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 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 – – – 86
35. EARNINGS PER SHARE Consolidated 2003 2002 Basic earnings per share (cents) 15.9 39.2 Diluted earnings per share (cents) 15.9 39.2 Reconciliation of earnings used in calculating earnings per share: $'000 $'000 Net profit from ordinary activities after income tax expense 44,150 107,829 Net profit attributable to outside equity interests (259) (637) 43,891 107,192 Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 276,470,797 273,340,738 Effect of dilutive securities – performance rights 258,306 32,404 Weighted average number of ordinary shares used in calculating dilutive earnings per share 276,729,103 273,373,142 36. SUBSEQUENT EVENTS (a) 2003 There are no subsequent events which are likely to have a material effect on the consolidated entity's financial statements. For dividends declared after 30 September 2003, refer to Note 22. (b) 2002 There were no subsequent events which were likely to have a material effect on the consolidated entity's financial statements. 87
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Annual Report 2003 imagine the futu
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During the past year, Australia has
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FINANCIAL PERFORMANCE SUMMARY Droug
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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
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For the 2001/02 Pool, AWB managed a
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finance and risk management Harvest
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Through “ring fencing”, AWB was
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grain acquisition and trading Grain
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supply chain and other investments
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Children of AWB employees enjoying
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grain technology AWB Grain Technolo
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landmark Overview Landmark is Austr
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our people and systems People AWB e
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AWB has committed itself to a thoro
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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 and 72: 20. OUTSIDE EQUITY INTERESTS Consol
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: 34. CONTROLLED ENTITIES (continued)
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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