bunge 2004 annual report Dear Shareholders, 2 We performed well despite a challenging industry landscape.  2004 was a volatile year. A short crop in the United States  caused big price swings for soybeans. Ocean freight rates  moved dramatically. Trade with China suffered from disruptions;  Our unique operating model contributed greatly to our overall  performance. Our integrated and balanced operations enabled  us to capture value at numerous points on the food production  chain and generate earnings across geographies and products.  With few exceptions, it was a strong year across the company.  Our fertilizer division performed particularly well; our Canadian  businesses posted outstanding results; and our risk manage- ment and ocean freight functions navigated through the year  with expertise. 2004 was yet another outstanding year for Bunge. We earned  $469 million, which represents a 56 percent increase over  2003, if you exclude that year’s gain on the sale of our soy  ingredients business. We also created signifi cant value for our  shareholders. Return on shareholders’ equity was a solid  16 percent; return on invested capital was 11 percent, well  beyond our goal of two points over weighted average cost of  capital; and our quarterly dividend increased by 18 percent. and issues, including Asian rust, trans fats and biotechnology,  continued to infl uence the industry.