Annual Report - AWB Limited

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Notes to and forming part of the financial statements for the year ended 30 September 2008 AWB LIMITED34. Controlled Entities (continued)Particulars in relation to controlled entitiesPercentage of equityinterest held by the GroupName Details Country of incorporation 2008 2007% %Goldref Pty Ltd Australia 100 100IAMA (Qld) Pty Ltd Australia 100 100IAMA (SA) Pty Ltd Australia 100 100IAMA Agribusiness Pty Ltd* Australia 100 100IAMA Insurance Brokers Holdings Pty Ltd Australia 100 100IAMA Insurance Brokers Pty Ltd Australia 100 100IAMA Irritech Pty Ltd Australia 100 100IAMA Superannuation Fund Pty Ltd Australia 100 100ISP Nominees Pty Limited Australia 100 100J O’Malley & Co Pty Ltd Australia 100 100Kelly & Co Rural Centre Pty Limited Australia 100 100Kerin Lange Rural Pty Ltd Australia 50 50Landmark (Qld) Limited* Australia 100 100Landmark Distributors Pty Ltd Australia 100 100Landmark Global Exports Pty Ltd Australia 51 0Landmark Holdings (Vic) Pty Ltd Australia 100 100Landmark Operations Limited Australia 100 100Landmark Realty (Qld) Pty Ltd Australia 100 100Landmark Realty (Tas) Pty Ltd Australia 100 100Landmark Realty (WA) Pty Ltd Australia 100 100Landmark Risk Management Pty Ltd Australia 100 100Landmark Rural Holdings Limited* Australia 100 100Landmark Tenderland Pty Ltd 2 Australia 0 100Landmark Wool Pty Ltd Australia 100 100Langes Agribusiness Pty Ltd Australia 100 100Laxstone Pty Ltd Australia 100 100Lenmost Pty Limited 2 Australia 0 100Macquarie Valley Distributors Pty Ltd Australia 100 100Mallee Chemicals Pty Ltd Australia 100 100North Central Nominees Pty Ltd Australia 100 100NovaAgri Infra-estrutura de Armazenagem e Escoamento Agricola S.A. Brazil 52 0O’Malley Distribution Group Pty Limited Australia 100 100Presoval Pty Limited Australia 100 100R.V.L. Distribution Pty Ltd Australia 100 100Riverland IAMA Pty Ltd Australia 100 100Rural Consolidated Holdings Pty Ltd Australia 91 0SBS IAMA Real Estate Pty Ltd 2 Australia 0 100Seed & Grain Sales Pty Limited Australia 100 100Seedtech Pty Limited Australia 56 56Stocklease Pty Ltd Australia 100 0Stocklease Finance Pty Ltd Australia 100 0Vivco Rural Supplies Pty Ltd 2 Australia 0 100Wimmal Distributors Pty Ltd Australia 100 100* These subsidiaries have been granted relief from the necessity to prepare financial reports in accordance with Class Order 98/1418 issued bythe Australian Securities and Investments Commission. For further information refer to note 33.1. Voluntarily deregistered on 21 November 2007.2. Voluntarily deregistered on 26 December 2007.3. Voluntarily deregistered on 4 June 2008.www.awb.com.au 115
AWB LIMITED Notes to and forming part of the financial statements for the year ended 30 September 200835. Interest in Joint Venture OperationsACN 089 443 407 Pty Ltd, a wholly-owned subsidiary of AWB Limited, holds a 50% (2007: 50%) interest in a joint venture operation, AustralianIndependent Commodity Handlers (AICH). AICH manages a storage and handling facility known as the Melbourne Port Terminal. The roleof AWB in this joint venture is one of administration and part financing for the facility. ACN 089 443 407 Pty Ltd does not participate in theoperation of the facility.Consolidated2008 2007$’000 $’000Net assets employed in the joint venture 12,029 12,838Capital expenditure commitments and contingent liabilities in respect of the joint venture operations are disclosed in notes 28 and29 respectively.36. Earnings Per ShareConsolidated2008 2007Basic earnings per share (cents) 18.5 7.8Diluted earnings per share (cents) 18.4 7.8$’000 $’000Reconciliation of earnings used in calculating earnings per share:Profit from continuing operations 64,286 27,145NumberNumberWeighted average number of ordinary shares used in calculating basic earnings per share 347,897,102 346,003,815Effect of dilutive securities - performance rights 1,769,326 1,528,619Weighted average number of ordinary shares used in calculating dilutive earnings per share 349,666,428 347,532,43437. Subsequent EventsOn 22 October 2008, shareholders approved the adoption of a new constitution, appropriate for a company with a single class of shares.Following the introduction of the Wheat Export Accrediation Scheme, AWB Limited subsidiaries AWB Harvest Finance Limited (“AWBHF”) andAWB (Australia) Limited received accreditation by Wheat Exports Australia for the bulk export of Australian wheat.With the repeal of the Wheat Marketing Act 1989, the monopoly bulk wheat marketing arrangements were opened to greater competition andthe status of AWB (International) Limited (“AWBI”) as the company nominated to manage those arrangements was concluded. The temporaryexport accreditation for AWBI expired on 30 September 2008 and on 1 October 2008 AWBHF replaced AWBI as the trustee for the National Pool.116 www.awb.com.au
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6 www.awb.com.auFrom Peter Polson,C
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From Gordon Davis,Managing Director
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AWB todayOur client base extends to
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Landmark Rural ServicesRural Servic
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Financial Services (EBITDA)2004 44.
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Commodity ManagementCommodity Manag
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CorporateCredit ratingsAWB maintain
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People and communityPeopleThe busin
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22 www.awb.com.auManagement team
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24 www.awb.com.au
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Governance at AWBAWB’s Board and
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process was conducted within the co
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Information is regularly communicat
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Recommendation 9.3 - Clearly distin
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AWB Limited BoardPeter Polson Non-e
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36 www.awb.com.au
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AWB LIMITED Directors’ reportYour
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AWB LIMITED Directors’ reportDire
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AWB LIMITED Directors’ reportNon-
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AWB LIMITED Directors’ reportFixe
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AWB LIMITED Directors’ reportTabl
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AWB LIMITED Directors’ reportKMP
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AWB LIMITED Directors’ reportKey
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AWB LIMITED Directors’ reportTabl
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AWB LIMITED Directors’ reportGrou
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AWB LIMITED Income statements for t
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AWB LIMITED Statement of cash flows
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AWB LIMITED Statement of changes in
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AWB LIMITED Notes to and forming pa
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Page 121 and 122: 120 www.awb.com.auAWB LIMITED Indep
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Page 129: AWB Limited ABN 99 081 890 459380 L
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Annual Report - AWB Limited

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