AWB (International) Limited today released the 2002–03 AWB National Pool Performance Report which sets a standard in transparency that is unparalleled among major grain companies around the world.
General Manager AWB International Sarah Scales said the performance report details how AWB managed to generate near record returns for growers who delivered to the 2002-03 AWB National Pool, despite the reduction in receivals caused by the drought.
“This performance report is the most comprehensive we have ever produced and includes extensive commentary on the performance of the 2002–03 AWB National Pool and full financial details on its operations,” Ms Scales said.
The 2002–03 AWB National Pool, which was closed in April, had a Pool Value of $1.3 billion – down from previous years due to the significantly lower grain volumes caused by drought.
Highlights from the 2002-03 AWB National Pool include:
- Near record pay grade returns - $258.39/t for benchmark APW,
- Successful management of limited stocks, with wheat sold to 36 different countries,
- An average US-Australian dollar exchange of US$0.5446, compared to seasonal average of US$0.6242,
- An average $27.72/t bonus for APW through Golden Rewards’ moisture, protein and screenings payments,
- Price stability, despite the wheat market fluctuating between $183 and $320/t.
“This is a strong result, given the volatile operating environment created by issues such as the war in Iraq, one of the worst droughts in 100 years, a rising Australian dollar and fluctuating commodity prices,” Ms Scales said.
“This report details the impact of the drought and the difficulties it created for our active management programs, as well as the range of activities AWB undertook to make stock available to farmers in drought-affected areas across the country.”
Ms Scales highlighted the fact that no other grain marketer or trader, either within Australia or internationally, made public the same level of information on the operation and performance of its exporting activities.
“This report, combined with the existing regulatory framework, the Wheat Industry Benchmark, and the reporting requirements of the parent company AWB Limited, ensures the operations of AWB International are among the most transparent of any major grain exporter in the world,” she said.
“To give confidence to growers that the system is being managed appropriately, the report includes a financial statement audited by Ernst and Young and an independent statement on the Wheat Industry Benchmark by actuarial company Towers Perrin.”
The report will be mailed to all growers who participated in the 2002-03 Pool. Copies of the report can be found on the AWB website at the following link www.awb.com.au/AWB/Launch/Site/Growers/