AWB Limited - 2003 Annual Report

More documents

Recommendations

Info

MAJOR ANNOUNCEMENTS TO THE AUSTRALIAN STOCK EXCHANGE 2002 4 October 2002 AWB announces the AWB National Pool has paid a third distribution payment from the 2001/02 season, with more than $715 million paid to wheat growers across Australia. 15 October 2002 AWB revises down its crop forecast for 2002/03 to between 11–13 million tonnes. 20 November 2002 AWB announces a record profit of $107.2 million after tax for the 12 months to 30th September 2002. The result represents a 28% increase on the 2001 reported after tax profit of $83.7 million. 19 December 2002 AWB discloses a substantial shareholding in Futuris Corporation Limited (Futuris) of 5%. 2003 6 January 2003 AWB announces the AWB National Pool has paid its fourth distribution payment from the 2001/02 season with more than $766 million paid to wheat growers across Australia. 13 January 2003 AWB revises down its crop forecast for 2001/02 to between 9.5–10.5 million tonnes. 14 February 2003 AWB announces it has acquired a further 60.2 million Futuris ordinary shares bringing its interest in Futuris to 14.9%. 13 March 2003 Brenda Shanahan resigns as a B class director of AWB Limited, and Peter Polson is appointed as a B class director, effective from 31 March 2003. 20 March 2003 AWB suspends a discharge of wheat in Iraq following the United Nations Oil-for-Food program being temporarily suspended. 7 April 2003 AWB National Pool made its first distribution payment from AWB’s 2002/03 National Pool of more than $127 million to Australian wheat growers. AWB National Pool announced its fifth distribution payment from the 2001/02 harvest with more than $1.2 billion paid to wheat growers across Australia 7 May 2003 AWB introduces its New Grower Incentive Program for new A class shareholders who have never owned B class shares to obtain shares at a discount. 21 May 2003 AWB announces an after tax profit of $29.9 million for the half year ended 31 March 2003, and declares an interim dividend of 14 cents per share. 19 June 2003 AWB was successful in defending an appeal by NEAT Domestic Trading Pty Ltd to the High Court of Australia, in relation to the refusal by AWB (International) Limited to approve a number of bulk permit applications to export durum. 1 July 2003 AWB revises down its crop forecast for 2003/04 to between 20–22 million tonnes. 7 July 2003 AWB announces its second distribution from the No. 1 2002/03 AWB National Pool, distributing more than $185 million to Australian wheat growers. 31 July 2003 AWB finalises its highest returning AWB National Pool with $511 million distributed bringing the total Pool value for 2001/02 to more than $5.3 billion. 29 August 2003 AWB announces its acquisition of Landmark from Wesfarmers for a net purchase consideration of $718 million. A capital raising will be undertaken including an Institutional Placement, Share Purchase Plan and Dividend Reinvestment Plan. 3 September 2003 AWB announces that the Institutional Placement component of its capital raising has closed with the offer successful, having been heavily oversubscribed at a final price of $3.70 per share. 7 September 2003 AWB announces the outstanding 800,000 tonne contracts to Iraq have been honoured for immediate shipment, completing the 1.2 million tonne contracts with AWB struck with Iraq prior to hostilities. GLOSSARY AWB Basis Pool is a multi-varietal pool contract. It takes advantage of the professionally managed “basis” premium achieved in the AWB National Pool and provides growers with an opportunity to establish specific international wheat prices using the Chicago Board of Trade wheat futures contracts and prevailing foreign exchange rates. AWB Golden Rewards is a comprehensive payment and binning system for wheat marketed through the AWB National Pool and selected cash options. Golden Rewards is designed to provide pricing accuracy and market signals for Australia’s grain growers, ensuring that growers are rewarded for delivering the types of wheat demanded by AWB’s international customers. Growers have better defined financial targets to aim for in terms of higher protein content and lower screenings levels, and are no longer severely penalised if their wheat narrowly misses a minimum binning standard for one of these quality attributes. AWB Group AWB Limited and its controlled entities. AWB Multi V cash contracts incorporate AWB Golden Rewards. It is based on multi varietal classification, with continuous quality payment scales for