Bunge Limited (BG) 10-K 2007 FY Annual report

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Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to
Fixed Charges and Preferred Stock Dividends

	Year Ended December 31,
	2007		2006		2005		2004		2003
	(US$ in millions except ratios)
Earnings (1)
Pretax income before minority interests	1,201		522		488		891		707
plus:    Fixed Charges	449		345		293		260		258
Amortization of capitalized interest	11		10		8		7		7
Distributed income of equity investees	12		1		2		—		—
less:     Capitalized interest	(15	)	(14	)	(12	)	(6	)	(8	)
Preferred stock dividends	(40	)	(4	)	—		(5	)	(6	)
Earnings:	1,618		860		779		1,147		958
Fixed Charges (1)
Capitalized interest	15		14		12		6		8
Expensed interest	353		280		231		214		215
plus:    Amortized premiums, discounts and capitalized debt expenditures	6		6		12		8		8
Estimate of interest within rental expense	35		41		38		27		21
Preferred stock dividends	40		4		—		5		6
Fixed charges:	449		345		293		260		258
Ratio of Earnings/Fixed Charges	3.60		2.49		2.66		4.41		3.71

(1)

For the purpose of determining the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends, earnings are defined as pretax income before minority interests in consolidated subsidiaries plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend requirements. Fixed charges consist of interest expense (capitalized and expensed), amortization of deferred debt issuance costs, portion of rental expense that is representative of the interest factor and preferred stock dividend requirements of the registrant and consolidated subsidiaries.

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Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividends