Annual Report - AWB Limited

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Directors’ report AWB LIMITEDPost Employment benefitsEquity settled sharebasedpaymentsCash settled sharebasedpaymentsSuperannuation Retirement Benefits 5 issued 6Amortised valueof performance rightsAccrual for sharebasedpaymentTotal$ $ $ $ $% ofcompensation that isperformance based117,197 - - 122,534 1,706,284 49%54,885 - 19,478 - 422,363 35%14,435 - 17,107 - 415,011 15%110,916 - 24,347 - 484,285 36%9,447 - 6,086 - 272,021 26%19,748 - - - 179,919 31%13,124 - 28,286 - 410,331 26%106,550 - 71,764 - 749,264 47%138,552 - 29,216 - 746,274 37%32,157 - 25,970 - 623,970 36%12,797 - 18,340 - 465,235 4%- - - - 6,570,267 89%10,057 1,319,548 49,159 - 1,437,107 3%3,438 951,207 36,026 - 1,041,053 3%27,095 898,473 26,200 - 1,300,148 2%4,359 775,288 26,200 - 974,616 3%674,757 3,944,516 378,179 122,534 17,798,148www.awb.com.au 51
AWB LIMITED Directors’ reportTable 11 - Factors and assumptions used in determining the fair value of performance rights on grant dateGrant dateExpirydate (i)Fair value perperformancerightExerciseprice (ii)Price of shareson grant dateEstimatedvolatilityRisk freeinterest rateDividendYield1 October 2003 1 October 2007 $3.01 $1.00 $3.90 13% 5.30% 6.40%1 October 2004 1 October 2008 $3.63 $1.00 $4.54 18% 5.40% 5.50%30 June 2006 30 June 2010 $2.73* $1.00 $4.33 24% 6.15% 5.93%1 October 2006 1 October 2010 $1.90 $- $3.38 29% 6.06% 5.90%1 October 2007 1 October 2011 $1.77 $- $2.57 37% 6.34% 3.29%* represents weighted average share price(i) With the exception of the 2006 plans the assumed expiry date disclosed is one year after vesting date as the performance rights are expectedto be exercised at this time. However, under the terms of the plans the performance rights expire 10 years after the grant date.(ii) The total consideration payable on the exercise of any performance rights granted on 1 October 2003, 1 October 2004 and 30 June 2006 on aparticular day will be one dollar in total (irrespective of the number of rights exercised on that day).Performance rights granted to KMPDuring the financial year, AWB Limited granted performance rights for no consideration over unissued ordinary shares in AWB Limited to thefollowing executive officers of the company as part of their remuneration:2008Table 12 - Performance rights granted to KMPKMPNumber ofrights granted Exercise price Expiry dateGordon Davis 369,649 $0 1 October 2011Philip Gentry (appointed 4 April 2008) 40,856 $0 1 October 2011Mark Hosking (resigned 4 April 2008) 147,081 $0 1 October 2011Phillip Meurer (resigned 30 April 2008) 140,077 $0 1 October 2011Mitch Morison 35,019 $0 1 October 2011Graeme Jacobs 140,077 $0 1 October 2011Kate Hughes (appointed 18 December 2007) 14,708 $0 1 October 2011Colin Taylor 128,404 $0 1 October 20112007Table 13 - Performance rights granted to KMPKMPNumber ofrights granted Exercise price Expiry dateGordon Davis 258,875 $0 1 October 2010Mark Hosking (appointed 16 April 2007) 53,254 $0 1 October 2010Mitch Morison (appointed 20 October 2006) 26,627 $0 1 October 2010Graeme Jacobs (appointed 15 February 2007) 66,567 $0 1 October 2010Margaret Wade (appointed 8 January 2007) 16,641 $0 1 October 2010David Johnson 53,786 $0 1 October 2010Colin Taylor 88,757 $0 1 October 2010Kevin Lynch 79,881 $0 1 October 2010Robert Hadler 71,005 $0 1 October 201052 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 and 20: CorporateCredit ratingsAWB maintain
Page 21 and 22: People and communityPeopleThe busin
Page 23 and 24: 22 www.awb.com.auManagement team
Page 25 and 26: 24 www.awb.com.au
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
Page 35 and 36: AWB Limited BoardPeter Polson Non-e
Page 37 and 38: 36 www.awb.com.au
Page 39 and 40: AWB LIMITED Directors’ reportYour
Page 41 and 42: AWB LIMITED Directors’ reportDire
Page 43 and 44: AWB LIMITED Directors’ reportNon-
Page 45 and 46: AWB LIMITED Directors’ reportFixe
Page 47 and 48: AWB LIMITED Directors’ reportTabl
Page 49 and 50: AWB LIMITED Directors’ reportKMP
Page 51: AWB LIMITED Directors’ reportKey
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Page 57 and 58: AWB LIMITED Income statements for t
Page 59 and 60: AWB LIMITED Statement of cash flows
Page 61 and 62: AWB LIMITED Statement of changes in
Page 63 and 64: AWB LIMITED Notes to and forming pa
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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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