AWB Limited - 2003 Annual Report

More documents

Recommendations

Info

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2003 18. CONTRIBUTED EQUITY Consolidated AWB Limited Notes 2003 2002 2003 2002 $'000 $'000 $'000 $'000 (a) Issued and paid up capital Ordinary shares fully paid 848,958 700,312 848,958 700,312 2003 2002 Number of $'000 Number of $'000 (b) Movements in ordinary share capital shares shares Movements in B class share capital during the period were as follows: Balance at the beginning of the year 273,408,454 700,312 273,306,320 700,836 Issued during the year – institutional placement 2003: $3.70 per share 41,100,000 152,070 – – – employee share plan: nil per share 31 116,078 – 102,134 – – equity share plan: nil per share 31 51,034 – – – – employee share offer 2003: $3.90 per share 31 486,418 1,897 – – – less transaction costs – (5,321) – (524) Balance at the end of the year 315,161,984 848,958 273,408,454 700,312 AWB Limited's corporate structure consists of A class and B class shares. A class shares can only be owned by current wheat growers and specifically exclude dividends. However, they confer on A class shareholders a number of rights, including the ability to elect the majority of the board of directors. In contrast, B class shares can be owned by either wheat growers or non–wheat growers. B class shares carry rights to receive dividends and the right to elect a minority of the board of directors. 19. RESERVES AND RETAINED PROFITS Consolidated AWB Limited 2003 2002 2003 2002 $'000 $'000 $'000 $'000 (a) Reserves Underwriting loss reserve 15,000 15,000 15,000 15,000 Legal reserve 65 65 – – Foreign currency translation reserve (13,348) (373) – – Movement in foreign currency translation reserve: 1,717 14,692 15,000 15,000 Balance at the beginning of the year (373) (37) – – Net translation adjustment (12,975) (336) – – Balance at the end of the year (13,348) (373) – – (b) Retained profits Balance at the beginning of the year 72,815 33,978 29,712 20,115 Net profit attributable to members of AWB Limited 43,891 107,192 61,297 77,952 Dividend provided for or paid 22 (38,369) (68,355) (38,369) (68,355) Balance at the end of the year 78,337 72,815 52,640 29,712 68
20. OUTSIDE EQUITY INTERESTS Consolidated AWB Limited Notes 2003 2002 2003 2002 $'000 $'000 $'000 $'000 Outside equity interests in controlled entities comprise: Interests in retained profits at the beginning of the financial year adjusted for outside equity interests in entities acquired during the financial year 2,984 964 – – Interests in profit from ordinary activities after income tax 259 637 – – Interests in dividends paid (91) – – – Interests in retained profits at the end of the financial year 3,152 1,601 – – Interests in share capital 185 185 – – Interests in reserves (329) (142) – – Total outside equity interests 3,008 1,644 – – 21. TOTAL EQUITY RECONCILIATION Balance at the beginning of the year 789,463 751,019 745,024 735,951 Total changes in equity recognised in the statement of financial performance 30,916 106,856 61,297 77,952 Transactions with owners as owners: Contributions of equity, net of transaction costs 18(b) 148,646 (524) 148,646 (524) Dividend provided for or paid 22 (38,369) (68,355) (38,369) (68,355) Total changes in outside equity interests 20 1,364 467 – – Balance at the end of the year 932,020 789,463 916,598 745,024 22. DIVIDENDS Dividends recognised in the current year by AWB Limited are as follows. All dividends are fully franked: AWB Limited 2003 2002 $'000 $'000 Dividend proposed – Final: (2002: 11 cents per share) – 30,075 Dividends paid during the year – Interim: (14 cents per share) (2002: 14 cents) 38,369 38,280 38,369 68,355 – Final: (11 cents per share) (2002: 8 cents) 30,075 21,865 Subsequent events On 26 November 2003, the directors declared a final dividend of 11 cents per share resulting in a dividend payable of $35.97 million. The financial effect of this dividend has not been brought to account in the financial statements for the year ended 30 September 2003 and will be recognised in subsequent reports. Franking credit balance 30% franking credits available to shareholders of AWB Limited for subsequent financial years 26,476 17,667 Notional fully franked dividend based on available franking credits 61,777 41,223 The above available amounts are based on the balance of the dividend franking account at year end adjusted for: (a) franking credits that will arise from the payment of the current tax liability; (b) franking debits that will arise from the payment of dividends recognised as a liability at the year end; (c) franking credits that will arise from the receipt of dividends recognised as receivables at the year end; and (d) franking credits that the entity may be prevented from distributing in subsequent years. The ability to use the franking credits is dependent upon there being sufficient available profits to declare dividends. 69
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 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 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: 16. PROVISIONS Consolidated AWB Lim
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
show all

AWB Limited - 2003 Annual Report

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?