protein and screenings to improve pricing accuracy and better reflect the market value consistent with wheat quality. AWB RiskAssist is a specialised risk management business service designed to help growers manage commodity futures and foreign exchange hedging with an AWB Basis Pool contract. Cost and Freight (CFR) is a freight option whereby the seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the costs and freight necessary to bring the goods to port, but the risk of loss or damage to the goods is transferred from the seller to the buyer. Forward Freight Agreement (FFA) is a principal to principal contract where one counterparty takes the view that the prices of an agreed freight route, at an agreed time, will be higher than the agreed level. The other party contracts to differ. Free On Board (FOB) means that the seller delivers when the goods pass the ship’s rail at the named port of shipment. The buyer has to bear all costs and risk of loss or damage to the goods from that point. Gross Pool Value (GPV) is the sum of all export revenue and other value added by AWB. It represents the gross return to growers, and equates to the sum of pool returns prior to storage, handling, rail and fobbing deductions. 92
AWB GROUP LOCATIONS ROYCE DESIGN AWB 5291 Head Office Melbourne 380 La Trobe Street Melbourne, Victoria 3000 (03) 9209 2000 International Cairo Tokyo Hong Kong Geneva Portland, Oregon Australia New South Wales Albury Ardlethan Ariah Park Armidale Barraba Bathurst Batlow Beanbri Bellata Bogan Gate Boggabilla Bourke Broken Hill Collarenebri Cooma Coonamble Cootamundra Corowa Cowra Crookwell Deniliquin Dubbo Forbes Gilgandra Glen Innes Goulburn Griffith Grong Grong Gunnedah Hay Hillston Junee Maitland Moree Moss Vale Mudgee Mungindi Narrabri Narromine Newcastle Nyngan Oaklands Orange Parramatta Rocklea Singleton Stockinbingal Sydney Tamworth Temora Wagga Wagga Walcha Walgett Walla Walla Warialda Warren Wee Waa West Wyalong Yennora Young Northern Territory Darwin Katherine Alice Springs Queensland Applethorpe Ayr Ballandean Blackall Bowen Brisbane Bundaberg Cairns Charleville Charters Towers Chinchilla Clermont Cloncurry Colonsay Croppa Creek Cunnamulla Dalby Dirranbandi El Arish Emerald Gatton Goondiwindi Gympie Home Hill Hughenden Injune Jondaryan Longreach Mackay Mareeba Maryborough Meandarra Mitchell Mourilyan Mundubbera Oakey Pittsworth Quilpie Richmond Rockhampton Rocklea Roma St George Talwood Tambo Taroom The Gums Toowong Toowoomba Townsville Tully Wallaville Wandoan Winton Yandina South Australia Adelaide Arthurton Berri Bordertown Burra Bute Ceduna Clare Cleve Crystal Brook Gawler Gepps Cross Jamestown Kadina Kapunda Keith Kingston Lameroo Lock Loxton Lucindale Maitland Mallala Mclaren Vale Meningie Millicent Minalton Mount Compass Mount Gambier Murray Bridge Naracoorte Padthaway Penola Port Adelaide Port Lincoln Renmark Riverton Sheaoak Log Strathalbyn Streaky Bay Tintinara Tumby Bay Warooka Tasmania Launceston Victoria Alexandra Ararat Ballarat Benalla Bendigo Berriwillock Birchip Brooklyn Camperdown Casterton Charlton Cobden Colac Dimboola Donald Echuca Euroa Foster Geelong Hamilton Heathcote Heywood Horsham Inverleigh Kaniva Korumburra Leongatha Melbourne Mortlake Nhill Numurkah Ouyen Pinnaroo Poowong Sale Sea Lake Shepparton Skipton Stawell Swan Hill Timboon Traralgon Tullamarine Wandin Wangaratta Warracknabeal Warragal Warrnambool Wonthaggi Wycheproof Yarram Yarrawonga Yea Western Australia Albany Ballidu Bassendean Boyup Brook Broome Bunbury Carnamah Carnarvon Coorow Corrigin Dalwallinu Dandaragan Dowerin Esperance Geraldton Gnowangerup Hyden Kalannie Katanning Kojonup Kununurra Lake Grace Lake King Manjimup Merredin Midvale Mingenew Moora Morowa Mullewa Narrogin Northam Perenjori Perth Pingrup Ravensthorpe Spearwood Three Springs Wongan Hills Wyalkatchem 93
Page 1 and 2:
Annual Report 2003 imagine the futu
Page 3 and 4:
During the past year, Australia has
Page 5 and 6:
FINANCIAL PERFORMANCE SUMMARY Droug
Page 7 and 8:
There are six key business streams
Page 9 and 10:
chairman’s and managing director
Page 11 and 12:
As a gesture of AWB's appreciation
Page 13 and 14:
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
Page 19 and 20:
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 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 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: FINANCIAL CALENDAR - 2004 Annual Ge
show all

AWB Limited - 2003 Annual Report

Create successful ePaper yourself

Delete template?

Save as template?