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 LIMITEDConsolidatedAWB Limited2008 2007 2008 2007$’000 $’000 $’000 $’00016. ProvisionsEmployee benefits 33,116 31,255 91 43Litigation 31,376 1,503 584 584Surplus leased premises and restoration 481 565 - -Restructure 3,011 14,625 - -67,984 47,948 675 627ReconciliationsReconciliations of the carrying amounts of litigation, surplus lease premises and restoration and restructure provisions are set out below:LitigationCarrying amount at the beginning of the year 1,503 2,906 584 1,805Provision made during the year 26,472 74 - -Provision (utilised)/recovered during the year (443) (1,327) - (1,221)Provision written back during the year (15) (150) - -Impact of foreign currency movements 3,859 - - -Carrying amount at the end of the year 31,376 1,503 584 584Surplus leased premises and restorationCarrying amount at the beginning of the year 565 866 - -Provision made during the year 85 - - -Utilised during the year (61) (301) - -Provision written back during the year (108) - - -Carrying amount at the end of year 481 565 - -RestructureCarrying amount at the beginning of the year 14,625 4,971 - 2,163Provision made during the year - 21,721 - -Payments made during the year (11,614) (12,067) - (2,163)Carrying amount at the end of the year 3,011 14,625 - -LitigationRefer to Note 41 for details.RestructureThe restructuring provision has been raised following a review of the company’s cost base and potential impacts from changes to thewheat marketing arrangements. The two areas impacted by the restructure will be Pool Management Services and Australian CommodityManagement. The restructure is expected to be completed within 12 months.17. Other LiabilitiesUnearned income 324 2,106 - -324 2,106 - -Unearned income relates to sales proceeds received in advance of delivery of goods.www.awb.com.au 83
AWB LIMITED Notes to and forming part of the financial statements for the year ended 30 September 2008ConsolidatedAWB Limited2008 2007 2008 2007$’000 $’000 $’000 $’00018. Deferred Income Tax LiabilitiesThe balance comprises temporary differences attributable to:Amounts recognised in profit or lossPrepayments (284) 24 - 3Property, Plant and Equipment (3,838) (2,075) (36) (25)Unrealised foreign exchange (4,842) (88) - -Accrued Income - 1,086 - -Investments 8,888 3,702 952 (702)Provisions 2,503 2,052 - -Other 493 (203) - -2,920 4,498 916 (724)Amounts recognised directly in equityInvestments 2,529 5,803 1,532 3,2142,529 5,803 1,532 3,214Net deferred tax liabilities 5,449 10,301 2,448 2,490MovementsOpening balance at 1 October 10,301 13,313 2,490 2,067(Credited)/charged to the income statement (1,578) (5,477) 1,640 (631)(Credited)/charged to equity (3,274) 2,465 (1,682) 1,054Closing balance at 30 September 5,449 10,301 2,448 2,490Deferred tax liabilities to be recovered after more than 12 months 10,083 7,276 2,448 2,487Deferred tax liabilities to be recovered within 12 months (4,634) 3,025 - 35,449 10,301 2,448 2,49019. Contributed Equity(a) Share CapitalOrdinary shares, fully paid 983,540 969,743 983,540 969,7432008 2007No. of shares $’000 No. of shares $’000(b) Movements in ordinary share capitalMovements in share capital during the period were as follows:Balance at the beginning of the year 346,333,077 969,743 346,327,737 969,743Issued during the year- Dividend Reinvestment Plan ($2.83 per share) 4,894,224 13,851 - -- Performance Rights Plan: $nil per issue - - 5,340 -- Employee Share Plan 579,348 - - -Transaction costs - (54) - -Balance at the end of the year 351,806,649 983,540 346,333,077 969,743At the date of this report, AWB’s issued capital consisted of fully paid ordinary shares, carrying the normal rights associated with ordinaryshares. Prior to 22 October 2008, being the date of adoption of a new constitution, these shares were known as B class shares. Prior to3 September 2008, being the date the constitution was amended and the A class shares redeemed, the capital structure consisted of A classand B class shares. A class shares were redeemable preference shares, could only be owned by wheat growers, had no dividend rights orredemption value, and could not be transferred, but they did carry the right to elect a majority of the board of directors.84 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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Page 121 and 122: 120 www.awb.com.auAWB LIMITED Indep
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Page 125 and 126: AWB LIMITED Notes124 www.awb.com.au
Page 129: AWB Limited ABN 99 081 890 459380 L
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Annual Report - AWB Limited

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