CBH OPERATIONS CBH GRAIN CBH ENGINEERING

Annual Report

2009Our staff

working to deliver value to our growers

K Abbott A Ackermans T Ackermans D Adams J Adams K Adams P Adamson M Ahchee K Ahearn M Ahn G Aiberti R Ainsworth A Aldas K Alison B Allen R Allen D Allison S Allomes A Alna G Altus J Ambrose G Amores D Andersen R Andersen A Anderson D Anderson P Anderson P Anderson R Anderson T Anderson B Andrews J Andrews K Andrews S Ang C Annice C Ansell T Ansell A Arcidiacono J Arcudi M Arentz K Armstrong G Arndt S Arun M Athanasoff W Atkins C Atkinson J Atkinson C Ayers K Ayton A Bacon D Bacon C Badgery-Parker T Bagshaw B Bailey M Bailey A Baines A Baker J Baker P Baker B Ball J Ball-Hornblow J Bamber B Banfield B Barbarich M Barr C Barry R Barton M Bath T Battistella G Baxter J Bayles V Baylis K Bear S Beaton B Bedson B Benjamin J Bennett D Benson S Berdin M Berkeley-Hill C Berry N Berry A Beverly D Beverly P Bigg B Bingham D Birch P Birds A Birnie A Blair P Blanch A Blechynden K Bloomfield P Bobbin C Bock C Bolt M Bolt A Bolton G Bond T Bone J Bonella M Bonini A Borinelli B Bouwer P Bowen C Bowles R Bradley S Brankstone P Breguet K Brennan D Brenton E Brett C Breznikar D Britton N Brookfield P Brookfield C Brown G Brown K Browning A Bunter L Burges C Burgess K Burnett R Burns J Burton R Burton R Bussenschutt D Butcher J Butement C Butterly T Byass R Byrne J Cairns H Caldera A Caldwell D Caley W Caley J Calipes A Cameron L Cammilleri B Campbell M Campbell S Campbell S Cane L Capewell J Caridi F Carlson K Carlson S Carr H Carracher G Carrivick M Carruthers P Carruthers S Carruthers A Carter D Catlow K Cattanach G Cecil M Chan S Chan W Chan D Chandler N Chandler P Chandler W Chang M Channon P Channon G Chausis W Cheng M Chester R Choules T Chrimes A Clancy F Clark T Clark S Clarke J Clement S Clements N Clothier P Cockshutt R Codling A Coffey P Colegate D Coles M Colgan B Collard J Collard L Collard T Collins K Colwell C Cooke B Cooper B Cooper E Cooper K Cooper W Cope G Costanzo R Costello G Coulter C Coulthard J Cowcher G Craggs A Crane D Crane R Crofft G Crogan M Crostella N Cullen T Cunningham K Curley L Curtis L Cutland R Da Silva B Dack V Danee M Darnley M Davidovic J Davidson S Davidson B Davies C Davies D Davies E Davies O Davies W Davies T Davy A Daw G Daw M Daw L Dawson A Day S Day S D’Cruz J D’Cruze I De Bari G De Costa P Dean I Deas K DeBonde D Dejito K Della Marta S Della Marta C Dempster B Desmond G Desmond J Desmond J Devins R Dickie C Dicks M Difulvio C Dimitrijevic M Discenza R D’Lima R Doak M Doherty T Dolling J Doncon R Dorairaj S Dorosario A Douthie P Downey J Dowsett H Draper A Driscoll T Driscoll G Duffield R Duffield G Dunkley K Dunne S Durairaj C Eastough K Eddy S Edmonds B Edwards G Edwards J Elkington A Elliott C Elliott G Elliott K Elliott P Elliott J Ellis R Engel A Esam L Eskett A Evans P Evans D Fairall C Fairhead J Falconer L Fallon A Farmer C Farquharson C Fawkes G Feineler W Fernihough D Fienberg K Fienberg J Finessi N Fisher C Fitzpatrick P Flack T Flanigan J Flatman N Fleet G Fleming I Flugge R Flugge D Follington C Foot G Foster H Fouche H Fox N Francis S Francke R Franklin J Freeborne K Freeman J Fuller P Gaias T Gannon M Garbin M Gardiner S Gatti C Gault G Gawned R Gee B Geneve E George G George A Gesmundo T Gia R Gielingh S Gilders M Gillett S Gittos J Gleghorn M Goff K Goh B Golling W Golling A Good B Gordon I Gordon W Gordon J Gorton S Gorton S Goudge D Gould D Govett K Graetz J Graham A Granville N Gravett D Gray K Gray N Gray M Greaves P Green L Griffin K Grimshaw C Guretti B Guthrie K. Guy M Hadfield S Hadfield B Hadley F Haines S Haines C Hall D Hall S Hamer S Hamid-Kellow S Hamilton G Hammond J Hammond A Hardick W Harper C Harris A Harslett G Hartigan R Hartzer B Harvey R Harvey B Haskins D Hastie V Hastings S Hau S Haughton B Hawkes P Hawkins R Hayden P Hazelwood E Healy H Heasman W Henry B Heritage A Hernandez J Herrero D Hewitt K Hicks M Higgins S Higgins D Hislop T Ho B Hobley C Hodges G Hodges J Hofmann S Hogan J Holler K Holt K Hough A Houston C Houston S Houston B Howard C Howard G Howard A Hughes B Hulm C Hunt J Hunt M Iacus T Inglis C Innes R Innes W Ireland S Irvine S Ives B Jakovcevic B James B James G James W Jansen J Jardine D Jayasinghe S Jeeves R Jeffery B Jeffrey M Jeffreys D Jeffries J Jeitz C Jenkins D Jenkins P Jessup B Johnson L Johnson M Johnson P Johnson R Johnson V Johnson J Johnston B Jones C Jones D E Jones D H Jones G Jones K Jones M Jones T Jones C Jordaan G Jose A Joyce J Juanillo E Kalajzic M Kalpakoff K Kamen D Kark M Karube M Keating B Keay H Keen W Keen M Keillor M Keisman B Kempton S Kett B Ketteringham W Killen S Kimel A King M King R Kingston P Kirby K Kirk W Kirkwood G Kirschke J Kleyweg L Knights J Komene N Komene S Kong C Kosick J Kosick E Kostas C Kowald K Kwa D Ladhams C Lakeman S Lambe R Lamont M Lane E Langton A Lanza-Cariccio K Lapham M La-Rosa H Last B Lear C Lee J J Lee J V Lee M Lee N Lee R Lee Y Lee J Leeson K Leeson M Legg M Leigh M Leonard M Levitzke T Lewis J Li A Liaw S Liddelow S Lim V Lim W Lim C Lin A Liu G Lothian G Love J Loveday C Lowden M Lowings S Lowings T Lucas S Lunny L Lynch S Lynch A Lyons R MacDonald H MacLean J Madden N Maguire S Maher S Mahoney D Main J Main K Main R J Main R T Main C Maitland R Malek M Mancini N Mancini B Manning C Manning B Manohar L Marcial R Markey G Marsh V Marshall A Martin B Martin D Martin E Martin S Martin T Martin W Martin F Maseyk S Massam B Matthews R Maurich C Maver C Mawle J Maxwell S May C McAndrew S McArdle P McAuliffe S McBeath P McCagh C McCamish B McCarrol S McCarrol R McCarthy J McDonald D McGrinder P McKay K McKenzie C McLean D McLeod A McLevie G McLevie J McMiles L McMiles L McMiles C Mehew A Mencshelyi J Menon R Meredith J Merritt B Mete M Mews M Meyer S Michels R Mickle A Miller D Miller G Miller C Mills M Mills I Millward V Miltrup T Mitchell S Mizen M Moeauri T Moffett H Moir J Moir T Molloy J Moloney S Monk G Moodie S Moody I Moore N Moore R Morgan D Moroney V Moroney L Morrell A Morrison E Morrissey J Mortimer P Morton S Morton C Mostert J Mottolini K Mucjanko T Muirhead T Mulkearns B Mumme D Munckton M Munsamy P Murdoch R Murdoch N Murray P Musca J Mutch G Nagle B Nailer S Nair S Nair M Narustrang R Neill M Nelmes G Newbey D Newbold M I Newton M J Newton R Newton D Nicholls L Nilan C Nordahl J Nordahl M Norman S Nottle P O’Donnell L Oliver J O’Malley J O’Neill T Onn M O’Reilly E Osborne J Osborne R Osborne R Ottey I Oversby A Owen D Paddon D Palmer V Palmeri J Pampano M Panagiotou R Parker S Parker M Parsons J Partington R Partington L Paterson G Paul R Pavihi K Peacock L Pearce B Pearson N Pedlar D Pedley J Pendergrast D Penny M Penny G Penter N Penter S Perkins W Perry M Petchell S Petchell W Piercey M Pinney K Piper A Pittaway S Pladdy N Podmore M Pontifex C Poot G Pope G Pore M Porter S Porter E Power S Power B Poyner R Prosser T Puddy L Quartermaine N Quartermaine D Rae K Raina F Rainone A Rajaraman C Ralph R Rankine J Ransom J Ransom M Rawes K Rebeiro L Redfern G Reeves M Regan S Reichenbach B Reid S Reid D Reimers P Reimers D Reynolds W Reynolds Z Reynolds A Rhodes R Ricciardi T Richardson D Rickard I Riding P Ridley S Riley D Ripepi G E Ripp M Roberts R Roberts DA Robertson DE Robertson S Robertson D Robinson J Robinson T Robinson J Rodd S Rodgers K Rodoreda B Rogers E Rogers C Rollings P Roukens T Rowe R Rowland L Rozario L Ruis K Rule D Russell P Russell A Rustean M Rutter D Ryan N Ryan S Sager D Salamon M Sangalli M Sarcich C Saunders I Saunders K Saunders R Saunders T Saunders C Scally S Scally C Scarlett D Scott J Scott N Scott R Seaby T Sekuloff R Senihin G T Sexton G W Sexton S Sexton M Seymour S Shadforth T Shadforth V Shah A Sharrock J Sharrock D Shaw G Shehan J Shields D Shirra J Shockthorap L Shu S Shuttleworth M Sikorova’ B Silvester R Silvestri B Simmons R Simonaitis W Singer E Sirr S Sloan G Smallman M Smallman S Smid B Smith G T Smith GA Smith GB Smith J Smith N Smith T Smith W Smith M Smriko T Sorensen J Spiroff M Spokes N Spragg I Sproul J Squiers D Srdarov C Standish T Standish K Stanford R Staniford M Stansbie R Starvaggi C Stephen G Stephens R Stephens R Stevens A Stewart P Stewart P Stoner J Subritzky J Sugars-Ross C Sullivan S Sumanti B Sumpter I Susanto G Sutton J Swan J Swinny M Syred K Syson J Taege P Tainsh R Talma A Tan L Tan S Tan L Taplin A Tarr M Tasselli P Taylor L Teakle K Telford S Tholstrup C Thomas G Thomas K Thomas N Thomas D Thompson G Thompson T Thompson C Thornton G P Thornton G R Thornton K Thornton L Thorpe B Thunder N Tietjens D Tilbee R Tolcher R Tomalin S Tomlinson N Tompkin L Trainor N Travers C Trevenen N Trim C Tripp G Troup T Truter J Trythall G N Turner G S Turner B Turtley G Turton C Tutt K Twaddle T Tyler J Tysoe J Unwin W Unwin J Vaessen J Vajas M Van Opijnen S Vanderputten K Vann G Vaughan R Vaughan D Venworth P Vernon V Victor C Vince N Waclawik K Waddell J Wade A Walker C Walker D Walker I Walker S Wallace C Waller M Walsh A Walters D Wan M Ward N Ward R Ward P Ware C Warrington H Warry A Wasley N Wass J Waters M Watson R Watt A Webb J Webb A Wedemeyer J Weeks R Weir K Welke D Wells L West R West E Westlake D Westley K Westley L Weston A Wheatcroft T Wheatcroft A White J White S A White S J White W White R Whitelaw G Whiting M Whittington C Whyte H Whyte M Whyte J Wighton G Wilkinson R Will A Willder A Williams D Williams M Williams R Williams R Williamson K Willis R Willis M Willner M Wilson S Wiseman M Withers L Wittorff G Wood J Woods R Woodward J Woodworth L Woodworth C Woolcott D Woolfe J Worthington R Wray A Wright A N Wright M Wunder A Young L Zawada K Zilm A Zinetti G Zinetti

K Abbott A Ackermans T Ackermans D Adams J Adams K Adams P Adamson M Ahchee K Ahearn M Ahn G Aiberti P Ainsworth A Aldas K Alison B Allen R Allen D Allison S Allomes A Alna G Altus J Ambrose G Amores D Andersen R Andersen A Anderson D Anderson P Anderson P Anderson R Anderson T Anderson B Andrews J Andrews K Andrews S Ang C Annice C Ansell T Ansell A Arcidiacono J Arcudi M Arentz K Armstrong G Arndt S Arun M Athanasoff W Atkins C Atkinson J Atkinson C Ayers K Ayton A Bacon D Bacon C Badgery-Parker T Bagshaw B Bailey M Bailey A Baines A Baker J Baker P Baker B Ball J Ball-Hornblow J Bamber B Banfield B Barbarich M Barr C Barry R Barton M Bath T Battistella G Baxter J Bayles V Baylis K Bear S Beaton B Bedson B Benjamin J Bennett D Benson S Berdin M Berkeley-Hill C Berry N Berry A Beverly D Beverly P Bigg B Bingham D Birch P Birds A Birnie A Blair P Blanch A Blechynden K Bloomfield P Bobbin C Bock C Bolt M Bolt A Bolton G Bond T Bone J Bonella M Bonini A Borinelli B Bouwer P Bowen C Bowles R Bradley S Brankstone P Breguet K Brennan D Brenton E Brett C Breznikar D Britton N Brookfield P Brookfield C Brown G Brown K Browning A Bunter L Burges C Burgess K Burnett R Burns J Burton R Burton R Bussenschutt D Butcher J Butement C Butterly T Byass R Byrne J Cairns H Caldera A Caldwell D Caley W Caley J Calipes A Cameron L Cammilleri B Campbell M Campbell S Campbell S Cane L Capewell J Caridi F Carlson K Carlson S Carr H Carracher G Carrivick M Carruthers P Carruthers S Carruthers A Carter D Catlow K Cattanach G Cecil M Chan S Chan W Chan D Chandler N Chandler P Chandler W Chang M Channon P Channon G Chausis W Cheng M Chester R Choules T Chrimes A Clancy F Clark T Clark S Clarke J Clement S Clements N Clothier P Cockshutt R Codling A Coffey P Colegate D Coles M Colgan B Collard J Collard L Collard T Collins K Colwell C Cooke B Cooper B Cooper E Cooper K Cooper W Cope G Costanzo R Costello G Coulter C Coulthard J Cowcher G Craggs A Crane D Crane R Crofft G Crogan M Crostella N Cullen T Cunningham K Curley L Curtis L Cutland R Da Silva B Dack V Danee M Darnley M Davidovic J Davidson S Davidson B Davies C Davies D Davies E Davies O Davies W Davies T Davy A Daw G Daw M Daw L Dawson A Day S Day S D’Cruz J D’Cruze I De Bari G De Costa P Dean I Deas K DeBonde D Dejito K Della Marta S Della Marta C Dempster B Desmond G Desmond J Desmond J Devins R Dickie C Dicks M Difulvio C Dimitrijevic M Discenza R D’Lima R Doak M Doherty T Dolling J Doncon R Dorairaj S Dorosario A Douthie P Downey J Dowsett H Draper A Driscoll T Driscoll G Duffield R Duffield G Dunkley K Dunne S Durairaj C Eastough K Eddy S Edmonds B Edwards G Edwards J Elkington A Elliott C Elliott G Elliott K Elliott P Elliott J Ellis R Engel A Esam L Eskett A Evans P Evans D Fairall C Fairhead J Falconer L Fallon A Farmer C Farquharson C Fawkes G Feineler W Fernihough D Fienberg K Fienberg J Finessi N Fisher C Fitzpatrick P Flack T Flanigan J Flatman N Fleet G Fleming I Flugge R Flugge D Follington C Foot G Foster H Fouche H Fox N Francis S Francke R Franklin J Freeborne K Freeman J Fuller P Gaias T Gannon M Garbin M Gardiner S Gatti C Gault G Gawned R Gee B Geneve E George G George A Gesmundo T Gia R Gielingh S Gilders M Gillett S Gittos J Gleghorn M Goff K Goh B Golling W Golling A Good B Gordon I Gordon W Gordon J Gorton S Gorton S Goudge D Gould D Govett K Graetz J Graham A Granville N Gravett D Gray K Gray N Gray M Greaves P Green L Griffin K Grimshaw C Guretti B Guthrie K. Guy M Hadfield S Hadfield B Hadley F Haines S Haines C Hall D Hall S Hamer S Hamid-Kellow S Hamilton G Hammond J Hammond A Hardick W Harper C Harris A Harslett G Hartigan R Hartzer B Harvey R Harvey B Haskins D Hastie V Hastings S Hau S Haughton B Hawkes P Hawkins R Hayden P Hazelwood E Healy H Heasman W Henry B Heritage A Hernandez J Herrero D Hewitt K Hicks M Higgins S Higgins D Hislop T Ho B Hobley C Hodges G Hodges J Hofmann S Hogan J Holler K Holt K Hough A Houston C Houston S Houston B Howard C Howard G Howard A Hughes B Hulm C Hunt J Hunt M Iacus T Inglis C Innes R Innes W Ireland S Irvine S Ives B Jakovcevic B James B James G James W Jansen J Jardine D Jayasinghe S Jeeves R Jeffery B Jeffrey M Jeffreys D Jeffries J Jeitz C Jenkins D Jenkins P Jessup B Johnson L Johnson M Johnson P Johnson R Johnson V Johnson J Johnston B Jones C Jones D E Jones D H Jones G Jones K Jones M Jones T Jones C Jordaan G Jose A Joyce J Juanillo E Kalajzic M Kalpakoff K Kamen D Kark M Karube M Keating B Keay H Keen W Keen M Keillor M Keisman B Kempton S Kett B Ketteringham W Killen S Kimel A King M King R Kingston P Kirby K Kirk W Kirkwood G Kirschke J Kleyweg L Knights J Komene N Komene S Kong C Kosick J Kosick E Kostas C Kowald K Kwa D Ladhams C Lakeman S Lambe R Lamont M Lane E Langton A Lanza-Cariccio K Lapham M La-Rosa H Last B Lear C Lee J J Lee J V Lee M Lee N Lee R Lee Y Lee J Leeson K Leeson M Legg M Leigh M Leonard M Levitzke T Lewis J Li A Liaw S Liddelow S Lim V Lim W Lim C Lin A Liu G Lothian G Love J Loveday C Lowden M Lowings S Lowings T Lucas S Lunny L Lynch S Lynch A Lyons R MacDonald H MacLean J Madden N Maguire S Maher S Mahoney D Main J Main K Main R J Main R T Main C Maitland R Malek M Mancini N Mancini B Manning C Manning B Manohar L Marcial R Markey G Marsh V Marshall A Martin B Martin D Martin E Martin S Martin T Martin W Martin F Maseyk S Massam B Matthews R Maurich C Maver C Mawle J Maxwell S May C McAndrew S McArdle P McAuliffe S McBeath P McCagh C McCamish B McCarrol S McCarrol R McCarthy J McDonald D McGrinder P McKay K McKenzie C McLean D McLeod A McLevie G McLevie J McMiles L McMiles L McMiles C Mehew A Mencshelyi J Menon R Meredith J Merritt B Mete M Mews M Meyer S Michels R Mickle A Miller D Miller G Miller C Mills M Mills I Millward V Miltrup T Mitchell S Mizen M Moeauri T Moffett H Moir J Moir T Molloy J Moloney S Monk G Moodie S Moody I Moore N Moore R Morgan D Moroney V Moroney L Morrell A Morrison E Morrissey J Mortimer P Morton S Morton C Mostert J Mottolini K Mucjanko T Muirhead T Mulkearns B Mumme D Munckton M Munsamy P Murdoch R Murdoch N Murray P Musca J Mutch G Nagle B Nailer S Nair S Nair M Narustrang R Neill M Nelmes G Newbey D Newbold M I Newton M J Newton R Newton D Nicholls L Nilan C Nordahl J Nordahl M Norman S Nottle P O’Donnell L Oliver J O’Malley J O’Neill T Onn M O’Reilly E Osborne J Osborne R Osborne R Ottey I Oversby A Owen D Paddon D Palmer V Palmeri J Pampano M Panagiotou R Parker S Parker M Parsons J Partington R Partington L Paterson G Paul R Pavihi K Peacock L Pearce B Pearson N Pedlar D Pedley J Pendergrast D Penny M Penny G Penter N Penter S Perkins W Perry M Petchell S Petchell W Piercey M Pinney K Piper A Pittaway S Pladdy N Podmore M Pontifex C Poot G Pope G Pore M Porter S Porter E Power S Power B Poyner R Prosser T Puddy L Quartermaine N Quartermaine D Rae K Raina F Rainone A Rajaraman C Ralph R Rankine J Ransom J Ransom M Rawes K Rebeiro L Redfern G Reeves M Regan S Reichenbach B Reid S Reid D Reimers P Reimers D Reynolds W Reynolds Z Reynolds A Rhodes R Ricciardi T Richardson D Rickard I Riding P Ridley S Riley D Ripepi G E Ripp M Roberts R Roberts DA Robertson DE Robertson S Robertson D Robinson J Robinson T Robinson J Rodd S Rodgers K Rodoreda B Rogers E Rogers C Rollings P Roukens T Rowe R Rowland L Rozario L Ruis K Rule D Russell P Russell A Rustean M Rutter D Ryan N Ryan S Sager D Salamon M Sangalli M Sarcich C Saunders I Saunders K Saunders R Saunders T Saunders C Scally S Scally C Scarlett D Scott J Scott N Scott R Seaby T Sekuloff R Senihin G T Sexton G W Sexton S Sexton M Seymour S Shadforth T Shadforth V Shah A Sharrock J Sharrock D Shaw G Shehan J Shields D Shirra J Shockthorap L Shu S Shuttleworth M Sikorova’ B Silvester R Silvestri B Simmons R Simonaitis W Singer E Sirr S Sloan G Smallman M Smallman S Smid B Smith G T Smith GA Smith GB Smith J Smith N Smith T Smith W Smith M Smriko T Sorensen J Spiroff M Spokes N Spragg I Sproul J Squiers D Srdarov C Standish T Standish K Stanford R Staniford M Stansbie R Starvaggi C Stephen G Stephens R Stephens R Stevens A Stewart P Stewart P Stoner J Subritzky J Sugars-Ross C Sullivan S Sumanti B Sumpter I Susanto G Sutton J Swan J Swinny M Syred K Syson J Taege P Tainsh R Talma A Tan L Tan S Tan L Taplin A Tarr M Tasselli P Taylor L Teakle K Telford S Tholstrup C Thomas G Thomas K Thomas N Thomas D Thompson G Thompson T Thompson C Thornton G P Thornton G R Thornton K Thornton L Thorpe B Thunder N Tietjens D Tilbee R Tolcher R Tomalin S Tomlinson N Tompkin L Trainor N Travers C Trevenen N Trim C Tripp G Troup T Truter J Trythall G N Turner G S Turner B Turtley G Turton C Tutt K Twaddle T Tyler J Tysoe J Unwin W Unwin J Vaessen J Vajas M Van Opijnen S Vanderputten K Vann G Vaughan R Vaughan D Venworth P Vernon V Victor C Vince N Waclawik K Waddell J Wade A Walker C Walker D Walker I Walker S Wallace C Waller M Walsh A Walters D Wan M Ward N Ward R Ward P Ware C Warrington H Warry A Wasley N Wass J Waters M Watson R Watt A Webb J Webb A Wedemeyer J Weeks R Weir K Welke D Wells L West R West E Westlake D Westley K Westley L Weston A Wheatcroft T Wheatcroft A White J White S A White S J White W White R Whitelaw G Whiting M Whittington C Whyte H Whyte M Whyte J Wighton G Wilkinson R Will A Willder A Williams D Williams M Williams R Williams R Williamson K Willis R Willis M Willner M Wilson S Wiseman M Withers L Wittorff G Wood J Woods R Woodward J Woodworth L Woodworth C Woolcott D Woolfe J Worthington R Wray A Wright A N Wright M Wunder A Young L Zawada K Zilm A Zinetti G Zinetti

CBH Operations CBH Grain CBH Engineering

CBH CBH CBH OPERATIONS GRAIN ENGINEERING

CBH CBH CBH OPERATIONS GRAIN ENGINEERINGSERVICES

contentsAbout CBH Group 1

Financial and Operational Performance 2009 2

Summarised View of Operations

Grain Operations 4

Grain Pool 5

Bulkwest Engineering 6

Interflour Group 7

Chief Executive Officer’s Report 8

Chairman’s Report 11

Network 14

Accumulation 20

Marketing 24

Processing 30

People 32

Sustainability 36

Board of Directors 42

Senior Management Team 46

Corporate Governance 50

Director’s Report 58

Auditor’s Independence Declaration 61

Financial Report 62

DailyGrain® is a registered trademark of DailyGrain Pty Ltd.

Monsanto® is a registered trademark of Monsanto Technologies LLC.

All staff names published on the front cover of this Annual Report were permanent employees of the CBH Group as at 14 January 2010.

Purpose

To link our growers to our customers in a uniquely valuable way by achieving scale, supply chain efficiency and securing demand.

Vision

The stand out choice in grain for the world.

About the CBH GroupThe CBH Group is one of Australia’s leading grain organisations; a co-operative with operations extending along the value chain from grain storage, handling and transport to marketing, shipping and processing.

The CBH Group is owned and controlled by around 4,700 grower members across the Western Australian grainbelt.

About our business

Today, the CBH Group manages the most sophisticated grain storage and handling network in the world and receives, on average, 11 million tonnes of grain each year.

The CBH Group markets and ships a range of grains from Australia including wheat, barley, lupins and canola.

The CBH Group’s vision is to be the stand out choice in grain for the world. Its purpose is to link growers to customers in a uniquely valuable way and the co-operative is committed to delivering real value to both growers and customers.

Strategic investments in international flour milling assets, as well as shipping and container transportation, enable the co-operative to create additional value along the grain value chain and connect its grower members with its customers.

CBH GROUP Annual Report 2009 1

Financial and Operational Performance 2009

Posted a Group Net Profit After Tax of $119.0 million, up 196.4 per cent.

Acquired more than 50 per cent of the 2008-09 Western Australian grain harvest.

Rebated more than $16 million to growers through a new loyalty payment.

Achieved a 25 per cent reduction in the Lost Time Injury Frequency Rate.

Successfully managed the first fully deregulated harvest using the Grain Express logistics system, delivering significant savings to growers and the industry.

Developed and implemented a new shipping allocation system for the 2009-10 season.

Accredited to export wheat in bulk under new legislation.

Shipped over 500,000 tonnes of wheat to our flour mills.

Secured $1.5 billion in funding for the 2009-10 season.

Received 12.3 million tonnes of grain.

Group invested $73.9 million in property, plant and equipment.

Launched Australian Bulk Stevedoring with joint venture partners, Hudson Shipping Lines.

Tonnes Handled (million tonnes)

Net Profit after Tax ($m)

Revenue ($m) Capital Reinvestment ($m)

20052005

20052005

20072007

20072007

20062006

20062006

20082008

20082008

20092009

20092009

10.6

3

61.3

9 87.2

6

27.6

8 40.1

4

118.

97

515.

35

521.

89

581.

46

149.

16

80.4

8

30.8

6

90.7

0

73.8

8

1,10

2.91

1,55

7.58

12.5

3

8.49

12.3

3

6.41

2 CBH GROUP Annual Report 2009

Delivering

to our growers

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Network to deliver value to our growers Accumulation to deliver value to

Expanded operations in Western Australia and eastern Australia.

Trained an additional 631 growers in the Better Farm IQ program.

Launched the Corporate Health and Safety Strategy.

Acquired a 50 per cent stake in an on-line price discovery and management service, DailyGrain®.

Won several awards including the NAB Agribusiness Corporate Governance Award; Agribusiness Export Award at the WA Industry and Export Awards; Australian Institute of Training and Development Award; Foodbank Innovation and Collaboration Awards; and Gold Safety Achievement Award in the 2009 IFAP/CGU Safe Way Awards.

Reduced water usage across the business by 3.5 million litres.

Provided more than $250,000 in funding to rural communities across Australia.

Recognised an impairment charge of $15.3 million in the Group’s investment in Elders Ltd reflecting adjustment of the carrying value to market value at balance date.

Summarised Results 2009 2008

Tonnes handled mmt 12.3 8.5

Tonnes exported mmt 5.6 3.0

Revenue $m 1,557.6 1,102.9

Revenue including pool revenue $m 3,549.6 2,595.1

Net operating profit before interest and tax $m 183.4 98.8

Customer loyalty payment $m 16.3 N/A

Net profit after tax $m 119.0 40.1

Capital expenditure on property, plant and equipment

$m 73.9 90.7

Total assets $m 1,505.5 1,698.7

Debt owing $m 81.6 173.5

Equity $m 1,089.2 976.6

Return on average equity % 11.5 4.2

Gearing (net debt to net debt plus equity) % 0.0 3.5

20052007

20062008

2009

12.3

3

12.5

3

10.6

3

8.49

6.41

3.06

4.22

2.82

3.56

6.30

Grain Pool Market Share (million tonnes)

51%

34%

42%29% 44%

Harvest total

Grain Pool tonnes accumulated


2009 HighlightsReceived 12.3 million tonnes, the •third largest harvest on record, with 50per cent of all deliveries from quality assured growers.

Contributed $68 million profit for •reinvestment into the business.

Successfully managed the first full •season of deregulation with the implementation of Grain Express, delivering significant savings to growers and the industry.

Developed and implemented a new •shipping allocation system for the 2009-10 harvest.

Achieved Port Access Undertaking •approval by Australian Competition and Consumer Commission (ACCC).

Successfully implemented storage •and handling arrangements for the State’s first commercial trials of GM canola.

Loaded in excess of 10 million •tonnes of grain across 383 vessels.

Future StrategiesAutomating the vessel nomination •process for shipments from CBH Group ports.

Working with the State Department •of Transport to develop a solution for WA rail while tendering for rail services in 2010.

Utilising the network for storage and •handling of non-grain commodities in the off-season.

Improving the sampling process •through further trials of Image Analysis technology.

Developing new tailored services to •maximise value for growers using the storage and handling network.

Continuing capital expenditure •and maintenance investment in the network.

Grain OperationsSummarised Review of Operations

Grain Operations

Earning Contribution

Business

Grain Operations receives, handles, stores and outloads bulk grain at almost 200 receival points throughout the State’s grain belt.

The CBH Group’s total storage capacity exceeds 20 million tonnes and, on average, 11 million tonnes is received from Western Australia’s annual harvest.

55%


Grain Marketing


Summarised Review of Operations

Grain Pool

2009 HighlightsAcquired more than 50 per cent of •the Western Australian harvest.

Introduced a new customer loyalty •payment, which rebated more than $16 million to growers delivering to Grain Pool in the 2008-09 season.

Accredited to export wheat in bulk •under new legislation.

Secured $1.5 billion to fund the •2009-10 crop.

Expanded operations in •eastern Australia and regional Western Australia.

Introduced on-line contracting •for growers, the first of its kind in Australia.

Signed a significant grain purchase •agreement with AACL to secure grain for the 2009-10 season.

Revenue growth of 18 per cent.•

Formed strategic partnerships to •develop new wheat varieties for niche premium Asian markets.

Awarded the Agribusiness Export •Award at the 2009 WA Industry and Export Awards.

Future StrategiesMulti-origin sourcing of grain to •deliver a full suite of products to long term customers.

Continuing to develop strategic •partnerships and agency agreements with key customers across the globe.

Continuing market development •of new varieties grown in Western Australia.

Continuing to provide technical •support and expertise in the areas of variety commercialisation, quality testing and quality control.

Continuing to provide a rebate •through the customer loyalty payment to growers marketing their grain with Grain Pool and CBH Grain, if market conditions allow.

Business

Grain Pool, which also trades as CBH Grain, is one of Australia’s leading grain marketing and trading entities, marketing more than six million tonnes of grain in 2009.

Grain Pool and CBH Grain currently export a range of grains from Australia to more than 20 destinations around the globe, with the majority of grain shipped from Western Australian ports.

36%



2009 HighlightsCompleted $51.3 million •worth of capital works to the CBH Group network.

Completed $28 million worth of •maintenance upgrades to the CBH Group network.

Completed external work to the •value of $3.7 million.

Successfully developed and •installed 64 sample platform walkways at various sites across Western Australia, creating a safer work environment for CBH Group site staff.

Delivered $2 million in savings to •the CBH Group through its value partnership arrangements and associated strategies.

Future StrategiesEnhancing value creation in •meeting the capital expenditure and maintenance requirements of the CBH Group.

Exploring innovative ways to •improve storage and handling infrastructure to deliver safety improvements and reduce costs.

Investigating the establishment •of an international base to enable future savings to be made.

Bulkwest EngineeringSummarised Review of Operations

Business

Bulkwest Engineering designs, manufactures, constructs and maintains the majority of the CBH Group’s storage and handling sites, facilities and equipment.

It has a reputation for innovative engineering solutions and its expertise and experience are utilised by a number of external clients.


3%

Engineering


Interflour Group

2009 HighlightsPosted a Net Profit After Tax •of $12.6 million, with $6.3 million attributable to the CBH Group.

Completed the first phase of a port •development project at its Vietnam port facilities.

Future StrategiesCompleting Phase 2 of the port •development project in Vietnam to deliver a 90,000 tonne flat warehouse and coastal vessel and barge loading facilities.

Completing the expansion •of the Prestasi Flour Mill, near Kuala Lumpur.


Business

Interflour is one of the largest flour milling operations in South East Asia with milling interests in Indonesia, Vietnam and Malaysia and an annual milling capacity of 1.3 million tonnes.


6%

Flour Milling


It is a privilege for me to present my first Chief Executive Officer’s report after a year of great challenge for the grains industry and the CBH Group.

Over the last 12 months we experienced the first full year of deregulation in the Australian grains industry; something that has brought with it increased opportunities, complexity and intensity of work for all those involved.

In this new, highly competitive environment, it has become even more important for the CBH Group to develop new and innovative ways to provide value to its shareholders and customers.

In my first year as Chief Executive Officer, I have been strongly committed to ensuring that the CBH Group gives growers more control of their product from the farm gate to the market; in the process, creating and capturing greater value.

The CBH Group is an extremely valuable business, worth more than $1 billion. Over the past 76 years it has grown into one of the leading grain organisations in the world. The key to this success lies in the fact that we have stayed totally focussed on the long term interests of our grower shareholders and delivering real value back to them.

Over the past year we have implemented a number of initiatives aimed at achieving this.

A review of our storage and handling charges delivered greater certainty to growers about the CBH Group’s charges for the storage and handling of their grain. Under our new charging structure, the CBH Group managed to maintain the overall cost of the supply chain at current levels while removing the Time Based Storage Fee and making charges simpler and clearer for all users of our network. This has also given growers more time to make their marketing decisions.

The introduction of the Grain Express system last harvest proved an industry success. Grain Express provides the widest possible range of price and grade offers from all marketers operating in the deregulated wheat export market to Western Australian grain growers at as many sites as possible across the network.

In addition to the successful introduction and management of Grain Express the CBH Group introduced a revised shipping allocation system for the 2009-10 season. The new system utilises an independently operated on-line auction system to provide marketers with fair, equitable and efficient access to shipping slots at CBH Group ports.

Chief Executive Officer’s ReportUnder new leadership, the CBH Group has been committed to new and innovative ways to deliver value back to its grower shareholders and customers.


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Your grain marketing business – Grain Pool – successfully acquired a major share of the Western Australian wheat and coarse grain markets in the first year of full deregulation. This was a major achievement in a highly competitive environment which saw Grain Pool competing with some of the largest grain trading companies in the world.

The CBH Group’s focus is on providing the best value and service to its grower shareholders, both in storage and handling and grain marketing. Our aim is to win your business with competitive products and by delivering additional benefits that help to demonstrate the true value of doing business with your own co-operative.

One of the most significant ways in which we’ve delivered value back to growers in the past year is through the introduction of Grain Pool’s Customer Loyalty Payment, which saw all growers who delivered to Grain Pool in the 2008-09 harvest receive a loyalty payment of $2.95 per tonne. The payment rebated more than $16 million of additional value back to eligible growers and is an initiative we plan to continue with in the future, should market conditions allow.

Linking growers to customers through the development of strategic partnerships along the grain value chain has been a focus of your co-operative in recent years and remains a key strategy for capturing greater value for growers and customers alike. Over the past year, the CBH Group worked closely with Interflour, which is owned jointly with the Salim Group, to develop niche marketing opportunities for wheat that delivered greater returns to participating growers while meeting the specific quality requirements of Interflour and their customers. Additional opportunities were created for the 2009-10 harvest, which will deliver further value to Western Australian wheat growers in the coming year.

The CBH Group also continued to deliver value through its sustainable communities program, which provided more than $250,000 to rural communities across Australia.

The CBH Group remains a major employer in rural and metropolitan Western Australia, with a workforce of more than 2,000 during the harvest period. The co-operative is committed to providing value to all of its employees and this year we enhanced this commitment through the introduction of a Corporate Safety Strategy aimed at improving the safety culture and performance of the organisation. The CBH Group takes safety very seriously and we remain committed to keeping all our staff and visitors to our sites safe and injury free throughout the year.

$16 million of additional value back to growers

Our Customer Loyalty Payment rebated more than


Chief Executive Officer’s Report continued

Financial Performance

The CBH Group continued to perform strongly over the past 12 months, despite challenging economic times globally.

The CBH Group recorded a net profit after tax of $118.9 million for the year ending 31 October 2009.

This strong result came despite recognising an unrealised foreign exchange loss of $4.7 million associated with the investment in the flour mills and an impairment charge of $15.3 million to the value of our investment in Elders, following the significant fall in its share price. The result is also after rebating $16.3 million to growers through Grain Pool’s Customer Loyalty Payment.

With the third largest harvest on record, our storage and handling business achieved a net profit of $68 million. Grain Pool saw a strong growth in sales and trading activity driving profits to $44 million for the year.

Despite the impact of the global economic downturn, the flour mills performed extremely well over the past 12 months, achieving a profit after tax of $12.6 million, with $6.3 million attributable to the CBH Group.

These financial results are again testimony to the value created by the business by linking growers more closely to their customers and demonstrate our commitment to creating additional value for our grower shareholders.

The next 12 months will bring exciting challenges and further changes for us all. As your grower-owned co-operative, the CBH Group will be focussed on remaining your grain handler and marketer of choice and creating additional opportunities to deliver greater value to our growers, our customers and our staff alike.

Dr Andrew Crane Chief Executive Officer


Chairman’s ReportDelivering value to grower shareholders remains at the core of all decisions made by the CBH Group Board of Directors.

The last 12 months continued to provide a range of challenges and changes for the grains industry and the CBH Group.

Despite this, one thing has remained certain; that is the Board’s commitment to making sure that this co-operative – your co-operative – remains viable and relevant in a changing industry environment and provides value to its 4,700 grower shareholders.

Strategic PartnershipsOver the past year, we have been able to build on our existing relationships with growers, customers and our business partners to help strengthen the link between growers and their customers and provide additional value to our grower shareholders.

One of the key relationships delivering enhanced value to grower shareholders is the CBH Group’s joint venture investment in Interflour, through Pacific Agrifoods. At the time of our investment into Interflour’s six flour mills and port facility, some growers were uncertain about the merits of such an investment.

Now five years on, we can all clearly see the value created from this strategic decision. Not only has this business grown, but it has also provided the opportunity for Western Australian wheat growers to capture more of the market in South East Asia. Since our initial investment, Western Australian wheat exports to the flour mills have more than tripled. In addition, the CBH Group has actively worked with Interflour to create niche marketing opportunities that provide a premium to wheat growers in Western Australia.

In 2009, the CBH Group formed new strategic partnerships through the establishment of the Australian Bulk Stevedoring joint venture with Hudson Shipping and the acquisition of a 50 per cent stake in the on-line price discovery and management service, DailyGrain®.

The establishment of Australian Bulk Stevedoring allows the CBH Group to create additional value for grower shareholders and customers through the ability to provide stevedoring services at each of our ports, allowing the CBH Group to more fully participate at each stage of the supply chain – from paddock to plate.

The CBH Group’s investment into DailyGrain® creates extra value for our grower shareholders by providing enhanced on-line capabilities to better manage their farm businesses, particularly through integrating this service with LoadNet®.

While strategic investments and decisions such as these may seem, to some, to be deviating from the CBH Group’s core business and purpose, I can assure you that there is no question as to why we are here and who we are here for. Our grower shareholders remain at the core of everything we do and the decisions made at the Board level are purely focussed on delivering you greater value.


million into the network in 2009

Invested more than

$79.3Continued Investment in the NetworkThe CBH Group maintains one of the best quality grain management and storage systems in the world. As a result, Western Australian grain has built a strong reputation for superior quality in international markets.

To maintain this reputation and ensure the network continues to meet the demands placed on it by growers, marketers and customers, your Board of Directors must ensure that the business adequately invests in, and maintains, this asset to the current high standards.

The Board is committed to maintaining and enhancing the network and this year invested $51.3 million in capital expenditure for the network, with an additional $28 million provided for maintenance work.

The Board remains committed to investing in the network each year to ensure its longevity for the benefit of future generations of Western Australian grain growers.

Financial StrengthThe CBH Group remains a financially strong and secure business, and was able to obtain funding facilities of $1.5 billion for the 2009-10 harvest. This funding provided the CBH Group with the ability to market and fund almost the entire Western Australian crop.

Securing this funding amid financially difficult times across the globe was a major achievement and a reflection of the CBH Group’s financial strength and credibility. The banking syndicate comprises six of the current top 11 rated banks in the world, further demonstrating the financial standing of the Group.

Board UpdateThe CBH Group lost the services of long standing Directors, Mick McGinniss and Denis Thompson in 2009.

Director with Special Skills, Denis Thompson decided not to stand for another term in 2009 and was succeeded by Peter Knowles. John Hassell was elected as Director for the Kwinana Zone, replacing Mick McGinniss.

Both Mick McGinniss and Denis Thompson served as Directors of the CBH Group since 2002.

Chairman’s Report continued


Chairman’s Report continued

The Board extends its greatest appreciation to Mick McGinniss and Denis Thompson for their valued service and commitment to the CBH Group and the Western Australian grains industry.

To ensure the CBH Group remains relevant and provides equality for shareholders, last year the Board proposed changes to the CBH Group’s Director election system. This proposal received over 75per cent support from shareholders and ensures that the number of Directors in each district is now in line with the number of shareholders and grain produced in that district.

Growers Advisory CouncilThe Growers Advisory Council was first introduced in 2003 to help facilitate communication between the CBH Board and growers at the grass roots level.

The Growers Advisory Council completed its three year term in July 2009 and applicants were called for from across the state to commence a new three year term. Five new members were selected for the Growers Advisory Council.

The Board welcomes new Growers Advisory Council members Darrin Lee, Roger House, Brian McAlpine, Bradley Millsteed and Mark Roberts and looks forward to working with the Council over the next three years.

The CBH Group Board also thanks outgoing Growers Advisory Council members Rod Birch, Michael O’Callaghan, Sean Powell, Donald Wallace and Mick Curnow for their involvement and commitment to the CBH Group over the past three years.

