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 24. DIRECTOR AND EXECUTIVE DISCLOSURES (continued) (d) Loans and other transactions with specified directors and specified executives (continued) Details regarding loans outstanding at the reporting date to specified directors and specified executives and their personally related entities, where the individual’s aggregate loan balance exceeded $100,000 at any time in the reporting period, are as follows: Interest paid and payable Balance at Balance at in the reporting Highest balance 1 October 2003 30 September 2004 period in period $ $ $ $ Specified directors Christopher Moffet 377,183 1,290,599 96,340 1,993,930 Brendan Stewart – 149,589 14,121 263,804 (e) Other transactions with the company or its controlled entities Mr John Thame is a director of St George Bank Limited. All transactions with this company were in the ordinary course of business on normal commercial terms and conditions. Mrs Kerry Sanderson is Chief Executive and General Manager of Fremantle Ports Authority in Western Australia. A major portion of the Western Australian harvest was shipped through the Port of Fremantle. All transactions with this authority were in the ordinary course of business on normal commercial terms and conditions. A number of specified directors and specified executives, or their personally related entities, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. These entities transacted with the company or its subsidiaries in the reporting period. The terms and conditions of those transactions were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to unrelated entities on an arm’s length basis. The aggregate amounts recognised in respect of the following types of transactions, during the year with specified directors and their personally–related entities, were as follows: 2004 Transaction Specified directors $ Purchases – grains Messrs Stewart, Barry, Martin and Simpson 1,617,057 Rural commercial sales Messrs Stewart, Chamarette, Fitzgerald, Moffet, Martin and Simpson 1,385,031 From time to time, specified directors and specified executives of the company or its controlled entities, or their personally related entities, may purchase goods from the consolidated entity. These purchases are on terms and conditions no more favourable than those entered into by unrelated customers and are trivial or domestic in nature. 25. AUDITORS' REMUNERATION Amounts received or due and receivable by the auditors of the company for: Consolidated AWB Limited 2004 2003 2004 2003 Notes $ $ $ $ Audit services 1,382,984 679,805 260,000 260,000 Other services – internal audit services – 23,000 – 23,000 – other services 23,582 49,895 – 15,495 1,406,566 752,700 260,000 298,495 84
26. RELATED PARTY DISCLOSURES (a) AWB Limited is the ultimate parent entity. (b) The following related party transactions occurred during the period: Consolidated AWB Limited 2004 2003 2004 2003 Notes $'000 $'000 $'000 $'000 Borrowing costs expensed – wholly owned group – – 1,992 901 – related party (AWB National Pools) 19,143 10,353 770 – Revenue from sale of goods – related party (AWB National Pools) 1,983,929 409,720 – 8,991 Management fee revenue – wholly owned group – – 2,456 50,877 – related party (AWB National Pools) 95,198 77,091 – 77,091 Dividends – wholly owned group – – 57,332 41,600 – other subsidiaries – – 42 53 – associates – – – 155 Interest revenue – wholly owned group – – 84,915 32,193 – related party (AWB National Pools) 8,345 2,426 – – Current receivable from: – wholly owned group – – 787,060 839,385 – related party (AWB National Pools) 691,184 162,100 7 – Non–current receivable from: – wholly owned group – subordinated loan – – 165,000 50,000 Current payable to: – related party (AWB National Pools) 1,108,891 315,795 – 9,752 Terms and conditions Interest is charged or credited on amounts with AWB Limited at prevailing commercial interest rates. All other transactions within the AWB Limited consolidated entity are based on actual amounts incurred or received and are conducted on commercial terms and conditions. Consolidated AWB Limited 2004 2003 2004 2003 $ $ $ $ (c) Related party transactions with director related entities: Purchases Messrs Stewart, Barry, Moffet, Martin, Chamarette, Simpson, McClelland, Gibson, Donges 4,667,695 3,366,487 – – The above transactions were conducted with director related entities under normal commercial terms with conditions no more favourable than those available to other suppliers and customers. 85
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Annual Report 2004
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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
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Chairman’s and Managing Director
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To continue building its capability
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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
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Finance and Risk Management Highlig
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Finance Limited, a wholly owned, ba
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Grain Acquisition and Trading Highl
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through the AWB Geneva office, both
Page 29 and 30:
Supply Chain & Other Investments Hi
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The Five Star Feed Mill, located on
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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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