<SUBMISSION>
<ACCESSION-NUMBER>0000947871-01-500493
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20010810
<FILING-DATE>20010810
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BUNGE LTD
<CIK>0001144519
<ASSIGNED-SIC>2070
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>6-K
<ACT>34
<FILE-NUMBER>001-16625
<FILM-NUMBER>1705203
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 MAIN STREET
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10606
<PHONE>9146842800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 MAIN STREET
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10606
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_080901.txt
<DESCRIPTION>FORM 6-K
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 6-K

                            Report of Foreign Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


                                 August 10, 2001


                                  BUNGE LIMITED
                 (Translation of registrant's name into English)

                                 50 Main Street
                          White Plains, New York 10606
                    (Address of principal executive offices)


         (Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)


         Form 20-F   X                      Form 40-F
                  --------                           ---------


         (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)



         Yes                                No        X
             ------------                      ---------------


<PAGE>


                                  BUNGE LIMITED

                                INDEX TO FORM 6-K


                                                                            Page
                                                                            ----
FINANCIAL STATEMENTS                                                          2

     Consolidated Balance Sheets at December 31, 2000 and June 30, 2001       2

     Consolidated Interim Statements of Income for the Three Months
        Ended and Six Months Ended June 30, 2000 and 2001                     3

     Consolidated Interim Statements of Cash Flows for the Six Months
        Ended June 30, 2000 and 2001                                          4

     Notes to Consolidated Interim Financial Statements                       5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
    AND RESULTS OF OPERATIONS                                                 12

     Disclosure Regarding Forward-Looking Information                         12

     Results of Operations                                                    12

     Liquidity and Capital Resources                                          19

     Other Matters                                                            20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                    21

SIGNATURES                                                                    22

EXHIBIT 99.1: PRESS RELEASE DATED AUGUST 10, 2001




                                       1
<PAGE>

<TABLE>
<CAPTION>


FINANCIAL STATEMENTS


                         BUNGE LIMITED AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

             (United States Dollars in Millions, except share data)


                                                                                         December 31,         June 30,
                                                                                             2000               2001
                                                                                       ------------------  ----------------
                                                                                                             (Unaudited)
                                        ASSETS
<S>                                                                                       <C>                 <C>
Current assets:
   Cash and cash equivalents......................................................        $    423            $    231
   Marketable securities ($0 and $62 restricted, Note 8)..........................              61                 112
   Trade accounts receivable (less allowance of $59 and $59)......................             873                 700
   Inventories (Note 3)...........................................................           1,311               1,777
   Recoverable taxes..............................................................             225                 177
   Deferred income taxes .........................................................              21                  24
   Other current assets ..........................................................             513                 317
                                                                                       ------------------  ----------------
Total current assets..............................................................           3,427               3,338
                                                                                       ------------------  ----------------
Property, plant and equipment, net ...............................................           1,859               1,691
Goodwill and other intangible assets, net.........................................             200                 193
Investments in affiliates.........................................................              54                  53
Deferred income taxes ............................................................             169                 148
Other non-current assets..........................................................             145                 162
                                                                                       ------------------  ----------------
Total assets......................................................................         $ 5,854             $ 5,585
                                                                                       ==================  ================

                         LIABILITIES AND SHAREHOLDER'S EQUITY

Current liabilities:
   Short-term debt................................................................         $ 1,268             $ 1,455
   Current portion of long-term debt .............................................             254                 248
   Trade accounts payable.........................................................             839                 783
   Other current liabilities......................................................             385                 341
                                                                                       ------------------  ----------------
Total current liabilities.........................................................           2,746               2,827
                                                                                       ------------------  ----------------
Long-term debt (Note 8)...........................................................           1,003                 878
Deferred income taxes.............................................................             141                 125
Other non-current liabilities ....................................................             282                 247

Commitments and contingencies (Note 6)............................................

Minority interest in subsidiaries................................................              543                 462

Shareholder's equity:
   Common stock, par value $.01; 240,000,000 authorized, 64,380,000
       issued and outstanding shares and additional paid-in capital...............           1,429               1,429
   Shareholder receivable (Note 5)................................................            (126)               (108)
   Retained earnings..............................................................             309                 338
   Accumulated other comprehensive loss...........................................            (473)               (613)
                                                                                       ------------------  ----------------
Total shareholder's equity........................................................           1,139               1,046
                                                                                       ------------------  ----------------
Total liabilities and shareholder's equity........................................         $ 5,854             $ 5,585
                                                                                       ==================  ================

The accompanying notes are an integral part of these consolidated interim financial statements.


</TABLE>

                                       2
<PAGE>
<TABLE>
<CAPTION>


                         BUNGE LIMITED AND SUBSIDIARIES

                    CONSOLIDATED INTERIM STATEMENTS OF INCOME

             (United States Dollars in Millions, except share data)

                                                                             Three Months Ended               Six Months Ended
                                                                                  June 30,                        June 30,
                                                                        -----------------------------  -----------------------------
                                                                            2000            2001           2000            2001
                                                                        --------------  -------------  --------------  -------------
                                                                                 (Unaudited)                    (Unaudited)
<S>                                                                         <C>             <C>            <C>             <C>
Net sales............................................................       $ 2,284         $ 2,689        $ 4,289         $ 5,161
Cost of goods sold...................................................         2,122           2,479          4,033           4,795
                                                                        --------------  -------------  --------------  -------------

Gross profit.........................................................           162             210            256             366
Selling, general and administrative expenses.........................           108             112            188             194
                                                                        --------------  -------------  --------------  -------------

Income from operations...............................................            54              98             68             172
Non-operating income (expense) - net (Note 7)........................           (65)            (59)           (77)           (132)
                                                                        --------------  -------------  --------------  -------------

Income (loss) before income tax, minority interest, discontinued
   operations and cumulative effect of change in accounting
   principle.........................................................           (11)             39             (9)             40
Income tax (expense) benefit.........................................             4              (4)             3              (4)
                                                                        --------------  -------------  --------------  -------------

Income (loss) before minority interest, discontinued operations
   and cumulative effect of change in accounting principle...........            (7)             35             (6)             36
Minority interest....................................................             1             (12)            (5)            (17)
                                                                        --------------  -------------  --------------  -------------

Income (loss) before discontinued operations and cumulative
   effect of change in accounting principle..........................            (6)             23            (11)             19
Discontinued operations  (Note 4)
   Loss from discontinued operations, net of tax benefit of $0.......            (1)              -             (4)              -
   Gain on disposal of discontinued operations, net of tax of $0.....             -               -              -               3
                                                                        --------------  -------------  --------------  -------------

Income (loss) before cumulative effect of change in accounting
   principle.........................................................            (7)             23            (15)             22
Cumulative effect of change in accounting principle, net of tax
   of $4 (Note 2)....................................................             -               -              -               7
                                                                        --------------  -------------  --------------  -------------

Net income (loss)....................................................       $    (7)         $   23        $   (15)        $    29
                                                                        ==============  =============  ==============  =============

Earnings per common share - basic and diluted:
Income (loss) before discontinued operations and cumulative effect
   of change in accounting principle.................................       $  (.09)        $   .36        $  (.17)        $   .30
Discontinued operations..............................................          (.02)              -           (.06)            .04
Cumulative effect of change in accounting principle..................             -               -              -             .11
                                                                        --------------  -------------  --------------  -------------

Net income (loss) per share..........................................       $  (.11)        $   .36        $  (.23)        $   .45
                                                                        ==============  =============  ==============  =============

Weighted-average number of shares outstanding - basic and diluted....    64,380,000      64,380,000     64,380,000      64,380,000
                                                                        ==============  =============  ==============  =============

The accompanying notes are an integral part of these consolidated interim financial statements.


