Bunge Limited (BG) 10-K 2009 FY Annual report

Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to

Fixed Charges and Preferred Stock Dividends

	Year Ended December 31,
	2009			2008			2007			2006			2005
	(US$ in millions except ratios)
Earnings(1)
Pretax income before noncontrolling interests	$	145		$	1,537		$	1,201		$	522		$	488
plus: Fixed Charges	443			503			449			345			293
Amortization of capitalized interest	16			13			11			10			8
Distributed income of equity investees	5			4			12			1			2
less: Capitalized interest	(26		)	(18		)	(15		)	(14		)	(12		)
Preferred stock dividends	(78		)	(78		)	(40		)	(4		)	—
Earnings:	$	505		$	1,961		$	1,618		$	860		$	779
Fixed Charges(1)
Capitalized interest	$	26		$	18		$	15		$	14		$	12
Expensed interest	283			361			353			280			231
plus: Amortized premiums, discounts and capitalized debt expenditures	15			6			6			6			12
Estimate of interest within rental expense	41			40			35			41			38
Preferred stock dividends	78			78			40			4			—
Fixed charges:	$	443		$	503		$	449		$	345		$	293
Ratio of Earnings/Fixed Charges	1.14			3.90			3.60			2.49			2.66

(1)For the purpose of determining the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends, earnings are defined as pretax income before noncontrolling 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