Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BUNGELTD | a10-4077_18k.htm |
| EX-99.1 - EX-99.1 - BUNGELTD | a10-4077_1ex99d1.htm |
Exhibit 99.2
BUNGE LIMITED
PRELIMINARY FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2009
The following information is preliminary and, as a result, during the course of Bunge Limited’s preparation of its final consolidated financial statements and the related notes as of and for the year ended December 31, 2009 and the completion of its year end closing procedures and analyses, Bunge Limited may identify items that would require it to make adjustments to the preliminary financial results presented herein. Additionally, Deloitte & Touche LLP (“D&T”), Bunge Limited’s independent registered public accounting firm, has not completed its audit of Bunge Limited’s consolidated financial statements for the year ended December 31, 2009.
The preliminary financial results presented herein have been prepared on a basis consistent with Bunge Limited’s historical consolidated financial statements. These preliminary financial results are not necessarily indicative of the results to be expected for any future period. These preliminary financial results should be read in conjunction with Bunge Limited’s consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2008 filed on Bunge Limited’s Current Report on Form 8-K filed on June 4, 2009 and Bunge Limited’s consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the quarterly period ended September 30, 2009 in Bunge’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009.
The preliminary financial results presented below were previously issued by Bunge Limited on February 4, 2010.
BUNGE LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data and percentages)
(Unaudited)
|
|
|
Quarter Ended |
|
Percent |
|
Year Ended |
|
Percent |
|
||||||||
|
|
|
2009 |
|
2008 |
|
Change |
|
2009 |
|
2008 |
|
Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales |
|
$ |
10,436 |
|
$ |
10,943 |
|
(5)% |
|
$ |
41,926 |
|
$ |
52,574 |
|
(20)% |
|
|
Cost of goods sold |
|
(10,122 |
) |
(10,434 |
) |
3% |
|
(40,722 |
) |
(48,538 |
) |
16% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit |
|
314 |
|
509 |
|
(38)% |
|
1,204 |
|
4,036 |
|
(70)% |
|
||||
|
Selling, general and administrative expenses |
|
(390 |
) |
(369 |
) |
(6)% |
|
(1,342 |
) |
(1,613 |
) |
17% |
|
||||
|
Interest income |
|
26 |
|
55 |
|
(53)% |
|
122 |
|
214 |
|
(43)% |
|
||||
|
Interest expense (Note 1) |
|
(71 |
) |
(76 |
) |
7% |
|
(283 |
) |
(361 |
) |
22% |
|
||||
|
Foreign exchange gain (loss) |
|
(1 |
) |
(543 |
) |
|
|
469 |
|
(749 |
) |
|
|
||||
|
Other income (expense)—net |
|
(13 |
) |
23 |
|
|
|
(25 |
) |
10 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) income from operations before income tax |
|
(135 |
) |
(401 |
) |
66% |
|
145 |
|
1,537 |
|
(91)% |
|
||||
|
Income tax benefit (expense) |
|
58 |
|
214 |
|
|
|
110 |
|
(245 |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) income from operations after income tax |
|
(77 |
) |
(187 |
) |
59% |
|
255 |
|
1,292 |
|
(80)% |
|
||||
|
Equity in earnings of affiliates |
|
69 |
|
7 |
|
886% |
|
80 |
|
34 |
|
135% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net (loss) income |
|
(8 |
) |
(180 |
) |
96% |
|
335 |
|
1,326 |
|
(75)% |
|
||||
|
Net loss (income) attributable to noncontrolling interest |
|
19 |
|
(30 |
) |
|
|
26 |
|
(262 |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income (loss) attributable to Bunge |
|
11 |
|
(210 |
) |
n/m |
|
361 |
|
1,064 |
|
(66)% |
|
||||
|
Convertible preference share dividends |
|
(39 |
) |
(20 |
) |
|
|
(78 |
) |
(78 |
) |
|
|
||||
|
Net (loss) income available to Bunge common shareholders |
|
$ |
(28 |
) |
$ |
(230 |
) |
88% |
|
$ |
283 |
|
$ |
986 |
|
(71)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) Earnings per common share—diluted (Note 2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) Earnings to Bunge common shareholders |
|
$ |
(0.21 |
) |
$ |
(1.89 |
) |
89% |
|
$ |
2.22 |
|
$ |
7.73 |
|
(71)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted-average common shares outstanding–diluted (Note 2) |
|
134,084,639 |
|
121,627,504 |
|
|
|
127,669,822 |
|
137,591,266 |
|
|
|
||||
Note 1: Includes interest expense on readily marketable inventories of $22 million and $19 million for the quarter ended December 31, 2009 and 2008, respectively, and $84 million and $112 million for the year ended December 31, 2009 and 2008, respectively.
