Year Ended December 31,
(US$ in millions, except share data)			2004		2003		2002
selected operating data, excluding one-time gain:
Volumes (in millions of metric tons)			109		106		86
Net sales		$	25,168	$	22,165	$	13,882
Total segment operating profit(a)			850		618		521
Income from continuing operations before
	income tax and minority interest		904		723		481
Net income		$	469	$	300	$	255
Diluted earnings per share(b)		$	4.10	$	2.81	$	2.63
reconciliation to reported net income
Net income before one-time gain		$	469	$	300	$	255
	Gain on sale of soy ingredients business		–		111		–
Net Income		$	469	$	411	$	255
Diluted earnings per share before one-time gain		$	4.10	$	2.81	$	2.63
	Gain on sale of soy ingredients business		–		1.02		–
Diluted earnings per share(b)		$	4.10	$	3.83	$	2.63
Diluted weighted average number of shares outstanding(b)		115,674,056		108,654,027		97,395,005
financial position
Working capital		$	2,766	$	2,481	$	1,655
Property, plant and equipment, net			2,536		2,090		2,056
Total assets			10,907		9,884		8,349
Long-term debt			2,600		2,377		1,904
Minority interest			280		554		495
Shareholders' equity		$	3,375	$	2,377	$	1,472
other information
Number of employees			24,621		23,295		24,207

(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)	Includes 7,778,425 common shares issuable on conversion of Bunge's 3.75% convertible notes due 2022. EPS for 2003 and 2002 were revised from the amount previously reported to reflect the 7,778,425 common shares issuable on conversion of the convertible notes. See notes 1 and 24 to the Notes to Consolidated Financial Statements.
(c)	2003 excludes an after tax gain on the sale of the Brazilian soy ingredients business of $111 million, or $1.02 per fully diluted share.
(d)	The calculation of return on shareholders' equity excludes losses in 2003 of $7 million from discontinued operations and gains of $3 million in 2002 and 2001, respectively, from discontinued operations and 2003 also excludes the $111 million gain on the sale of the Brazilian soy ingredients business.

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