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					Half Year Results 2008
              21 May 2008
    Overview
    Gordon Davis, Managing Director



    Financial & Operating Performance
    Philip Gentry, Chief Financial Officer



    Strategy and Outlook
    Gordon Davis, Managing Director




2
    Overview
    Gordon Davis, Managing Director




3
    A solid start to FY08

    •   Solid performance in an improving Australian operating environment

    •   Benefits of rebuilding and diversification evident

    •   Earnings before interest, tax, depreciation and amortisation
        (EBITDA) up 53% to $110.7m

    •   Net Profit After Tax (NPAT) before significant items was up 96%
        to $48.7m
         – Significant items include $26.4m provision for Standard Chartered
           Bank litigation

    •   NPAT after significant items was up 89% to $22.3m

    •   Reported Earnings per Share up 88% to 6.4 cents

    •   Half year dividend of 4.0 cents per share fully franked


4
    First half progress & issues

                      Performance                       Opportunities / Challenges
                    • Revenues: +35% to $3.2bn              • Wheat marketing reform
      AWB Group     • EBITDA: +53% to $110.7m               • Constitutional change
                    • Reported NPAT: +89% to $22.3m         • Increased funding costs



                    • EBITDA: +56% to $32.3m                • Increased agricultural activity
      Landmark
                    • Resilient business                    • Higher input costs
      Rural
                    • All states delivered result above     • Over 400 outlets across
      Services
                      previous corresponding period (pcp)     Australia


      Landmark      • EBITDA: +11% to $12.8m                • Opportunity to leverage
      Financial     • Net non-accrual loans reduced           Landmark customer base
      Services        to 0.88% of gross loans               • Increased funding costs


                    • ACM EBITDA: $25.2m vs. $2.1m pcp • New wheat marketing
                    • ICM EBITDA: -52% to $7.4m          arrangements
      Commodities                                      • Sustained increases in
                                                         commodity prices
                                                       • Increased working capital

5
    Increasing focus on the core business


       Corporate
       • Legal issues – 1 Class Action dismissed/provision for SCB
       • Risk framework – New systems in place, continued progress
       • Culture change – New Code of Conduct
       • Constitutional reform – Phase 2 in 2H08




                                                • Rural Services: Continuing momentum, leveraging
                                                  brand and network
                                                • Financial Services: Product extension and increased
                                                  customer take-up of Financial Services products
       Business                                 • Commodities: Repositioning domestically, integrating
                                                  international business


    2007                           2008                                   2009

6
    Financial and Operating performance
    Philip Gentry, Chief Financial Officer




7
    1H08 Overview

                                                          1H07          1H08              %
                                                           $m            $m             change
     Revenue                                              2,363.0      3,199.3           35.4%
     Earnings before interest, tax, depreciation
                                                             72.4         110.7          52.9%
     and amortisation
     Profit before tax                                       31.1          64.6         107.7%
     Net profit after tax, pre significant items             24.9          48.7          95.6%
     Significant items                                      (13.1)       (26.4)     (101.5%)
     Net profit after tax and significant items              11.8          22.3          89.0%
    • Strong revenue growth from:
         – Capitalising on increased agricultural activity (Landmark – Rural Services
           and Financial Services)
         – Improved business performance
         – Higher commodity prices
    • Interim dividend of 4.0 cents per share (100% franked), fully underwritten Dividend
      Reinvestment Plan, 2.5% discount
8
    Benefits of diversification

    EBITDA by business segment ($m)
             32.3


                                                                                                               1H07
                                                       25.2                                                    1H08


      20.7


                                                                              15.4
                                                                      13.8
                            12.8
                     11.5                                      11.0                                                11.0
                                         10.1
                                                                                     7.4

                                   4.7                                                                       4.9

                                                 2.1                                          2.1


                                                                                                    -1.9
      Landmark       Landmark      Harvest       Australian      Pool        International   Supply Chain   Corporate &
    Rural Services   Financial     Finance      Commodity     Management      Commodity         & Other        Other
                      Services                  Management     Services      Management       Investments


