Notes to and forming part of the financial statements for the year ended 30 September 2008 <strong>AWB</strong> LIMITEDConsolidated<strong>AWB</strong> <strong>Limited</strong>2008 2007 2008 2007$’000 $’000 $’000 $’00023. Reconciliation of Profit after Income Tax to Net Cash Flow from/(used in) Operating ActivitiesProfit for the year 65,323 27,555 67,645 40,399Adjustment forNet loss/(gain) on disposal of property, plant and equipment (2,528) 270 - 137Net loss/(gain) on disposal of investment in associate - (1,750) - -Net loss/(gain) on disposal of available for sale investments (6,561) (1,415) (3,592) (1,415)Depreciation 18,426 20,088 - -Amortisation of intangible assets 19,044 21,955 48 40Amortisation of purchase premium 4,573 5,778 - -Net fair value change on derivatives and fixed rate loans 47,058 (15,170) - -Write down of property, plant and equipment to recoverable amount - 3,627 - -Write down of intangible assets to recoverable amount - 5,581 - 5,581Write down of associates to recoverable amount 1,000 - - -Share-based payment expense 3,390 923 1,727 923Non-cash distribution to subsidiaries - - 65,445 76,114Share of associates’ net (profits)/losses (20,734) (11,233) - -Changes in assets and liabilitiesIncrease/(decrease) in income tax payable 25,695 45,016 (363) 29,827Increase/(decrease) in deferred income tax liability (4,852) (3,012) (41) 423Decrease/(increase) in deferred income tax asset (36,849) (20,939) (355) (897)Decrease/(increase) in receivables (569,388) 249,267 (70,744) (39,948)Decrease/(increase) in inventories (203,896) (43,285) - -Decrease/(increase) in prepayments and other assets (64,298) (28,202) 9 4,613Increase/(decrease) in trade and other payables 259,881 (173,130) (1,474) (51,711)Increase/(decrease) in provisions 20,036 2,330 48 (3,805)Decrease/(increase) in derivative assets 127,965 (180,672) - -Increase/(decrease) in derivative liabilities (1,106) 8,250 - -Increase/(decrease) in unearned income (1,782) (1,071) - -Net cash flow from/(used in) operating activities (319,603) (89,239) 58,353 60,281www.awb.com.au 87
<strong>AWB</strong> LIMITED Notes to and forming part of the financial statements for the year ended 30 September 200824. Key Management Personnel Disclosures(a) DirectorsThe following persons were directors of <strong>AWB</strong> <strong>Limited</strong> during the financial year:Brendan Stewart (former Chairman - retired 22 October 2008)Gordon Davis (Managing Director)Steve ChamaretteBrendan FitzgeraldTony HowarthXavier Martin (resigned 8 September 2008)Warrick McClelland (retired 12 February 2008)Christopher Moffet (retired 12 February 2008)Peter Polson (Chairman - from 22 October 2008)John Simpson (retired 12 February 2008)John SchmollFred Grimwade (appointed 13 February 2008)Colin Nicholl (appointed 12 February 2008, resigned 8 September 2008)Russell McKenzie (appointed 12 February 2008, resigned 8 September 2008)Rodger Schirmer (appointed 12 February 2008, resigned 8 September 2008)(b) Other key management personnelThe following persons also had authority and responsibility for planning, directing and controlling the activities of the Group, directly orindirectly, during the financial year.Name Position EmployerMark Hosking (resigned 4 April 2008) Chief Financial Officer <strong>AWB</strong> Services <strong>Limited</strong>Philip Gentry (appointed 4 April 2008) Chief Financial Officer <strong>AWB</strong> Services <strong>Limited</strong>Mitch Morison Acting General Manager Commodities (i) <strong>AWB</strong> Services <strong>Limited</strong>Graeme Jacobs General Manager, Landmark <strong>AWB</strong> Services <strong>Limited</strong>Margaret Wade (resigned 18 December 2007) Chief Risk Officer <strong>AWB</strong> Services <strong>Limited</strong>Kate Hughes (appointed 18 December 2007) Chief Risk Officer <strong>AWB</strong> Services <strong>Limited</strong>Phillip Meurer (resigned 30 April 2008) General Manager, Commodities <strong>AWB</strong> Services <strong>Limited</strong>David Johnson General Manager, National Pool <strong>AWB</strong> Services <strong>Limited</strong>Colin Taylor General Manager, Financial Services <strong>AWB</strong> Services <strong>Limited</strong>John Russell (appointed 26 May 2008) General Manager, Strategy & Operations <strong>AWB</strong> Services <strong>Limited</strong>(i) Appointed General Manager, Commodities on 1 October 2008(c) Key management personnel compensationConsolidated<strong>AWB</strong> <strong>Limited</strong>2008 2007 2008 2007$ $ $ $Short-term benefits 6,900,636 13,457,667 1,773,217 1,466,553Post-employment benefits 784,531 1,089,459 91,282 117,197Termination payments 675,430 3,944,516 - -Share-based payments 825,595 500,713 443,422 122,5349,186,192 18,992,355 2,307,921 1,706,284Note: Key management personnel compensation will not reconcile to total amounts within the remuneration report, as the remunerationreport includes amounts paid to executives who received the highest remuneration during the year (as required by the Corporations Act 2001)in addition to key management personnel as defined by AASB 124. Information in this note includes payments made to key managementpersonnel in accordance with AASB 124 only.88 www.awb.com.au