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Annual General Meeting Thursday 10 March 2005. Brendan Stewart. Chairman. Order of meetings. Annual General Meeting of AWB Limited Meeting of A class shareholders to amend Articles of the AWB Limited Constitution

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Annual general meeting thursday 10 march 2005

Annual General Meeting

Thursday 10 March 2005


Brendan stewart

Brendan Stewart

Chairman


Order of meetings
Order of meetings

  • Annual General Meeting of AWB Limited

  • Meeting of A class shareholders to amend Articles of the AWB Limited Constitution

  • Meeting of A class shareholders (QLD/VIC/SA/NT/TAS) to elect a Director of AWB (International) Limited


Incoming awb limited directors
Incoming AWB Limited Directors

Tony Howarth

John Schmoll


Andrew lindberg

Andrew Lindberg

Managing Director


Awb s strategy has been demonstrated through its financial performance
AWB’s strategy has been demonstrated through its financial performance

  • Substantial increase in net profit after tax - $96.9 million, up 120% on the previous year

  • Earnings per share of 28.8 cents, up 81%

  • Largest ever national wheat crop of 25.2 million tonnes (mt), up from 9.7 mt in 2002/03

  • Second largest ever export program, with 19.9 mt received by the Pool

  • Fully franked dividend of 25 cents per share paid during 2004

  • Landmark integration targets exceeded, with cost synergies and finance growth of $13 million


Growing horizons awb s vision is to be australia s leading agribusiness
Growing Horizons: performanceAWB’s vision is to be Australia’s leading agribusiness

Three strategic areas of focus:

  • Grains & Commodities

    • Strategy in place to enhance the differentiated quality position of Australian wheat

    • Continue in driving supply chain efficiencies

  • Rural Services

    • Continuous improvement of procurement and supply processes

    • Expand Landmark’s presence – targeting new areas of growth

  • Financial Services

    • Retain leading position in Harvest Finance Market

    • Target growth within broader agribusiness market


Solid results from landmark business
Solid results from Landmark business performance

  • Delivered a 64% PBT uplift over the previous year

  • Increased the Rural Finance book by 34%, to more than $1 billion – with a balance today of approximately $1.2 billion

  • 85% of Landmark deposits converted to an AWB backed prospectus – deposits now stand at close to $600 million

  • Strengthened insurance supplier arrangements with a 20% increase in Gross Written Premium

  • Record real estate sales of more than $1 billion, up by 31%

  • Record prices for beef and lamb resulted in the Livestock business seeing a 17% growth in profitability

  • 13% increase in Merchandise and Fertiliser sales


Excellent results from the second largest ever pool program
Excellent results from the second largest ever Pool program performance

  • Second largest export program ever – 19.1mt for year ended November 2004

  • Sales of 2.5mt to China – first significant business to that market for 8 years

  • Record sales to Indonesia of more than 3mt

  • Continual trade with Iraq- more than 1.5mt in sales

  • Reduction for the sixth consecutive year of grain supply chain costs

  • Above benchmark performance in our foreign exchange management for the National Pool


Performance from other grain related business streams
Performance from other grain related business streams performance

Trading:

  • Excellent result from Chartering division; almost 50% of Pool volumes sold with a freight component

  • Geneva based International Trading business nearly doubled trading volumes to two million tonnes during 2003/04

  • International Trading business has been extended with a new office in New Delhi


Performance from other grain related business streams cont
Performance from other grain related business streams performancecont…

Financial Services:

  • AWB retained over 70% market share in the highly competitive Harvest Finance market

  • AWB Harvest Finance achieved the highest possible short term credit ratings through the company’s new ring-fenced structure

    Supply Chain:

  • AWB GrainFlow significantly increased receival volumes, with 1.8mt during 2003/04

  • Increased supply of Australian wheat by 50% to Five Star Flour Mills in Egypt over the past year


Supply chain developments
Supply Chain Developments performance

  • Joint venture with GrainCorp aimed at reducing supply chain costs for export grain

  • CBH – Western Australia

  • Supply chain and infrastructure issues remain a challenge; immediate and ongoing investment by Government and industry required


Outlook
Outlook performance

2005/06:

  • Assuming normal seasonal conditions, wheat production expected to average levels around 22-23mt

  • Estimated Pool Returns for 2005/06 of $170-$180 per tonne for APW – price direction largely dependent on Northern Hemisphere crop

  • Lamb prices set to remain positive with increased demand from export markets

  • Beef prices tipped to tail off with increased export competition from North and South America

  • Promising rural Real Estate market

  • Strong medium term growth for Financial Services business

  • Reduced commodity prices expected to impact Rural Services business


Going forward
Going forward… performance

  • Despite a difficult outlook, we are confident that Australian agriculture can be globally competitive

  • We have “comparative advantage”

    • Freight advantage to Asian region

  • Progress on trade reform will improve market access

  • AWB and Landmark can continue to capitalise on opportunities with our business model


  • Hamish gidley baird

    Hamish Gidley-Baird performance

    Returning Officer


    1 st meeting annual general meeting of awb limited
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Annual General Meeting of AWB Limited

    • Financial Report, Directors’ Reports & Auditor’s Report

    • Election of directors

    • Special resolutions


    1 st meeting annual general meeting of awb limited1
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(a):

