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AWB Limited - 2004 AGM Presentation

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Title: AWB Limited - 2004 AGM Presentation


1
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2
Brendan Stewart
Chairman
3
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4
Order of meetings
  • Meeting of A class shareholders to amend Articles
    of the AWB Limited Constitution
  • Annual General Meeting of AWB Limited
  • Meeting of A class shareholders (NSW/ACT region)
    to elect a director of AWB (International) Limited

5
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Andrew Lindberg
Managing Director
7
Financial performance was significantly impacted
by severe drought, across all business streams
  • Drought impacted wheat crop of 9.7 million tonnes
    in 2002/03 compared with 24.9 million tonnes in
    2001/02
  • Export volumes in the Pool fell by 77 to 4.3
    million tonnes
  • Net profit after tax of 43.9m, down 59
  • Earnings per share of 15.9 cents, down 59
  • Fully franked dividend of 25 cents per share paid
    during 2003
  • Cost control measures implemented successfully
    which resulted in a 12 reduction in total
    overheads (excluding depreciation)

8
AWB has consistently outperformed the SP / ASX
200 since listing
A
9
The acquisition of Landmark dramatically expands
AWBs foot print across rural Australia
  • 430 outlets, 1950 staff and approx. 100,000
    customers
  • Businesses include wool, livestock, merchandise,
    finance, real estate, insurance and fertiliser
  • Better able to service customers and complement
    Single Desk marketing/ risk management activities
  • Platform to leverage growth for AWB financial
    services business

AWB office locations (49)
Landmark outlets (430)
10
Our focus is on the successful integration of
Landmark
  • Team dedicated to the integration of Landmark
  • Targeted EBIT enhancement opportunities of 5-10
    million in 2003/04, and 30-40 million by
    2005/06
  • On track to achieve year one targets and cost
    savings
  • Commenced training of Landmark Rural Financial
    Managers
  • AWB staff already selling a full suite of
    financial products
  • Consolidation of network and re-branding has
    commenced
  • Exploring opportunities to provide unique product
    offerings to farmers through one-stop shop model

11
Largest ever National Pool finalised reporting a
record Gross Pool Value of 5.3 billion
  • Excellent result despite
  • - Volatile wheat market
  • - War in Iraq
  • Strategic decision to extend pool (twice)
    resulted in Pool participants receiving an
    additional 14.60 per tonne
  • AWB is also on track to achieve significant
    Out-Performance for the 2002/03 National Pool

12
Ring fencing has achieved a higher short term
credit rating for AWB
  • Ring fencing has separated the activities of the
    National Pool from the commercial activities of
    the AWB group
  • Ratings post 1 October 2003
  • AWB Harvest Finance
  • SP A1 (s/t) AA- (l/t) stable
  • Moodys P-1
  • AWB Commercial Subsidiaries
  • SP BBB stable outlook

13
Improvements to the supply chain with a joint
venture between AWB WA CBH
  • Co-operative joint venture Grain Direct signed
    in WA
  • Objective is to
  • reduce supply chain costs for the National Pool
    participants and
  • produce commercial investment returns for AWB
  • Anticipated net savings of 3.30 per tonne, per
    annum by 2008/09 harvest

14
Global trading operation, Geneva, enabled
continued wheat supply to key customers during
stock shortage
  • 1.5 million tonnes traded in its first full year
    of operation
  • Utilised successfully to manage customer demand
    during the drought, through other origin grain
  • Relationships with overseas customers retained

15
International marketing program
  • CHINA
  • Sale of 1 million tonnes of wheat to China -
    first sale since 1996

NEW MARKETS Focus on developing new markets,
such as Sudan and Kuwait
IRAQ Will continue to supply Iraq anticipating
strong competition from the US
  • Independent review performed strategic plan
    developed
  • Grower participation in the future direction of
    AWB (International) Limited and its management of
    the single desk