</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>


                         BUNGE LIMITED AND SUBSIDIARIES

                  CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

                       (United States Dollars in Millions)


                                                                                                Six Months Ended
                                                                                                    June 30,
                                                                                      -------------------------------------
                                                                                            2000               2001
                                                                                      -----------------  ------------------
                                                                                                  (Unaudited)
<S>                                                                                          <C>                 <C>
OPERATING ACTIVITIES
Net income (loss).................................................................           $ (15)              $ 29
Adjustment to reconcile net income to cash (used for) provided
   by operating activities:
     Unrealized foreign exchange gain ............................................             (18)                (1)
     Unrealized gain on marketable securities.....................................              (3)                 -
     Bad debt expense.............................................................               5                 13
     Depreciation, depletion and amortization.....................................              63                 78
     Deferred income taxes........................................................             (15)               (17)
     Gain on sale of property, plant and equipment and investments................              (6)                (3)
     Discontinued operations......................................................               4                 (3)
     Minority interest............................................................               5                 17
     Changes in operating assets and liabilities, excluding the effects of
     acquisitions:
        Marketable securities.....................................................               -                 11
        Trade accounts receivable.................................................            (118)                59
        Inventories...............................................................            (648)              (586)
        Recoverable taxes.........................................................              (9)                21
        Trade accounts payable....................................................              19                 24
        Other - net...............................................................             164                111
                                                                                      -----------------  ------------------
           Cash used for operating activities.....................................            (572)              (247)

INVESTING ACTIVITIES
Payments made for capital expenditures............................................             (77)              (105)
Purchase of marketable securities.................................................               -                (62)
Proceeds from disposal of property, plant and equipment...........................               4                  6
Proceeds from sale of discontinued operations.....................................               -                 58
Business acquisitions, net of cash acquired.......................................             (53)                (4)
Repayments of (investments in) related party loans................................             154                  -
                                                                                      -----------------  ------------------
           Cash provided by (used for) investing activities.......................              28               (107)

FINANCING ACTIVITIES
Net change in short-term debt.....................................................             568                290
Proceeds from long-term debt......................................................             215                 36
Repayment of long-term debt.......................................................            (200)              (106)
Dividends paid to minority interest...............................................              (8)               (16)
Proceeds from shareholder loan....................................................               -                 18
Capital contributions from minority interest......................................               9                  -
                                                                                      -----------------  ------------------
           Cash provided by financing activities..................................             584                222
Effect of exchange rate changes on cash and cash equivalents......................              (3)               (60)
                                                                                      -----------------  ------------------

Net increase (decrease) in cash and cash equivalents..............................              37               (192)
Cash and cash equivalents, beginning of period....................................             363                423
                                                                                      -----------------  ------------------
Cash and cash equivalents, end of period..........................................           $ 400               $231
                                                                                      =================  ==================

The accompanying notes are an integral part of these consolidated interim financial statements.


</TABLE>



                                       4
<PAGE>


                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


1.   BASIS OF PRESENTATION

           The accompanying unaudited interim consolidated financial statements
     of Bunge Limited and subsidiaries (Bunge) have been prepared in accordance
     with United States of America generally accepted accounting principles for
     interim financial information and with the instructions to Form 10-Q and
     Article 10 of Regulation S-X. Accordingly, they do not include all of the
     information and footnotes required by generally accepted accounting
     principles for the complete financial statements. In the opinion of
     management, all adjustments necessary for a fair presentation have been
     included. The consolidated balance sheet at December 31, 2000 has been
     derived from Bunge's audited financial statements at that date. Operating
     results for the three and six months ended June 30, 2001 are not
     necessarily indicative of the results to be expected for the year ending
     December 31, 2001. The financial statements should be read in conjunction
     with the consolidated financial statements and notes thereto for Bunge for
     the years ended December 31, 2000, 1999, and 1998, included in our
     Registration Statement on Form F-1 (File No. 333-65026), as amended, filed
     with the Securities and Exchange Commission.


2.   NEW ACCOUNTING STANDARDS

          In July 2001, the Financial Accounting Standards Board (FASB) issued
     Statements of Financial Accounting Standards No. 141, Business Combinations
     (SFAS No. 141), and No. 142, Goodwill and Other Intangible Assets (SFAS No.
     142). SFAS No. 141 supercedes Accounting Principle Board (APB) Opinion No.
     16, "Business Combinations" and changes the accounting for business
     combinations by requiring all business combinations to be accounted for
     using the purchase method, eliminating pooling-of-interests except for
     qualifying business combinations that were initiated prior to July 1, 2001.
     SFAS No. 141 further clarifies the criteria for recognizing intangible
     assets separately from goodwill. SFAS No. 141 is effective for any business
     combination that is completed after June 30, 2001. Bunge is evaluating the
     impact SFAS No. 141 will have on its financial statements.

           SFAS No. 142 supercedes APB Opinion No. 17, "Intangible Assets" and
     changes the accounting for goodwill and other intangible assets acquired
     individually or with a group of other assets (but not those acquired in a
     business combination) by eliminating the amortization of goodwill and other
     intangible assets with indefinite lives. However, SFAS No. 142 requires
     goodwill and other intangible assets to be tested at least annually for
     impairment. Separable other intangible assets that are not deemed to have
     an indefinite life will continue to be amortized over their useful lives.
     The amortization provisions of SFAS No. 142 apply immediately to goodwill
     and intangible assets acquired after June 30, 2001. Bunge will continue to
     amortize goodwill and intangible assets acquired prior to July 1, 2001
     during the transition period of July 1, 2001 until the adoption of SFAS No.
     142 on January 1, 2002. Bunge is evaluating the impact SFAS No. 142 will
     have on its financial statements.

           Effective January 1, 2001, Bunge adopted SFAS No. 133, Accounting for
     Derivative Instruments and Hedging Activities. SFAS No. 133 established
     accounting and reporting standards for derivative instruments including
     certain derivative instruments embedded in other contracts and hedging
     activities. As a result of this adoption, Bunge's net income in the first
     quarter of 2001 increased by $7 million, net of $4 million of tax expense
     for the fair value of previously unrecognized derivative instruments. Bunge
     also recorded a loss in other comprehensive income (loss) of $(3) million,
     net of $2 million tax benefit for derivatives which hedge the variable cash
     flows of certain forecasted transactions. These adjustments are reported as
     a cumulative change in accounting principle as of January 1, 2001.

           Bunge follows a policy to reduce price risk caused by market
     fluctuations by using exchange traded futures and options contracts to
     minimize its net position of merchandisable agricultural commodity
     inventories and forward cash purchase and sale contracts. Inventories of
     merchandisable agricultural commodity inventories are stated at market
     value. Exchange-traded futures and options contracts, forward purchase
     contracts and forward


                                       5
<PAGE>



                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


2.   NEW ACCOUNTING STANDARDS (continued)

     sale contracts are valued at the quoted market price as required under SFAS
     133. Changes in the market value of inventories of merchandisable
     agricultural commodity inventories, forward purchase and sale contracts,
     and exchange-traded futures and options contracts, are recognized in
     earnings immediately as a component of cost of goods sold.

           In addition, Bunge occasionally will hedge portions of its oilseed
     processing business production requirements, including purchases of
     soybeans and sales of soybean meal and soybean oil. The instruments used
     are readily marketable exchange-traded futures contracts, which are
     designated as cash flow hedges. The changes in the market value of such
     futures contracts have historically been, and are expected to continue to
     be, highly effective at offsetting changes in price movements of the hedged
     item. Gains or losses arising from open and closed hedging transactions are
     deferred in other comprehensive income (loss), net of applicable taxes, and
     are recognized in cost of goods sold when the products associated with the
     hedged item are sold.

           Unrealized gains/losses on the exchange-traded futures and options
     contracts, forward purchase and sale contracts and foreign currency swaps
     and options are classified on the balance sheet in other current assets or
     other current liabilities, except for derivative contracts related to
     readily marketable inventories (see Note 3).


3.   INVENTORIES

          Inventories consist of the following:
<TABLE>
<CAPTION>

                                                                                December 31,             June 30,
     (US$ in millions)                                                              2000                   2001
     -----------------                                                       ------------------      ---------------
                                                                                                        (Unaudited)
     <S>                                                                        <C>                     <C>
     Agribusiness - Readily marketable inventories at market value......        $    876                $ 1,307
     Fertilizer.........................................................             298                    353
     Edible oils........................................................              60                     50
     Wheat milling and bakery...........................................              17                     44
     Other..............................................................              60                     23
                                                                            -------------------    -------------------
     Total..............................................................        $  1,311                $ 1,777
                                                                            ===================    ===================
</TABLE>

           Readily marketable inventories at market value - 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. Included in readily
     marketable inventories were unrealized gains on related derivative
     contracts of $22 million and $7 million as of June 30, 2001 and December
     31, 2000, respectively.

4.   DISCONTINUED OPERATIONS

           In March 2001, Bunge committed to a divestiture plan and sold its
     Brazilian baked goods division, Plus Vita S.A. to a third party. The
     divestiture resulted in a gain to Bunge of $3 million. The net assets of
     the division as of December 31, 2000 were $59 million and were classified
     in other current assets.

           Accordingly, the operating results for the disposed division have
     been separately classified and reported for all periods presented.