Note 2: Weighted-average common shares outstanding-diluted for the quarter and year ended December 31, 2009 excludes the dilutive effect of approximately 14.6 million weighted average common shares that would be issuable upon conversion of Bunge’s convertible preference shares because the effect of the conversion would not have been dilutive. Weighted-average common shares outstanding-diluted for the quarter ended December 31, 2009 also excludes the dilutive effect of approximately 2 million outstanding stock options and contingently issuable restricted stock units because the effect of the conversion would not have been dilutive. Weighted-average common shares outstanding-diluted for the quarter and twelve months ended December 31, 2008 includes the dilutive effect of approximately 14.6 million weighted average common shares that would be issuable upon conversion of Bunge’s convertible preference shares because the effect of the conversion would have been dilutive.
BUNGE LIMITED
CONSOLIDATED SEGMENT INFORMATION
(In millions, except volumes and percentages)
(Unaudited)
Set forth below is a summary of certain items in our consolidated statements of income and volumes by reportable segment.
|
|
|
Quarter Ended |
|
Percent |
|
Year Ended |
|
Percent |
|
||||||||
|
|
|
2009 |
|
2008 |
|
Change |
|
2009 |
|
2008 |
|
Change |
|
||||
|
Volumes (in thousands of metric tons): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
27,924 |
|
31,160 |
|
(10)% |
|
119,647 |
|
117,661 |
|
2% |
|
||||
|
Fertilizer |
|
3,333 |
|
2,386 |
|
40% |
|
11,634 |
|
11,134 |
|
4% |
|
||||
|
Edible oil products |
|
1,447 |
|
1,455 |
|
(1)% |
|
5,688 |
|
5,736 |
|
(1)% |
|
||||
|
Milling products |
|
998 |
|
960 |
|
4% |
|
4,332 |
|
3,932 |
|
10% |
|
||||
|
Total |
|
33,702 |
|
35,961 |
|
(6)% |
|
141,301 |
|
138,463 |
|
2% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
7,441 |
|
$ |
7,794 |
|
(5)% |
|
$ |
30,511 |
|
$ |
36,688 |
|
(17)% |
|
|
Fertilizer |
|
974 |
|
985 |
|
(1)% |
|
3,704 |
|
5,860 |
|
(37)% |
|
||||
|
Edible oil products |
|
1,650 |
|
1,805 |
|
(9)% |
|
6,184 |
|
8,216 |
|
(25)% |
|
||||
|
Milling products |
|
371 |
|
359 |
|
3% |
|
1,527 |
|
1,810 |
|
(16)% |
|
||||
|
Total |
|
$ |
10,436 |
|
$ |
10,943 |
|
(5)% |
|
$ |
41,926 |
|
$ |
52,574 |
|
(20)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
308 |
|
$ |
286 |
|
8% |
|
$ |
1,379 |
|
$ |
2,029 |
|
(32)% |
|
|
Fertilizer |
|
(172 |
) |
135 |
|
n/m |
|
(739 |
) |
1,449 |
|
n/m |
|
||||
|
Edible oil products |
|
138 |
|
50 |
|
176% |
|
412 |
|
356 |
|
16% |
|
||||
|
Milling products |
|
40 |
|
38 |
|
5% |
|
152 |
|
202 |
|
(25)% |
|
||||
|
Total |
|
$ |
314 |
|
$ |
509 |
|
(38)% |
|
$ |
1,204 |
|
$ |
4,036 |
|
(70)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
(241 |
) |
$ |
(217 |
) |
(11)% |
|
$ |
(758 |
) |
$ |
(858 |
) |
12% |
|
|
Fertilizer |
|
(41 |
) |
(41 |
) |
—% |
|
(192 |
) |
(284 |
) |
32% |
|
||||
|
Edible oil products |
|
(85 |
) |
(90 |
) |
6% |
|
(296 |
) |
(368 |
) |
20% |
|
||||
|
Milling products |
|
(23 |
) |
(21 |
) |
(10)% |
|
(96 |
) |
(103 |
) |
7% |
|
||||
|
Total |
|
$ |
(390 |
) |
$ |
(369 |
) |
(6)% |
|
$ |
(1,342 |
) |
$ |
(1,613 |
) |
17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign exchange gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
(8 |
) |
$ |
(165 |
) |
|
|
$ |
218 |
|
$ |
(198 |
) |
|
|
|
Fertilizer |
|
10 |
|
(361 |
) |
|
|
256 |
|
(530 |
) |
|
|
||||
|
Edible oil products |
|
