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Mapping Growth Mapping Mapping Growth Mapping 2016 Annual Report Growth 2016 Annual Report 2016 Bunge Annual Report Achievements and Progress Dear 2016 was a year of many achievements. We generated $1.5 billion in funds from operations (adjusted), achieved returns above cost of capital and maintained Shareholders, adjusted EPS essentially flat with last year, weathering a challenging environment. The team drove a significant Bunge plays a key role in the world’s food supply. turnaround in Food & Ingredients and Sugar & Bioenergy What we do, and how we do it, matters to a wide range by structurally improving the underlying competitiveness of communities, companies and individuals around of our operations, and, while it was a tough year for the world. Agribusiness, the segment finished on a strong note. By connecting farmers to local and global markets, by On the back of strong cash generation, we continued conducting trade and processing commodities around our prudent focus on capital allocation, returning over the world, we ensure dependable and sustainable $450 million to shareholders through dividends and share supplies of staple foods. And we create high quality repurchases. Capex of $784 million was $66 million below ingredients for meals that people prepare at home, buy our guidance and is tracking approximately $275 million in stores and eat in restaurants. below our 2014–2017 target. Throughout the year, we also delivered $135 million of cost and efficiency benefits, It’s a big purpose, a great responsibility and a compelling exceeding our 2016 target by $10 million. value creation opportunity. More than 30,000 talented and engaged Bunge employees, who represent the It was a year of significant progress in executing our diversity and global footprint of our business, pursue it strategy. We made multiple portfolio enhancements every day. Together we demonstrated the strength and that will build sustainable value in Bunge. Our value- resiliency of our organization in 2016, delivering a solid added food and ingredients portfolio was enriched year while progressing on strategic priorities that set the with the acquisitions of edible oil producers Walter Rau foundation for future success. Neusser and Ana Gida in Europe. We expect similar benefits in our Mexican milling business from the pending acquisition of Grupo Minsa. We also improved our winning footprint, replacing our Rio de Janeiro mill with a more efficient facility and advancing the upgrade of our export terminal in New Orleans. In our Agribusiness portfolio, we completed a multi-seed crush plant in Ukraine, built our first soft seed crushing plant in China and complemented our strong soy crushing presence in Spain, Portugal and Italy with the acquisition of two plants in Northern Europe.1 Partnerships remain important, and in 2016 we created regional joint ventures with industry leaders. Two focus on export flows: a partnership with SALIC that is building a highly efficient, coast-to-coast Canadian grain operation, and an expanded relationship with Amaggi, through which we operate logistics assets in northern Brazil. The first will fill a key gap in our footprint and the second will 1. Acquisitions of Ana Gida and the Northern Europe crush plants were announced in 2016 and closed Q1 2017. 2016 Bunge Annual Report 01 enable us to run a new system at full capacity. Another two partnerships enhance our value chains in Southeast Mapping the Way Forward Asia. One with Wilmar strengthens our value chain As we look to 2017 and beyond, growing earnings in a in Vietnam, and another with OFI expands our oils meaningful way remains our number one financial goal. distribution capabilities in Asia. MARKET GROWTH ZERO-INCIDENT VISION We are in a growth industry, with positive market Underpinning these accomplishments is our unwavering fundamentals. Total trade in corn, wheat and soy is commitment to safety. We progressed on our journey projected to expand 180 mmt by 2025, and some toward a zero-incident safety culture, introducing of our strongest origination markets — ​Brazil, Argentina new processes and standards with a specific focus on and the Black Sea — ​will lead the expansion in exports. eliminating high potential exposures. More than 3 million Consumption of edible oils for food and biofuel will grow training touch points were performed, in the form of as well. And with a global middle class on the rise, we will toolbox talks and online learning, and we introduced our see an increase in food spending away from home. families and extended communities around the world to the importance of safety via 62 family safety days. Bunge’s focus, scale, geographic footprint and globally These combined efforts contributed to a 34% reduction integrated team position us to leverage these positive in lost time incidents and a lower number of safety trends. We see growth aligned to three key drivers, and incidents overall. expect to realize their full potential in the medium term. ACTING, CONSERVING & ENGAGING LEADING IN CRUSH: Sustainability is central to our vision. Our philosophy $120 