                                       6
<PAGE>

                        BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


4.   DISCONTINUED OPERATIONS (continued)

           The following table summarizes the financial information related to
     the discontinued operations of the baked goods division:

<TABLE>
<CAPTION>


                                                                  Three Months Ended                 Six Months Ended
                                                                       June 30,                          June 30,
                                                           -------------------------------  --------------------------------
        (US$ in millions)                                        2000            2001             2000             2001
        -----------------                                  --------------  ---------------  ---------------  ---------------
                                                                    (Unaudited)                       (Unaudited)
     <S>                                                      <C>              <C>             <C>              <C>
     Net sales........................................        $ 17             $ -             $ 35             $ 11

     Net loss.........................................        $ (1)            $ -             $ (4)            $  -
</TABLE>

5.   RELATED PARTY TRANSACTIONS

           Bunge recorded net interest income relating to related party loans
     totaling $1 million and $3 million for the three months ended June 30, 2001
     and 2000, respectively, and $2 million and $6 million for the six months
     ended June 30, 2001 and 2000, respectively. Shareholder's equity includes a
     long-term note receivable from Bunge's sole shareholder Bunge International
     Limited relating to a capital contribution in the amount of $108 million
     and $126 million at June 30, 2001 and December 31, 2000, respectively.

           Bunge sells soybean meal and fertilizer products to Seara Alimentos
     S.A., a subsidiary of Bunge International Limited, which is engaged in the
     business of meat and poultry production. These sales were $2 million and $4
     million for the three months ended June 30, 2001 and 2000, respectively,
     and $8 million and $6 million for the six months ended June 30, 2001 and
     2000, respectively.

6.   COMMITMENTS AND CONTINGENCIES

           Bunge is party to a number of claims and lawsuits, primarily tax and
     labor claims, arising out of the normal course of business. After taking
     into account liabilities recorded for all of the foregoing matters,
     management believes that the ultimate resolution of such matters will not
     have a material adverse affect on Bunge's financial condition, results of
     operations or liquidity. Included in other non-current liabilities as of
     June 30, 2001 and December 31, 2000 are the following accrued liabilities:

<TABLE>
<CAPTION>


                                                                                 December 31,             June 30,
     (US$ in millions)                                                              2000                    2001
     -----------------                                                     ----------------------  ----------------------
                                                                                                        (Unaudited)
     <S>                                                                          <C>                     <C>
     Tax claims......................................................             $ 131                   $ 112
     Labor claims....................................................                86                      74
     Civil and other.................................................                19                      21
                                                                           ----------------------  ----------------------
     Total...........................................................             $ 236                   $ 207
                                                                           ======================  ======================
</TABLE>

           Tax claims - The tax claims relate principally to claims against
     Bunge's Brazilian subsidiaries, including income tax claims, value added
     tax claims (ICMS and IPI) and sales tax claims (PIS and COFINS). The
     determination of the manner in which various Brazilian federal, state and
     municipal taxes apply to the operations of Bunge is subject to varying
     interpretations arising from the complex nature of Brazilian tax law as
     well as changes in tax laws introduced by the Plano Real in 1994 and the
     current Brazilian constitution established in 1988.


                                       7
<PAGE>



                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


6.   COMMITMENTS AND CONTINGENCIES (continued)

           Labor claims - The labor claims relate principally to labor claims
     against Bunge's Brazilian subsidiaries. Court rulings under Brazilian laws
     have historically been in favor of the employee-plaintiff. The labor claims
     primarily relate to dismissals, severance, health and safety, salary
     adjustments and supplementary retirement benefits.

           Civil and other - The civil and other claims relate to various
     disputes with suppliers and customers.

           Bunge has issued several direct and indirect guarantees for the
     payment of long-term loans of affiliated companies totaling approximately
     $26 million as of June 30, 2001 and December 31, 2000. Management believes
     that these guarantees will not adversely affect Bunge's financial
     condition, results of operations or liquidity.


7.   NON-OPERATING INCOME (EXPENSE) - NET

           Non-operating income (expense) - net consists of income and (expense)
     items as follows:
<TABLE>
<CAPTION>

                                                                   Three Months Ended                 Six Months Ended
                                                                        June 30,                          June 30,
                                                             --------------------------------  -------------------------------
     (US$ in millions)                                            2000             2001            2000             2001
     -----------------                                       ---------------  ---------------  --------------  ---------------
                                                                       (Unaudited)                      (Unaudited)
     <S>                                                            <C>              <C>             <C>            <C>
     Interest income....................................            $  40            $  31           $   71         $    72
     Interest expense...................................              (65)             (54)            (101)           (116)
     Interest expense on readily marketable inventories               (10)             (10)             (24)            (21)
     Foreign exchange...................................              (35)             (28)             (32)            (71)
     Other income.......................................                5                2                9               4
                                                             ---------------  ---------------  --------------  ---------------
     Total non-operating income (expense) - net.........            $ (65)           $ (59)          $  (77)         $ (132)
                                                             ===============  ===============  ==============  ===============
</TABLE>


           Interest expense on readily marketable inventories - 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. Bunge
     attributes interest expense to these inventories based on the average
     interest rates incurred on the short-term debt used to finance these
     inventories.


8.   LONG-TERM DEBT

           In June 2001, Bunge defeased $60 million of outstanding long-term
     debt by depositing $62 million in U.S. treasury securities which are
     expected to be sufficient to make payments of interest and principal on the
     scheduled payment dates in trust for the benefit of the lenders. These
     funds will be held in trust until the final maturity of the debt in 2003,
     and thus their use is restricted. The securities are included in marketable
     securities on the consolidated balance sheet. These restricted securities
     are classified as held to maturity and are reported at cost plus accrued
     interest.


                                       8
<PAGE>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


9.   COMPREHENSIVE INCOME (LOSS)

           The following table summarizes the components of comprehensive income
     (loss):
<TABLE>
<CAPTION>

                                                                   Three Months Ended                Six Months Ended
                                                                        June 30,                         June 30,
                                                             -------------------------------  --------------------------------
     (US$ in millions)                                            2000            2001             2000             2001
     -----------------                                       ---------------  --------------  ---------------  ---------------
                                                                      (Unaudited)                       (Unaudited)

     <S>                                                        <C>                <C>             <C>            <C>
     Net income (loss)..................................        $   (7)            $  23           $ (15)          $   29
     Other comprehensive income (loss):
       Foreign exchange translation adjustment..........           (26)              (55)            (19)            (139)
       Cumulative effect of a change in accounting
         principle, net of tax of $2....................             -                 -                -              (3)
       Unrealized gain on commodity futures,
         net of tax of $1...............................             -                 -                -               2
                                                             ---------------  --------------  ---------------  ---------------
     Total comprehensive loss...........................       $  (33)            $ (32)          $ (34)          $ (111)
                                                             ===============  ==============  ===============  ===============
</TABLE>

10.  SHAREHOLDER'S EQUITY

           Between July 5, 2001 and July 12, 2001, Bunge's Board of Directors
     approved: (i) the exchange of 12,000 common shares, par value $1.00 per
     share, for 1.2 million common shares, par value $.01 per share with Bunge
     International, (ii) the declaration and payment of a 52.65-for-1 share
     dividend, (iii) an increase in Bunge's authorized share capital to 240
     million common shares, par value $.01 per share, (iv) the authorization of
     9,760,000 of undesignated preference shares and (v) the authorization of
     240,000 of Series A Preference Shares.

           The common share data presented herein have been restated for all
     periods to reflect the effects of the share exchange and share dividend
     described above.


11.  SEGMENT INFORMATION

           Bunge has five reporting segments, which are organized based upon
     similar economic characteristics and are similar in nature of products and
     services offered, the nature of production processes, the type and class of
     customer and distribution methods. The agribusiness segment is
     characterized by both inputs and outputs being agricultural commodities and
     thus high volume and low margin. The activities of the fertilizer segment
     include raw material mining, mixing fertilizer components and marketing
     products. The edible oil products segment involves the manufacturing and
     marketing of products derived from vegetable oils. The wheat milling and
     bakery products segment involves the manufacturing and marketing of
     products derived primarily from wheat. The other segment consists of the
     soy ingredients and corn products businesses.

           The "Unallocated" column in the following table contains the
     reconciliation between the totals for reportable segments and Bunge
     consolidated totals, which consists primarily of corporate items not
     allocated to the operating segments and intersegment eliminations.
     Transfers between the segments are generally valued at market. The revenues
     generated from these transfers are shown in the following table as
     "Intersegment revenues."


