bunge 2004 annual report consolidated statements of income Year Ended December 31, (U.S. dollars in millions, except per share data) 2004 2003 2002 Net sales $ $ 2 25 5,,1 16 68 8 $ 22,165 $ 13,882 Cost of goods sold (Notes 8 and 10) ((2 23 3,,2 28 82 2)) (20,860) (12,544) Gross profit 1 1,,8 88 86 6 1,305 1,338 Selling, general and administrative expenses ((8 87 71 1)) (691) (579) Gain on sale of soy ingredients business – 111 – Interest income 1 10 03 3 102 71 Interest expense ((2 21 14 4)) (215) (176) Foreign exchange (loss) gain ((3 31 1)) 92 (179) Other income (expense)—net 3 31 1 19 6 Income from continuing operations before income tax and minority interest 9 90 04 4 723 481 Income tax expense ((2 28 89 9)) (201) (104) Income from continuing operations before minority interest 6 61 15 5 522 377 Minority interest ((1 14 46 6)) (104) (102) Income from continuing operations 4 46 69 9 418 275 Discontinued operations, net of tax benefit (expense)  of $5 (2003) and $(1) (2002) (Note 3) – (7) 3 Income before cumulative effect of change in accounting principles 4 46 69 9 411 278 Cumulative effect of change in accounting principles,  net of tax benefit of $6 (2002) (Note 7 and 13) – – (23) Net income $ 4 46 69 9 $ 411 $ 255 earnings per common share (note 24):  Basic Income from continuing operations $ 4 4..4 42 2 $ 4.19 $ 2.87 Discontinued operations – (.07) .03 Cumulative effect of change in accounting principles – – (.24) Net income per share $ 4 4..4 42 2 $ 4.12 $ 2.66 Diluted  Income from continuing operations $ 4 4..1 10 0 $ 3.89 $ 2.83 Discontinued operations – (.06) .03 Cumulative effect of change in accounting principles – – (.23) Net income per share $ 4 4..1 10 0 $ 3.83 $ 2.63 The accompanying notes are an integral part of these consolidated financial statements. 52