Annual Report - AWB Limited

AWB LIMITED Notes to and forming part of the financial statements for the year ended 30 September 200810. Investments Accounted for Using the Equity Method(a) Carrying amountsInformation relating to associates is set out below:Consolidated2008 2007Name Principal activity % Balance date$’000 $’000Arcadian Wool Brokers Limited Wool handling 40 30 June 1,199 1,223AWH Pty Ltd (formerly Wooldumpers Australia Pty Ltd) Wool handling 50 30 June 4,580 5,706Five Star Flour Mills Company SAE (FSFM) Flour mill 30 30 June 15,759 11,532Five Star Feed Mills and Animal Production Company SAE Feed mill (i) 30 June 3,929 2,624ELF Australia Pty Ltd Rural merchandise 50 31 December 74,930 64,779Temora Grains Unit Trust Rural merchandise 50 30 June 101 101RD1 Limited Rural services - dairy sector 50 31 May 20,952 19,420Farmerequip Pty Ltd Rural financing 50 30 September 93 (26)Genstock Pty Ltd Rural livestock 50 30 June 1,103 1,819122,646 107,178Five Star Flour Mills and Five Star Feed Mills are based in Egypt.(i) The Group holds 23.7% directly. The other 9% is indirectly held through FSFM.(b) Share of associates’ profit or lossesProfit before income tax 27,486 14,279Income tax expense (6,752) (3,046)Profit after income tax 20,734 11,233(c) Movement in carrying amount of investmentsCarrying amount at the beginning of the financial year 107,178 105,458- Investments in associates acquired during the financial year 275 4,068- Dividends received/receivable (4,541) (10,808)- Share of profits after income tax 20,734 11,233- Impairment losses charged to profit (1,000) -- Share of increment/(decrement) on revaluation reserve for the financial year - (2,773)Carrying amount at the end of the financial year 122,646 107,178(d) Share of assets and liabilitiesCurrent assets 319,955 184,113Non-current assets 76,253 68,430Current liabilities (264,270) (130,613)Non-current liabilities (9,292) (14,752)Net assets 122,646 107,178(e) Retained profits of the Group attributable to associatesBalance at the beginning of the financial year 29,272 28,847Share of net profits of associates 20,734 11,233less Share of associates’ dividends (4,541) (10,808)Balance at the end of the financial year 45,465 29,272(f) Reserves of the Group attributable to associatesBalance at the beginning of the financial year (10,545) (7,772)Share of associates’ reserves - (2,773)Balance at the end of the financial year (10,545) (10,545)74 www.awb.com.au