9
     Landmark Rural Services –
     excellent result
     EBITDA – Rural Services ($m)                                      • Favourable operating conditions due
      35
                                                                         to increased agricultural activity
                                                    32.3
                                                                         following good early rains in Eastern
      30                                                                 states
      25                                                               • All states delivered results above pcp
                      20.7*
      20                                                               • Earnings for all business units
 $m




      15
                                                                         exceeded pcp with the exception of
                                                                         Wool and Livestock
      10
                                                                       • Solid performances by Hi-Fert and
       5                                                                 RD1 (JV’s)
       0                                                               • Improved margin management and
                      1H07                          1H08
                                                                         targeted investment for growth
 *Includes $5.7m fee paid by AWB International, Harvest Finance and
  Australian Commodity Management for use of domestic grain network,
  transferred to Australian Commodity Management in 2008




10
     Landmark Rural Services reflects
     more favourable operating conditions
     Gross profit by business segment ($m) • Higher crop chemicals (merchandise)
                                             and fertiliser sales driven by increased
        73.1
                                             demand due to improved conditions,
                                             and customers pre-purchasing inputs
                                             ahead of expected price increases
     53.7
                                                                                  • Lower volumes in Livestock and Wool
                                                                                    as farmers rebuild herds, and lag effect
                                                                        1H07        of de-stocking after two preceding
                   29.4 29.0                                            1H08
                                                                                    years of drought
                                       13.3
                                                    15.2                          • Real Estate sales up 19%. Strong
                                11.5                                 10.0
                                              9.3
                                                           7.1 6.4
                                                                            3.3
                                                                                    sales in VIC and QLD, offset by lower
                                                                                    value of sales in WA
     Merchandise    Livestock   Real Estate   Fertiliser    Wool       Other




11
     Landmark Financial Services: solid
     performance in challenging conditions

     EBITDA movement ($m)
                                                                Other
                                       Lower       Insurance
                                                               Income   Overheads
                                      Provision   Commission
                                                                 0.5       2.4
                                       Charge         1.2
                 Lending   Deposits      2.2
                  Margin                                                            12.8
                            Margin
         11.5      0.5       0.3




         1H07                                                                       1H08

     •   Drought and credit market issues well managed
     •   Insurance commission up 15% on volume growth and higher crop insurance
     •   Increase in overheads due to investment in people and systems for growth


12
     Landmark Financial Services maintained
     margins in a difficult environment

     Net Interest Margin on Loan Portfolio (Rural Trust)                    •   Rural loan portfolio stable vs. FY07
          2,500                                              NIM     3.0%       reflecting seasonal reductions and
                                      2,071.2    2,123.3   2,109.9
          2,000             1,862.3                                  2.5%       slower growth in new business
                  1,644.6
                                                                     2.0%
          1,500                                                             •   NIM of 2.0% is flat on pcp reflecting
     $m




                                                                     1.5%
          1,000
                                                                     1.0%
                                                                                varying funding costs and seasonal
           500                                                       0.5%
                                                                                impacts
             0                                                       0.0%
                                                                            •   Extension of Rural Trust debt in
                  Mar-06    Sep-06    Mar-07     Sep-07    Mar-08
                                                                                final stages of negotiation
     Net Interest Margin on Deposits
           600
                                                             NIM     1.2%   •   Deposits up 16.7% vs. FY07 due
                   504.6
           500               445.3                                   1.0%
                                                                                to better than expected harvest
                                                            440.6

           400
                                         402.7    377.6              0.8%
                                                                                and improved product offering
     $m




           300                                                       0.6%   •   During 2H08 expect 20-40bps
           200                                                       0.4%       contraction in net lending margin
           100                                                       0.2%

              0                                                      0.0%
                  Mar-06    Sep-06    Mar-07     Sep-07    Mar-08


