AWB Limited - 2004 Annual Report

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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF AWB LIMITED 120 Collins Street Melbourne VIC 3000 Australia Tel 61 3 9288 8000 Fax 61 3 9654 6166 DX 293 Melbourne GPO Box 67 Melbourne VIC 3001 Scope The financial report and directors’ responsibility The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements, and the directors’ declaration for AWB Limited (the company) and the consolidated entity, for the year ended 30 September 2004. The consolidated entity comprises both the company and the entities it controlled during that year. The directors of the company are responsible for preparing a financial report that gives a true and fair view of the financial position and performance of the company and the consolidated entity, and that complies with Accounting Standards in Australia, in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report. Audit approach We conducted an independent audit of the financial report in order to express an opinion on it to the members of the company. Our audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected. We performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001, including compliance with Accounting Standards in Australia, and other mandatory financial reporting requirements in Australia, a view which is consistent with our understanding of the company’s and the consolidated entity’s financial position, and of their performance as represented by the results of their operations and cash flows. We formed our audit opinion on the basis of these procedures, which included: examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors. While we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls. We performed procedures to assess whether the substance of business transactions was accurately reflected in the financial report. These and our other procedures did not include consideration or judgement of the appropriateness or reasonableness of the business plans or strategies adopted by the directors and management of the company. Independence We are independent of the company, and have met the independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001. In addition to our audit of the financial report, we were engaged to undertake the services disclosed in the notes to the financial statements. The provision of these services has not impaired our independence. Audit opinion In our opinion, the financial report of AWB Limited is in accordance with: (a) the Corporations Act 2001, including: (i) giving a true and fair view of the financial position of AWB Limited and the consolidated entity at 30 September 2004 and of their performance for the year ended on that date; and (ii) complying with Accounting Standards in Australia and the Corporations Regulations 2001; and (b) other mandatory financial reporting requirements in Australia. Ernst & Young Melbourne 24 November 2004 I H Miller Partner Liability limited by the Accountants Scheme, approved under the Professional Standards Act 1994 (NSW). 104
ASX ADDITIONAL INFORMATION SHAREHOLDER INFORMATION Additional information required by the Australian Stock Exchange and not shown elsewhere in this report is as follows. The information is current as at 14 December 2004. a) Distribution of equity securities The number of shareholders, by size of holding, in each class of share are: Ordinary shares Number of holders Number of shares 1 – 1,000 26,601 9,893,291 1,001 – 5,000 24,313 61,688,838 5,001 – 10,000 7,695 54,412,152 10,001 – 100,000 6,086 119,975,284 100,001 and over 85 96,073,353 64,780 342,042,918 The number of shareholders holding less than a marketable parcel of shares are: 7,027 401,077 b) Twenty largest shareholders The names of the twenty largest holders of quoted shares are: Listed ordinary shares Number of shares Percentage of ordinary shares 1 J P Morgan Nominees Australia Limited 17,087,881 5.00% 2 National Nominees Limited 15,798,749 4.62% 3 Westpac Custodian Nominees Limited 10,521,972 3.08% 4 Citicorp Nominees Pty Limited 8,180,902 2.39% 5 RBC Global Services Australia Nominees Pty Limited 5,337,601 1.56% 6 J P Morgan Nominees Australia Limited 2,336,531 0.68% 7 HSBC Custody Nominees (Australia) Limited 2,131,827 0.62% 8 Westpac Financial Services Limited 2,105,400 0.62% 9 CPU Share Plans Pty Limited 1,962,724 0.57% 10 RBC Global Services Australia Nominees Pty Limited 1,915,174 0.56% 11 Bond Street Custodians Limited 1,733,281 0.51% 12 Citicorp Nominees Pty Limited 1,427,343 0.42% 13 AMP Life Limited 1,356,857 0.40% 14 ANZ Nominees Limited 1,280,698 0.37% 15 Citicorp Nominees Pty Limited 1,190,218 0.35% 16 Bond Street Custodians Limited 1,150,584 0.34% 17 Citicorp Nominees Pty Limited 1,092,318 0.32% 18 Pan Australian Nominees Pty Limited 1,054,024 0.31% 19 Citicorp Nominees Pty Limited 946,895 0.28% 20 Queensland Investment Corporation 657,258 0.19% c) Substantial shareholders 79,268,237 23.17% The only substantial shareholder as at 14 December 2004 was J P Morgan Nominees Australia Limited with 17,087,881 AWB B class shares representing 5.00% of issued capital. 105
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Annual Report 2004
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Who We Are AWB Limited (AWB) is Aus
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Finance AWB harvest finance book pe
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Five Year Summary 2004 2003 2002 20
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Chairman’s and Managing Director
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To continue building its capability
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Pool Management Services Highlights
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AWB National Pool participants. AWB
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Landmark Highlights Integrated Land
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the integration, Landmark has reloc
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Finance and Risk Management Highlig
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Finance Limited, a wholly owned, ba
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Grain Acquisition and Trading Highl
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through the AWB Geneva office, both
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Supply Chain & Other Investments Hi
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The Five Star Feed Mill, located on
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Our People AWB employs over 2,700 p
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More than 70% of AWB’s employees
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Our Social Commitment Together with
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Social service providers While not
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7. Richard Fuller General Manager,
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Independence All of the current 11
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Services Agreement Committee The Se
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its observance provides the foundat
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Promotion Committee and Founding Ch
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1. Brendan Stewart Chairman, Non-ex
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DIRECTORS' REPORT Your directors su
Page 56 and 57: DIRECTORS' REPORT (continued) REMUN
Page 58 and 59: DIRECTORS' REPORT (continued) DIREC
Page 60 and 61: DIRECTORS' REPORT (continued) DIREC
Page 62 and 63: STATEMENT OF FINANCIAL PERFORMANCE
Page 64 and 65: STATEMENT OF CASH FLOWS FOR THE YEA
Page 66 and 67: NOTES TO AND FORMING PART OF THE FI
Page 108 and 109: SHAREHOLDER COMMUNICATION FINANCIAL
Page 110 and 111: GLOSSARY AWB Basis Pool AWB Basis P
Page 112: Head Office 380 La Trobe Street Mel
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AWB Limited - 2004 Annual Report

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