AWB Limited - 2004 Annual Report

9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
(a) Details of investments in associates held by the consolidated entity
Consolidated
Principal Balance 2004 2003
Name % activity date $'000 $'000
Arcadian Wool Brokers Limited
Wooldumpers Australia Pty Ltd
Sydney Wool Brokers Limited
ACN 093 163 430 Pty Ltd
Five Star Flour Mills Company SAE (FSFM)
Five Star Feed Mills & Animal Production Company SAE
Kelly & Co Rural Centre Pty Limited
40 Wool handling 30 June 1,725 1,714
50 Wool handling 30 June 5,823 889
46.7 Wool handling 30 June – –
25 Rural financing 30 June – –
30 Flour mill 30 June 10,154 8,360
(i) Feed mill 30 June 2,681 1,947
50 Rural merchandise 30 June 978 –
21,361 12,910
Five Star Flour Mills and Five Star Feed Mills are based in Egypt.
(i) AWB Group holds 23.7% directly. The other 9% is indirectly held through FSFM.
(b) Share of associates' profit
Profit from ordinary activities before income tax expense 12,070 2,248
Income tax expense relating to ordinary activities (3,000) (151)
9,070 2,097
(c) Movement in carrying amount of investments
Carrying amount of investments in associates at the beginning
of the year 12,910 16,958
– Investments in associates acquired during the year 1,669 2,134
– Dividends received from associates (1,773) (156)
– Share of net profits of associates for the financial year 9,070 2,097
– Share of decrement in associates' revaluation reserve for the
financial year (515) (8,123)
Carrying amount of investments in associates at the end of the year 21,361 12,910
(d) Share of assets and liabilities
Current assets 21,964 16,289
Non–current assets 36,137 33,655
Current liabilities (21,381) (18,299)
Non–current liabilities (15,359) (18,735)
Net assets 21,361 12,910
(e) Retained profits of the consolidated entity attributable to associates
Balance at the beginning of the year 7,918 5,977
Share of net profits of associates 9,070 2,097
less share of associates' dividends (1,773) (156)
Balance at the end of the year 15,215 7,918
(f) Reserves of the consolidated entity attributable to associates
Balance at the beginning of the year (8,123) (1,578)
Share of associates' reserves (515) (6,545)
Balance at the end of the year (8,638) (8,123)
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