AWB Limited - 2003 Annual Report

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2003
9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)
Consolidated
Notes 2003 2002
$'000 $'000
(e) Retained profits of the consolidated entity attributable to associates
Balance at beginning of the year 5,977 5,208
Share of net profits of associates 2,097 993
less share of associates' dividends (156) (224)
Balance at the end of the year 7,918 5,977
(f) Reserves of the consolidated entity attributable to associates
Balance at the beginning of the year (1,578) (545)
Share of associates' reserves (6,545) (1,033)
Balance at the end of the year (8,123) (1,578)
10. INTERESTS IN JOINT VENTURE OPERATIONS
AWB Limited holds a 50% (2002: 50%) interest in a joint venture operation, Australian Independent Commodity Handlers (AICH). AICH
manages a storage and handling facility known as the Melbourne Port Terminal. The role of AWB Limited in this joint venture is one of
administration and part financing for the facility. AWB Limited does not participate in the operation of the facility.
AWB Limited
2003 2002
$'000 $'000
Net assets employed in the joint venture operation are included in the
financial statements as follows:
Property, plant and equipment 16,071 16,955
AWB Limited also holds interests in the following research and development joint venture operations, for which no assets are employed.
Name Principal activity Interest
LongReach Plant Breeders Management Pty Ltd To undertake research projects with the aim of 50%
breeding and developing new proprietary varieties.
The current research project aim is to breed, develop
and commercialise varieties of feed wheat with
improved nutrition, agronomic performance and
resistance to plant diseases that are well adapted
to specified growing areas in Australia.
Stored Grain Research Laboratory To undertake the funding, management and 14.3%
commercialisation of outputs of the Stored Grain
Research Laboratory.
Graingene Agreement To generate intellectual property and germplasm. 33.3%
Capital expenditure commitments and contingent liabilities in respect of the joint venture operations are disclosed in Notes 29 and 30
respectively.
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