16
Price trends for wheat, livestock wool
  • Estimated Pool Returns for the 2004/05 harvest of
    190 - 200 per tonne for APW
  • Prices impacted by appreciating AUD
  • Hedging program is well underway for 2003/04 and
    2004/05
  • Outlook for sheep and lamb prices is positive
  • Cattle industry remains buoyant
  • Wool market impacted by uncertain economic
    conditions in major markets

17
AWB is well positioned
2003-04 NPAT forecast is 110-120 million
(pre goodwill amortisation, including one off
costs)
  • National wheat production forecast to be 25
    million tonnes
  • High Pool receivals enables a greater amount of
    tonnage available for harvest finance products
  • In excess of 1.8 million tonnes through grain
    centres
  • Growth in chartering with approximately half
    total Pool tonnage to be sold with chartering
    component
  • On track to achieve targets through the
    integration of Landmark

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19
  • Hamish Gidley-Baird
  • Returning Officer

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21
1st Meeting
Special meeting of A class shareholders to amend
Articles of the AWB Limited Constitution
  • Amendment of Articles considered are entrenched
    provisions
  • Requires a majority of at least 75 of votes
    being cast by A class shareholders in order for
    these amendment to be passed

22
1st Meeting
  • 2.1 A class share redemption
  • 2.2 Maintain Grower status
  • 2.3 Retiring directors of AWB (International)
    Limited seeking re-election

23
1st Meeting
  • Proxy position for special resolutions 2.1, 2.2
    and 2.3 for A class shareholders only as at 5pm
    (Melbourne time) 9th March 2004

Item Direction No. of Votes
2.1 A class share redemption FOR 5,827
2.1 A class share redemption AGAINST 1,123
2.1 A class share redemption OPEN CHAIRMAN 1,414
2.1 A class share redemption OPEN OTHER 170
2.2 Maintaining Grower status FOR 6,069
2.2 Maintaining Grower status AGAINST 1,019
2.2 Maintaining Grower status OPEN CHAIRMAN 1,337
2.2 Maintaining Grower status OPEN OTHER 159
2.3 Retiring directors of AWB (International) Limited seeking re-election FOR 5,729
2.3 Retiring directors of AWB (International) Limited seeking re-election AGAINST 1,103
2.3 Retiring directors of AWB (International) Limited seeking re-election OPEN CHAIRMAN 1,436
2.3 Retiring directors of AWB (International) Limited seeking re-election OPEN OTHER 174
24
  • Voting procedures

25
1st Meeting
26
1st Meeting
27
1st Meeting
28
1st Meeting
29
1st Meeting
30
1st Meeting
31
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2nd Meeting
Annual General Meeting of AWB Limited
  • Financial Report, Directors Reports Auditors
    Report
  • Election of directors
  • Ordinary resolution
  • Special resolutions

33
2nd Meeting
  • Election of director of AWB Limited - WA

34
2nd Meeting
  • Election of director of AWB Limited - WA

Laurie Marshall
Winston Crane
Hendy Cowen
Steve Chamarette
35
2nd Meeting
  • Proxy position for election of director of AWB
    Limited WA as at 5pm (Melbourne time) 9th March
    2004

Item 1.2a Total
Open Chairman 114
Open Other 39
36
  • Voting procedures

37
2nd Meeting
38
2nd Meeting
39
2nd Meeting
40
2nd Meeting
41
2nd Meeting
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43
2nd Meeting
  • Election of Director of AWB Limited B class

44
2nd Meeting
  • Election of Director of AWB Limited B class

Robert Barry
Frank OConnor
Brett Cowell
45
2nd Meeting
  • Ordinary resolution
  • Increase in non-executive directors remuneration

46
2nd Meeting
  • Special resolutions

1. Casual vacancies for B class directors
2. A class share redemption
3. Maintaining Grower status
4. Retiring directors of AWB (International) Limited seeking re-election
47
2nd Meeting
  • Proxy position for election of director of AWB
    Limited B class - as at 5pm (Melbourne time)
    9th March 2004

