Bunge 2004 Annual Report
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Common Share Market and Dividends
Five-Year Summary of Selected Financial Data
Management's Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Shareholders' Equity
Notes to the Consolidated Financial Statements
Management's Report on Internal Control Over Financial Reporting
Reports of Independent Registered Public Accounting Firm
Financial Performance
five-year summary of selected financial data
Year Ending December 31,
(US$ millions, except share data)   2004     2003     2002     2001     2000  
consolidated summary of operations  
Volumes (In millions of metric tons)   109     106     86     71     60  
Net sales      $ 25,168        $ 22,165        $ 13,882        $ 11,302        $ 9,500  
Gross profit   1,886     1,305     1,338     971     688  
Total segment operating profit(a)   850     618     521     311     84  
Interest, net   (65 )   (79 )   (74 )   (94 )   (86 )
Interest on readily marketable inventories   (46 )   (34 )   (31 )   (38 )   (52 )
Foreign exchange   (31 )   92     (179 )   (148 )   (116 )
Gain on sale of soy ingredients business   –     111     –     –     –  
Other income (expense)—net   31     19     6     (4 )   7  
Income from continuing operations before income tax  
  and minority interest   904     723     481     264     66  
Income tax expense   (289 )   (201 )   (104 )   (68 )   (12 )
Minority interest   (146 )   (104 )   (102 )   (72 )   (37 )
Income from continuing operations   469     418     275     124     17  
Discontinued operations, net of tax   –     (7 )   3     3     (5 )
Cumulative effect of change in accounting principle, net of tax   –     –     (23 )   7     –  
Net income $ 469   $ 411   $ 255   $ 134   $ 12  
Earnings per common share—basic:  
  Income from continuing operations $ 4.42   $ 4.19   $ 2.87   $ 1.73   $ .26  
  Discontinued operations   –     (.07 )   .03     .04     (.07 )
  Cumulative effect of change in accounting principle   –     –     (.24 )   .10     –  
Net income per share—basic $ 4.42   $ 4.12   $ 2.66   $ 1.87   $ .19  
Earnings per common share—diluted:  
  Income from continuing operations $ 4.10   $ 3.89   $ 2.83   $ 1.72   $ .26  
  Discontinued operations   –     (.06 )   .03     .04     (.07 )
  Cumulative effect of change in accounting principle   –     –     (.23 )   .10     –  
Net income per share—diluted $ 4.10   $ 3.83   $ 2.63   $ 1.86   $ .19  
financial position December 31,
Cash and cash equivalents and marketable securities $ 446   $ 502   $ 482   $ 205   $ 484  
Operating working capita(b)   1,737     1,150     1,155     952     920  
Readily marketable inventories(c)   1,264     1,846     1,517     764     799  
Property, plant and equipment, net   2,536     2,090     2,056     1,669     1,678  
Total assets   10,907     9,884     8,349     5,443     5,854  
Short-term debt   541     889     1,250     803     1,268  
Long-term debt, including current portion   2,740     2,505     2,153     1,010     1,257  
Adjusted net financial debt(d)   1,571     1,046     1,404     844     1,242  
Minority interest in subsidiaries   280     554     495     493     543  
Shareholders' equity $ 3,375   $ 2,377   $ 1,472   $ 1,376   $ 1,139  
Shares issued and outstanding      110,671,450        99,908,318        99,332,233        83,155,100        64,380,000  
other data  
Weighted average number of shares outstanding:  
  Basic 106,015,869   99,745,825   95,895,338   71,844,895   64,380,000  
  Diluted 115,674,056   108,654,027   97,395,005   72,004,754   64,380,000  
Shareholders' equity per share $ 30.50   $ 23.79   $ 14.82   $ 16.55   $ 17.69  
Price earnings ratio(e)   14     11     9     13     n/a  
Current ratio   1.7     1.6     1.4     1.4     1.2  
Cash flow from operations $ 802   $ (41 ) $ 128   $ 205   $ (527 )
Depreciation, depletion and amortization   212     184     168     163     143  
Capital expenditures, excluding acquisitions $ (437 ) $ (304 ) $ (240 ) $ (226 ) $ (176 )
(a) See page 36 for a reconciliation of total segment operating profit to income from continuing operations before income tax and minority interest, which is the U.S. GAAP financial measure most directly comparable to total segment operating profit.
(b) Operating working capital equals current assets (excluding cash and cash equivalents, marketable securities and readily marketable inventories) less current liabilities (excluding short-term debt and current maturities of long-term debt).
(c) Readily marketable inventories are agricultural commodities inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
(d) The following is a reconciliation of adjusted net financial debt, which is the U.S. GAAP financial measure most directly comparable to adjusted net financial debt.
At December 31,
  (US$ in millions)   2004     2003     2002     2001     2000  
  Short-term debt $ 541   $ 889   $ 1,250   $ 803   $ 1,268  
  Long-term debt, including current maturities   2,740     2,505     2,153     1,010     1,257  
  Total debt   3,281     3,394     3,403     1,813     2,525  
  Less –
  Cash and cash equivalents and marketable securities   446     502     482     205     484  
  Readily marketable inventories   1,264     1,846     1,517     764     799  
  Adjusted net financial debt $ 1,571   $ 1,046   $ 1,404   $ 844   $ 1,242  
(e) Calculated using fully diluted earnings per share. 2003 excludes an after tax gain on sale of the Brazilian soy ingredients business of $111 millions, or $1.10 per share fully diluted.


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