Remaining Fit for Purpose

Increased competition and cost pressures over the past 12 months put more focus on the CBH Group than ever before. In this environment, it is imperative that we, your Board, ensure the CBH Group remains fit for purpose. This means that we must be ready, willing and able to stand up against the challenges and changes that face the business now and into the future. Some of these challenges include increasing competition and regulation, greater demands placed on the CBH Group from growers, marketers and customers, and further consolidation of the industry at a global level.

To remain fit for purpose, we must all consider whether the CBH Group has the right structure in place to meet these challenges and succeed in the future. While, at the time of writing, the Federal Government Court is still to hand down its decision on the CBH Group’s appeal against the ATO revocation of its tax exempt status, we cannot afford to rest on our laurels on this issue.

Over the next 12 months, each and every shareholder of this co-operative will need to determine how they want value returned from the CBH Group and consider the best structure for the business to deliver this.

It is a conversation that we must all have to ensure the future viability of this organisation and I look forward to having this discussion with grower shareholders over the coming year.

Neil WandelChairman


20.2 million tonnes

to deliver value to all our growersNetwork

Delivering value to growers and customers through greater

efficiencies in grain storage, handling and logistics, as

well as additional investment through our engineering and

construction projects.

The CBH Group’s network storage capacity has grown to


Delivering value in 2009

CBH Grain Operations received 12.3 million tonnes, contributing $68 million profit to the business.

Successfully managed the first full season of Grain Express, delivering significant savings to the industry.

Completed $79.3 million worth of capital works and maintenance to the network.

Developed and implemented a new shipping allocation system for the 2009-10 harvest.

Achieved Port Access Undertaking approval by ACCC.

Provided additional value to shareholders through a partnership with Plantation Energy to store, handle and ship wood pellets out of Albany.

Launched Australian Bulk Stevedoring.

Successfully implemented storage and handling arrangements for the State’s first commercial trials of genetically modified canola.

Grain Receivals OperationsCBH Grain Operations received 12.3 million tonnes across 45 different segregations during the 2008-09 harvest, the third largest harvest on record.

After experiencing several years of drought and reduced production, the Geraldton zone delivered a record crop of 2.591 million tonnes, surpassing its previous receival record of 2.583 million tonnes. A number of receival points in the Geraldton zone broke their daily receival records, including Perenjori, Mullewa, Mingenew and Coorow and record deliveries for the season were recorded at Perenjori, Mullewa, Northampton and Yuna.

A number of other sites throughout the state achieved record daily receivals, including Cadoux, Wickepin, Moora, Avon, York, Brookton and Wubin. Record deliveries for the season were also recorded at the Moora, McLevie, Avon and Watheroo receival points.

While part of the Western Australian crop was affected by frost, grain quality was generally high across the state.

Grain Receivals for Harvest 2008-09

Zone Total Tonnage

ALBANY 2,439,295

ESPERANCE 1,692,019

GERALDTON 2,590,875

KWINANA 5,610,824

TOTAL 12,333,013

Charges ReviewIn 2009, CBH Grain Operations undertook a comprehensive review of its charging structure. The review was prompted by the CBH Group’s Port Access Undertaking submission to the Australian Competition and Consumer Commission (ACCC), which highlighted the need to adjust the pricing structure of the CBH Group’s services and facilities throughout the supply chain in a deregulated environment.

As a result, changes to the way grain storage and handling charges are calculated were introduced in September 2009, making it simpler and clearer for all users of the CBH Group network.

Under the new charging structure, the overall cost of the supply chain did not increase; only the way that CBH Grain Operations calculates the charge.

The most significant change to the charging structure was the removal of the Time Based Storage Fee in preference for one upfront Receival and Storage fee, to cover the receival, sampling and storage of grain up until the next harvest period. This change provided growers with greater transparency and certainty over what they are being charged by the CBH Group for the storing and handling of their grain and allowed them more time to make their marketing decisions.

GM Canola TrialsWith the State Government’s introduction of commercial size trials of genetically modified (GM) canola in Western Australia in 2009, CBH Grain Operations was tasked with the storage and handling of the trial’s crops. CBH Grain Operations worked closely with Monsanto, which developed the GM canola, and the WA Department of Agriculture and Food throughout 2009 to implement storage and handling arrangements for GM canola in time for the 2009-10 harvest.

CBH Grain Operations continues to provide safe storage and handling options for non-GM canola and, in 2009, worked closely with its marketing arm, Grain Pool, to implement the first Identity Preservation Handling system for non-GM canola in Australia. This system will help to ensure marketers can continue to access markets that demand non-GM canola.

Logistics

Grain ExpressGrain Express, one of the most important initiatives undertaken by the Western Australian grain industry, was implemented and successfully operated for the 2008-09 harvest period, delivering significant savings to the industry.

Grain Express was developed as a solution to the logistical challenges presented by the deregulation of grain markets in Australia.


Grain Express packages freight with storage, handling and ship loading to co-ordinate grain movements from all of the CBH Group’s 193 country sites to 15 destination points for outturn into export vessels.

It allowed growers to “harvest with haste and market at leisure” and provided marketers with the opportunity to offer prices to all growers, no matter which receival point they deliver to, without risking the previous high costs associated with accumulating and out turning multiple small parcels of grain.

Grain Express further streamlined the receival process by moving all marketing transactions to LoadNet®, the CBH Group’s secure on-line portal, and the Grower Service Centre, whereby growers nominated loads over the phone.

Grain Express also allowed CBH Grain Operations to consolidate the task of outloading for the domestic market from 90 sites to 10 sites, creating further cost savings and greater efficiencies. This allowed our domestic customers to have improved access and availability to the grain required to meet their demands.

Port Access UndertakingUnder the Wheat Export Marketing Act 2008, accredited wheat exporters who own or operate bulk grain export facilities (or whose associated entity owns or operates a bulk grain export facility) were required to have an approved Port Access Undertaking in place before 1 October 2009.

The CBH Group was granted approval by the Australian Competition and Consumer Commission (ACCC) for its Port Access Undertaking on 29 September 2009. The approval

signalled acknowledgment of the CBH Group’s ability and intent to provide fair and equitable access to all port users.

Shipping Allocation SystemIn early 2009, Western Australian ports experienced significant congestion due to a combination of factors. These included a significant increase in the number of exporters wanting to ship at the same time, rain causing delays to the harvest, and inland transport bottlenecks delaying the movement of grain to port.

This prompted the need for a revised system. CBH Grain Operations spent several months consulting with key customers to develop a shipping allocation system to cater for the industry’s requirements fairly.

In September 2009, CBH Grain Operations introduced the new shipping allocation system, which utilises an independently operated on-line auction system to provide all market participants with fair and equitable access when securing shipping slots and ensures allocation is driven by supply and demand. This revised system creates a more efficient and co-ordinated approach to allocating shipping slots.

The first Port Capacity auction under the new system took place on 21 October 2009 and resulted in approximately 70 per cent of the core shipping capacity for the annual shipping period for January to June 2010 being filled within three days.

The Port Capacity allocation auction system is only the first step in the CBH Group successfully managing the shipping task. The company is currently working towards automating the vessel nomination process and hopes to offer this on-line through LoadNet® for MarketersTM in the future.

Networkto deliver value to all our growers

continued


Grain Freight Rail NetworkIn 2009, the CBH Group worked closely with the Western Australian State Government’s Strategic Grain Network Review Committee regarding the future of the grain freight rail network in Western Australia.

The CBH Group has argued for many years that immediate action is required to ensure the rail network can support the volume of grain moved to port each year in Western Australia.

In the deregulated marketing environment, marketers demand a land transport system that is flexible, cost effective and reliable enough to deliver up to 2 million tonnes to port in the peak period after harvest. However, the rail network is unable to deliver this in it’s current state, putting more trucks on roads, and making our $4 billion export industry less competitive on the world stage.

In attempting to meet increased demand for shipping in the 2008-09 season, the CBH Group was forced to shift more grain onto the State’s roads, with some areas hosting an additional 5,000 or more road train movements each month.

Rail is by far the most efficient and safest way to transport grain to port and urgent upgrades are required in order to ensure 70 per cent of the State’s export grain harvest is moved by rail.

The CBH Group will continue to work with the Western Australian State Department of Transport and all levels of government over the coming year to develop a positive solution for rail in Western Australia.

Australian Bulk StevedoringIn 2009, the CBH Group established a new joint venture – Australian Bulk Stevedoring – with Hudson Shipping Lines.

Australian Bulk Stevedoring provides stevedoring services to exporters at all Western Australian grain ports. The establishment of Australian Bulk Stevedoring allows the CBH Group to create additional value for grower shareholders and customers by tightening the link between growers and customers and allowing the company to provide further services at each stage of the supply chain – from paddock to plate.

Australian Bulk Stevedoring loaded its first ship – MV Sea Belle – with 21,630 tonnes of wheat on 2 September 2009 at the Kwinana Port Terminal.

Image Analysis TrialIn an effort to improve the consistency and speed of sampling at CBH receival points, the CBH Group helped to develop and trial new leading edge Image Analysis technology at its Brookton receival point during the 2009-10 harvest.

While the technology is still only in its infancy, it offers the potential to improve efficiencies and turn around times for growers delivering to CBH sites through its capacity to better identify, characterise and quantify the diseases, damage and impurities found in grain.

The trial evaluated samples of wheat and barley and reviewed how the technology performed in a realistic harvest environment. The trial also tested for accuracy against existing sampling techniques.

If the trial proves successful, the CBH Group will look to extend the technology to additional sites.

Differentiated Service OfferingsIn an effort to enhance the service experience provided by the CBH Group, CBH Grain Operations began investigating a range of options to provide new and differentiated services to users of the storage and handling network during the 2009-10 harvest.

While the desire for a differentiated service varies depending on individual circumstances, there is a common desire amongst growers to maximise their returns and an expectation that CBH’s storage, handling and logistics solutions can play a part in providing greater value to growers’ on-farm businesses.

CBH Grain Operations trialled a range of new initiatives throughout the 2009-10 harvest aimed at providing a range of services to better meet the needs of growers. These included on-farm sampling, post-harvest deliveries and fast track QA.

Over the next 12 months, CBH Grain Operations will continue to trial and develop new tailored services that aim to maximise value for all Western Australian growers using the CBH Group’s storage and handling network.

The CBH Group’s new Port Capacity Auction System saw approximately

for the January to June 2010 shipping period filled within 3 days70% of the core shipping capacity


Capital Works The CBH Group’s wholly owned engineering and construction subsidiary, Bulkwest Engineering, completed a $51.3 million capital works program during 2009. Construction of additional storage takes total storage capacity state wide to 20.2 million tonnes.

Capital works projects included:

Cranbrook – fabrication and supply of new conveyors complete with •associated 500tph conveying equipment to interconnect existing bulkheads to existing rapid rail outloading cells. Installation of a new V Pit and relocation of V Pit to service bulkheads. Construction of a new Open Bulk Head, complete with wall frames.

Avon – raised existing trackshed roof to allow trucks to discharge grain along the •length of discharge grids. Upgrade to elevator head chute spouting, servicing concrete cells to maximise throughput tonnage.

Kondinin – installation of a Type 9 sample platform with sample •spear, new 160 tonne weighbridge and associated roads and drainage. Connection to permanent main power and new ablutions and amenities were also installed.

Kulin – installation of a new Type 11 sample platform, complete with two •sample spears and associated works.

Kwinana – fabrication and installation of ground conveyors to service four •35,000 tonne Open Bulk Heads on the northern and southern ends of the terminal. Installation of four ‘D’ pits to facilitate truck discharge at the terminal.

Lake Grace – installation of a new D Pit and 500tph ground conveyors to service •the two existing 48,750 tonne Open Bulk Heads at the northern end of the site. New ablutions were also installed.

Accommodation – new units installed at Grass Patch, Bodallin, •and Ravensthorpe.

York – installed a new 96,000 tonne innovative horizontal storage completed •with interconnection to Rapid Rail Facility and existing L Type storage system.

Albany – modifications to infrastructure to enable the successful export of wood •pellets through existing CBH shipping facilities.

Pithara – replaced sample platform with Type 9 sample platform.•

Sample Spears – installation of new sample spears at Kukerin, Moorine Rock, •Bencubbin and an upgraded spear for Dunn Rock. The CBH Group’s network storage

capacity grew to 20.2 million tonnes in 2009.

Summary of CBH Group Network Storage Capacity

00/0

1

15.9

16.5 18 19 19 19 19

19.9

20.2

16

02/0

304

/05

06/0

708

/09

01/0

203

/04

05/0

607

/08

09/1

0

2009 Harvest ProgramThere were a number of additional works constructed during 2009 in readiness for the higher than estimated average harvest for 2009-10. These included:

Moonyoonooka – upgrade to •E Pit and installation of a 520m conveyor, complete with two trippers to service existing Open Bulk Heads.

Calingiri – Open Bulk Head •constructed complete with wall frames.

Open Bulk Head Storage – •400,000 tonnes of Open Bulk Head storage installed at various sites across the network.

Networkto deliver value to all our growers

continued


Infrastructure Research and Product DevelopmentThe CBH Group’s Infrastructure Research and Development Committee is tasked with exploring innovative ways to improve storage and handling infrastructure, particularly in terms of safety, cost reduction methods and the introduction of new products.

Of the many projects undertaken during 2009, a highlight was the successful development of a sample platform walkway, which allows staff at manual sample spearing sites to safely access and exit grain trucks. A total of 64 units have been installed at various sites throughout the network, greatly reducing the risk of injury to CBH Grain Operations staff at harvest.

Plantation Energy AustraliaIn 2009, the CBH Group’s storage and handling network provided additional value to grower shareholders through an agreement with Plantation Energy Australia that saw CBH Grain Operations store, handle and ship a non-grain product out of its Albany Port Terminal.

Existing facilities at Albany were utilised during the off-season to store approximately 12,000 tonnes of wood pellets. CBH Grain Operations further assisted in the loading and shipment of Plantation Energy’s first cargo of wood pellets in September 2009.

Further opportunities exist within the CBH Group network to optimise the use of our infrastructure beyond our grain requirements and these will be further explored over the coming year.

Maintenance The CBH Group has continued its commitment to maintaining the quality of the storage and handling network, with a further maintenance spend of $28 million in 2009.

Major maintenance works included Kwinana workhouse cladding, surface treatment of the Kwinana grain jetty, road and pavement construction at a number of locations across the state, and completion of the control system upgrade at the Metro Grain Centre in Forrestfield.

The Geraldton concrete cell refurbishment project continued on the balance of the 21 cells, following successful completion of the trial repairs. It is anticipated the cells will be returned to full storage specification over the next three years.

Sealed Storage ProgramThe 2009 Sealed Storage Program involved the application of sealing membranes, skylight replacements, height safety installation, bottom wall sheet replacements, minor structural repairs and minor repairs to floor surfacing at a number of sites.

Internal sealing on the new horizontal storage at York and the A Type storage at Kalannie was successfully implemented and will increase the life span of these storages by alleviating issues associated with exposure to the elements and wildlife damage.

In addition to internal sealing, a new sealed roof system was installed at Arrino, further reducing the extent of sealing works required to successfully seal the storage. Subject to final testing, this type of roofing system may be applied to other storages in the future.

Engineering & Construction External WorkBulkwest Engineering provided technical assistance and completed external work to the value of $3.7 million during 2009.

$79.3 million The CBH Group invested

into the storage and handling network in 2009


Delivering value to growers through competitive prices, secure payments, reward for loyalty and a range of payment and marketing options for wheat, barley, canola, lupins and other grains.

Accumulationto deliver value to all our growers


In the 2008-09 season, the CBH Group’s marketing arm, Grain Pool, acquired more than 6.3 million tonnes of grain, with the majority of this coming from Western Australia, where Grain Pool accumulated more than 50 per cent of the State’s crop.

In the first full year of deregulation in the Australian wheat industry, Grain Pool successfully accumulated more than 3.7 million tonnes of wheat.

This result was achieved through continued grower support for Grain Pool’s suite of products, following its successful accreditation to export wheat under Australia’s new wheat marketing system in 2008. In September 2009, Grain Pool received re-accreditation for the 2009-10 harvest.

In a deregulated environment, Grain Pool recognises the need to continue to provide growers with service and prices that warrant their patronage and will continue to look for ways to build on its wheat marketing strategy and accumulations going forward.

Pool PerformanceGrain Pool’s malting barley, feed barley, lupin and canola pools continued to receive strong support from growers in the 2008-09 season and performed solidly, despite a significant downturn in grain markets and values across the globe.

Grain Pool finalised its 2007-08 season wheat, canola and lupin pools in 2009 and paid out the majority of its 2007-08 barley pool, delivering its highest ever pool returns on record for all pools.

Customer Loyalty PaymentOne of the key achievements for the CBH Group in 2009 was the introduction of a Customer Loyalty Payment in July.

This initiative saw all growers who delivered to Grain Pool in the 2008-09 harvest receive a loyalty payment of $2.95 per tonne across all grains and grades nominated on or before 31 March 2009. The payment applied to both cash and pool deliveries and saw more than $16 million of additional value rebated to growers.


Acquired more than 50 per cent of the Western Australian harvest.

Introduced new customer loyalty payment, which rebated more than $16 million to growers delivering to Grain Pool in the 2008-09 season.

Secured $1.5 billion to fund the 2009-10 crop.

Expanded operations in eastern Australia and regional Western Australia to better service growers and customers.

Consolidated marketing and trading brands in Western Australia to the one Grain Pool brand.

Introduced on-line contracting for growers, the first of its kind in Australia.

Signed a significant grain purchase agreement with AACL to secure grain for the 2009-10 season.

AccumulationThe Customer Loyalty Payment was made possible by the patronage of growers across Australia. As a result of the large volume received during the 2008-09 harvest, Grain Pool’s overhead costs were able to be spread over more tonnes, lowering the cost per tonne. This allowed Grain Pool to provide a payment to those that sold grain to the business for the 2008-09 harvest.

As Australia’s only grower owned marketer and trader, Grain Pool hopes to provide a Customer Loyalty Payment every year to those growers who choose to do business with us, should market conditions allow.

Focus on GrowersGrain Pool introduced further new initiatives in 2009 to better service growers and deliver greater value to those who chose to market their grain with Grain Pool in the 2008-09 season.

In late 2008, Grain Pool took the unique step of introducing an on-line cash contracting option for growers – the first of its kind in Australia. Despite its introduction late in the season there were more than 700 on-line cash contracts made by Western Australian grain growers in the 2008-09 harvest, accounting for more than one million tonnes of grain. The company expanded this service to growers in eastern Australia in 2009 and will continue to look at ways to improve the system and introduce pool contracting on-line for the future.

A review and subsequent improvements to Grain Pool’s payment system saw the business deliver 69,069 payments for 559,921 individual loads worth $1.9 billion to growers in 2009, with improvements to both the accuracy and timing of payments.

Grain Pool introduced a number of improvements to its traditional pools including pool standardisation across all commodities and the introduction of five payment methods across all of its Harvest Pools, to provide greater flexibility to growers.

The Early Contract Bonus and Guaranteed Access Contract features of Grain Pool’s Harvest Pools were again offered in 2009, to help alleviate concerns over early pool closures during harvest. These were strongly supported by growers, with the Early


$1.5 billion worth of funding to finance payments to growers for the 2009-10 season in October 2009. This was a significant achievement for the co-operative in a challenging economic environment and demonstrated the business’ financial strength and credibility.

Grain Pool delivered more than 75 market outlook meetings to growers across Western Australia throughout 2009. In addition, Grain Pool conducted ten women’s grain marketing workshops throughout the year, providing a better understanding of grain markets to more than 100 rural women.

AACL Grain Purchase AgreementIn June 2009, the CBH Group’s marketing arm, Grain Pool signed a significant grain purchase agreement with AACL that involved a substantial pre-payment for grain from the 2009-10 season.

This initiative helped to strengthen Grain Pool’s relationship with one of its largest suppliers of grain and provide greater surety of supply for the 2009-10 season, assisting in its strategy of seeking greater market share of the Australian grain crop.

Contract Bonuses for wheat, barley, canola and lupins fully subscribed within four days of opening. Grain Pool will continue to develop and improve its product suite for the benefit of growers.

In May 2009, the company consolidated its Western Australian marketing and trading brands, with the removal of the AgraCorp brand from the business. This change was introduced to lessen confusion and make it simpler and easier for growers in Western Australia to market their grain with their own grower-owned business – Grain Pool – in a more competitive, deregulated marketplace.

Grain Pool introduced several new communication tools to improve information sharing with growers and deliver greater transparency of its pools in an increasingly competitive environment. These included pool delivery statements, pool finalisation reports and pool updates, which aided in providing participating growers with more detailed information on how their pools were performing throughout the year.

To better service growers across Australia and increase its competitiveness in the market, Grain Pool expanded its Regional Manager network in Western Australia to nine and bolstered its operations in eastern Australia, adding two new Regional Managers to the team to service South Australia, Victoria and southern New South Wales, and appointing three new employees to its marketing and trading team.

With the impact of the global financial crisis still resonating across the world, the CBH Group successfully secured

Accumulationto deliver value to all our growers

continued


In the 2008 / 09 season, Grain Pool accumulated more than

of wheat, barley, canola, lupins and other grains6.3million tonnes


Delivering value to customers through the supply of high

quality Australian grain that meets their requirements

and international food safety standards.

Marketingto deliver value to all our growers



Largest exporter of wheat from Australia in the first year of deregulation.

Leading exporter of barley, canola and lupins from Australia.

Grain Pool recorded a profit of $44.0 million in 2009, up from $35.2 million in 2008.

Grain Pool achieved record turnover for grain sold to Pools and for Cash, of more than $3.2 billion, up from $2.4 billion last year.

Exported 5.6 million tonnes of grain to more than 80 customers across the globe.

Formed strategic partnership with wheat breeding company, InterGrain, to develop new varieties for the premium Japanese Udon noodle market.

In the 2008-09 season, Grain Pool exported more than 5 million metric tonnes of wheat, barley, canola, lupins and oats to more than 80 customers across 18 countries throughout the world. Grain Pool remained market leader in the export of wheat, barley, canola and lupins in 2009.

Grain Pool achieved a record turnover for grain sold to Pools and for Cash, of more than $3.2 billion, up from $2.4 billion last year.

Grain Pool continued to link Western Australian grain growers to their value chain business partner, Interflour, selling more than 500,000 tonnes of wheat to the CBH Group’s Asian flour mills. The supply of high quality Western Australian wheat has assisted Interflour in retaining its position as a leading producer of high quality flour for domestic and commercial markets in South East Asia.

Wheat sales into the North Asian region accounted for 23 per cent of Grain Pool’s total sales volume, with Korea and Japan taking 15 per cent market share of Australian wheat exports. The North East Asian and South East Asian markets provided a consistent flow of shipping for Grain Pool throughout 2009.

After establishing itself as a key Australian grain supplier to the Middle East market in recent years, Grain Pool further strengthened its presence in this diverse region, with its growing demand for quality Australian grain, through sales of significant volumes of Australian bulk wheat in 2009.

With barley prices falling aggressively across the globe in 2009, Grain Pool’s solid and long-standing relationship with key customers saw it retain its position as Australia’s largest exporter of barley, shipping more than 1.5 million tonnes to the world’s major export destinations, including Japan, China and Saudi Arabia.

In 2009, Grain Pool secured a barley export licence from South Australia and subsequently loaded its first vessel of feed barley out of South Australia to Japan.

Grain Pool was able to leverage off its long term relationships with key customers in China to export more than 450,000 tonnes of barley in 2009.

Formed strategic partnership with wheat breeding company AGT to develop and test the new hard wheat variety – AGT Katana – for the Asian market.

Successfully implemented the first Identity Preservation Handling system for non-GM canola in Australia.

631 growers, representing 376 businesses, became quality assured under the CBH Group’s Better Farm IQ program.

50 per cent of Western Australian grain deliveries to the CBH Group network came from quality assured farmers.

Awarded the Agribusiness Export Award at the 2009 WA Industry and Export Awards.

The CBH Group acquired a 50 per cent stake in the on-line price discovery and management service, DailyGrain®.


Grain Pool continued to work with key customers in the market development of new barley varieties in 2009 and successfully sold the first bulk parcels of Buloke and Vlamingh into the Chinese market.

Grain Pool was the leading exporter of canola from Australia in 2009, with sales in the key markets of Europe, Japan, Pakistan and Bangladesh. Sales to the European Union increased in 2009, due to stronger demand for Western Australian canola as a result of an increase in demand for vegetable oils for use as food and fuel.

In recognition of its export performance, Grain Pool was awarded the Agribusiness Export Award at the 2009 WA Industry and Export Awards.

GM CanolaWith the introduction of commercial size trials of GM canola in Western Australian in 2009, Grain Pool was nominated by Monsanto as the sole marketer of GM canola for 2010. Since the trials were first announced in July 2009, Grain Pool has also been working closely with key customers to maintain the niche non-GM canola markets for Western Australian grain growers.

To meet the demand of customers wanting to secure non-GM canola, Grain Pool has developed its own Identity Preservation Handling system, in conjunction with CBH Grain Operations, for non-GM canola from Western Australia. While GM canola can be marketed to any major canola importer in the world, Grain Pool continues to support market choice for both GM and non-GM canola for international buyers.

Focus on CustomersGrain Pool regularly showcased Western Australia’s grain growing regions to international customers, hosting more than 65 delegations in 2009.

In an effort to improve communications with key customers, Grain Pool introduced a new monthly e-newsletter, providing key customers with a regular crop and market update.

In 2009, Grain Pool leveraged off its newly established offices in the key international markets of China and Japan. This strategy has helped Grain Pool to become a major participant in Japan’s ASW tenders and has resulted in an increase in sales of wheat, barley and oats into China, Taiwan and Korea.

Grain Pool’s grain purchase agreement with one of its largest grain suppliers, AACL, not only allowed the company to acquire a significant portion of grain from the 2009-10 crop, it also ensured a greater surety of supply for its major international customers.

Marketingto deliver value to all our growers

The CBH Group’s marketing arm, Grain Pool, exported more than 5 million tonnes of grain to more than 80 customers across 18 countries in 2009.

continued

Iran

Indonesia

Yemen

Japan

UAE

Sudan

China

Korea

Other

Saudi Arabia

Pakistan

Europe

Bangladesh

Spain

Korea

GPPL Export Destinations

10%

4%

1%

3%

3%

2%

3%

9%

8%

5%

3%

10%

5%18%

16%


Eastern Australian ExpansionIn June 2009, Grain Pool strengthened its presence across eastern Australia with a significant expansion of operations in South Australia, Victoria and southern New South Wales.

While Western Australia remains the core supplier of grain to Grain Pool’s domestic and international customers, this expansion provides the opportunity for Grain Pool to offer its customers a broader range of grains and different varieties from across Australia and ensures its competitiveness in a fully deregulated Australian market.

Over the next 12 months, Grain Pool will be looking to further broaden the range of grains and varieties on offer to its customers through multi-origin sourcing from other parts of the world, to complement grain sourced from Australia.

Focus on Quality The CBH Group continued to focus on delivering high quality grain that meets international food safety standards to its customers.

BFIQThe CBH Group continues to emphasise the importance of a supply of quality assured grain as customers and acquirers continue to demand grain of the highest quality to meet food safety legislation in a number of key international markets.

The co-operative’s Better Farm IQ program works proactively with growers to identify, evaluate and mitigate the risks posed by evolving farm practises. More than 50 per cent of the 2008-09 harvest was produced by quality assured growers and the program continued to gain momentum in 2009, with training of 631 additional growers, representing 376 businesses. This takes the total number of growers who are quality assured under the Better Farm IQ system to 2,179.

The number of quality assured sites increased from 21 to 53 in 2009 and it is anticipated that up to 60 per cent of the 2009-10 crop will be produced by quality assured farmers.

Over 2,100 growers, or approximately 50per cent, are now quality assured under the CBH Group’s Better Farm IQ program.

Better Farm IQ Grower Numbers to 2009

2001

2003

2005

2007

2002

2004

2006

2008

2009

150

400

500

700

950980

1250

1650

2179


Market DevelopmentWith deregulation in Australia, Grain Pool continues to ensure quality Western Australian grain is promoted in international markets.

In 2009, Grain Pool continued to work closely with customers to develop markets for new Western Australian grain varieties and developed a number of strategic partnerships aimed at better meeting customer requirements and providing Australian growers with access to niche marketing opportunities.

Grain Pool Technical TeamGrain Pool continued as an international market leader in the area of technical marketing. In 2009, its team of specialised quality managers assisted customers to better understand the quality and technical aspects of grain delivered to them from Grain Pool and worked closely with customers to promote new varieties and develop niche markets for Australian grain.

With the deregulation of the Australian wheat industry, Grain Pool’s wheat technical team delivered presentations to more than 150 customers in Japan, Korea, Indonesia, Malaysia, Vietnam, China, the Middle East and Australia, showcasing Australian wheat and cementing Grain Pool’s reputation as a major marketer of Australian wheat internationally.

Strategic PartnershipsIn January 2009, Grain Pool announced it had been chosen as the preferred partner of wheat breeding company, InterGrain, to develop markets for three new promising noodle wheat varieties – Binnu, Yandanooka and Fortune.

CBH IQThe CBH Group’s Quality and Food Safety systems are managed by CBH Integrated Quality (CBH IQ) in conjunction with Zone Quality staff.

In 2009, the CBH Group was successfully re-certified to the new ISO 9001:2008 quality management standard and continues to be certified to Hazard Analysis of Critical Control Points (HACCP) for its food safety program.

The CBH Group also sustains high standards and a Code of Practice for road transporters and was successful in maintaining certification to Main Roads Western Australia’s Heavy Vehicle program, which manages the fatigue of drivers and maintenance of vehicles and contributes to safer roads in Western Australia.

GP IQGrain Pool’s commitment to providing its customers with quality grain that meets their requirements and international food safety standards continued during 2009 with the GP IQ grain program.

The program was first introduced in 2007 and provides customers with access to an exclusive quality assured system, the first of its kind in Australia. In 2009, Grain Pool increased its sales of GP IQ grain to international customers, supplying parcels of GP IQ wheat, barley and canola, as well as the first parcels of GP IQ oats to markets throughout Asia.

to deliver value to all our growersMarketing continued


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Under this arrangement, Grain Pool received exclusive marketing rights to these varieties in return for funding and executing their market development.

Throughout 2009, Grain Pool worked closely with the market to develop these varieties and gain greater customer awareness and acceptance in Japan’s premium Udon noodle wheat market.

Grain Pool also worked with CBH Grain Operations to implement Private Treaty PNS segregations for these varieties at a number of sites for the 2009-10 harvest.

Grain Pool also formed a strategic partnership with wheat breeding company Australian Grain Technologies (AGT) to create niche marketing opportunities for AGT’s promising new wheat variety, Katana.

This partnership will see co-ordinated marketing arrangements for the AGT Katana variety by providing Grain Pool an exclusive export licence for this variety.

The primary objective of this partnership is to capture the opportunity for Western Australian wheat growers to participate in a market that has previously been inaccessible to them.

While seed for the AGT Katana variety wasn’t available to growers until late 2009, Grain Pool worked with CBH Grain Operations to develop a limited number of Private Treaty segregations for the 2010-2011 harvest.

Grain Pool will continue to work with customers to develop markets for these new varieties and provide additional value back to Western Australian wheat growers throughout 2010.

Shipping and Chartering Despite some shipping challenges during the first year of deregulation, Grain Pool exported in excess of 5 million tonnes of grain in bulk in 2009.

Container volume declined from the highs of the 2007-08 season due to Grain Pool’s ability to export in bulk coupled with the dramatic decline in bulk freight rates resulting from the global financial crisis.

United Bulk Carriers Grain Pool and Hudson Shipping Lines formed the shipping joint venture United Bulk Carriers Pty Ltd (UBC) in 2005 to administer a freight agreement between the two companies.

During 2009, UBC continued to manage the time charter on the newly launched 56,000 tonne bulk-freight carrier MV African Kookaburra, with the vessel continuing to provide a risk management strategy for Grain Pool and deliver a profit for other voyages completed.

During the year UBC shipped 720,000 metric tonnes of non-grain cargo from both Western Australia and other global destinations.

The partnership, and its charter on MV African Kookaburra, ensures Grain Pool cargoes are shipped at the best market rates while also offering the Group a share in profits generated through parcelling non-grain cargoes.

DailyGrain Acquisition In April 2009, the CBH Group purchased 50 per cent of the on-line price discovery and management service, DailyGrain®.

DailyGrain is a Western Australian based company which offers a paid membership on-line service to compare marketers’ live prices for grain every working day throughout the year.

In October 2009, DailyGrain® was integrated with the CBH Group’s on-line platform, LoadNet®, to enable a more seamless flow of information for growers and consultants and to provide additional value to assist them with their marketing decisions and business transactions in a complex, deregulated environment.

DailyGrain is currently developing new products to assist users in the recording, planning and marketing of grain.


Processing

Delivering value through its Asian flour milling investment, the CBH

Group is the centre of a unique and integrated supply chain that secures

demand for Western Australian wheat and provides the opportunity

to extract premiums for growers.

to deliver value to all our growers


The CBH Group has investments in six flour mills located across South East Asia.

The investments have secured valuable markets for Western Australian wheat growers. More than 500,000 tonnes of wheat were shipped by the CBH Group in the first full year of deregulation, with more than 1.5 million tonnes in total delivered to the mills since the company first gained a licence to export wheat in 2006-07.

Investment in the flour mills has provided the CBH Group, and the growers of Western Australia, with more market access and financial benefit through profit share arrangements.

Through its investment, the CBH Group is also able to convey clear market signals and feedback from its international customers direct to growers. At the same time, the CBH Group is able to influence the proportion of Australian wheat acquired by the mills. Since the first year of our investment, exports of Australian wheat to the flour mills have almost doubled, while exports of wheat from Western Australian have more than tripled.

Flour MillsThe global financial crisis coupled with the sudden collapse of commodity prices had a significant impact on the flour mills, with a considerable softening of demand in Indonesia and Vietnam in the last quarter of 2008 and the first quarter of 2009. This led to more aggressive pricing in the market place, while the mills continued to carry a high priced wheat inventory.

Despite this, the flour mills rebounded strongly and maintained their strong market position, with Interflour delivering a Profit After Tax of USD11.5 million (AUD12.6 million), with AUD6.3 million attributable to the CBH Group.

With 2009 being the first year of full deregulation in the Australian wheat market, Interflour and Grain Pool worked more closely together to better match wheat quality with the flour quality demanded by the market place.

During the 2009-10 harvest, the CBH Group and Interflour were able to provide clearer market signals back to Western Australian growers through Interflour’s purchase of specific varieties of wheat, including Bonnie Rock and Eagle Rock. These varieties were

purchased at a premium to other grades and also offered an additional QA incentive to participating growers. The CBH Group and Interflour will continue to implement strategies that create additional value for growers while delivering better quality wheat to our flour milling customers in Asia.

In 2009, Interflour successfully completed the first phase of the port development project at its Vietnam facilities. The port now offers 60,000 tonnes of storage and has an unloading capacity of 1,800 tonnes per hour, making it the leading bulk grain terminal in Vietnam. Phase 2 of the port development project is underway and will deliver a 90,000 tonne flat warehouse and coastal vessel and barge loading facilities by September 2010. Once complete, the port terminal will be the only integrated port facility available for all grain importers in Vietnam.

Following successful sales growth in Malaysia, Interflour has embarked upon a self-funded USD12 million expansion program at the Prestasi Flour Mill, near Kuala Lumpur. The expansion is due for completion in September 2010 and will result in an increase in daily milling capacity from 500mt per day to 800mt per day, making Prestasi one of the largest flour mills in Malaysia.

Australasian Lupin ProcessingThe Australasian Lupin Processing plant was first established in 2004 as a joint venture between the CBH Group and George Weston Foods.

Over the last few years, limited lupin production in Western Australia combined with further modifications required to the plant has limited the capacity to deliver a product that meets expectations and market demand. In 2009, final modifications to the plant were made to deliver a product that now meets market expectations.

This, combined with improved lupin production in Western Australia, saw interest in the new product grow in 2009, and new sales were made both domestically and internationally in the second half of the year.

The CBH Group’s marketing arm, Grain Pool, will continue to proactively create customer awareness and market development of the new product and it is anticipated that sales will continue to grow over the coming year.


Flour mills posted a Profit After Tax of $12.6 million, with $6.3 million attributable to the CBH Group.

Completed the first phase of a port development project at Interflour’s Vietnam port facilities.

Final modifications to the Australasian Lupin Processing plant saw new sales to domestic and international customers.


Peopleto deliver value to all our growers

Delivering value to over 2,000 staff members and 4,700 grower shareholders through a focus on safety and customer service.


PeopleOur StaffThe CBH Group remains a major employer in rural and metropolitan Western Australia, with a workforce of more than 2,000 during the harvest period.

The organisation is committed to providing value to all employees and promotes a safe working environment for all.

Safety and HealthThe CBH Group is committed to the safety of all of its employees and has implemented a target of zero injuries across the business.

The increased focus on safety across the business resulted in zero fatalities and a reduction in the number of Lost Time Injuries (LTIs) from 51 in 2008 to 48 in 2009. The CBH Group also achieved a decline in the Lost Time Injury Frequency Rate (LTIFR*) to 15 from 20 in the previous year. This 25 per cent reduction in the LTIFR is a positive result, given there was a 17 per cent increase in employee hours worked compared to the previous year.

While notable improvements were made to the safety performance of the CBH Group, there were a small number of high potential incidents recorded. The co-operative remains focussed on continually improving safety practices and providing an injury free workplace for its staff through the implementation of its Corporate Health and Safety Strategy.

*Lost Time Injury Frequency Rate – Number of Lost Time Injuries per million hours worked.

Corporate Health and Safety StrategyThe CBH Group implemented a number of new initiatives throughout 2008-09 to improve the safety culture and performance within the organisation. These included:

The appointment of a Chief •Safety Officer and Corporate Safety Manager;

The establishment of a Corporate •Safety Steering Committee;

Selection of DuPont to assist the •CBH Group to develop a suitable Safety Strategy;

The establishment of a Harvest •Safety Council; and

A restructure of the Safety •Department to Zone based Health and Safety Advisors.

Throughout 2009, the CBH Group identified three phases for the development and implementation of a successful Corporate Safety Strategy.

Phase 1 was implemented in 2009 and focussed on raising the awareness of safety with permanent and casual employees through a series of workshops.

A Harvest Safety Council was established in October 2009 to monitor the performance of the business throughout the harvest period. Some key strategies initiated via the Harvest Safety Council included a Change Management Program to address the risks associated with tailgate operation on vehicles, heat stress and fatigue.

Phases 2 and 3 of the Corporate Health and Safety Strategy will continue in 2010 and 2011 to further assist the business to achieve a positive safety culture and improved safety performance.


Reduced Lost Time Injuries from 51 to 48.

Achieved a 25 per cent reduction in the Lost Time Injury Frequency Rate for 2009, from 20 to 15.

Implemented a Corporate Health and Safety Strategy to improve the safety culture and performance of the business.

Employee engagement levels increased by 25 per cent.

Won a national Australian Institute of Training and Development Award for our in-house training programs.

Answered 52,281 calls through the Grower Service Centre, with an average waiting time of 22 seconds.

91 per cent of nominations to marketers by growers and consultants were made through the CBH Group’s on-line system, LoadNet®, in 2009.

Nominated for the 2009 Asia Pacific CIO Awards for excellence in Information Technology for the LoadNet® system.


Peopleto deliver value to all our growers

On-line Safety InductionTo assist in improving the awareness of health and safety among casual staff employed for the harvest period, the CBH Group introduced an on-line safety induction in 2009. As of 31 October 2009, over 2,000 permanent and casual employees had completed the on-line safety induction. The on-line induction has been extremely successful to date and has significantly streamlined the induction process for harvest casuals. Further enhancements to the on-line induction are scheduled for 2010.

OHS Management SystemIn 2009, the CBH Group investigated a new Occupational Health and Safety Risk Management System to improve on-line incident reporting and monitoring of safety performance, as well as providing the ability to assign and track corrective actions. A system was selected in October 2009 and implementation is scheduled for February 2010.

Creating a Positive Working EnvironmentIn 2009, the CBH Group focussed on improving the working environment for employees and consequently improving employee engagement. This strategy aids the CBH Group in attracting and retaining talented individuals in a competitive employment market, and improving workplace productivity.

Key activities included improving communication processes at all levels of the business, connecting employees to leaders and the business strategy and driving an increased focus on safety.

As a consequence, employee engagement levels increased by more than 25per cent, as measured by an employee survey conducted by Hewitt.

The CBH Group was recognised as a finalist in the 2009 NAB Agribusiness Employer of Choice Awards.

The CBH Group experienced a decline in the number of Lost Time Injuries in 2009.

Lost time injury frequency rate

MAY 0

8

SEP

08

JAN 0

9

MAY 0

9

JUL 0

8

NOV 08

MAR 0

9

JUL 0

9

SEP

09

JUN 0

8

OCT 08

FEB 0

9

JUN 0

9

AUG 08

DEC 0

8

APR09

AUG 09

OCT 09

DURATION RATE DAYS LOST PER LOST TIME INJURY LTIFR PER MILLION HOURS WORKED

37

35

34

31

35.5

34.5

30.5

33.5

29.5

29.5

28.5

26.5

29 29

27

2929

32

continued

18.5

18.5 19

.5

18.5

17.7

20

19 19

16.5

15.5

1717.7

15.5

1717.51818

.7

18.7


DevelopmentThe CBH Group has a strong commitment to developing its people and provides a range of career opportunities to all staff.

Career development opportunities provided to employees over 2009 included:

The Australian Rural Leadership •Program (ARLP), which is a national program designed to develop leadership capability in rural and remote communities across Australia.

The Australian Future Grain •Leaders Program, designed to develop those early in their career in the grain industry.

The “My Mentor” career •development program for women, sponsored by the Australian Logistics Council.

The Graduate •Development Program.

The CBH Group was also recognised for excellence in the design and delivery of in-house training, winning a national Australian Institute of Training and Development (AITD) Award in April 2009.

Our Grain Growers

Grower Service CentreThe CBH Group restructured its Grower Service Centre last year to provide additional support for Western Australian grain growers.

The Grower Service Centre operates from our Head Office in West Perth and provides assistance for all CBH Group general enquiries and Grain Pool information and prices, and conducts load nominations for growers not using LoadNet®.

In its first year under the new structure, the Grower Service Centre received 32,609 inbound calls during the 2008-09 harvest period, from the start of November 2008 to the end of January 2009, with an additional 19,672 calls up to the end of October 2009.

The Grower Service Centre performed strongly in its first year under the new structure, recording an average time in queue of 22 seconds and only 4 per cent of calls abandoned, after remaining on hold for an average of 77.6 seconds.

The Grower Service Centre is staffed throughout the year by 7 full time employees, with an additional 8 casual employees during the harvest period.

The Grower Service Centre opened extended hours during the harvest period and a 24 hour voicemail service was made available for growers. LoadNet® is also available to growers 24 hours a day.

The CBH Group experienced a significant increase in the usage of LoadNet® throughout 2009, largely due to the implementation of the Grain Express initiative, which resulted in 91 per cent of all grain nominations by growers and consultants to marketers being made via LoadNet® for the 2008-09 season. All other nominations were made through the Grower Service Centre.