13
     Landmark Financial Services high
     credit quality
     Net Non-Accrual Loans / Gross Loans                            •   Net non-accrual loans of $18.6m
         1.6
                                                                        now represent 0.88% of gross loans,
         1.2                                                            compared with 1.23% at 1H07
     %




         0.8
                                                                    •   Broad-based loan portfolio,
         0.4                                                            not unduly exposed to irrigated
          0                                                             agriculture
                 1H06       FY06       1H07       FY07       1H08
                                                                    •   Average Loan Valuation Ratio (LVR)
     Landmark Financial Services loan portfolio                         at half year of 38% compared with
     by industry at March 2008                                          34% at 1H07
              Mixed
      Livestock 16%
                                                    Cropping /      •   94% of portfolio secured by Rural
                                                    Livestock 34%
         Sheep 6%
                                                                        Property
      Dairy 3%




      Beef/Cattle
            25%                                   Cropping 7%
                                               Cotton 1%
               Other Agribusiness 3%       Horticulture 4%
                                       Viticulture 1%


14
     Harvest Finance performed well

     Harvest Finance Loan Book           •   Market share up to 63% (1H07: 60%)
          800                    702.4       driven by the pool incentive contracts
          700
          600
                580.4                        which increased product uptake
          500
                                         •   Operating expenses significantly
     $m




          400
          300                                reduced by 57% to $1.74m
          200            150.4
                                             reflecting ongoing repositioning
          100
            0                                of the business
                1H07     2H07    1H08
                                         •   Harvest Finance loan book to
     EBITDA – Harvest Finance
                                             substantially reduce in 2H as usual
           12
                                 10.1    •   Short term credit rating at A-1+ / P-2
           10

            8                            •   Harvest Finance to be retained as
                                             AWB’s pooling vehicle in 08/09,
     $m




            6    4.7

            4
                                             offering competitive product suite and
            2             0.8
                                             incentive payments for grain quality
            0
                1H07     2H07    1H08


15
     Better performance from traditional
     Australian Commodities business
     EBITDA – Australian Commodity                                               •   Result underpinned by strong
     Management ($m)                                                                 grain origination, sales and record
                                                                                     commodity prices for wheat, canola
     30
                                                                                     and pulses
                                                        25.2*
     25                                                                          •   Chartering benefited from improved
     20
                                                                                     volumes (AWB and third parties)
                                                                                 •   Market leader of container sales in
$m




     15
                                                                                     wheat and pulses (approx 400,000
     10                                                                              tonnes)
      5               2.1
                                                                                 •   RiskAssist recorded limited volume in
                                                                                     1H08 due to ongoing lower demand
      0
                                                                                     for risk products following the drought.
                     1H07                              1H08
 *Includes $3.6m fee ($1.5m base fee & $2.1m incentive fee) paid by AWB
                                                                                     To be repositioned in 2009
  International for the use of the domestic grain network (previously in Rural
  Services result)                                                               •   1H07 result included $3.2m EBITDA
                                                                                     loss for custom feeding meat &
                                                                                     livestock business (subsequently
                                                                                     closed)
16
     Pool Management Services performed well,
     business being repositioned

     EBITDA – Pool Management      • 4.35 million tonnes received in
     Services ($m)                   2007/08 pool versus 3.2mmt in
                                     2006/07, and 17.6mmt in 2005/06
          16.0
                            13.8   • 2006/07 Outperformance Incentive
          14.0

          12.0
                                     payment of $6.3m received
                 11.0
                                     (not to be repeated in 2H08)
          10.0
                                   • Costs continue to be well managed
     $m




           8.0

           6.0                     • Residual base fee less costs remain
           4.0                       key variables for 2H08
           2.0                     • Competitive suite of grain pools
           0.0                       to be offered through Australian
                 1H07       1H08     Commodities business under
                                     new wheat export legislation




