Bunge Limited (BG) 10-K 2013 FY Annual report

Exhibit 12.1

Statement Regarding

Computation of Ratios of Earnings to

Fixed Charges and Preferred Stock Dividends

	Year Ended December 31,
(US$ in millions except ratios)	2013			2012			2011			2010			2009
Earnings (1)
Pretax income before noncontrolling interests and income (loss) from discontinued operations, net of tax (2)	$	1,014		$	372		$	1,020		$	3,049		$	8
plus: Fixed charges	516			404			429			461			405
Amortization of capitalized interest	21			21			19			18			16
Distributed income of equity investees	2			1			6			4			5
less: Capitalized interest	(4		)	(13		)	(16		)	(21		)	(26		)
Preferred stock dividends and other obligations	(76		)	(34		)	(34		)	(67		)	(78		)
Earnings:	$	1,473		$	751		$	1,424		$	3,444		$	330
Fixed charges (1)
Capitalized interest	$	4		$	13		$	16		$	21		$	26
Expensed interest	363			294			295			294			245
plus: Amortized premiums, discounts and capitalized debt expenditures	13			12			23			27			15
Estimate of interest within rental expense	60			51			61			52			41
Preferred stock dividends and other obligations	76			34			34			67			78
Fixed charges:	$	516		$	404		$	429		$	461		$	405
Ratio of Earnings/Fixed charges	2.86			1.86			3.32			7.47			0.81

(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 and income (loss) from discontinued operations, net of tax in consolidated subsidiaries plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend and other obligations 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 and other obligations requirements of the registrant and consolidated subsidiaries.

(2)Includes a pretax gain of $2,440 million related to the May 2010 sale of Bunge’s Brazilian fertilizer nutrients assets.