AWB Limited - 2004 Annual Report

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2004 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (r) Depreciation of property, plant and equipment Depreciation is provided on a straight line basis for all property, plant and equipment, other than freehold land, from the date at which the asset becomes available for use. Depreciation charges are calculated to allocate cost or valuation, less estimated residual value at the end of the useful lives of the assets against revenue over those estimated useful lives. The depreciation rates used for each class of depreciable assets are: – buildings 2% – plant and equipment 5% to 33%. (s) Employee benefits Provision is made for long service leave and annual leave estimated to be payable to employees on the basis of their terms of employment and statutory requirements. The provision calculations include all employee related on–costs and are based on total remuneration packages. This method of calculating provisions provides a result that is materially correct in accordance with AASB 1028: Employee Benefits. In respect of the consolidated entity's accumulation fund, any contributions made to the superannuation funds by entities within the consolidated entity are charged against profits when due. (t) Interest bearing liabilities All loans are measured at the principal amount. Interest is charged as an expense as it accrues. (u) Share capital Ordinary share capital is recognised at the fair value of the consideration received by AWB Limited. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received. (v) Earnings per share Basic earnings per share is calculated as net profit attributable to members, adjusted to exclude costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element. Diluted earnings per share is calculated as the net profit attributable to members, adjusted for: costs of servicing equity (other than dividends) and preference share dividends; the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and other non–discretionary changes in revenues and expenses during the period that would result from the dilution of potential ordinary shares divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element. 66
2. REVENUE FROM ORDINARY ACTIVITIES Consolidated AWB Limited 2004 2003 2004 2003 $'000 $'000 $'000 $'000 Revenue from sale of goods – other corporations 3,127,306 1,628,916 162 – – related party (AWB National Pools) 1,983,929 409,720 – 8,991 5,111,235 2,038,636 162 8,991 Management fee revenue – related party (AWB National Pools) 95,198 77,091 – 77,091 – wholly owned group – – 2,456 50,877 95,198 77,091 2,456 127,968 Dividends – other corporations 7,535 4,448 167 354 – other related parties – – 42 208 – wholly owned group – – 57,332 41,600 7,535 4,448 57,541 42,162 Interest – other persons/corporations 72,677 80,571 746 1,143 – related party (AWB National Pools) 8,345 2,426 – – – wholly owned group – – 84,915 32,193 81,022 82,997 85,661 33,336 Rental income 4,477 406 – – Proceeds on sale of non–current assets 15,828 572 59,949 22 Underwriting fees 16,693 4,176 – – Other revenue 12,657 3,564 4,248 (80) Total revenue from ordinary activities 5,344,645 2,211,890 210,017 212,399 Details of related party transactions are included in Note 26(b). 67
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 64 and 65: STATEMENT OF CASH FLOWS FOR THE YEA
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
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