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 22. DIVIDENDS (continued) Change in measurement of dividend franking account In accordance with the New Business Tax System (Imputation) Act 2002, the measurement basis of the dividend franking account changed on 1 July 2002 from an after tax profits basis to an income tax paid basis. The amount of franking credits available to shareholders has been measured under the new legislation and represents income tax paid amounts available to frank distributions. Comparative information has been restated for this change in measurement. The change in the basis of measurement does not change the underlying value of franking credits or tax offsets available to shareholders from the dividend franking account. 23. NOTES TO THE STATEMENT OF CASH FLOWS Consolidated AWB Limited 2003 2002 2003 2002 $'000 $'000 $'000 $'000 (a) Reconciliation of net profit from ordinary activities after income tax expense to the net cash flows from operations Profit from ordinary activities after income tax 44,150 107,829 61,297 77,952 Add/(less) non–cash items: Net loss/(gain) on disposal of property, plant and equipment (21) 1,531 23 1,531 Depreciation 27,415 14,467 14,279 9,422 Amortisation 2,467 16 26 15 Share of profits of associates' net of dividends received (1,941) (764) – – Write down in the value of property plant and equipment to recoverable amount 7,182 – 7,182 – Increase/(decrease) in income tax payable (26,518) (6,350) 13,056 (13,459) Increase/(decrease) in deferred income tax liability (11,388) (8,092) (470) (2,125) Decrease/(increase) future income tax benefit (1,678) (7,718) (732) 5,150 Changes in assets and liabilities adjusted for the effects of purchasing a controlled entity during the financial year: Trade receivables 342,716 (237,475) – (90,118) Grower loan receivables 1,063,445 (360,730) – – Inventories 66,914 9,622 – – Prepayments and other debtors 5,354 8,555 873 2,406 Trade and other creditors 20,323 (72,939) (26,495) (23,059) Provisions 5,874 549 5,568 786 Net cash flow from/(used in) operating activities 1,544,294 (551,499) 74,607 (31,499) (b) Reconciliation of cash Cash balance comprises: – cash at bank and on hand 25,066 39,335 2,328 23,996 – cash on deposit 29,719 30,586 – – Closing cash balance 54,785 69,921 2,328 23,996 70
24. REMUNERATION OF DIRECTORS Consolidated AWB Limited Notes 2003 2002 2003 2002 $ $ $ $ Total income paid or payable, or otherwise made available, to all directors of the AWB Limited and controlled entities from AWB Limited or any related party: 3,349,407 2,599,042 1,609,272 1,807,123 The number of directors of AWB Limited whose income (including superannuation contributions) falls within the following bands is: Number 2003 2002 $30,000 – $39,999 6 – $50,000 – $59,999 – 7 $60,000 – $69,999 7 3 $120,000 – $129,999 – 1 $140,000 – $149,999 – 1 $160,000 – $169,999 1 – $810,000 – $819,999 1 – $970,000 – $979,999 – 1 15 13 25. REMUNERATION OF EXECUTIVES Consolidated 2003 2002 $ $ AWB Limited 2003 2002 $ $ Remuneration received or due and receivable by executive officers of the consolidated entity whose remuneration is $100,000 or more, from AWB Limited or any related party, in connection with the management of the affairs of AWB Limited or any related party, whether as an executive officer or otherwise: 4,658,085 4,009,967 4,658,085 4,009,967 The number of executives of the consolidated entity and AWB Limited whose remuneration falls within the following bands: Number Number 2003 2002 2003 2002 $240,000 – $249,999 1 – 1 – $260,000 – $269,999 – 1 – 1 $350,000 – $359,999 1 – 1 – $370,000 – $379,999 – 1 – 1 $380,000 – $389,999 1 – 1 – $420,000 – $429,999 1 – 1 – $430,000 – $439,999 1 1 1 1 $440,000 – $449,999 – 3 – 3 $450,000 – $459,999 1 – 1 – $480,000 – $480,999 1 – 1 – $510,000 – $519,999 1 – 1 – $550,000 – $559,999 1 – 1 – $630,000 – $639,999 – 1 – 1 $810,000 – $819,999 1 – 1 – $970,000 – $979,999 – 1 – 1 10 8 10 8 For the purposes of Australian Accounting Standard AASB 1034: Financial Report Presentation and Disclosures, the company has interpreted executive officers as being those persons who are members of the Executive Leadership Group which determines the operational and strategic direction of the AWB Group. 71
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Annual Report 2003 imagine the futu
Page 3 and 4:
During the past year, Australia has
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FINANCIAL PERFORMANCE SUMMARY Droug
Page 7 and 8:
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
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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
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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 and 70: 16. PROVISIONS Consolidated AWB Lim
Page 71: 20. OUTSIDE EQUITY INTERESTS Consol
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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