    Election of a director of AWB Limited - WA


    1 st meeting annual general meeting of awb limited2
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(a):

    Election of a director of AWB Limited – WA

    Candidate:

    Mr Christopher Moffet


    1 st meeting annual general meeting of awb limited3
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(b):

    Election of a director of AWB Limited – VIC/TAS


    1 st meeting annual general meeting of awb limited4
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(b):

    Election of a director of AWB Limited – VIC/TAS

    Candidates:

    Mr Christopher Hewitt

    Mr Warrick McClelland


    1 st meeting annual general meeting of awb limited5
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(c):

    Election of a director of AWB Limited – NSW/ACT


    1 st meeting annual general meeting of awb limited6
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(c):

    Election of a director of AWB Limited – NSW/ACT

    Candidates:

    Mr John Simpson

    Mr Geoffrey Brennan


    1 st meeting annual general meeting of awb limited7
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(d):

    Election of a director of AWB Limited – B class


    1 st meeting annual general meeting of awb limited8
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.2(d):

    Election of a director of AWB Limited – B class

    Candidate:

    Mr Peter Polson


    1 st meeting annual general meeting of awb limited9
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:


    1 st meeting annual general meeting of awb limited10
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:


    Voting procedures

    Voting Procedures performance


    1 st meeting annual general meeting of awb limited11
    1 performancest Meeting: Annual General Meeting of AWB Limited


    1 st meeting annual general meeting of awb limited12
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Proxyholder Ref: CHM

    Proxyholder: CHAIRMAN OF THE MEETING

    AWB LIMITED

    ABN: 99 081 890 459

    ANNUAL GENERAL MEETING

    10th March 2005

    THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS PROXYHOLDER FOR THE ABOVE MEETING.

    PLEASE NOTE THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL BE APPROPRIATELY REDUCED.


    1 st meeting annual general meeting of awb limited13
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Proxyholder Ref: CHM

    Proxyholder: CHAIRMAN OF THE MEETING

    AWB LIMITED

    ABN: 99 081 890 459

    ANNUAL GENERAL MEETING

    10th March 2005

    THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS PROXYHOLDER FOR THE ABOVE MEETING.

    PLEASE NOTE THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL BE APPROPRIATELY REDUCED.


    1 st meeting
    1 performancest Meeting


    1 st meeting1
    1 performancest Meeting


    1 st meeting annual general meeting of awb limited14
    1 performancest Meeting: Annual General Meeting of AWB Limited


    1 st meeting annual general meeting of awb limited15
    1 performancest Meeting: Annual General Meeting of AWB Limited


    1 st meeting2
    1 performancest Meeting


    1 st meeting3
    1 performancest Meeting


    1 st meeting annual general meeting of awb limited16
    1 performancest Meeting: Annual General Meeting of AWB Limited


    1 st meeting annual general meeting of awb limited17
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Special Resolutions:

    • Composition of the AWB (International) Limited Board – Additional directors

    • Tenure of directors of AWB Limited


    1 st meeting annual general meeting of awb limited18
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.3(a):

    Composition of the AWB (International) Limited Board Additional Directors


    1 st meeting annual general meeting of awb limited19
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.3(b):

    Tenure of Directors of AWB Limited


    1 st meeting annual general meeting of awb limited20
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Proxy position for two special resolutions for A & B class shareholders - as at 5pm (Melbourne time) 8th March 2005:


    1 st meeting annual general meeting of awb limited21
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Annual General Meeting:

    A Class Shareholders Meeting:


    1 st meeting annual general meeting of awb limited22
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Annual General Meeting:

    A Class Shareholders Meeting:


    1 st meeting annual general meeting of awb limited23
    1 performancest Meeting: Annual General Meeting of AWB Limited

    Item 1.1:

    Financial Report, Directors’ Report and Auditor’s Report


    2 nd meeting meeting of a class shareholders
    2 performancend Meeting: Meeting of A class shareholders

    Meeting of A class shareholders to consider amendments to particular Articles of the AWB Limited Constitution

    • Composition of the AWB (International) Limited Board – Additional Directors


    2 nd meeting meeting of a class shareholders1
    2 performancend Meeting: Meeting of A class shareholders

    Item 2.1:

    Composition of the AWB (International) Limited Board – Additional Directors


    2 nd meeting meeting of a class shareholders2
    2 performancend Meeting: Meeting of A class shareholders

    Proxy position for a special resolution for A class shareholders - as at 5pm (Melbourne time) 8th March 2005:


    2 nd meeting
    2 performancend Meeting


    2 nd meeting1
    2 performancend Meeting


    3 rd meeting meeting of a class shareholders qld vic sa nt tas region
    3 performancerd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region)

    Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region)

    • Election of a director of AWB (International) Limited


    3 rd meeting meeting of a class shareholders qld vic sa nt tas region1
    3 performancerd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region)

    Item 3:

    Election of a director of AWB (International) Limited

    Candidate:

    Mr Clinton Starr


    3 rd meeting meeting of a class shareholders qld vic sa nt tas region2
    3 performancerd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region)

    Proxy position for director election as at 5pm (Melbourne time) 8th March 2005


    3 rd meeting
    3 performancerd Meeting


    3 rd meeting1
    3 performancerd Meeting