17
     Supply Chain & Other Investments
     affected by drought
     EBITDA – Supply Chain &           • Melbourne Port Terminal and
     Other Investments ($m)              GrainFlow impacted by two years
                                         of reduced tonnages from drought
           5

                2.1
                                       • 1H07 was mitigated by reasonable
                                         stock carry-over from previous season
          2.5
                                       • Continued strong focus on cost
                                         management in 1H08
     $m




           0

                                       • Ongoing integration of GrainFlow
      -2.5                               storage and handling business into
                                -1.9     Commodity activities to improve
                                         performance
           -5
                1H07           1H08    • Record sorghum receivals in 1H08




18
     International Commodities impacted
     by challenging operating environment
     EBITDA – International Commodity   •   Result reflects:
     Management ($m)                         – sustained increases in
          18
                                               commodity prices, higher
          16    15.4                           hedging costs, higher working
          14
                                               capital
          12                                 – lower volumes
          10                                 – poor execution of some
     $m




                              7.4
           8
                                               hedging positions
           6
           4                            •   In addition, Geneva constrained
           2                                by lower volume of freight under
           0                                management
               1H07           1H08
                                        •   Significant increase in inland freight
                                            costs impacted Brazil’s result
                                        •   Over 70% of revenues from
                                            structural and transactional
                                            business
19
     AWB’s working capital: impacted by
     higher commodity prices
     Working Capital Balance ($m)

                                                                              1,161.0
              1200                                                                      $600
                        US$/Tonne Wheat spot price (RHS)
              1000      US$/Tonne Soybeans spot price (RHS)                             $550

                                                                      799.6             $500
                                  768.1
               800
     W/C $m




                                               674.6                                    $450




                                                                                               US$/ tonne
                      625.2                                   650.0
                                                                                        $400
               600
                                                                                        $350
               400                                                                      $300
                                                                                        $250
               200
                                                                                        $200

                 0                                                                      $150
                      2H05        1H06         2H06           1H07    2H07     1H08

      •         Higher commodity prices impacted working capital
      •         Commodity volumes relatively stable

20
     Working capital by division

     Changes in working capital by division ($m)
                                                                                  Supply
                                                               International      Chain       Corporate
                                                                Commodity        & Other
         1300                                                  Management
                                                                                               & Other/
                                                                               Investments   Eliminations
                                                                   235.7           7.3                      1,163.1
         1200                                                                                     0.1
                                                  Australian
         1100                                     Commodity
                                    Financial    Management
         1000
                          Rural     Services -      115.1
          900            Services   Landmark
     $m




                800.8      10.0        -5.9
          800

          700
          600
          500
          400
          300
                Sep-07                                                                                      Mar-08

     •     Commodity volumes relatively stable
     •     ACM is net of a reduction of $96 million in working capital for RiskAssist
     •     Maintained supply to core clients in challenging environment
                                                                                                             * Excluding Harvest Finance
21
     Cashflow summary

      Half Year Ended 31 March ($m)                       1H07        1H08
                                                           $m          $m
      Cash flows from operating activities                   48.4     (298.8)
      Cash flows from investing activities                 (19.0)         5.5
      Cash flows from financing activities                 183.9         39.9
      Net increase / (decrease) in cash held               213.3      (253.4)
     • Cash flows from operating activities reflect the significant investment in
       working capital due to higher commodity prices
     • Cash flows from investing activities relate to the sale of some of AWB’s
       CME shares and one KCBT membership
     • Cash flows from financing activities reflect inflows of funding to support
       business and working capital requirements, offset by outflows from
       seasonal Harvest Finance activities and repayment of debt
     • Expect working capital to reduce and cash flow from operating activities to
       increase in 2H08
22
     Funding structure reflects business
     activities

                                            30 Sept 07     31 March 08    Movement
                                               ($m)            ($m)         ($m)

      Net Corporate debt                       768.3           738.5         (29.8)
      Inventory financing                            -         159.9          159.9
      Net receivables financing                      -         190.1          190.1
      Net corporate financing                  768.3         1,088.5          320.2