Election of a B class director Election of a B class director Election of a B class director
Item 1.2b Direction No. of Votes
Mr Robert Barry FOR 38,150,375
Mr Robert Barry AGAINST 9,186,724
Mr Robert Barry OPEN CHAIRMAN 10,502,081
Mr Robert Barry OPEN OTHER 503,369
Mr Frank OConnor FOR 4,600,436
Mr Frank OConnor AGAINST 28,017,908
Mr Frank OConnor OPEN CHAIRMAN 10,495,227
Mr Frank OConnor OPEN OTHER 503,369
Mr Brett Cowell FOR 23,424,725
Mr Brett Cowell AGAINST 21,298,228
Mr Brett Cowell OPEN CHAIRMAN 10,502,164
Mr Brett Cowell OPEN OTHER 503,369
48
2nd Meeting
  • Proxy position for ordinary resolution to
    increase non-executive directors remuneration -
    as at 5pm (Melbourne time) 9th March 2004

Item Direction No. of Votes
1.3 Increase in non-executive directors remuneration FOR 36,172,225
1.3 Increase in non-executive directors remuneration AGAINST 25,606,614
1.3 Increase in non-executive directors remuneration OPEN CHAIRMAN 6,672,294
1.3 Increase in non-executive directors remuneration OPEN OTHER 587
49
2nd Meeting
  • Proxy position for four special resolutions for A
    B class shareholders as at 5pm (Melbourne
    time) 9th March 2004

Item Direction No. of Votes
1.4a Casual vacancies for B class directors FOR 49,854,424
1.4a Casual vacancies for B class directors AGAINST 12,576,303
1.4a Casual vacancies for B class directors OPEN CHAIRMAN 11,633,878
1.4a Casual vacancies for B class directors OPEN OTHER 564,342
1.4b A class share redemption FOR 50,953,885
1.4b A class share redemption AGAINST 9,996,307
1.4b A class share redemption OPEN CHAIRMAN 11,279,371
1.4b A class share redemption OPEN OTHER 564,087
1.4c Maintaining Grower status FOR 48,948,401
1.4c Maintaining Grower status AGAINST 12,307,750
1.4c Maintaining Grower status OPEN CHAIRMAN 11,249,676
1.4c Maintaining Grower status OPEN OTHER 559,793
1.4d Retiring directors of AWB (International) Limited seeking re-election FOR 50,394,009
1.4d Retiring directors of AWB (International) Limited seeking re-election AGAINST 10,134,066
1.4d Retiring directors of AWB (International) Limited seeking re-election OPEN CHAIRMAN 11,491,057
1.4d Retiring directors of AWB (International) Limited seeking re-election OPEN OTHER 604,614
50
  • Voting procedures

51
2nd Meeting
52
2nd Meeting
53
2nd Meeting
54
2nd Meeting
55
2nd Meeting
56
2nd Meeting
57
2nd Meeting
58
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59
2nd Meeting
Financial Report, Directors Reports Auditors
Report
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61
3rd Meeting
Meeting of A class shareholders (NSW/ACT region)
to elect a director of AWB (International) Limited
62
3rd Meeting
  • Election of Director of AWB (International)
    Limited NSW/ACT region

Ian Donges
63
3rd Meeting
  • Proxy position for election of director of AWB
    (International) Limited NSW/ACT region as at
    5pm (Melbourne time) 9th March 2004

Item 3 Direction No. of Votes
Election of Mr Ian Donges to the office of Director of AWB (International) Limited for NSW/ACT YES 1,099
Election of Mr Ian Donges to the office of Director of AWB (International) Limited for NSW/ACT NO 38
Election of Mr Ian Donges to the office of Director of AWB (International) Limited for NSW/ACT OPEN CHAIRMAN 173
Election of Mr Ian Donges to the office of Director of AWB (International) Limited for NSW/ACT OPEN OTHER 11
64
  • Voting procedures

65
3rd Meeting
66
3rd Meeting
67
3rd Meeting
68
3rd Meeting
69
3rd Meeting
70
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71
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