Bunge 2004 Annual Report

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

notes to the consolidated
financial statements

3. discontinued operations
On December 31, 2003, Bunge sold its U.S. bakery business to a third party. The sale includes the facilities that manufactured, marketed and sold dry mixes, frozen bakery products, syrups and toppings that were historically reported in the milling and baking products segment until its sale. The proceeds from the sale were $82 million, net of expenses. The divestiture resulted in a gain to Bunge of $2 million, net of tax expense of $1 million, which has been reported as discontinued operations in the consolidated statements of income. In addition, in 2003, discontinued operations in the consolidated statements of income included an environmental expense of $3 million, net of tax benefit of $3 million, related to discontinued operations Bunge sold in 1995.

Year Ended December 31,

(US$ in millions) 2003 2002

Net sales $ 180 $ 192

(Loss) income before income taxes $ (15 ) $ 3

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