The CBH Group was recognised for its innovative LoadNet® system by being one of only three Australian organisations nominated for the 2009 Asia Pacific CIO Awards, which honour excellence and achievement in Information Technology.

The CBH Group achieved a

in its Lost Time Injury Frequency Rate in 200925% reduction


Sustainabilityto deliver value to all our growers

Delivering value to all our stakeholders through support of local communities and by protecting,

sustaining and enhancing the

human and natural resources needed

for the future.36 CBH GROUP Annual Report 2009

Sustainable PlanetIn 2009, the CBH Group continued its commitment to its sustainability vision of delivering value to all our stakeholders by protecting, sustaining and enhancing the human and natural resources needed for the future.

The CBH Group regards the protection of the environment and the conservation of natural resources as an essential element of the Group’s operations and crucial to the long term sustainability of agriculture in Australia.

Two key objectives are to ensure the CBH Group prevents harm to the environment and better understands, and continually reduces, its overall environmental footprint.

A number of initiatives and actions ensured the co-operative’s continued progress towards these goals throughout 2009.

Environmental Management SystemsThe CBH Group maintained certification to the International Standards Organisation ISO14001 Environmental Management Standard at all port terminals, with no major corrective actions or non-compliance issues raised in 2009. Ensuring the CBH Environmental Management System continues to meet this internationally recognised standard remains a key goal for 2010.

In the last year, the CBH Group recorded no environmental breaches and increased its formal environmental audit and monitoring programs from 40 to 50.

CBH Sustainable Fleet InitiativeThe second year of the CBH Group’s Sustainable Fleet Initiative saw the organisation replicate a 15 per cent transition of its passenger fleet to vehicles that have smaller engine capacities, better environmental emission ratings and higher vehicle safety ratings.

In 2010, the CBH Group remains committed to making further improvements in this area and increasing the information and training around driver behaviours to help minimise the emission intensity and fuel usage of its vehicle fleet.

Energy ReductionThe CBH Group continued to maximise the energy efficiency of its operations and reduce energy usage across the business. Many of the energy efficiency programs previously implemented by the CBH Group continued to return significant energy savings in 2009.

The CBH Group again ran its Harvest Energy Management program, including its award for the most energy efficient site. Co-sponsored by Synergy, the program aims to reward and encourage energy efficiencies at a site management level.

In 2009, the CBH Group began trials of solar and wind power for local area lighting at a number of its facilities. In addition, several energy supply contracts were renegotiated, locking in longer term energy pricing and surety of supply to major sites.

The organisation will continue to explore opportunities to improve both the consistency and efficiency of power use at CBH Group sites.

Waste ManagementThe CBH Group remained focussed in 2009 on reducing the amount of waste produced, while also maximising its resource recovery and recycling programs, which ensure all major waste streams have sustainable waste management programs in place.


Maintained certification to the International Standards Organisation ISO14001 Environmental Management Standard at all port terminals.

Reduced water usage across the business by 3.5 million litres.

Provided more than $250,000 to rural communities throughout Australia.

Won the 2009 Foodbank Innovation and Collaboration Awards.

CBH Group staff and shareholders donated over $39,000 to the Red Cross Victorian Bush Fire Appeal.

Sustainability


Kwinana Grain Terminal and a range of additional water saving and management initiatives were identified for the future.

In addition, the CBH Group continued to implement a range of water capture initiatives at operational sites, where storm water is captured for internal use or use by local communities and local emergency services. In 2009, the Pingrup water capture project became operational. In collaboration with the local community, catchment groups and government agencies, storm water is now collected from the Pingrup site and used to reticulate the local sports ovals and race courses.

Sustainable CommunitiesThe CBH Group remains committed to developing and building strong and sustainable communities across rural Western Australia through supporting rural organisations with development and community projects.

In 2009, the CBH Group provided more than $250,000 in funding to rural communities across Australia’s grainbelt regions.

Major Partnerships

West Australian Symphony OrchestraThe CBH Group continued its partnership with the West Australian Symphony Orchestra for a fourth consecutive year to take the Education Chamber Orchestra (EChO) to towns in the Western Australian grainbelt.

Over the past four years, the partnership has allowed more than 12,739 young people from almost 70 schools across regional Western Australia to partake in a unique cultural and musical experience.


During the past year, the CBH Group implemented a number of waste management initiatives, in addition to existing recycling programs for waste streams, such as paper, oil, plastics and scrap metal. These included:

A donation of 150 PVC •tarpaulins, no longer in use as grain covers, for use in emergency and disaster response within Australia and abroad.

Joining the Centre for Cerebral •Palsy’s mobile phone reuse and recycle program and donating all used mobile phones to the association via their ‘clean up mobile phones’ program.

Establishing a fluorescent light •tube recycling program to ensure used tubes from CBH Group facilities are collected and returned for responsible and safe recycling.

The addition of e-waste to •the CBH Group’s centralised recycling programs, with computer waste collected and transported for recycling.

The CBH Group remains committed to continuing to reduce its use of land fill sites around the State.

Water SavingImproving water use efficiencies and protecting water quality remains a fundamental sustainability objective for the CBH Group.

In 2009, the organisation continued to implement a number of water saving initiatives across the business, which resulted in a saving of 3.5 million litres of water for the year or the equivalent of 350,000 ten litre household buckets of water.

The CBH Group underwent an independent water audit of its

continued


This partnership aims to support Camp Quality’s recreational programs and promote a safe work environment for staff. For every day that BWE employees and contractors are Lost Time Injury (LTI) free, BWE donates $5 to support Camp Quality activities. Once a target of 500 LTI free days is achieved, the CBH Group matches the donation dollar for dollar, providing further support for Camp Quality. So far the partnership has raised over $3,825 for children living with cancer.

DonationsThe CBH Group proudly made donations to a number of charities throughout 2009 including the Royal Flying Doctor Service, St Vincent De Paul and Camp Quality.

In response to the Victorian bushfire tragedy at the beginning of 2009, CBH Group staff and shareholders banded together to provide more than $39,000 to the Red Cross Victorian Bushfire Appeal. The CBH Group provided further support to the Red Cross through staff volunteers for its Telecross and Soup Patrol programs.

WA Country Football LeagueThe CBH Group continued its major sponsorship of the West Australian Country Football League in 2009. The partnership has grown considerably in recent times, with more than $275,000 donated to country football over the last 6 years.

This year saw the long term partnership proudly host a WAFL game in Corrigin, where more than 1,500 community members witnessed the CBH Cup between the West Perth and Peel Thunder football clubs.

Foodbank The CBH Group was awarded the Foodbank Innovation and Collaboration Awards in 2009, recognising the work and contribution of the CBH Group to the largest hunger relief organisation in Australia – Foodbank. The CBH Group first partnered with Foodbank in 2008 to facilitate grain donations from growers, which were then converted into food for distribution to charities and through Foodbank’s own Schools Breakfast program. This worthwhile cause saw around 28,500 breakfasts served in schools across Western Australia, including many schools in the grainbelt.

Camp QualityThe CBH Group’s subsidiary, Bulkwest Engineering (BWE), joined forces with one of Australia’s largest children’s charities – Camp Quality – in 2009, to launch a unique long-term partnership aimed at promoting the company’s Targeting Zero Injuries safety initiative.

3.5 million litresof water in 2009

The CBH Group reduced its water usage by

The CBH Group provided more than $250,000 to rural communities in 2009.

Sponsorship 2008-2009

Donations

Other

Growers Group / Industry

Sport

Community Foundation (Sponsorship General)

Educattion

Art / Culture

3%

15%

7%

14%

28%

23%

10%


EducationThe CBH Group provided value to growers, industry leaders of the future and rural children through support of a number of educational opportunities throughout the year.

In 2009, the CBH Group proudly continued its sponsorship of the Nuffield Scholarship, the Crawford Fund and the Muresk Dux Agribusiness Prize.

The CBH Group has provided support to the Kellerberrin Little Learner’s program for a number of years and, in 2009, continued with its commitment as the major sponsor.

Local Sponsorship The CBH Group continued its support of local communities in 2009 through sponsorship of numerous events, development projects and community organisations. These included:

Avondale Harvest Festival •

Bike to Ballidu •

Co-operatives WA Conference•

Corrigin Netball Club•

Esperance Festival of the Wind•

Facey Group •

Liebe Group •

Mingenew Irwin Group •

Mukinbudin Spring Festival•

Pastoralists and Graziers Association (PGA)•

South East Premium Wheat Growers •Association (SEPWA)

WA Farmers•

Western Australian No-Till Farming •Association (WANTFA)

Wheatbelt Women’s Day in Bruce Rock•

Wongan Hills Art Society•

Yuna Primary School Quiz Night•


continued


$250,000to rural communities across Australia

In 2009, the CBH Group provided more than

Field Days and Industry EventsThe CBH Group continued to support and attend a number of agricultural field days and industry events across Australia in 2009. These included:

Dowerin GWN Machinery Field Days, •Western Australia

Newdegate Machinery Field Days, Western Australia•

Mingenew Lions Midwest Expo, Western Australia•

Wimmera Machinery Field Days, Victoria•

Mallee Machinery Field Days, Victoria•

Yorke Peninsula Field Days, South Australia•

Ag Quip Field Days, New South Wales•

Henty Machinery Field Days, New South Wales•

Australian Barley Technical Symposium•

Australian Grain Industry Conference •

Australian Cereal Chemistry Conference•

Grain Growers Association – Innovation •Generation Conference

Grains West Expo •

Staff Community Involvement The CBH Group is proud to support its employees’ participation in charitable events and community activities. CBH Group employees provided valuable time, money and support to a number of charitable events and organisations throughout 2009, including:

Activ Foundation’s City to Surf•

Claremont Therapeutic Riding Centre for people •with disabilities

National Ride to Work Day •

The Great Bike Ride, supporting the Heart •Foundation, Hope for Children and St John of God Foundation’s Horizon House

Red Cross Bush Fire Appeal•

Camp Quality•

Red Cross Soup Kitchen•

A number of CBH Group employees also took part in a coastal dune revegetation program at Kwinana Beach in 2009. This program was a collaboration between the CBH Group, Coast Care and the City of Rockingham, and helped to negate dune erosion and aid in better management of storm water run-off from the CBH Group’s Kwinana Terminal.


Neil Wandel MAICD

Chairman

Neil Wandel was elected as a Director of the CBH Group in 2002 and was appointed as Deputy Chairman of the CBH Group Board in May 2005, before becoming the Chairman in April 2008. He is the Chairman of the Board’s Remuneration and Nomination Committee, a member of the Investment Committee and a Director of the Trustee of the CBH Superannuation Fund. Mr Wandel produces grain and cattle on his property at Scadden, near Esperance, in Western Australia’s South East. Mr Wandel was an inaugural member and Chairman of the Pulse Association of the South East (PASE) until 2002. Mr Wandel is a Member of the Australian Institute of Company Directors.

Walter Newman MAICD

Deputy Chairman

Walter Newman has been a member of the CBH Group Board since August 2000. He is the Chairman of the Board’s Communication Committee and a member of the Remuneration and Nomination Committee. Mr Newman is a Member of the Australian Institute of Company Directors and operates a grain and sheep property at Newdegate.

Trevor Badger MAICD

Trevor Badger was elected as a Director of the CBH Group in April 2007. He is a member of the Board’s Investment Committee and Communications Committee. Mr Badger produces grain and sheep on his properties in Pingrup and Mindarabin in Western Australia’s South West. He has held executive positions on various grower representative bodies in Western Australia and is currently Chairman of the Pingrup CBH Water Harvesting Project and the Lake Chinocup Catchment Resource Management Committee. Mr Badger is a Member of the Australian Institute of Company Directors.

Vern Dempster GAICD

Vern Dempster was elected as Director in April 2008 and is a member of the Board’s Audit and Risk Management Committee and Communications Committee. Mr Dempster is an experienced grain and sheep farmer from Northam, located in Western Australia’s central wheatbelt. In addition to upholding various positions with the Western Australian Farmers Federation (WAFarmers), Mr Dempster was a Director of United Farmers Co-operative, from 2000 to 2003. Mr Dempster is a Graduate of the Australian Institute of Company Directors.

Board of Directors


Kevin Fuchsbichler MAICD

Kevin Fuchsbichler was elected to the CBH Group Board in April 2007. He is a member of the Board’s Audit and Risk Management Committee and Communications Committee. Mr Fuchsbichler is a grain producer from Bruce Rock, with over 30 years experience in the industry. He is the holder of two international patents and has experience in international marketing and manufacturing agreements. Mr Fuchsbichler is a past State President of the International Agricultural Exchange Association, an inaugural Board member of the International Rural Exchange and a Director of the Bruce Rock Bendigo Community Bank. He is also a Member of the Australian Institute of Company Directors.

John Hassell MAICD

John Hassell was elected to the CBH Group Board in April 2009 and is a member of the Board’s Remuneration and Nomination Committee and Communications Committee. A grain and livestock producer from Pingelly, located in the central wheatbelt region of Western Australia, Mr Hassell holds a Bachelor of Business in Agriculture from Curtin Muresk Institute of Agriculture and has been an active participant in a number of local community associations including Rural Youth and Apex. Mr Hassell is a Member of the Australian Institute of Company Directors.

Rodney Madden FAICD

Rodney Madden was elected as a Director of the CBH Group in April 2006. Mr Madden produces grain and sheep on his farm in Morawa and is a member of the Board’s Audit and Risk Management Committee. In recognition of his contribution to agriculture, Mr Madden was awarded the Sir John Monash Gold Medal Award for Agribusiness Co-operative Directors in 2002. He is a Fellow of the Australian Institute of Company Directors.


Steven Tilbrook FAICD JP

Steven Tilbrook was a Director of Grain Pool from 2001 to 2002 and was elected to the CBH Group Board in November 2002. He has been a grain grower at Mount Madden for 45 years and is a member of the Remuneration and Nomination Committee. Mr Tilbrook is the Chairman, and CBH Group representative, of the Western Region Barley Council and a Fellow of the Australian Institute of Company Directors.

Board of Directors

David Woolfe LLB (Hons), B.Juris (Hons), GAICD, ACIS

Company Secretary

David Woolfe commenced as the Company Secretary and General Manager of the Legal Division of the CBH Group in October 2003. Prior to joining the CBH Group, Mr Woolfe was a partner of national law firm Freehills for seven years. In addition to his legal qualifications, Mr Woolfe is a qualified Chartered Secretary. He is a Graduate of the Australian Institute of Company Directors and an Associate of the Institute of Chartered Secretaries and Administrators.

Clancy Michael GAICD

Clancy Michael was elected as Director to the CBH Group Board in April 2008 and is a member of the CBH Group Board Remuneration and Nomination Committee. Mr Michael has over 30 years of mixed farming experience in the Midwest and currently farms in Mingenew. He was the inaugural Vice Chairman of the Mingenew Irwin Group (MIG) between 1997 and 2007. Mr Michael was also a founding member, and is the current Chairman, of the Grower Group Alliance Reference Group, an organisation set up to develop effective information channels between farmer grower groups and research organisations. He is also a Graduate of the Australian Institute of Company Directors.


Directors with special skills

Lloyd Guthrey FCPA SFFin FAICD

Lloyd Guthrey was appointed to the CBH Group Board in November 2002, having been a Grain Pool Director since 1995. He is Chairman of the Audit and Risk Management Committee and a member of the Investment Committee.

Mr Guthrey has extensive board experience in a wide range of organisations in the private and government sectors.

These include previous positions as Chairman of Keystart Loans Ltd; Chairman and Audit Committee Member of the State Housing Commission; and member of the Audit Committee for the Department of Housing and Works. His current appointments include Deputy Chairman of the Winston Churchill Memorial Trust.

He held the position of Chief Executive’s Representative and State Manager Retail Banking at

the ANZ Banking Group; Deputy Chairman of Town and Country Bank Ltd; and the General Manager, Personal Banking India for ANZ Grindlays Bank.

Mr Guthrey is a Fellow of the Australian Institute of Company Directors and the Australian Society of Certified Practising Accountants, and a Senior Fellow of the Financial Services Institute of Australasia.

Peter Knowles MAICD

Peter Knowles was appointed to the CBH Group Board in April 2009 and is a member of the Board’s Remuneration and Nomination Committee and Investment Committee. Mr Knowles was Managing Director of Wesfarmers CSBP for seven years until his retirement in 2001. His earlier positions with the Wesfarmers Group

included General Manager Commercial and Group Projects Manager - Business Development. Before joining Wesfarmers, he held various positions at Hamersley Iron, including General Manager Projects.

Since retiring from CSBP, Mr Knowles has been a consultant to companies such as Rio Tinto Iron Ore and Australian Railroad Group, and a professional

Director. He is currently a Director of Coogee Chemicals and President of the Activ Foundation Inc. He holds a Bachelor of Economics from Monash University and has completed the Harvard Advanced Management Program. He is a Member of the Australian Institute of Company Directors.

Ken Palmer CPA FAICD IMIA

Ken Palmer was appointed to the CBH Group Board in November 2002 having been a Grain Pool Director from 1993 to 2002. He has extensive international marketing, business and accounting experience and is Chairman of the Board’s Investment Committee and a member of the Audit and Risk Management Committee.

In addition, Mr Palmer is Chairman of the CBH Group’s shipping joint venture company, United Bulk Carriers Pty Ltd and Chairman of Australian Bulk Stevedoring Pty Ltd.

Mr Palmer previously held the position of Managing Director, Executive Director and Non-Executive Chairman at the MG Kailis Group and Managing Director of WA Seafood Exporters Pty Ltd

as well as Executive Director of his own international marketing and business consultancy. He is currently a Director of the Nulsen Haven Association (Inc) which is a not-for-profit charitable organisation.

Mr Palmer is a Fellow of the Australian Institute of Company Directors and a Certified Practising Accountant.


Senior Management Team

Dr Andrew Crane

Chief Executive Officer

Dr Andrew Crane first joined the CBH Group in 2003 when he was appointed General Manager Grain Pool Pty Ltd following the merger with Co-operative Bulk Handling Ltd. He was responsible for the operation of Grain Pool Pty Ltd, including the main export licence for barley, canola and lupins, as well as trading grain through Grain Pool’s agent, AgraCorp Pty Ltd.

In early 2008 he became General Manager Strategy and Business Development and was appointed Chief Executive Officer of the CBH Group in April 2009. Andrew holds a BSc (Hons) in Environmental Studies, a PhD in Agriculture and is a Graduate of the Australian Institute of Company Directors. Andrew is a Director of Interflour Holdings Ltd.

David Moroney

Chief Financial Officer

David Moroney commenced as Chief Financial Officer in July 2009 and is responsible for the financial management of the CBH Group. David’s career includes nearly 20 years in senior financial roles, most recently as Chief Financial Officer of First Quantum Minerals.

Prior to this, he spent almost five years with the Wesfarmers Group, initially as Chief Financial Officer of CSBP and later as General Manager Group Business Services in Wesfarmers Corporate. David holds a Bachelor of Commerce from the University of Melbourne and is a Fellow of the Institute of Chartered Accountants and CPA Australia.

Allyn Wasley

General Manager Strategy and Business Development

Allyn Wasley was appointed General Manager Strategy and Business Development in 2009 after serving six years as Chief Financial Officer of the CBH Group. Allyn holds a Bachelor of Business in Accounting and a Post Graduate Diploma in Management from Curtin University. He is a Graduate of the Australian Institute of Company Directors.

Allyn is a Director of Pacific Agrifoods Investments Pty Ltd, Pacific Agrifoods Ltd and Interflour Holdings Ltd. He is also a Commissioner of the PT Eastern Pearl Flour Mill and a Director of United Bulk Carriers Pty Ltd. In addition, Allyn is a Director of Australian Bulk Stevedoring Pty Ltd, CBH Superannuation Holdings Pty Ltd and Westgrains Insurance Pte Ltd.

Brian Mumme

General Manager Grain Pool

Brian Mumme was appointed to the position of General Manager, Grain Pool Pty Ltd in 2008. He oversees the acquisition, pooling, trading and marketing activities for all grains including wheat, barley, canola, lupins and oats.

Brian holds a Chemical Engineering degree from Curtin University and has gained extensive international experience throughout his career, having worked in Australia, the United Kingdom and the United States of America. Prior to joining the CBH Group, Brian spent 22 years with BP in various operational and management roles, predominantly in the area of supply chain management and trading.

Brian is a Director of United Bulk Carriers Pty Ltd, CBH Grain Japan Co. Ltd and CBH Grain Asia Ltd.


Aaron Aarons Aarts Abad Abberfield Abberton Abbey Abbot Abel Abela Abercromby Abernethy Abfalte Ablott Aboud Abra Abrahall Abrahams Abuzar Acarackland Acland Acott Acton Adair Adam Adams Adamson Adamthwait Adcock Addam Addington Addinsall Addis Addison Adelman Adey Adie Adjukovic Adkins Adolfo Adolphe Adrianns Adwin Aefield Affleck Agar Agars Agland Aglionby Agnew Aguilar Ahad Ahern Ahfoo Ahlburg Ahlbury Ahrens Ahuriri Aikman Ainger Ainsley Ainslie Ainsworth Aird Airs Aitchison Aitken Aiton Alleyne Allibone Allingham Allinson Allis Allison Allsop Allsopp Allwood Allworth Almanaras Alsop Altena Alterator Althofer Althorpe Anivitti Anlezark Annan Annesley Annett Annette Annetts Anniss Atheron Atherton Atiu Atkin Atkins Atkinson Attard Atter Attewell Attleir Attrill Attwood Atwell Atwood Aubert Aubrey Aubusson Audet Audrins Audsley Auger Augustus Auld Ault Austen Austerberry Austin Austine Autey Auty Aveling Avern Avers Avery Avis Axel Axtill Axworthy Aylett Ayling Aylward Ayoub Ayre Ayres Ayrton Ayton Azon Allard Babe Babington Bach Bachell Back Backhouse Backshall Bacon Badenhop Badeni Badger Badier Badior Baess Baget Baghel Bagley Bagnall Bagnell Bahnisch Bahrs Baigent Baikie Bail Bailey Bailey-Mcdonald Bailey-Smith Baillie Bain Bainbridge Baines Baird Bairstow Baisllie Baker Bakker Bako Balazs Balcomb Bald Balderstone Baldi Baldie Balding Baldock Baldwin Bale Balenzuala Balfour Balfour-Melville Balharry Ball Ballam Ballantyne Ballard Ballhausen Ballingal Barbarovick Barbeler Barber Barbour Barboutis Barby Barchewitz Von Josephi Barclay Barden Bardsley Bardwell Barfoot Barford Bargwanna Barker Barklay Barkley Barkwith Barling Barlow Barnard Barnden Barnes Barnet Barnetson Barnett Barnier Barnshaw Barnwell Barr Barraclough Barrand Barrat Barratt Barrett Barrie Barrington Barriskill Barron Barrow Barrows Barry Barsley Barta Bartar Barter Barthe Bartho Bartholomaeus Bartholomew Bartlett Bartley Barton Bartram Bartrop Barugh Barwick Barwood Basham Bashford Basile Baskin Battandier-Meyer Batten Batterham Battersby Batting Battise Battistuzzi Batty Baudinette Bauer Baulch Bauman Baumgarten Bavin Bavington Baxby Baxendale Baxter Bayes Bayles Bayley Baylie Baylis Bayliss Bayly Bayne Baynes Baynham Baynton Bazzano Beach Beadman Beak Beal BeN Benbow Benda Bende Bendeich Bender Benetti Benfer Benfield Benge Bengtsen Benjamin Bennell Bennet Bennett Bennetts Bennie Bennison Bensley Benson Bensted Bentley Bentvelzen Boazman Bob Boca Bochard Bock Bodeker Bodey Bodimede Bodle Bodley Bodman Bodnar Bodsworth Body Bodycote Boetge Bogatez Bogg Boggs Borhom Borlace Borland Borley Bormann Borner Bowditch Brabham Brace BraCher Bracken Bracker Bradbrook Bradbury Bradd Braddock Bradey Bradford Bradley Bradmore Bradney Bradock Bradshaw Brady Bragg Bragge Bragonje Braham Brahme Braidie Braim Braithwaite Braitling Brakes Braley Bramble Bramich Brammall Breadman Breakspear Brealey Brebner Breckinridge Breed Breen Breheny Breingan Breitkreuz Brelsford Bremer Bremner Brenchley Brendon Brennan Brennen Brent Brentnall Brenton Brereton Breslin Bressington Brest Brett Breuer Brew Brewer Brewster Brian Brice Brick Bromell Bromfield Bromham Bromhead Bromilow Bromley Bromlow Brommell Budd Budden Budge Budgen Buens Buettna Bufton Bugden Bugeja Bugman Buhlmann Bulgary Bulkley Bull Bullen Bullen-Smith Bulley Bulling Bullock Bullow Bulmer Bultitude Bumagiar Bumpstead Bunce Bundock Bundy Bune Bunny Bunt Bunter Buntine Bunting Buntsman Bunyan Buob Burbank Burbridge Burch Burchall Burcham Burcher Burchett Burdekin Burden Burdett Burdon Burey Burgar Burt Burtenshaw Burton Burtt Burvill Busbridge Busby Busch Buscombe Bush Bushaw Bushell Bushnell Bussell Bussey Bustamante Busteed Buszard Butchart Butcher Butcherine Butchers Butel Butler Butlin Butt Buttel Butters Butterworth Buttfield Buttigieg Buttle Button Buttrose Buxton Buzacott Buzza Byatt Bye Byerlee Byers Byfield Bylsma BynG Bynon Byrchall Byres Byrne Byrnes Byrns Byrom Bywaters Cable Cabot Cabral Cadd Caddell Caddey Caddy Cade Cadell Cadenhead Cadman Cadogan Cady Caelli Caetano Caffin Caggiati Cahill Caple Capon Capp Capper Capps Caradus Carah Carbery Carcary Card Cardale Carde Cardell Cardill Cardow Care Careil Caretta Caretti Carew Carey Cargill Carkeek Carlaw Carle Carlier Carlile Carlin Carlisle Carlon Carlton Carlyle Carlysle Carmichael Carmodie Carmody Carnall Carnegie Carnell Carney Caroll Caron Carpenter Carpio Carr Carragher Carrey Carriage Carrick Carrigan Carrington Carrol Carroll Carruthers Carseldine Carson Carstens Carswell Carter Carthew Carthy Cartledge Cartwright Carty Carvel Carver Carwithen Carwood Chandler Chant Chantrill Chaplin Chapman Chappel Chappell Chappelow Chard Charles Charleston CharLesworth Charlston Charlton Charlwood Charnock Charters Chartier Chase Chaseling Chaston Chateau Chatfield Chatman Chatterjee Chatterton Chauvel Cheatham Cheers Cheeseman Chegwidden Cheklin Chellen Chelliah Chelman Chemello Chemiayeff Chen Chenery Cheney Cherrie Cherry Chesher Cheshire Chessell Chessells Chesser Chester Chevalley Chevley Chew Chewings Cheyne Chick Chignal Chilcote Child Childs Chin Chinnery Chiplin Chippendale Chipperfield Chircop Chisholm Chisnall Chivell Chivers Choat ChomLey Choo Chown Chrestman Christensen Christenson Christiansen Christianson Christie Christmas Christou Chugg Chung Church Churches Churchill Churn Churton Chuykrom Chylek Ciko Ciurliza Clack Clade Clair Clancy Clare Claridge Clark Clarke Spiers Cock Cockbain Cockburn Cocking Cockle Cocks Cocksedge Cockshutt Coddington Codey Codlin Codling Codrington Coffee CoffeY Coffield Cogan Cogdon Coggan Coghill Coghlan Cohen Cohn Coke Coker Colb Colbert Colborne Colclough Colcomb Coldrick Cole Coleborn Coleman Coles Colgan Collaphy Collar Collard Colledge Colless Collett Colley Collie Collier -Coningsby Conlan Conliffe Conlon Connal Connebee Connel Connelan Connell Connelly Connolly Connor Connors Conole Conquest Conrad Conroy Conry Considine Constable Constantine Conway Conyard Cook Cooke Cooksey Cooling Cools Coombe Coomber Coombes Coomblas Coombridge Coombs Cooney Coop Coope Cooper Coote Copas Cope Copeland Copery Copland Copper Copperwaite Coppick Copping Coppock Copsey Corballis Corban Corbet Corbett Corby Corcoran Cordell Cordes Cordner Core Corgan CoRk Crear Cree Creed Creek Creenaline Crees Creevy Crehan Creighton Crellin Cremen Cremer Crerar Cressey Cresswell Creswell Creten Crethar-Black CretHer Crether-Black Crew Cribb Crick Cridland Crighton Crilly Crimlisk Crimmins Crimston Cripps Crisfield Crisp Crispin Critchley Critchlow Crittenden Croad Croake Croaker Crocker Crocket Crockett Crockford Crocombe Croft Crofton Crofts Croker Crombie Crombie-Tait Cromie Crompton Crone Cronin Cronk Cronkell Crook Crookey Crooks Crookshank Croom Cropley Crosbie Crosby Cure Cureton Curley Curll Curnow Curr Curran Currie Curry Curtain Curtin Curtis CurTis-Morrison Curwan-Walker Curwen Curwood Cusack Cush Cushion Cushnant Cuskey Cussans Cust Cuteja Cuthbert Cuthbertson Cutler Cutmore Cutten Cutting Cuttle Cuttris Cuzens Cvejanov Czapracki D’acre D’ambrosio D’apice D’aquino D’arcy D’augello D’eltoN D’evlin Da Re Dabin Dabinet Dacey Dacich Dad Daft Dagbert Dagnall Dagon Dahl Daines Dainton Dainty Dalby Dale Daley Dalgliesh Dall Dalley Dallisher Dally Dalrymple Dalton Daly Dalzell Dalziel Damen Danaher Danby Dance Dande Dangaard Danger Dangerfield Daniel Daniell Daniels Danielson Dank Dann Danson Danzie Dapucanta Darby Darcy Dare Dargan Dark Darke Darling Darlington Darmit Darmody Darrach Darragh Darrington Darroch Darse -De Courcy De Crespigny De Gelder De Git De Grawo De Jong De Leon De Little De Mamiel De Moleyns De Tores De Vantee Deadman Deak Deakin Deamer Dean Deane Deane-Butcher Deaner Deans Dear Deards Dearman Deason Death Debbo Debien Debney Debono Debrassac Debreceny Debursey Dedrick Dee Deegan Deeks Deeley Deemer Deer Deery Deeth Degroff Degrovanni Deguchy Dehennin Dehn Dehne Dehnert Deighton Deitrich Delacheur Delaforce Delaforce-Nott Delahunty Delaland Delaney Delanty Delgardo Dell Della Dellacs Dellar Deller DelOrenzo Delton Delve Demacie Dempsey Dempster Demtschuk Denahey Denbrook Dendle Dengate Denham Denis Denison Denley Dennehy Denner Dennes Dennett Denning Dennis Dennistoun Denovan Denshire Densley Dent Denton Denyer Derby -Dimmick Dingle Dingwall Dingwell Dinker Dinnett Dinsdale Dircks Disher Disken Disson Ditzell Dive Divita Dix Dixon Djordjevic Doak Dob Dobb Dobbie Dobbin Dobblie Dobell Dobinson Dobson Doceff Docherty Docking Dockrill Docos Doctor Dodd Dodds Dodemaide Duguid Duke Dulhunty Eather Eaton Eatts Eaves Ebbott Ebeling Ebert Ebsworth Eccles Eccleston Echardt Eckersley Eckert Eckley Ecob Ecroyd Eddison Eddrige Eddy Ede Eden Edgar Edge Edgecumbe Edgell Edgelow Edgerton Edington Edleston Edmond Edmonds Edmondson Edmonston Edmunds Edmundson Edney Ednie Edsall Edson Edstein Edward Edwards Efimov Efimova Egan Egen Egenoft Eger Eggerstedt Eggington Eggins Eggleston Eggleton Ehrhorn Ehrlich Eichler Eichorn Eiffler Eileen Einem Eipper Eisman Ekert Ekin Smyth Ekstrom Eland Elder Eldershaw Elderton Eldred Eldridge Elexaus Elford Eliezer Elix Elizabeth Elkins Ellem Ellen Ellenbroek Ellenwood Elleway Elliot Elliott Elliott-Ranken Ellis Ellisdon Ellison Ellwood Elms Elphick Epstein Eric Erickson Eriksen Erikson Eriksson Ermaturger Ernst Erp Errey Erskine Erwen Erwin Erwood Erzedich Escolme Esler Espagne Essen Essex Estens Esterburg Esterl Estreich Etherton Ette Ettman Eustace Eustoughfree Evans Evennett Everall Everett Everingham Evers Fairlie Fairman Fairweather Faithful Falcon Falconer Falk Falkener Falkiner Fallaw Fallon Falloon Fallowfield Fane Fanny Fanthorpe Fantuzzi Fargie Farkas Farley Farlow Farman Farmer Farndon Farnhill Farquharson Farr Farrahar Farrant Farrar Farrawell Farrell Farrelly Farrow Farrugia Farthing Farwell Fass Fatnowna Faulds Faulkner Faulks Fauser Faux Favaroni Favero Fawcett Fawcett-Smith Fawns Fazio Fearon Feast Featherstone Featherstonhaugh Featon Feehan Feeney Feery Feferkranz Fegan Feilen Feint Felgate Felix Fell Fellows Felsch Felser Fields Fiene Fievre Fife Figg Figgins Fikkers Filby Fill Filmer Finch Fincher Findlater Findlay Findley Fineberg Finger Finlay Finlayson Finley Finn Finnegan Finnemor Finney Finnie Finnis Firkin Firkins Firth Fischer Fish Fisher Fisk Fisken Fissioli Fitch Fitchett Fitter Fittler Fittock Fitton Fleet Fleetwood Fleming Flemming Flenley Fletcher Fletcher-Ash Flight Flint Flintoff Flitcroft Flocas Flood Floody Florence Florica Flower Flowerday Flowers Floyd Flug Flynn Foale Focken Fodor-Flesch Fogarty Fogg Foggitt Folder Foley Follent Folley Fong Fonte Fookes Fooks Foord Foot Foote Foott Forbes Force Ford Forde Fordham Fordyce Foreman Forester Forgan Forge Forgie Foristal Forle Forman Formby Forneris Forrest Forrester Forster Forsterm Forsyth Forsythe Fort Forte Fortescue Fortey Forwood Fosdike Foss Foster Foster-Barham Foster-Burley Fotheringham Foulger Foulstone Fouracre Fourie Fowke Fowle Fowler Fowlie Fox Foy Frahm Frail Frame France Francicca Francione Francis Francisco Franey Frank Franke Frankel Frankle Franklin Franks Franson Franssen Franzman Fraser Fraser-Tytler Frater Fraters Frawley Frazer Frazier Freak Freckelton Fredericks Free Freebody Freed Freedman Freeman Freer Freestone Freeth Freijah Freitis Fremantle French Frend Frenne Freshwater Fretwell Frew Fridey Friend Friezer Frischman Frith Frizzi Frolich Fromholtz Frost Fry Fryar Fryer Fryters Fudge Fudold Fuhrman Fulford Fullarton Fuller Fullerton Fullings Fulloon Fullwood Fulmer Fulton Fulton-Kennedy Funnell Furlon Furlonger Furneaux Furnell Furner Furness Furney Furniss Furphy Fursto Fury Furze Fussell Futcher Futurius Fyall Fydler Fyfe Fyffe Fynn Gabriell Gaden Gador Gadsden Gadwick Gaffney Gager Gaggin Gaghen Gagliano GahAn Gailey Gainer Gainey Gair Gaiswinkler Gait Galambos Galbraith Galbreath Gale Galea Galema Galiente Gall Gallacher Gallager Gallaghar Gallagher Gallan Galland Gallaugher Galli Galligan Gellert Gelormini Gemmell Gemmill Genocchio Gentle Gentles George Georgeson Gepp Geraghty Gerard Gerathy Gerlach Germain Gerrand Gerrard Gerrey Gerrits Gervasoni Gervink Gerzong Geshu Gesler Gessel Gessmer Gestier Gethings Geue Gey Geyer Ghananburgh Gitsham Gittens Givney Gladstone Glaiser Glanfield Glanville Glascott Glasgow Glaskin Glass Glasse Glasser Glasson Gleeson Glen Glencross Glendenning Glenie Glenn Glennie Glickman Gliddon Glisson Glover Glyde Glynn Goad Goble Godbaz Godbold Gollightly Gomaz Gomez Goncales Gonne Gonzalez Gooch Good Goodair Goodall Goodchap Goodchild Goode Goodeau Goodenough Gooderson Goodes Goodfellow Goodger Goodhew GoOdie Gooding Goodman Goodrich Goodwin Goodwood Goodworth Goody Goodyear Goodyer Gooley Goonan Goonatillake Gordij Gordon Gore Gorey Gorham Goring-Johnston Gorman Gorme Gormly Gorrie Gorton Gorwell Gosen Grahaeme Graham Grahame Grainger Gramer Grammie Greaves-Small Greber Grebert Grece Grech Green Green-Clarke Greenaway Greene Greenfield Greenhalgh Greenham Greenhill Greenland Greenleaf GReenlees Greenough Greenshields Greenslade Greentree Greenup Greenwell Greenwich Greenwood Grimshaw Grimwood Grindlay Grindley Grinham Grinlington Grinter Grissell Groch Groeben Gromholtz Groom Groomes Groot Grosbeck Grosche Grose Gross Grosser Grosskreutz Grosvenor Groth Grotrian Groundwater Grove Groves Grue Gruhl Grulke Grummitt Grundy Grutta Grycewicz Gubbin Gudman Guerra Guerrero Guertin Guest Guihot Guildford Guiledo Guilfoyle Guimelli Guinane Guinard Guino Gulbin Gull Gullen Gulley Gullifer Gulliver Gumbleton Gumley Gummersall Gummow Gunderson Gunn Gunnell Gunning Gunston Gunton Haggitt Hagland Haglund Hague Hahn Hahnal Haig Haigh Hailes Haimes Haimona Hain HainEs Haining Hair Haire Haiser Halamountis Haldane Halden Hale Hales Haley Halfacre Halfo Halford Haling Hall Hall-Cridland Hallahan Hallam Hallet Hallett Halley Hallgarth Hammet Hammick Hammond Hammonds Hamon Hampden Hampshire Hampson Hampton Hams Hamson HanagAn Hanby Hancock Hand Handberg Handebo Handford Handley Hanel Hanford Hangar Hanger Hanifan Hanisch Hankel Hankins Hanks Hanlan Hanley Hanlin Hanlon Hann Hanna Hannaford Hannah Hannan Hannant Hannay Hannelly Hanney Hanniver HannOn Hannon-Nicholls Hanrahan Hanratty Hansberry Hansell Hansen Hansford Hanson Hapgood Happ Harbeck Harben Harber Harbison Harbour Harbourne Harbridge Harcoan Harcourt Hardaker Hardcastle Harden Harders Hardie Hardiman Harding Hardisty Hardman HarDs Hardstaff Hardwick Hardwicke Hardy Hare Haren Harford Hargan Hargrave Hargraves Hargreaves Hargreves Hargy Harker Harkin Harkness Harland Harle Harley Harling Hartin Hartley Hartman Hartmann Hartmire Hartness Hartnet Hartrick Hartwell Hartwig Harvey Harvik Harvison Harwick Harwood Hase Hasket Haskin Haslam Haslem Hasna Hassell Hassett Haste Hastelow Hastings Haswell Haszard Hatch Hatchard Hatchen Hatcher Hateley Hately Haylock Hayman Hayman-King Hayne Haynes Haynn Hays Haythorne Hayward Haywood Hazel Hazeldine Hazelgrove Hazelthorn Hazelwood Herson Hesketh HeSlin Hess Hessel Hessin Hest Hester Hickie Hickleton Hickman Hicks Hickson Hiddletoe Hientee Hieronymus Higgie Higginbottom Higgins Higginson Higgs Highet Highlanders Hignett Hild Hilder Hilditch Hile Hiles Hill Hillam Hillard Hiller Hillhouse Hillier Hillman Hills Hillsley Hillyard Hilton Himing Hinchcliffe Hoenger Hoey Hoff Hoffman Hogan Hogarth Hogben Hogden Hogg Hoggan Hoggart Hogge Hogno Holbert Holborow Holcombe HoldEn Holder Holding Holdstock Holdsworth-Wynd Hole Holford Holgate Holland Hollebon Holley Hollian Holliday Hollier Hollingshed Hollingsworth Hollingworth Hollis Holloway Holly Hollywood Holm Holman Holmberg Holme Holmes Holmick Holpen Holroyd Holstein Holsworth Holt Holter Holtznagel Holyman Homan Homer Hommelhoff Honan Hone Honey Honner Hoobin Hood Hoogeveen Hook Hooke Hooker Hooklyn Hookway Hooper Hooson Hooth Hopcroft Hope Hopgood Hopkins Hopkinson Hopper Hopple Hopwood Horan Hord Horden Hore Horeczyj Horen Horman Horn Horne Horner Hornery Horniman Horning Horrell Horrigan Horrocks Horseburgh Horsell Horsfall Horsfield Horsley Horst Horstead Hort? Hortig Hortle Horton Horwood Hoscher HoseasoN Hosie Hoskin Hosking Hoskings Hoskins Hoskisson Hoskyns-Abrahall Hossack Hotchkiss Hotson Houchen Hough Houghton Houghton-Allen Houguet Houlahan Houldsworth Houlihan Houlson House Houston Houting Hovell Hovenden Hovi How Howard Howarth HowatsOn Howatt Howden Howe Howel Howell Howells Howes Howie Howieson Howitt Howkins Howland Howle Howlett Howley Hows Howse Howson Hoy Hoyle Hrabar Huband-Smith Hubbard Hubber Hubble Huckel Huckell Hucker Huddle Huddy Hudec Hudgson Hudson Huett Huey Huf Huffadine Huggart Huggett Huggins Hugh Hughan Hughes Hugo Huish Huld Hull Hulme Huls Hulse Hulsing Humann Humber Inch Ind Inder Ingall Ingham Ingle Ingledew Inglis Ingram Innes Insch Inseal Inskip Instance Ioannou Irby Iredale Ireland Irons Ironside Irvin Irvine Irving Irwin Isaac Isaacs Isaia Isbel Islam Isle Isles Islip Ison Isworth Ittensohn Itzarot Iuston Ivanoff Ivanovich Ive Iverach IvIn Ivory Iwanowicz Izatt Jarry Jarvis Jary Jaski Jaskiewicz Jasper Jaunitis Javier Jay Jazowski Jeanes Jeanneret Jeans Jeavons Jeff Jefferies Jefferis Jeffery Jeffrey Jeffreys Jeffries Jeffriess Jeffs Jelbart Jemmett Jenkin Jenkins Jenkinson Jenks Jenner Jennings Jennings, Jennison Jensen Jenyns Jephcott Jeppesen Jerome Jong Jongkryg Jopling Jopp Jordan Jorgensen Jorgenson Jorna Joseph Josephs Joss Jouning Joyal Joyce Judd Judge Judson Julius Jupp Jurd Jurik Jury Juster Justice Kaard Kable Kachel Kaczmar Kafoa Kahelin Kain Kaine Kains Kaiser Kalinowski Kalinskin Kalkman Kamerman Kamler Kamolz Kanda Kane Kanfison Kangyar Kanowski Kant Kapuppila Karam Karey Kargilis Karling Karttunen Kaschan Kassebaum Kastwick Katalan Kater Kath Katuke Kaufmann Kavanagh Kavanaugh Kay Kaye Kaylor Kazy Keam Kean Keanan Keane Kearn Kellam Kellaway Kelleher Kellet Kellett KeLley Kelliher Kellow Kells Kelly Kelman Kelmister Kelso Kelson Kelton Kelvin Kelynack Kember Kemp Kempe Kempel Kempson Kempster Kempton Kenda Kendall Kendrick Keniry Kenna Kennan Kenneally Kennedy Kewley Key Keyes Keys Khan Kibblewhite Kibell Kidd Kiddle Kidman Kiel Kiely Kiem Kierce Kiernan Kift Kilby Kilderry Kiley Kilfoyle Kilgour Killeen Killen Killick Killin Killoran Kilner Kilpatrick Kilroy Kilsby Kim Kimball Kimberley Kimm Kimmel Kind Kindellan Kindlesides Kindred King King-Harman Kingdom Kingham Kingsborough Kingsley Kingsmill Kingston Kininmonth Kinlyside Kinmond Kinnane Kinns Kinnunen Kinny Kinsman Kippax Kippen Kirby Kirchner Kirgan Kirk Kirkaldy Kirkby Kirkenezoy Kirkham Kirkland Kirkman Kirkness Kirkpatrick Koithan Kok Kokiri Kolahan Kolic Kolios Komoll Kompara Kong Konig Koning Konz Koops Kopke Kosaras Koshevict Kosky Kossack Koster Kotzur Koupiansky Kouzan Kowald Kowalski Kowarzik Kradolfer Krafft Krahe Kramixfeld Kratz Krause Krazanowski Krech Kreimer Krepp Kresge Kricker Lange Langfield Langford Langlans Langley Langrick Langtry Lansbury Lansdowne Lansky Lappin Laragy Larard Larden Lardner Largo Lark Larkin Larkins Larnach Larney Larsgaad Larsgaard Larson Larsson Larwood Lascelles Laskey Lasonder Last Laszewski Latham Lathan Latimore Latta Latter Lattimore Latu Laucis Lauder Lauer Laughlin Laught Laughton Laurent Laurie Laut Lavell Lavender Laver Lavers Laverty Lavery Lavis Law Lawder Lawford Lawler Lawless Lawlor Lawnton Lawrence Lawrie Lawry Laws Lawson Lawton Lax Laxton Lay Laybutt LaycoCk Laylor Layton Lazarro Le Breton Le Maitre Le Mesurier Le Roux Le Sueur Lea-Wright Leach Leach-Clay Leader Leadle Leah Leahy Leamey Lean Leaper Lear Learmont Learmonth Learmouth Leary Leask Leasure Leatham Leaudais Leavenworth Leayr LeBeter Lechie Leck Leckie Lecoutier Ledain Ledbeater Ledbetter Ledden Leddy Lediard Leduc Lee Leeder Leedham Leeding Leedman Leefoo Leeham Leek LeNnard Lennen Lewis Lewisam Lexroyd Lingard Lingenfelter Lingwood Linnane Linner Linquist Linsell Linsley Lippiatt Lipscombe Liptrot Lisenko Lisle Lisson List Lister Liston Litchfield Litster Little Littleboy Littlejohn Littlely Littlemore Littler Littlewood Littley Litton Livermore Liversidge Livingston Livingstone Livingstone-Learmonth Lizaro Lollback Lomas Lomax Lomer Lomoulder Lona Londish London Lonergan Loney Long Longbottom Longford Longinnou Longmore Longmuir Longton Longworth Lonie Lonsdale Looney Loos Lopat Lopes Lord Loria Lorimer Lorraine LotrInghem Louden Louder Loudon Lough Loughnan Louis Louis-Fuller Loundes Loutitt Louttit Lovat Love Loveday Lovekin Loveland Lovell Lovelock Lovett Lovett-Cameron Lovie Low Lowe Lowen Lower Lowes Lowis Lowndes Lownes Lowrey Lowry Lowson Loxton Loyd Lu Lubbock Lubecke Lubeek Lubke Lucas Luck Luckley Luckman Lucock Lucy Ludbey Ludford Ludgate Ludowici Ludwig Luff Lugard Lugg Lughetto Lugton Luhr Luke Lukeman Lukes Lukins Lulham Lumby Lumsden Lund Lundberg Lundie-Jenkins Lunn Lunney Lunnie Lunter Luscombe Lush Lusk Lusted Lusty Luther Lutton Lutz Lux Luxford Luxon Luxton Lyall Lyden Lydford Lye Lyell Lyford Lynch Lyndon Lyndsay Lyne Lynn Lynne Lyon Lyons LYster M’calman M’v’ewen Maas Mabberley Mabbott Mabbs Macadam Macalister Macallan Macalpine Macaol Macara Macarthur Macarthur-Onslow Macartney Macaskill Macatamney Macaulay Macauley Macbean Maccalum Maccarthy Maccloughery Maccoll Maccormack Maccorquindale Maccorquodale MaccusPie Maciver Mack Mackaway Mackay Mackechnie Mackenney Mackenzie Mackerchar Mackey Macphail Macpherson Macquarrie Macqueen Macrae Macrossan Macsymon Mactavish Mactier Madardy Malloch Mallock Mallory Malone Maloney Malpass Malseed Malthus Mancell Manchee Mancy Manders Manderson Manfield Mangan Mangles Manifold Manion Mankey Manley Manly Mann Manners Manning Mannix Mannolini Mansbridge Mansell Manser Mansfield Manson Mansur Mantell Mantle Manuel Manuell Maple Mapley Mapson Mapstone Maracich Marangon Marazzato Marca Marchant Marcheff Marchetti Marchment Marcus Marden Mardon Mares Marexiam Margetts Marinescu Marinov Marion Marios Mariott Marjery Markby Markey Markham Marks Markwell Marley Marlow Marmon Marmont Marney Maroney Marquart Marquis Marr Marra Marrabel Marriage Marribito Marriott Marsden Marsh Marshall Marshman Mart Martel Martell Martens Martick Martin Martindale Martine Martinez Martorana Marwedel Marx Mascadri Mascal Masi Maslen Maslin Mason Massey Massie Masterman Masters Masterson Masterton Matarese Mate Matenson Mather Mathers Matheson Mathew Mathews Mathewson Mathias Mathieson Mathis Mathisen MaThison Matson Matthews Mattick Mattingley Mattner Mattock Matton Mattson Matuschka Maud Maudsley Maudson Maughan Maul Maund Maunder Maundrell Maunsell Maurer Mauson Mavin Mavor Mavrocolides Mawby Mawer Mawhinney Mawley Mawson Maxted MaxwelL May Mayall Maybery Maybury Maydom Mayer Mayers Mayes Mayfield Mayled Maynard Mayne Mayo Maytom Maywood Mazaracca Mazengarb Mazzello Mcadam Mcadoo Mcainsh Mcaleer Mcalister Mcallan Mcallester Mcallister Mcalpin Mcalpine Mcanally McannAllay Mcardle Mcarthur Mcarthy Mcaskil Mcateer Mcaulay Mcauley Mcauliffe Mcausland Mcauslin Mcbain Mcbay Mcbean Mcbeath Mcbey Mcbow Mcbride Mcbryde Mcburnie Mcc Ormack Mccabe Mccade Mccafferty Mccaig Mccall Mccallen Mccallin Mccallum Mccalman Mccann Mccarron Mccarthy Mccartin Mccartney Mccash Mccaskill Mccathie Mccathy Mccaughan Mccaughey Mccaul Mccauley Mccausland Mccavanagh Mcchesney Mcclarron Mcclass Mcclean Mcclelland Mcclintock Mcclure Mccluskey Mcclymont Mccole Mccoll Mccollum Mccombe Mcconachy Mcconchie Mcconkey Mcconnell Mcconnell Brown Mcconville Mccook Mccoombs Mccord Mccorkindale Mccormack Mccormick Mccorquedale Mccorquindale Mccosker Mccourt Mccowan Mccoy Mccrabb Mccracken Mccrae Mcdermott Mcdiarmid Mcdonald Mcdonell Mcdonnell Mcdouall Mcdougal Mcdougall Mcdowall Mcdowell Mceachan Mceachern Mceachran Mcearchan Mceleen Mcenteer Mcerlean Mcervale Mcevoy Mcewan Mcewen Mcfadden Mcfaddgyn Mcfadyan Mcfadyen Mcginness Mcginnis Mcginty Mcgirr Mcgivern Mcglashan Mcgoldrick Mcgonagle Mcgorman Mcgourlick Mcgowan McgranE Mcgrath Mcgraw Mcgreevy Mcgregor Mcgrice Mcgruer Mcgufficke Mcguiness Mcguinness Mcguire Mcguvon Mchale Mchardy Mcharrie Mchatton Mchugh Mcildvie Mcilroy Mcilvain Mcilveen Mcilwain Mcilwraith Mcinerney Mcinnes Mcinnis Mcintosh Mcintyre Mciver Mcivor Mckain Mckanna Mckavanagh Mckay Mckays Mckeagg Mckean Mckechnie Mckee Mckeering Mckell Mckellar Mckelvie Mckendrick Mckenna Mckenzie Mckenzie-Cotchin Mckeon Mckeowen Mckeown Mckercher Mckergow Mckerrall Mckessar Mckewen Mckibbin Mckichan Mckie Mckiernan Mckillen Mckillop Mckim Mckimm Mckinlay Mckinley Mckinna Mckinnen Mckinney Mckinnon Mckissick Mckitrick Mckittrick Mcknight Mckoy Mclachlan Mclachlane Mclafferty Mclagan Mclain Mclaine Mclannan Mclaren Mclartie Mclaughlan Mclaughlin MclauRin Mclavehlon Mclaws Mclay Mclean Mcleay Mclees Mcleish Mclellan Mclelland Mclennan Mclennon Mcleod Mclerie Mcleroy Mclonglin Mcloughlin Mclucas Mclure Mcmahon Mcmanadson Mcmanus Mcmartin Mcmaster Mcmeikan Mcmenemy Mcmicking Mcmillan Mcminn Mcmullen Mcmullin Mcmurdo Mcphey Mcphie Mcphillips Mcquade Mcquarrie Mcqueen Mcquillan Mcquinn Mcquire Mcrae Mcrae-Kavanaugh Mcraw Mcritchie Mcroberts Mcshane Mcsherry Mcstocker Mcswan Mcsweeney Mctaggart Mctavish Mcterivan Mcternan Mctiernan Mcurich Mcvean Mcvicar Mcvicker Mcvickers Mcwatt Mcweeban Mcwhinney Mcwhirter Mcwilliam Mcworthy Meacle Meade Meadmore Meagher Mealing Meanie Mearns Mears Mecurant Medcalf Medford Medina Medlands Medway Mee Meecham Meechan Meehan Meek Meekings Meekins Meers Mees Megchelen Mehrtens Meiken Meikle Meiklejohn Meynink Meys Mibus Micallef Michael Michell Michengton Michie Millwood Milman Milne Milner Milo Mollison Molloy Moloney Molony Momsen Monaghan Monaham Monahan Monckton Moncrieff Mondin MonEy Mongan Monk Monks Monkton Monod De Froideville Monoghan Monson Monssen Montague Montesano Montgomery Monti Moodie Moody Moon Moonen Mooney Moor Moore Moorehead Moorehouse Moorfoot Moorhead Moorhouse Moorwood Morales Moran Morante Morath Morbey Morcom Morcomb More Moreau Moreing Morel Moreland Moreno Morewood Morey Morgan Morgans Mori Moriarty Morice Morin Moring Morison Morkham Morland Morley Moro Moronese Moroney Morrell Morres Morrice Morris Morris- Finlay MOrris-Finlay Morris-Taylor Morrish Morrison Morrison-Foy Morrison-Little Morrissey Morrow Morrow-Keeler Morse Morshead Morson Mort Mortemore Mortensen Mortimer Mortimore Morton Mosbey Moseley Moses Mosher Mosman Moss Mossop Moston Mostyn Motolese Mott Motum Mouat Moulan Mould Moulden Moule Mount Mountfort Mountstephen Mow Mowat Mowbrey Mowle Moxham Moxon Moy Moye Moyes Moylan Moyle Moynahan Moyse Muddle Mudge Mudie Mudra Mueller Muffet Muffett Muir Muir-StOkes Muirhead Mulcair Muldoon Mulhern Mulholland Mullaly Mullan Mullane Mullard Mullen Mullens Muller Mullet Mulley Mulligan Mullin Mullineaux Mullins Mullions Mulqueen Mumberson Mumford Mumme Muncey Munday Mundy Munford MunG Nedwich Neeb Needham Needle Neeley Neely Neeson Neggo Neil Neil-Smith Neill Neilsen Neilson Neindorf Neller Nelmes Nelson Nepean Nerr Nesbitt Nesci Netting Nettle Nettlefold Nettleship Neubauer Neuss Nevell Neven Nevett Neville Nevin New Newbery Newbigging Newblock Newbound Newbury Newby Newcomb Newcombe Newell Newert Newitt Newlyn Newman Newman-Leonard Newport Newstead Newth Newton Neyle Neylon Ngatoro Nguyen-Luu Niccallum Nice Nichol Nicholas Nicholl Nicholls Nichols Nicholson Nickel Nickels Nickol Nicol Nicoll Nicolle Nicolson Nielsen Nielson Nies Nieuwenhuysen Nightingale Niken Nilant Nilson Nilsson NiSbet Nisbett Nissen Nitarski Nitschke Niven Nivison Nix Nixon Noakes Nobbs Noble Nock Noden Noether Noffz Noice Nolan Nolte Nommensen Noon Noonan Noone Norbury Norcott Norgate Noris Norman Norrie Norris North Northam Northcott Northey Northfield Northwood Norton Nosworthy Notaras Notley Notman Nott Nott-Bower Nottle Nottley-Smith Noud Nouwens Novak Novtz Nowak Nowakowski Nowlan Nowland Nowland-Foreman Nowotny Noy Noyes Nugent Nunen Nunn Nunney O’mara O’meagher O’meara O’mullane O’neil O’neill O’neir O’niell O’phee O’reilly O’rourke O’shannassy O’shannessy O’shaughnessy O’shea O’sullivan O’toole Oakden Oakenfull Oakes Oakey Oakford Oakhill Olutjic Olver Oman Ongley Onley Oosten Opdan Opdike Opie Opray Orange Orchard Ord Organ Orisini Orman Ormerod Ormsby Orpet Orr Orr-Ewing Orrock Os Osbaldiston Osborn Osborne OsborneYoung Osbourne Osgood Oskam Oski Osler Osmand Osmond Ost Ostermeyer Ostijik Ostinga Ostler Oswald Otero Otick Otis Ottaway Otterdijk Ottewill Otto Otton Ough Oughton Ousten Outram Outridge Outterside Overall Overduk Overend Overland Overmars Overs Overton Owen Owen-Cooper Owens Owers Owler Oxenford Oxlade Oxley Oxnard-Smith Ozag Ozog O’brian O’meara Peter Pa’ha Paarman Pace Pacey Packer Padden Paddison Paddock Padilla Paech Paez Page Pagel Pahl Paice Pain Paine Painter Painton Paiva Parrington Parris Parrish Parry Parry-Jones Parry-Okeden Parsisson Parson Parsons Partington PaRtington-Martin Partlett Partridge Partridge Perkins Perks Perman Pern Perram Perrett Perrier Perriman Perrin Perring Perron Perrott Perry Perry-Collier Persello Persse Persson Persson-Clark Pertzel Peryman Peter Peter-Budge Peterie Petering Pickett Pickette Pickford Pickles Pickthall Pickup Picton Pidd Piddock Pidgeon Pierce Piercy Pierides Pierson Plane Plant Plapp Platt Platten Platz Polworth Pond Ponini Ponting Ponton Poole Pooley Popa Pope Poppa Popple Popplewell Populin Porch Porker Porlock Port Portelli Porteous Porter Portious Portman Porublev Posette Post Postans Postle Potier Potter Potts Poulin Poulson Poulter Poulton Poulun Povey Powe Powell Power Powick Powis Powter Poxon Poynting Poyser Prackert Pradella Prain Prasad Prasser PraTley Pratt Prayne Precious Preece Prefumo Prendegast Prendergast Prentice Presnall Press Pressey Prest Preston Prestwich Prestwood Price Price-Hellyer Prichett Pricorp Priddle Pride Prideaux Pridgeon Pridham Pridmore Priest Priestley Priestly PrIgg Prime Primmer Prince Princehorn Punshon Purcell Purchase

