AWB Limited - 2004 Annual Report

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2004
16. PROVISIONS (continued)
Consolidated
AWB Limited
2004 2003 2004 2003
Notes $'000 $'000 $'000 $'000
Onerous contracts
Carrying amount at the beginning of the year 1,548 – – –
Provision made during the year 7,400 1,548 – –
Carrying amount at the end of the year 8,948 1,548 – –
Restructure
Carrying amount at the beginning of the year 10,317 – 5,000 –
Provision made during the year – 5,000 – 5,000
Increase through acquisition of entity – 5,317 – –
Payments made during the year (8,292) – (3,389) –
Carrying amount at the end of the year 2,025 10,317 1,611 5,000
17. OTHER LIABILITIES
Current
Financial liabilities 141,066 66,800 – –
Unearned income 2,611 9,458 – 1,001
Deferred gains – hedging contracts 1,767 3,684 – –
145,444 79,942 – 1,001
18. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Ordinary shares fully paid 953,403 848,958 953,403 848,958
2004 2003
Number of
Number of
(b) Movements in ordinary share capital shares $'000 shares $'000
Movements in B class share capital during the period
were as follows:
Balance at the beginning of the year 315,161,984 848,958 273,408,454 700,312
Issued during the year
– institutional placement 2003: $3.70 per share
– employee share plan: nil per share 30
– equity share plan: nil per share
– – 41,100,000 152,070
453,768 – 116,078 –
– – 51,034 –
– staff ownership plan 2003: $3.90 per share – – 486,418 1,897
– share purchase plan 2003: $3.70 per share 11,840,908 43,811 – –
– dividend reinvestment plan 2003: $4.02 per share 8,941,196 35,944 – –
– staff ownership plan 2004: $4.48 per share 30 1,610,954 7,217 – –
– dividend reinvestment plan 2004: $4.41 per share 4,034,108 17,794 – –
less transaction costs – (321) – (5,321)
Balance at the end of the year 342,042,918 953,403 315,161,984 848,958
AWB Limited’s corporate structure consists of A class and B class shares. A class shares can only be owned by current wheat growers and specifically
exclude dividends. However, they confer on A class shareholders a number of rights, including the ability to elect the majority of the board of
directors. In contrast, B class shares can be owned by either wheat growers or non–wheat growers. B class shares carry rights to receive dividends
and the right to elect a minority of the board.
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