AWB Limited - 2003 Annual Report

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Year in brief • Delivered a new agreement introducing Syngenta as a partner to Graingene II, bringing technology and germplasm access. • Expanded the product suite for AWB Seeds, with the addition of five new grain varieties. • Expanded the research and development project list to diversify the business development potential. • Completed the open-plot quarantine trial facility at Agrifood Technology in Werribee. • Commissioned and implemented a new laboratory information system at Agrifood Technology. • Participated in industry committees and discussions to assist the responsible management of the potential introduction of genetically modified grains. XXXXX XXXXXX, Chan-Yu Pasta Kuo, Technichan Analyst – Quality, Milling and End Products 24 XXXXX Veronica XXXXXX, Lo, Analyst Pasta – Quality, Technichan Milling and Sandra XXXXX XXXXXX, Bruengger, Pasta Analyst Technichan – Quality, Milling Yang XXXXX Chen, XXXXXX, Method Pasta Development TechnichanOfficer End Products and End Products
grain technology AWB Grain Technology business invests in opportunities that add value for growers and customers through superior product offerings. Value for AWB is generated and captured through strategic participation in, or ownership of, technology such as novel grain or end product traits. The Grain Technology business is involved in alliances to develop these plant traits and new cereal varieties with the aim of establishing appropriate proprietary positions. Agrifood Technology Agrifood Technology Pty Ltd (Agrifood Technology) is a wholly owned subsidiary of AWB, and provides crucial analytical services to assist AWB’s marketing program. Agrifood Technology generates a commercial return by providing world class analytical and laboratory services to external clients in the food and feed related industries. During 2002/03, Agrifood Technology launched an open plot quarantine trial facility at its Werribee base, one of only two in Australia. This provides quarantine approved, seed increasing facilities to responsibly manage the introduction of international germplasm into Australia’s crop gene pool. Another major achievement this year was the implementation of a new laboratory information system, which facilitates faster and more accurate service to all customers. AWB Seeds AWB Seeds has continued its transition to its Seednet business structure – which involves partnerships with 22 regionally based seed merchants. This will offer improved systems for seed production in Australia, delivering locally produced seed under strict quality assurance guidelines. The benefits to seed users, Seednet partners and AWB will flow through enhanced inventory management, regionally tailored grain varieties and more flexible systems to respond to market demand. AWB Seeds was successful in gaining five new licences for grain varieties this year, expanding its product suite to 27 varieties, with an aim to add more broadacre crop varieties in the coming season. Innovation and Research The Innovation and Research group remains focussed on improving efficiencies for farmers, through improved crop yields or disease resistances, as well as specific end use desired qualities. In the future, these will become proprietary positions for AWB. In January 2003, AWB, CSIRO and the Grains Research and Development Corporation signed an agreement to renew Graingene – the Australian national crop genetics research consortium. Under the new agreement, global crop protection company, Syngenta, joined the consortium, bringing to it their global presence and technology expertise. Known as Graingene II, the new agreement has earmarked four major research platforms to improve the value of the national wheat crop – crop stress resistance, pest and disease resistance, grain quality, and wheat genomics technologies. Established in 1999, Graingene has already developed a strong strategic position in new technologies, particularly in value added traits in wheat. A direct outcome of this research has been this year’s commercial release of the new transpiration efficient wheat varieties, Drysdale and Rees. LongReach Plant Breeders, the Australian national wheat breeding joint venture formed by AWB and Syngenta in 2002, will have the first option to develop and commercialise the technology developed through Graingene II for Australian cereal crops. Syngenta will have the first option to develop and commercialise technology in other crops and other countries, which will generate value from the intellectual property for all Graingene II partners. Outlook AWB’s Grain Technology strategies remain an important contributor to the company’s value chain. AWB expects positive contributions from both the Agrifood Technology and AWB Seeds businesses in 2003/04. Building on its Seednet model, AWB Seeds aims to continue growing its suite of broadacre grain varieties during 2004. With the signing of Graingene II, AWB will further leverage its research involvement and capitalise on propriety opportunities. ($m) 0 -1 -2 -3 -4 -5 -6 -7 -8 INNOVATION Innovation FOCUS TO focus DELIVER to deliver NEW new OPPORTUNITIES opportunities. 2000 2001 2002 2003 NPBT – Grain Technology 25
Page 1 and 2: Annual Report 2003 imagine the futu
Page 3 and 4: During the past year, Australia has
Page 5 and 6: FINANCIAL PERFORMANCE SUMMARY Droug
Page 7 and 8: There are six key business streams
Page 9 and 10: chairman’s and managing director
Page 11 and 12: As a gesture of AWB's appreciation
Page 13 and 14: pool management services AWB Nation
Page 15 and 16: For the 2001/02 Pool, AWB managed a
Page 17 and 18: finance and risk management Harvest
Page 19 and 20: Through “ring fencing”, AWB was
Page 21 and 22: grain acquisition and trading Grain
Page 23 and 24: supply chain and other investments
Page 25: Children of AWB employees enjoying
Page 29 and 30: landmark Overview Landmark is Austr
Page 31 and 32: our people and systems People AWB e
Page 33 and 34: AWB has committed itself to a thoro
Page 35 and 36: Charles Stott Group General Manager
Page 37 and 38: the chairman, Mr Robert Barry and M
Page 39 and 40: Identification and Management of Si
Page 41 and 42: Birchip in Victoria and a former Vi
Page 43 and 44: Brendan Stewart Chairman, Non-execu
Page 45 and 46: international presence 43
Page 47 and 48: INNOVATION FOCUS TO DELIVER NEW OPP
Page 49 and 50: LIKELY DEVELOPMENTS AND EXPECTED RE
Page 51 and 52: DIRECTORS' MEETINGS (continued) Dir
Page 53 and 54: STATEMENT OF FINANCIAL POSITION AS
Page 55 and 56: NOTES TO AND FORMING PART OF THE FI
Page 57 and 58: (h) Derivatives (continued) transac
Page 59 and 60: 2. REVENUE FROM ORDINARY ACTIVITIES
Page 61 and 62: 4. TAXATION Consolidated AWB Limite
Page 63 and 64: 8. OTHER ASSETS Consolidated AWB Li
Page 65 and 66: 11. OTHER FINANCIAL ASSETS Consolid
Page 67 and 68: 13. PROPERTY, PLANT AND EQUIPMENT (
Page 69 and 70: 16. PROVISIONS Consolidated AWB Lim
Page 71 and 72: 20. OUTSIDE EQUITY INTERESTS Consol
Page 73 and 74: 24. REMUNERATION OF DIRECTORS Conso
Page 75 and 76: 27. RELATED PARTY DISCLOSURES (cont
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28. SEGMENT INFORMATION (continued)
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31. EMPLOYEE BENEFITS AND SUPERANNU
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32. FINANCIAL INSTRUMENTS (continue
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32. FINANCIAL INSTRUMENTS (continue
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33. DEED OF CROSS GUARANTEE Pursuan
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34. CONTROLLED ENTITIES (continued)
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35. EARNINGS PER SHARE Consolidated
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INDEPENDENT AUDIT REPORT TO MEMBERS
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FINANCIAL CALENDAR - 2004 Annual Ge
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AWB GROUP LOCATIONS ROYCE DESIGN AW
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AWB Limited - 2003 Annual Report

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