Colin Barry

General Manager Bulkwest Engineering

Colin Barry was appointed General Manager Bulkwest Engineering Pty Ltd, a wholly-owned subsidiary of CBH Ltd, in 2003. Colin is responsible for all business activities of Bulkwest Engineering Pty Ltd, including the CBH Group annual capital works program and management of the organisation’s storage and handling assets.

He holds a Diploma in Business Management and is a Graduate of the Australian Institute of Company Directors. Colin also holds the position of Chief Safety Officer, leading the CBH Group’s Corporate Safety Steering Committee towards a safer future.

Colin Tutt

General Manager Operations

Colin Tutt was appointed General Manager Operations in 1995. Colin is responsible for overseeing the storage and handling operations of the business including grain receivals, logistics and quality.

He holds a Diploma in Business Management from the Mt Eliza Management College and is a Graduate of the Australian Institute of Company Directors.

David Woolfe

General Manager Secretarial and Legal

David Woolfe commenced as the General Manager, Secretarial and Legal in October 2003. He is responsible for the company secretarial and corporate governance functions of the CBH Group.

David is a qualified lawyer and Chartered Secretary. He is a Graduate of the Australian Institute of Company Directors and an Associate of the Institute of Chartered Secretaries and Administrators.


Senior Management Team

Doug Fairall

Chief Information Officer

Doug Fairall was appointed Chief Information Officer in January 2008 and is responsible for all aspects of information technology and systems. He has held numerous positions within the CBH Group ICT division since 2002.

Doug has worked in both the UK and Zimbabwe at various organisations including software suppliers, banks and data centres. He holds a Bachelor of Commerce from Rhodes University, South Africa and is a Graduate of the Australian Institute of Company Directors.

Virginia Miltrup

General Manager People and Performance

Virginia Miltrup joined the CBH Group in June 2009 as General Manager People and Performance and is responsible for the human resources and organisational development portfolios. Virginia was previously head of the HR and Brand Equity portfolios at Synergy and has previous experience in HR director and senior management roles in industries including Professional Services, Publishing and Local Government.

Virginia has a Bachelor of Commerce degree in HR and Industrial Relations and a Masters Degree in Leadership and Management.

Karlie Mucjanko

General Manager Corporate Affairs and Grower Services

Karlie Mucjanko joined the CBH Group in 2005 as a Marketing and Communications Advisor before taking on the role of Manager Corporate Affairs in November 2005 until May 2008. She is currently the General Manager Corporate Affairs and Grower Services.

Prior to joining the CBH Group, Karlie was the Public Relations Manager for Kondinin Group and the Communications Officer for the WA Farmers Federation. Karlie holds a MBA (Executive) from the University of Western Australia and a Bachelor of Arts (Communications and English & Comparative Literature) from Murdoch University.


Aaron Aarons Aarts Abad Abberfield Abberton Abbey Abbot Abel Abela Abercromby Abernethy Abfalte Ablott Aboud Abra Abrahall Abrahams Abuzar Acarackland Acland Acott Acton Adair Adam Adams Adamson Adamthwait Adcock Addam Addington Addinsall Addis Addison Adelman Adey Adie Adjukovic Adkins Adolfo Adolphe Adrianns Adwin Aefield Affleck Agar Agars Agland Aglionby Agnew Aguilar Ahad Ahern Ahfoo Ahlburg Ahlbury Ahrens Ahuriri Aikman Ainger Ainsley Ainslie Ainsworth Aird Airs Aitchison Aitken Aiton Alleyne Allibone Allingham Allinson Allis Allison Allsop Allsopp Allwood Allworth Almanaras Alsop Altena Alterator Althofer Althorpe Anivitti Anlezark Annan Annesley Annett Annette Annetts Anniss Atheron Atherton Atiu Atkin Atkins Atkinson Attard Atter Attewell Attleir Attrill Attwood Atwell Atwood Aubert Aubrey Aubusson Audet Audrins Audsley Auger Augustus Auld Ault Austen Austerberry Austin Austine Autey Auty Aveling Avern Avers Avery Avis Axel Axtill Axworthy Aylett Ayling Aylward Ayoub Ayre Ayres Ayrton Ayton Azon Allard Babe Babington Bach Bachell Back Backhouse Backshall Bacon Badenhop Badeni Badger Badier Badior Baess Baget Baghel Bagley Bagnall Bagnell Bahnisch Bahrs Baigent Baikie Bail Bailey Bailey-Mcdonald Bailey-Smith Baillie Bain Bainbridge Baines Baird Bairstow Baisllie Baker Bakker Bako Balazs Balcomb Bald Balderstone Baldi Baldie Balding Baldock Baldwin Bale Balenzuala Balfour Balfour-Melville Balharry Ball Ballam Ballantyne Ballard Ballhausen Ballingal Barbarovick Barbeler Barber Barbour Barboutis Barby Barchewitz Von Josephi Barclay Barden Bardsley Bardwell Barfoot Barford Bargwanna Barker Barklay Barkley Barkwith Barling Barlow Barnard Barnden Barnes Barnet Barnetson Barnett Barnier Barnshaw Barnwell Barr Barraclough Barrand Barrat Barratt Barrett Barrie Barrington Barriskill Barron Barrow Barrows Barry Barsley Barta Bartar Barter Barthe Bartho Bartholomaeus Bartholomew Bartlett Bartley Barton Bartram Bartrop Barugh Barwick Barwood Basham Bashford Basile Baskin Battandier-Meyer Batten Batterham Battersby Batting Battise Battistuzzi Batty Baudinette Bauer Baulch Bauman Baumgarten Bavin Bavington Baxby Baxendale Baxter Bayes Bayles Bayley Baylie Baylis Bayliss Bayly Bayne Baynes Baynham Baynton Bazzano Beach Beadman Beak Beal BeN Benbow Benda Bende Bendeich Bender Benetti Benfer Benfield Benge Bengtsen Benjamin Bennell Bennet Bennett Bennetts Bennie Bennison Bensley Benson Bensted Bentley Bentvelzen Boazman Bob Boca Bochard Bock Bodeker Bodey Bodimede Bodle Bodley Bodman Bodnar Bodsworth Body Bodycote Boetge Bogatez Bogg Boggs Borhom Borlace Borland Borley Bormann Borner Bowditch Brabham Brace BraCher Bracken Bracker Bradbrook Bradbury Bradd Braddock Bradey Bradford Bradley Bradmore Bradney Bradock Bradshaw Brady Bragg Bragge Bragonje Braham Brahme Braidie Braim Braithwaite Braitling Brakes Braley Bramble Bramich Brammall Breadman Breakspear Brealey Brebner Breckinridge Breed Breen Breheny Breingan Breitkreuz Brelsford Bremer Bremner Brenchley Brendon Brennan Brennen Brent Brentnall Brenton Brereton Breslin Bressington Brest Brett Breuer Brew Brewer Brewster Brian Brice Brick Bromell Bromfield Bromham Bromhead Bromilow Bromley Bromlow Brommell Budd Budden Budge Budgen Buens Buettna Bufton Bugden Bugeja Bugman Buhlmann Bulgary Bulkley Bull Bullen Bullen-Smith Bulley Bulling Bullock Bullow Bulmer Bultitude Bumagiar Bumpstead Bunce Bundock Bundy Bune Bunny Bunt Bunter Buntine Bunting Buntsman Bunyan Buob Burbank Burbridge Burch Burchall Burcham Burcher Burchett Burdekin Burden Burdett Burdon Burey Burgar Burt Burtenshaw Burton Burtt Burvill Busbridge Busby Busch Buscombe Bush Bushaw Bushell Bushnell Bussell Bussey Bustamante Busteed Buszard Butchart Butcher Butcherine Butchers Butel Butler Butlin Butt Buttel Butters Butterworth Buttfield Buttigieg Buttle Button Buttrose Buxton Buzacott Buzza Byatt Bye Byerlee Byers Byfield Bylsma BynG Bynon Byrchall Byres Byrne Byrnes Byrns Byrom Bywaters Cable Cabot Cabral Cadd Caddell Caddey Caddy Cade Cadell Cadenhead Cadman Cadogan Cady Caelli Caetano Caffin Caggiati Cahill Caple Capon Capp Capper Capps Caradus Carah Carbery Carcary Card Cardale Carde Cardell Cardill Cardow Care Careil Caretta Caretti Carew Carey Cargill Carkeek Carlaw Carle Carlier Carlile Carlin Carlisle Carlon Carlton Carlyle Carlysle Carmichael Carmodie Carmody Carnall Carnegie Carnell Carney Caroll Caron Carpenter Carpio Carr Carragher Carrey Carriage Carrick Carrigan Carrington Carrol Carroll Carruthers Carseldine Carson Carstens Carswell Carter Carthew Carthy Cartledge Cartwright Carty Carvel Carver Carwithen Carwood Chandler Chant Chantrill Chaplin Chapman Chappel Chappell Chappelow Chard Charles Charleston CharLesworth Charlston Charlton Charlwood Charnock Charters Chartier Chase Chaseling Chaston Chateau Chatfield Chatman Chatterjee Chatterton Chauvel Cheatham Cheers Cheeseman Chegwidden Cheklin Chellen Chelliah Chelman Chemello Chemiayeff Chen Chenery Cheney Cherrie Cherry Chesher Cheshire Chessell Chessells Chesser Chester Chevalley Chevley Chew Chewings Cheyne Chick Chignal Chilcote Child Childs Chin Chinnery Chiplin Chippendale Chipperfield Chircop Chisholm Chisnall Chivell Chivers Choat ChomLey Choo Chown Chrestman Christensen Christenson Christiansen Christianson Christie Christmas Christou Chugg Chung Church Churches Churchill Churn Churton Chuykrom Chylek Ciko Ciurliza Clack Clade Clair Clancy Clare Claridge Clark Clarke Spiers Cock Cockbain Cockburn Cocking Cockle Cocks Cocksedge Cockshutt Coddington Codey Codlin Codling Codrington Coffee CoffeY Coffield Cogan Cogdon Coggan Coghill Coghlan Cohen Cohn Coke Coker Colb Colbert Colborne Colclough Colcomb Coldrick Cole Coleborn Coleman Coles Colgan Collaphy Collar Collard Colledge Colless Collett Colley Collie Collier -Coningsby Conlan Conliffe Conlon Connal Connebee Connel Connelan Connell Connelly Connolly Connor Connors Conole Conquest Conrad Conroy Conry Considine Constable Constantine Conway Conyard Cook Cooke Cooksey Cooling Cools Coombe Coomber Coombes Coomblas Coombridge Coombs Cooney Coop Coope Cooper Coote Copas Cope Copeland Copery Copland Copper Copperwaite Coppick Copping Coppock Copsey Corballis Corban Corbet Corbett Corby Corcoran Cordell Cordes Cordner Core Corgan CoRk Crear Cree Creed Creek Creenaline Crees Creevy Crehan Creighton Crellin Cremen Cremer Crerar Cressey Cresswell Creswell Creten Crethar-Black CretHer Crether-Black Crew Cribb Crick Cridland Crighton Crilly Crimlisk Crimmins Crimston Cripps Crisfield Crisp Crispin Critchley Critchlow Crittenden Croad Croake Croaker Crocker Crocket Crockett Crockford Crocombe Croft Crofton Crofts Croker Crombie Crombie-Tait Cromie Crompton Crone Cronin Cronk Cronkell Crook Crookey Crooks Crookshank Croom Cropley Crosbie Crosby Cure Cureton Curley Curll Curnow Curr Curran Currie Curry Curtain Curtin Curtis CurTis-Morrison Curwan-Walker Curwen Curwood Cusack Cush Cushion Cushnant Cuskey Cussans Cust Cuteja Cuthbert Cuthbertson Cutler Cutmore Cutten Cutting Cuttle Cuttris Cuzens Cvejanov Czapracki D’acre D’ambrosio D’apice D’aquino D’arcy D’augello D’eltoN D’evlin Da Re Dabin Dabinet Dacey Dacich Dad Daft Dagbert Dagnall Dagon Dahl Daines Dainton Dainty Dalby Dale Daley Dalgliesh Dall Dalley Dallisher Dally Dalrymple Dalton Daly Dalzell Dalziel Damen Danaher Danby Dance Dande Dangaard Danger Dangerfield Daniel Daniell Daniels Danielson Dank Dann Danson Danzie Dapucanta Darby Darcy Dare Dargan Dark Darke Darling Darlington Darmit Darmody Darrach Darragh Darrington Darroch Darse -De Courcy De Crespigny De Gelder De Git De Grawo De Jong De Leon De Little De Mamiel De Moleyns De Tores De Vantee Deadman Deak Deakin Deamer Dean Deane Deane-Butcher Deaner Deans Dear Deards Dearman Deason Death Debbo Debien Debney Debono Debrassac Debreceny Debursey Dedrick Dee Deegan Deeks Deeley Deemer Deer Deery Deeth Degroff Degrovanni Deguchy Dehennin Dehn Dehne Dehnert Deighton Deitrich Delacheur Delaforce Delaforce-Nott Delahunty Delaland Delaney Delanty Delgardo Dell Della Dellacs Dellar Deller DelOrenzo Delton Delve Demacie Dempsey Dempster Demtschuk Denahey Denbrook Dendle Dengate Denham Denis Denison Denley Dennehy Denner Dennes Dennett Denning Dennis Dennistoun Denovan Denshire Densley Dent Denton Denyer Derby -Dimmick Dingle Dingwall Dingwell Dinker Dinnett Dinsdale Dircks Disher Disken Disson Ditzell Dive Divita Dix Dixon Djordjevic Doak Dob Dobb Dobbie Dobbin Dobblie Dobell Dobinson Dobson Doceff Docherty Docking Dockrill Docos Doctor Dodd Dodds Dodemaide Duguid Duke Dulhunty Eather Eaton Eatts Eaves Ebbott Ebeling Ebert Ebsworth Eccles Eccleston Echardt Eckersley Eckert Eckley Ecob Ecroyd Eddison Eddrige Eddy Ede Eden Edgar Edge Edgecumbe Edgell Edgelow Edgerton Edington Edleston Edmond Edmonds Edmondson Edmonston Edmunds Edmundson Edney Ednie Edsall Edson Edstein Edward Edwards Efimov Efimova Egan Egen Egenoft Eger Eggerstedt Eggington Eggins Eggleston Eggleton Ehrhorn Ehrlich Eichler Eichorn Eiffler Eileen Einem Eipper Eisman Ekert Ekin Smyth Ekstrom Eland Elder Eldershaw Elderton Eldred Eldridge Elexaus Elford Eliezer Elix Elizabeth Elkins Ellem Ellen Ellenbroek Ellenwood Elleway Elliot Elliott Elliott-Ranken Ellis Ellisdon Ellison Ellwood Elms Elphick Epstein Eric Erickson Eriksen Erikson Eriksson Ermaturger Ernst Erp Errey Erskine Erwen Erwin Erwood Erzedich Escolme Esler Espagne Essen Essex Estens Esterburg Esterl Estreich Etherton Ette Ettman Eustace Eustoughfree Evans Evennett Everall Everett Everingham Evers Fairlie Fairman Fairweather Faithful Falcon Falconer Falk Falkener Falkiner Fallaw Fallon Falloon Fallowfield Fane Fanny Fanthorpe Fantuzzi Fargie Farkas Farley Farlow Farman Farmer Farndon Farnhill Farquharson Farr Farrahar Farrant Farrar Farrawell Farrell Farrelly Farrow Farrugia Farthing Farwell Fass Fatnowna Faulds Faulkner Faulks Fauser Faux Favaroni Favero Fawcett Fawcett-Smith Fawns Fazio Fearon Feast Featherstone Featherstonhaugh Featon Feehan Feeney Feery Feferkranz Fegan Feilen Feint Felgate Felix Fell Fellows Felsch Felser Fields Fiene Fievre Fife Figg Figgins Fikkers Filby Fill Filmer Finch Fincher Findlater Findlay Findley Fineberg Finger Finlay Finlayson Finley Finn Finnegan Finnemor Finney Finnie Finnis Firkin Firkins Firth Fischer Fish Fisher Fisk Fisken Fissioli Fitch Fitchett Fitter Fittler Fittock Fitton Fleet Fleetwood Fleming Flemming Flenley Fletcher Fletcher-Ash Flight Flint Flintoff Flitcroft Flocas Flood Floody Florence Florica Flower Flowerday Flowers Floyd Flug Flynn Foale Focken Fodor-Flesch Fogarty Fogg Foggitt Folder Foley Follent Folley Fong Fonte Fookes Fooks Foord Foot Foote Foott Forbes Force Ford Forde Fordham Fordyce Foreman Forester Forgan Forge Forgie Foristal Forle Forman Formby Forneris Forrest Forrester Forster Forsterm Forsyth Forsythe Fort Forte Fortescue Fortey Forwood Fosdike Foss Foster Foster-Barham Foster-Burley Fotheringham Foulger Foulstone Fouracre Fourie Fowke Fowle Fowler Fowlie Fox Foy Frahm Frail Frame France Francicca Francione Francis Francisco Franey Frank Franke Frankel Frankle Franklin Franks Franson Franssen Franzman Fraser Fraser-Tytler Frater Fraters Frawley Frazer Frazier Freak Freckelton Fredericks Free Freebody Freed Freedman Freeman Freer Freestone Freeth Freijah Freitis Fremantle French Frend Frenne Freshwater Fretwell Frew Fridey Friend Friezer Frischman Frith Frizzi Frolich Fromholtz Frost Fry Fryar Fryer Fryters Fudge Fudold Fuhrman Fulford Fullarton Fuller Fullerton Fullings Fulloon Fullwood Fulmer Fulton Fulton-Kennedy Funnell Furlon Furlonger Furneaux Furnell Furner Furness Furney Furniss Furphy Fursto Fury Furze Fussell Futcher Futurius Fyall Fydler Fyfe Fyffe Fynn Gabriell Gaden Gador Gadsden Gadwick Gaffney Gager Gaggin Gaghen Gagliano GahAn Gailey Gainer Gainey Gair Gaiswinkler Gait Galambos Galbraith Galbreath Gale Galea Galema Galiente Gall Gallacher Gallager Gallaghar Gallagher Gallan Galland Gallaugher Galli Galligan Gellert Gelormini Gemmell Gemmill Genocchio Gentle Gentles George Georgeson Gepp Geraghty Gerard Gerathy Gerlach Germain Gerrand Gerrard Gerrey Gerrits Gervasoni Gervink Gerzong Geshu Gesler Gessel Gessmer Gestier Gethings Geue Gey Geyer Ghananburgh Gitsham Gittens Givney Gladstone Glaiser Glanfield Glanville Glascott Glasgow Glaskin Glass Glasse Glasser Glasson Gleeson Glen Glencross Glendenning Glenie Glenn Glennie Glickman Gliddon Glisson Glover Glyde Glynn Goad Goble Godbaz Godbold Gollightly Gomaz Gomez Goncales Gonne Gonzalez Gooch Good Goodair Goodall Goodchap Goodchild Goode Goodeau Goodenough Gooderson Goodes Goodfellow Goodger Goodhew GoOdie Gooding Goodman Goodrich Goodwin Goodwood Goodworth Goody Goodyear Goodyer Gooley Goonan Goonatillake Gordij Gordon Gore Gorey Gorham Goring-Johnston Gorman Gorme Gormly Gorrie Gorton Gorwell Gosen Grahaeme Graham Grahame Grainger Gramer Grammie Greaves-Small Greber Grebert Grece Grech Green Green-Clarke Greenaway Greene Greenfield Greenhalgh Greenham Greenhill Greenland Greenleaf GReenlees Greenough Greenshields Greenslade Greentree Greenup Greenwell Greenwich Greenwood Grimshaw Grimwood Grindlay Grindley Grinham Grinlington Grinter Grissell Groch Groeben Gromholtz Groom Groomes Groot Grosbeck Grosche Grose Gross Grosser Grosskreutz Grosvenor Groth Grotrian Groundwater Grove Groves Grue Gruhl Grulke Grummitt Grundy Grutta Grycewicz Gubbin Gudman Guerra Guerrero Guertin Guest Guihot Guildford Guiledo Guilfoyle Guimelli Guinane Guinard Guino Gulbin Gull Gullen Gulley Gullifer Gulliver Gumbleton Gumley Gummersall Gummow Gunderson Gunn Gunnell Gunning Gunston Gunton Haggitt Hagland Haglund Hague Hahn Hahnal Haig Haigh Hailes Haimes Haimona Hain HainEs Haining Hair Haire Haiser Halamountis Haldane Halden Hale Hales Haley Halfacre Halfo Halford Haling Hall Hall-Cridland Hallahan Hallam Hallet Hallett Halley Hallgarth Hammet Hammick Hammond Hammonds Hamon Hampden Hampshire Hampson Hampton Hams Hamson HanagAn Hanby Hancock Hand Handberg Handebo Handford Handley Hanel Hanford Hangar Hanger Hanifan Hanisch Hankel Hankins Hanks Hanlan Hanley Hanlin Hanlon Hann Hanna Hannaford Hannah Hannan Hannant Hannay Hannelly Hanney Hanniver HannOn Hannon-Nicholls Hanrahan Hanratty Hansberry Hansell Hansen Hansford Hanson Hapgood Happ Harbeck Harben Harber Harbison Harbour Harbourne Harbridge Harcoan Harcourt Hardaker Hardcastle Harden Harders Hardie Hardiman Harding Hardisty Hardman HarDs Hardstaff Hardwick Hardwicke Hardy Hare Haren Harford Hargan Hargrave Hargraves Hargreaves Hargreves Hargy Harker Harkin Harkness Harland Harle Harley Harling Hartin Hartley Hartman Hartmann Hartmire Hartness Hartnet Hartrick Hartwell Hartwig Harvey Harvik Harvison Harwick Harwood Hase Hasket Haskin Haslam Haslem Hasna Hassell Hassett Haste Hastelow Hastings Haswell Haszard Hatch Hatchard Hatchen Hatcher Hateley Hately Haylock Hayman Hayman-King Hayne Haynes Haynn Hays Haythorne Hayward Haywood Hazel Hazeldine Hazelgrove Hazelthorn Hazelwood Herson Hesketh HeSlin Hess Hessel Hessin Hest Hester Hickie Hickleton Hickman Hicks Hickson Hiddletoe Hientee Hieronymus Higgie Higginbottom Higgins Higginson Higgs Highet Highlanders Hignett Hild Hilder Hilditch Hile Hiles Hill Hillam Hillard Hiller Hillhouse Hillier Hillman Hills Hillsley Hillyard Hilton Himing Hinchcliffe Hoenger Hoey Hoff Hoffman Hogan Hogarth Hogben Hogden Hogg Hoggan Hoggart Hogge Hogno Holbert Holborow Holcombe HoldEn Holder Holding Holdstock Holdsworth-Wynd Hole Holford Holgate Holland Hollebon Holley Hollian Holliday Hollier Hollingshed Hollingsworth Hollingworth Hollis Holloway Holly Hollywood Holm Holman Holmberg Holme Holmes Holmick Holpen Holroyd Holstein Holsworth Holt Holter Holtznagel Holyman Homan Homer Hommelhoff Honan Hone Honey Honner Hoobin Hood Hoogeveen Hook Hooke Hooker Hooklyn Hookway Hooper Hooson Hooth Hopcroft Hope Hopgood Hopkins Hopkinson Hopper Hopple Hopwood Horan Hord Horden Hore Horeczyj Horen Horman Horn Horne Horner Hornery Horniman Horning Horrell Horrigan Horrocks Horseburgh Horsell Horsfall Horsfield Horsley Horst Horstead Hort? Hortig Hortle Horton Horwood Hoscher HoseasoN Hosie Hoskin Hosking Hoskings Hoskins Hoskisson Hoskyns-Abrahall Hossack Hotchkiss Hotson Houchen Hough Houghton Houghton-Allen Houguet Houlahan Houldsworth Houlihan Houlson House Houston Houting Hovell Hovenden Hovi How Howard Howarth HowatsOn Howatt Howden Howe Howel Howell Howells Howes Howie Howieson Howitt Howkins Howland Howle Howlett Howley Hows Howse Howson Hoy Hoyle Hrabar Huband-Smith Hubbard Hubber Hubble Huckel Huckell Hucker Huddle Huddy Hudec Hudgson Hudson Huett Huey Huf Huffadine Huggart Huggett Huggins Hugh Hughan Hughes Hugo Huish Huld Hull Hulme Huls Hulse Hulsing Humann Humber Inch Ind Inder Ingall Ingham Ingle Ingledew Inglis Ingram Innes Insch Inseal Inskip Instance Ioannou Irby Iredale Ireland Irons Ironside Irvin Irvine Irving Irwin Isaac Isaacs Isaia Isbel Islam Isle Isles Islip Ison Isworth Ittensohn Itzarot Iuston Ivanoff Ivanovich Ive Iverach IvIn Ivory Iwanowicz Izatt Jarry Jarvis Jary Jaski Jaskiewicz Jasper Jaunitis Javier Jay Jazowski Jeanes Jeanneret Jeans Jeavons Jeff Jefferies Jefferis Jeffery Jeffrey Jeffreys Jeffries Jeffriess Jeffs Jelbart Jemmett Jenkin Jenkins Jenkinson Jenks Jenner Jennings Jennings, Jennison Jensen Jenyns Jephcott Jeppesen Jerome Jong Jongkryg Jopling Jopp Jordan Jorgensen Jorgenson Jorna Joseph Josephs Joss Jouning Joyal Joyce Judd Judge Judson Julius Jupp Jurd Jurik Jury Juster Justice Kaard Kable Kachel Kaczmar Kafoa Kahelin Kain Kaine Kains Kaiser Kalinowski Kalinskin Kalkman Kamerman Kamler Kamolz Kanda Kane Kanfison Kangyar Kanowski Kant Kapuppila Karam Karey Kargilis Karling Karttunen Kaschan Kassebaum Kastwick Katalan Kater Kath Katuke Kaufmann Kavanagh Kavanaugh Kay Kaye Kaylor Kazy Keam Kean Keanan Keane Kearn Kellam Kellaway Kelleher Kellet Kellett KeLley Kelliher Kellow Kells Kelly Kelman Kelmister Kelso Kelson Kelton Kelvin Kelynack Kember Kemp Kempe Kempel Kempson Kempster Kempton Kenda Kendall Kendrick Keniry Kenna Kennan Kenneally Kennedy Kewley Key Keyes Keys Khan Kibblewhite Kibell Kidd Kiddle Kidman Kiel Kiely Kiem Kierce Kiernan Kift Kilby Kilderry Kiley Kilfoyle Kilgour Killeen Killen Killick Killin Killoran Kilner Kilpatrick Kilroy Kilsby Kim Kimball Kimberley Kimm Kimmel Kind Kindellan Kindlesides Kindred King King-Harman Kingdom Kingham Kingsborough Kingsley Kingsmill Kingston Kininmonth Kinlyside Kinmond Kinnane Kinns Kinnunen Kinny Kinsman Kippax Kippen Kirby Kirchner Kirgan Kirk Kirkaldy Kirkby Kirkenezoy Kirkham Kirkland Kirkman Kirkness Kirkpatrick Koithan Kok Kokiri Kolahan Kolic Kolios Komoll Kompara Kong Konig Koning Konz Koops Kopke Kosaras Koshevict Kosky Kossack Koster Kotzur Koupiansky Kouzan Kowald Kowalski Kowarzik Kradolfer Krafft Krahe Kramixfeld Kratz Krause Krazanowski Krech Kreimer Krepp Kresge Kricker Lange Langfield Langford Langlans Langley Langrick Langtry Lansbury Lansdowne Lansky Lappin Laragy Larard Larden Lardner Largo Lark Larkin Larkins Larnach Larney Larsgaad Larsgaard Larson Larsson Larwood Lascelles Laskey Lasonder Last Laszewski Latham Lathan Latimore Latta Latter Lattimore Latu Laucis Lauder Lauer Laughlin Laught Laughton Laurent Laurie Laut Lavell Lavender Laver Lavers Laverty Lavery Lavis Law Lawder Lawford Lawler Lawless Lawlor Lawnton Lawrence Lawrie Lawry Laws Lawson Lawton Lax Laxton Lay Laybutt LaycoCk Laylor Layton Lazarro Le Breton Le Maitre Le Mesurier Le Roux Le Sueur Lea-Wright Leach Leach-Clay Leader Leadle Leah Leahy Leamey Lean Leaper Lear Learmont Learmonth Learmouth Leary Leask Leasure Leatham Leaudais Leavenworth Leayr LeBeter Lechie Leck Leckie Lecoutier Ledain Ledbeater Ledbetter Ledden Leddy Lediard Leduc Lee Leeder Leedham Leeding Leedman Leefoo Leeham Leek LeNnard Lennen Lewis Lewisam Lexroyd Lingard Lingenfelter Lingwood Linnane Linner Linquist Linsell Linsley Lippiatt Lipscombe Liptrot Lisenko Lisle Lisson List Lister Liston Litchfield Litster Little Littleboy Littlejohn Littlely Littlemore Littler Littlewood Littley Litton Livermore Liversidge Livingston Livingstone Livingstone-Learmonth Lizaro Lollback Lomas Lomax Lomer Lomoulder Lona Londish London Lonergan Loney Long Longbottom Longford Longinnou Longmore Longmuir Longton Longworth Lonie Lonsdale Looney Loos Lopat Lopes Lord Loria Lorimer Lorraine LotrInghem Louden Louder Loudon Lough Loughnan Louis Louis-Fuller Loundes Loutitt Louttit Lovat Love Loveday Lovekin Loveland Lovell Lovelock Lovett Lovett-Cameron Lovie Low Lowe Lowen Lower Lowes Lowis Lowndes Lownes Lowrey Lowry Lowson Loxton Loyd Lu Lubbock Lubecke Lubeek Lubke Lucas Luck Luckley Luckman Lucock Lucy Ludbey Ludford Ludgate Ludowici Ludwig Luff Lugard Lugg Lughetto Lugton Luhr Luke Lukeman Lukes Lukins Lulham Lumby Lumsden Lund Lundberg Lundie-Jenkins Lunn Lunney Lunnie Lunter Luscombe Lush Lusk Lusted Lusty Luther Lutton Lutz Lux Luxford Luxon Luxton Lyall Lyden Lydford Lye Lyell Lyford Lynch Lyndon Lyndsay Lyne Lynn Lynne Lyon Lyons LYster M’calman M’v’ewen Maas Mabberley Mabbott Mabbs Macadam Macalister Macallan Macalpine Macaol Macara Macarthur Macarthur-Onslow Macartney Macaskill Macatamney Macaulay Macauley Macbean Maccalum Maccarthy Maccloughery Maccoll Maccormack Maccorquindale Maccorquodale MaccusPie Maciver Mack Mackaway Mackay Mackechnie Mackenney Mackenzie Mackerchar Mackey Macphail Macpherson Macquarrie Macqueen Macrae Macrossan Macsymon Mactavish Mactier Madardy Malloch Mallock Mallory Malone Maloney Malpass Malseed Malthus Mancell Manchee Mancy Manders Manderson Manfield Mangan Mangles Manifold Manion Mankey Manley Manly Mann Manners Manning Mannix Mannolini Mansbridge Mansell Manser Mansfield Manson Mansur Mantell Mantle Manuel Manuell Maple Mapley Mapson Mapstone Maracich Marangon Marazzato Marca Marchant Marcheff Marchetti Marchment Marcus Marden Mardon Mares Marexiam Margetts Marinescu Marinov Marion Marios Mariott Marjery Markby Markey Markham Marks Markwell Marley Marlow Marmon Marmont Marney Maroney Marquart Marquis Marr Marra Marrabel Marriage Marribito Marriott Marsden Marsh Marshall Marshman Mart Martel Martell Martens Martick Martin Martindale Martine Martinez Martorana Marwedel Marx Mascadri Mascal Masi Maslen Maslin Mason Massey Massie Masterman Masters Masterson Masterton Matarese Mate Matenson Mather Mathers Matheson Mathew Mathews Mathewson Mathias Mathieson Mathis Mathisen MaThison Matson Matthews Mattick Mattingley Mattner Mattock Matton Mattson Matuschka Maud Maudsley Maudson Maughan Maul Maund Maunder Maundrell Maunsell Maurer Mauson Mavin Mavor Mavrocolides Mawby Mawer Mawhinney Mawley Mawson Maxted MaxwelL May Mayall Maybery Maybury Maydom Mayer Mayers Mayes Mayfield Mayled Maynard Mayne Mayo Maytom Maywood Mazaracca Mazengarb Mazzello Mcadam Mcadoo Mcainsh Mcaleer Mcalister Mcallan Mcallester Mcallister Mcalpin Mcalpine Mcanally McannAllay Mcardle Mcarthur Mcarthy Mcaskil Mcateer Mcaulay Mcauley Mcauliffe Mcausland Mcauslin Mcbain Mcbay Mcbean Mcbeath Mcbey Mcbow Mcbride Mcbryde Mcburnie Mcc Ormack Mccabe Mccade Mccafferty Mccaig Mccall Mccallen Mccallin Mccallum Mccalman Mccann Mccarron Mccarthy Mccartin Mccartney Mccash Mccaskill Mccathie Mccathy Mccaughan Mccaughey Mccaul Mccauley Mccausland Mccavanagh Mcchesney Mcclarron Mcclass Mcclean Mcclelland Mcclintock Mcclure Mccluskey Mcclymont Mccole Mccoll Mccollum Mccombe Mcconachy Mcconchie Mcconkey Mcconnell Mcconnell Brown Mcconville Mccook Mccoombs Mccord Mccorkindale Mccormack Mccormick Mccorquedale Mccorquindale Mccosker Mccourt Mccowan Mccoy Mccrabb Mccracken Mccrae Mcdermott Mcdiarmid Mcdonald Mcdonell Mcdonnell Mcdouall Mcdougal Mcdougall Mcdowall Mcdowell Mceachan Mceachern Mceachran Mcearchan Mceleen Mcenteer Mcerlean Mcervale Mcevoy Mcewan Mcewen Mcfadden Mcfaddgyn Mcfadyan Mcfadyen Mcginness Mcginnis Mcginty Mcgirr Mcgivern Mcglashan Mcgoldrick Mcgonagle Mcgorman Mcgourlick Mcgowan McgranE Mcgrath Mcgraw Mcgreevy Mcgregor Mcgrice Mcgruer Mcgufficke Mcguiness Mcguinness Mcguire Mcguvon Mchale Mchardy Mcharrie Mchatton Mchugh Mcildvie Mcilroy Mcilvain Mcilveen Mcilwain Mcilwraith Mcinerney Mcinnes Mcinnis Mcintosh Mcintyre Mciver Mcivor Mckain Mckanna Mckavanagh Mckay Mckays Mckeagg Mckean Mckechnie Mckee Mckeering Mckell Mckellar Mckelvie Mckendrick Mckenna Mckenzie Mckenzie-Cotchin Mckeon Mckeowen Mckeown Mckercher Mckergow Mckerrall Mckessar Mckewen Mckibbin Mckichan Mckie Mckiernan Mckillen Mckillop Mckim Mckimm Mckinlay Mckinley Mckinna Mckinnen Mckinney Mckinnon Mckissick Mckitrick Mckittrick Mcknight Mckoy Mclachlan Mclachlane Mclafferty Mclagan Mclain Mclaine Mclannan Mclaren Mclartie Mclaughlan Mclaughlin MclauRin Mclavehlon Mclaws Mclay Mclean Mcleay Mclees Mcleish Mclellan Mclelland Mclennan Mclennon Mcleod Mclerie Mcleroy Mclonglin Mcloughlin Mclucas Mclure Mcmahon Mcmanadson Mcmanus Mcmartin Mcmaster Mcmeikan Mcmenemy Mcmicking Mcmillan Mcminn Mcmullen Mcmullin Mcmurdo Mcphey Mcphie Mcphillips Mcquade Mcquarrie Mcqueen Mcquillan Mcquinn Mcquire Mcrae Mcrae-Kavanaugh Mcraw Mcritchie Mcroberts Mcshane Mcsherry Mcstocker Mcswan Mcsweeney Mctaggart Mctavish Mcterivan Mcternan Mctiernan Mcurich Mcvean Mcvicar Mcvicker Mcvickers Mcwatt Mcweeban Mcwhinney Mcwhirter Mcwilliam Mcworthy Meacle Meade Meadmore Meagher Mealing Meanie Mearns Mears Mecurant Medcalf Medford Medina Medlands Medway Mee Meecham Meechan Meehan Meek Meekings Meekins Meers Mees Megchelen Mehrtens Meiken Meikle Meiklejohn Meynink Meys Mibus Micallef Michael Michell Michengton Michie Millwood Milman Milne Milner Milo Mollison Molloy Moloney Molony Momsen Monaghan Monaham Monahan Monckton Moncrieff Mondin MonEy Mongan Monk Monks Monkton Monod De Froideville Monoghan Monson Monssen Montague Montesano Montgomery Monti Moodie Moody Moon Moonen Mooney Moor Moore Moorehead Moorehouse Moorfoot Moorhead Moorhouse Moorwood Morales Moran Morante Morath Morbey Morcom Morcomb More Moreau Moreing Morel Moreland Moreno Morewood Morey Morgan Morgans Mori Moriarty Morice Morin Moring Morison Morkham Morland Morley Moro Moronese Moroney Morrell Morres Morrice Morris Morris- Finlay MOrris-Finlay Morris-Taylor Morrish Morrison Morrison-Foy Morrison-Little Morrissey Morrow Morrow-Keeler Morse Morshead Morson Mort Mortemore Mortensen Mortimer Mortimore Morton Mosbey Moseley Moses Mosher Mosman Moss Mossop Moston Mostyn Motolese Mott Motum Mouat Moulan Mould Moulden Moule Mount Mountfort Mountstephen Mow Mowat Mowbrey Mowle Moxham Moxon Moy Moye Moyes Moylan Moyle Moynahan Moyse Muddle Mudge Mudie Mudra Mueller Muffet Muffett Muir Muir-StOkes Muirhead Mulcair Muldoon Mulhern Mulholland Mullaly Mullan Mullane Mullard Mullen Mullens Muller Mullet Mulley Mulligan Mullin Mullineaux Mullins Mullions Mulqueen Mumberson Mumford Mumme Muncey Munday Mundy Munford MunG Nedwich Neeb Needham Needle Neeley Neely Neeson Neggo Neil Neil-Smith Neill Neilsen Neilson Neindorf Neller Nelmes Nelson Nepean Nerr Nesbitt Nesci Netting Nettle Nettlefold Nettleship Neubauer Neuss Nevell Neven Nevett Neville Nevin New Newbery Newbigging Newblock Newbound Newbury Newby Newcomb Newcombe Newell Newert Newitt Newlyn Newman Newman-Leonard Newport Newstead Newth Newton Neyle Neylon Ngatoro Nguyen-Luu Niccallum Nice Nichol Nicholas Nicholl Nicholls Nichols Nicholson Nickel Nickels Nickol Nicol Nicoll Nicolle Nicolson Nielsen Nielson Nies Nieuwenhuysen Nightingale Niken Nilant Nilson Nilsson NiSbet Nisbett Nissen Nitarski Nitschke Niven Nivison Nix Nixon Noakes Nobbs Noble Nock Noden Noether Noffz Noice Nolan Nolte Nommensen Noon Noonan Noone Norbury Norcott Norgate Noris Norman Norrie Norris North Northam Northcott Northey Northfield Northwood Norton Nosworthy Notaras Notley Notman Nott Nott-Bower Nottle Nottley-Smith Noud Nouwens Novak Novtz Nowak Nowakowski Nowlan Nowland Nowland-Foreman Nowotny Noy Noyes Nugent Nunen Nunn Nunney O’mara O’meagher O’meara O’mullane O’neil O’neill O’neir O’niell O’phee O’reilly O’rourke O’shannassy O’shannessy O’shaughnessy O’shea O’sullivan O’toole Oakden Oakenfull Oakes Oakey Oakford Oakhill Olutjic Olver Oman Ongley Onley Oosten Opdan Opdike Opie Opray Orange Orchard Ord Organ Orisini Orman Ormerod Ormsby Orpet Orr Orr-Ewing Orrock Os Osbaldiston Osborn Osborne OsborneYoung Osbourne Osgood Oskam Oski Osler Osmand Osmond Ost Ostermeyer Ostijik Ostinga Ostler Oswald Otero Otick Otis Ottaway Otterdijk Ottewill Otto Otton Ough Oughton Ousten Outram Outridge Outterside Overall Overduk Overend Overland Overmars Overs Overton Owen Owen-Cooper Owens Owers Owler Oxenford Oxlade Oxley Oxnard-Smith Ozag Ozog O’brian O’meara Peter Pa’ha Paarman Pace Pacey Packer Padden Paddison Paddock Padilla Paech Paez Page Pagel Pahl Paice Pain Paine Painter Painton Paiva Parrington Parris Parrish Parry Parry-Jones Parry-Okeden Parsisson Parson Parsons Partington PaRtington-Martin Partlett Partridge Partridge Perkins Perks Perman Pern Perram Perrett Perrier Perriman Perrin Perring Perron Perrott Perry Perry-Collier Persello Persse Persson Persson-Clark Pertzel Peryman Peter Peter-Budge Peterie Petering Pickett Pickette Pickford Pickles Pickthall Pickup Picton Pidd Piddock Pidgeon Pierce Piercy Pierides Pierson Plane Plant Plapp Platt Platten Platz Polworth Pond Ponini Ponting Ponton Poole Pooley Popa Pope Poppa Popple Popplewell Populin Porch Porker Porlock Port Portelli Porteous Porter Portious Portman Porublev Posette Post Postans Postle Potier Potter Potts Poulin Poulson Poulter Poulton Poulun Povey Powe Powell Power Powick Powis Powter Poxon Poynting Poyser Prackert Pradella Prain Prasad Prasser PraTley Pratt Prayne Precious Preece Prefumo Prendegast Prendergast Prentice Presnall Press Pressey Prest Preston Prestwich Prestwood Price Price-Hellyer Prichett Pricorp Priddle Pride Prideaux Pridgeon Pridham Pridmore Priest Priestley Priestly PrIgg Prime Primmer Prince Princehorn Punshon Purcell Purchase

