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 13. PROPERTY, PLANT AND EQUIPMENT (continued) Freehold Leasehold Plant and land Buildings improvements equipment Total $'000 $'000 $'000 $'000 $'000 Parent entity – 2004 Carrying amount at the beginning of the year 2,924 7,911 127 43,955 54,917 Additions – – – 54 54 Disposals (2,924) (7,859) (127) (43,854) (54,764) Depreciation/amortisation expense – (52) – (155) (207) Carrying amount at the end of the year – – – – – Parent entity – 2003 Carrying amount at the beginning of the year 2,924 7,977 91 47,819 58,811 Additions – 241 161 17,210 17,612 Disposals – – – (45) (45) Recoverable amount write down – – – (7,182) (7,182) Depreciation/amortisation expense – (307) (125) (13,847) (14,279) Carrying amount at the end of the year 2,924 7,911 127 43,955 54,917 14. PAYABLES Consolidated AWB Limited Notes 2004 2003 2004 2003 $'000 $'000 $'000 $'000 Trade creditors – other persons/corporations 292,963 183,907 147 18,959 – related party (AWB National Pools) 144,490 20,549 – – – wholly owned group – – 87,107 – Other creditors 93,454 152,159 3,569 27,921 Goods and services tax payable 3,020 – 1 – 533,927 356,615 90,824 46,880 15. INTEREST BEARING LIABILITIES Current Interest bearing deposits 303,261 282,247 – – Bank loans 168,823 69,965 – – Loans – related party (AWB National Pools) 26(b) 1,108,891 315,795 – 9,752 1,580,975 668,007 – 9,752 Non–current – unsecured Bank loans 320,000 391,800 – – Interest bearing deposits 1,131 3,077 – – 321,131 394,877 – – Details of significant terms and conditions are included in Note 31(a). 74
15. INTEREST BEARING LIABILITIES (continued) Financing arrangements The consolidated entity has access to the following lines of credit: Consolidated 2004 2003 FACILITY LIMIT FACILITY LIMIT Facility Balance Facility Balance currency undrawn currency undrawn Currency $'000 A$'000 A$'000 $'000 A$'000 A$'000 Committed credit facilities Bank overdraft AUD 22,000 22,000 22,000 10,000 10,000 10,000 Liquidity support AUD 475,000 475,000 475,000 250,000 250,000 250,000 Liquidity support USD 25,000 34,882 34,882 – – – Multi option facility – guarantee AUD – – – 310,000 310,000 – Multi option facility – loan AUD 950,000 950,000 630,000 640,000 640,000 248,200 Syndicated loan facility AUD 750,000 750,000 750,000 – – – 2,231,882 1,911,882 1,210,000 508,200 Uncommitted credit facilities Bank overdraft USD 20,000 27,906 27,906 20,000 29,590 29,590 US commercial paper USD 1,500,000 2,092,926 2,092,926 1,500,000 2,219,263 2,219,263 Domestic commercial paper AUD 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Euro commercial paper USD 1,500,000 2,092,926 2,092,926 1,500,000 2,219,263 2,219,263 Medium term notes AUD 500,000 500,000 400,000 – – – 6,713,758 6,613,758 6,468,116 6,468,116 Total facilities 8,945,640 8,525,640 7,678,116 6,976,316 16. PROVISIONS Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 Current Employee benefits 30 27,603 26,669 143 6,750 Litigation 5,056 5,200 2,857 2,900 Surplus leased premises and restoration 5,398 6,915 – – Onerous contracts 8,948 1,548 – – Restructure 2,025 10,317 1,611 5,000 49,030 50,649 4,611 14,650 Non–current Employee benefits 30 4,744 1,721 36 1,721 Reconciliations Reconciliations of the carrying amounts of litigation, surplus leased premises and restoration, onerous contracts and restructure provisions are set out below: Litigation Carrying amount at the beginning of the year 5,200 2,900 2,900 2,900 Increase through acquisition of entity – 2,300 – – Decrease from favourable foreign currency movements – (423) – (423) Resolutions made during the year (335) (334) (43) (334) Provision made during the year 191 757 – 757 Carrying amount at the end of the year 5,056 5,200 2,857 2,900 Surplus leased premises and restoration Carrying amount at the beginning of the year 6,915 – – – Increase through acquisition of entity – 6,915 – – Provision made during the year – – – – Utilised during the year (1,517) – – – Carrying amount at the end of the year 5,398 6,915 – – 75
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Annual Report 2004
Page 3 and 4:
Who We Are AWB Limited (AWB) is Aus
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Finance AWB harvest finance book pe
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Five Year Summary 2004 2003 2002 20
Page 9 and 10:
Chairman’s and Managing Director
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To continue building its capability
Page 13 and 14:
Pool Management Services Highlights
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AWB National Pool participants. AWB
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Landmark Highlights Integrated Land
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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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