annual general meeting thursday 10 march 2005. brendan stewart chairman
TRANSCRIPT
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Annual General Meeting
Thursday 10 March 2005
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Brendan Stewart
Chairman
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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
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Incoming AWB Limited Directors
Tony Howarth John Schmoll
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Andrew Lindberg
Managing Director
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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
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Growing Horizons:AWB’s vision is to be Australia’s leading agribusiness
Three strategic areas of focus:1. Grains & Commodities
• Strategy in place to enhance the differentiated quality position of Australian wheat
• Continue in driving supply chain efficiencies
2. Rural Services• Continuous improvement of procurement and supply
processes• Expand Landmark’s presence – targeting new areas of
growth
3. Financial Services• Retain leading position in Harvest Finance Market• Target growth within broader agribusiness market
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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
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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
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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
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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
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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
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Outlook2005/06:
• 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
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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
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Hamish Gidley-Baird
Returning Officer
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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
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.2(a):
Election of a director of AWB Limited - WA
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.2(a):
Election of a director of AWB Limited – WA
Candidate:
Mr Christopher Moffet
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.2(b):
Election of a director of AWB Limited – VIC/TAS
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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
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.2(c):
Election of a director of AWB Limited – NSW/ACT
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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
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.2(d):
Election of a director of AWB Limited – B class
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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
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1st Meeting: Annual General Meeting of AWB Limited
Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:
Item Direction Total
Item 1.2(a) – Election of director of AWB Limited – WA
Mr Christopher Moffet FOR 4,757
AGAINST 103
OPEN CHAIRMAN 196
OPEN OTHER 30
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1st Meeting: Annual General Meeting of AWB Limited
Item Direction Total
Item 1.2(b) – Election of a director of AWB Limited – VIC/TAS
OPEN CHAIRMAN 181
OPEN OTHER 635
Item 1.2(c) – Election of a director of AWB Limited – NSW/ACT
OPEN CHAIRMAN 287
OPEN OTHER 26
Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005:
Item Direction Total
Item 1.2(d) – Election of director of AWB Limited – B Class
Mr Peter Polson FOR 71,009,165
AGAINST 2,281,937
OPEN CHAIRMAN 9,490,180
OPEN OTHER 3,192,685
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Voting Procedures
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1st Meeting: Annual General Meeting of AWB Limited
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1st Meeting: Annual General Meeting of AWB Limited
Proxyholder Ref: CHMProxyholder: CHAIRMAN OF THE MEETING
AWB LIMITED ABN: 99 081 890 459
ANNUAL GENERAL MEETING10th March 2005
Item For Against Open
01 ELECT A B CLASS DIRECTOR – MR PETER POLSON
##### ##### #####
02 COMPOSITION OF AWB (INT’L) LTD – ADDITIONAL DIRECTORS
##### ##### #####
03 TENURE OF DIRECTORS OF AWB LIMITED
##### ##### #####
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.
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1st Meeting: Annual General Meeting of AWB Limited
Proxyholder Ref: CHMProxyholder: CHAIRMAN OF THE MEETING
AWB LIMITED ABN: 99 081 890 459
ANNUAL GENERAL MEETING10th March 2005
Item For Against Open
01 ELECT A B CLASS DIRECTOR – MR PETER POLSON
##### ##### #####
02 COMPOSITION OF AWB (INT’L) LTD – ADDITIONAL DIRECTORS
##### ##### #####
03 TENURE OF DIRECTORS OF AWB LIMITED
##### ##### #####
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.
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1st Meeting
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1st Meeting
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1st Meeting: Annual General Meeting of AWB Limited
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1st Meeting: Annual General Meeting of AWB Limited
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1st Meeting
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1st Meeting
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1st Meeting: Annual General Meeting of AWB Limited
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1st Meeting: Annual General Meeting of AWB Limited
Special Resolutions:
1. Composition of the AWB (International) Limited Board – Additional directors
2. Tenure of directors of AWB Limited
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.3(a):
Composition of the AWB (International) Limited Board Additional Directors
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.3(b):
Tenure of Directors of AWB Limited
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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:
Item Direction Total
1.3(a) – Composition of the AWB (International) Limited Board – Additional Directors
FOR 62,008,630
AGAINST 11,986,764
OPEN CHAIRMAN 9,658,839
OPEN OTHER 3,014,192
1.3(b) – Tenure of Directors of AWB Limited
FOR 65,459,145
AGAINST 8,010,453
OPEN CHAIRMAN 9,709,784
OPEN OTHER 3,106,008
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1st Meeting: Annual General Meeting of AWB Limited
Annual General Meeting: A Class Shareholders Meeting:
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1st Meeting: Annual General Meeting of AWB Limited
Annual General Meeting: A Class Shareholders Meeting:
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1st Meeting: Annual General Meeting of AWB Limited
Item 1.1:
Financial Report, Directors’ Report and Auditor’s Report
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2nd 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
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2nd Meeting: Meeting of A class shareholders
Item 2.1:
Composition of the AWB (International) Limited Board – Additional Directors
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2nd Meeting: Meeting of A class shareholders
Proxy position for a special resolution for A class shareholders - as at 5pm (Melbourne time) 8th March 2005:
Item Direction Total
2.1 - Composition of the AWB (International) Limited Board – Additional Directors
FOR 4,553
AGAINST 4,075
OPEN CHAIRMAN 1,405
OPEN OTHER 842
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2nd Meeting
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2nd Meeting
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3rd 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
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3rd 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
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3rd 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
Item Direction Total
Item 3 – Election of a director of AWB (International) Limited - QLD/VIC/SA/NT/TAS)
Mr Clinton Starr FOR 2,580
AGAINST 174
OPEN CHAIRMAN 704
OPEN OTHER 672
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3rd Meeting
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3rd Meeting
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