Rob Maurich

Chief Risk Officer

Rob Maurich was appointed Executive Manager Risk and Assurance in 2004 and in 2007, became the Chief Risk Officer of the CBH Group. He is responsible for the Risk, Insurance and Internal Audit functions of the CBH Group.

Rob is a Chartered Accountant and holds a Bachelor of Commerce with Honours in Accounting & Finance and a Masters of Accounting from the University of Western Australia. He also holds a Graduate Diploma of Applied Finance and Investment from FINSIA and is a Graduate of the Australian Institute of Company Directors.

Rob is currently a Director of Inteflour Holdings Ltd.

Richard Codling

Group General Counsel

Richard joined the CBH Group in 2005 as a Legal Counsel before being promoted to Group General Counsel in 2008. Richard is responsible for ensuring that the CBH Group’s legal requirements are met.

Prior to joining the CBH Group, Richard worked for two prominent Australian law firms and a significant energy utility in the United Kingdom. Richard is currently the company secretary of Wheat Australia Pty Ltd. Richard holds a Bachelor of Laws and a Bachelor of Science (Pharmacology) from the University of Western Australia and is admitted to practice law in the Supreme Court of Western Australia and the Federal and High Courts of Australia.

Tim Collins

Executive Manager Logistics Strategy

Tim Collins was appointed Executive Manager Logistics Strategy in 2007. He previously held the position of Executive Manager Australian Grains Centre and Executive Manager Business Development following the sale of Bulkwest Logistics in 2004 of which he was General Manager.

Tim holds a Bachelor of Business in Transport Economics and Logistics from the Royal Melbourne Institute of Technology, a Master of Management from the Macquarie Graduate School of Management and a Masters of Business Administration from the Southern Cross University in NSW. Tim is a member of the Chartered Institute of Logistics and Transport and a Graduate of the Australian Rural Leadership Program and the Australian Institute of Company Directors.


Corporate Governance

This Statement outlines the main corporate governance practices of the CBH Group’s system of governance for the year ended 31 October 2009.

The CBH Group of Companies has in place a Corporate Governance Charter setting out the role, responsibilities and powers of Directors and documenting the way the Board functions. Throughout the year, the Board updated a number of policies to reflect changes in law and best practice and adopted new policies in areas previously not covered to ensure that appropriate corporate governance processes are in place within the CBH Group.

In October 2009, the CBH Group was awarded the Oppeus Governance Award in the 2009 NAB Agribusiness Awards for Excellence in recognition of its sound corporate governance framework. The NAB Agribusiness Awards recognise leading businesses for their excellence, innovation and leadership in the Agricultural industry.

The CBH Group website (www.cbh.com.au) contains copies or summaries of key corporate governance policy documents.

The Roles of the Board and ManagementThe Board of Directors is responsible to shareholders for the performance of CBH and its controlled entities. The Board of each Company within the CBH Group is responsible for all matters relating to the running of that Company.

The charter identifies the relationship between the Board and Management. The Board’s role is to govern, rather than manage, the organisation. In governing the Company, the Directors must act in the interests of the Company as a whole. It is the role of senior management to manage the organisation in accordance with Board policies and the direction determined by the Board.

The CBH Board is responsible for and has the authority to determine all matters relating to the policies, practices, management and operations of the Company. It is required to do all things that may be necessary in order to achieve the Company’s objectives. The Board has the final responsibility for the successful operations of the Company. Without limiting this general role of the Board, the specific or principal functions and responsibilities include:

providing the overall strategic direction and approving •corporate strategy of the Company;

setting the goals of the CBH Group, including short, •medium and long-term objectives;

appointing and approving the terms and conditions •of employment of the Chief Executive Officer and the Company Secretary;

reviewing and approving the annual and long-term •operating budgets;

reviewing and approving capital expenditure, including •the annual capital and miscellaneous budgets;

monitoring the effectiveness of risk management •policies and practices;

monitoring the operational and financial performance •of the Company; and

monitoring compliance with legislative, occupational •health, safety and environmental and ethical standards.

The Board carries out its activities through the Chief Executive Officer, to whom specific powers and responsibilities have been delegated.


Board StructureFollowing shareholder approval to amend the CBH Articles of Association at an Extraordinary General Meeting in October 2009, the CBH Articles of Association provide for the following Board structure:

the election of nine directors from five districts •comprised of Districts 1, 2, 3, 4 and 5. There are two Directors elected by shareholders from each of Districts 1, 2, 3 and 4 and one Director elected by shareholders from District 5. These directors can have their main grain growing interests in any district; plus

the appointment by the Board of up to three Directors •with special skills as the Directors consider appropriate to provide expertise or skills in certain fields that will broaden the overall experience of the Board of Directors.

The Board appoints a returning officer to conduct the election of district-elected Directors in accordance with the Articles.

Prior to the appointment or re-appointment of a Director with special skills, the Remuneration and Nomination Committee identifies and considers a number of potential candidates. The Committee then makes a recommendation to the Board with regard to a preferred candidate and the Board makes a final decision as to the Director to be appointed.

The term of office for a district-elected Director expires at the third ordinary general meeting after election. The term of office for Directors appointed for their special skills is up to 3 years with their appointment to be ratified by members at the next general meeting following their appointment or re-appointment.

There is no maximum age limit for a Director or an age after which a Director must be re-appointed on an annual basis.

The names of Directors in office at the date of this report, the commencement date of their current term and the expiry of their current term is set out in the table below.

Name of DirectorCurrent Term Commenced

Current Term Expires Annual Ordinary General Meeting

T N Badger 4 April 2007 2010

V A Dempster 2 April 2008 2011

K J Fuchsbichler 4 April 2007 2010

*L F Guthrey 2 April 2008 2011

J P B Hassell 1 April 2009 2012

*P W Knowles 1 April 2009 2012

R G Madden 1 April 2009 2012

M C Michael 2 April 2008 2011

W A Newman, Deputy Chairman

2 April 2008 2011

*K G Palmer 4 April 2007 2010

S J Tilbrook 4 April 2007 2010

N J Wandel, Chairman

1 April 2009 2012

*denotes Director with special skills

All current Directors are non-executive Directors and in addition to their role as a Director of CBH, each Director is also a Director of each of the wholly owned operating subsidiaries of the CBH Group. All Directors have formal letters of appointment.

In accordance with CBH’s Articles of Association the CBH Directors elect the Chairman and Deputy Chairman. Mr N J Wandel is the elected Chairman and Mr W A Newman is the elected Deputy Chairman.

The roles of Chairperson and Chief Executive Officer are not exercised by the same person.

Details of the background, experience and skills of each of the Directors is contained in pages 42 to 45 of this report.



Induction of New DirectorsNew Directors are provided with a formal letter of appointment which sets out the key terms and conditions of their appointment, including their duties, rights and responsibilities, the time commitment envisaged in the role and the Board’s expectations in respect of involvement with Board Committees.

In addition, new Directors receive a comprehensive induction manual and complete a Director Induction program which includes meeting with the Chairman, CEO, Audit and Risk Committee Chairman and key executives. The program also includes site visits to key CBH Group operations and CBH related computer training.

Role of Individual Directors and Conflicts of InterestThe charter outlines the policy and process to be followed in respect of Conflicts of Interests and Related Party Transactions. All Directors have given other Directors standing notice of the nature and extent of their interest in matters that relate to the affairs of companies within the CBH Group. A Director who has a conflict of interest must immediately disclose that interest to the Board and must not be present when the matter is being considered or vote on the matter, unless the Board have passed a resolution to enable the Director to do so.

Meetings of DirectorsThe Board meets formally at least 10 times a year, with additional meetings being held as required. On the invitation of the Board, members of senior management attend and make presentations at Board meetings. The Board also holds an annual strategic planning session and, in addition, spends significant time at board meetings discussing key strategic issues.

The number of meetings of the Company’s Board of Directors and of each standing Board Committee held during the financial year ended 31 October 2009 and the number of meetings attended by each Director are set out in the Directors’ Report.

Board Access to Information and Independent Professional AdviceThe Board has an Information Protocol which enables them to have access to required information to support their board decision making process. In addition, any Director can request approval from the Chairman or Deputy Chairman, which will not be withheld unreasonably, to seek independent professional advice at the Company’s expense to support a Director in fulfilling his duties.

Directors’ and Officers’ Insurance and Deeds of Indemnity and AccessIn conformity with market practice, the Company provides Directors’ and Officers’ Insurance and Deeds of Indemnity Insurance and Access to the maximum extent permitted by law.

Knowledge, Skills and ExperienceTo assist Directors to maintain an appropriate level of knowledge, skill and experience in the operations of the CBH Group, Directors undertake site visits and attend grower meetings, industry meetings and relevant conferences. Directors also receive papers, presentations and briefings on Group businesses and on matters which may affect the CBH Group.

Director EducationTo support Directors in their appreciation of their role and responsibilities, the CBH Board has adopted a policy that all Directors attend the Australian Institute of Company Directors (AICD) – Company Directors course. In 2009, there was an appointment of two new Directors to the Board and both of these Directors have subsequently attended this course.

Directors are encouraged to continue professional development through attendance at various seminars, courses and conferences. Subject to prior approval, the reasonable cost of these development activities is met by the Company.


In late 2008, the Board sent a small delegation of Directors and Executive Management on a Co-operative Research Tour to gain a greater understanding of other co-operatives around the world and, in particular, to ascertain the key factors that make co-operatives successful. In addition, Dr Fabio Chaddad from the University of Missouri was invited to speak to the Board and Executive Management on co-operatives from an international perspective.

During 2009, Corporate Governance training was conducted at in-house training sessions conducted by an external facilitator. In addition to the education component provided by these sessions, the training provided an opportunity to consider a number of current corporate governance policies and procedures and resulted in the introduction of additional policies and procedures at Board level.

Review of Board and Director PerformanceThe CBH Board has in place a formal appraisal system for the performance of the Board as a whole, committees of the Board and individual Directors.

Approximately every two years, a comprehensive review is undertaken with assistance from external advisers in order to provide an objective and independent insight into the overall effectiveness of the Board and the individual performance of Directors. This process was undertaken in the second half of 2008 and included an assessment of the Board, the Board committees and a self and peer assessment of each individual Director. The outcomes from the review were presented to the Board of Directors and throughout 2009, the Board have addressed a number of the recommendations from the review.

Committees of the BoardTwo standing Board committees assist the CBH Board on the discharge of its responsibilities and are governed by their respective charters, as approved by the Board. These are:

the Audit and Risk Management Committee; and•

the Remuneration and Nomination Committee.•

There are also two informal committees of the Board which meet on an as needs basis and which are also governed by their own charters.

The Investment Committee meets to review significant investment opportunities on behalf of the Group and assists Management by giving guidance in respect of key negotiation points, reviewing documentation and providing general advice in connection with proposed investments.

The Communication Committee oversees the CBH Group’s shareholder communication program with the overall aim of providing guidance and advice on the Company’s communications approach to ensure consistency in communicating the Board’s direction and objectives.

All of the above committees review matters on behalf of the Board and make recommendations for consideration by the entire Board.

It is customary for the CBH Board to review the composition of its committees annually at the first Board meeting following the Annual Ordinary General Meeting.

Audit and Risk Management CommitteeThe purpose of the Audit and Risk Management Committee is to provide assistance to the CBH Board in fulfilling its corporate governance and oversight responsibilities in relation to the CBH Group’s financial reporting, internal control structure, compliance with laws, regulations, internal policies and industry standards, risk management systems, code of conduct and internal and external audit functions. In doing so, it is the responsibility of the Audit and Risk Management Committee to maintain free and open communications between the committee, external auditors, internal auditors and management of the CBH Group.

The Committee reviews CBH Group financial statements, accounting policies and matters raised as a result of internal and external audit findings. In addition, the Committee reviews Risk Management Policies and the Risk Management Framework.



The members of the Audit and Risk Management Committee during the 12 months ended 31 October 2009 were as follows:

Mr Lloyd Guthrey (Chairman)

Mr Trevor Badger retired 6 May 2009

Mr Vernon Dempster joined 6 May 2009

Mr Kevin Fuchsbichler joined 6 May 2009

Mr Rodney Madden

Mr Mick McGinniss retired 1 April 2009

Mr Ken Palmer

The Chairperson of the Committee is not the Chairperson of the Board.

The Chief Executive Officer, the Chief Financial Officer, the Company Secretary, the Chief Risk Officer, internal and external auditors and other persons considered appropriate attend meetings by invitation.

The Committee also meets with the external auditors in the absence of management at the conclusion of each Committee meeting.

The Committee met six times during the financial year ended 31 October 2009.

The Audit and Risk Management Committee charter is posted on the corporate governance section of the Company’s website.

Audit Governance and Independence As part of its commitment to safeguarding integrity in financial reporting, the CBH Group has implemented procedures and policies to monitor the independence and competence of the CBH Group’s external auditors.

The Company’s current external auditors are Ernst & Young, who were appointed at the 2004 Annual Ordinary General Meeting. The appointment and remuneration of the external auditors and their effectiveness, performance and independence is reviewed annually by the Audit and Risk Management Committee.

The Audit and Risk Management Committee considers the appropriateness of engaging the external auditor to provide any non-audit services to ensure that the auditor’s independence is not compromised and has adopted an external audit policy in this regard.

Ernst & Young has provided a declaration to the Audit and Risk Management Committee for the financial year ended 31 October 2009 that Ernst & Young has maintained its independence in accordance with the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 and the rules of the professional accounting bodies.


Risk Identification and ManagementThe Company is committed to the identification, monitoring and management of risks associated with its business activities and has embedded in its management and reporting systems a number of risk management controls. These include:

Risk and Internal Audit – the Chief Risk Officer reports •directly to the Chief Executive Officer and the Chairman of the Audit and Risk Management Committee and is responsible for monitoring, investigating and reporting on internal control systems;

Financial Reporting – there is a comprehensive •budgeting system with an annual budget approved by the Directors. Monthly actual results are reported against budget and revised forecasts for the year are prepared regularly;

Insurance – there is a comprehensive annual insurance •program including external risk surveys;

Financial Risk Management – there are policies and •procedures for the management of market, financial risk and treasury operations including exposures to foreign currencies, interest rates and commodity risks;

Compliance – there are systems and processes in place •to ensure compliance with laws, regulations, internal policies and industry standards;

Due Diligence – there are comprehensive due diligence •procedures for acquisitions and divestments;

Crisis Management – there are crisis management •systems for all key businesses in the group; and

Executive Risk Management Committee – there •is a disciplined approach to the identification and management of risk with an Executive Risk Management Committee comprising the Chief Risk Officer, the Chief Executive Officer and various other senior executives, meeting on a fortnightly basis or as required.

The CBH Group has implemented an enterprise wide risk management approach to the identification, management and reporting of its risks. This entails risk reviews by each of the Company’s divisions which encompass operational, financial, strategic and compliance risk assessment and quantification.

The internal audit function is independent of the external audit function. The Chief Risk Officer monitors the internal control framework of the Group and provides reports to the Audit and Risk Management Committee. The Audit and Risk Management Committee endorses the audit charter and the annual internal audit plan to ensure that planned audit activities are aligned to business risks. The Audit and Risk Management Committee also reviews internal audit reports and monitors progress with recommendations made in these reports to ensure ongoing improvement in the internal control environment of the Company.

Information SegregationThe CBH Group has strict information segregation between Grain Operations and Grain Pool. Policies and procedures ensure that decisions made by Grain Operations are made in a consistent manner that does not unfairly or unreasonably discriminate between the acquirers of its services. These policies and procedures are in accordance with undertakings made to the Australian Competition and Consumer Commission (ACCC) and are subject to an independent external audit each year, which is reviewed by the Audit and Risk Management Committee.



Remuneration and Nomination CommitteeThe primary functions of the Remuneration and Nomination Committee are to:

make specific recommendations to the Board on •remuneration of Directors and key executives, with external advice being sought as appropriate;

recommend the terms and conditions of employment •for the CEO;

undertake a review of the CEO’s performance, at •least annually, including setting with the CEO goals for the coming year and reviewing progress in achieving those goals;

undertake a review of the performance of the Executive •of the Company, at least annually, including setting with them goals for the coming year and reviewing progress in achieving those goals;

consider and report to the Board on the remuneration •recommendations of staff reporting directly to the Chief Executive Officer;

develop and facilitate a process for Board and •Director evaluation;

assess the necessary and desirable competencies of •Board members;

review Board succession plans; and•

recommend the appointment of Directors with •special skills.

The members of the Remuneration and Nomination Committee during the 12 months ended 31 October 2009 were as follows:

Mr Neil Wandel

Mr Peter Knowles joined 6 May 2009

Mr John Hassell joined 6 May 2009

Mr Clancy Michael

Mr Wally Newman

Mr Denis Thompson retired 1 April 2009

Mr Steven Tilbrook

With regard to the level of fees payable to Directors, at the Company’s 2008 Annual General Meeting, shareholders approved an aggregate amount of $900,000 to be divided amongst Directors in such a manner as they determine, with Directors being entitled to receive, in addition to this amount, statutory superannuation entitlements and reimbursement for reasonable travel and other expenses incurred by them in the performance of their duties. The Company does not have a formal scheme for retirement benefits for Directors other than statutory superannuation.

The Chief Executive Officer and key executives are employed under employment agreements, which include formal position descriptions.

The remuneration package of the Chief Executive Officer is recommended to the Board by the Remuneration and Nomination Committee, having regard to his performance and the performance of the Company as measured against agreed targets. The targets are set annually by the Remuneration and Nomination Committee.

The remuneration packages of key executives are set by the Remuneration and Nomination Committee in consultation with the Chief Executive Officer and recommended to the Board.

The Remuneration and Nomination Committee met nine times during the financial year ended 31 October 2009.

A summary of the Committee’s role, rights, responsibilities and membership requirements has been posted on the corporate governance section of the Company’s website.

Communication with ShareholdersThe CBH Group places significant importance on achieving effective communication with its grower shareholders. A range of communication mediums are used including regular updates to all shareholders in respect of the activities of the CBH Group and the grain industry in general.

The Annual Report is forwarded to shareholders with an invitation to attend the CBH Annual Ordinary General Meeting where shareholders are given a reasonable opportunity to address issues with the Board. The auditors


to the Company are available at the Annual Ordinary General Meeting to address specific financial issues raised by shareholders if required.

Throughout the year, the CBH Group holds many local and regional meetings with growers to advise on Company and industry issues. Other meetings include pre and post harvest meetings, proposed capital works meetings, market “Outlook” meetings and grower focus groups, where growers are given the opportunity to express their views on relevant topical issues.

The CBH Group conducts regular grower surveys, including its annual corporate tracking survey, to assess shareholder attitudes to a range of CBH Group related issues including its grower communication strategy.

The Company reviews and updates the contents of its website on a regular basis.

In addition, the Board Communications Committee and the Growers Advisory Council each assist in the effective communication between the Company and its grower shareholders.

Code of Ethics and ConductThe Board has adopted a Code of Conduct based on the Australian Institute of Company Directors (AICD) model as an appropriate standard of conduct that is to be followed by all CBH Directors.

In addition, a CBH Group Code of Ethics and Conduct has been prepared for the guidance and benefit of all people employed by, contracted by, or acting on behalf of the CBH Group. The Code of Ethics and Conduct sets out the values and standards of the CBH Group including conducting its business ethically, operating with integrity and honesty, encouraging community initiatives, considering the environment and ensuring a safe, equal and supportive working environment.

The Code encourages the reporting of unlawful and unethical behaviour, actively promotes and monitors compliance with the Code and protects those that report breaches in good faith.

Growers Advisory Council

The Growers Advisory Council (GAC), comprises growers from various districts throughout the state and is considered by the CBH Board as an important forum in which local, industry and CBH Group specific issues are discussed for the benefit of the Company and local regions.

The GAC plays a critical role in providing grower feedback to the CBH Board and management.

Members of the Growers Advisory Council are:

Mr Andrew Duncan, Chairman

Mr Andrew Crook, Deputy Chairman

Mr Rory Graham

Mr Ray Harrington

Mr Roger House

Mr Norm Jenzen

Mr Darrin Lee

Mrs Donna Lynch

Mr Brian McAlpine

Mr Rodney Messina

Mr Bradley Millsteed

Mr Mark Roberts

Mr Ashley Wiese

Mrs Ruth Young


Director’sReport

The Board of Directors of Co-operative Bulk Handling Limited has pleasure in submitting its report in respect of the financial year ended 31 October 2009.

DirectorsThe following persons were Directors of Co-operative Bulk Handling Limited during or since the end of the financial year:

N J Wandel (Chairman)

T N Badger

V A Dempster

K J Fuchsbichler

L F Guthrey

J P B Hassell joined 1 April 2009

P W Knowles joined 1 April 2009

R G Madden

M E McGinniss retired 1 April 2009

M C Michael

W A Newman (Deputy Chairman)

K G Palmer

D W Thompson retired 1 April 2009

S J Tilbrook

Mr Wandel was Chairman of the Board, and Mr Newman was the Deputy Chairman of the Board for the financial year.

A summary of the qualifications, experience and special responsibilities of each of the Directors together with a summary of the qualifications and experience of the Company Secretary is set out on pages 42 to 45 of this Annual report.

Principal ActivitiesThe principal activities undertaken by the consolidated entity during the financial year comprised grain storage, handling and marketing and engineering related to grain storage and handling. In addition, the entity has an investment in flour processing facilities.

Review of OperationsFrom total revenue of $1,710,166,000 (2008 - $1,108,388,000), the consolidated entity achieved a profit attributable to members of the parent entity for the financial year of $118,966,000 (2008 - $40,143,000). Income tax expense from continuing operations of the consolidated entity was $21,244,000 (2008 - $17,122,000).

The CBH Group received 12.3 million tonnes of grain into its storage facilities during the year, compared to 8.5 million tonnes in the previous year and this increase in activity was the main reason for the increase in revenue and profit.

A more detailed review of the operations of the consolidated entity during the financial year and the results of those operations appear elsewhere in the Annual Report and in the accompanying financial statements.

Significant Changes in State of AffairsParticulars of significant changes in the state of affairs of the consolidated entity during the financial year are as follows:

Revenue from continuing operations and other income •increased by 54.3per cent to $1,710,166,000.

The profit attributable to members of the parent entity •for the financial year increased by 196.4per cent to $118,966,000.

Operating cash flows increased by 327per cent to •$323,195,000 and cash increased to $247,434,000 at year end.

Total assets decreased by 11.4per cent to •$1,505,537,000.

Interest bearing debt decreased by 53per cent to •$81,594,000.

Total liabilities decreased by 42.3per cent to •$416,365,000.

Equity increased by 11.5per cent to $1,089,172,000.•


Significant Events After Year EndSubsequent to year end, Grain Pool Pty Ltd negotiated additional inventory financing facilities of $250 million with various banks which is to be used during the 2009-10 season and reduces on a progressive basis over the year.

No other matter or circumstance has arisen since 31 October 2009 that has significantly affected, or may significantly affect:

the Group’s operations in future financial years; ora.

the results of those operations in future financial b. years; or

the Group’s state of affairs in future financial years.c.

Likely Developments and Expected ResultsLikely developments in, and expected results of, the operations of the consolidated entity in subsequent years are referred to elsewhere in this Annual Report.

Environmental Regulation and PerformanceThe operations of the Company are subject to a variety of Commonwealth and State environmental legislation and regulations.

The Company aims to control the impact of its activities on the environment to the greatest extent possible and to ensure that its operations are conducted in accordance with legislative requirements.

The Company had no reports of environmental breaches during the financial year.


Director’s ReportBoard and Committee MeetingsThe table below sets out the number of CBH Directors’ meetings (including meetings of the standing board committees) held during the year ended 31 October 2009 and the number of meetings attended by each Director.

Scheduled Board Meetings

Unscheduled Board Meetings*

Audit & Risk Management Committee

Remuneration & Nomination Committee

DirectorEligible to Attend

Attended **

Eligible to Attend*

Attended **

Eligible to Attend Attended

Eligible to Attend

Attended

T N Badger 10 10 4 4 3 3

V A Dempster 10 10 4 3 3 3

K J Fuchsbichler 10 10 4 4 3 3

L F Guthrey 10 10 4 4 6 6

J P B Hassell 5 5 1 1 4 4

P W Knowles 5 5 1 1 4 4

R G Madden 10 10 4 3 6 6

M E McGinniss 5 5 3 3 3 2

M C Michael 10 10 4 4 9 9

W A Newman 10 10 4 3 9 9

K G Palmer 10 10 4 4 6 5

D W Thompson 5 5 3 3 4 3

S J Tilbrook 10 10 4 3 9 9

N J Wandel 10 10 4 4 9 9

* The unscheduled Board meetings were held by teleconference.

** In all cases where a Director was unable to attend a Board meeting, leave of absence was granted by the Chairman, who endeavoured to canvass the views of the Director on key matters prior to the meeting, in order to represent the Director’s views at the meeting.

Indemnification and InsuranceThe Company, through Deeds of Indemnity, Insurance and Access has indemnified all Directors for any liabilities incurred as a Director, other than liabilities to the Company or a related body corporate, or liabilities arising out of conduct involving lack of good faith.

In addition, the Articles of Association of the Company provides an indemnity to each Director, Secretary and Officer against any liability arising by reason of his or her Directorship or office of the Company. This indemnity does not, however, cover conduct involving a lack of good faith.

A Directors’ and Officers’ insurance policy is maintained but the terms of the contract prohibit disclosure of the amount of the premium.

This report is made in accordance with a resolution of the Directors.

Neil Wandel

Chairman

Perth

3 February 2010


TO THE DIRECTORS OF CO-OPERATIVE BULK HANDLING LIMITED

In relation to our audit of the financial report of Co-operative Bulk Handling Limited for the year ended 31 October 2009, to the best of my knowledge and belief, there have been no contraventions of the independence requirements of the Australian professional accounting bodies or any applicable code of professional conduct.

Ernst & Young

Gavin A. Buckingham Partner Perth

3 February 2010

Liability limited by a scheme approved under Professional Standards Legislation

Auditors Independence Declaration


FOR THE YEAR ENDED 31 OCTOBER 2009

ABN 29 256 604 947

Financial Report

Income Statement 63

Balance Sheet 64

Cash Flow Statement 65

Statement of Recognised Income and Expense 66

Notes to the Financial Statements

Note 1. Corporate information 67Note 2. Summary of significant accounting policies 67Note 3. Significant accounting judgements, estimates and assumptions 81Note 4. Revenues and expenses 83Note 5. Income tax 85Note 6. Trade and other receivables 88Note 7. Other financial assets 90Note 8. Inventories 90Note 9. Other assets 91Note 10. Investments in associates 91Note 11. Property, plant and equipment 91Note 12. Intangible assets 93Note 13. Trade and other payables 95Note 14. Interest bearing loans and borrowings 95Note 15. Provisions 97Note 16. Other liabilities 98Note 17. Contributed equity and reserves 98Note 18. Cash and cash equivalents 100Note 19. Financial risk management objectives and policies 101Note 20. Derivative financial instruments 108Note 21. Commitments 112Note 22. Contingent liabilities 112Note 23. Contingent assets 113Note 24. Auditors’ remuneration 113Note 25. Compensation of key management personnel 114Note 26. Employee benefits 114Note 27. Investment in controlled entities 117Note 28. Investment in associates 118Note 29. Related parties transactions 121Note 30. Business unit results 123Note 31. Events subsequent to balance date 124

Directors Declaration 125

Certification by Chief Financial Officer 126

Independent Audit Report to Members of Co-operative Bulk Handling Limited 127



Consolidated Parent Entity

Notes2009

$’0002008

$’0002009

$’0002008 $’000

Continuing operations

Revenue from continuing operations 4(a) 1,557,582 1,102,914 584,173 261,762

Other income 4(b) 152,584 5,474 13,821 29,560

Changes in inventories 6,034 7,236 559 378

Raw materials, traded grains and consumables used 4(c) (946,764) (679,011) - -

Employee benefits expense 4(f) (112,393) (87,943) (111,904) (87,142)

Depreciation and amortisation expense 4(e) (66,301) (63,278) (66,780) (63,674)

Storage, handling and freight expenses 4(i) (281,830) (89,782) (281,830) (89,782)

Marketing and trading expenses (79,547) (52,237) - -

Insurance (7,014) (5,558) (8,142) (5,683)

Rent expense (7,720) (4,891) (7,341) (4,635)

Other expenses (16,793) (27,246) (34,984) (20,488)

Impairment and write off of loans to associates - (94) (17,225) (7,332)

Finance costs 4(d) (43,153) (41,554) (2,334) (2,919)

Share of profit/(loss) of associates accounted for using the equity method

28 (14,475) (6,765) - -

Profit from continuing operations before income tax 140,210 57,265 68,013 10,045

Income tax expense from continuing operations 5 (21,244) (17,122) - -

Profit from continuing operations after income tax expense 118,966 40,143 68,013 10,045

Profit attributable to members of the parent entity 118,966 40,143 68,013 10,045

The above income statement should be read in conjunction with the accompanying notes.