                                       9
<PAGE>


                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


11.  SEGMENT INFORMATION (continued)

     Operating Segment Information
<TABLE>
<CAPTION>

                                                                                     Wheat
                                                                                    Milling
                                                                                      and
                                                                      Edible Oil     Bakery
    (US$ in millions)                    Agribusiness   Fertilizers    Products     Products     Other      Unallocated     Total
    -----------------                    ------------   -----------    --------     --------     ------     ------------    ------
                                                                             (Unaudited)
    <S>                                      <C>            <C>           <C>         <C>          <C>        <C>           <C>
    Three months ended June 30,
    2000
    Net sales to external customers.         $1,489         $280          $277        $132         $106       $    -        $2,284
    Intersegment revenues...........             70            -             -           -            -          (70)            -
    Gross profit....................             71           36            35          16            4            -           162
    Income from operations..........             34           11             9           1            -           (1)           54
    EBITDA (1)......................             47           25            15           5            2            -            94
    Depreciation, depletion and
    amortization....................             13           14             6           4            2            1            40

    Three months ended June 30,
    2001
    Net sales to external customers.          2,021          245           222         135           66            -         2,689
    Intersegment revenues...........            103            -             -           -            -         (103)            -
    Gross profit....................            110           47            27          15           11            -           210
    Income from operations..........             63           24             2           4            4            1            98
    EBITDA (1)......................             76           40             6           8            6            2           138
    Depreciation, depletion and
    amortization...................              13           16             4           4            2            1            40

    Six months ended June 30,
    2000
    Net sales to external customers.          2,896          409           546         265          173            -         4,289
    Intersegment revenues...........             92            -             -           -            -          (92)            -
    Gross profit....................             82           54            73          36           11            -           256
    Income from operations..........             17           24            23           6            3           (5)           68
    EBITDA (1)......................             41           41            32          13            8           (4)          131
    Depreciation, depletion and
    amortization...................              24           17             9           7            5             1           63

    Six months ended June 30,
    2001
    Net sales to external customers.          3,786          528           439         257          151            -         5,161
    Intersegment revenues...........            139            -             -           -            -         (139)            -
    Gross profit....................            179           85            54          28           20            -           366
    Income from operations..........             98           50            11           6           10           (3)          172
    EBITDA (1)......................            122           83            20          12           15           (2)          250
    Depreciation, depletion and
    amortization....................             24           33             9           6            5            1            78

</TABLE>

----------------------------------
(1)  Earnings before interest, taxes, depreciation and amortization, ("EBITDA")
     equals income from operations plus depreciation, depletion and
     amortization.


                                       10
<PAGE>


                       BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


12.  SUBSEQUENT EVENTS

              On August 6, 2001, Bunge International Limited effected a series
     of transactions that resulted in the pro rata distribution of the common
     shares of Bunge to the shareholders of Bunge International Limited. Prior
     to August 6, 2001, all of the common shares of Bunge were owned by Bunge
     International Limited, a privately held company incorporated in Bermuda.

              On August 7, 2001, Bunge sold 17,600,000 of its common shares, par
     value $.01, at an offering price of $16 per share in an initial public
     offering. Proceeds from the offering less underwriting discounts,
     commissions and expenses were approximately $261 million. The net proceeds
     were used to reduce indebtedness under Bunge's commercial paper program.


                                       11
<PAGE>


                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         This report contains both historical and forward-looking statements.
All statements, other than statements of historical fact are, or may be deemed
to be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "expect," "anticipate," "believe," "intend," "estimate" and
"continue" and similar expressions. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that could cause our
actual results, performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. The
following important factors, among others, could affect future results, causing
them to differ materially from those expressed in our forward-looking
statements: estimated demand for commodities and other products that we sell and
use in our business; industry conditions, including the cyclicality of the
agribusiness industry; economic conditions in Brazil and Argentina; and other
economic, business, competitive and/or regulatory factors affecting our business
generally. The forward-looking statements included in this report are made only
as of the date of this report, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.


RESULTS OF OPERATIONS

         A summary of certain items in our consolidated statements of income and
volumes by reportable segment for the periods indicated follows.
<TABLE>
<CAPTION>

                                                           Three Months                         Six Months
                                                          Ended June 30,                      Ended June 30,
                                                   ----------------------------        ----------------------------
                                                      2000              2001              2000              2001
                                                   ----------        ----------        ----------        ----------
                                                                (US$ in millions, except volumes)
<S>                                                 <C>               <C>               <C>              <C>
Net sales:
Agribusiness................................        $ 1,489           $ 2,021           $ 2,896          $ 3,786
Fertilizer..................................            280               245               409              528
Edible oil products.........................            277               222               546              439
Wheat milling and bakery products...........            132               135               265              257
Other.......................................            106                66               173              151
                                                   ----------        ----------        ----------        ----------
           Total............................        $ 2,284           $ 2,689           $ 4,289          $ 5,161
                                                   ==========        ==========        ==========        ==========

Cost of goods sold:
Agribusiness................................        $ 1,418           $ 1,911           $ 2,814          $ 3,607
Fertilizer..................................            244               198               355              443
Edible oil products.........................            242               195               473              385
Wheat milling and bakery products...........            116               120               229              229
Other.......................................            102                55               162              131
                                                   ----------        ----------        ----------        ----------
           Total............................        $ 2,122           $ 2,479           $ 4,033          $ 4,795
                                                   ==========        ==========        ==========        ==========
</TABLE>


                                       12
<PAGE>

<TABLE>
<CAPTION>

                                                           Three Months                         Six Months
                                                          Ended June 30,                      Ended June 30,
                                                   ----------------------------        ----------------------------
                                                      2000              2001              2000              2001
                                                   ----------        ----------        ----------        ----------

<S>                                                 <C>               <C>               <C>              <C>
Gross profit:
Agribusiness................................        $    71           $   110           $    82          $   179
Fertilizer..................................             36                47                54               85
Edible oil products.........................             35                27                73               54
Wheat milling and bakery products...........             16                15                36               28
Other.......................................              4                11                11               20
                                                   ----------        ----------        ----------        ----------
           Total............................        $   162           $   210           $   256          $   366
                                                   ==========        ==========        ==========        ==========


Selling, general and administrative
expenses:
Agribusiness................................        $    37           $    47           $    65          $    81
Fertilizer..................................             25                23                30               35
Edible oil products.........................             26                25                50               43
Wheat milling and bakery products...........             15                11                30               22
Other.......................................              4                 7                 8               10
Unallocated.................................              1                (1)                5                3
                                                   ----------        ----------        ----------        ----------
           Total............................        $   108           $   112           $   188          $   194
                                                   ==========        ==========        ==========        ==========


Income from operations:
Agribusiness................................        $    34           $    63           $    17          $    98
Fertilizer..................................             11                24                24               50
Edible oil products.........................              9                 2                23               11
Wheat milling and bakery products...........              1                 4                 6                6
Other.......................................              -                 4                 3               10
Unallocated other...........................             (1)                1                (5)              (3)
                                                   ----------        ----------        ----------        ----------
           Total............................        $    54           $    98           $    68          $   172
                                                   ==========        ==========        ==========        ==========


Net income (loss)...........................        $   (7)           $    23           $   (15)         $    29

Volumes (in millions of metric tons):
Agribusiness................................           14.8              14.8              24.0             25.9
Fertilizer..................................            1.8               1.7               2.5              3.3
Edible oil products.........................             .4                .4                .8               .8
Wheat milling and bakery products...........             .5                .5                .9              1.0
Other.......................................             .1                .4                .2               .5
                                                   ----------        ----------        ----------        ----------
           Total............................           17.6              17.8              28.4             31.5
                                                   ==========        ==========        ==========        ==========

</TABLE>


Three Months Ended June 30, 2001 Compared to Three Months June 30, 2000

         Net sales. Net sales increased by $405 million, or 17.7%, to $2,689
million for the three months ended June 30, 2001 from $2,284 million for the
three months ended June 30, 2000.

         Net sales in our agribusiness segment increased by $532 million, or
35.7%, to $2,021 million for the three months ended June 30, 2001 from $1,489
million for the three months ended June 30, 2000. Agribusiness segment net sales
increased primarily due to higher average prices for soybeans, soybean meal and
soybean oil, which we collectively refer to as soy commodity products. Average
selling prices of soy commodity products were higher due to increased demand for
soybean meal resulting from the recent European ban on the use of meat and bone
meal in animal feed. In addition, average selling prices for soybean oil have
recently increased due to changes in import tariffs in India favoring soybean
oil over palm oil and expectations of a reduction in palm oil production.

