Bunge Global SA (BG) FY2021 results: revenue $59.2 billion, up 42.9% on the year

Bunge Global SA (BG) reported revenue of $59.2 billion for fiscal 2021, the year ended 31 December 2021, up 42.9% on the year before. Net income was $2.1 billion, up 81.5%, and diluted earnings per share $13.64. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$59.2 billion

+42.9% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$2.1 billion

+81.5% on the year

FY2014FY2021

Diluted EPS

$13.64

+76.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	59,152	41,404	41,140	+42.9%
Cost of revenue	55,789	38,619	40,598	+44.5%
Gross profit	3,363	2,785	542	+20.8%
Gross margin	5.7%	6.7%	1.3%
Research and development	33.0	24.0	15.0	+37.5%
Selling, general and administrative	1,234	1,358	1,351	-9.1%
Interest expense	243	265	339	-8.3%
Pre-tax income	2,565	1,413	-1,205	+81.5%
Income tax	398	248	86.0	+60.5%
Effective tax rate	15.5%	17.6%	n/a
Net income	2,078	1,145	-1,280	+81.5%
Net margin	3.5%	2.8%	-3.1%
Diluted EPS	$13.64	$7.71	-$9.34	+76.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	-2,894	-3,536	-808
Capital expenditure	399	365	524	+9.3%
Free cash flow	-3,293	-3,901	-1,332
Free cash flow margin	-5.6%	-9.4%	-3.2%
Cash from investing	5,113	1,813	1,503	+182.0%
Cash from financing	-1,632	1,763	-771
Depreciation and amortisation	424	435	548	-2.5%
Share-based compensation	61.0	71.0	39.0	-14.1%
Buybacks	100	100	0.0	0.0%
Dividends paid	289	282	283	+2.5%
Dividend per share	$2.08	$2.00	$2.00	+4.0%
Diluted shares, weighted	152m	150m	141m	+1.8%
Shares outstanding at period end	141m	140m	142m	+0.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	7,669	6,069	5,913	+26.4%
Non-controlling interest	156	136	117	+14.7%
Redeemable equity	381	415	397	-8.2%
Debt	5,964	7,288	4,994	-18.2%
Operating lease liabilities	506	581	539	-12.9%
Other liabilities	9,143	9,166	6,357	-0.3%
Total liabilities and equity	23,819	23,655	18,317	+0.7%
Fixed assets	3,499	3,775	4,132	-7.3%
Goodwill	484	586	611	-17.4%
Intangible assets	431	529	583	-18.5%
Investments	716	482	476	+48.5%
Cash and equivalents	902	352	320	+156.2%
Receivables	2,112	1,717	1,705	+23.0%
Inventory	8,431	7,172	5,038	+17.6%
Other assets	7,244	9,042	5,452	-19.9%
Total assets	23,819	23,655	18,317	+0.7%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.