Income Statement



Notes2009

$’0002008

$’0002009

$’0002008

$’000

ASSETS

Current assets

Cash and bank balances 18 247,434 137,679 99,726 10,667

Trade and other receivables 6 122,538 103,136 17,586 32,421

Other financial assets 7 20,695 82,781 - -

Derivative financial instruments 20 157,495 412,337 - -

Inventories 8 47,978 69,656 2,391 1,832

Other assets 9 7,592 8,839 2,133 5,651

Total current assets 603,732 814,428 121,836 50,571

Non-current assets

Trade and other receivables 6 9,340 3,810 37,001 48,228

Investments in associates 10 73,065 102,994 30,527 37,495


Other financial assets 7 1 1 108,672 108,510

Property, plant and equipment 11 730,653 723,731 741,231 733,092

Intangible assets 12 10,630 11,784 10,619 11,773

Other assets 9 20,600 22,355 20,600 22,355

Deferred tax assets 5 44,919 12,932 40,681 -

Total non-current assets 901,805 884,255 989,331 961,453

Total assets 1,505,537 1,698,683 1,111,167 1,012,024

LIABILITIES

Current liabilities

Trade and other payables 13 84,582 70,731 62,329 50,043

Interest bearing loans and borrowings 14 81,594 173,468 - 70,000


Income tax payable 41,597 14,498 40,681 -

Provisions 15 15,938 14,368 12,886 11,992

Other liabilities 16 5,485 4,496 2,955 966

Total current liabilities 385,417 709,260 118,851 133,001

Non-current liabilities

Trade and other payables 13 - 5,113 - 4,925

Derivative financial instruments 20 22 3,929 - -

Deferred tax liabilities 5 3,412 - - -

Provisions 15 4,458 3,820 3,943 3,279

Other liabilities 16 23,056 - 47,432 -

Total non-current liabilities 30,948 12,862 51,375 8,204

Total liabilities 416,365 722,122 170,226 141,205

Net assets 1,089,172 976,561 940,941 870,819

EQUITY

Contributed equity 17 9 9 9 9

Reserves 17 923,831 862,173 940,932 870,810

Retained earnings 17 165,332 114,379 - -

Total equity 1,089,172 976,561 940,941 870,819

The above balance sheet should be read in conjunction with the accompanying notes.

AS AT 31 OCTOBER 2009

Balance Sheet




Notes2009

$’0002008

$’0002009

$’0002008 $’000

Cash flows from operating activities

Receipts from customers 1,746,141 1,148,106 699,999 295,408

Payments to suppliers and employees (1,377,526) (1,036,789) (448,910) (211,566)

368,615 111,317 251,089 83,842

Interest received 32,812 36,921 2,826 834

Interest and other costs of finance paid (47,174) (45,988) (1,580) (1,467)

Income taxes paid (31,058) (26,555) - -

Net operating cash flows 18 323,195 75,695 252,335 83,209

Cash flows from investing activities

Payments for property, plant and equipment (73,875) (90,703) (75,548) (94,604)

Payments for investments in subsidiaries - - - (1,100)

Payments for investments in subsidiaries by way of loan - - - (6,461)

Payments for investments in associates by way of loan (15,416) (7,877) (13,266) (5,897)

Payments for investments in associates - - (50) -

Borrowings to other parties (260,792) (196,069) - -

Repayment of borrowings from other parties 225,603 182,983 - -

Proceeds from sale of property, plant and equipment 1,391 940 1,374 477

Repayment of loan from associated entities 1,352 2,460 33 732

Net investing cash flows (121,737) (108,266) (87,457) (106,853)

Cash flows from financing activities

Borrowings from other parties 1,022,662 883,800 40,000 113,800

Repayment of borrowings to other parties (1,079,523) (960,792) (110,000) (73,800)

Borrowings from controlled entities - - - 47

Debentures repaid (5,815) (11,250) (5,815) (11,250)

Net financing cash flows (62,676) (88,242) (75,815) 28,797

Net (decrease) / increase in cash and cash equivalents held 138,782 (120,813) 89,063 5,153

Cash and cash equivalents at the beginning of the financial year 108,652 229,463 10,667 5,511

Effect of exchange rates on cash holdings in foreign currencies - 2 (4) 3

Cash and cash equivalents at the end of the financial year 18 247,434 108,652 99,726 10,667

The above cash flow statement should be read in conjunction with the accompanying notes.

Cash Flow Statement



Notes2009

$’0002008

$’0002009

$’0002008

$’000

Impairment of available for sale investment (2,552) 27 - -

Foreign currency translation loss (5,912) (1,842) - -

Actuarial gain/(loss) on defined benefit plan 2,109 (10,394) 2,109 (10,394)

Net income/(expense) recognised directly in equity (6,355) (12,209) 2,109 (10,394)

Profit for the period 118,966 40,143 68,013 10,045

Total recognised income and expense for the period 112,611 27,934 70,122 (349)

Attributable to:

Equity holders of the parent 112,611 27,934 70,122 (349)


Statement of Recognised Income and Expense


Notes to the Financial StatementsFOR THE YEAR ENDED 31 OCTOBER 2009

Note 1. Corporate informationThe financial report of Co-operative Bulk Handling Limited for the year ended 31 October 2009 was authorised for issue in accordance with a resolution of the directors on 3 February 2010.

Co-operative Bulk Handling Limited is a co-operative company limited by shares held by grain growers-deliverers.

The nature of the operations and principal activities of the Group include grain storage and handling services, grain trading and marketing, engineering and construction and investment in flour milling.

Note 2. Summary of significant accounting policies

a) Basis of preparationThis general purpose financial report has been prepared in accordance with the requirements of the Companies (Co-operative) Act (1943 as amended) and Australian Accounting Standards. The financial report has also been prepared on a historical cost basis, except for grain inventory which has been measured at fair value less costs to sell and derivative financial instruments, investments in Grain Pool pools and available-for-sale investments, which have been measured at fair value.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($’000) unless otherwise stated.

The accounting policies adopted are consistent with those of the previous financial year. All new and revised Accounting Standards and Interpretations effective 1 November 2008 have been adopted and have no impact.

b) Statement of complianceThe financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

c) New accounting standards and interpretationsApplicable Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ending 31 October 2009. These are outlined in the table below:

Reference Title Summary

Application date of

standardImpact on Group financial report

Application date for Group

AASB 123 (Revised) and AASB 2007-6

Amendments to Australian Accounting Standards arising from AASB 123 [AASB 1, AASB 101, AASB 107, AASB 111, AASB 116 & AASB 138 and Interpretations 1 & 12]

Requires capitalisation of borrowing costs on qualifying assets therefore removing the option to exercise.

1-Jan-09 No impact as the Group’s current policy is in line with this standard.

1-Nov-09

AASB 101 (Revised) and AASB 2007-8 and AASB 2007-10

Amendments to Australian Accounting Standards arising from AASB 101

New standard prescribing a complete set of financials and how to report owner’s changes in equity, reclassification adjustments and dividend presentations.

1-Jan-09 No impact on Group policy. Only expected to affect the presentation of the Group’s financial report.

1-Nov-09

AASB 3 (Revised)

Business Combinations Introduces a number of changes to the accounting for business combinations. An entity can now choose for each business combination entered into – to measure a non controlling interest in the acquiree either at its fair value or its proportionate interest in the acquiree’s net assets.

1-Jul-09 Not expected to have any impact on the current Group’s financial report. The Group will decide the choice to adopt in future when business combinations occur.

1-Nov-09




Application date of



AASB 127 (Revised)

Consolidated and Separate Financial Statements

Under this revision a change in the ownership interest of a subsidiary (that does not result in loss of control) will be accounted for as an equity transaction.

1-Jul-09 If the Group changes its ownership interest in existing subsidiaries in the future, the change will be accounted for as an equity transaction. This will have no impact on goodwill, nor will it give rise to a gain or loss in the Group’s Income Statement.

1-Nov-09

AASB 2008-1

Amendments to Australian Accounting Standards-Share Based Payments: Vesting conditions and cancellations

The amendments clarify the definition of “vesting conditions” and introduce “non-vesting conditions” and prescribe the accounting treatment of an award that is effectively cancelled because a non-vesting condition is not satisfied.

1-Jan-09 No impact. 1-Nov-09

AASB 2008-2

Amendments to Australian Accounting Standards-Puttable Financial Instruments and Obligations arising on Liquidation [AASB 7, AASB 101, AASB 132, AASB 139 & Interpretation 2]

The amendments provide a limited exception to the definition of a liability so as to allow an entity that issues puttable financial instruments with certain specified features, to classify those instruments as equity rather than financial liabilities.

1-Jan-09 No material impact. 1-Nov-09

AASB 2008-3

Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127

Amending standard issued as a consequence of revisions to AASB 3 and AASB 127.

1-Jul-09 See AASB 3 and AASB 127 above.

1-Nov-09

AASB Int. 15

Agreements for the Construction of Real Estate

When the real estate developer is providing construction services to the buyer specifications then the revenue can only be recorded as construction progresses. Otherwise it is all to be recognised on completion of the relevant real estate unit.

1-Jan-09 No impact as the Group does not provide real estate construction services.

1-Nov-09

AASB Int. 16

Hedges of a Net Investment in a Foreign Operation

Proposes that the hedged risk in a hedge of a net investment in a foreign operation is the foreign currency risk arising between the functional currency of the net investment and that of the parent entity. Also applies to foreign operations in the form of joint ventures, associates or branches.

1-Jul-09 No impact as the Group does not hedge it’s net investment in a foreign operation.

1-Nov-09

Note 2. Summary of significant accounting policies (continued)

c) New accounting standards and interpretations (continued)




Application date of



AASB Int. 17 and AASB 2008-13

Distributions of Non-Cash Assets to Owners

Provides guidance on how an entity should measure distributions of assets other than cash assets when it pays dividends to its owners.

1-Jul-09 No impact as the Group does not provide distributions to owners.

1-Nov-09

AASB Int. 18

Transfer of Assets from Customers

Provides guidance on when and how to recognise transfer of assets such as property, plant and equipment and transfer of cash from customers and the timing of revenue recognition in relation to such arrangement.

Applies prospectively to transfer of assets from customers

received on or after 1 Jul 09.

No impact as there is no transfer of assets from customers to the Group.

1-Nov-09

AASB 1039 (Revised)

Concise Reporting Revisions include changes to terminology and descriptions to ensure consistency to AASB 8 and AASB 101.

1-Jan-09 No impact as the Group produces a general purpose financial report.

1-Nov-09

AASB 2008-5

Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 5, AASB 7, AASB 101, AASB 102, AASB 107, AASB 108, AASB 110, AASB 116, AASB 118, AASB 119, AASB 120, AASB 123, AASB 127, AASB 128, AASB 129, AASB 131, AASB 132, AASB 134, AASB 136, AASB 138, AASB 139, AASB 140, AASB 141, AASB 1023 & AASB 1038]

The amendment deals with accounting changes effective 1 Jan 09 and amendments to AASB 5.

1-Jan-09 Refer AASB 2008-6 below.

1-Nov-09

AASB 2008 -6

Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1 & AASB 5]

This amendment includes requirements relating to a sale plan involving the loss of control of a subsidiary. The amendment requires that all assets and liabilities of such a subsidiary to be classified as held for sale and to clarify the disclosure required when the subsidiary is part of a disposal Group that meets the definition of a discontinued operation.

1-Jul-09 The Group has not yet determined the extent of the impact of the amendments, if any.

1-Nov-09






Application date of



AASB 2008-7

Amendments to Australian Accounting Standards – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate [AASB 1, AASB 118, AASB 121, AASB 127 & AASB 136]

Amends AASB 1 for first time adopter to have the choice for determining the cost of an investment.

Removes from AASB 118 the requirement to deduct dividends declared from pre-acquisition profits from the cost of the investment.

Amends AASB 127 to require the establishment of a new parent entity for a group reorganisation to measure the cost of the investment.

Amends AASB 136 to include the payment of the dividends to trigger an impairment review.

1-Jan-09 The Group has not yet determined the extent of the impact of the amendments, if any.

1-Nov-09

AASB 2008-8

Amendments to Australian Accounting Standards – Eligible Hedged Items [AASB 139]

The amendments clarify how the principles that determine whether a hedged risk or portion of cash flows is eligible for designation as a hedged item should be applied in particular situations.

1-Jul-09 Not applicable as the Group does not use hedge accounting.

1-Nov-09

AASB 2009-2

Amendments to Australian Accounting Standards-Improving Disclosures about Financial Instruments [AASB 4, AASB 7, AASB 1023 & AASB 1038]

The amendments require enhanced disclosures about the fair value measurements and liquidity risk.

Annual reporting periods

beginning on or after 1 Jan

09 that end on or after 30 Apr

2009

Only expected to affect the Group disclosures in the financial report.

1-Nov-09

AASB 2009-4

Amendments to Australian Accounting Standards arising from the Annual Improvements Projects [AASB 2 & AASB 138, and Interpretations 9 & 16]

The main amendment allows qualifying hedge instruments to be held by any entity or entities within the Group, including the foreign operation itself, as long as the designation, documentation and effectiveness requirements in AASB 139 that relate to a net investment hedge are satisfied.

1-Jul-09 Not applicable as the Group does not use hedge accounting.

1-Nov-09

AASB 2009-5

Further Amendments to Australian Accounting Standards arising from the Annual Improvements Projects [AASB 5, AASB 8, AASB 101, AASB 107, AASB 117, AASB 118, AASB 136 & AASB 139]

The main amendments are the removing of the specific guidance on classifying land as a lease so that only the general guidance remains, the term of a liability that could result in its settlement by the issuance of equity instruments at the option of the counterparty do not affect its classification and only expenditure resulting in recognised asset can be classified as a cash flow from investing activities.

1-Jan-10 The Group has not yet determined the extent of the impact of the amendments, if any.

1-Nov-10






Application date of



AASB 2009-7

Amendments to Australian Accounting Standards [AASB 5, AASB 7, AASB 107, AASB 112, AASB 136 & AASB 139 and Interpretation 17]

Editorial amendments to standards expected to have no major impact on the requirements of the amended pronouncements.

1-Jul-09 No impact on Group policy.

1-Nov-09

AASB 2009-8

Amendments to Australian Accounting Standards –Group Cash-Settled Share Based Payments Transactions [AASB 2]

The amendments clarify the accounting for group cash settled share-based payment transactions in the separate or individual financial statements of the entity receiving the goods or services when the entity has no obligation to settle the share-based payment transaction.

1-Jan-10 Not expected to have any impact on the Group as the Group does not have any share based payment transactions.

1-Nov-10

AASB 2009-10

Amendments to Australian Accounting Standards –Classification of Rights Issues [AASB 132]

The amendments clarify that rights, options or warrants to acquire a fixed number of an entity’s own equity instruments for a fixed amount in any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all existing owners of the same class of its own non-derivative equity instruments.

1-Feb-10 Not expected to have any impact on the Group as no rights, options or warrants are issued.

1-Nov-10

AASB 2009-11

Amendments to Australian Accounting Standards arising from AASB 9 [AASB 1, AASB 3, AASB 4, AASB 5, AASB 7, AASB 101, AASB 102, AASB 108, AASB 112, AASB 118, AASB 121, AASB 127, AASB 128, AASB 131, AASB 132, AASB 136, AASB 139, AASB 1023 & AASB 1038 and Interpretation 10 & 12]

Amending standard issued as a consequence of issuance of new standard AASB 9.

1-Jan-13 Refer AASB 9 below. 1-Nov-13

AASB 2009-12

Amendments to Australian Accounting Standards [AASB 5, AASB 8, AASB 108, AASB 110, AASB 112, AASB 119, AASB 133, AASB 137, AASB 139, AASB 1023 & AASB 1031 and Interpretations 2, 4, 16, 1039 & 1052]

Editorial amendments and amendments to AASB 8 that require an entity to exercise judgement in assessing whether a government and entities known to be under the control of that government are considered a single customer for the purposes of certain operating segment disclosure.

1-Jan-11 No impact on the Group’s financial report as Group has adopted the exemption to not report on AASB 8.

1-Nov-11

AASB 2009-13

Amendments to Australian Accounting Standards arising from Interpretation 19

Amendments to AASB 1 First-time Adoption of Australian Accounting Standards where first-time adopter may apply the transitional provisions in Interpretation 19.

1-Jul-10 No impact on Group policy.

1-Nov-10






Application date of



AASB 2009-14

Amendments to Australian Interpretation-Prepayments of a Minimum Funding Requirement [Interpretation 14]

Editorial amendments to Interpretation 14 and states that future service cost to the entity excludes amounts that will be borne by employee.

1-Jan-11 No impact on Group’s policy as there is no prepayment of minimum funding requirement.

1-Nov-11

AASB 9 Financial Instruments This Standard deals with the classification and measurement of financial assets based on the objective of the entity’s business model for managing the financial assets and the characteristics of the contractual cash flows.

1-Jan-13 The Group has not yet determined the extent of the impact of this standard, if any.

1-Nov-13

AASB 124 Related Party Disclosures Revised Standard clarify and simplified the definition of related party.

1-Jan-11 Not expected to have any impact on the Group’s financial report.

1-Nov-11

d) Basis of consolidation

SubsidiariesThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries controlled by Co-operative Bulk Handling Limited (“Company” or “parent entity”) as at 31 October 2009 and the results of all subsidiaries for the year then ended. Co-operative Bulk Handling Limited and its subsidiaries together are referred to in this financial report as the Group or consolidated entity.

Subsidiaries are all those entities over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity.

The financial statements of the subsidiaries are prepared for the same reporting period as the parent entity using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.

In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-group transactions have been eliminated in full.

Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date on which control is transferred out of the Group.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The purchase method of accounting involves allocating the cost of the business combination to the fair value of the assets acquired and the liabilities and contingent liabilities assumed at the date of acquisition. Investments in subsidiaries are accounted for at cost in the individual financial statements of Co-operative Bulk Handling Limited.

AssociatesAssociates are those entities over which the Group has significant influence but no control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for in the parent entity financial statements using the cost method and in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in the associates are carried in the consolidated balance sheet at cost plus post-acquisition changes in the Group’s share of net assets of the associates. After application of the equity method, the Group determines whether it is necessary to recognise any impairment loss with respect to the Group’s net investment in associates. The Group’s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition.

The Group’s share of associates’ post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends receivable from associates are recognised in the parent entity’s income statement, while in the consolidated financial statements they reduce the carrying amount of the investment.






d) Basis of consolidation (continued)When the Group’s share of losses in an associate equals or exceeds its interest in an associate, including any other unsecured long term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealised gains and transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates are consistent with the policies adopted by the Group.

The Group has loans to associates. These loans have been reclassified as part of the investments in associates at cost as they are considered in substance to form part of our net investment in associates.

Grain Pool PoolsThe Group operates grain pools on behalf of growers and has legal title over the pool stocks, however the majority of the risks and benefits associated with the pools, principally price risk and benefit, together with credit risk, are attributable to growers. As a result, pool stocks and other related balances held by the Group on behalf of growers are not recognised in the Group’s financial statements. Separate financial records are maintained for Grain Pool pools.

e) Business combinationsThe purchase method of accounting is used to account for all business combinations. Cost is measured as the fair value of the assets given, shares issued or liabilities incurred or assumed at the date of exchange plus costs directly attributable to the combination. Where equity instruments are issued in a business combination, the fair value of the instruments is their published market price at the date of exchange unless other evidence and valuation methods provide a more reliable measure of fair value. Transaction costs arising on the issue of equity instruments are recognised directly in equity.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of the business combination over the net fair value of the Group’s share of the identifiable net assets acquired is recognised as goodwill. If the cost of acquisition is less than the Group’s share of the net fair value of the identifiable net assets of the subsidiary acquired, the difference is recognised as a gain in the income statement, but only after a reassessment of the identification and measurements of the net assets acquired.

f) Revenue recognitionRevenues are recognised and measured at the fair value of the consideration received or receivable net of the amounts of goods and services tax payable to the Australian Taxation Office (ATO). The following specific recognition criteria must also be met before revenue is recognised:

i) Grain handling revenueRevenue is earned from the receival, storage and handling of grain. Revenue recognition for receival and handling occurs as the service is rendered and for storage, it is according to the percentage completed.

ii) Grain trading revenueRevenue is generated from the sale of grain domestically, interstate and overseas and other grain related services. Overseas sales are sold on the basis of Free on Board (FOB), Cost and Freight (CFR) or Cost Insurance and Freight (CIF). Revenue is recognised when the significant risk and rewards of ownership have passed from the Group to an external party. Grain related services are recognised as revenue as services are rendered. Services revenue relate to chartering and logistics services for CIF and CFR export sales are recognised at the time the services are provided.

iii) InterestRevenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected useful life of the financial instrument) to the net carrying amount of the financial asset.

iv) DividendsDividends are recognised as revenue when the right to receive payment is established.

v) Management fees revenueManagement fee revenue is recognised according to when the costs of providing the services are incurred.




f) Revenue recognition (continued)

vi) Underwriting fees revenueThe underwriting fee charged on loan products is a fee for the service of providing a non-recourse loan. Underwriting fee revenue is recognised on a basis consistent with the pattern of the incidence of risk covered by the service provided.

vii) Construction revenueConstruction contract revenue is recognised in accordance with the percentage of completion method. Refer note 2 (g) for details.

viii) Logistic services revenueRevenue is recognised as the services rendered.

g) Construction contractsConstruction contract revenue and expenses are recognised in accordance with the percentage of completion method unless the outcome of the contract cannot be reliably estimated. Where the outcome of a contract cannot be reliably estimated, contract costs are recognised as an expense as incurred, and where it is probable that the costs will be recovered, revenue is recognised to the extent of costs incurred.

For fixed price contracts, the stage of completion are measured by reference to labour hours incurred to date as a percentage of estimated total labour hours for each contract. Revenue from cost plus contracts is recognised by reference to the recoverable costs incurred during the reporting period plus the percentage of fees earned. Percentage of fees earned is measured by the proportion that costs incurred to date bear to the estimated total costs of the contract.

Construction work-in-progressWork-in-progress is valued at cost plus profit recognised to date based on the value of work completed, less provision for foreseeable losses. Any material losses on contracts are brought to account when identified.

Costs include both variable and fixed costs directly related to specific contracts. Those costs which are expected to be incurred under penalty clauses and warranty provisions are also included.

h) Trade and receivablesTrade receivables, which generally have 14-30 day terms, and other receivables, including amounts owing from related parties are initially recognised at fair value and subsequently measured at amortised cost, less an allowance for impairment.

Collectibility of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off. An impairment allowance is recognised when there is objective evidence that the Group will not be able to collect the debts. Financial difficulties of the debtor, default payments or debts more than 90 days overdue are considered objective evidence of impairment.

i) Inventories

i) Consumables and storesConsumables and stores, except for grain held for trading, are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs for completion and the estimated costs necessary to make the sale. Costs are assigned to individual items of stock on the basis of weighted average costs.

ii) Grain stockGrain purchased with the purpose of selling in the near future and generating a profit from fluctuation in price or broker-traders’ margin are measured at fair value less costs to sell, with changes in fair value recognised in the income statement.

j) Investments and other financial assetsInvestments and financial assets in the scope of AASB 139 Financial Instruments: Recognition and Measurement are classified as either financial assets at fair value through the profit or loss, loan and receivables, held-to-maturity investments, or available-for-sale investments, as appropriate. When financial assets are recognised initially, they are measured at fair value, plus, in the case of investments not at fair value through the profit or loss, directly attributable transactions costs. The Group determines the classification of its financial assets after initial recognition and, when allowed and appropriate, re-evaluates this designation at each financial year-end.




j) Investments and other financial assets (continued)

i) Held-to-maturity investmentsNon-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has the positive intention and ability to hold to maturity. Investments intended to be held for an undefined period are not included in this classification. Investments that are intended to be held-to-maturity, such as bonds, are subsequently measured at amortised cost. This cost is computed as the amount initially recognised minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initially recognised amount and the maturity amount. This calculation includes all fees and points paid or received between the parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums and discounts. For investments carried at amortised cost, gains and losses are recognised in profit or loss when the investments are derecognised or impaired, as well as through the amortisation process.

ii) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process.

iii) Financial assets at fair value through the profit and lossFinancial assets classified as held for trading are included in the category “financial assets at fair value through profit or loss.” Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near future with the intention of making a profit. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gain or losses on financial assets held for trading are recognised in profit or loss.

The Company at the discretion of the Board offers cash-outs to growers. These are referred to as “Equities in Grain Pool Pools.” Growers accepting cash-outs are paid out their remaining equity discounted for administration charges and carrying interest. The equity purchased by the Company is carried at fair value.

iv) Available-for-sale investmentsAvailable-for-sale investments are those non-derivative financial assets that are designated as available-for-sale or are not classified as any of the three preceding categories. After initial recognition available-for-sale investments are measured at fair value with gains or losses being recognised as a separate component of equity until the investment is derecognised or until the investment is determined to be impaired, at which time the cumulative gain or loss previously reported in equity is recognised in profit or loss.

The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments with no active market, fair value is determined using valuation techniques. Such techniques include using recent arm’s length market transactions, reference to the current market value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models.

k) Property, plant and equipmentPlant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses (refer Note 2(l)). All such assets, except freehold land, are depreciated over their estimated useful lives on a straight line basis commencing from the time the asset is held ready for use. The expected useful lives are as follows:

Buildings 10-50 years Plant and equipment 5-20 years Motor vehicles 7-15 years Office furniture and equipment 5-20 years

l) Impairment of non-financial assets other than goodwillThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indicator exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset’s value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.




l) Impairment of non-financial assets other than goodwill (continued)An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

m) Repairs and maintenancePlant of the Group is required to be overhauled on a regular basis. The costs of this maintenance are charged as expenses as incurred, except where they relate to the replacement of a major component of an asset, in which case the costs are capitalised and depreciated in accordance with Note 2(k). Other routine operating maintenance, repair costs and minor renewals are also charged as expenses as incurred.

n) Leasehold propertiesThe cost of leasehold properties is amortised over the unexpired period of the lease or the estimated useful life of the property to the Group, whichever is the shorter. Leasehold properties held at the reporting date are being amortised over a period not greater than 99 years.

o) Goodwill Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of the business combination over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities.

Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.

For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit or group of units to which the goodwill is so allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes.

Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units), to which the goodwill relates. When the recoverable amount of the cash-generating unit (group of cash-generating units), is less than the carrying amount, an impairment loss is recognised. When goodwill forms part of a cash-generating unit (group of cash-generating units) and an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this manner is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.

Impairment losses recognised for goodwill are not subsequently reversed.

p) Intangible assetsIntangible assets acquired separately or in a business combination are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development cost, are not capitalised and expenditure is charged against profits in the year in which the expenditure is incurred.

The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, which is a change in accounting estimate. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset.

Intangible assets with indefinite useful lives are tested for impairment annually either individually or at a cash-generating unit level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed each reporting period to determine whether an indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for as a change in accounting estimate and is thus accounted for on a prospective basis.




p) Intangible assets (continued)Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.

i) Computer softwareAn intangible asset arising from the purchase or development of computer software is recognised only when the Group can demonstrate the technical feasibility of completing the development project, its intention to complete and its ability to use the asset to generate future economic benefits. Following the initial recognition of the purchase or development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Expenditure capitalised is amortised on a straight line basis over an estimated useful life of two and a half years.

ii) Research and developmentResearch costs are expensed as incurred. An intangible asset arising from development expenditure on an internal project is recognised only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. Following the initial recognition of the development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Any expenditure so capitalised is amortised on a straight line basis over an estimated useful life of two and a half years. At 31 October 2009, the Group does not have any development assets.

iii) PatentsPatents and trademarks are recognised at cost of acquisition. Patents have a finite life and are carried at cost less accumulated amortisation and any impairment losses. Patents are amortised on a straight line basis over twenty years.

q) Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangements and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.

i) Group as a lesseeFinance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised as an expense in profit or loss. Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term.

Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease payments are recognised as an expense in the income statement on a straight line basis over the lease term. Lease incentives are recognised in the income statement as an integral part of the total lease expense.

ii) Group as a lessorInitial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as the lease income.

r) Trade and other payablesTrade payables and other payables are carried at amortised costs representing liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. These amounts are unsecured and non-interest bearing and are usually paid within 30 days of recognition.

s) Non-interest bearing liabilitiesIn accordance with the Bulk Handling Act (1967), tolls were previously deducted from the proceeds of every tonne of grain delivered by a shareholder. Debentures are subsequently issued for tolls accrued during the previous 10 years. The collection of tolls ceased during the financial year ended 31 October 2000. There is no interest applicable and repayments to debenture holders are made annually in the year sequence in which tolls were credited. The debentures are carried at amortised cost and the carrying value is determined based on the net present value of future payments discounted at an appropriate 10 year bond interest rate at inception.




t) Interest bearing loans and borrowingsAll loans and borrowings are initially recognised at fair value of the consideration received less directly attributable transaction costs.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method.

Gains and losses are recognised in the income statement when the liabilities are derecognised.

u) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised in finance costs.

v) Foreign currency translationThe consolidated financial statements are presented in Australian dollars ($A) which is Co-operative Bulk Handling Limited’s functional and presentation currency.

Foreign currency transactions are initially recorded in the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date and all differences are recognised in the income statement. Loans to subsidiaries are retranslated at the exchange rate ruling at balance sheet date and any retranslation difference is taken to a separate component of equity where the loan is determined to be equity in nature.

The functional currency of overseas subsidiaries is American Dollars (USD), Hong Kong Dollars (HKD) and Japanese Yen (JPY).

As at the reporting date the assets and liabilities of the foreign operations are translated into the presentation currency of the Group at the rate of exchange ruling at the balance sheet date and the income statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken directly to a separate component of equity.

On disposal of a foreign operation, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the income statement.

w) Employee benefits

i) Wages and salaries and annual leaveLiabilities for wages and salaries, annual leave and related on costs, are recognised and are measured at their nominal amounts based on remuneration rates which are expected to be paid when the liabilities are settled.

ii) Long service leave and sick leaveA liability for long service leave and sick leave expected to be settled within 12 months of the reporting date is recognised in the provision for employee benefits and is measured in accordance with (i) above. The liability for long service leave and vesting sick leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Liabilities for non-accumulating sick leave are recognised when the leave is taken and are measures at the rates paid or payable.

Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

iii) TerminationsLiabilities for termination benefits are recognised when a detailed plan for terminations has been developed and a valid expectation has been raised in those employees affected that the terminations will be carried out. Liabilities for termination benefits expected to be settled within 12 months are measured at the amounts expected to be paid when they are settled.




w) Employee benefits (continued)

iv) SuperannuationThe Group offers employees a choice in certain superannuation matters. As such superannuation contributions are made to a number of funds, including the CBH Superannuation Fund (Note 26) which includes a defined benefit component within the plan.

Defined benefit members receive pension benefits on retirement, death and disablement, with an option to convert their benefits to a lump sum. On resignation, defined benefit members receive a lump sum benefit. The defined benefit section of the Fund is closed to new members. All new members receive accumulation only benefits.

The Group uses the Direct to Equity Approach under AASB 119. Under this approach actuarial gains and losses in respect of the defined benefit component of the superannuation plan are recognised in the statement of recognised income and expense. They are not taken to profit and loss in future periods.

Defined benefit asset or liability is measured at the present value of the defined benefit obligation at the reporting date less the fair value of the superannuation fund’s assets at that date. Any asset resulting from this calculation is limited to unrecognised past service cost, plus the present value of any economic benefits available in the form of refunds from the plan and reductions in future contributions to the plan. The defined benefit obligation includes actuarial estimates of future variables such as employee turnover and the plan’s rate of return. Gains and losses arising from changes in actuarial estimates are recognised immediately through retained earnings in the year in which they occur.

x) Income taxCurrent tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.

Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Deferred income tax liabilities are recognised for all taxable temporary differences except:

• whenthedeferredincometaxliabilityarisesfromtheinitialrecognitionofgoodwillorofanassetorliabilityinatransactionthat is not a business combination and that, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or

• whenthetaxabletemporarydifferenceisassociatedwithinvestmentsinsubsidiaries,associatesorinterestsinjointventures,and the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unusued tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised except:

• whenthedeferredincometaxassetrelatingtothedeductibletemporarydifferencesarisesfromtheinitialrecognitionofanasset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or

• whenthedeductibletemporarydifferencesisassociatedwithinvestmentsinsubsidiaries,associatesorinterestsinjointventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

The parent entity was previously exempt from income tax by virtue of Section 50-40 of the Income Tax Assessment Act (1997). The parent entity’s right to claim this exemption in future years has been revoked by the Australian Taxation Office and is effective from 1 November 2008 (refer to Note 5 for further details).




y) Other taxesRevenues, expenses and assets are recognised net of the amount of GST except:

• whentheGSTincurredonapurchaseofgoodsandservicesisnotrecoverablefromthetaxationauthority,inwhichcasetheGST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

• receivablesandpayables,whicharestatedwiththeamountsofGSTincluded.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of the receivables or payables in the balance sheet.

Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flow arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

z) Borrowing costsBorrowing costs incurred for the construction of any qualified asset are capitalised during the period of time that it is required to complete and prepare the asset for its intended use. No borrowing costs were capitalised during the current year.

Other borrowing costs are recognised as an expense when incurred.

aa) Bank guaranteesA financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. The parent entity has undertaken guarantees relating to loan facilities with certain subsidiary and associated entities.

Financial guarantee contracts are initially measured at fair value and recorded as a guarantee liability and an increase in investment on the balance sheet. In future years financial guarantee contracts are recognised and measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less, where appropriate, cumulative amortisation.

ab) Derivative financial instrumentsDerivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedge instrument. The Group’s commodity futures and options contracts, interest rate swap agreements and foreign exchange contracts are used to manage financial risk and exposure of commodity inventories but do not currently qualify for hedge accounting.

Where derivative instruments do not qualify for hedge accounting, changes in fair value are recognised immediately in the income statement. Derivatives are carried as assets when their fair value is positive and as liabilities when their fair value is negative.

Fair value estimationThe fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes.

The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on the quoted market prices at the balance date. The quoted market price used for financial assets held by the Group is the current bid price, the appropriate quoted market price for financial liabilities is the current ask price.

The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Physical positions comprising stocks, forward sales and forward purchases do not have quoted market prices available. Other techniques, such as obtaining bid values from a variety of commodity brokers and trade marketers, are used to determine fair value for these financial instruments. The fair value of interest rate swaps is determined by reference to market values for similar instruments. The fair value of forward exchange contracts is determined using forward exchange market rates at the balance sheet date for contracts with similar maturity profiles.

The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the futures contractual cash flows at current market interest rates that is available to the Group for similar financial instruments.




ac) Cash and cash equivalentsCash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less.

For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of any outstanding bank overdrafts.

ad) Contributed equityIssued and paid up capital is recognised at the fair value of the consideration received.

Note 3. Significant accounting judgements, estimates and assumptionsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.

Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made.

i) Significant accounting judgementsIn the process of applying the Group’s accounting policies, management has made the following judgements apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

Allowance for doubtful debtManagement believe recoverability of some of the debts included in trade and other receivables are uncertain and therefore an allowance of $2,093,000 (2008: $4,174,000) has been raised. Measures are being undertaken to recover the full value of this provision, including taking charge over the assets of debtors in default and/or taking legal action.

Impairment of non-financial assets other than goodwillThe Group assesses impairment of all assets at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. These include product and manufacturing performance, technology, economic, environmental and political environments and future product expectations. If an impairment trigger exists the recoverable amount of the asset is determined. Given the current uncertain economic environment management considered that the indicators of impairment were significant enough and as such these assets have been tested for impairment in this financial period.

Impairment on investments in an associateAs at reporting date, the Company assessed the impairment of an investment in associate by reference to the quoted market price in the active market at balance date and the equity accounted value of the investments. As a result of the decline in share price of Elders Limited, an impairment amounting to $17.2 million was recorded to reduce the Company’s investment in an associate to its equity accounted value.

Loans to overseas subsidiaries in foreign currencyLoans to overseas subsidiaries in foreign currency is translated at the exchange rate ruling at balance sheet date and any exchange differences arising on the translation are recognised in the foreign currency translation reserve on consolidation as it was determined that the loans are equity in nature.

Recognition of deferred income tax assetsDeferred income tax assets are recognised to the extent of the income tax provision as at 31 October 2009 as the Company has lodged an appeal against the tax ruling to have its tax exempt status reinstated.

ii) Significant accounting estimates and assumptionsThe carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of certain assets and liabilities within the next annual reporting period are:



Note 3. Significant accounting judgements, estimates and assumptions (continued)

ii) Significant accounting estimates and assumptions (continued)

Grain stock inventoryThe Group measures the cost of grain stock inventory by reference to the fair value of grain stock as at 31 October less costs to sell. The fair value has been determined by reference to contract prices for inventory tonnages that has a forward sales contract. Where there is no forward contract, the fair value has been determined by reference to international and domestic grain prices as at 31 October 2009.

Derivative assets and liabilities

Fair value where there is no organised marketThe fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. Physical positions comprising stocks, forward sales and forward purchases do not have quoted market prices available, therefore other techniques, such as obtaining bid values from a variety of commodity brokers and trade marketers, are used to determine fair value for these financial instruments. The fair value of forward exchange contracts is determined using forward exchange market rates at the balance sheet date.

Investments in poolsIn years where the Group has had investments in the AWB National Wheat Pool and the Grain Pool Pools, these investments have been measured at 31 October with reference to the estimated pool returns published by the respective pool managers.

Impairment of goodwill included within investments in associatesThe Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the recoverable amount of the cash-generating units, using a value in use discounted cash flow methodology, to which the goodwill is allocated. The assumptions used in this estimation of recoverable amount of goodwill are:

i) Cash-generating units: Flour mill level as decisions are made and reports are prepared at this level.

ii) Carrying amount of goodwill allocated to each cash-generating unit is:

Carrying Amount

2009 AUD’000

2008 AUD’000

2009 USD’000

2008 USD’000

Cash-generating units

Flour mills 9,999 11,724 9,154 9,154

iii) Key assumptions used in value in use calculations for cash-generating units.The calculation of value in use for the cash-generating units is most sensitive to the following assumptions:

• Discountrate

• Growthrateusedtoextrapolatecashflowsbeyondthebudgetperiod

• Rawmaterialpricefluctuations

• Marketshareduringtheperiod

Discount rates – reflect management’s estimate of the time value of money and the risks to each unit that are not already reflected in the cash flows. This is the benchmark used by management to assess operating performance and to evaluate future investment proposals. In determining appropriate discount rates for each unit, regard has been given to the weighted average cost of capital of the entity as a whole and adjusted for country and business risk specific to the Mills. A rate of 10% (2008: 10%) was applied to the forecast cash flows.

Growth rate estimates – are based on industry research and cross checked to published growth rates forecast for the regions. Management then applies these growth rates conservatively past the 1 year budget. A factor of 4.5% (2008: 4.5%) per annum was applied from years 2-5 and stable growth for years 6-10.

Raw material price fluctuations – estimates are obtained from published indices from the countries from which the materials are sourced together with the use of past actual raw material price movements as an indicator of future price movements.

Market share during the period – management assesses how the unit’s relative position to its competitors might change over the budget period. Management expects the unit’s market share to remain stable or to slightly increase over the budget period.



Note 3. Significant accounting judgements, estimates and assumptions (continued)

iv) Sensitivity to changes in assumptionsWith regard to the assessment of value in use, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of the unit to materially exceed its recoverable amount.

Defined benefit planVarious actuarial assumptions are required when determining the Group’s pension benefit obligations. These assumptions and related carrying amounts are discussed in Note 26.

Long service leave and sick leave entitlementsThe Group measures the value of long service leave and sick leave liabilities at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit cost method. The expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.

Bank guarantee liabilityThe fair value of financial contracts discussed in Notes 2(aa) and 22 has been assessed using the present value approach. In order to estimate the fair value under this approach, the Company used the differential between the interest rate with the guarantee (2.35%-5.4%) and what the interest rate would potentially have been without the guarantee (3.33%-6.84%).

Estimation of useful lives of assetsThe estimation of the useful lives of assets has been based on historical experience (for plant and equipment), lease term (for leased equipment) and turnover policies (for motor vehicles). Adjustments to useful life are made when considered necessary. Depreciation charges are included in Note 11.


2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 4. Revenues and expensesRevenues and Expenses from Continuing Operations

a) RevenueGrain handling services 311,557 175,395 365,897 222,588

Grain trading and marketing services 1,004,515 847,504 - -

Construction contract revenue 654 5,974 - -

Logistic services revenue (i) 179,598 15,549 193,716 20,400

Management fees 28,446 21,571 21,733 17,940

Interest 32,812 36,921 2,827 834

1,557,582 1,102,914 584,173 261,762

b) Other incomeNet (loss)/gain on disposal of property, plant and equipment (409) 36 (408) 33

Unrealised (loss)/gain on foreign currency transactions (2) 11,799 - 15,222

Net realised gain on foreign exchange 73,895 8,263 - -

Realised fair value gain/(loss) on derivatives 47,174 (33,148) - -

Unrealised fair value gains/(losses) on derivatives 14,425 (16,644) - -

Net unrealised (loss)/gain on foreign exchange on non derivatives (2,807) 9,596 - -

Amortisation of bank guarantee liability 773 1,259 1,594 3,106

Income on sale of logistics operation 600 - - -

Other 18,935 24,313 12,635 11,199

152,584 5,474 13,821 29,560




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 4. Revenues and expenses (continued)c) Raw materials, traded grains and consumables

Fair value change on traded inventory 8,535 1,773 - -

Costs of goods sold 938,229 677,238 - -

946,764 679,011 - -

d) Finance costsBank loans and overdrafts 35,802 34,887 1,580 1,467

Payments to Grain Pool Pools 6,597 5,215 - -

Effective interest on debentures 754 1,452 754 1,452

Total finance costs 43,153 41,554 2,334 2,919

e) Depreciation and amortisationDepreciation:

Land and buildings 29,827 27,550 29,727 27,450

Plant and equipment 23,720 23,746 24,393 24,345

Office furniture and equipment 1,793 2,052 1,752 2,009

Motor vehicles 2,412 2,413 2,363 2,371

Amortisation:

Leasehold properties 168 172 168 172

Computer software 8,377 7,327 8,377 7,327

Patents 4 7 - -

Other - 11 - -

Total depreciation and amortisation 66,301 63,278 66,780 63,674

(i) Includes freight revenue which reflects the amount Co-operative Bulk Handling Ltd charges growers under its Grain Express strategy which commenced in 2009 to move grain from up-country receival sites. Revenue is recognised as actual grain is moved to the growers nominated sites.

f) Employee benefits expenseWages and salaries 99,019 77,515 98,530 77,113

Defined contribution accumulation superannuation expense 4,925 3,708 4,925 3,708

Defined benefit superannuation expense 2,662 1,905 2,662 1,905

Other employee benefits expense 5,787 4,815 5,787 4,416

112,393 87,943 111,904 87,142

g) Unrealised gain/(loss)Net unrealised (loss) on inventory at fair value, less cost to sell (8,535) (1,773) - -

Net unrealised gain/(loss) on derivatives at fair value 14,425 (16,644) - -

Net unrealised gain on investments at fair value - 8,067 - -

5,890 (10,350) - -

Gain/(loss) on foreign currency translation (Note 2(v)) (4,763) 11,462 (15,860) 15,222




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 4. Revenues and expenses (continued)h) Other expenses

Other provisions

Employee benefits 1,867 2,179 1,327 1,816

Bad debts written (back)/off to profit and loss (2,433) 986 (154) 33

Allowance for doubtful debts 910 216 863 (63)

Rental expense relating to operating leases 7,720 4,891 7,341 4,635

i) Storage, handling and freight expensesStorage and handling 94,104 89,782 94,104 89,782

Freight 187,726 - 187,726 -

281,830 89,782 281,830 89,782

Freight expense includes the amount Co-operative Bulk Handling Ltd pays to rail and road transporters under its Grain Express strategy which commenced in 2009 to move grain from up-country receival sites, to destination sites.

