bunge 2004 annual report five-year summary of selected financial data 28 (a) See page 36 for a reconciliation of total segment operating profit to income from continuing operations before income tax and minority interest, which is the U.S. GAAP financial measure most directly comparable to total segment operating profit. (b) Operating working capital equals current assets (excluding cash and cash equivalents, marketable securities and readily marketable inventories) less current liabilities (excluding short-term debt and current maturities of long-term debt). (c) Readily marketable inventories are agricultural commodities inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. (d) The following is a reconciliation of adjusted net financial debt, which is the U.S. GAAP financial measure most directly comparable to adjusted net financial debt. At December 31,  (US$ in millions) 2004 2003 2002 2001 2000 Short-term debt $$ 554411 $ 889 $ 1,250 $ 803 $ 1,268 Long-term debt, including current maturities 22,,774400 2,505 2,153 1,010 1,257 Total debt 33,,228811 3,394 3,403 1,813 2,525 Less –  Cash and cash equivalents and marketable securities 444466 502 482 205 484 Readily marketable inventories 11,,226644 1,846 1,517 764 799 Adjusted net financial debt $$ 11,,557711 $ 1,046 $ 1,404 $ 844 $ 1,242 (e) Calculated using fully diluted earnings per share. 2003 excludes an after tax gain on sale of the Brazilian soy ingredients business of $111 millions, or $1.10 per share fully diluted. Year Ending December 31, (US$ millions, except share data) 2004 2003 2002 2001 2000 consolidated summary of operations Volumes (In millions of metric tons) 1 10 09 9 106 86 71 60 Net sales $ $ 2 25 5,,1 16 68 8 $ 22,165 $ 13,882 $ 11,302 $ 9,500 Gross profit 1 1,,8 88 86 6 1,305 1,338 971 688 Total segment operating profit (a) 8 85 50 0 618 521 311 84 Interest, net ((6 65 5)) (79) (74) (94) (86) Interest on readily marketable inventories ((4 46 6)) (34) (31) (38) (52) Foreign exchange ((3 31 1)) 92 (179) (148) (116) Gain on sale of soy ingredients business – 111 – – – Other income (expense)—net 3 31 1 19 6 (4) 7 Income from continuing operations before income tax and minority interest 9 90 04 4 723 481 264 66 Income tax expense ((2 28 89 9)) (201) (104) (68) (12) Minority interest ((1 14 46 6)) (104) (102) (72) (37) Income from continuing operations 4 46 69 9 418 275 124 17 Discontinued operations, net of tax – (7) 3 3 (5) Cumulative effect of change in accounting principle, net of tax – – (23) 7 – Net income $ 4 46 69 9 $ 411 $ 255 $ 134 $ 12 Earnings per common share—basic: Income from continuing operations $ 4 4..4 42 2 $ 4.19 $ 2.87 $ 1.73 $ .26 Discontinued operations – (.07) .03 .04 (.07) Cumulative effect of change in accounting principle – – (.24) .10 – Net income per share—basic $ 4 4..4 42 2 $ 4.12 $ 2.66 $ 1.87 $ .19 Earnings per common share—diluted: Income from continuing operations $ 4 4..1 10 0 $ 3.89 $ 2.83 $ 1.72 $ .26 Discontinued operations – (.06) .03 .04 (.07) Cumulative effect of change in accounting principle – – (.23) .10 – Net income per share—diluted $ 4 4..1 10 0 $ 3.83 $ 2.63 $ 1.86 $ .19 financial position December 31, Cash and cash equivalents and marketable securities $ 4 44 46 6 $ 502 $ 482 $ 205 $ 484 Operating working capita (b) 1 1,,7 73 37 7 1,150 1,155 952 920 Readily marketable inventories (c) 1 1,,2 26 64 4 1,846 1,517 764 799 Property, plant and equipment, net 2 2,,5 53 36 6 2,090 2,056 1,669 1,678 Total assets 1 10 0,,9 90 07 7 9,884 8,349 5,443 5,854 Short-term debt 5 54 41 1 889 1,250 803 1,268 Long-term debt, including current portion 2 2,,7 74 40 0 2,505 2,153 1,010 1,257 Adjusted net financial debt (d) 1 1,,5 57 71 1 1,046 1,404 844 1,242 Minority interest in subsidiaries 2 28 80 0 554 495 493 543 Shareholders’ equity $ 3 3,,3 37 75 5 $ 2,377 $ 1,472 $ 1,376 $ 1,139 Shares issued and outstanding 1 11 10 0,,6 67 71 1,,4 45 50 0 99,908,318 99,332,233 83,155,100 64,380,000 other data Weighted average number of shares outstanding: Basic 1 10 06 6,,0 01 15 5,,8 86 69 9 99,745,825 95,895,338 71,844,895 64,380,000 Diluted 1 11 15 5,,6 67 74 4,,0 05 56 6 108,654,027 97,395,005 72,004,754 64,380,000 Shareholders’ equity per share $ 3 30 0..5 50 0 $ 23.79 $ 14.82 $ 16.55 $ 17.69 Price earnings ratio (e) 1 14 4 11 9 13 n/a Current ratio 1 1..7 7 1.6 1.4 1.4 1.2 Cash flow from operations $ 8 80 02 2 $ (41) $ 128 $ 205 $ (527) Depreciation, depletion and amortization 2 21 12 2 184 168 163 143 Capital expenditures, excluding acquisitions $ ((4 43 37 7)) $ (304) $ (240) $ (226) $ (176)