bunge 2004 annual report our decentralized approach  makes us agile and responsive bunge’s integrated operations enable us to increase spotlight on leadership development efficiency and capture value at many points along the food  production chain. Our approach–a decentralized organization  linked by a common mission and shared values–keeps us  focused and agile enough to take advantage of opportunities  quickly and decisively. Bunge is the only fully integrated fertilizer manufacturer in  Brazil. Our local phosphate mines allow us to reduce logistics  costs and ensure reliable supply. Integrating our fertilizer and  agribusiness operations enables us to provide complete service  to farmers, improve cash flow, lower risk and secure the large  volume of agricultural products that make our asset base  perform efficiently. Integration allows us to source products from multiple  regions and ensure product availability for customers.  Because we manage the food production chain from origin to  destination, we can minimize shipment time while ensuring  traceability and quality. The assets and information technology of Bunge’s logistics  network create additional linkages among our businesses.  We continually make improvements to the network. The results  are tangible. We generated around $10 million in savings by  increasing backhauls, improving turn times in ports, and  optimizing freight and port capacity utilization. Our company is decentralized. We maintain a small corporate  headquarters and keep operational decision making at the  local level, where market sensitivity is greatest. We believe  that a common mission and shared values can guide and  motivate our team more effectively than hierarchy. We fi nd  that this approach increases our speed, agility and creativity. Downstream integration creates similar advantages. Our  agribusiness operations provide low-cost inputs for our food  products business and, at the same time, our bottled oils  and commercial products capture end-customer demand  that helps to drive the entire production chain. Fertilizer Nutrients Retail Products and Services Agribusiness Grain  Origination Oilseed  Processing Food Products Food  Processing Retail and Consumer value through integration 20 leadership development program, st. louis, usa