AWB Limited - 2003 Annual Report

27. RELATED PARTY DISCLOSURES (continued)
(b) The following related party transactions occurred during the period (continued):
Consolidated
AWB Limited
Notes 2003 2002 2003 2002
$'000 $'000 $'000 $'000
Loans advanced to / receivable from:
– wholly owned group – – 839,385 733,551
– related party (AWB National Pools) 162,100 597,064 – –
Non–current advanced to / receivable from:
– wholly owned group – subordinated loan – – 50,000 –
Loans advanced from / payable to:
– related party (AWB National Pools) 315,795 550,739 9,752 5,961
Terms and conditions
Interest is charged or credited on amounts with AWB Limited at prevailing commercial interest rates. All other transactions within the AWB
Limited consolidated entity are based on actual amounts incurred or received and are conducted on commercial terms and conditions.
Consolidated
AWB Limited
2003 2002 2003 2002
$ $ $ $
(c) Transactions with the directors of AWB Limited and the consolidated entity
The remuneration of directors is set out in Note 24.
Harvest payment loans made to directors 578,808 1,353,919 – –
(d) Transactions with director related entities
Purchases
Messrs Barry, Moffet, Cush, Gibson, Marshall, McClelland, Donges,
Simpson, M. Shanahan, Stewart (2002 only) 4,195,914 4,912,400 – –
The above transactions were conducted with director related entities under normal commercial terms with conditions no more favourable
than those available to other suppliers and customers.
Mrs Kerry Sanderson is Chief Executive and General Manager of Fremantle Ports Authority in Western Australia. A major portion of the
Western Australian harvest was shipped through the Port of Fremantle. All transactions with this Authority were in the ordinary course of
business on normal commercial terms and conditions.
(e) AWB Limited is the ultimate parent entity.
(f) Equity instruments of directors
The interests of directors of the reporting entity and their director related entities in shares of entities within the consolidated entity at year
end are set out below:
2003 2002
Director AWB Limited AWB Limited
A class B class A class B class
Brendan Stewart 1 15,425 1 15,425
Robert Barry 1 40,579 1 40,579
Andrew Lindberg – 71,574 – 70,000
Ian Cush 1 86,591 1 86,591
Brendan Fitzgerald 1 12,000 – –
Laurie Marshall 1 16,090 1 16,090
Xavier Martin 1 70,695 – –
Warrick McClelland 1 68,035 1 68,035
Christopher Moffet 1 100,577 1 100,577
Peter Polson – – – –
Kerry Sanderson – 5,000 – 5,000
Brenda Shanahan – – – –
Michael Shanahan 1 4,823 1 4,823
John Simpson 1 99,672 1 99,672
John Thame – 5,000 – 5,000
10 596,061 8 511,792
(e) All financial benefits provided by AWB Limited or its controlled entities to related parties (other than benefits approved at a general
meeting) were provided on arm's length terms. Transactions relating to shares and options of AWB Limited, including the payment and
receipt of dividends, were on the same basis as similar transactions with other shareholders.
73