Bunge 2004 Annual Report
[partnering for the future][financial highlights][letter to shareholders][our global strategy][financial performance][worldwide locations][shareholder information]

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
management's discussion and analysis of
financial condition and results of operations
Year Ended December 31,
(US$ in millions, except percentages)   2004     2003   Percent
Change
  2002   Percent
Change
Interest income:  
Agribusiness $ 21   $ 26   (19)% $ 22   18%
Fertilizer   50     53   (6)%   36   47%
Edible oil products   6     6     1   500%
Milling products   3       100%   2        (100)%
Other (soy ingredients)            
  Total $ 80   $ 85   (6)% $ 61   39%
Interest expense:  
Agribusiness $ (111 ) $ (80 ) 39% $ (67 ) 19%
Fertilizer   (50 )   (35 ) 43%   (46 ) (24)%
Edible oil products   (32 )   (24 ) 33%   (15 ) 60%
Milling products   (8 )   (8 )   (10 ) (20)%
Other (soy ingredients)       (2 )      (100)%   (5 ) (60)%
  Total      $ (201 )      $ (149 ) 35%      $ (143 ) 4%
Segment operating profit:  
Agribusiness $ 358   $ 252   42% $ 283   (11)%
Fertilizer   372     242   54%   192   26%
Edible oil products   79     86   (8)%   6   1,333%
Milling products   41     30   37%   18   67%
Other (soy ingredients)       8   (100)%   22   (64)%
  Total(1) $ 850   $ 618   38% $ 521   19%
Depreciation, depletion and amortization:  
Agribusiness $ 89   $ 77   16% $ 75   3%
Fertilizer   70     57   23%   56   2%
Edible oil products   41     37   11%   18   106%
Milling products   12     13   (8)%   9   44%
Other (soy ingredients)           10   (100)%
  Total $ 212   $ 184   15% $ 168   10%
Net income $ 469   $ 411   14% $ 255   61%
(1) Total segment operating profit is our consolidated income from continuing operations before income tax and minority interest that includes an allocated portion of the foreign exchange gains and losses relating to debt financing operating working capital, including readily marketable inventories. Also included in total segment operating profit is an allocation of interest income and interest expense attributable to the financing of operating working capital.

Total segment operating profit is a non-GAAP (Generally Accepted Accounting Principles in the United States) measure and is not intended to replace income from continuing operations before income tax and minority interest, the most directly comparable GAAP measure. Total segment operating profit is a key performance measurement used by our management to evaluate whether our operating activities cover the financing costs of our business. We believe total segment operating profit is a more complete measure of our operating profitability, since it allocates foreign exchange gains and losses and the cost of debt financing working capital to the appropriate operating segments. Additionally, we believe total segment operating profit assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses before non-operating factors that affect net income. Total segment operating profit is not a measure of consolidated operating results under GAAP and should not be considered as an alternative to income from continuing operations before income tax and minority interest or any other measure of consolidated operating results under GAAP.

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