to $200 million incremental EBIT opportunity is to “Act, Conserve, Engage” by working internally to Our leading position in oilseed crushing, especially soy, reduce our environmental footprint, collaborating across will be a key growth platform. Global soy crush should value chains to increase traceability and transparency, expand by 80 mmt in the coming decade, and we expect and tackling big issues like deforestation. Our work structural margins in key origins will increase $3 to $5 per in the palm oil sector is a good example. We have ton as capacity utilization increases. Based on our 41 mmt made progress in increasing the traceability of our capacity, this would translate into $120 to $200 million of palm supply — ​reaching nearly 90 percent globally incremental EBIT contribution. and 95 percent outside of Asia — ​while enhancing our governance. We were honored to have our efforts in sustainability recognized with a AAA sustainability rating from MSCI. WORLD TRADE OF CORN, WHEAT AND SOY WORLD SOY CRUSH MMT MMT MMT 600 400 600 550 350 550 500 500 300 450 450 250 400 INCREASE BY INCREASE BY 400 200 350 ~180mmt ~80mmt 350 150 300 300 250 100 250 2005 2010 2015 2020 2025 2005 2010 2015 2020 2025 2005 Source: Bunge Source: Bunge 02 2016 Bunge Annual Report ADDING TO VALUE ADDED: ENSURING EFFICIENCY: $100 to $125 million incremental EBIT opportunity $250 million incremental EBIT opportunity As the world’s largest producer of softseed oils and a The effort we have put into building a culture of regional leader in milling in the Americas, we are already continuous improvement and the successful execution of in a strong position to serve — ​and help B2B customers asset and process optimization programs have generated manage — ​consumer demand for foods with health, material benefits. We are more than halfway to our functionality, clean label and sustainability traits. And 2014–2017 target of $345 million of improvements, with we’re investing in the world-class formulation capabilities, $255 million achieved so far. Between 2018 and 2020, people, technologies and assets necessary to provide we forecast benefits of an additional $250 million from value-added solutions that are ahead of the curve. industrial operations, logistics and SG&A, approximately Recent bolt-​on acquisitions have broadened our product half of which should hit the bottom line. offerings and capabilities, while providing expanded market and customer access. The Bottom Line There is room for a lot more value added growth in Food While the beginning of 2017 will be slow, overall market & Ingredients, both in increasing our offerings to existing conditions should be more favorable. Strong demand customers, and in expanding our customer base. Today, for proteins and oils will increase crush utilization and we estimate our share of wallet among key customers margins, and commercialization of crops will normalize is approximately 10 percent, and with the capabilities with the arrival of record production in South America. we have been building, we see room to grow. We are In Food & Ingredients, we expect 2017 to be a year of focused on increasing our sales of value-added products, growth in earnings driven by an increased share of added knowing that a 10 percent increase in sales can deliver value products and overall volumes. In sugar milling, $30 million of incremental EBIT. All told, we expect our we are confident in our ability to deliver another solid efforts to generate $100 to $125 million in additional EBIT. year of performance, while continuing to seek alternatives to reduce exposure to the business. We will continue to drive performance improvements across all of our businesses, with $100 million of benefits planned for this year. We expect strong cash from operations to support our returns-driven approach to capital allocation. Bunge has never been stronger. We are focused on what we do best — ​oilseeds and grains. We are a more streamlined and integrated company than we have ever been, and we are using our size and scale to reach a larger set of customers with a broader portfolio of offerings. Our talented, diverse team exemplifies the Bunge core values of citizenship, teamwork and entrepreneurship, and has proven its tenacity and adaptability. As we enter our third century of operations, our team is primed for even greater success — ​standing on a solid foundation, focused on growing markets and executing a clear, effective strategy. I am proud of the team for bringing us to where we are, and grateful to you, our shareholders, for your continuing support. Best regards, Soren Schroder 2016 Bunge Annual Report 03 Financial Highlights Earnings Per Share, Return on Invested Adjusted 1 Capital 2 43 47 10.0% 410 8.4% 8.3% 8.6% 7.4% 6.6% 2014 2015 2016 2014 2014 2015 2015 2016 2016 Adjusted for certain Adjusted for certain gains & (US$) gains & charges charges and excludes Sugar & Bioenergy segment Funds from Cash Dividends Declared Operations, Adjusted 3, 4 Per Common Share 1.5 1.64 14 14 13 $1.2 12 $1.32 2012 2013 2014 2015 2016 2014 2015 2016 n llon (US$) 1.
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