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Full Year Results 2002

Full Year Results 2002. 20 th November 2002. Overview. Result highlights & achievements Financial performance Strategy & outlook. Andrew Lindberg. Managing Director. 2002 result highlights. Net profit after tax of $107.2m, up 28% Total operating revenue of $2.3b, up 19%

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Full Year Results 2002

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  1. Full Year Results 2002 20th November 2002

  2. Overview • Result highlights & achievements • Financial performance • Strategy & outlook

  3. Andrew Lindberg Managing Director

  4. 2002 result highlights • Net profit after tax of $107.2m, up 28% • Total operating revenue of $2.3b, up 19% • Earnings per share of 39.2 cents, up 15% • Fully franked final dividend of 11 cents per share • Large wheat crop of 24.5 million tonnes • Loan book peaked at $2.1b in March • Pool wheat price at high levels - $5.4b Gross Pool Value • Strategic initiatives implemented

  5. Solid result reflected in improved shareholder measures

  6. Significant achievements in 2002 • Strengthening the performance of the Single Desk and implementation of new performance based remuneration model • Strong, consistent performance from the Trading division • Strengthened grower / rural services and financial advisory networks • Expansion of financial and risk services to growers and customers (new loan products, payment options and risk management services) • Developing AWB supply chain network with capacity of around 3mt (targeting returns above weighted average cost of capital) • Further improvements to the Chartering business • Developing superior grain varieties through a JV with Syngenta • Successful implementation of SAP – on time, on budget. Successful implementation of an enterprise wide risk management system • Established global trading business in Geneva

  7. Paul Ingleby Chief Financial Officer

  8. Overview • Statement of financial performance • Cashflow • Capital expenditure • Statement of financial position • Business operations

  9. Statement of financial performance

  10. Cashflow * Net of proceeds

  11. Capital expenditure

  12. Statement of financial position

  13. Business operations $m (6.0) +3.7 +14.7 107.2 +3.0 0.0 +8.1 83.7

  14. Business operations

  15. Pool management services 17.4 10.1 9.3

  16. Finance & risk management products 94.5 88.5 84.8

  17. Grain acquisition & trading 49.9 49.2 15.5

  18. Grain technology (3.7) (4.4) (6.7)

  19. Supply chain & other investments 26.8 13.9 3.0

  20. Strategy & Outlook

  21. The global grain asset manager model defines long term growth as being both vertical and horizontal Milling & Processing International other grains & commodities • Customer Relation-ships Shipping International wheat Finance & Risk Mgmt. Solid domestic base enables domestic value chain integration and international growth Pool Mgmt. Australian other commodities Value adding products and services Grain Acq. & Trading • Grower Relation-ships Supply Chain Australian other grains Rural Services Inputs Australian wheat Seed & Grain Tech.

  22. Wheat crop – 2002/03 • Current drought is the worst in 20 years • AWB forecast 2002-03 wheat production at lower end of 11–13mt • ABARE, AWB & USDA presume normal seasonal conditions going forward • Historic patterns suggest at least an average crop following a drought: * ABARE 5 year average up to (not including) the El Nino year.

  23. Outlook • Production of around 11mt, over 50% below the 5 year average (22.2mt) – major impact on 2003 earnings. • Stable dividend payment for 2002-03 despite reduction in earnings. • Strategic investment in Futuris Limited – complimentary business streams and represents good value at current prices. • Efficient capital management is a key financial objective. Plans to establish a “ring-fenced” funding platform. • Further additions to the existing suite of finance & risk management products and investment in the supply chain. • Further growth and diversification – aim to be less than 80% reliant on the wheat crop by end of 2004.

  24. AWB is well positioned • One of the largest integrated global wheat managers • Manager of the Single Desk • Potential to broaden range of products, services to a large existing customer base in Australia and overseas • Balance sheet strength – strong dividend paying capacity

  25. Questions

  26. www.awb.com.au For more information contact: Michael Thomas GM, Stakeholder Relations Ph: +61 3 9209 2064 Email: mthomas@awb.com.au

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