      Landmark Financial Services
                                              2,035.3        2,024.4         (10.9)
      Rural Trust loan portfolio

      Harvest Finance net debt                   19.3          595.7          576.4
     • Syndicated loan facility agreement reduced from $750m to $400m
     • Receivables and Inventory financing facilities established at reduced cost of debt
     • Harvest Finance and Rural Trust are limited recourse facility structures (limited to
       equity contribution)
23
     Financing overview

     • Seasonal debt reductions by 30 September 2008
       in Harvest Finance and ACM / ICM
     • Rural Trust debt in final stages of negotiation for
       extension for various tranches out to 2010
     • Strong banking relationships
     • Significant liquid assets (as at 31 March 2008)

                                                $ million

     Cash and cash equivalents                    133

     Commodity inventory – readily realisable     320
     Total                                        453

24
     Improving capital allocation and
     business practices
     Underlying ROE (i) (%)                                                • Group returns below target due
                                                                             to seasonal conditions and
     14.0%                     13.20%                                        underperformance of offshore
     12.0%                                                                   businesses
                   9.90%
     10.0%                                  9.40%
                                                               8.80%
                                                                           • Landmark Rural Services, Financial
                                                                             Services and ACM performing well
      8.0%


      6.0%
                                                                           • Phase 1 of economic capital
                                                       5.20%
                                                                             allocation methodology adopted
      4.0%
                                                                             during the period
      2.0%
                                                                           • More rigour and discipline: Argenti
      0.0%                                                                   Strategic Planning system being
                    FY04        FY05        FY06       FY07    HY08 (ii)
                                                                             implemented
       (i)
       (ii)
             Underlying ROE is pre-significant items
             Annualised ROE based on 1H08 result
                                                                           • Assessing ROE by segment,
                                                                             business unit and project



25
     Priorities

     • Improving returns on capital
     • Implementation and expansion of economic capital
       allocation and Argenti strategic planning system
     • Continued strategy of diversifying funding sources
     • Extending debt maturities where appropriate
     • Ongoing review of businesses in the context of changing
       environment and required returns on funds employed




26
     Strategy and Outlook
     Gordon Davis, Managing Director




27
     Future focus

                                      Opportunities
                                      • Globalisation of agribusiness and changing
      Improving Operational             dynamics of demand and supply

      Performance                     • Australian agriculture remains an attractive
                                        industry segment
      •   Earnings level              • Changes to wheat marketing arrangements
      •   Earnings volatility
      •   Sustainability
      •   Continued diversification
                                           = Growing Shareholder
                                                   Value
      +                                        • Increasing focus on returns
                                               • Earnings growth
      Building Market
      Confidence
                                      Challenges
      • Legacy issues
                                      • Global commodity prices and market volatility
      • Governance and reputation     • Constitutional reform
      • Risk management               • Increased cost of funds




28
     Strategic priorities

                      •   Increase productivity and lift operational performance
         Rural        •   Increase revenue from new and existing markets
        Services      •   Complete strategic projects, including re-branding
                      •   Leverage Rural Services franchise, explore synergies


                      •   Product extension
                      •   Leverage Landmark customer base
       Financial      •   Manage higher cost of funds and maintain credit quality
       Services       •   Refine Harvest Finance product suite
                      •   Drive value from customer relationships/understanding

                      •   Leverage strong network and 60+ years experience
       Australian     •   Capitalise on strong customer relationships
                      •   Leverage marketing and execution expertise
      Commodities
                      •   Refine Pool offering in new environment
                      •   Secure freight services for domestic and export trade

                      • Appropriate geographic diversification
                      • Build structural revenue flows and invest in selected ‘light’ supply
      International
                        chain assets
      Commodities
                      • Leverage strong customer relationships and expertise
                      • Integrate with Australian Commodity Management