                                       13
<PAGE>

         Net sales in our fertilizer segment decreased by $35 million, or 12.5%,
to $245 million for the three months ended June 30, 2001 from $280 million for
the three months ended June 30, 2000. Fertilizer segment net sales declined
primarily due to lower average selling prices and lower sales volumes. The
decline in average selling prices was primarily due to lower raw material costs.
The decline in sales volumes was due to delays in farmer purchases of our
fertilizer products caused by uncertainty with respect to expected prices the
farmers will receive from the crops that will be planted in the third quarter of
2001.

         Net sales in our edible oil products segment decreased by $55 million,
or 19.9%, to $222 million for the three months ended June 30, 2001 from $277
million for the three months ended June 30, 2000. This decrease in net sales was
primarily due to decreases in average selling prices of our edible oil products
in 2001. The decline in average selling prices was attributable to the adverse
effects of the real devaluation in the second quarter of 2001 and competitive
pressures in our markets.

         Net sales in our wheat milling and bakery products segment increased by
$3 million, or 2.3%, to $135 million for the three months ended June 30, 2001
from $132 million for the three months ended June 30, 2000. This increase in net
sales was primarily due to higher sales volumes, partially offset by lower
average selling prices. The decline in average selling prices was attributable
to the adverse effects of the real devaluation in the second quarter of 2001.

         Net sales in our other segment decreased by $40 million, or 37.7%, to
$66 million for the three months ended June 30, 2001 from $106 million for the
three months ended June 30, 2000. Net sales in our soy ingredients business
increased but were offset in part by a decline in net sales in our corn products
business. Net sales in our soy ingredients business increased due to higher
sales volumes, partially offset by lower average selling prices. Net sales in
corn products decreased primarily due to lower sales volumes caused by a labor
strike at our Danville, Illinois facility. The labor strike was settled in
August 2001.

         Cost of goods sold. Cost of goods sold increased by $357 million, or
16.8%, to $2,479 million for the three months ended June 30, 2001 from $2,122
million for the three months ended June 30, 2000. Included in cost of goods sold
were $40 million of depreciation, depletion and amortization expenses for the
three months ended June 30, 2001 and June 30, 2000.

         Cost of goods sold in our agribusiness segment increased by $493
million, or 34.8%, to $1,911 million for the three months ended June 30, 2001
from $1,418 million for the three months ended June 30, 2000. This increase was
primarily due to higher average soy commodity product prices and higher energy
costs.

         Cost of goods sold in our fertilizer segment decreased by $46 million,
or 18.9%, to $198 million for the three months ended June 30, 2001 from $244
million for the three months ended June 30, 2000. This decrease was primarily
due to lower raw material costs.

         Cost of goods sold in our edible oil products segment decreased by $47
million, or 19.4%, to $195 million for the three months ended June 30, 2001 from
$242 million for the three months ended June 30, 2000. This decline was
primarily due to the real devaluation and lower raw material costs, partially
offset by higher energy costs.

         Cost of goods sold in our wheat milling and bakery products segment
increased by $4 million, or 3.4%, to $120 million for the three months ended
June 30, 2001 from $116 million for the three months ended June 30, 2000. This
increase was primarily due to higher sales volumes, partially offset by the
effects of the real devaluation.

         Cost of goods sold in our other segment decreased by $47 million, or
46.1%, to $55 million for the three months ended June 30, 2001 from $102 million
for the three months ended June 30, 2000. This decline was primarily due to
lower sales volumes in our corn products business as a result of the labor
strike at our Danville facility.

         Gross profit. Gross profit increased by $48 million, or 29.6%, to $210
million for the three months ended June 30, 2001 from $162 million for the three
months ended June 30, 2000.

         Gross profit in our agribusiness segment increased by $39 million, or
54.9%, to $110 million for the three months ended June 30, 2001 compared to $71
million for the three months ended June 30, 2000. The increase was primarily due
to improved profitability in our grain origination, oilseed processing and
international marketing business lines. The improvement in gross profit in each
of our business lines was due to higher gross profit margins that resulted from
industry-wide capacity reductions, including our own restructuring initiatives,
effected in the second half of 2000, and increased demand for soybean meal
resulting from the recent European ban on the use of meat and bone meal in
animal feed. In addition, average selling prices for soybean oil have recently
increased due to changes in import tariffs in India favoring soybean oil over
palm oil and the expectations of a reduction in palm oil production.

                                       14
<PAGE>


         Fertilizer segment gross profit increased by $11 million, or 30.6%, to
$47 million for the three months ended June 30, 2001 from $36 million for the
three months ended June 30, 2000. The increase was primarily due to lower raw
material costs.

         Gross profit in our edible oil products segment decreased by $8
million, or 22.9%, to $27 million for the three months ended June 30, 2001 from
$35 million for the three months ended June 30, 2000. The decrease was primarily
due to the effects of the real devaluation, partially offset by lower raw
material costs.

         Gross profit in our wheat milling and bakery products segment decreased
by $1 million, or 6.3%, to $15 million for the three months ended June 30, 2001
from $16 million for the three months ended June 30, 2000. The decrease was due
to the effects of the real devaluation and lower average selling prices.

         Gross profit in our other segment increased by $7 million, or 175%, to
$11 million for the three months ended June 30, 2001 from $4 million for the
three months ended June 30, 2000. The increase was due to higher sales volumes
in our soy ingredients business and lower operating expenses in our corn
products business as a result of the labor strike at our Danville facility.

         Selling, general and administrative expenses. Selling, general and
administrative expenses, or SG&A, increased by $4 million, or 3.7%, to $112
million for the three months ended June 30, 2001 from $108 million for the three
months ended June 30, 2000. SG&A increased by $10 million in our agribusiness
segment principally due to the growth of our international marketing operations.
SG&A increased in our other segment primarily due to higher sales volumes in our
soy ingredients business. SG&A decreased in our fertilizer, edible oil products
and wheat milling and bakery products segments primarily due to the effects of
the real devaluation and our cost reduction programs.

         Income from operations. Income from operations increased by $44
million, or 81.5%, to $98 million for the three months ended June 30, 2001 from
$54 million for the three months ended June 30, 2000. The increase was primarily
due to higher agribusiness segment gross profit and lower raw material costs in
our fertilizer segment. Edible oil products segment income from operations
declined primarily due to the adverse effects of the real devaluation. Income
from operations in our wheat milling and bakery products segment increased due
to lower SG&A expenses. Income from operations also increased in our other
segment due to higher sales volumes in our soy ingredients business and lower
operating expenses in our corn products business.

         Non-operating items. A summary of significant non-operating items for
the periods indicated follows.

<TABLE>
<CAPTION>
                                                                             Three Months
                                                                            Ended June 30,
                                                                      ----------------------------
                                                                          2000          2001
                                                                      ----------------------------
                                                                           (US$ in millions)
         <S>                                                               <C>           <C>
         Interest income...........................................        $  40         $  31
         Interest expense..........................................          (65)          (54)
         Interest expense on readily marketable inventories........          (10)          (10)
         Foreign exchange..........................................          (35)          (28)
         Other income..............................................            5             2
                                                                      ----------------------------
                           Total...................................        $ (65)        $ (59)
                                                                      ============================
</TABLE>


         Interest income decreased by $9 million to $31 million for the three
months ended June 30, 2001 from $40 million for the three months ended June 30,
2000, primarily due to lower levels of invested cash and lower short-term
investments. Interest expense decreased by $11 million to $54 million for the
three months ended June 30, 2001 from $65 million for the three months ended
June 30, 2000, primarily due to lower levels of long-term debt. In addition,
average interest rates on our debt for the three months ended June 30, 2001
compared to the three months ended June 30, 2000 were lower as a result of
financing initiatives we implemented in the second half of 2000 and a decrease
in short-term interest rates.

                                       15
<PAGE>



         Foreign exchange losses decreased by $7 million to a loss of $28
million for the three months ended June 30, 2001 from a loss of $35 million for
the three months ended June 30, 2000. The real declined in value against the
U.S. dollar by 6% for the three months ended June 30, 2001 compared to a 3%
decline in value for the three months ended June 30, 2000. Foreign exchange
losses decreased despite the reduction in value in the real principally because
of our use of permanently invested long-term intercompany loans, which
diminished our foreign exchange losses by $32 million.

         Income tax expense was $4 million for the three months ended June 30,
2001 compared to an income tax benefit of $4 million for the three months ended
June 30, 2000. Income tax expense was higher primarily due to higher taxable
income.

         Minority interest was an expense of $12 million for the three months
ended June 30, 2001 compared to income of $1 million for the three months ended
June 30, 2000. This change was primarily a result of higher earnings of our
Brazilian subsidiaries and $3 million of preferred stock dividends recorded in
the second quarter of 2001.