(3 |
) |
(18 |
) |
|
|
(4 |
) |
(22 |
) |
|
|
||||
|
Milling products |
|
— |
|
1 |
|
|
|
(1 |
) |
1 |
|
|
|
||||
|
Total |
|
$ |
(1 |
) |
$ |
(543 |
) |
|
|
$ |
469 |
|
$ |
(749 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Equity in earnings of affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
10 |
|
$ |
(3 |
) |
n/m |
|
$ |
3 |
|
$ |
6 |
|
(50)% |
|
|
Fertilizer |
|
(14 |
) |
1 |
|
n/m |
|
(13 |
) |
7 |
|
n/m |
|
||||
|
Edible oil products |
|
72 |
|
8 |
|
800% |
|
86 |
|
17 |
|
406% |
|
||||
|
Milling products |
|
1 |
|
1 |
|
—% |
|
4 |
|
4 |
|
—% |
|
||||
|
Total |
|
$ |
69 |
|
$ |
7 |
|
886% |
|
$ |
80 |
|
$ |
34 |
|
135% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
(8 |
) |
$ |
(1 |
) |
|
|
$ |
(20 |
) |
$ |
(24 |
) |
|
|
|
Fertilizer |
|
51 |
|
(29 |
) |
|
|
87 |
|
(323 |
) |
|
|
||||
|
|
|
Quarter Ended |
|
Percent |
|
Year Ended |
|
Percent |
|
||||||||
|
|
|
2009 |
|
2008 |
|
Change |
|
2009 |
|
2008 |
|
Change |
|
||||
|
Edible oil products |
|
(4 |
) |
(1 |
) |
|
|
(10 |
) |
(8 |
) |
|
|
||||
|
Milling products |
|
— |
|
— |
|
|
|
— |
|
— |
|
|
|
||||
|
Total |
|
$ |
39 |
|
$ |
(31 |
) |
|
|
$ |
57 |
|
$ |
(355 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
(1 |
) |
$ |
14 |
|
|
|
$ |
(2 |
) |
$ |
(6 |
) |
|
|
|
Fertilizer |
|
(8 |
) |
6 |
|
|
|
(15 |
) |
2 |
|
|
|
||||
|
Edible oil products |
|
(4 |
) |
4 |
|
|
|
(7 |
) |
14 |
|
|
|
||||
|
Milling products |
|
— |
|
(1 |
) |
|
|
(1 |
) |
— |
|
|
|
||||
|
Total |
|
$ |
(13 |
) |
$ |
23 |
|
|
|
$ |
(25 |
) |
$ |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Segment earnings before interest and tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
60 |
|
$ |
(86 |
) |
n/m |
|
$ |
820 |
|
$ |
949 |
|
(14)% |
|
|
Fertilizer |
|
(174 |
) |
(289 |
) |
40% |
|
(616 |
) |
321 |
|
n/m |
|
||||
|
Edible oil products |
|
114 |
|
(47 |
) |
n/m |
|
181 |
|
(11 |
) |
n/m |
|
||||
|
Milling products |
|
18 |
|
18 |
|
—% |
|
58 |
|
104 |
|
(44)% |
|
||||
|
Total (Note 1) |
|
$ |
18 |
|
$ |
(404 |
) |
n/m |
|
$ |
443 |
|
$ |
1,363 |
|
(67)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Reconciliation of total segment earnings before interest and tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total segment earnings before interest and tax |
|
$ |
18 |
|
$ |
(404 |
) |
|
|
$ |
443 |
|
$ |
1,363 |
|
|
|
|
Interest income |
|
26 |
|
55 |
|
|
|
122 |
|
214 |
|
|
|
||||
|
Interest expense |
|
(71 |
) |
(76 |
) |
|
|
(283 |
) |
(361 |
) |
|
|
||||
|
Income tax benefit (expense) |
|
58 |
|
214 |
|
|
|
110 |
|
(245 |
) |
|
|
||||
|
Noncontrolling interest share of interest and tax |
|
(20 |
) |
1 |
|
|
|
(31 |
) |
93 |
|
|
|
||||
|
Net income (loss) attributable to Bunge |
|
$ |
11 |
|
$ |
(210 |
) |
|
|
$ |
361 |
|
$ |
1,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Agribusiness |
|
$ |
(53 |
) |
$ |
(42 |
) |
(26)% |
|
$ |
(194 |
) |
$ |
(186 |
) |
(4)% |
|
|
Fertilizer |
|
(43 |
) |
(31 |
) |
(39)% |
|
(149 |
) |
(161 |
) |
7% |
|
||||
|
Edible oil products |
|
(21 |
) |
(18 |
) |
(17)% |
|
(73 |
) |
(74 |
) |
1% |
|
||||
|
Milling products |
|
(7 |
) |
(4 |
) |
(75)% |
|
(27 |
) |
(18 |
) |
(50)% |
|
||||
|
Total |
|
$ |
(124 |
) |
$ |
(95 |
) |
(31)% |
|
$ |
(443 |
) |
$ |
(439 |
) |
(1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Note 1: Total segment EBIT is consolidated net income (loss) attributable to Bunge excluding interest income and expense and income tax attributable to each segment.
