AWB Limited - 2003 Annual Report

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2003 at a glance Operational performance summary Finalised the $5.3 billion 2001/02 AWB National Pool – representing the highest ever pool value and pay grade returns. Achieved $329 million extra value for 2001/02 AWB National Pool, over and above the Wheat Industry Benchmark. Exported about nine million tonnes during the 2003 year, down from 16 million tonnes in 2002. Sold and shipped 400,000 tonnes of wheat to Iraq despite logistical challenges, and secured funding for the outstanding 800,000 tonnes of Iraqi contracts. Successfully implemented an innovative “ring fencing” structure, protecting the AWB National Pool from the commercial activities of AWB, and delivering the highest short term credit rating available for AWB Harvest Finance Limited. Despite a reduction in the size of the peak loan book to $1.6 billion, AWB maintained market leadership in wheat harvest finance in the face of increased competition. Traded more than three million tonnes of grain, increasing domesticallytraded volumes from 2002/03 despite the drought. Successful first full year of operation for AWB Geneva, with 1.5 million tonnes of traded grain. Established new grain logistics subsidiary, AWB GrainFlow Pty Ltd, which opened nine new greenfield sites for 2002/03 harvest and constructed four new sites for 2003/04 harvest. Successful acquisition of Landmark from Wesfarmers for approximately $718 million. 2 XXXXX XXXXXX, Pasta Technichan XXXXX XXXXXX, Pasta Technichan XXXXX XXXXXX, Pasta Technichan
FINANCIAL PERFORMANCE SUMMARY Drought impacts financial results… NPAT ($m) 120 100 80 60 40 20 0 Net profit reduced by 59% 107.2 Earnings per share (c) Earnings per share fell by 23 cents 40 39.2 35 34.1 83.7 30 26.2 63.3 25 43.9 20 15 15.9 10 5 0 2000 2001 2002 2003 2000 2001 2002 2003 however… Dividends per share (c) 25 20 15 10 5 0 Stable dividend policy maintained 25 25 22 22 2000 2001 2002 2003 Share price ($) 4.30 4.10 3.90 3.70 3.50 3.30 3.10 2.90 2.70 2.50 AWB's share price appreciated 8.5% during 2002/03 Oct 02 Nov 02 Dec 02 AWB S&P/ASX 200 Jan 03 Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 FINANCIAL SUMMARY YEAR ENDED 30 SEPTEMBER ($A million unless otherwise stated) 2003 2002 Change Operating results Operating revenue Operating profit before tax Net profit after tax 2,212.0 58.9 43.9 2,319.0 153.2 107.2 -5% -62% -59% Financial position at year end Shareholders’ funds Total assets 932.0 2,415.9 789.5 2,641.0 18% -8% Performance Earnings per share (cents) Dividends per share (cents) Return on equity (%) 15.9 25.0 5.1 39.2 25.0 13.9 -59% 0% -63% INNOVATION FOCUS TO DELIVER NEW OPPORTUNITIES 3
Page 1 and 2: Annual Report 2003 imagine the futu
Page 3: During the past year, Australia has
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 and 26: Children of AWB employees enjoying
Page 27 and 28: grain technology AWB Grain Technolo
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
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NOTES TO AND FORMING PART OF THE FI
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(h) Derivatives (continued) transac
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2. REVENUE FROM ORDINARY ACTIVITIES
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4. TAXATION Consolidated AWB Limite
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8. OTHER ASSETS Consolidated AWB Li
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11. OTHER FINANCIAL ASSETS Consolid
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13. PROPERTY, PLANT AND EQUIPMENT (
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16. PROVISIONS Consolidated AWB Lim
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20. OUTSIDE EQUITY INTERESTS Consol
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24. REMUNERATION OF DIRECTORS Conso
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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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