AWB Limited - 2004 Annual Report

More documents

Recommendations

Info

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. 76
19. RESERVES AND RETAINED PROFITS Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 (a) Reserves Underwriting loss reserve 15,000 15,000 15,000 15,000 Legal reserve 65 65 – – Foreign currency translation reserve (16,589) (13,348) – – (1,524) 1,717 15,000 15,000 Movement in foreign currency translation reserve: Balance at the beginning of the year (13,348) (373) – – Net translation adjustment (3,241) (12,975) – – Balance at the end of the year (16,589) (13,348) – – (b) Retained profits Balance at the beginning of the year 78,337 72,815 52,640 29,712 Net profit attributable to members of AWB Limited 96,862 43,891 40,955 61,297 Dividend paid 22 (83,292) (38,369) (83,292) (38,369) Balance at the end of the year 91,907 78,337 10,303 52,640 20. OUTSIDE EQUITY INTERESTS Outside equity interest in controlled entities comprise: Interests in retained profits at the beginning of the financial year adjusted for outside equity interests in entities acquired or disposed during the financial year 1,962 2,984 – – Interests in profit from ordinary activities after income tax 789 259 – – Interests in dividends paid (54) (91) – – Interests in retained profits at the end of the financial year 2,697 3,152 – – Interests in share capital 185 185 – – Interests in reserves (423) (329) – – Total outside equity interests 2,459 3,008 – – 21. TOTAL EQUITY RECONCILIATION Balance at the beginning of the year 932,020 789,463 916,598 745,024 Total changes in equity recognised in the statement of financial performance 93,621 30,916 40,955 61,297 Transactions with owners as owners – Contributions of equity, net of transaction costs 18(b) 104,445 148,646 104,445 148,646 – Dividend provided for or paid 22 (83,292) (38,369) (83,292) (38,369) – Total changes in outside equity interests 20 (549) 1,364 – – Balance at the end of the year 1,046,245 932,020 978,706 916,598 77
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
show all

AWB Limited - 2004 Annual Report

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?