Annual Report - AWB Limited

Notes to and forming part of the financial statements for the year ended 30 September 2008 AWB LIMITED26. Related Party Disclosures(a) Parent entityAWB Limited is the ultimate Australian parent entity and ultimate parent of the Group.(b) Subsidiaries, Associates and Joint VenturesInterests in subsidiaries are set out in note 34.Interests in Associates (Investments Accounted for Using the Equity Method) are set out in Note 10.Interests in Joint Ventures are set out in Note 35.(c) Key management personnelDisclosures relating to key management personnel are set out in note 24.ConsolidatedAWB Limited2008 2007 2008 2007Notes $’000 $’000 $’000 $’000(d) Transactions with related partiesFinance costs expensed- related party (AWB National Pools) 2 31,562 28,688 - -Revenue from sale of goods- related party (AWB National Pools) 2 480,861 266,293 - -Purchases from related party (AWB National Pools) 301,113 394,535 - -Purchases from associates 127,566 100,853 - -Management fee revenue- related party (AWB National Pools) 2 46,028 47,068 - -Dividends- wholly-owned group 2 - - 45,009 55,843- other subsidiaries 2 - - - 28- associates 2 - - 1,254 976Interest revenue- wholly-owned group 2 - - 95,555 82,341- related party (AWB National Pools) 2 3,828 8,847 - -Terms and conditionsInterest is charged or credited on amounts with AWB Limited at prevailing commercial interest rates. All other transactions within the Group arebased on actual amounts incurred or received and are conducted on commercial terms and conditions.(e) Outstanding balances arising from sales/purchases of goods and servicesThe following balances are outstanding at the reporting date in relation to transactions with related parties:Receivable from- wholly-owned group 5 - - 1,077 -- related party (AWB National Pools) 5 169,681 139,699 881,932 849,057- associates 5 14,305 12,261 - -- wholly-owned group - subordinated loan 5 - - 196,289 165,000Payable to- wholly-owned group 14 - - 90,997 92,963- related party (AWB National Pools) 14, 15 681,780 520,884 - -No provision has been raised in relation to any outstanding balances, and no expense has been recognised in respect of bad or doubtful debtsdue from related parties.(f) Related party transactions with director related entitiesPurchases:Chamarette, Fitzgerald and Stewart 299,622 1,316,599 - -Terms and conditionsAll transactions within director related entities are based on actual amounts incurred or received and are conducted on commercial termsand conditions.www.awb.com.au 93