29
     Opportunities arising from Wheat
     Marketing Reform

     Current Wheat
     Marketing Act                              New Wheat Export Marketing Act



         HoR     Senate         AWBI Transitional                     AWB
        debate   debate           Exemption                        Accreditation




      May        Jun      Jul     Aug         Sept     Oct   Nov   Dec       Jan   Feb   Mar

         Parliament                                  Parliament


     • Draft legislation endorsed by bipartisan Senate Committee in April
     • Final legislation expected to pass by July
     • AWB will seek accreditation as bulk wheat exporter for 08-09 harvest
30
     AWB Constitutional Reform


                                              New
                            Reform         Constitution
                            Phase            Phase
      Half Year         Notice of    1st   Notice of    2nd   Full Year
                                                                                      AGM
       Results          Meeting     EGM    Meeting     EGM     Results




       May        Jun     Jul       Aug    Sept        Oct    Nov         Dec   Jan   Feb   Mar


     • AWB to seek shareholder approval for Constitutional reform when wheat
       marketing arrangements change
     • Reform requires 75% approval by both A & B class shareholders
     • Reform also requires two EGMs – the 1st to agree on reform, the 2nd to adopt
       a new Constitution & Board
31
     Summary and outlook

     • Business has again demonstrated resilience in difficult
       market conditions
     • Second EGM vote on Constitutional Changes
       scheduled for August
     • Adapting business model to global and domestic
       changes in market conditions
     • AWB well placed for emerging industry structure




32
     www.awb.com.au
     For more information contact:

     Davina Gunn
     Tel: +61 (0)39209 2651
     Mob: +61 (0)400 896 809
     Email: davina.gunn@awb.com.au




33
     Appendix




34
     Strategy to drive sustainable growth



          Phase one:              Phase two:              Phase three:
         Improve business          Reposition the           Drive sustainable
           performance               business                   growth




      • Improve operational   • Constitutional reform   • Mitigate seasonal and
        performance           • Re-define business        cyclical volatility
      • Culture change          model                   • Returns-based capital
      • Enhance governance    • Capital structure         allocation
      • Restore reputation    • Strategy                • Grow the business




35
     Rural Services – increase scale and
     synergies

       Landmark
                                                     Our Focus
     Rural Services
     •   $1b merchandise sales     Improve productivity and lift operational performance
     •   1mt fertiliser sales
     •   2 million cattle          Increase revenue from existing markets
     •   11 million sheep
                                   Increase revenue from new sources
     •   500k wool bales
     •   $1.4b real estate sales   Complete strategic projects
     •   Other investments:
           – RD1                   Re-branding of Landmark
           – AWH
           – Hi-Fert               Leverage Rural Services franchise in new environment




36
     Rural Services business improvement
     projects

                                     Increase revenue from        Increase revenue from
      Improve productivity
                                        existing markets               new sources

     • Develop consistent,          • Strengthen customer         • Organic growth
       efficient distribution         focus, including employee   • Innovation initiatives to
       platform                       training on customer          drive growth
     • Improve process to drive       service and customer        • M&A
       efficiency gains               account management
     • Improve purchasing and       • Rebranding to reinforce
       logistics                      Landmark positioning
     • OH&S and compliance          • Customer facing IT
                                      systems



                                  High performance culture


37
     Landmark re-branding – “Look to us”

          Bundaberg




38
     Financial Services – product extension and
     enhanced customer penetration

         Financial
                                               Our Focus
         Services
     • Landmark loan book      Product extension
       and Harvest Finance
       in excess of $2.5b      Improve take-up of Landmark’s customer base
     • Wealth management
       products                Manage higher cost of funding and maintain credit quality
     • Equipment finance
                               Refine Harvest Finance product suite
     • Deposits over $400m
     • Insurance commission    Drive value from customer relationships / understanding
       on Gross written
       premium of over $130m   Leverage national footprint