         Net Income. Net income was $23 million for the three months ended June
30, 2001 compared to a net loss of $7 million for the three months ended June
30, 2000.


Six Months Ended June 30, 2001 Compared to Six Months June 30, 2000

         Net sales. Net sales increased by $872 million, or 20.3%, to $5,161
million for the six months ended June 30, 2001 from $4,289 million for the six
months ended June 30, 2000.

         Net sales in our agribusiness segment increased by $890 million, or
30.7%, to $3,786 million for the six months ended June 30, 2001 from $2,896
million for the six months ended June 30, 2000. Agribusiness segment net sales
increased primarily due to higher sales volumes and higher average prices for
soy commodity products. The increase in sales volumes was largely due to growth
in our international marketing operations, which increased sales volumes by 2.9
million metric tons, or 52.7%, for the six months ended June 30, 2001 compared
to the six months ended June 30, 2000. Average selling prices of soy commodity
products were higher due to increased demand for soybean meal resulting from the
recent European ban on the use of meat and bone meal in animal feed. In
addition, average selling prices for soybean oil have recently increased due to
changes in import tariffs in India favoring soybean oil over palm oil and
expectations of a reduction in palm oil production.

         Net sales in our fertilizer segment increased by $119 million, or
29.1%, to $528 million for the six months ended June 30, 2001 from $409 million
for the six months ended June 30, 2000. Fertilizer segment net sales increased
due to higher sales volumes as a result of the April 2000 acquisition of Manah
and Fosfertil. The increase in volumes was offset by a decline in average
selling prices primarily due to lower raw material costs.

         Net sales in our edible oil products segment decreased by $107 million,
or 19.6%, to $439 million for the six months ended June 30, 2001 from $546
million for the six months ended June 30, 2000. This decrease in net sales was
primarily due to decreases in average selling prices of our edible oil products
in 2001. The decline in average selling prices was attributable to the adverse
effects of the real devaluation in the first six months of 2001 and competitive
pressures in our markets.

         Net sales in our wheat milling and bakery products segment decreased by
$8 million, or 3.0%, to $257 million for the six months ended June 30, 2001 from
$265 million for the six months ended June 30, 2000. The decrease in net sales
was primarily attributable to decreases in average selling prices for our wheat
milling and bakery products, partially offset by higher sales volumes. The
decline in average selling prices for our wheat milling and bakery products was
attributable to the adverse effects of the real devaluation in the first six
months of 2001.

         Net sales in our other segment decreased by $22 million, or 12.7%, to
$151 million for the six months ended June 30, 2001 from $173 million for the
six months ended June 30, 2000. Net sales in our soy ingredients business
increased but were offset in part by a decline in net sales in our corn products
business. Net sales in our soy ingredients business increased due to higher
sales volumes, partially offset by lower average selling prices. Net sales in
our corn products business decreased primarily due to lower sales volumes as a
result of the labor strike at our Danville, Illinois facility. The labor strike
was settled in August 2001.


                                       16
<PAGE>

         Cost of goods sold. Cost of goods sold increased by $762 million, or
18.9%, to $4,795 million for the six months ended June 30, 2001 from $4,033
million for the six months ended June 30, 2000. Included in cost of goods sold
were $78 million of depreciation, depletion and amortization expenses for the
six months ended June 30, 2001 and $63 million of depreciation, depletion and
amortization for the six months ended June 30, 2000.

         Cost of goods sold in our agribusiness segment increased by $793
million, or 28.2%, to $3,607 million for the six months ended June 30, 2001 from
$2,814 million for the six months ended June 30, 2000. The increase was due to
higher sales volumes in our international marketing business, higher average soy
commodity product prices and higher energy costs.

         Cost of goods sold in our fertilizer segment increased by $88 million,
or 24.8%, to $443 million for the six months ended June 30, 2001 from $355
million for the six months ended June 30, 2000. This increase was primarily due
to the acquisition of Manah and Fosfertil, partially offset by lower raw
material costs. In addition, depreciation and depletion costs increased by $16
million to $33 million for the six months ended June 30, 2001 compared to $17
million for the six months ended June 30, 2000 due to the acquisition of Manah
and Fosfertil.

         Cost of goods sold in our edible oil products segment decreased by $88
million, or 18.6%, to $385 million for the six months ended June 30, 2001 from
$473 million for the six months ended June 30, 2000. This decline was primarily
due to the real devaluation and lower raw material costs, partially offset by
higher energy costs.

         Cost of goods sold in our wheat milling and bakery products segment was
$229 million for the six months ended June 30, 2001 and June 30, 2000. The
increased costs associated with higher sales volumes were offset by the effects
of the real devaluation.

         Cost of goods sold in our other segment decreased by $31 million, or
19.1%, to $131 million for the six months ended June 30, 2001 from $162 million
for the six months ended June 30, 2000. This decline was primarily due to lower
sales volumes in our corn products business as a result of the labor strike at
our Danville facility.

         Gross profit. Gross profit increased by $110 million, or 43.0%, to $366
million for the six months ended June 30, 2001 from $256 million for the six
months ended June 30, 2000.

         Gross profit in our agribusiness segment increased by $97 million, or
118.3%, to $179 million for the six months ended June 30, 2001 compared to $82
million for the six months ended June 30, 2000. The increase was primarily due
to improved profitability in our grain origination, oilseed processing and
international marketing business lines. The improvement in gross profit in each
of these business lines was due to higher gross profit margins that resulted
from industry-wide capacity reductions, including our own restructuring
initiatives, effected in the second half of 2000, and increased demand for
soybean meal resulting from the recent European ban on the use of meat and bone
meal in animal feed. In addition, average selling prices for soybean oil have
recently increased due to changes in import tariffs in India favoring soybean
oil over palm oil and the expectations of a reduction in palm oil production.

         Gross profit in our fertilizer segment increased by $31 million, or
57.4%, to $85 million for the six months ended June 30, 2001 from $54 million
for the six months ended June 30, 2000. This increase was primarily due to the
acquisition of Manah and Fosfertil.

         Gross profit in our edible oil products segment decreased by $19
million, or 26.0%, to $54 million for the six months ended June 30, 2001 from
$73 million for the six months ended June 30, 2000. This decrease was due to the
effects of the real devaluation, partially offset by lower raw material costs.

         Gross profit in our wheat milling and bakery products segment decreased
by $8 million, or 22.2%, to $28 million for the six months ended June 30, 2001
from $36 million for the six months ended June 30, 2000. The decrease was due to
the effects of the real devaluation.

         Gross profit in our other segment increased by $9 million, or 81.8%, to
$20 million for the six months ended June 30, 2001 from $11 million for the six
months ended June 30, 2000. The increase was due to higher sales volumes and
lower raw material costs in our soy ingredients business and lower operating
expenses in our corn products business as a result of the effects of the labor
strike at our Danville facility.

                                       17
<PAGE>

         Selling, general and administrative expenses. SG&A increased by $6
million, or 3.2%, to $194 million for the six months ended June 30, 2001 from
$188 million for the six months ended June 30, 2000. SG&A increased by $16
million in our agribusiness segment principally due to expansion of our South
American grain origination operations and the growth in our international
marketing business. In addition, SG&A increased by $5 million in the fertilizer
segment due to the acquisition of Manah and Fosfertil. SG&A in our edible oil
products and wheat milling and bakery products segments decreased by $7 and $8
million, respectively, primarily due to the effects of the real devaluation and
our cost reduction programs.

         Income from operations. Income from operations increased by $104
million, or 152.9%, to $172 million for the six months ended June 30, 2001 from
$68 million for the six months ended June 30, 2000. The increase was primarily
due to higher agribusiness segment gross profit due to growth in our
international marketing operations and the acquisition of Manah and Fosfertil in
our fertilizer segment, while income from operations in our edible oil products
segment declined due to the effects of the real devaluation. Income from
operations in our other segment increased due to higher sales volumes from our
soy ingredients business.

         Non-operating items. A summary of significant non-operating items for
the periods indicated follows.

