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 27. SEGMENT INFORMATION Business segments Intersegment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period. The consolidated entity comprises the following main business segments, based on the consolidated entity’s management reporting system: Pool Rural Grain Supply Chain Finance and Risk Management Services Acquisition and Other Other/ Intersegment Management Services (Landmark) and Trading Investments Corporate eliminations Consolidated 2004 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Revenue External segment revenue 1,258,286 98,530 1,658,778 2,195,603 108,838 24,610 – 5,344,645 Intersegment revenue 8,916 73 17,337 6,947 1,149 321,509 (355,931) – Total consolidated revenue 1,267,202 98,603 1,676,115 2,202,550 109,987 346,119 (355,931) 5,344,645 Results Consolidated entity profit from ordinary activities before income tax expense 29,954 27,460 72,575 81,040 (9,906) (54,070) – 147,053 Income tax expense (49,402) Net profit attributable to outside equity interests – – (671) – (118) – – (789) Net profit attributable to members of AWB Limited 96,862 Assets Segment assets 1,672,496 3,725 793,187 505,877 200,238 1,764,801 (1,246,742) 3,693,582 Unallocated corporate assets 41,617 Total assets 3,735,199 Liabilities Segment liabilities 1,538,584 1,311 569,141 426,160 184,278 368,399 (452,622) 2,635,251 Unallocated corporate liabilities 53,703 Total liabilities 2,688,954 Other segment information Equity method investments included in segment assets – – 8,526 – 12,835 – – 21,361 Acquisition of non–current assets – – 20,878 223 1,961 12,493 – 35,555 Depreciation and amortisation – – 28,887 109 12,706 41,584 – 83,286 Non–cash expenses other than depreciation and amortisation (470) – (1,478) 22,307 – 914 – 21,273 Geographical segments AWB Limited and its controlled entities operate predominantly in one geographical segment, being Australia. 86
27. SEGMENT INFORMATION (continued) Pool Rural Grain Supply Chain Finance and Risk Management Services Acquisition and Other Other/ Intersegment Management Services (Landmark) and Trading Investments Corporate eliminations Consolidated 2003 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Revenue External segment revenue 276,242 79,464 121,681 1,662,580 69,253 2,670 – 2,211,890 Inter segment revenue 24,183 9,146 661 6,216 1,863 95,905 (137,974) – Total consolidated revenue 300,425 88,610 122,342 1,668,796 71,116 98,575 (137,974) 2,211,890 Results Consolidated entity profit from ordinary activities before income tax expense 36,107 18,918 3,666 24,658 (20,377) (4,065) – 58,907 Income tax expense (14,757) Net profit attributable to outside equity interests – – (14) – (245) – – (259) Net profit attributable to members of AWB Limited 43,891 Assets Segment assets 643,929 3,284 687,627 374,382 203,503 2,197,553 (1,672,381) 2,437,897 Unallocated corporate assets 56,488 Total assets 2,494,385 Liabilities Segment liabilities 653,559 2,830 527,818 341,728 214,867 1,450,675 (1,639,666) 1,551,811 Unallocated corporate liabilities 10,554 Total liabilities 1,562,365 Other segment information Equity method investments included in segment assets – – 2,603 – 10,307 – – 12,910 Acquisition of non–current assets 3,216 – – 301 72,038 17,612 – 93,167 Depreciation and amortisation – – 1,468 77 11,600 16,737 – 29,882 Non–cash expenses other than depreciation and amortisation – – – 2,769 9,915 11,852 – 24,536 Geographical segments AWB Limited and its controlled entities operate predominantly in one geographical segment, being Australia. 87
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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
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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
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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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