39
     Repositioning Commodities business

       Commodity
                                                  Our Focus
       Management
     • Commodity Management       Build structural revenue flows
         – AWB Australia
         – AWB Geneva             Develop “light asset” model in selected geographies
         – AWB India
         – AWB Brazil             Fully integrate Australian & International businesses
     • Pool Management Services
     • Supply Chain and other     Refine Pool offering in new environment
       investments
         – 22 GrainFlow sites     Secure freight services for domestic and export trade
         – 50% share Melbourne
           Port Terminal          Leverage strong network and 60+ years experience




40
     Significant items (pre tax)

                                                  Half year ended 31 March
                                                   1H07 $m      1H08 $m
     Standard Chartered provision                         -       (26.4)
     Sale of CME shares and KCBT membership               -         6.6
     Employee share loan fair value adjustment        (5.6)            -
     Costs associated with legacy issues              (3.8)        (6.5)
     Redundancies and restructuring                   (6.8)            -


     Total adjustments to profit before tax and      (16.2)       (26.3)
     amortisation




41
     Key commodity price changes

                         31 March   31 March
                                               % Change
                           2007       2008
     Commodities
     Wheat (US$FOB)        210         450       114%
     Barley (AUD$FOB)      289         375       30%
     Canola (AUD$FOB)      540         835       55%
     Corn (US$FOB)         182         289       59%
     Soybeans (US$FOB)     292         500       71%
     Fertilisers
     Urea (US$ FOB)        265         405       53%
     DAP (US$ FOB)         420        1114       165%




42
     Working capital: Commodities

     Working Capital ICM and ACM ($m)
                                                               Grain
                                                            Origination
                                                             & Sales      Other
                                                              206.8        5.6    951

      900                     Brazil   India   Riskassist
                              82.5      -4.5      -96
                     Geneva
                      156.4


      700

            600.2

                              ICM                              ACM
      500
            Sep-07                                                                Mar-08




43
     Debt funding tailored to
     business activities

        Business           Facilities          Purpose              Term         Direction

        Landmark           Rural CP
                                            Fund rural loan       Various to
        Financial         Warehouse                                              Increasing
                                               portfolio            2010
         Services           Trust
                                            Provide harvest
      Harvest Finance   Inventory finance    loans to pool        Seasonal       Decreasing
                                              participants
                          Rural Trade
        Landmark          Receivables       Working Capital        Annual          Stable
                             Trust
        Commodity          Inventory           Purchase
                                                                   Annual        Decreasing
        Management         Financing         Commodities
        Commodity        Commodities /        Commodity         Annual Review/
                                                                                 Decreasing
        Management       Transactional       transactions        uncommitted
      Landmark / ACM       Deposits         Working Capital        Various         Stable
                          Syndicated        Working Capital /
      Landmark / ACM                                               Annual          Stable
                          loan facility     liquidity support

44
     Change in net debt by division

     Change in net debt by division* ($m) 2H07-1H08
          600
                                         International   Supply Chain
                                          Commodity         & Other     Corporate &
          500                            Management       Investments     Other
                                             147.5            -2.0        -128.7
                            Australian
          400                                                                               Increase
                            Commodity
                                                                                          In Net Debt
                           Management
                                                                                              320.2
                              160.1
     $m




          300

                 Rural
          200   Services
                 143.3

          100


           0

     •      Australian and International Commodities debt will seasonally reduce by
            30 September 2008
     •      Corporate & other includes repayment of syndicated loan facility agreement
45                                                                                * Excluding Harvest Finance & Rural Trust
     RiskAssist being repositioned

               RiskAssist today                     RiskAssist by end 2008
     Offers a suite of risk management and   Will offer risk management advice
     hedging products to growers

     Unsecured funding of client hedge       Unsecured funding of hedge positions
     positions                               to be discontinued

     2 products already withdrawn            All hedging products withdrawn by
                                             end 2008

