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AWB Limited 2003 Half-Year Results: Drought Impact and Strategic Outlook

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18 diapositives · 311 Views · Sep 30, 2014

AWB Limited reports a significant impact on its half-year results for 2003 due to severe drought conditions, resulting in a net profit after tax of $29.9 million, down 61%, and total operating revenue of $1.03 billion, down 34%. The wheat crop was only 9.7 million tonnes, severely affecting earnings per share, which also fell by 61% to 10.9 cents. Despite these challenges, AWB plans to maintain a stable interim dividend of 14 cents per share and forecasts a rebound in wheat production for the 2003-04 season, alongside strategic investments and portfolio diversification efforts.

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AWB Limited 2003 Half-Year Results: Drought Impact and Strategic Outlook
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  1. AWB Limited June 2003

  2. 2003 Half-year results impacted by drought • Net profit after tax of $29.9m, down 61% • Total operating revenue of $1.03b, down 34% • Earnings per share of 10.9 cents, down 61% • Interim dividend of 14 cents per share • Drought impacted wheat crop of 9.7 million tonnes • Loan book peaked at $1.6b in December 2002 • Gross Pool Value at $1.3b

  3. Statement of financial performance

  4. Cashflow

  5. Capital expenditure

  6. Statement of financial position

  7. Business operations

  8. Outlook • AWB is forecasting full-year NPAT result in the range of $40-$45m • AWB has forecast 2003-04 wheat production between 22-24mt, around 10-15% above the 5 year average. The 2002-03 El Niño is officially finished • Stable dividend payment for 2002-03 despite reduction in earnings. The Board intends to maintain a stable dividend policy • Strategic investment in Futuris Limited • Capital management and ring fencing • Expand Finance and Risk Management products • Further growth and diversification – aim to be less than 80% reliant on the wheat crop by end of 2004

  9. Global supply and demand • 2003-04 world wheat production is forecast to rebound strongly following a 5% fall in 2002-03 due to limited production in Australia, Canada and US • Carryover stocks are at relatively low levels, representing approximately three months supply. • Production in other major exporting countries are forecast to increase (f) = forecast. (z) = projection. Source: ABARE 2003

  10. Global export market share 2003-04 • Australian, Canadian and US wheat crops expected to rebound significantly • 2003-04 total exports by major exporting countries forecast to increase to 79.3mt, an increase of 17mt from 2002-03 • Major wheat exporting countries continue to face competition from non-traditional exporters in 2003-04 (above figures are forecasts). Source: USDA May 2003

  11. Non-traditional exporters • Non-traditional exporters have increased their export program over the last two years due to good production, large carryover stocks and increased investment in transport and infrastructure • However, some of these exporters will produce significantly lower tonnage in 2003-04, reducing total exports by non-traditional exporters to only 13.2mt compared with 34.9mt in 2002-03 (f) = forecast. (e) = estimate Source: USDA May 2003

  12. Key issues • Iraq • Strategic investment in Futuris • Senate inquiry into WEA Funding • Future of the Single Desk system

  13. AWB will continue supplying Iraq • Wheat supply is continuing via the UN Oil-For-Food program under direction from the World Food Program • The UN Oil-For-Food program has been extended to September 2003 • The UN and the US administration will continue to honour contracts previously awarded • Australian wheat is widely used and recognised throughout the Middle East region as a clean quality white wheat • Australia has been supplying Iraq with this wheat for more than 54 years. AWB expects to retain a strong market share in Iraq in the future

  14. Strategic investment in Futuris • AWB currently owns 14.2% in Futuris – we are the largest single shareholder • The primary objective is to maximise the value of our investment and to pursue opportunities with Elders (namely, their distribution network) • In order to increase stake above 15%, we have lodged an application to the Treasurer. • We expect a decision to be made by the end of June 2003 • This is all about keeping our options open

  15. Senate inquiry into WEA Funding • The main purpose of the amendment to the Bill is about the ongoing funding to support the continuing operation of the WEA • However, the process has given a forum to the anti Single Desk campaigners; trying to dismantle the Single Desk • AWB has participated and cooperated fully with the inquiry

  16. Single Desk • The 2004 WEA Review is limited to a review on AWBI’s performance as manager of the Single Desk • It will not incorporate National Competition Policy (NCP) principles or the broader industry issues • The Single Desk system legislation will be reviewed in 2010 under the NCP principles • This was confirmed by Minister Truss at the Grains Week conference in March 2003.

  17. QUESTIONS

  18. www.awb.com.au For more information contact: Delphine Cassidy Head of Investor Relations Ph: +61 3 9209 2404 Email: dcassidy@awb.com.au