunge Oilseed Processing. "We look forward to working with the co-op in serving its members, current customers and in reaching new markets."
The facility has approximately 70 employees who will retain their positions.
About Minnesota Soybean Processors
Minnesota Soybean Processors, Inc. (http://www.mnsoy.com/) was founded as a farmer-owned cooperative in 1999 with the goal of building and operating its own soybean processing plant. The co-op has grown to nearly 2400 farmer members from Minnesota, South Dakota and Iowa. In December 2003, Minnesota Soybean Processors achieved its goal with the opening of a crush plant in Brewster, Minn. The facility has expanded to include a vegetable oil refinery and a biodiesel plant.
About Bunge North America
Bunge North America (http://www.bungenorthamerica.com/), the North American operating arm of Bunge Limited , is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico.
http://www.finanznachrichten.de/...ichten-2007-07/artikel-8709785.asp
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Bunge to Acquire Santa Juliana Sugarcane Mill in Brazil
WHITE PLAINS, N.Y., Sept. 17 /PRNewswire-FirstCall/ -- Bunge Limited (Nachrichten) today announced that it has signed an agreement to acquire Agroindustrial Santa Juliana, a sugarcane mill and ethanol production facility located in the state of Minas Gerais, Brazil, from the Tenorio Group. The acquisition represents Bunge's first production asset in the sugar and sugar- based ethanol industry, and complements the company's existing global sugar marketing and trading business.
"The acquisition of Santa Juliana is an important step in Bunge's strategy to become a global and fully integrated player in the sugar and sugar-based ethanol industry," stated Alberto Weisser, Chairman and CEO, Bunge Limited. "These markets are natural extensions of our core agribusiness operations, and by participating in them we intend to leverage our risk management and logistics expertise, increase our connection to farmers and expand the product portfolio Bunge offers its customers."
The mill, which commenced operation last year, will have the capacity to mill 1.6 million metric tons in the upcoming harvest season. Bunge has plans to expand the capacity to 4 million metric tons/year within the next several years.
"Integrating Santa Juliana and its employees into Bunge's agribusiness operations will also expand our expertise and insight into the management of the entire sugar value chain," continued Weisser.
The Tenorio Group located the mill in southwestern Minas Gerais, near the cities of Uberlandia and Araxa, because of the region's suitability for sugarcane production, as well as its proximity to large domestic sugar and ethanol markets, including Sao Paulo state. The mill benefits from efficient logistics and is connected by rail to the ports of Santos and Vitoria.
Sugar-based ethanol is widely considered to be one of the most energy efficient biofuels. The Santa Juliana mill produces its own energy by burning bagasse, a residual biomass produced during sugarcane milling.
About Bunge Limited
Bunge Limited (http://www.bunge.com/, NYSE: BG) is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge's over 22,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. The company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers, and supplies raw materials and services to the biofuels industry.
Cautionary Statement Concerning Forward-Looking Statements
This 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," "expect," "anticipate," "believe," "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, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these forward- looking statements. The following important factors, among others, could affect our business and financial performance: our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances; estimated demand for the commodities and other products that we sell and use in our business; industry conditions, including the cyclicality of the agribusiness industry and unpredictability of the weather; agricultural, economic and political conditions in the primary markets where we operate; and other economic, business, competitive and/or regulatory 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.
http://www.finanznachrichten.de/...ichten-2007-09/artikel-9039058.asp
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Sollte dies bestätigt werden hat der Kurs Luft bis ca. 130$ um an den oberen Trendkanal anzukommen.
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß KTM 950
Angehängte Grafik:
bunge_ltd.png (verkleinert auf 93%)
bunge_ltd.png (verkleinert auf 93%)
Monday, September 24, 2007 5:33:45 PM ET
Credit Suisse
NEW YORK, September 24 (newratings.com) - Analysts at Credit Suisse reiterate their "outperform" rating on Bunge Limited (ticker: BG), while raising their estimates for the company. The 12-month target price is set to $99.
In a research note published this morning, the analysts mention that the Brazilian fertilizer industry continues to grow at a higher-than-expected rate. Soybean futures have risen with US acreage shifting to corn and tightened US soybean supplies, the analysts say. Apart from these trends, Bunge is also benefiting from only a slight rise in commodity prices on account of biofuels demand expansion, Credit Suisse adds. The EPS estimates for FY07 and FY08 have been raised from $4.75 to $4.95 and from $5.45 to $5.65, respectively.
http://www.newratings.com/analyst_news/article_1617654.html
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950
Bunge to Coordinate Shipments of all Agriculture Products from Georgia Ports Authority's Facility at Port of Brunswick
ST. LOUIS, Sept. 25 /PRNewswire-FirstCall/ -- Bunge (Nachrichten) North America, the North American operating arm of Bunge Limited , announced that it has signed a cargo-handling agreement with the Georgia Ports Authority to coordinate shipments of all agriculture products through the Port of Brunswick's Colonel's Island Terminal.
The facility is among the largest deepwater agri-bulk operations in the U.S. South Atlantic and features a dedicated agri-bulk berth. Capable of handling grains, oilseeds and their by-products, the facility is served by the CSX Transportation and Norfolk Southern railroads and has truck access via Interstate 95. With the Brunswick Harbor Deepening Project having been completed in June 2007, Brunswick now maintains a harbor depth of 36 feet at mean low water enabling the handling of Panamax-class vessels.
"With Bunge North America's growing business in Central and Latin America, we need additional export capacity to serve our customers in the area and the Port of Brunswick is an ideal location with a state-of-the-art facility," said Bailey Ragan, vice president and general manager, Bunge Grain. "This agreement also enables Bunge to expand our origination network along the East Coast and to work with the strong local farm community."
"We are extremely pleased to welcome Bunge to the Port of Brunswick," stated Doug J. Marchand, executive director, Georgia Ports Authority. "This agreement is a testimony to our long-term initiatives to export a greater volume of U.S. agri-products through Colonel's Island. Bunge's decision to utilize our operations will have a direct impact on the success we've come to enjoy at the Port of Brunswick."
Under the terms of the multi-year agreement, Bunge will coordinate the shipments of all agriculture products through the Port of Brunswick, which will continue to be owned and operated by the Georgia Ports Authority. Financial terms of the agreement were not released.
About Bunge North America
Bunge North America (http://www.bungenorthamerica.com/), the North American operating arm of Bunge Limited , is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico.
About Bunge Limited
Bunge Limited (http://www.bunge.com/, NYSE: BG) is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge's over 22,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. The company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers and supplies raw materials and services to the biofuels industry.
http://www.finanznachrichten.de/...ichten-2007-09/artikel-9094917.asp
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Es ist schon über so viele Dinge Gras gewachsen, dass ich keiner grünen Wiese mehr traue !
Gruß
KTM 950