AWB Limited - 2004 Annual Report
AWB Limited - 2004 Annual Report
AWB Limited - 2004 Annual Report
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 SEPTEMBER <strong>2004</strong><br />
33. CONTROLLED ENTITIES (continued)<br />
(b) Acquisition of controlled entities<br />
On 29 August 2003, the consolidated entity purchased 100% of Landmark Rural Holdings <strong>Limited</strong> and Johnstone River Transport Pty <strong>Limited</strong>, and<br />
the operating result of these entities was included in the consolidated operating profit from that date. Details of the acquisitions are as follows:<br />
Consolidated<br />
<strong>AWB</strong> <strong>Limited</strong><br />
<strong>2004</strong> 2003 <strong>2004</strong> 2003<br />
$'000 $'000 $'000 $'000<br />
Consideration – 718,400 – –<br />
Associated costs of acquisition – 11,660 – –<br />
– 730,060 – –<br />
Less: – third instalment payable after balance date – (38,400) – –<br />
– cash acquired in Landmark – (148,895) – –<br />
Outflow of cash – 542,765 – –<br />
Fair value of net assets of entity acquired:<br />
Cash assets – 148,895 – –<br />
Receivables – 281,664 – –<br />
Inventories – 120,975 – –<br />
Other assets – 2,738 – –<br />
Investments accounted for using the equity method – 2,134 – –<br />
Other financial assets – 1,048 – –<br />
Intangible assets – 156 – –<br />
Property, plant and equipment – 121,939 – –<br />
Future income tax benefit – 13,327 – –<br />
Payables – (166,272) – –<br />
Interest bearing deposits – (281,613) – –<br />
Current tax liabilities – (2,652) – –<br />
Provisions – (29,482) – –<br />
Provision for restructure – (5,317) – –<br />
Other liabilities – (8,954) – –<br />
Deferred tax liabilities – (2,801) – –<br />
Outside equity interests at acquisition – (1,383) – –<br />
– 194,402 – –<br />
Goodwill on acquisition – 535,658 – –<br />
Consideration (including associated costs) – 730,060 – –<br />
The third instalment of $38.4 million was paid in the <strong>2004</strong> financial year and a receipt $16.8 million was received for a net tangible asset price<br />
adjustment. Additional associated costs amounting to $0.46 million were incurred.<br />
34. EARNINGS PER SHARE<br />
Consolidated<br />
<strong>2004</strong> 2003<br />
Basic earnings per share (cents) 28.8 15.9<br />
Diluted earnings per share (cents) 28.8 15.9<br />
Reconciliation of earnings used in calculating earnings per share:<br />
$'000<br />
$'000<br />
Net profit from ordinary activities after income tax expense 97,651 44,150<br />
Net profit attributable to outside equity interests (789) (259)<br />
96,862 43,891<br />
Number Number<br />
Weighted average number of ordinary shares used in calculating basic earnings per share 335,925,956 276,470,797<br />
Effect of dilutive securities – performance rights 300,153 258,306<br />
Weighted average number of ordinary shares used in calculating dilutive earnings per share 336,226,109 276,729,103<br />
100
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