bunge 2004 annual report notes to the consolidated  financial statements employee defined contribution Bunge also makes contribu- tions to qualified defined contribution plans for eligible employees. Contributions to these plans amounted to $9 million, $7 million and $4 million in 2004, 2003 and 2002, respectively. multi-employer plan In addition, certain salaried employees of Bunge’s Brazilian fertilizer operations participate in a multi- employer defined benefit pension plan, Fundação Petrobras de Securidade Social (Petros), to which Bunge makes contributions. Contributions to this plan were $1 million, $1 million and $1 million in 2004, 2003 and 2002, respectively. 20. related party transactions mutual investment limited In July 2004, Bunge purchased  a wheat mill in Brazil from Mutual Investment Limited, its former shareholder, for approximately $2 million. No goodwill was  recognized on this transaction by Bunge. In June 2003, Bunge received $55 million from Mutual Investment Limited, as final payment of a long-term note receivable, relating to a capital  contribution made in 2000. This $55 million note receivable was included in Bunge’s shareholders’ equity at December 31, 2002. Bunge recorded interest income of $1 million and $3 million in 2003 and 2002, respectively, pertaining to the related party receivable. In December 2003, Bunge sold an inactive Netherlands subsidiary to Mutual Investment Limited for $64 thousand in connection with a reorganization of certain Mutual Investment Limited’s investments. In addition, Bunge has entered into an administrative services agreement with Mutual Investment Limited under which Bunge provides corporate and administra- tive services to Mutual Investment Limited, including financial, legal, tax, accounting, human resources administration, insurance, employee benefits plans administration, corporate communication and management information system services. The agreement has a quarterly term that is automatically renewable unless ter- minated by either party. Mutual Investment Limited pays Bunge for the services rendered on a quarterly basis based on its direct and indirect costs of providing the services. In 2004 and 2003, Mutual Investment Limited paid Bunge $623 thousand and  $661 thousand, respectively, under this agreement. notes receivable In connection with the 2003 sale of Lesieur, a French producer of branded bottled vegetable oil, to Saipol, Bunge’s oilseed processing joint venture with Sofiproteol (the financial arm of the French oilseed farmers’ association), Bunge holds a note receivable from Saipol having a carrying value of Bunge is party to a large number of claims and lawsuits, primarily tax and labor claims in Brazil, arising in the normal course of business. After taking into account the liabilities recorded for  In addition, Bunge purchased soybeans, related soybean  commodity products and other commodity products from its unconsolidated joint ventures (primarily Solae and its other North American joint ventures), which totaled $457 million and $62 million for the years ended December 31, 2004 and 2003, respectively. Bunge also sold soybean commodity products and other commodity products to these joint ventures, which totaled $92 million and $62 million for the years ended December 31, 2004 and 2003, respectively. Bunge believes these transactions are recorded at values similar to those with third parties.  other Bunge sells soybean meal and fertilizer products to Seara Alimentos S.A. (Seara), a subsidiary of Mutual Investment Limited engaged in the business of meat and poultry production. These sales were $10 million, $6 million and $4 million for the years ended December 31, 2004, 2003 and 2002, respectively. In the third quarter of 2004, Mutual Investment Limited signed an agreement to sell its interest in Seara to a third party. This sale closed in the first quarter of 2005. In addition, in 2004, Bunge entered into financing agreements with EWICO, its 50% owned joint venture in Poland, to finance EWICO’s working capital and acquisition requirements. The EWICO notes receivable mature no earlier than June 30, 2005, at Bunge’s option, with interest payable annually at variable rates of one or six-month Warsaw Interbank Borrowing Rate (WIBOR) plus 2.5%. The carrying value of the EWICO notes receivable, totaled approximately $14 million at December 31, 2004 and are included in other non-current assets in the consolidated balance sheets. Bunge also recognized interest income in the amount of $3 million in other interest income in the consolidated statement of income for the year ended December 31, 2004. $39 million at December 31, 2004. The note receivable matures in July 2009 with interest payable annually at a variable rate of 5.55%. Bunge has recognized in its consolidated statements of income interest income of approximately $2 million and $1 million for the years ended December 31, 2004 and 2003, respectively. Bunge has a 33.34% ownership interest in the Saipol joint venture, which is accounted for under the equity method (see Note 11). 21. commitments and contingencies 76