AWB Limited - 2004 Annual Report

More documents

Recommendations

Info

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2004 Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 Cash flows from operating activities Receipts from customers 5,391,527 2,494,079 1,832 141,886 Payments to suppliers and employees (5,549,673) (1,975,985) (72,217) (149,147) Repayments of grower loans 1,169,190 1,650,882 – – Loans advanced to growers (1,331,171) (587,437) – – Interest received 81,022 82,997 85,661 33,336 Borrowing costs paid (113,891) (70,505) (2,762) (1,250) Dividends received 9,308 4,604 57,541 42,162 Income tax refunds received 32,987 7,620 – 7,620 Income taxes paid (24,331) (61,961) (1,748) – Net cash flows from/(used in) operating activities 23(a) (335,032) 1,544,294 68,307 74,607 Cash flows from investing activities Payments for property, plant and equipment (35,555) (93,167) (54) (17,612) Proceeds from sale of property, plant and equipment 15,828 572 59,949 22 Payment for controlled entities (net of cash acquired) 33(b) (22,093) (542,765) – – Purchases of investments and associates (10,205) (122,642) (220) (2,402) Proceeds from/(placement of ) short-term deposits and securities (net) (479,824) (25,287) – – Net cash flows from/(used in) investing activities (531,849) (783,289) 59,675 (19,992) Cash flows from financing activities Proceeds from issues of ordinary shares 76,026 153,967 76,025 152,484 Payment of share issue and listing costs (321) (5,321) (321) (5,321) Proceeds from/(repayment of ) borrowings from related party (AWB National Pools) 793,096 (234,944) (9,752) 3,791 Proceeds from/(repayment of ) borrowings from wholly owned group – – (53,820) (158,793) Proceeds from/(repayment of ) interest bearing deposits 19,068 3,711 – – Proceeds from/(repayment of ) borrowings 27,058 (625,015) – – Dividends paid (54,606) (68,539) (54,552) (68,444) Net cash flows from/(used in) financing activities 860,321 (776,141) (42,420) (76,283) Net increase/(decrease) in cash held (6,560) (15,136) 85,562 (21,668) Cash at the beginning of the financial year 54,785 69,921 2,328 23,996 Cash at the end of the financial year 23(b) 48,225 54,785 87,890 2,328 62
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2004 INDEX Page 1 Summary of significant accounting policies 63 2 Revenue from ordinary activities 67 3 Profit from ordinary activities before income tax expense 68 4 Taxation 69 5 Cash assets 70 6 Receivables 70 7 Inventories 70 8 Other assets 70 9 Investments accounted for using the equity method 71 10 Interests in joint venture operations 72 11 Other financial assets 72 12 Intangible assets 72 13 Property, plant and equipment 73 14 Payables 74 15 Interest bearing liabilities 74 16 Provisions 75 17 Other liabilities 76 18 Contributed equity 76 19 Reserves and retained profits 77 20 Outside equity interests 77 21 Total equity reconciliation 77 22 Dividends 78 23 Notes to statement of cash flows 78 24 Directors and executive disclosures 79 25 Auditor’s remuneration 84 26 Related party disclosures 85 27 Segment information 86 28 Expenditure commitments 88 29 Contingent liabilities 89 30 Employee entitlements and superannuation commitments 89 31 Financial instruments 90 32 Deed of Cross Guarantee 97 33 Controlled entities 98 34 Earnings per share 100 35 Subsequent events 101 36 Disclosing the impact of adopting AASB equivalents 101 to International Financial Reporting Standards (A-IFRS) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The financial report is a general purpose financial report which has been prepared in accordance with Accounting Standards, Urgent Issues Group Consensus Views, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. It has been prepared on the basis of historical costs and except where stated, does not take into account fair values of non–current assets. (b) Changes in accounting policies Accounting policies have been consistently applied by each entity in the consolidated entity and are consistent with those of the previous year. Comparative information has been repositioned or reclassified where appropriate to ensure comparability with the current reporting period. (c) Principles of consolidation Controlled entities The financial statements of controlled entities are included from the date control commences until the date control ceases. Outside interests in the equity and results of the entities that are controlled by the company are shown as a separate item in the consolidated financial statements. Associates Associates are those entities, other than partnerships, over which the consolidated entity exercises significant influence and which are not intended for sale in the near future. In the consolidated financial statements, investments in associates are accounted for using equity accounting principles. Investments in associates are carried at the lower of the equity accounted amount and recoverable amount. The consolidated entity’s equity accounted share of the associates’ net profit or loss is recognised in the consolidated statement of financial performance from the date significant influence commences until the date significant influence ceases. Other movements in reserves are recognised directly in consolidated reserves. Joint venture operations Joint venture operations are jointly controlled by the consolidated entity. The consolidated entity’s interests in unincorporated joint ventures are brought to account by including its proportionate share of the joint ventures’ assets, liabilities and expenses and the consolidated entity’s revenue from the sale of its share of output on a line by line basis, from the date joint control commences to the date joint control ceases. Transactions eliminated on consolidation Unrealised gains and losses and inter–entity balances resulting from transactions with or between controlled entities are eliminated in full on consolidation. Unrealised gains resulting from transactions with associates and joint ventures, including those relating to contributions of non–monetary assets on establishment, are eliminated to the extent of the consolidated entity’s interest. Unrealised gains relating to associates and joint ventures are eliminated against the carrying amount of the investment. Unrealised losses are eliminated in the same way as unrealised gains, unless they evidence a recoverable amount impairment. AWB National Pools As in previous years, the activities of the AWB National Pools have not been recognised in the financial statements of the consolidated entity. The economic benefit from the activities of the AWB National Pools are derived by pool participants rather than the consolidated entity. (d) Revenue recognition Revenues are recognised at fair value of the consideration received net of the amount of goods and services tax payable to the Australian Taxation Office. Sales Revenue from sales made on commercial terms is recognised when title for the commodity transfers to the customer. In the case of export sales, the bill of lading (shipment) date is taken as the transaction date unless title is to pass at a materially different time. Management fee revenue Management fee revenue is recognised according to when the costs of providing the services are incurred. Interest revenue Interest revenue is recognised as it accrues taking into account the effective yield of the financial asset. 63
Page 1 and 2:
Annual Report 2004
Page 3 and 4:
Who We Are AWB Limited (AWB) is Aus
Page 5 and 6:
Finance AWB harvest finance book pe
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
Page 54 and 55: 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 66 and 67: NOTES TO AND FORMING PART OF THE FI
Page 106 and 107: INDEPENDENT AUDIT REPORT TO THE MEM
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
show all

AWB Limited - 2004 Annual Report

Create successful ePaper yourself

Delete template?

Save as template?