Note 5. Income taxMajor components of income tax expense for the years ended 31 October 2008 and 2009 are:

Income statement

Current income tax

Current income tax charge 50,961 38,463 40,681 -

Adjustment in respect of current income tax of previous years (4,624) (263) - -

Deferred income tax

Relating to origination and reversal of temporary differences 2,185 (21,078) (13,495) -

Net deferred tax asset recognised arising on CBH becoming taxable (27,278) - (27,186) -

Income tax expense reported in the income statement 21,244 17,122 - -

Balance Sheet Income Statement

2009 $’000

2008 $’000

2009 $’000

2008 $’000

Deferred income tax

CONSOLIDATED

Deferred income tax liabilities

Financial assets (46,334) (124,935) 78,602 96,991

Plant and equipment (2) 6 (7) (30)

Inventories (177) (710) 532 (1,680)

Accrued income (167) (105) (53) 22

Prepayments (438) (4,059) 3,621 4,051

Other (863) - (1,197) (678)

Offset against deferred tax asset 44,569 -

Gross deferred income tax liabilities (3,412) (129,803)



Balance Sheet Income Statement

2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 5. Income tax (continued)Deferred income tax assets

Cash at bank - 2,024 (2,024) (2,024)

Financial liabilities 41,745 - 41,745 -

Financial assets 1,076 129,756 (128,680) (110,715)

Plant & equipment 20,538 - 3,373 -

Land & buildings 21,357 - 2,423 -

Accruals 234 2,208 2,230 (167)

Provisions 6,626 4,025 (3,930) (3,520)

Shrinkage stock 3,228 - (149) -

Defined benefits super plan 799 - 799 -

Deferred expenses 356 - 356 -

Borrowing costs 39 - 39 -

Foreign exchange on loans to foreign subsidiaries 4,758 - 1,278 -

Other 1,079 4,722 (4,080) (3,328)

Unearned revenue 2,937 - 2,937 -

Offset against deferred tax liabilities (44,569) -

Unrecognised deferred tax asset (15,284) -

Gross deferred income tax assets 44,919 142,735

Net deferred tax asset/(liability) 41,507 12,932

Deferred income tax charge - - (2,185) (21,078)

PARENT

Deferred income tax liabilities

Prepayment (433) - (433) -

Accrued income (164) - (155) -

Unearned revenue - - (333) -

Deferred income tax assets

Shrinkage stock 3,228 - (148) -

Accruals and provisions 5,542 - 3,214 -

Defined benefits super plan 799 - 799 -

Deferred expenses 356 - 356 -

Fixed assets 20,484 - 2,976 -

Land & buildings 21,357 - 2,423 -

Borrowing costs 38 - 38 -

Foreign exchange on loans to foreign subsidiaries 4,758 - 4,758 -

Unrecognised deferred tax asset (15,284) - - -

Deferred income tax charge 40,681 - 13,495 -




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 5. Income tax (continued)A reconciliation between tax expense and the product of accounting profit before tax multiplied by the Group’s applicable income tax rate is as follows:

Accounting profit/(loss) before tax from continuing operations 140,210 57,265 68,013 10,045

Less: Parent entity (profit)/loss before income tax expense (net non-assessable) (Note 2(x)) - (10,045) - (10,045)

Accounting profit before income tax 140,210 47,220 68,013 -

At the Group’s statutory income tax rate of 30% 42,063 14,166 20,404 -

Sundry non-deductible (deductible) expenses

Deferred tax asset for tax losses now recognised (106) - - -

Investment allowance (13) - - -

- Non-assessable income (451) 2,333 - -

- Non-deductible expenses 502 624 492 -

Share of equity accounted results of associates 4,731 - - -

Loss of associate 97 - - -

Net deferred tax asset recognised arising on CBH becoming taxable (27,278) - (27,186) -

Attributable income of Controlled Foreign Corporations - - 317 -

Impairment in associate’s investment - - 5,167 -

Depreciation on capital asset 806 - 806 -

Over provision of tax in prior year 70 (2) - -

Adjustment to temporary differences of prior years - - - -

Other 823 1 - -

Income tax expense 21,244 17,122 - -

At 31 October 2009, there is no recognised or unrecognised deferred income tax liability (2008: $nil) for taxes that would be payable on the unremitted earnings of the certain Group’s subsidiaries, associates or joint venture, as the Group has no liability for additional taxation should such amounts be remitted.

On 25 November 2008, the Australian Taxation Office (“ATO”) issued a ruling stating that CBH is no longer entitled to claim tax exempt status and is required to pay tax from 1 November 2008. Subsequently, CBH has lodged an appeal against this ruling to have its tax exempt status reinstated. This appeal was heard in the Federal Court in October 2009 and a judgement is awaited. If the ATO’s ruling is not set aside by the courts, CBH is required to pay tax from 1 November 2008. CBH has applied tax effect accounting for the purpose of these accounts.

As at 31 October 2009, CBH has $55.965 million in deferred income tax assets arising from deductible temporary differences since its transition from tax-exempt status. CBH has recognised $40.681 million in deferred income tax assets only to the extent of the income tax provision amount as at 31 October 2009. The remaining deferred income tax assets of $15.284 million were not recognised as at 31 October 2009 on the basis CBH is disputing that it is a tax payer and is seeking to have its tax exempt status reinstated. The remaining unbooked tax assets will be recognised in the future to the extent that it is probable that CBH derives future assessable income to enable the benefits from the deductions to be utilised and CBH is unsuccessful in having its tax exempt status reinstated.

The Company has not recognised any deferred income tax assets arising from transition from its tax exempt status in respect of the tax cost base revaluation of capital gains tax assets on the basis that it is not probable at this point in time that future capital gains will be derived to enable the benefits to be realised. In addition, the Company is still determining its capital tax bases and thus is not in a position to currently estimate the quantum of this potential tax benefit.




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 6. Trade and other receivablesCURRENT

Trade receivables (i) 36,413 82,271 7,382 27,443

Loans to Growers (ii) 31,447 33 - -

Less: Allowance for doubtful debts (iii) (2,093) (4,174) (1,103) (394)

65,767 78,130 6,279 27,049

Other receivables (v) 40,565 24,776 11,132 4,857

Tax receivables 15,461 - - -

Related party receivables: (iv)

Controlled entities - - - 340

Associated entities 745 230 175 175

122,538 103,136 17,586 32,421

NON-CURRENT

Trade receivables (i) 2,005 3,686 - -

Other debtors 52 124 - -

Related party receivables: (iv)

Controlled entities - - 37,001 48,228

Associated entities 7,283 - - -

9,340 3,810 37,001 48,228

(i) Trade receivablesTrade receivables are generally non-interest bearing and are 14-30 day terms. Included in the above amount, are two debtors who owe Grain Pool Pty Ltd $24.7 million (2008 - $30.5 million) at balance date. These debtors have been granted trade finance facilities and interest is charged at LIBOR plus a margin on commercial terms. In respect of grower washout invoices, terms are generally 30 days however, extension of up to 90 days have been granted upon application. An allowance for doubtful debts is made when there is objective evidence that a trade receivable is impaired.

Non-current trade receivables comprise a deferred payment plan entered into with certain overseas customers. The amount is payable over 36 months in weekly instalments including interest. Interest is charged at LIBOR plus a margin on commercial terms.

At 31 October, the ageing analysis of trade receivables is as follows:

Current 31,711 46,035 3,547 14,527

< 30 days overdue 3,124 29,780 1,597 11,421

30 – 60 days overdue 214 5,548 149 358

60 – 90 days overdue 325 1,201 224 743

> 90 days overdue 3,044 3,393 1,865 394

38,418 85,957 7,382 27,443

(ii) Loans to GrowersAt 31 October 2009, the balance outstanding on a loan granted to an unrelated party was $26 million (2008- Nil). This receivable is secured against grain deliveries and settled by distributions receivable from Grain Pool Pools. Interest is charged at BBSW plus a margin on commercial terms.

Loans receivables are interest bearing and represent funds advanced to growers based on tonnes delivered to the Company, primarily for delivery into the Grain Pool Pools. This receivable is secured by and will be settled by distributions receivable from the Wheat Pool. At 31 October 2009, the interest rate charged to growers was 6.34%.




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 6. Trade and other receivables (continued)At 31 October, the ageing analysis of Loans to Growers is as follows:

Current 31,447 33 - -

31,447 33 - -

(iii) Allowance for doubtful debtsAn allowance for doubtful debts is recognised when there is objective evidence that the Group will not be able to collect the debts. Financial difficulties of the debtor, default payments or debts more than 90 days overdue are considered objective evidence of impairment. Bad debts are written off when an individual trade receivable or Loans to Grower is known to be uncollectable. A writeback of $1.5 million (2008: impairment loss of $1.2 million) has been recognised by the Group and an impairment loss of $0.709 million (2008: gain of $0.063 million) by the Company in the current year. These amounts have been included in the other expense item.

Movements in the provision for doubtful debts were as follows:

At 1 November 4,174 4,358 394 490

(Write back) / Charge for the year (889) 216 863 (63)

Amounts written off (included in other expenses) (1,192) (400) (154) (33)

At 31 October 2,093 4,174 1,103 394

Trade receivables past due but not considered impaired are Group $6.7 million (2008: $21.05 million); Company $3.8 million (2008: $12.9 million). Each entity within the Group has been in contact with the relevant debtor and is satisfied that payment will be received in full.

Other balances within trade and other receivables do not contain impaired assets and are not past due. It is expected that these other balances will be received when due.

(iv) Related party receivablesFor terms and conditions relating to related party receivables refer Note 29.

(v) Other receivablesOther receivables consist of GST receivables, and accrued income receivable within 12 months.

Accrued income receivable within 12 months 12,539 11,817 7,596 2,905

GST receivable 26,688 12,685 2,583 1,952

Other 1,338 274 953 -

40,565 24,776 11,132 4,857

Included in the “Other” category are loans to other persons. These are interest free loans provided to country shires for the provision of aged care and similar community related facilities. Loans are generally repayable over 5 years.

(vi) Fair value and credit riskDue to the short term nature of these receivables, their carrying amounts are estimated to represent their fair values. In respect of non-current receivables, carrying amounts approximate fair value as these carry interest at commercial rates.

The maximum exposure to credit risk is the fair value of receivables. The Group will, where it is deemed appropriate, require collateral to be provided by third parties. It is not the Group’s policy to transfer (on-sell) receivables to special purpose entities.

(vii) Foreign exchange and interest rate riskDetails regarding foreign exchange and interest rate risk exposure are disclosed in Note 19.




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 7. Other financial assetsCURRENT

Equities in Grain Pool Pools at fair value (Note 2 (j)(iii)) - 4,978 - -

Equities in the AWB National Wheat Pool at fair value (i) - 12,611 - -

Loan to Grain Pool Pools at amortised cost (ii) 20,695 65,192 - -

20,695 82,781 - -

NON-CURRENT

Unlisted investments at cost

- Shares in controlled entities - - 108,672 108,510

- Shares in other corporations 1 1 - -

1 1 108,672 108,510

(i) Equities in the AWB National Wheat PoolAmount represents equity in the current National Wheat Pool managed by AWB International Limited.

(ii) Loan to Grain Pool PoolsLoan to Grain Pool Pools have interest charged at the bank bill rate plus a commercial margin. The loan reflects amounts advanced to growers on behalf of Grain Pool Pools. All amounts receivable are not considered past due or impaired.

(iii) Credit riskThe maximum exposure is the carrying value of the loan to Grain Pool’s Pools. Collateral is not held as security, nor is it the Group’s policy to transfer (on-sell) receivables to special purpose entities.

(iv) Foreign exchange and interest rate riskDetails regarding foreign exchange and interest rate risk exposure are disclosed in Note 19.

Note 8. InventoriesAt fair value less cost to sell

Traded grain 44,727 65,219 - -

At the lower of cost and net realisable value:

Raw materials and stores (at cost) 2,653 1,894 2,302 1,817

Work-in-progress (at cost) (i) 612 2,557 89 15

Less: Provision for obsolescence (14) (14) - -

Total inventories at the lower of cost and net realisable value 3,251 4,437 2,391 1,832

Total inventory 47,978 69,656 2,391 1,832

(i) Construction work-in-progress 4,024 5,941 89 15

Construction costs incurred and recognised (3,412) (3,384) - -

Profits less recognised losses 612 2,557 89 15




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 9. Other assetsCURRENT

Prepayments 2,751 2,953 2,133 5,651

Deferred borrowing costs 4,841 5,886 - -

7,592 8,839 2,133 5,651

NON-CURRENT

Defined benefit superannuation plan surplus 20,600 21,153 20,600 21,153

Prepayments - 1,202 - 1,202

20,600 22,355 20,600 22,355

Note 10. Investments in associatesInvestments in associates at cost - - 27,447 25,226

Investments in associates at recoverable amount - - 3,080 12,269

Investments accounted for using the equity method 73,065 102,994 - -

73,065 102,994 30,527 37,495

Allowance for impairmentInvestments in associates at recoverable amount include Pacific Agrifoods Investments Pty Ltd. This Company holds the Group’s investments in Elders Limited (formerly known as Futuris Corporation Limited). During the year, as a result of the economic crisis, these available-for-sale investments were impaired. Therefore it was necessary to impair the investment in Pacific Agrifoods Investments Pty Ltd. As a consequence, the value of the investment held by the Company was reduced to the equity accounted value and an impairment of $17.225 million (2008:$7.238 million) was recognised in the income statement of the parent entity. Refer to Note 28 for more details.

Note 11. Property, plant and equipmentLand and buildings

Freehold land and buildings

At cost 840,438 792,775 838,557 790,894

Less: Accumulated depreciation (394,290) (366,156) (393,925) (365,891)

446,148 426,619 444,632 425,003

Leasehold property

At cost 8,257 8,257 8,257 8,257

Less: Accumulated amortisation (1,123) (955) (1,123) (955)

7,134 7,302 7,134 7,302

Office furniture, fittings and equipment

At cost 37,388 36,337 36,575 35,509


6,661 6,826 6,568 6,678

Plant and equipment

At cost 674,202 644,721 688,475 655,791


247,892 241,710 260,189 251,485




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 11. Property, plant and equipment (continued)Plant and equipment - leased

At cost - 1,249 - 1,249

Less: Accumulated amortisation - (1,249) - (1,249)

- - - -

Motor vehicles

At cost 32,505 31,041 31,982 30,571


12,523 12,213 12,191 11,906

Capital works-in-progress 10,295 29,061 10,517 30,718

Total property, plant and equipment 730,653 723,731 741,231 733,092

ReconciliationsReconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current and previous financial year are set out below:

Land and buildings

Leasehold properties

Office furniture,

fittings and equipment

Plant and equipment

Motor vehicles

Capital works-in-progress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000

Consolidated – 2009

Carrying amount at start of year 426,619 7,302 6,826 241,710 12,213 29,061 723,731

Additions 35,761 - 1,487 18,800 4,271 9,600 69,919

Disposals (8) - (40) (112) (1,582) - (1,742)

Transfer from capital works-in-progress 13,603 - 181 11,214 33 - 25,031

Transfer to property, plant and equipment - - - - - (25,031) (25,031)

Transfer to intangible assets - - - - - (3,335) (3,335)

Depreciation/Amortisation expense (Note 4(e), 2(k)) (29,827) (168) (1,793) (23,720) (2,412) - (57,920)

Carrying amount at end of year 446,148 7,134 6,661 247,892 12,523 10,295 730,653

Consolidated – 2008


Additions 41,945 - 2,292 10,149 4,008 30,009 88,403

Disposals (33) - (207) (90) (574) - (904)








Note 11. Property, plant and equipment (continued)

Land and buildings

Leasehold properties

Office furniture,

fittings and equipment

Plant and equipment

Motor vehicles

Capital works-in-progress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000

Parent Entity – 2009


Additions 35,761 - 1,484 20,333 4,197 9,822 71,597

Disposals (8) - (23) (107) (1,582) - (1,720)






Parent Entity – 2008


Additions 41,945 - 2,212 14,234 3,859 30,414 92,664

Disposals (33) - (207) (42) (575) - (857)







2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 12. Intangible assetsSoftware costs

Cost (gross carrying amount) 41,009 34,691 41,009 34,691

Accumulated amortisation and impairment (30,390) (22,918) (30,390) (22,918)

Net carrying amount 10,619 11,773 10,619 11,773

Patents

Cost (gross carrying amount) 32 28 - -

Accumulated amortisation and impairment (21) (17) - -

Net carrying amount 11 11 - -

Total 10,630 11,784 10,619 11,773



Note 12. Intangible assets (continued)

Patent Costs

Software Costs

Total

$’000 $’000 $’000

CONSOLIDATEDYear ended 31 October 2008

Balance at the beginning of the year 17 11,475 11,492

Additions 1 - 1

Additions – internal development - 2,288 2,288

Transfer from property, plant and equipment - 5,337 5,337

Disposals - - -

Amortisation (Note 4(e), 2(p)) (7) (7,327) (7,334)

Closing value at 31 October 2008 11 11,773 11,784

Year ended 31 October 2009

Balance at the beginning of the year 11 11,773 11,784

Additions 4 - 4



Disposals - (63) (63)

Amortisation (Note 4(e), 2(p)) (4) (8,377) (8,381)

Closing value at 31 October 2009 11 10,619 10,630

PARENT


Balance at the beginning of the year - 11,475 11,475



Disposals - - -

Amortisation (Note 4(e), 2(p)) - (7,327) (7,327)

Closing value at 31 October 2008 - 11,773 11,773


Balance at the beginning of the year - 11,773 11,773



Disposals - (63) (63)

Amortisation (Note 4(e), 2(p)) - (8,377) (8,377)

Closing value at 31 October 2009 - 10,619 10,619

Intangible assets consist of software costs and patents. The current amortisation charges for intangible assets are included under depreciation and amortisation expense in the income statement.




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 13. Trade and other payablesCURRENT

Trade payables (ii) 44,057 31,140 47,713 43,169

Sundry payables and accrued expenses (iii) 33,809 32,961 7,895 -

Debentures (iv) 6,668 6,420 6,480 6,420

Financial guarantees (Note 22) 48 210 241 454

84,582 70,731 62,329 50,043

NON-CURRENT

Debentures (iv) - 5,113 - 4,925

- 5,113 - 4,925

(i) Fair valueDue to the short term nature of the current payables their carrying value is assumed to approximate fair value. The carrying amount of the debentures approximates their fair value.

(ii) Trade payablesTrade payables are non-interest bearing and are usually paid within 30-day terms.

(iii) Sundry payables and accrued expensesSundry payables and accrued expenses represent other payables and payables to growers.

(iv) DebenturesAs described in Note 2(s), tolls were deducted from the proceeds of every tonne of grain delivered by shareholders which ceased on 31 October 2000. The current liability is payable in October 2010.

(v) Financial guaranteesAs described in Note 2(aa) and Note 22, the Group has provided financial guarantees to its associates and subsidiaries, which commit the Group to make payments on behalf of these entities upon their failure to perform under the terms of the relevant contract. The significant accounting estimates and assumptions used in determining the fair value of these guarantees has been disclosed in Note 3.

The amortisation of financial guarantees is included in other income, Note 4(b).

(vi) Interest rate, foreign exchange and liquidity riskInformation regarding the effective interest rate and credit risk of current payables is set out in Note 19.

Note 14. Interest bearing loans and borrowingsCURRENT

Unsecured:

Bank loans (i) 81,594 144,441 - 70,000

81,594 144,441 - 70,000

Overdraft (ii) - 29,027 - -

81,594 173,468 - 70,000

(i) The bank loans are in both Australian Dollars and United States Dollars. For additional details refer to Note 14(c).

(ii) Interest is paid to the Company on positive total equity balances and charged on net negative equity balances. Equity balance reflects the mark to market positions with respect to derivatives plus the cash balance with the bank.



Note 14. Interest bearing loans and borrowings (continued)

(a) Fair valueUnless otherwise disclosed, the carrying amount of the Group’s current and non-current borrowings approximates fair value.

The parent entity and certain controlled entities have potential financial liabilities which may arise from certain contingencies disclosed in Note 22. However the directors do not expect those potential financial liabilities to crystallise into obligations and therefore financial liabilities disclosed in the above table are the directors’ estimate of amounts that will be payable by the Group. No material losses are expected and as such, the fair values disclosed are the directors’ estimate of amounts that will be payable by the Group.

(b) Interest rate, foreign exchange and liquidity riskDetails regarding interest rate, foreign exchange and liquidity risk is disclosed in Note 19.

(c) Terms and conditionsThe Group has bank overdraft facilities which may be drawn at any time and may be terminated by the bank without notice. The bank loans are subject to annual review.

(i) Current interest bearing loans and borrowings

$80,000,000 bank loanThis floating rate interest bank loan was entered into for general purposes and is unsecured and repayable in full on 30 April 2010. No amount was drawn down at 31 October 2009. The average rate for the year was 4.965% (2008: 6.515%).

Negative Pledge – Parent entityThe bank loan of the Company is supported by a negative pledge that imposes certain covenants on the Company that has received that loan. The negative pledge at 31 October 2009 states that (subject to certain exceptions) the parent entity will not provide any other security over its assets, and will ensure that the following financial ratios and conditions are met throughout the term of the loan facilities:

(a) Total interest bearing debt of the Company does not exceed $400 million;

(b) Net tangible assets of the Company is to remain above $850 million;

(c) The ratio of earnings of the Company before interest, tax, depreciation and amortisation (EBITDA) to interest must not fall below 3.0 times; and

(d) No dividends are allowed to be paid by the Company.

$16.11 million (US$14.75 million) bank loanThis United States Dollar denominated floating rate loan was entered into on 31 December 2004 as part of the Group’s investment into Asia. The loan is unsecured, and was renegotiated to 31 October 2010. The effective rate for the year was 1.47%. $16.00 million (US$14.65 million) had been drawn down at 31 October 2009.

$65.5 million (US$60 million) bank loanThis United States Dollar denominated loan is subject to annual review and used for general purposes by Grain Pool Pty Ltd with a total facility as at 31 October 2009 of US$60 million (2008: US$60 million). All of the loan had been drawn down at 31 October 2009 (2008: US$35 million). The average rate for the year was 0.57% (2008: 3.65%) payable in United States Dollars. The last review was conducted in April 2009 and the facility was renewed for 18 months.

Australian Dollar credit facilityIn October 2009, a new facility of $800 million in addition to the existing $478 million was negotiated with various banks. The facilities are a combination of syndicated term and inventory financing facilities. The entire facility remained undrawn as at 31 October 2009. Subsequent to year end the Grain Pool Pty Ltd negotiated additional inventory financing facilities of $250 million which is to be used during the 2009/2010 season and reduces on a progressive basis over the year. Grain Pool Pty Ltd is to use this facility to fund the 2009/2010 Pools by way of payments to growers and grain trading. Under the facility, the lenders hold fixed and floating security over Grain Pool Pty Ltd (and its subsidiaries’) assets and Grain Pool Pty Ltd has agreed not to cause or permit to exist any additional encumbrances on its property. The interest rate is calculated with reference to the Australian Dollar bank bill rate, plus a margin at normal commercial terms.



Note 14. Interest bearing loans and borrowings (continued)

(c) Terms and conditions (continued)

Negative Pledge – Grain Pool Pty LtdThe bank loans of the Grain Pool Pty Ltd are supported by a negative pledge that imposes certain covenants on the Company. The negative pledge at 31 October 2009 states that (subject to certain exceptions) Grain Pool Pty Ltd will not provide any other security over its assets, and will ensure that the following financial ratios and conditions are met throughout the term of the loan facilities:

(a) The financial indebtedness of Grain Pool Pty Ltd should not exceed the aggregate of:

a. 100% of cash on hand;

b. 90% of grain sold that is either on hand or in the course of delivery;

c. 100% of the mark to market value of grain net open derivative position;

d. 80% of the market value of grain that is not sold; and

e. 80% of total value of debtors on terms of 90 days or less.

(b) The realised and unrealised grain trading positions should not exceed minus $30 million; and

(c) The ratio of financial indebtedness plus inventory finance exposure to consolidated equity must be less than or equal to 6.5 times.

(d) Defaults and breachesDuring the current and prior year, there were no defaults or breaches on any of the loans.

Long-term employee benefits Other Total

$’000 $’000 $’000

Note 15. ProvisionsCONSOLIDATED

At 1 November 2008 17,658 530 18,188

Additional provisions 1,867 341 2,208

Unused amounts reversed - - -

At 31 October 2009 19,525 871 20,396

Current 2009 15,828 110 15,938

Non-current 2009 3,697 761 4,458

19,525 871 20,396

Current 2008 14,368 - 14,368

Non-current 2008 3,290 530 3,820

17,658 530 18,188

PARENT ENTITY

At 1 November 2008 14,741 530 15,271

Additional provisions 1,327 231 1,558

Unused amounts reversed - - -

At 31 October 2009 16,068 761 16,829

Current 2009 12,886 - 12,886

Non-current 2009 3,182 761 3,943

16,068 761 16,829

Current 2008 11,992 - 11,992

Non-current 2008 2,749 530 3,279

14,741 530 15,271




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 16. Other liabilitiesCURRENT

Deferred revenue 5,485 4,496 2,955 966

5,485 4,496 2,955 966

NON-CURRENT

Auction premium payable 23,056 - 47,432 -

23,056 - 47,432 -

Auction premium payable relates to bid premium fees paid to CBH from grain marketers for shipping capacity and it will be returned to marketers on an actual per tonne shipped basis at the end of the period, which is expected to be November 2010.

Note 17. Contributed equity and reserves(a) Ordinary shares

Issued and fully paid 14 13 14 13

Less: Treasury shares (5) (4) (5) (4)

9 9 9 9

On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.

In relation to the distribution of surplus profits, except for the payment of $2.00 on the redemption of a share, the Bulk Handling Act (1967) and the Company’s Articles of Association prohibit the distribution of any surplus or profits to the stakeholders.

In the event of winding up, the Bulk Handling Act (1967) provides that any surplus shall be distributed in a manner directed by the Treasurer of the State of Western Australia.

Treasury shares represent shares purchased back from stakeholders by the Company.

Number Issue Price $’000

Movement in ordinary shares

At 1 November 2008 6,783 $2.00 13

Shares issued (i) 198 $2.00 1

At 31 October 2009 6,981 14

(i) Shares issuedDuring the year 198 ordinary shares (2008 – 132) were issued and remained unpaid as at 31 October 2009. The parent entity retains the right to call on all outstanding ordinary shares at anytime in the future. The total number of unpaid ordinary shares is 1,229 (2008 –1,031).

(b) Capital managementThe Group’s objectives when managing capital are to safeguard the business as a going concern, to maximise benefits for shareholders and to maintain an optimal capital structure in order to reduce the cost of capital. Total capital consists of total equity plus net debt which amounts to $0.9 billion (2008: $1.0 billion). Due to the structure of the business dividends are not paid to shareholders with sources of capital being through debt finance and retained earnings. Capital management involves the use of forecasting models which facilitates analysis of the Group’s financial position including cash flow forecasts to determine future capital and operating requirements. Grain Pool Pty Ltd holds an Australian Financial Services License and has operated within the requirements as prescribed in the license. This includes demonstrating through the preparation of cash flow forecast projections, that the Company will have access to sufficient financial resources to meet its liabilities over at least the next three months.There were no changes in the Group’s approach to capital management during the financial year.




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 17. Contributed equity and reserves (continued)(c) Retained earnings

Movements in retained earnings were as follows:

Opening balance 114,379 84,281 - -

Actuarial gain/(loss) on defined benefit plan 2,109 (10,394) 2,109 (10,394)

Net profit for the year 118,966 40,143 68,013 10,045

Aggregate of amounts transferred (to)/from reserves (70,122) 349 (70,122) 349

Balance at 31 October 165,332 114,379 - -

(d) ReservesCapital levy reserve 52,587 52,587 52,587 52,587

General reserve 885,278 815,156 888,345 818,223

Foreign currency translation reserve (14,034) (8,122) - -

Net realised gains/(loss) reserve - 2,552 - -

923,831 862,173 940,932 870,810

Movement in reserves

Capital levy reserve

Balance at beginning of year 52,587 52,587 52,587 52,587

Balance at end of year 52,587 52,587 52,587 52,587

General reserve


Transfer (to)/from retained earnings 70,122 (349) 70,122 (349)

Balance at end of year 885,278 815,156 888,345 818,223

Foreign currency translation reserve

Balance at beginning of year (8,122) (6,280) - -

Currency translation differences arising during the year (5,912) (1,842) - -

Balance at end of year (14,034) (8,122) - -

Net unrealised gains reserve

Balance at beginning of year 2,552 2,525 - -

Share of associates loss on available-for-sale investments (2,552) (8,750) - -

Share of associates impairment losses on available-for-sale investments transferred from reserve to income statement - 8,777 - -

Balance at end of year - 2,552 - -

Under the Bulk Handling Act (1967) the Company is permitted to build up reserves and does not make distributions of these reserves to shareholders. These reserves are not predominantly held in liquid assets.

Nature and purpose of reserves

Capital Levy ReserveThe Capital Levy Reserve was created upon the Company being converted to a tax exempt entity as a result of changes to the Bulk Handling Act in 1971. This exemption removed from the Company the right to pay rebates to shareholders with the funds that would have been paid being transferred to this reserve.

General ReserveThe General Reserve represents the transfer of the Co-operative Bulk Handling Limited retained profits.



Note 17. Contributed equity and reserves (continued)

Foreign Currency Translation ReserveThe Foreign Currency Translation Reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates.

Net Unrealised Gain ReserveThis reserve records movements in the fair value of available-for-sale financial assets of an associate.


2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 18. Cash and cash equivalentsCash at bank and on hand 51,149 58,423 6,891 3,139

Short-term deposits 154,502 79,256 92,835 7,528

Cash – futures account at call 24,642 - - -

Cash – futures account deposit 17,141 - - -

247,434 137,679 99,726 10,667

Overdraft

Cash – futures account at call - (29,027) - -

247,434 108,652 99,726 10,667

Cash at bank earns interest at floating rates based on daily bank deposit rates.

Short-term deposits are made for varying periods of between one day and 30 days and earned interest at the short-term deposit rate of 4.37% (2008: 6.81%).

Cash – futures at call and on deposit are held in United States Dollars, Canadian Dollars and Australian Dollars at an interest rate of Nil for foreign currency accounts and 2.25% on Australian Dollar account. (2008: nil% on balances due from brokers).

Reconciliation of cash

For the purpose of the Cash Flow Statement, cash and cash equivalents comprise of the following as at 31 October:

Cash and cash equivalents 247,434 108,652 99,726 10,667

Reconciliation of net profit/(loss) from ordinary activities after income tax to net cash flows from operating activities

Net profit/(loss) from ordinary activities after income tax 118,966 40,143 68,013 10,045

Adjustments for:

Depreciation and amortisation 66,301 63,278 66,780 63,674

Net (profit)/loss on disposal of property, plant and equipment 414 (36) 409 33

Impairment and write off of non-current assets 1,026 94 18,251 7,333

Bank guarantee (773) (1,259) (1,594) (3,106)

Share of associates’ net (profits) and losses 14,475 6,765 - -

Unrealised foreign exchange (gain)/loss 4,763 - 15,860 -

Changes in assets and liabilities

(Increase)/decrease in inventories 21,678 (16,738) (559) (378)

(Increase)/decrease in trade and other receivables 84,391 (81,404) 14,449 (20,510)

(Increase)/decrease in derivative assets 248,893 (311,248) - -

(Increase)/decrease in prepayments 1,404 6,054 3,696 80

(Increase)/decrease in pension assets 2,662 1,905 2,662 1,905




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 18. Cash and cash equivalents (continued)Changes in assets and liabilities (continued)

(Increase)/decrease in deferred tax assets (31,987) (12,854) (40,681) -

(Decrease)/increase in derivative liabilities (279,385) 357,571 - -

(Decrease)/increase in deferred tax liabilities 3,412 (8,144) - -

(Decrease)/increase in current tax liability 27,099 11,337 40,681 -

(Decrease)/increase in trade and other payables 13,603 15,517 60,821 22,660

(Decrease)/increase in provision 2,208 1,937 1,558 1,573

(Decrease)/increase in other liabilities 24,045 2,777 1,989 (100)

Net cash from/(used in) operating activities 323,195 75,695 252,335 83,209

Disclosure of financing facilities

Refer to Note 14.

Note 19. Financial risk management objectives and policiesThe Group’s policies with regard to financial risk management are clearly defined and consistently applied. The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, commodity risk and interest rate risk) credit risk and liquidity risk. The Group’s overall risk management program focuses on minimising the potential adverse effects of financial markets on the financial performance of the Group.

The Group uses derivative financial instruments including (but not limited to) forward foreign exchange contracts and options, interest rate swaps, forward rate agreements and commodity futures and options to manage certain risk exposures. The Group uses different methods to measure different types of risk to which it is exposed. These include monitoring levels of exposure to interest rate, commodity and foreign exchange risk and assessments of market impacts for interest rate, foreign exchange and commodity prices using value-at-risk (VaR) techniques. Ageing analyses and monitoring of specific credit allowances are undertaken to manage credit risk, liquidity risk is monitored through development of future rolling cash flow forecasts.

Day to day risk management is carried out by a central treasury department, commodity trading department and credit management department under policies approved by the Board of Directors. The treasury function manages liquidity of the CBH Group whilst the trading department manages commodity and basis risks as well as associated foreign currency risks. The credit department manages credit limits for all counterparties with the Group. The CBH Board considers and approves the market risk policy framework within which the Group is permitted to operate on recommendation by the Audit and Risk Management Committee (ARMC).

Primary responsibility for identification and control of the financial risks rests with the Financial and Commodity Risk Management Committee under the authority of the Board via the ARMC and Executive Risk Committee. The Board is responsible for annual review and approval of the Market Risk Policy along with approval of the guidelines within which the treasury and trading functions operate. The Board also approves the establishment, adjustment and deletion of counterparties and limits, country and currency limits and the scope of financial instruments and facilities to be used in managing the CBH Group’s financial risks. The market risk policy establishes limits and guidelines relating to the market and financial risks of the Group and is overseen by a number of dedicated committees on behalf of the Board as outlined below:

Market Risk Policy(dictates permitted

instruments, risk limits and processes)

Board subcommittee (quarterly)

Monitoring & Oversight (fortnightly)

Exposure monitoring & authorities (daily)

Market Risk Policy approval

Audit & Risk Management Committee (ARMC)

Executive Risk Committee (ERC)

Financial & Commodity Risk Management Committee (FCRMC)

BOARD



Note 19. Financial risk management objectives and policies (continued)

a) Market riskMarket risk is the risk or uncertainty arising from possible market price movements and their impacts on the future performance of the business. The market price movements that the Group is exposed to include interest rates, foreign currency exchange rates and commodity price risk that could adversely affect the value of the Group’s financial assets, liabilities or expected future cash flows. The Group has developed policies aimed at managing the volatility inherent in certain of its natural business exposures and in accordance with these policies the Group enters into various transactions using derivative financial and commodity instruments (derivatives). Derivatives are contracts whose value is derived from one or more underlying financial or commodity instruments, indices or prices that are defined in the contract.

The Group measures market risks from its market exposures using value-at-risk (VaR) techniques. VaR is calculated by applying recent volatility (last 5 years) against multiple simulations using monte carlo simulations across distributed and correlated price paths over a predetermined hold period and applying this to the market exposure. From the resultant outcomes the 99th percentile adverse case is drawn. 99th percentile VaR therefore creates what the risk outcome could be 99% of the time under normal market conditions. The limitations of VaR are that it does not calculate risk in circumstances of extreme volatility; instead it calculates probable risk in high volatility situations under normal market conditions. VaR does not predict the maximum risk position.

i) Commodity Price Risk Commodity price risk refers to the Group’s exposure to fluctuations in the prices of grain commodities. The Group operates in a variety of grain markets and is exposed to commodity price fluctuations from its commodity exposures. Commodity price exposures are created by a differential timing in the buying and selling of grain. The hold period that VaR is calculated over for commodity price risk varies dependent upon the grain type between 5 and 10 days.

The diversification benefit represents the reduction in risks from the correlated movements between physical and derivative positions and the correlated movements of the various grain positions when considered together. Exposures and 99% VaR are as follows:

2009 2008

A$ million A$ million

Net derivative exposure (174.49) (136.18)

Net physical exposure 169.72 82.42

Undiversified 99% VaR (40.89) (35.32)

Diversification benefit 99% 22.79 22.02

Diversified VaR (18.10) (13.30)

Traded Grains are grain books run by the CBH Group for the purpose of generating profits using its own funds and creditworthiness. The primary objective of Traded Grains is to achieve a profit therefore risk management activities are undertaken for a variety of reasons from eliminating to initiating market risk. However, Traded Grain positions are required to be maintained within specified limits. The Executive Risk Committee may modify the limits for individual grains on the recommendation of the Financial and Commodity Risk Management Committee however the aggregate limit for all grains can only be modified by the Board.

ii) Foreign Currency RiskForeign currency refers to the Group’s exposure to fluctuations in foreign exchange rates. The Group operates internationally and is exposed to foreign exchange fluctuations from its foreign currency exposures. Foreign currency exposures are created by the buying and selling of grain in different currencies. The Group manages its exposure to foreign currency risk through utilising forward exchange contracts and options. The hold period that VaR is calculated over for foreign exchange risk is 1 day.

Exposures and 99% VaR are as follows:

2009 2008


Net Market Exposure (3.05) (3.93)

99% VaR (0.310) (0.140)

It is Group policy not to enter into forward contracts until a firm commitment is in place.

As a result of investment in operations in Asia, the Group’s balance sheet can be affected by movements in the US$/A$ exchange rates. The Group does not hedge against this exposure.




a) Market risk (continued)

ii) Foreign Currency Risk (continued)At 31 October, the Group had the following financial instruments denominated in another currency:

USD in AUD

equivalent

CAD in AUD

equivalent

Euro in AUD

equivalent

HKD in AUD

equivalent

SGD in AUD

equivalent

JPY in AUD

equivalent

$’000 $’000 $’000 $’000 $’000 $’000

CONSOLIDATED ENTITY - 2009Financial assets

Cash and cash equivalents 79,603 6,280 348 47 9 30

Trade receivables 112,024 - - 21 - -

Derivative financial assets 10,769 1,351 - - - -

202,396 7,631 348 68 9 30

Financial liabilities

Interest bearing loans and borrowings 81,594 - - - - -

Trade and other payables 374 - 49 35 - 106

Derivative financial liabilities 86,678 8,712 1,621 - - -

168,646 8,712 1,670 35 - 106Net Exposure 33,750 (1,081) (1,322) 33 9 (76)

CONSOLIDATED ENTITY - 2008

Financial assets

Cash and cash equivalents 34,761 9,892 84 86 29 -

Trade receivables 75,254 253 - - - -

Derivative financial assets 267,790 13,426 - - - -

377,805 23,571 84 86 29 -


Interest bearing loans and borrowings 104,840 (1,346) - - - -

Trade and other payables 127 - - - - -

Derivative financial liabilities 149,569 26,915 1,200 - - -

254,536 25,569 1,200 - - -

Net Exposure 123,269 (1,998) (1,116) 86 29 -

PARENT ENTITY - 2009

Financial assets

Trade receivables 44,743 - - - - -Net Exposure 44,743 - - - - -

PARENT ENTITY - 2008

Financial assets

Trade receivables 55,120 - - - - -

Net Exposure 55,120 - - - - -




a) Market risk (continued)

iii) Interest Rate Risk Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instruments will fluctuate due to changes in market interest rates. The Group funds its ongoing operations and is exposed to interest rate fluctuations predominantly from liabilities bearing variable interest rates. The hold period that VaR is calculated over for interest rate risk is 1 day. Exposures and 99% VaR are as follows:

2009 2008


Net Market Exposure 141.57 404.07

99% VaR (0.004) (0.261)

At balance date, the Group had the following mix of financial assets and liabilities exposed to variable interest rate risk:


2009 $’000

2008 $’000

2009 $’000

2008 $’000

Financial assets

Cash and cash equivalents 247,434 137,679 99,726 10,667

Trade and other receivables 56,112 30,545 - -

Loans to Grain Pool Pools 20,695 65,192 - -

324,241 233,416 99,726 10,667


Interest bearing liabilities and borrowings 81,594 173,468 - 70,000

81,594 173,468 - 70,000

Net Exposure 242,647 59,948 99,726 (59,333)

It is the Group’s policy that floating rate debt may only be used for short term borrowings of less than three months and is not to exceed 20% of total debt unless approved by the Executive Risk Committee. The Group’s policy is to manage the exposure to adverse movements in interest rates through either variation of the physical terms or structure of the various portfolios or through the use of derivative financial instruments. At 31 October, after taking into account the effect of interest rate swaps, approximately nil% (2008: nil%) of the Group’s borrowings are at a fixed rate of interest. Interest rate swap contracts are outlined in Note 20 (b).

b) Credit RiskCredit risk arises from the financial assets of the Group which comprises cash and cash equivalents, trade and other receivables, derivative instruments and other financial assets. The Group’s exposure to credit risk arises from the potential default of the counter party, with maximum exposure equal to the carrying amount of these instruments. Exposure at balance date is addressed at each applicable note.

The Group does not hold any credit derivatives to offset its credit exposures.

It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures including an assessment of their independent credit rating, financial position, past experience and industry reputation. The degree of credit exposure is measured by an Assessed Counterparty Exposure (ACE). The CBH Group also sets country risk limits due to the possibility of a counter party being affected by a country’s decree such that specific financial obligations cannot be met in addition to credit limits for individual counterparties. Risk limits are set for each individual customer in accordance with parameters set by the Board. The risk limits are regularly reviewed.

In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. The Group will, where it is deemed appropriate, require collateral to be provided by third parties. At 31 October, the Group held collateral of $0.13 million (2008: $0.87 million).




b) Credit Risk (continued)The Group has significant concentrations of credit risk with respect to the Group’s derivative portfolio. The following additional comments apply:

1. Derivatives contracted with the Grain Pool Pools

For all derivatives contracted with the Grain Pool Pools, the Grain Pool Pty Ltd enters into offsetting positions with external counterparties. However, any default in contract by the Grain Pool Pools cannot be offset with the external counterparty. This exposes the Group to additional credit risk, with a maximum exposure equal to the carrying amount of these investments. At 31 October, the total exposure from Grain Pool Pools was $33.91 million (2008: $26.19 million). After consideration of the total net assets of the Grain Pool Pools, the Group has considered the credit risk of contracting with the Grain Pool Pools and has no concerns at 31 October 2009.

