Annual Report - AWB Limited
Annual Report - AWB Limited
Annual Report - AWB Limited
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<strong>AWB</strong> 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 <strong>AWB</strong> <strong>Limited</strong>, 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 <strong>AWB</strong> 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, <strong>AWB</strong> <strong>Limited</strong> subsidiaries <strong>AWB</strong> Harvest Finance <strong>Limited</strong> (“<strong>AWB</strong>HF”) and<strong>AWB</strong> (Australia) <strong>Limited</strong> 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 <strong>AWB</strong> (International) <strong>Limited</strong> (“<strong>AWB</strong>I”) as the company nominated to manage those arrangements was concluded. The temporaryexport accreditation for <strong>AWB</strong>I expired on 30 September 2008 and on 1 October 2008 <strong>AWB</strong>HF replaced <strong>AWB</strong>I as the trustee for the National Pool.116 www.awb.com.au
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