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Annual General Meeting Thursday 10 March 2005 PowerPoint Presentation
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Annual General Meeting Thursday 10 March 2005

Annual General Meeting Thursday 10 March 2005

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Annual General Meeting Thursday 10 March 2005

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  1. Annual General Meeting Thursday 10 March 2005

  2. Brendan Stewart Chairman

  3. 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

  4. Incoming AWB Limited Directors Tony Howarth John Schmoll

  5. Andrew Lindberg Managing Director

  6. 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

  7. Growing Horizons:AWB’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

  8. Solid results from Landmark business • 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

  9. Excellent results from the second largest ever Pool program • 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

  10. Performance from other grain related business streams 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

  11. Performance from other grain related business streams cont… 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

  12. Supply Chain Developments • 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

  13. Outlook 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

  14. Going forward… • 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

  15. Hamish Gidley-Baird Returning Officer

  16. 1st 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

  17. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(a): Election of a director of AWB Limited - WA

  18. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(a): Election of a director of AWB Limited – WA Candidate: Mr Christopher Moffet

  19. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(b): Election of a director of AWB Limited – VIC/TAS

  20. 1st 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

  21. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(c): Election of a director of AWB Limited – NSW/ACT

  22. 1st 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

  23. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(d): Election of a director of AWB Limited – B class

  24. 1st Meeting: Annual General Meeting of AWB Limited Item 1.2(d): Election of a director of AWB Limited – B class Candidate: Mr Peter Polson

  25. 1st Meeting: Annual General Meeting of AWB Limited Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:

  26. 1st Meeting: Annual General Meeting of AWB Limited Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:

  27. Voting Procedures

  28. 1st Meeting: Annual General Meeting of AWB Limited

  29. 1st 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.

  30. 1st 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.

  31. 1st Meeting

  32. 1st Meeting

  33. 1st Meeting: Annual General Meeting of AWB Limited

  34. 1st Meeting: Annual General Meeting of AWB Limited

  35. 1st Meeting

  36. 1st Meeting

  37. 1st Meeting: Annual General Meeting of AWB Limited

  38. 1st Meeting: Annual General Meeting of AWB Limited Special Resolutions: • Composition of the AWB (International) Limited Board – Additional directors • Tenure of directors of AWB Limited

  39. 1st Meeting: Annual General Meeting of AWB Limited Item 1.3(a): Composition of the AWB (International) Limited Board Additional Directors

  40. 1st Meeting: Annual General Meeting of AWB Limited Item 1.3(b): Tenure of Directors of AWB Limited

  41. 1st 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:

  42. 1st Meeting: Annual General Meeting of AWB Limited Annual General Meeting: A Class Shareholders Meeting:

  43. 1st Meeting: Annual General Meeting of AWB Limited Annual General Meeting: A Class Shareholders Meeting: