AWB Limited - 2003 Annual Report

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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. 62
11. OTHER FINANCIAL ASSETS Consolidated AWB Limited Notes 2003 2002 2003 2002 $'000 $'000 $'000 $'000 Current Short term deposits 36,005 10,718 – – Financial assets 31,814 51,880 – 2,488 Provision for counterparty risk (8,368) – – – 59,451 62,598 – 2,488 Non–current assets Shares Controlled entities 34(a) – – 21,757 19,355 Other companies – listed 130,889 8,251 – 5 – unlisted 5,862 5,719 15,691 16,699 Memberships 1,315 449 1,315 449 138,066 14,419 38,763 36,508 12. INTANGIBLE ASSETS Goodwill At cost 586,134 29 – – Accumulated amortisation (2,737) (4) – – 583,397 25 – – Licence fees At cost 217 166 212 137 Accumulated amortisation (40) (23) (40) (23) 177 143 172 114 583,574 168 172 114 63
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Annual Report 2003 imagine the futu
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During the past year, Australia has
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FINANCIAL PERFORMANCE SUMMARY Droug
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There are six key business streams
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chairman’s and managing director
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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
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: 8. OTHER ASSETS Consolidated AWB Li
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
Page 77 and 78: 28. SEGMENT INFORMATION (continued)
Page 79 and 80: 31. EMPLOYEE BENEFITS AND SUPERANNU
Page 81 and 82: 32. FINANCIAL INSTRUMENTS (continue
Page 83 and 84: 32. FINANCIAL INSTRUMENTS (continue
Page 85 and 86: 33. DEED OF CROSS GUARANTEE Pursuan
Page 87 and 88: 34. CONTROLLED ENTITIES (continued)
Page 89 and 90: 35. EARNINGS PER SHARE Consolidated
Page 91 and 92: INDEPENDENT AUDIT REPORT TO MEMBERS
Page 93 and 94: FINANCIAL CALENDAR - 2004 Annual Ge
Page 95 and 96: AWB GROUP LOCATIONS ROYCE DESIGN AW
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AWB Limited - 2003 Annual Report

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