AWB Limited - 2003 Annual Report

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2003
34. CONTROLLED ENTITIES (continued)
(b) Acquisition of controlled entities
On 29 August 2003, the consolidated entity purchased 100% of Landmark Rural Holdings Limited and Johnstone River Transport Pty
Limited, and the operating result of these entities was included in the consolidated operating profit from that date. Details of the
acquisitions are as follows:
Consolidated
AWB Limited
2003 2002 2003 2002
$'000 $'000 $'000 $'000
Consideration 718,400 – – –
Associated costs of acquisition 11,660 – – –
730,060 – – –
Less: – third instalment payable after balance date (38,400) – – –
– cash acquired in Landmark (148,895) – – –
Outflow of cash 542,765 – – –
Fair value of net assets of entity acquired
Cash assets 148,895 – – –
Receivables 281,664 – – –
Inventories 120,975 – – –
Other assets 2,738 – – –
Investments accounted for using the equity method 2,134 – – –
Other financial assets 1,048 – – –
Intangible assets 156 – – –
Property, plant and equipment 71,939 – – –
Future income tax benefit 13,327 – – –
Payables (166,272) – – –
Interest bearing deposits (281,613) – – –
Current tax liabilities (2,652) – – –
Provisions (29,482) – – –
Provision for restructure (5,317)
Other liabilities (8,954) – – –
Deferred tax liabilities (2,801) – – –
Outside equity interests at acquisition (1,383) – – –
144,402 – – –
Goodwill on acquisition 585,658 – – –
Consideration (including associated costs) 730,060 – – –
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