AWB Limited - 2003 Annual Report

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.
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