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 10. INTERESTS IN JOINT VENTURE OPERATIONS ACN 089 443 407 Pty Limited, a wholly owned subsidiary of AWB Limited, holds a 50% (2003: 50%) interest in a joint venture operation Australian Independent Commodity Handlers (AICH). AICH manages a storage and handling facility known as the Melbourne Port Terminal. The role of AWB in this joint venture is one of administration and part financing for the facility. ACN 089 443 407 Pty Limited does not participate in the operation of the facility. Consolidated 2004 2003 $'000 $'000 Net assets employed in the joint venture are included in the financial statements as follows: Property, plant and equipment 15,263 16,071 The consolidated entity also holds interests in the following research and development joint venture operations, for which no assets are employed. Name Principal activity Interest LongReach Plant Breeders Management Pty Ltd To undertake research projects with the aim of breeding 50.0% and developing new proprietary varieties. The current research project aim is to breed, develop and commercialise varieties of feed wheat with improved nutrition, agronomic performance and resistance to plant diseases that are well adapted to specified growing areas in Australia. Stored Grain Research Laboratory To undertake the funding, management and commercialisation 14.3% of outputs of the Stored Grain Research Laboratory. Graingene Agreement To generate intellectual property and germplasm. 33.3% Capital expenditure commitments and contingent liabilities in respect of the joint venture operations are disclosed in Notes 28 and 29 respectively. 11. OTHER FINANCIAL ASSETS Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 Current Short-term deposits 515,829 36,005 – – Financial assets 228,062 110,256 – – Provision for counterparty risk (15,002) (8,368) – – 728,889 137,893 – – Non–current assets Shares Controlled entities 33(a) – – 22,250 21,757 Other companies – listed 140,220 130,889 – – – unlisted 3,045 5,862 13,474 15,691 Memberships 1,306 1,315 453 1,315 144,571 138,066 36,177 38,763 12. INTANGIBLE ASSETS Goodwill At cost 544,369 536,134 – – Accumulated amortisation (29,510) (2,737) – – 514,859 533,397 – – Licence fees At cost 233 217 233 212 Accumulated amortisation (63) (40) (63) (40) 170 177 170 172 515,029 533,574 170 172 72
13. PROPERTY, PLANT AND EQUIPMENT Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 Freehold land – at cost 16,023 18,556 – 2,924 Buildings on freehold land – at cost 63,788 64,106 – 8,809 – accumulated depreciation (11,993) (7,800) – (898) 51,795 56,306 – 7,911 Leasehold improvements – at cost 20,324 11,715 – 433 – accumulated amortisation (5,420) (5,237) – (306) 14,904 6,478 – 127 Total land and buildings 82,722 81,340 – 10,962 Plant and equipment – at cost 367,432 359,644 – 70,021 – accumulated depreciation (130,593) (90,541) – (26,066) Total plant and equipment 236,839 269,103 – 43,955 Total property, plant and equipment 467,567 454,021 – 82,187 Total accumulated depreciation and amortisation (148,006) (103,578) – (27,270) Total property, plant and equipment at net book value 319,561 350,443 – 54,917 Reconciliations Reconciliations of the carrying amounts for each class of property, plant and equipment are set out below: Freehold Leasehold Plant and land Buildings improvements equipment Total $'000 $'000 $'000 $'000 $'000 Consolidated – 2004 Carrying amount at the beginning of the year 18,556 56,306 6,478 269,103 350,443 Additions 21 2,626 10,570 22,338 35,555 Disposals (2,554) (3,907) (584) (3,238) (10,283) Depreciation/amortisation expense – (3,230) (1,556) (51,400) (56,186) Net foreign currency difference on translation of self sustaining foreign operations – – (4) 36 32 Carrying amount at the end of the year 16,023 51,795 14,904 236,839 319,561 Consolidated – 2003 Carrying amount at the beginning of the year 6,180 18,291 182 145,866 170,519 Acquisitions through entity acquired 6,280 10,370 6,148 99,141 121,939 Additions 6,211 29,800 430 56,726 93,167 Disposals (115) (242) (11) (184) (552) Recoverable amount write down – – – (7,182) (7,182) Depreciation/amortisation expense – (1,913) (258) (25,244) (27,415) Net foreign currency difference on translation of self sustaining foreign operations – – (13) (20) (33) Carrying amount at the end of the year 18,556 56,306 6,478 269,103 350,443 73
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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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AWB Limited - 2004 Annual Report

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