<TABLE>
<CAPTION>

                                                                              Six Months
                                                                            Ended June 30,
                                                                      ---------------------------
                                                                          2000         2001
                                                                      ---------------------------
                                                                           (US$ in millions)
         <S>                                                               <C>           <C>
           Interest income.........................................        $  71       $    72
           Interest expense........................................         (101)         (116)
           Interest expense on readily marketable inventories......          (24)          (21)
           Foreign exchange........................................          (32)          (71)
           Other income............................................            9             4
                                                                      ---------------------------
                           Total...................................        $ (77)      $  (132)
                                                                      ===========================
</TABLE>



         Interest income increased by $1 million to $72 million for the six
months ended June 30, 2001 from $71 million for the six months ended June 30,
2000. Interest expense increased by $15 million to $116 million for the six
months ended June 30, 2001 from $101 million for the six months ended June 30,
2000 because of higher levels of debt assumed as a result of the Manah and
Fosfertil acquisitions, offset by a reduction in debt during the second quarter
of 2001. Interest expense on short-term debt used to finance readily marketable
inventories, which are our agricultural commodity inventories, decreased by $3
million to $21 million for the six months ended June 30, 2001 from $24 million
for the six months ended June 30, 2001. The decrease in interest expense on
readily marketable inventories was due to lower average short-term interest
rates in the first six months of 2001 compared to 2000.

         Foreign exchange losses increased by $39 million to $71 million for the
six months ended June 30, 2001 from $32 million for the six months ended June
30, 2000. This increase was primarily due to changes in exchange rates between
the real and the U.S. dollar, as the real declined in value against the U.S.
dollar by 15% for the six months ended June 20, 2001 compared to a 1% decline
for the six months ended June 30, 2000. Our use of permanently invested
intercompany loans diminished our foreign exchange losses by $67 million during
the first six months of 2001.

         Income tax expense was $4 million for the six months ended June 30,
2001 compared to an income tax benefit of $3 million for the six months ended
June 30, 2000. Income tax expense for the first six months of 2001 was higher
compared to the first six months of 2000 primarily due to higher taxable income.

         Minority interest was an expense of $17 million for the six months
ended June 30, 2001 compared to an expense of $5 million for the six months
ended June 30, 2000. This change was primarily a result of higher earnings of
our Brazilian subsidiaries and $6 million of preferred stock dividends recorded
in the six months ended June 30, 2001.


                                       18
<PAGE>


         Net income. Net income was $29 million for the six months ended June
30, 2001 compared to a net loss of $15 million for the six months ended June 30,
2000. Net income for the six months ended June 20, 2001 was positively affected
by a $7 million cumulative effect of a change in accounting principle related to
the adoption of SFAS No. 133. As a result of the adoption, commencing in 2001,
we have elected to begin recording unrealized gains and losses on previously
unrecognized forward and sales contracts as a component of cost of goods sold
over the term of these contracts rather than on the delivery date for the
underlying commodity as further discussed below. In addition, we recorded a $3
million gain on the disposal of our consumer bread products division in Brazil
for the six months ended June 30, 2001 compared to a loss relating to the
division for the six months ended June 30, 2000. We sold this division to a
third party in March 2001 for $58 million.

         Prior to January 2001, open fixed price purchase and sales contracts
for merchandisable agricultural commodities were not recognized in our financial
statements until delivery of the underlying commodities. Upon our adoption of
SFAS No. 133 Accounting for Derivative Instruments and Hedging Activities on
January 1, 2001 these open fixed price purchase and sales contracts qualified as
derivatives under SFAS No. 133. SFAS No. 133 requires that these derivative
financial contracts be recorded on our balance sheet at their fair market value.
We have elected to record the associated unrealized gains and losses on these
open contracts as a component of cost of goods sold. The impact of this
accounting change was the acceleration of the recognition of the open fixed
purchase and sales contracts. These contracts have a maturity of less than
twelve months and we expect to take delivery of the underlying merchandisable
agricultural commodities on these contracts at maturity. Our adoption of SFAS
No. 133 resulted in our recording of the previously unrecognized unrealized
gains as of December 31, 2000 on these contracts as a cumulative effect of a
change in accounting principle as of January 1, 2001.



LIQUIDITY AND CAPITAL RESOURCES

         Capital expenditures were $105 million and $77 million for the six
months ended June 30, 2001 and 2000. The majority of these capital expenditures
related to efficiency improvements to reduce costs and upgrade equipment due to
changes in technology. In the six months ended June 30, 2001, we continued a
number of revenue enhancing projects which we began in 2000 and are near
completion, including constructing additional agricultural commodities storage
facilities in Brazil and a sulfuric acid plant in Brazil for our fertilizer
segment, as well as the completion of the upgrade of our Destrehan, Louisiana
export elevator.

         In the six months ended June 30, 2001, we acquired an additional 3%
interest in Fosfertil for $21 million, of which $3 million consisted of cash and
the remainder consisted of a variable interest rate note to be repaid in seven
installments through July 2002. During the six months ended June 30, 2000, we
acquired Manah for $47 million in cash, net of cash acquired of $36 million, and
paid $24 million in cash to acquire the remaining 13% of one of our Brazilian
food products subsidiaries that we did not already own.

         Our principal sources of liquidity are cash flow from operations and
borrowings under various short-term and long-term bank facilities and lines of
credit. Prior to 2000, we obtained most of our financing at subsidiary levels.
In 2000, we implemented several new initiatives to coordinate our funding
activities at the parent company level and access the international capital
markets, raising a total of $1 billion. These initiatives are designed to allow
us to take advantage of lower financing costs worldwide. In December 2000, we
received net proceeds of $163 million from issuance of $170 million of
redeemable preferred stock by a special purpose subsidiary. Cash dividends on
the preferred stock are payable quarterly based on three-month LIBOR plus a
variable spread. As of June 30, 2001, we have accrued dividends of $6 million on
the redeemable preferred stock of which we have paid $4 million. We entered into
a $700 million commercial paper facility in September 2000, under which $615
million was outstanding as of June 30, 2001 at a weighted average interest rate
of 4.9%. Our commercial paper program was rated investment grade by the three
principal credit rating agencies. We also issued $107 million of 8.51%
three-year trust certificates and $18 million of 8.61% five-year trust
certificates in December 2000. In addition, in 2000, Bunge International
Limited, our sole shareholder prior to our initial public offering, contributed
$126 million of capital to us in the form of a secured note payable. During the
first six months of 2001, Bunge International Limited repaid $18 million of the
principal amount of this note to us.


                                       19
<PAGE>


         Cash and cash equivalents at June 30, 2001 and December 31, 2000 were
$231 million and $423 million, respectively. Included in our inventory were
readily marketable commodity inventories of $1,307 million and $876 million at
June 30, 2001 and December 31, 2000, respectively. These agricultural
commodities, which are financed with short-term debt, are readily convertible to
cash because of their commodity characteristics, widely available markets and
international pricing mechanisms. Our current ratio, defined as current assets
divided by current liabilities, was 1.17 and 1.25 at June 30, 2001 and December
31, 2000, respectively. Due to our cash levels and the liquidity of our
agricultural commodities inventory, we believe our working capital levels
satisfy our present business needs.

        At June 30, 2001, we had $674 million outstanding and approximately $395
million available borrowing capacity under short-term lines of credit with a
number of lending institutions. In addition, we have various long-term debt
facilities at fixed and variable interest rates denominated in both U.S. dollars
and reais, most of which mature between 2001 and 2005. As of June 30, 2001, we
had $1,065 million outstanding under these long-term credit facilities. Of this
amount, $394 million was secured by certain land, property, equipment and export
commodity contracts, as well as shares of the capital stock of Bunge
Fertilizantes, Fosfertil S.A. and Ultrafertil S.A. Annual maturities of
long-term debt for the five years after December 31, 2000 are $254 million, $283
million, $268 million, $101 million and $117 million.

         In June 2001, we defeased $60 million of our outstanding long-term debt
by depositing $62 million of U.S. treasury securities, which are sufficient to
make payments of interest and principal on the scheduled payment dates, in trust
for the benefit of the lenders. The debt instrument defeased was an export
financing contract, which required us to export our products to certain
customers. As a result of changes in our business, principally the expansion of
our international marketing operations, this debt agreement was no longer
commercially attractive to us. These restricted securities will be held in trust
until the final maturity of the debt in 2003.

          Our long-term debt agreements require us to comply with specific
financial covenants related to minimum net worth and working capital and a
maximum long-term debt to net worth ratio. We do not expect any legal or
contractual restrictions on the ability of our subsidiaries to transfer funds to
us to have any impact on our ability to meet our cash obligations.



RECENT INITIAL PUBLIC OFFERING

          On August 6, 2001, Bunge International Limited effected a series of
transactions that resulted in the pro rata distribution of the common shares of
Bunge to the shareholders of Bunge International Limited in a spin-off
transaction. Prior to August 6, 2001, all of the common shares of Bunge were
owned by Bunge International Limited, a privately held company incorporated in
Bermuda.