Total segment EBIT is a non-GAAP financial measure and is not intended to replace net income (loss) attributable to Bunge, the most directly comparable GAAP financial measure. Total segment EBIT is an operating performance measure used by Bunge’s management to evaluate its segments’ operating activities. Bunge’s management believes EBIT is a useful measure of its segments’ operating profitability, since the measure reflects equity in earnings of affiliates and minority interest and excludes income tax. Income tax is excluded as management believes income tax is not material to the operating performance of its segments. In addition, interest income and expense have become less meaningful to the segments’ operating activities. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries. Total segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income (loss) attributable to Bunge or any other measure of consolidated operating results under U.S. GAAP. Below is a reconciliation of total segment EBIT to net income (loss) attributable to Bunge:
|
|
|
Quarter Ended |
|
Year Ended |
|
||||||||
|
(In millions) |
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
||||
|
Total segment EBIT |
|
$ |
18 |
|
$ |
(404 |
) |
$ |
443 |
|
$ |
1,363 |
|
|
Interest income |
|
26 |
|
55 |
|
122 |
|
214 |
|
||||
|
Interest expense |
|
(71 |
) |
(76 |
) |
(283 |
) |
(361 |
) |
||||
|
Income tax benefit (expense) |
|
58 |
|
214 |
|
110 |
|
(245 |
) |
||||
|
Noncontrolling interest share of interest and tax |
|
(20 |
) |
1 |
|
(31 |
) |
93 |
|
||||
|
Net income (loss) attributable to Bunge |
|
$ |
11 |
|
$ |
(210 |
) |
$ |
361 |
|
$ |
1,064 |
|
BUNGE LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
|
|
|
December 31, |
|
December 31, |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
553 |
|
$ |
1,004 |
|
|
Trade accounts receivable |
|
2,363 |
|
2,350 |
|
||
|
Inventories (1) |
|
4,862 |
|
5,653 |
|
||
|
Deferred income taxes |
|
506 |
|
268 |
|
||
|
Other current assets (2) |
|
3,499 |
|
3,901 |
|
||
|
Total current assets |
|
11,783 |
|
13,176 |
|
||
|
|
|
|
|
|
|
||
|
Property, plant and equipment, net |
|
5,347 |
|
3,969 |
|
||
|
Goodwill |
|
407 |
|
325 |
|
||
|
Other intangible assets, net |
|
190 |
|
107 |
|
||
|
Investments in affiliates |
|
622 |
|
761 |
|
||
|
Deferred income taxes |
|
979 |
|
864 |
|
||
|
Other non-current assets |
|
1,958 |
|
1,028 |
|
||
|
Total assets |
|
$ |
21,286 |
|
$ |
20,230 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Short-term debt |
|
$ |
166 |
|
$ |
473 |
|
|
Current portion of long-term debt |
|
31 |
|
78 |
|
||
|
Trade accounts payable |
|
3,275 |
|
4,158 |
|
||
|
Deferred income taxes |
|
100 |
|
104 |
|
||
|
Other current liabilities |
|
2,635 |
|
3,261 |
|
||
|
Total current liabilities |
|
6,207 |
|
8,074 |
|
||
|
|
|
|
|
|
|
||
|
Long-term debt |
|
3,618 |
|
3,032 |
|
||
|
Deferred income taxes |
|
183 |
|
132 |
|
||
|
Other non-current liabilities |
|
913 |
|
864 |
|
||
|
|
|
|
|
|
|
||
|
Total Bunge shareholders’ equity |
|
9,494 |
|
7,436 |
|
||
|
Noncontrolling interest |
|
871 |
|
692 |
|
||
|
Total equity |
|
10,365 |
|
8,128 |
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
21,286 |
|
$ |
20,230 |
|
Note 1: Includes readily marketable inventories of $3,380 million and $2,741 million at December 31, 2009 and December 31, 2008, respectively.
