AWB Limited - 2004 Annual Report

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2004 Growing our Horizons Grains Managed the largest ever national wheat crop of 25.2 million tonnes (mt) – up from 9.7mt in 2002/03 Continued business in Iraq with new wheat sales in excess of 1.5mt Signed the first significant sales to China for eight years, with contracts for 2.5mt Delivered strong out-performance for the AWB National Pool – $140m for the 2002/03 Pool and a projected $332m to date for the 2003/04 Pool Achieved a 25% increase in the grain traded by Australia Trading, taking total volumes to more than four million tonnes Expanded international trading business, trading two million tonnes of grain in 2003/04, up from 1.2mt the previous year Managed receivals of 1.8mt for AWB GrainFlow – up from 185,000t in 2002/03 Increased the share of the Egyptian premium flour market held by Five Star Flour Mills to more than 20% Achieved Occupational Health and Safety AS 4801 accreditation for AWB GrainFlow and Agrifood Technology 2
Finance AWB harvest finance book peaked at $1.6b, maintaining the leading position in the harvest finance market Landmark lending book exceeded $1.1b – growth of 34% from 2002/03 Secured an Australian Financial Services (AFS) Licence and successfully converted 85% of Landmark deposits to an AWB-backed prospectus Successfully maintained the highest short term credit ratings (A-1+ Standard & Poor’s, P-1 Moody’s) for AWB Harvest Finance through the ring-fenced company structure Established a $750m syndicated loan facility agreement with a panel of relationship banks Rural Services Record real estate sales worth near $1b, up by 31% Increased yearly merchandise and fertiliser sales by 13% nationally Traded approximately two million cattle and 11 million sheep for 2003/04 Integration Exceeded first year Landmark EBIT integration targets ($5 – $10m), with revenue growth and cost savings of $13 million Rebranded all regional offices within the AWB Landmark network Implemented a company-wide performance incentive plan aligning staff and company interests 3
Page 1 and 2: Annual Report 2004
Page 3: Who We Are AWB Limited (AWB) is Aus
Page 7 and 8: Five Year Summary 2004 2003 2002 20
Page 9 and 10: Chairman’s and Managing Director
Page 11 and 12: To continue building its capability
Page 13 and 14: Pool Management Services Highlights
Page 15 and 16: AWB National Pool participants. AWB
Page 17 and 18: Landmark Highlights Integrated Land
Page 19 and 20: the integration, Landmark has reloc
Page 21 and 22: Finance and Risk Management Highlig
Page 23 and 24: Finance Limited, a wholly owned, ba
Page 25 and 26: Grain Acquisition and Trading Highl
Page 27 and 28: through the AWB Geneva office, both
Page 29 and 30: Supply Chain & Other Investments Hi
Page 31 and 32: The Five Star Feed Mill, located on
Page 33 and 34: Our People AWB employs over 2,700 p
Page 35 and 36: More than 70% of AWB’s employees
Page 37 and 38: Our Social Commitment Together with
Page 39 and 40: Social service providers While not
Page 41 and 42: 7. Richard Fuller General Manager,
Page 43 and 44: Independence All of the current 11
Page 45 and 46: Services Agreement Committee The Se
Page 47 and 48: its observance provides the foundat
Page 49 and 50: Promotion Committee and Founding Ch
Page 51 and 52: 1. Brendan Stewart Chairman, Non-ex
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DIRECTORS' REPORT Your directors su
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DIRECTORS' REPORT (continued) REMUN
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DIRECTORS' REPORT (continued) DIREC
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DIRECTORS' REPORT (continued) DIREC
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STATEMENT OF FINANCIAL PERFORMANCE
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STATEMENT OF CASH FLOWS FOR THE YEA
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NOTES TO AND FORMING PART OF THE FI
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INDEPENDENT AUDIT REPORT TO THE MEM
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SHAREHOLDER COMMUNICATION FINANCIAL
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GLOSSARY AWB Basis Pool AWB Basis P
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Head Office 380 La Trobe Street Mel
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AWB Limited - 2004 Annual Report

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