          On August 7, 2001, Bunge sold 17,600,000 of its common shares, par
value $.01, at an offering price of $16 per share in an initial public offering.
Proceeds from the offering less, underwriting discounts, commissions and
expenses, were approximately $261 million. The net proceeds were used to reduce
indebtedness under Bunge's commercial paper program.


RECENT ACCOUNTING PRONOUNCEMENTS

         In July 2001, Financial Accounting Standards Board (FASB) issued
Statements of Financial Accounting Standards No. 141, Business Combinations
(SFAS No. 141), and No. 142, Goodwill and Other Intangible Assets (SFAS No.
142). SFAS No. 141 supercedes Accounting Principle Board (APB) Opinion No. 16,
"Business Combinations" and changes the accounting for business combinations by
requiring all business combinations to be accounted for using the purchase
method eliminating pooling-of-interests except for qualifying business
combinations that were initiated prior to July 1, 2001. SFAS No. 141 also
clarifies the criteria for recognizing intangible assets separately from
goodwill. SFAS No. 141 is effective for any business combination that is
completed after June 30, 2001. Bunge is evaluating the impact SFAS No. 141 will
have on its financial statements.


                                       20
<PAGE>


         SFAS No. 142 supercedes APB Opinion No. 17, "Intangible Assets" and
changes the accounting for goodwill and other intangible assets acquired
individually or with a group of other assets, but not those acquired in a
business combination, by eliminating the amortization of goodwill and other
intangible assets with indefinite lives. However, SFAS No. 142 requires goodwill
and other intangible assets to be tested at least annually for impairment.
Separable other intangible assets that are not deemed to have an indefinite life
will continue to be amortized over their useful lives. The amortization
provisions of SFAS No. 142 apply immediately to goodwill and intangible assets
acquired after June 30, 2001. Bunge will continue to amortize goodwill and
intangible assets acquired prior to July 1, 2001 during the transition period of
July 1, 2001 until the adoption of SFAS No. 142 on January 1, 2002. Bunge is
evaluating the impact SFAS No. 142 will have on its financial statements.

         Effective January 1, 2001 we adopted FASB SFAS No. 133, Accounting for
Derivative Instruments and Hedging Activities. SFAS 133 establishes accounting
and reporting standards for derivative instruments including certain derivative
instruments embedded in other contracts and hedging activities. As a result of
this adoption on January 1, 2001, our net income increased for the first six
months by $7 million, net of $4 million of tax expense for the fair value of
previously unrecognized derivative instruments. We also recorded a loss in other
comprehensive income (loss) of $3 million, net of $2 million tax benefit for
derivatives which hedge the variable cash flows of certain forecasted
transactions. These adjustments are reported as a cumulative change in
accounting principle as of January 1, 2001.



                    QUANTITATIVE AND QUALITATIVE DISCLOSURES

                                ABOUT MARKET RISK

         There have been no significant changes in our commodities, currency or
interest rate market risk since December 31, 2000, except for an increase in our
permanently invested intercompany loans to $573 as of June 30, 2001 from $290 as
of December 31, 2000, which will serve to further reduce our exposure to foreign
exchange gains and losses.


                                       21
<PAGE>




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                             BUNGE LIMITED



Date: August 10, 2001                        By:  /s/ William M. Wells
                                                  ------------------------------
                                                   William M. Wells
                                                   Chief Financial Officer


                                                   /s/ Theodore P. Fox, III
                                                   -----------------------------
                                                   Theodore P. Fox, III
                                                   Controller and Principal
                                                     Accounting Officer


                                       22

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1 PRESS RELEAS
<SEQUENCE>3
<FILENAME>exhibit99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                  Exhibit 99.1

                       PRESS RELEASE DATED AUGUST 10, 2001


                                                  Contact: Hunter Smith
                                                           Bunge Limited
                                                           1-914-684-2800


BUNGE LIMITED SHOWS IMPROVED SECOND QUARTER RESULTS

Income from operations up 81%; Gross profit up 30%

WHITE PLAINS, NY, August 10, 2001 - Bunge Limited (NYSE:BG) net income
grew to $23 million, or $.36 per share, for the second quarter of 2001 compared
to a net loss of $7 million, or $.11 per share, for the second quarter of 2000.
In addition:

o    Income from operations grew by 81%

o    Gross profit increased by 30%

o    Non-operating income (expense) - net declined by 9%

o    Adjusted Net Financial Debt declined by $234 million from December 31, 2000

Improved operating results were primarily due to the expansion of oilseed
processing margins, lower raw material costs in our fertilizer segment,
increased sales volumes in our soy ingredients and nutraceuticals businesses and
the ongoing effects of our cost reduction initiatives. The decline in our
non-operating income (expense) - net resulted from lower interest and foreign
exchange expenses due to lower short-term interest rates and a financial
restructuring that began in the fourth quarter of last year. During the first
half of 2001, Adjusted Net Financial Debt declined due to increases in operating
cash flow and reductions in operating working capital particularly accounts
receivable and recoverable taxes.

A consolidated summary of financial data is included below.



                                       1
<PAGE>


Consolidated Summary of Financial Results and Other Financial Data (Unaudited):
(US$ in millions, except volumes, per share data and ratios)


<TABLE>
<CAPTION>

                                                             Second Quarter Ended
                                                     -------------------------------------          Percent
                                                          06/30/2001          06/30/2000            Change
                                                     -----------------    ----------------    -----------------
<S>                                                          <C>                 <C>                 <C>
Volumes (in millions of metric tons)                         17.8                17.6                  1%
Net Sales                                                 $ 2,689             $ 2,284                 18%
Gross Profit                                                  210                 162                 30%
Income from Operations                                         98                  54                 81%
Net Income (Loss)                                              23                  (7)               429%
Net Income (Loss) Per Share                                   .36                (.11)               427%

EBITDA (1)                                                    138                  94                 47%
Adjusted EBITDA (2)                                           128                  84                 52%



                                                               Six Months Ended
                                                     -------------------------------------         Percent
                                                        06/30/2001           06/30/2000            Change
                                                     -----------------    ----------------    -----------------

Volumes (in millions of metric tons)                         31.5                28.4                 11%
Net Sales                                                 $ 5,161               4,289                 20%
Gross Profit                                                  366                 256                 43%
Income from Operations                                        172                  68                153%
Net Income (Loss)                                              29                 (15)               293%
Net Income (Loss) Per Share                                   .45                (.23)               296%

EBITDA (1)                                                    250                 131                 91%
Adjusted EBITDA (2)                                           229                 107                114%

---------------------------------------------------------------------------------------------------------------
                                                          June 30,          December 31,
                                                            2001                2000
                                                     -----------------    ----------------

Operating Working Capital (3)                             $   564             $   843
Readily Marketable Inventories (4)                          1,307                 876
Total Assets                                                5,585               5,854
Adjusted Net Financial Debt (5)                               931               1,165
Shareholder's Equity plus Minority Interest in
   Subsidiaries                                             1,508               1,682

Adjusted Net Financial Debt to Shareholder's
   Equity plus Minority Interest in Subsidiaries
                                                              .62                 .69

</TABLE>

-------------------------------------------------

(1)  Earnings before interest, taxes, depreciation, amortization ("EBITDA")
       equals income from operations plus depreciation, depletion and
       amortization.

(2)  EBITDA less interest expense on readily marketable inventories.

(3)  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).

(4)  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.

(5)  Short-term debt, plus current maturities of long-term, debt plus long-term
       debt less cash and cash equivalents, marketable securities and readily
       marketable inventories.


                                       2
<PAGE>

About Bunge

Bunge is an integrated, global agribusiness and food company operating in the
farm-to-consumer food chain with primary operations in North and South America
and worldwide distribution capabilities.

Cautionary Statement Concerning Forward-Looking Statements

This document contains both historical and forward-looking statements. All
statements, other than statements of historical fact are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "expect," "anticipate," "believe," "intend," "estimate" and
"continue" and similar expressions. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that could cause our
actual results, performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. The
following important factors, among others, could affect future results, causing
them to differ materially from those expressed in our forward-looking
statements: estimated demand for commodities and other products that we sell and
use in our business; industry conditions, including the cyclicality of the
agribusiness industry; economic conditions in Brazil and Argentina; and other
economic, business, competitive and/or regulatory factors affecting our business
generally. The forward-looking statements included in this document are made
only as of the date of this document, and except as otherwise required by
federal securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events or
circumstances.


                                       3
<PAGE>

</TEXT>
</DOCUMENT>
</SUBMISSION>