Note 2: Includes marketable securities of $15 million and $14 million at December 31, 2009 and December 31, 2008, respectively.
BUNGE LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
|
|
|
Year Ended |
|
||||
|
|
|
2009 |
|
2008 |
|
||
|
OPERATING ACTIVITIES |
|
|
|
|
|
||
|
Net income |
|
$ |
335 |
|
$ |
1,326 |
|
|
Adjustments to reconcile net income to cash (used for) provided by operating activities: |
|
|
|
|
|
||
|
Foreign exchange (gain) loss on debt |
|
(606 |
) |
472 |
|
||
|
Impairment of assets |
|
31 |
|
18 |
|
||
|
Bad debt expense |
|
55 |
|
69 |
|
||
|
Depreciation, depletion and amortization |
|
443 |
|
439 |
|
||
|
Stock-based compensation expense |
|
17 |
|
66 |
|
||
|
Gain on sale of assets |
|
(4 |
) |
(14 |
) |
||
|
Recoverable taxes provision |
|
61 |
|
(9 |
) |
||
|
Deferred income taxes |
|
(204 |
) |
(251 |
) |
||
|
Equity in earnings of affiliates |
|
(80 |
) |
(34 |
) |
||
|
Changes in operating assets and liabilities, excluding the effects of acquisitions: |
|
|
|
|
|
||
|
Trade accounts receivable |
|
242 |
|
(338 |
) |
||
|
Inventories |
|
1,636 |
|
(905 |
) |
||
|
Prepaid commodity purchase contracts |
|
86 |
|
300 |
|
||
|
Secured advances to suppliers |
|
221 |
|
(143 |
) |
||
|
Trade accounts payable |
|
(1,427 |
) |
1,161 |
|
||
|
Advances on sales |
|
(8 |
) |
(106 |
) |
||
|
Recoverable taxes |
|
(471 |
) |
(428 |
) |
||
|
Unrealized net gain/loss on derivative contracts |
|
(175 |
) |
184 |
|
||
|
Margin deposits |
|
(229 |
) |
8 |
|
||
|
Accrued liabilities |
|
(56 |
) |
207 |
|
||
|
Other—net |
|
(235 |
) |
521 |
|
||
|
Cash (used for) provided by operating activities |
|
(368 |
) |
2,543 |
|
||
|
INVESTING ACTIVITIES |
|
|
|
|
|
||
|
Payments made for capital expenditures |
|
(918 |
) |
(896 |
) |
||
|
Acquisitions of businesses (net of cash acquired) |
|
(136 |
) |
(131 |
) |
||
|
Investments in affiliates |
|
(8 |
) |
(71 |
) |
||
|
Related party (loans) repayments |
|
(22 |
) |
47 |
|
||
|
Proceeds from disposal of property, plant and equipment |
|
36 |
|
39 |
|
||
|
Proceeds from (payments for) investments |
|
96 |
|
(94 |
) |
||
|
Cash used for investing activities |
|
(952 |
) |
(1,106 |
) |
||
|
FINANCING ACTIVITIES |
|
|
|
|
|
||
|
Net repayments in short-term debt with maturities of 90 days or less |
|
(342 |
) |
(687 |
) |
||
|
Proceeds from short-term debt with maturities greater than 90 days |
|
1,140 |
|
1,887 |
|
||
|
Repayments of short-term debt with maturities greater than 90 days |
|
(1,164 |
) |
(1,206 |
) |
||
|
Proceeds from long-term debt |
|
2,899 |
|
1,967 |
|
||
|
Repayment of long-term debt |
|
(2,367 |
) |
(2,819 |
) |
||
|
Proceeds from sale of common shares |
|
763 |
|
7 |
|
||
|
Dividends paid to preference shareholders |
|
(78 |
) |
(81 |
) |
||
|
Dividends paid to common shareholders |
|
(103 |
) |
(87 |
) |
||
|
Dividends paid to noncontrolling interest |
|
(17 |
) |
(154 |
) |
||
|
Capital contributions from noncontrolling interest |
|
87 |
|
27 |
|
||
|
Return of capital to noncontrolling interest |
|
(44 |
) |
— |
|
||
|
Cash provided by (used for) financing activities |
|
774 |
|
(1,146 |
) |
||
|
Effect of exchange rate changes on cash and cash equivalents |
|
95 |
|
(268 |
) |
||
|
Net (decrease) increase in cash and cash equivalents |
|
(451 |
) |
23 |
|
||
|
Cash and cash equivalents, beginning of period |
|
1,004 |
|
981 |
|
||
|
Cash and cash equivalents, end of period |
|
$ |
553 |
|
$ |
1,004 |
|