Annual Report - AWB Limited

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Group fundingAWB’s overall financing position includes:• non-current assets that are largely matched by equity –excluding Landmark Financial Services term loans• current assets that are largely matched by short term facilities.AWB has a variety of financing activities that includes seasonalfinancing, inventory financing, working capital financing andfunding of financial services assets. AWB’s strategy is to diversifyfunding sources to minimise costs and broaden funding andliquidity options. Due to the diversity of businesses, AWBborrows for specific purposes to minimise its cost.The Rural Master Trust finances the Landmark Financial Servicesloan book. This trust is funded through a committed warehousefacility and a rated commercial paper trust. In May 2008, thecommercial paper facility (which funds over 90% of the portfolio)was extended with staggered maturities out to November 2010.In the newly deregulated wheat export market, AWB HarvestFinance will provide funding to pools under a master truststructure. AWB Harvest Finance is financed through inventoryfinancing facilities.Domestic working capital requirements are funded througha syndicated bank facility, inventory financing which fluctuateswith seasonal requirements, a receivables securitisation facilityas well as unsecured deposit notes.Offshore working capital requirements are primarily fundedthrough dedicated offshore facilities, supported by equity andlimited credit enhancement provided by AWB Limited.www.awb.com.au 19
People and communityPeopleThe business continued to realign teams to meet new market imperatives in the grains industry in Australia, with a change in staffinglevels as we integrated National Pool and AWB International operations. The business also outsourced its payroll operations duringthe year.Safety, health and environment (SH&E) and compliance remain a key area of focus for the business. Manual handling, fatigue, livestockhandling on-farm and in saleyards remain our biggest activity risk factors. A new National SH&E manager was appointed to increasethe focus on employees behaving and operating safely in the workplace.Our development of people processes this year saw the introduction of an improved talent identification and development program,which feeds into business succession planning. Landmark also offered graduate programs - the cadetship program and the graduateagronomy program. The cadetship program offers broad exposure to all Landmark activities including wool, merchandise, financialservices, real estate, livestock and agronomy over a 12 month rotation. The graduate agronomy program focuses on agronomy andalso offers some exposure and understanding of other activities over a 12 month period.The business launched its business principles + ways of working, an updated version of the code of conduct. The updated versionincorporates our values more explicitly to provide a robust framework for how we do business and a clear link to specific group,country and business unit policies.These principles apply to each person who works for the AWB Group of companies, in each country where we conduct business.Each of us – as an employee, contractor, agent, representative or director of the AWB Group – is expected to conduct business in linewith our principles, values and all relevant laws and regulations.The business principles + ways of working explain in a practical way the basic principles that apply to all employees and talks aboutconsequences if employees choose to operate outside of our agreed framework. It provides an insight into an employee’s role andthe expectations for acting responsibly and ethically in the workplace.20 www.awb.com.au
Page 7 and 8: 6 www.awb.com.auFrom Peter Polson,C
Page 9 and 10: From Gordon Davis,Managing Director
Page 11 and 12: AWB todayOur client base extends to
Page 13 and 14: Landmark Rural ServicesRural Servic
Page 15 and 16: Financial Services (EBITDA)2004 44.
Page 17 and 18: Commodity ManagementCommodity Manag
Page 19: CorporateCredit ratingsAWB maintain
Page 23 and 24: 22 www.awb.com.auManagement team
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Page 27 and 28: Governance at AWBAWB’s Board and
Page 29 and 30: process was conducted within the co
Page 31 and 32: Information is regularly communicat
Page 33 and 34: Recommendation 9.3 - Clearly distin
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AWB LIMITED Notes to and forming pa
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120 www.awb.com.auAWB LIMITED Indep
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AWB LIMITED Australian Securities E
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AWB LIMITED Notes124 www.awb.com.au
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AWB Limited ABN 99 081 890 459380 L
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Annual Report - AWB Limited

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