| Year Ended December 31, |
|
| (U.S. dollars in millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
| operating activities |
|
|
| Net income |
$ |
469 |
|
$ |
411 |
|
$ |
255 |
|
| Adjustment to reconcile net income to cash provided by (used for) operating activities: |
|
| Gain on sale of soy ingredients business |
|
– |
|
|
(111 |
) |
|
– |
|
| Foreign exchange (gain) loss on debt |
|
(85 |
) |
|
(120 |
) |
|
126 |
|
| Impairment of assets |
|
17 |
|
|
56 |
|
|
5 |
|
| Bad debt expense |
|
54 |
|
|
6 |
|
|
37 |
|
| Provision for recoverable taxes |
|
2 |
|
|
(38 |
) |
|
44 |
|
| Depreciation, depletion and amortization |
|
212 |
|
|
184 |
|
|
168 |
|
| Deferred income taxes |
|
(56 |
) |
|
(17 |
) |
|
(4 |
) |
| Discontinued operations |
|
– |
|
|
7 |
|
|
(3 |
) |
| Minority interest |
|
146 |
|
|
104 |
|
|
102 |
|
| Changes in operating assets and liabilities, excluding the effects of acquisitions: |
|
| |
Trade accounts receivable |
|
(398 |
) |
|
(129 |
) |
|
(116 |
) |
| |
Inventories |
|
328 |
|
|
(249 |
) |
|
(728 |
) |
| |
Recoverable taxes |
|
(86 |
) |
|
34 |
|
|
(106 |
) |
| |
Prepaid commodity purchase contracts |
|
211 |
|
|
(76 |
) |
|
(60 |
) |
| |
Advances to suppliers |
|
(341 |
) |
|
(30 |
) |
|
(110 |
) |
| |
Trade accounts payable |
|
164 |
|
|
174 |
|
|
469 |
|
| |
Arbitration settlement (Note 21) |
|
– |
|
|
(57 |
) |
|
– |
|
| |
Unrealized loss (gain) on derivative contracts |
|
17 |
|
|
(63 |
) |
|
(40 |
) |
| |
Margin deposits |
|
54 |
|
|
(86 |
) |
|
(6 |
) |
| |
Accrued liabilities |
|
89 |
|
|
(41 |
) |
|
117 |
|
| |
Other—net |
|
5 |
|
|
– |
|
|
(22 |
) |
|
| |
|
Cash provided by (used for) operating activities |
|
802 |
|
|
(41 |
) |
|
128 |
|
investing activities |
|
|
| Payments made for capital expenditures |
|
(437 |
) |
|
(304 |
) |
|
(240 |
) |
| Business acquisitions, net of cash acquired |
|
(355 |
) |
|
(196 |
) |
|
(856 |
) |
| Investments in affiliates |
|
(24 |
) |
|
– |
|
|
– |
|
| (Investments in) proceeds from related parties |
|
(13 |
) |
|
41 |
|
|
– |
|
| Investment in notes receivable |
|
(26 |
) |
|
– |
|
|
– |
|
| Proceeds from disposal of property, plant and equipment |
|
14 |
|
|
28 |
|
|
9 |
|
| Proceeds from sale of assets held for sale |
|
– |
|
|
450 |
|
|
16 |
|
| Proceeds from sale of discontinued operations |
|
– |
|
|
82 |
|
|
– |
|
|
| |
|
Cash (used for) provided by investing activities |
|
(841 |
) |
|
101 |
|
|
(1,071 |
) |
financing activities |
|
|
| Net change in short-term debt |
|
(348 |
) |
|
(381 |
) |
|
(185 |
) |
| Proceeds from long-term debt |
|
860 |
|
|
851 |
|
|
1,937 |
|
| Repayment of long-term debt |
|
(678 |
) |
|
(529 |
) |
|
(706 |
) |
| Proceeds from sale of common shares |
|
348 |
|
|
7 |
|
|
293 |
|
| Redemption of redeemable preferred stock |
|
(170 |
) |
|
– |
|
|
– |
|
| Dividends paid to shareholders |
|
(51 |
) |
|
(42 |
) |
|
(37 |
) |
| Dividends paid to minority interest |
|
(35 |
) |
|
(63 |
) |
|
(28 |
) |
| Proceeds from receivable from former shareholder |
|
– |
|
|
55 |
|
|
21 |
|
|
| |
|
Cash (used for) provided by financing activities |
|
(74 |
) |
|
(102 |
) |
|
1,295 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
56 |
|
|
61 |
|
|
(81 |
) |
|
| Net (decrease) increase in cash and cash equivalents |
|
(57 |
) |
|
19 |
|
|
271 |
|
| Cash and cash equivalents, beginning of period |
|
489 |
|
|
470 |
|
|
199 |
|
|
| Cash and cash equivalents, end of period |
$ |
432 |
|
$ |
489 |
|
$ |
470 |
|
|
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