Bunge Global SA

Good day and welcome to the Bungie Limited fourth quarter 2021 earnings release and conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. And I'd like to turn the conference over to Ruthann Weisner. Please go ahead.

Thank you, Operator, and thank you for joining us this morning for our fourth quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found in the investor section of our website at bungie.com under events and presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bungie's current view of the with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bungie has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Bungie's Chief Executive Officer, and John Nepple, Chief Financial Officer. I'll now turn the call over to Greg.

Thank you, Ruthann, and good morning, everyone. Turning to the agenda on slide three, I'll start with some highlights of 2021 and accomplishments of the last few years, and then share a look into 2022. Then I'll hand it over to John, who will go into more detail on our performance. I'll then share some closing thoughts before opening the line for your questions. Let's start with an overview of the year, turning to slide four. I'm incredibly proud of our team and the outstanding results they achieved in 2021, allowing us to deliver adjusted EPS of $12.93. Our team's performance in a dynamic market environment is evidence that the way we've transformed the business over the last three years is creating the collaborative global culture that we believe would maximize the value of the company. When we began this transformation in 2019, One of our first changes was moving from a regional to a global operating model to improve visibility and speed to act. Creating end-to-end value chains enables our team to focus on serving our farmer and consuming customers rather than competing with ourselves. This approach also encourages the sharing of information and best practices, which allows us to work more efficiently and use our resources more effectively. Once we were all pulling in the same direction, the next steps became more clear. Bungie had an industry-leading portfolio with assets in some of the best locations around the globe. But we also had individual assets and businesses that did not fit the company's goal of growing our relevance with customers at both ends of the supply chain. And after a number of divestitures, we now have a footprint that's stronger than ever and a solid base on which to grow. One example is a successful plant-based lipids platform we're building through the combination of Lotus Croquin and the legacy Bungie Oils business. The Lotus Tropical Oils portfolio and innovation capabilities supported by Bungie's strength in supply chains and seed oils is a proposition that resonates with customers. While the entire oil segment delivered a record year, 2021 was also the best year for the former Lotus business. We use the same methodical approach in evaluating how we can improve financial discipline in the organization. We've rewired our systems so we have better visibility to our data, and we use that information in a structured way to make better commercial, risk management, and capital decisions. The team also embraced the spirit of continuous improvement throughout our operations. In the past year alone, the team set records in total crush volume, refining performance, and port volumes. We had over 100 CapEx projects, greater than 1 million each in 2021, and we delivered them safely with 95% of them on budget and on time. And the team accomplished all of this while doing it the right way, taking care of each other, and that's especially during COVID. We're also continuing to focus on fighting climate change with carbon-focused decisions, carbon-focused decision-making across our organizations. In 2021, we announced science-based targets to achieve absolute reduction in carbon emissions for our own operations and in our supply chains. Our industry-leading commitment to have deforestation-free supply chains in 2025 is a big part of our path to our Scope 3 targets. We also closed on the refinancing of a credit facility tied to sustainability targets. And we're actively engaging with other stakeholders to promote change at scale across the entire supply chain. While we certainly made tremendous progress, we know our work's not done. We'll focus on continuous improvement, finding ways to make Bungie stronger, and grow the business as we move forward. Let's turn to slide five. The team delivered an outstanding Q4 and full-year performance across all of Bungie's operations. Results in agribusiness were driven by strong execution throughout the value chains with refined and specialty oils posting record Q4 and full-year results. Thanks to their efforts, Bungie delivered a positive earnings trend for a ninth consecutive quarter. Before handing the call over to John, I want to spend a moment on our outlook for 2022. We expect favorable market conditions to continue in 2022. Based on what we see in the forward curves, we expect to deliver adjusted EPS of at least $9.50 for the full year, which would be the second highest earnings result in Bungie's history. With that, I'll hand the call over to John now to walk through the financial results in detail, and we'll then close with some additional thoughts on the year ahead. John?