Year Ended December 31, |
(US$ in millions, except percentages) |
|
2004 |
|
|
2003 |
|
Percent Change |
|
2002 |
|
Percent Change |
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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) |
|
– |
|
|
– |
|
– |
|
– |
|
– |
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|
Total |
$ |
80 |
|
$ |
85 |
|
(6)% |
$ |
61 |
|
39% |
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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)% |
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|
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)% |
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|
Total(1) |
$ |
850 |
|
$ |
618 |
|
38% |
$ |
521 |
|
19% |
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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)% |
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|
Total |
$ |
212 |
|
$ |
184 |
|
15% |
$ |
168 |
|
10% |
 |
Net income |
$ |
469 |
|
$ |
411 |
|
14% |
$ |
255 |
|
61% |
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(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.
|