AWB Limited - 2003 Annual Report

8. OTHER ASSETS
Consolidated
AWB Limited
Notes 2003 2002 2003 2002
$'000 $'000 $'000 $’000
Prepayments
Other assets
6,486
5,714
959
2,309
–
185
–
201
12,200 3,268 185 201
9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
(a) Details of investments in associates held by the consolidated entity
Consolidated
Principal Balance 2003 2002
Name % activity date $'000 $'000
Arcadian Wool Brokers Limited
Sydney Wool Brokers Limited
ACN 093 163 430 Pty Ltd
Wooldumpers Australia Pty Ltd
Five Star Flour Mills Company SAE (FSFM)
Five Star Feed Mills & Animal Production Company SAE
40 Wool handling 30 June 1,714 –
46.7 Wool handling 30 June – –
25 Rural financing 30 June – –
50 Wool handling 30 June 889 –
30 Flour mill 30 June 8,360 12,790
(i) Feed mill. 30 June 1,947 4,168
12,910 16,958
Five Star Flour and Feed Mills are based in Egypt.
(i) AWB Group holds 23.7% directly. The other 9% is indirectly held through FSFM.
(b) Share of associates' profit
Profit from ordinary activities before income tax expense 2,248 993
Income tax expense relating to ordinary activities (151) –
2,097 993
(c) Movement in carrying amount of investments
Carrying amount of investments in associates at the beginning of the year 16,958 12,961
Investments in associates acquired during the year 2,134 3,228
Dividends received from associates (156) (224)
Share of net profits of associates' for the financial year 2,097 993
Share of decrement in associates' revaluation reserve for the financial year (8,123) –
Carrying amount of investments in associates at the end of the year 12,910 16,958
(d) Share of assets and liabilities
Current assets 16,289 15,788
Non–current assets 33,655 20,700
Non–current assets under construction – 4,168
Current liabilities (18,299) (16,106)
Non–current liabilities (18,735) (7,364)
Net assets 12,910 17,186
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