     $15m provision against future grower    Future provisioning requirements to
     repayments from 2008 harvest taken      be monitored
     at FY07. No basis for further
     provisioning at 1H08




46
   AWB's Governance Risk and
   Compliance
                                                                                                                                                                                        Current
                                                                                                                                                                                                                         Pipeline                     Committees
                                                                                                                                                                                        Policies

                                                                                                                                                                                                                  - Anti Money Laundering
                                                                                                                                                                            Group       Anti-Money                                               Compliance Committee
                                                                                                                                                                                                   Sanctioned       Compliance Program
     Compliance                                                                                                                                                           Compliance    Laundering                                              CRO, GC, CS, Compliance and
                                                                                                                                                                                                   Trade Policy    - Improved compliance         Operational Risk Managers
                                                                                                                                                                            Policy        Policy
                                                                                                                                                                                                                  capability internationally
                          Group-wide Risk Management Framework




                                                                                                          Business Principals & Ways of Working
                                                                                                                                                                                                                   Improved Credit Risk          Credit Risk Committee
                                                                          Group Risk Appetite Statement                                                                                                           capability internationally     MD, CFO, CRO, Global Head of
                                                                                                                                                                            Credit
        Credit                                                                                                                                                                                                                                    Credit, General Managers for
                                                                                                                                                                          Risk Policy                                                           Landmark and Financial Services

                                                                                                                                                  Whistle Blower Policy
                                                                                                                                                                                                                   Improved market risk             Management Risk
                                                                                                                                                                            Market                                capability internationally          Committee
                                                                 Values




        Market                                                                                                                                                                                                                                 MD, CFO, CRO, Division Head of
                                                                                                                                                                          Risk Policy                                                                  Commodities


                                                                                                                                                                                                                                                           ALCO
                                                                                                                                                                            Capital                                                                 MD, CFO, CRO, HS, GT
 Liquidity & Funding                                                                                                                                                      Management
                                                                                                                                                                            Policy

                                                                                                                                                                                                                  - Revised Enterprise Risk
                                                                                                                                                                          Enterprise      Fraud                     Management System
     Operational                                                                                                                                                                                                     - Online risk incident
                                                                                                                                                                          Risk Policy     Policy
                                                                                                                                                                                                                       reporting system

                                                                                                                                                                                                                                                 Investment Committee
                                                                                                                                                                            Capital                                                              MD, CFO, CRO, HS, General
       Strategic                                                                                                                                                          Management                                                           Managers for businesses, GT, GFC
                                                                                                                                                                            Policy

 MD - Managing Director                                                   CRO - Chief Risk Officer                                                                                           CS - Company Secretary              GT - Group Treasurer
 CFO - Chief Financial Officer                                            GC - General Counsel                                                                                               HS - Head of Strategy               GFC - Group Financial Controller
47
     Disclaimer

     This presentation contains certain forward-looking statements with respect to the
     financial condition, results of operations and business of AWB and certain plans
     and objectives of AWB. All such forward-looking statements involve known and
     unknown risks, significant uncertainties, assumptions, contingencies and other
     factors, many of which are outside the control of AWB, which may cause the actual
     results or performance of AWB to be materially different from any future results
     or performance expressed or implied by such forward-looking statements.
     No representation is made as to the accuracy or reliability of such forward-looking
     statements or the assumptions on which they are based.

     Subject to any obligations under applicable laws or securities exchange listing
     rules, AWB disclaims any obligation or undertaking to release any updates or
     revisions to the material in the presentation to reflect any change in expectations
     or assumptions.

     The information in the presentation does not take into account the investment
     objectives, financial situation or particular needs of any recipient and is not
     financial product advice. Before making any investment decision, each recipient
     of the presentation should make an assessment and if necessary seek independent
     professional advice.

     The distribution of this presentation in jurisdictions outside Australia may be
     restricted by law. Any recipient of this presentation outside Australia should
     seek advice on and observe any such restrictions.

48

				
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