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 31. FINANCIAL INSTRUMENTS (continued) (e) Credit risk exposure (continued) Under the terms of the grower loan contracts, any distributions from the AWB National Pools are applied as repayments of the outstanding loan balance. The loans are advanced on a non–recourse basis; any shortfall on repayment is underwritten by AWB Harvest Finance Limited. Unrecognised financial instruments Credit risk on derivative contracts which have not been recognised on the statement of financial position is minimised as counterparties are recognised financial intermediaries with acceptable credit ratings. (f ) Net fair values Recognised financial instruments The carrying amounts and net fair values of financial assets and financial liabilities, at balance date are as follows: Carrying amount Net fair value 2004 2003 2004 2003 $'000 $'000 $'000 $'000 Financial assets Cash assets 48,225 54,785 48,225 54,785 Receivables 1,714,611 1,006,482 1,714,611 1,006,482 Short-term deposits 515,829 36,005 515,829 36,005 Financial assets – other 213,060 101,888 213,060 101,888 Shares 144,571 138,066 190,986 138,066 Total financial assets 2,636,296 1,337,226 2,682,711 1,337,226 Financial liabilities Payables 533,927 356,615 533,927 356,615 Borrowings 1,902,106 1,062,884 1,902,106 1,062,884 Financial liabilities – other 141,066 66,800 141,066 66,800 Unearned income 2,611 9,458 2,611 9,458 Net deferred gains and losses 1,767 3,684 1,767 3,684 Total financial liabilities 2,581,477 1,499,441 2,581,477 1,499,441 Unrecognised financial instruments The net fair values of financial instruments not recognised in the statement of financial position held as at the reporting date are: Consolidated 2004 2003 $'000 $'000 Interest rate swaps 154 (905) Interest rate options 55 151 Interest rate futures 8 – 217 (754) Interest rate futures and exchange traded options: The net fair value for interest rate futures and exchange traded options is calculated as the value of the variation margin on the last business day of the period. Interest rate swaps, over the counter options and forward rate agreements: The net fair value of these instruments represents the value that would be obtained in a liquid market if these positions were liquidated. 96
32. DEED OF CROSS GUARANTEE Pursuant to ASIC Class Order 98/1418 (as amended) dated August 1998, the following wholly owned subsidiaries are relieved from the Corporations Act 2001 requirements for preparation, audit, and lodgement of financial reports and directors’ report: AWB Finance Limited, AWB (Australia) Limited, AWB GrainFlow Pty Ltd (formerly AWB Grain Centres Pty Ltd), AWB Investments Limited, Landmark Rural Holdings Limited, Johnstone River Transport Pty Ltd, Landmark (Qld) Limited and IAMA Agribusiness Pty Ltd. It is a condition of the Class Order that AWB Limited and each of the subsidiaries enter into a Deed of Cross Guarantee. The effect of the Deed is that AWB Limited guarantees to pay any deficiency in the event of winding up any of the wholly owned subsidiaries listed below. The subsidiaries that are parties to the Deed are: AWB Finance Limited AWB (Australia) Limited AWB GrainFlow Pty Limited (formerly AWB Grain Centres Pty Limited) AWB Investments Limited Landmark Rural Holdings Limited Johnstone River Transport Pty Limited Landmark Operations Limited Landmark (Qld) Limited IAMA Agribusiness Pty Limited A consolidated summarised statement of financial performance and a consolidated statement of financial position, comprising AWB Limited and controlled entities which are parties to the Deed after eliminating all transactions between parties to the Deed of Cross Guarantee, are set out below. Summarised statement of financial performance Consolidated 2004 2003 $'000 $'000 Profit from ordinary activities before income tax expense 75,668 51,377 Income tax expense relating to ordinary activities (25,848) (11,432) Net profit from ordinary activities after income tax expense 49,820 39,945 Retained profits at the beginning of the year 70,215 68,639 Dividends recognised during the year (83,292) (38,369) Retained profits at the end of the year 36,743 70,215 Statement of financial position Current assets Cash assets 16,860 2,337 Receivables 945,434 631,273 Inventories 179,517 62,111 Other financial assets 37,702 104,978 Current tax assets – 19,562 Other assets 6,374 767 Total current assets 1,185,887 821,028 Non–current assets Receivables 176,223 54,711 Investments accounted for using the equity method 14,879 10,307 Other financial assets 198,973 862,734 Intangible assets 514,941 172 Property, plant and equipment 254,776 210,514 Deferred tax assets 32,293 26,501 Total non–current assets 1,192,085 1,164,939 Total assets 2,377,972 1,985,967 Current liabilities Payables 261,077 132,977 Interest bearing liabilities 1,002,091 863,437 Current tax liabilities 13,151 – Provisions 41,381 16,198 Other liabilities 51,085 39,255 Total current liabilities 1,368,785 1,051,867 97
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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
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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
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Our Social Commitment Together with
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Social service providers While not
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7. Richard Fuller General Manager,
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Independence All of the current 11
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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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