2. Derivatives other than forward purchase and forward sales contracted with external counterparties in the Group’s own right

For all derivatives other than forward purchases and forward sales contracted with external counterparties, namely banks, the Group is exposed to credit risk, with a maximum exposure equal to the carrying amount of these instruments. It is Group Policy to only trade with counterparties with a long-term rating of A- or above by Standard and Poor’s or equivalent rating agencies. The Group has assessed credit risk of all counterparties and has no concerns at 31 October 2009. A summary of exposures by credit rating is detailed in the table below:

2009 2009 2008 2008

Fair Value $’000

Notional $’000

Fair Value $’000

Notional $’000

Credit rating A 1,183 300,000 10,330 50,000

Credit rating AA- and above 44,405 1,700,000 44,530 2,560,000

45,588 2,000,000 54,860 2,610,000

3. Forward purchase and sale contracts

Forward purchase and sale contracts are undertaken with unrated external counterparties, including growers, grain traders and end-customers. At 31 October, the net exposure is $149.94 million (Face values: Open purchase contracts $369.55 million; Open sales contracts $219.61million). After consideration of individual counterparty financial positions and current market values, the Group has considered the credit risk of all external counterparties and has no concerns at 31 October 2009.

4. Cash and cash equivalents

All cash within the Group are held in banks with credit ratings of A and above.

c) Liquidity RiskPrudent liquidity management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit funds and the ability to close-out market positions. The Group’s objective is to ensure that adequate liquid assets and funding sources are available at all times to meet both short and long term commitments of the CBH Group. The Group’s liquidity is managed centrally with subsidiaries forecasting their cash requirements to a central treasury function. Unless restricted by local regulations or bank covenants, subsidiaries pool their cash surpluses to treasury, which will then arrange to fund other subsidiaries requirements, or invest any net surplus in the market or arrange for necessary external borrowings. The Treasury department aims at maintaining flexibility in funding by keeping committed credit lines available and maintaining cash flow reporting mechanisms to monitor the Group’s estimated liquidity position.




c) Liquidity Risk (continued)The table below reflects the remaining contractual maturities of the Group and parent entities financial liabilities as at 31 October 2009. For derivative financial instruments, the market value is presented where they are settled on a net basis, whereas for the other obligations the respective undiscounted cash flows for the respective upcoming fiscal years are presented. Cash flows for financial liabilities without fixed amount or timing are based on the conditions existing at 31 October 2009.

Contractual (undiscounted) cash flows by period

Carrying Amount

Total Contractual

(undiscounted) Cash Flows

6 Months or less

6 – 12 Months 1-5 Years

Over 5 Years

$’000 $’000 $’000 $’000 $’000 $’000

CONSOLIDATED - 2009


Unsecured bank loans 81,594 82,566 65,917 16,649 - -

Trade and other payables 77,914 77,914 77,496 418 - -

Income tax payable 41,597 41,597 41,597 - - -

Auction premium payable 23,056 23,056 - - 23,056 -

Debentures 6,668 7,140 - 7,140 - -

Derivative financial liabilities - (inflow) (2,901,379) (2,901,379) (2,678,839) (224,144) (1,582) -

Derivative financial liabilities - (outflow) 3,057,622 3,057,622 2,833,352 225,852 1,604 -

Net derivative financial liabilities 156,243 156,243 154,513 1,708 22 -

387,072 388,516 339,523 25,915 23,078 -

CONSOLIDATED - 2008


Unsecured bank loans 173,468 174,998 152,590 22,408 - -

Trade and other payables 64,311 64,311 64,311 - - -

Debentures 11,533 11,593 - 5,430 6,163 -

Derivative financial liabilities - (inflow) (2,276,851) (2,276,851) (1,988,339) (253,321) (35,191) -

Derivative financial liabilities - (outflow) 2,712,479 2,712,479 2,394,183 279,176 39,120 -

Net derivative financial liabilities 435,628 435,628 405,844 25,855 3,929 -

684,940 686,530 622,745 53,693 10,092 -

PARENT ENTITY- 2009Financial liabilities

Unsecured bank loans - - - - - -


Income tax payable 40,681 40,681 40,681 - - -

Auction premium payable 47,432 47,432 - - 47,432 -

Debentures 6,480 6,952 - 6,952 - -

150,442 150,914 96,530 6,952 47,432 -

PARENT ENTITY - 2008Financial liabilities

Unsecured bank loans 70,000 70,366 70,366 - - -


Debentures 11,345 11,593 - 5,430 6,163 -

124,968 125,582 113,989 5,430 6,163 -




c) Liquidity Risk (continued)

Maturity analysis of financial assets and liabilities based on management’s expectationsThe risk implied from the values shown in the table below, reflects a balanced view of cash inflows and outflows. Trade payables and other financial liabilities mainly originate from the financing of assets used in our ongoing operations such as property, plant and equipment and investment in working capital eg: inventories and trade receivables. To monitor existing financial assets and liabilities as well as to enable an effective controlling of future risks, the Group has established comprehensive risk reporting that reflects expectations of management of expected settlement of financial assets and liabilities.

Total ≤6 months6-12

months 1-5 years > 5 Years

$’000 $’000 $’000 $’000 $’000


CONSOLIDATED

Financial assets

Cash and cash equivalents 247,822 247,822 - - -

Trade and other receivables 132,378 121,704 601 10,073 -

Other financial assets 20,696 20,695 - 1 -

Derivative financial assets 170,092 149,772 7,723 12,597 -

570,988 539,993 8,324 22,671 -


Unsecured bank loans 82,566 65,917 16,649 - -

Trade and other payables 77,914 77,496 418 - -

Income tax payable 41,597 41,597 - - -

Auction premium payable 23,056 - - 23,056 -

Debentures 7,140 - 7,140 - -

Derivative financial liabilities 156,243 154,513 1,708 22 -

388,516 339,523 25,915 23,078 -Net maturity 182,472 200,470 (17,591) (407) -

PARENT ENTITY

Financial assets

Cash and cash equivalents 99,726 99,726 - - -

Trade and other receivables 54,587 17,586 - - 37,001

Other financial assets 108,672 - - - 108,672

262,985 117,312 - - 145,673


Unsecured bank loans - - - - -

Trade and other payables 55,849 55,849 - - -

Income tax payable 40,681 40,681 - - -

Auction premium payable 47,432 - - 47,432 -

Debentures 6,952 - 6,952 - -

150,914 96,530 6,952 47,432 -Net maturity 112,071 20,782 (6,952) (47,432) 145,673




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 20. Derivative financial instrumentsCURRENT ASSETS

At fair value

Forward foreign exchange contracts 127,895 165,052 - -

Forward foreign exchange options 11,455 109,752 - -

Commodity futures and options 4,971 41,112 - -

Forward purchase contracts - 2,944 - -

Forward sales contracts 13,174 93,120 - -

Interest rate options - 31 - -

Forward rate agreements - 326 - -

157,495 412,337 - -

NON-CURRENT ASSETS

At fair value

Forward foreign exchange contracts 32 1,952 - -

Commodity futures and options 340 - - -

Forward purchase contracts - 40 - -

Forward sales contracts 12,225 4,656 - -

12,597 6,648 - -

CURRENT LIABILITIESAt fair value

Forward foreign exchange contracts 90,760 236,416 - -

Forward foreign exchange options 6,764 130,763 - -

Commodity futures and options 1,558 2,264 - -

Forward purchase contracts 57,139 51,841 - -

Forward sales contracts - 9,858 - -

Interest rate options - 99 - -

Forward rate agreements - 458 - -

156,221 431,699 - -

NON-CURRENT LIABILITIESAt fair value

Forward foreign exchange contracts 22 3,087 - -

Commodity futures and options - - - -

Forward purchase contracts - 822 - -

Forward sales contracts - 20 - -

22 3,929 - -

a) Investments used by the GroupAn existing portfolio of derivatives, primarily forward foreign exchange contracts and options, commodity futures and options and forward sales and purchase contracts, are held by Grain Pool Pty Ltd and AgraCorp Pty Ltd and do not qualify for hedge accounting under AASB 139. Movements in the fair value of these derivatives are recognised in the income statement for the period. The net fair value at 31 October 2009 is an unrealised loss of $14.4 million. (2008: $16.6 million loss). The subjective assessment of the value of these financial instruments at any given point in time will in times of volatile market conditions, show substantial variation over the short term.

In addition, Grain Pool Pty Ltd takes out foreign exchange contracts and options and commodity futures and options on behalf of the Grain Pool Pools. This is achieved by the Grain Pool Pools contracting with the Grain Pool Pty Ltd for the derivative contract and Grain Pool Pty Ltd contracting with an external counterparty for the opposing position. In the Group’s income statement, these positions are generally offsetting, resulting in a zero impact to profit and loss. However, in the Group’s balance sheet, the Group recognised a derivative asset/liability for the position with the Grain Pool Pools, and an offsetting derivative asset/liability with the external counterparty.



Note 20. Derivative financial instruments (continued)

a) Investments used by the Group (continued)The Group’s net derivative portfolio, with all counterparties both internal and external, is outlined below. Internal counterparties are the Grain Pool Pools and AgraCorp Active growers. External counterparties include banks, brokers, unrelated growers, end-customers and grain traders:

2009 2008 Average Exchange Rate

$’000 $’000 2009 2008

FOREIGN ExCHANGE CONTRACTSSell USD : Buy AUD

United States : Australian dollars

Less than 6 months 631,982 390,838 0.8361 USD0.7821

6 months to 1 year 92,186 71,062 0.8795 USD0.6983

1 year to 2 years 1,265 7,994 0.8683 USD0.7274

Buy USD : Sell AUD


Less than 6 months (341,926) (214,910) 0.8471 USD0.7493

6 months to 1 year (81,810) (20,570) 0.8816 USD0.8050

Sell CAD : Buy AUD

Canadian : Australian dollars

Less than 6 months 59,026 60,129 0.8734 CAD0.8643

6 months to 1 year 4,135 7,508 0.9169 CAD0.7849

1 year to 2 years - 3,728 - CAD0.7963

Buy CAD : Sell AUD


Less than 6 months (14,650) (30,840) 0.9144 CAD0.8098

Buy CAD : Sell USD

Canadian : United States dollars

Less than 6 months 4,972 - 0.9242 -

Sell CAD : Buy USD

Canadian : United States dollars

Less than 6 months 3,525 57,517 1.0756 CAD0.9854

6 months to 1 year - 97 - CAD1.0009

Sell USD : Buy EUR

United States dollars : Euro

Less than 6 months - 16,052 - USD0.9044

Sell EUR : Buy USD

Euro : United Stated dollars

Less than 6 months 2,920 - 0.7002 -

FOREIGN ExCHANGE CONTRACT OPTIONS

Sell USD : Buy AUD


Buy call options

Less than 6 months 206,380 485,788 USD0.8126 USD0.8610

6 months to 1 year 1,016 107,779 USD0.9250 USD0.9687



2009 2008 Average Exchange Rate

$’000 $’000 2009 2008

Note 20. Derivative financial instruments (continued)a) Investments used by the Group (continued)FOREIGN ExCHANGE CONTRACT OPTIONS (continued)

Sell USD : Buy AUD


Sell put options

Less than 6 months 363,501 453,730 USD0.8704 USD1.1747

6 months to 1 year - 38,600 - USD0.8582

Sell AUD : USD

Australian : United States dollars

Sell call options

Less than 6 months (395,698) (543,458) USD0.8629 USD0.9766

6 months to 1 year - (74,047) - USD0.9444

Buy put options

Less than 6 months - (261,264) - USD0.6838

6 months to 1 year - (72,332) - USD0.9293

Sell CAD : Buy AUD


Buy call options

Less than 6 months - 10,725 - CAD0.8590

Sell put options

Less than 6 months - 4,650 - CAD0.8272

Sell AUD : Buy CAD

Australian : Canadian dollars

Sell call options

Less than 6 months - (4,363) - CAD0.7163

Buy put option

Less than 6 months - (4,363) - CAD0.6826

Sell EUR : Buy AUD

Euro : Australian dollars

Buy put option

Less than 6 months (1,750) - EUR0.5715 -

2009 2008 2009 2008

$’000 $’000 $ per tonne $ per tonne

Commodity future open positions

Not later than one year

Buy futures - USD 5,429 2,447 199 428

Buy futures - CAD - - - -

Sell futures - AUD 1,554 179 225 358

Sell futures - USD 143,438 99,704 196 262

Sell futures - CAD 41,079 11,030 388 461



2009 2008 2009 2008

$’000 $’000 $ per tonne $ per tonne

Note 20. Derivative financial instruments (continued)a) Investments used by the Group (continued)Later than one year but not later than two years

Buy futures - USD 18,675 1,565 220 287

Buy futures - CAD - - - -

Sell futures - USD - 1,347 - 330

Sell futures - CAD - 267 - 534

Commodity options open position

Not later than one year

Buy put options - USD 6,615 17,128 286 271

Sell put options - USD 21,325 8,413 333 263

Forward purchase and sale contracts

Forward purchase contracts 313,453 330,244 228 381

Forward sale contracts 199,008 472,059 214 455

b) Interest rate swaps No interest rate swaps contracts were in place at 31 October 2009. In 2008, in order to protect against rising interest rates the Group entered into interest rate swap contracts under which it has a right to receive variable rates and to pay interest at fixed rates. Swaps in place at 31 October 2008 covered 4.8% of the principal outstanding and were timed to expire at the renewal dates of each loan. The variable rates range between 0.24% and 1.64% above the 90 day bank bill rate, which at 31 October 2008 was 5.86%.

At 31 October, the notional principal amounts and periods of expiry of the interest rate swap are as follows:


2009 $’000

2008 $’000

2009 $’000

2008 $’000

0 - 1 years - - - -

- - - -

With interest rate swaps, the Group agrees to exchange, at specific intervals, the difference between the fixed and variable rate interest amounts calculated by reference to an agreed upon notional principal amount. Details of the accounting policies and methods adopted, including the criteria for recognition, the basis for measurement and the basis on which income and expenses of interest rate swaps are recognised are disclosed in Note 2(ab).

c) Interest rate riskInformation regarding interest rate risk exposure is set out in Note 19(a)(iii).

d) Credit riskCredit risk arises from the potential failure of counterparties to meet their obligations at maturity of contracts. Information regarding credit risk exposure is set out in Note 19(b).



Note 21. Commitments

Operating lease commitmentsThe Group has entered into commercial leases on certain property and items of equipment. These leases have an average life of between 1 and 50 years with renewal options included in the contracts.

Future minimum rentals payable under non-cancellable operating leases as at 31 October are as follows:


2009 $’000

2008 $’000

2009 $’000

2008 $’000

Within one year 8,173 5,263 7,341 4,635

After one year but not more than five years 22,484 21,965 19,317 18,521

More than five years 46,196 54,628 46,196 54,628

76,853 81,856 72,854 77,784

Capital commitmentsCommitments for the acquisition of plant and equipment contracted as at the reporting date but not recognised as liabilities payable:

Within one year 20,902 27,942 20,902 27,942

20,902 27,942 20,902 27,942

Note 22. Contingent liabilities

(i) Finance arrangementsCo-operative Bulk Handling Limited (parent entity) has undertaken guarantees relating to loan facilities with certain controlled and associated entities. All facilities are expressed in Australian dollars unless otherwise disclosed.

Total facility amount

Utilised facility amount

Parent Entity maximum exposure

Parent Entity fair value exposure

(Note 2(aa)) Facility expiry date

$’000 $’000 $’000 $’000

31 October 2009Controlled entities

Acquisition of flour mills (i) 16,112 16,000 16,000 13 31 October 2010

US14,750 US14,648 US14,648

Grain Pool Funding 500,000 - 50,000 - 31 October 2010

Associated entities

Acquisition of flour mills (ii) 61,172 55,710 27,855 174 30 November 2009

US56,000 US51,000 US25,500

Acquisition of shares in other corporations (iii) 34,380 3,819 1,910 54 30 November 2009



Note 22. Contingent liabilities (continued)

(i) Finance arrangements (continued)

Total facility amount

Utilised facility amount

Parent Entity maximum exposure

Parent Entity fair value exposure

(Note 2(aa)) Facility expiry date

$’000 $’000 $’000 $’000

31 October 2008

Controlled entities

Acquisition of flour mills 60,493 21,936 21,936 201 31 December 2008

US40,400 US14,650 US14,650

Grain Pool Funding 770,000 - 110,000 - 31 October 2009

Associated entities

Acquisition of flour mills 87,595 83,851 41,925 1,197 31 December 2008

US58,500 US56,000 US28,000

Acquisition of shares in other corporations 34,500 34,380 17,190 59 31 October 2008

(i) On 22 September 2009, the existing facility was renegotiated with a total facility amount of US$14.750 million expiring on 31 October 2010.

(ii) In November 2009, this facility was renegotiated with a facility limit of US$51 million and an expiry of 30 November 2011.

(iii) This facility was repaid in full on 30 November 2009.

Note 23. Contingent assets

SEC Refundable Capital ContributionsTo access energy supply to many CBH sites, CBH entered into Contributory Extension Scheme arrangements with the State Energy Commission of Western Australia. Under the terms of these agreements, CBH was required to pay both non-refundable and refundable capital contributions for each connection. The refundable portion is returned to CBH when future development occurs such as additional connections to the power grid. At year end $516,729 (2008: $524,061) remained potentially refundable.


2009 $

2008 $

2009 $

2008 $

Note 24. Auditors’ remunerationAmounts received or due and receivable by Ernst & Young (Australia) from entities in the consolidated entity or related entities

- Auditing accounts 379,553 334,500 123,600 120,000

- Other audit related work 63,390 36,000 50,000 9,000

- Advisory services - - - -

442,943 370,500 173,600 129,000

Amounts received or due and receivable by a related overseas office of Ernst & Young, from entities in the consolidated entity or related entities

- Auditing accounts 46,856 32,000 - -

489,799 402,500 173,600 129,000




2009 $

2008 $

2009 $

2008 $

Note 25. Compensation of key management personnelShort term 6,072,449 5,687,903 4,641,981 4,320,827

Post employment 1,009,306 543,569 764,334 444,395

Termination benefits 1,810,624 258,093 1,810,624 155,062

8,892,379 6,489,565 7,216,939 4,920,284

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

Short term employee benefits includes wages, salaries, paid annual leave, paid sick leave and non-monetary benefits for current employees.

Post employee benefits include pensions and other retirement benefits paid for current employees.

Note 26. Employee benefits

(a) Defined benefit superannuation plan

(i) Superannuation planThe CBH Superannuation Fund (“the Fund”) is an employer fund established to provide benefits to employees who are members on retirement, termination of employment, death and disability.

The defined benefit section of the plan provides defined benefit members with pension benefits on retirement, death and disablement, with an option to commute their benefits to a lump sum. On resignation, defined benefit members receive a lump sum benefit. The defined benefit section of the plan closed to new members from 1 November 2000 and subsequent to this time the majority of existing defined benefit members transferred to the accumulation fund. All new members now receive accumulation only benefits.

The following sets out details in respect of the defined benefit section only:


2009 $’000

2008 $’000

2009 $’000

2008 $’000

(ii) Balance sheet amountsThe amounts recognised in the balance sheet are determined as follows:

Present value of the defined benefit 1,931 1,524 1,931 1,524

Fair value of defined benefit plan assets 18,669 19,629 18,669 19,629

Net asset in the balance sheet 20,600 21,153 20,600 21,153

The present value of the defined benefit obligation has been determined using the Projected Unit Credit Method.

(iii) Categories of plan assetsThe major categories of plan assets are as follows:

Australian equity 52% 49% 52% 49%

International equity 1% 1% 1% 1%

Fixed income 11% 8% 11% 8%

Property 16% 18% 16% 18%

Cash 20% 24% 20% 24%

(iv) Actual return on fund assetsActual return on fund assets 2,961 (6,166) 2,961 (6,166)




2009 $’000

2008 $’000

2009 $’000

2008 $’000

Note 26. Employee benefits (continued)

(a) Defined benefit superannuation plan (continued)

(v) ReconciliationsReconciliation of the present value of the defined benefit obligation, which is fully funded:

Balance at beginning of year (1,524) (2,255) (1,524) (2,255)

Current service cost 3,861 3,844 3,861 3,844

Interest cost 78 133 78 133

Plan participants contributions - 17 - 17

Actuarial gains/(losses) (425) 2,156 (425) 2,156

Benefits, administrative expenses, premiums and tax paid (309) (742) (309) (742)

Contributions to accumulation section (3,612) (3,629) (3,612) (3,629)

Past service cost - - - -

Curtailments - - - -

Settlements - (1,048) - (1,048)

Defined benefit at end of year (1,931) (1,524) (1,931) (1,524)

Reconciliation of the fair value of plan assets/(liabilities)


Actuarial gains/(losses) 1,277 2,072 1,277 2,072

Expected return on fund assets 1,684 (8,238) 1,684 (8,238)

Contributions by fund participants - 17 - 17

Benefits, administrative expenses, premiums and tax paid (309) (742) (309) (742)

Contributions to accumulation section (3,612) (3,629) (3,612) (3,629)

Settlements - (1,048) - (1,048)

Fair value of plan assets at end of year 18,669 19,629 18,669 19,629

(vi) Amounts recognised in income statementThe amounts recognised in the income statement are as follows:

Service cost 3,861 3,844 3,861 3,844

Interest cost 78 133 78 133

Expected return on assets (1,277) (2,072) (1,277) (2,072)

Past service costs - - - -

Effect of curtailments/settlements - - - -

Superannuation (income)/expense 2,662 1,905 2,662 1,905

(vii) Amounts recognised in the statement of recognised income and expenseActuarial gains/(losses) 2,109 (10,394) 2,109 (10,394)

Adjustment for limit on net asset - - - -

Surplus distribution to accumulation members - - - -

Gain/(loss) recognised in the statement of income and expense 2,109 (10,394) 2,109 (10,394)

Cumulative amount of actuarial gain/(loss) (2,875) (4,984) (2,875) (4,984)



Financial year ending

31 October 2009 % pa

31 October 2008 % pa


(a) Defined benefit superannuation plan (continued)

(viii) Principal actuarial assumptionsThe principal actuarial assumptions used as at balance sheet date were as follows:

Discount rate – pensioners 5.60 5.20

Expected rate of return on plan assets – pensioners 7.00 7.00

Expected salary increase rate 4.00 4.00

Expected pension increase rate 2.50 2.50

The fair value of the defined benefit plan assets does not include any of the Company’s own financial instruments or any property occupied by or other assets used by the Company. The expected return on assets assumption is determined by weighing the expected long-term return for each class by the target allocation of assets to each class and allowing for the correlations of the investment returns between asset classes. The returns used for each class are net of investment tax and investment fees. This resulted in the selection of a 7% rate of return on assets (discount rate).

Financial year ending 31 October

2009 $’000

2008 $’000

2007 $’000

2006 $’000

2005 $’000

(ix) Historical information – experience adjustments on planPresent value of defined benefit (1,931) (1,524) (2,255) 1,329 2,981

Fair value of fund assets 18,669 19,629 31,197 41,615 37,221

(Surplus)/deficit in fund (20,600) (21,153) (33,452) (40,286) (34,240)

Experience adjustments (gain)/loss – plan assets (1,684) 8,238 5,861 (5,832) (7,419)

Experience adjustments (gain)/loss – plan liabilities (429) 2,071 1,478 (907) 1,823

(x) Employer contributionsEmployer contributions to the defined benefit section of the plan are based on recommendations by the plan’s actuary. The last actuarial assessment was made on 31 October 2009 and no contribution is expected to be paid to the plan within the next financial year.

At 31 October 2009 there were no active Defined Benefit Members and eight pensioners.

The objective of funding is to ensure that the benefit entitlements of members and other beneficiaries are fully funded by the time they become payable. To achieve this objective, the actuary has adopted a method of funding benefits known as the “projected unit credit valuation method” method. The method adopted determines that the contributions payable by the Company in the future will be sufficient to meet the benefits in respect of the current membership if the actuarial assumptions are fulfilled in practice.

Using the funding method described above and particular actuarial assumptions as to the plan’s future, the actuary recommended to the trustee that the Company suspend employer contributions on 1 July 2001. The Company is also on a contribution holiday for salary sacrifice contributions which commenced during the 2004/05 year. The contribution suspension resulted in savings of $4,259,509 (2008 - $4,301,529) in legislatively mandated or contractually obliged contributions during the year and it is expected to continue until the actuary determines that surpluses have been absorbed.

The Trust Deed of the Plan states that if the Plan winds up, the remaining assets are to be distributed by the Trustee of the Plan in such a manner as will in the opinion of the Trustee after having considered the advice of the Actuary be fair and equitable according to the respective rights of the present and former Members and Beneficiaries.

The Company may at any time terminate its contribution by giving three months notice in writing to the Trustee. The Company has a liability to pay the contributions due prior to the effective date of the notice, but there is no requirement for the Company to pay any further contributions, irrespective of the financial condition of the Fund.




2009 $’000

2008 $’000

2009 $’000

2008 $’000


(b) Employee benefits expense

Employee benefits 99,019 77,515 98,530 77,113

Defined benefit superannuation expense 2,662 1,905 2,662 1,905

Defined contribution accumulation expense 4,925 3,708 4,925 3,708

Other employee benefits expense 5,787 4,815 5,787 4,416

112,393 87,943 111,904 87,142

Note 27. Investment in controlled entitiesThe following were controlled entities as at 31 October 2009 and have been included in the consolidated accounts. All controlled entities have a balance date of 31 October unless otherwise stated.

Name of controlled entityCountry of

Incorporation Class of Shares Equity Holding

2009 %

2008 %

Grain Pool Pty Ltd Australia Ordinary 100 100

Bulkwest Pty Ltd Australia Ordinary 100 100

CBH Global Limited Cyprus Ordinary 100 100

Grainswest Pty Ltd (i) Australia Ordinary 100 100

Grain Direct Pty Ltd (i) Australia Ordinary 100 100

CBH (WA) Pty Ltd (i) Australia Ordinary 100 100

CBH Pty Ltd (i) Australia Ordinary 100 100

Grain Pool Pty Ltd controlled entities are as follows:

AgraCorp Pty Ltd Australia Ordinary 100 100

CBH Grain Asia Ltd Hong Kong Ordinary 100 100

CBH Grain Japan Co. Ltd Japan Ordinary 100 100

Bulkwest Pty Ltd controlled entities are as follows:

Bulkwest Engineering Pty Ltd Australia Ordinary 100 100

C.B.H. Investment Pty Ltd (i) Australia Ordinary 100 100

Bulkeast Pty Ltd (i) Australia Ordinary 100 100

CBH Global Limited controlled entities are as follows:

Co-operative Bulk Handling (Netherlands) BV Netherlands Ordinary 100 100

CBH Indonesia Limited (ii) Malaysia Ordinary 100 100

Westgrains Insurance Pte Ltd Singapore Ordinary 100 100

(i) These entities have remained inactive during the current and prior year.

(ii) The balance date of CBH Indonesia Limited is 31 December.



Note 28. Investment in associates Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting. Information relating to the associates is set out below:

Name of Company Principal ActivityOwnership

InterestConsolidated Carrying

Amount Balance Date

2009 %

2008 %

2009 $’000

2008 $’000

Pacific Agrifoods Investments Pty Ltd Investment 50 50 3,080 12,269 30 June

Australian Bulk Stevedoring Pty Ltd (formerly known as West Grains Pty Ltd) Stevedoring 50 100 - - 31 October

DailyGrain Pty Ltd Grain price and information services 50 - 605 - 30 June

Australasian Lupin Processing Pty Ltd Lupins dehulling and processing 50 50 1,629 1,709 31 October

United Bulk Carriers Pty Ltd Chartering 50 50 113 197 31 October

Pacific Agrifoods Limited Investment 50 50 30,612 34,021 31 December

PT Eastern Pearl Flour Mills Flour milling 50 50 36,952 54,693 31 December

Wheat Australia Pty Ltd Wheat exporting 33 33 74 105 31 October

73,065 102,994

Each of the associated entities is incorporated in Australia, except for Pacific Agrifoods Limited and PT Eastern Pearl Flour Mills which reside in the British Virgin Islands and Indonesia respectively.

Pacific Agrifoods Investments Pty Ltd is the holder of the Group’s interest in shares in Elders Limited (formerly known as Futuris Corporation Limited).

The following table illustrates summarised financial information relating to the Group’s investment in associates:

Consolidated

2009 $’000

2008 $’000

Equity accounted investments 47,952 47,988

Investment by way of long term loans 25,113 55,006

73,065 102,994

Movements in carrying amounts of investments in associates

Carrying amount at the beginning of the financial year 102,994 86,472

Increase in investment by way of loan 15,416 7,877

Reclassification of amounts from investment to loans to associates (9,863) -

Distributions (1,352) (2,460)

Guarantees 609 1,226

Share of movement of available-for-sale reserve (1,258) 27

Share of associates profits/(losses) after income tax (14,475) (6,765)

Foreign exchange movements (19,006) 16,617

Carrying amount at the end of the financial year 73,065 102,994

Share of associates profits

Profits before income tax and impairments 5,456 10,100

Impairment on associate’s investment (15,347) (8,750)

Impairment of associate’s plant - (1,628)

Income tax benefit/(expense) (3,544) (4,450)

Share of net profits/(losses) after income tax (13,435) (4,728)



Consolidated

2009 $’000

2008 $’000

Note 28. Investment in associates (continued)Share of associates profits (continued)

Adjusted for:

Unrealised intercompany profits 691 (152)

Notional depreciation (1,731) (1,885)

Share of associates’ net profits/(losses) (14,475) (6,765)

Retained profits/(accumulated losses) attributable to associates at beginning of the year (3,864) 2,901

Retained profits/(accumulated losses) attributable to associates at end of the year (18,339) (3,864)

Share of associates’ profit or loss and balance sheet

a) Other Investments(i) Pacific Agrifoods Investments Pty Ltd

Loss from ordinary activities after related income tax expense before impairment of assets (476) (653)

Less: Impairment of assets (15,347) (8,750)

Loss from ordinary activities after related income tax expense (15,823) (9,403)

Current assets 1,424 9,655

Non-current assets 3,103 19,708

Current liabilities (26,118) (18,742)

Non-current liabilities (1,910) (17,190)

Net assets/(liabilities) (23,501) (6,569)

(ii) Australasian Lupin Processing Pty Ltd Loss from ordinary activities after related income tax expense before impairment of assets (280) (280)

Less: Impairment of assets - (1,628)

Loss from ordinary activities after related income tax expense (280) (1,908)

Current assets 82 195



Non-current liabilities (9) -

Net liabilities (955) (675)

(iii) DailyGrain Pty LtdLoss from ordinary activities after related income tax expense (45) -

Current assets 50 -

Non-current assets - -

Current liabilities (71) -

Non-current liabilities - -

Net liabilities (21) -

(iv) Wheat Australia Pty LtdProfit from ordinary activities after related income tax expense - 15



Current liabilities - (7)

Non-current liabilities (17) (17)

Net assets 2 2



Consolidated

2009 $’000

2008 $’000

Note 28. Investment in associates (continued)

a) Other Investments (continued)

(v) United Bulk Carriers Pty LtdProfit/(loss) from ordinary activities after related income tax expense (14) 144


Non-current assets 14 6

Current liabilities (35) (102)

Non-current liabilities - -

Net assets 113 197

(vi) Australian Bulk Stevedoring Pty LtdProfit/(loss) from ordinary activities after related income tax expense (100) -

Current assets 109 -


Current liabilities (108) -

Non-current liabilities (50) -

Net liabilities (49) -

b) Flour Mill Investments(i) Pacific Agrifoods Limited

Profit from ordinary activities after related income tax expense before holding costs 3,604 5,371

Less: Holding costs (Note 30) (3,452) (118)

Profit from ordinary activities after related income tax 152 5,253





Net assets 20,801 22,423

(ii) PT Eastern Pearl Flour MillsProfit from ordinary activities after related income tax expense 1,635 1,019





Net assets 31,164 29,332



Note 29. Related parties transactions

(i) Key Management Personnel – DirectorsCertain directors have dealings either in their own name or through director related entities with Co-operative Bulk Handling Limited and its controlled entities under commercial terms no more favourable than those available to other grain growers and shareholders.

Following the 2008/09 election process, J P Hassell replaced M C McGinniss as a director. Transactions relating to J P Hassell are included in the 2009 year only.

Total aggregate number of shares held by directors and director related entities is 14 (2008 – 16).

Parent Entity and Consolidated

2009 $

2008 $

Messers N J Wandel, W A Newman, S J Tilbrook, V A Dempster, R G Madden, T N Badger and K J Fuchsbichler received payments for debenture repayments. 14,188 29,669

Messrs N J Wandel, W A Newman, T N Badger, K J Fuchsbichler, J P Hassell, S J Tilbrook, M McGinniss, V A Dempster, R G Madden and M C Michael received payments or were due to receive payments for grain deliveries during the financial year. 6,485,574 9,939,821

Total aggregate tolls and debentures held by directors and director related entities at year end. 14,744 33,744

(ii) Parent Entity and Controlled Entities

Bulkwest Engineering Pty Ltd has provided engineering and manufacturing services to Co-operative Bulk Handling Limited based on normal commercial terms and conditions. 67,549,021 81,673,028

Co-operative Bulk Handling Limited incurred service charges from AgraCorp Pty Ltd. 1,917,315 103,166

Co-operative Bulk Handling Limited incurred shared service charges from Grain Pool Pty Ltd. - 291,206

Grain Pool Pty Ltd incurred interest charges on borrowings from Co-operative Bulk Handling Limited. - 54,350

Co-operative Bulk Handling Limited has charged Grain Pool Pty Ltd for handling, storage and other trading related activities 44,550,057 47,193,192

Co-operative Bulk Handling Limited has charged Grain Pool Pty Ltd shipping related activities 34,711,743 -

Grain Pool Pty Ltd has charged Co-operative Bulk Handling Limited for marketing and logistical services. 14,117,758 4,850,908

Co-operative Bulk Handling Limited has charged for recovery of shared administration services based on normal commercial terms and conditions to:

- Grain Pool Pty Ltd 22,532,511 14,396,908

- Bulkwest Pty Ltd - 7,500

- Bulkwest Engineering Pty Ltd 1,817,068 871,384

Amount due to Co-operative Bulk Handling Limited by Grain Pool Pty Ltd 2,549,056 -

Amount due from Co-operative Bulk Handling Limited to Grain Pool Pty Ltd 227,179 -

Co-operative Bulk Handling Limited has a loan outstanding to CBH Global Limited. This loan has been used to repay a USD denominated loan and for working capital purposes. These loans are interest free and have no repayment date.

31,296,232 42,898,925

(US28,650,108) (US28,650,047)

Co-operative Bulk Handling Limited has an AUD loan outstanding to Co-operative Bulk Handling (Netherlands) BV for working capital purposes that is interest free and has no repayment date. 5,704,807 5,329,122



Parent Entity and Consolidated

2009 $

2008 $

Note 29. Related parties transactions (continued)

(iii) Associated Entities

Co-operative Bulk Handling Limited has a loan outstanding to Pacific Agrifoods Investments Pty Ltd in AUD and USD for investment and working capital purposes that is interest free and has no repayment date. 26,024,984 18,278,984

Co-operative Bulk Handling Limited has a loan outstanding to Pacific Agrifoods Limited for investment and working capital purposes that is interest free and has no repayment date. 18,461,844 17,236,155

Co-operative Bulk Handling (Netherlands) BV has a loan to PT Eastern Pearl Flour Mills for working capital purposes that is interest bearing with interest payable quarterly. The capital repayment dates are 31st December 2009 and 31st December 2012. The loan is denominated in Indonesian Rupiah. 7,815,435 9,309,816

Grain Pool Pty Ltd has a loan to United Bulk Carries Pty Ltd for working capital purposes. 254,999 -

(iv) Grain Pool Pools on commercial terms unless indicated otherwise

Borrowings from Grain Pool Pty Ltd by Grain Pool Pools (at 31 October) 20,693,988 65,191,300

Interest paid by the Grain Pool Pools to Grain Pool Pty Ltd (at 31 October) 16,135,507 25,016,894

Receivable from Grain Pool Pools from sale of grain by Grain Pool Pty Ltd (at 31 October) - 22,165,060

Interest paid by Grain Pool Pty Ltd to the Grain Pool Pools 6,596,592 5,215,400

Pool administration and management fees paid by the Grain Pool Pools to Grain Pool Pty Ltd 30,620,512 18,754,598

Sale of grain from Grain Pool Pty Ltd to the Grain Pool Pools 587,362,446 486,303,977

Amount due to Co-operative Bulk Handling Limited by Grain Pool Pools 298,117 -

Amount due from Co-operative Bulk Handling Limited to Grain Pool Pools 91,806 -

Identification of Related Parties’ Ultimate Parent Entity

The ultimate parent entity in the wholly owned group is Co-operative Bulk Handling Limited.



Note 30. Business unit results

Storage and

Handling

Grain Trading

and Market-

ing

Flour Milling (Note 28(b))

Engineer-ing and Other

Services

Other Invest-ments (Note

28(a)) (i)

Other Costs

(ii)Elimina-

tions Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000


Business Unit Revenue

Sales 584,173 1,063,769 701,911 70,628 60 834 (863,793) 1,557,582

Total Business Unit Revenue 584,173 1,063,769 701,911 70,628 60 834 (863,793) 1,557,582

Total Business Unit Results

Profit/(loss) before tax 101,098 62,881 22,633 5,813 202 (819) (11,695) 180,113

Minority interest share - - (2,980) - - - - (2,980)

Operating profit/(loss) before tax 101,098 62,881 19,653 5,813 202 (819) (11,695) 177,133

CBH Share (%) 100% 100% 50% 100% 50%-100% 100%

CBH Share Business Unit Result 101,098 62,881 9,827 5,813 202 (819) (11,695) 167,307

Income tax expense - (18,902) (3,548) (1,629) (166) - - (24,245)

Net profit/(loss) after tax 101,098 43,979 6,279 4,184 36 (819) (11,695) 143,062

Adjusted for:

Impairment of assets (17,225) - - - (15,347) - 17,225 (15,347)

Unrealised intercompany profits - - 691 - - - - 691

Notional depreciation resulting from fair valuing EPFM fixed assets - - - - - (1,731) - (1,731)

Holding costs (ii) - - - - - (1,577) - (1,577)

Unrealised foreign exchange on translation (15,860) - - - - (1,875) 11,603 (6,132)

CBH share after adjustments 68,013 43,979 6,970 4,184 (15,311) (6,002) 17,133 118,966



Note 30. Business unit results (continued)

Storage and

Handling

Grain Trading

and Market-

ing

Flour Milling (Note 28(b))

Engineer-ing and Other

Services

Other Invest-ments (Note

28(a)) (i)

Other Costs

(ii)Elimina-

tions Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000


Business Unit Revenue

Sales 261,762 901,057 936,861 88,369 3 618 (1,085,756) 1,102,914

Total Business Unit Revenue 261,762 901,057 936,861 88,369 3 618 (1,085,756) 1,012,914

Total Business Unit Results

Profit/(loss) before tax 2,061 50,038 20,948 6,983 1,348 (650) (6,301) 74,427

Minority interest share - - (1,661) - - - - (1,661)

Operating profit/(loss) before tax 2,061 50,038 19,287 6,983 1,348 (650) (6,301) 72,766

CBH Share (%) 100% 100% 50% 100% 50%-100% 100%

CBH Share Business Unit Result 2,061 50,038 9,644 6,983 673 (650) (6,301) 62,448

Income tax expense - (15,022) (3,102) (2,095) (1,352) - - (21,571)

Net profit/(loss) after tax 2,061 35,016 6,542 4,888 (679) (650) (6,301) 40,877

Adjusted for:

Impairment of assets (7,238) - - - (10,378) - 7,238 (10,378)

Unrealised intercompany profits - - (152) - - - - (152)

Notional depreciation resulting from fair valuing EPFM fixed assets - - - - - (1,885) - (1,885)

Dividend distribution - - - - - - - -

Holding costs (ii) - - - - - (1,929) - (1,929)

Unrealised foreign exchange on translation 15,222 - - - - 1,811 (3,423) 13,610

CBH share after adjustments 10,045 35,016 6,390 4,888 (11,057) (2,653) (2,486) 40,143

(i) Includes investment in subsidiary Westgrains Insurance Pte Ltd.

(ii) Holding costs include costs incurred by the companies associated with holding the Group’s investments in the Flour Mills.

Note 31. Events subsequent to balance date Subsequent to year end, Grain Pool Pty Ltd negotiated additional inventory financing facilities of $250 million with various banks which is to be used during the 2009/2010 season and reduces on a progressive basis over the year.


1. In the opinion of the directors:

(a) the income statement, cash flow statement and statement of recognised income and expense are drawn up so as to exhibit a true and fair view of the performance of the business of the Company for the financial year ended 31 October 2009;

(b) the balance sheet is drawn up as to exhibit a true and fair view of the financial position of the Company as at 31 October 2009; and

(c) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

2. In the opinion of the directors the consolidated accounts give a true and fair view of:

(i) the income statement, cash flow statement and statement of recognised income and expense of the consolidated entity, being the Company and the entities it controlled during the financial year ended 31 October 2009; and

(ii) the balance sheet of the consolidated entity, being the Company and the entities it controlled at 31 October 2009.

The above declarations are made in accordance with a resolution of the directors.

ON BEHALF OF THE BOARD

N J WANDEL W A NEWMAN Chairman of Directors Deputy Chairman of Directors

Dated at Perth this 3rd day of February 2010


Directors Declaration


I, David Moroney, Chief Financial Officer of Co-operative Bulk Handling Limited, hereby certify:

That reserves and accumulated profits are used in the business. That the accompanying income statement, balance sheet, cash flow statement and statement of recognised income and expense are, to the best of my knowledge and belief, true and fair:

That the names, addresses and occupations of persons who are Directors of the company at the date of this certificate were:

Neil Jeffrey Wandel, Gibson, Farmer Rodney George Madden, Morawa, Farmer

Walter Alfred Newman, Newdegate, Farmer John Philip Boucher Hassell, Pingelly, Farmer

Trevor Norman Badger, Pingrup, Farmer Mervyn Clancy Michael, Mingenew, Farmer

Vernon Andrew Dempster, Northam, Farmer Kenneth George Palmer, Subiaco, Company Director

Kevin Johan Fuchsbichler, Bruce Rock, Farmer Peter William Knowles, Shenton Park, Company Director

Lloyd Frederick Guthrey, Subiaco, Company Director Steven John Tilbrook, Mount Madden, Farmer

D MORONEY Chief Financial Officer

Dated at Perth this 3rd day of February 2010


Certification by Chief Financial Officer


ScopeWe have audited the accompanying financial report of Co-operative Bulk Handling Limited, which comprises the balance sheet as at 31 October 2009, and the income statement, statement of recognised income and expense and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ Responsibility for the Financial ReportThe directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with the Australian Accounting Standards (including the Australian Accounting Interpretations) and the Companies (Co-operative) Act 1943. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 2, the directors also state that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

IndependenceIn conducting our audit we have met the independence requirements of the Australian professional accounting bodies. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the directors’ report. In addition to our audit of the financial report, we were engaged to undertake the services disclosed in the notes to the financial statements. The provision of these services has not impaired our independence.

Independent Audit Report TO MEMBERS OF CO-OPERATIVE BULK HANDLING LIMITED

Liability limited by a scheme approved under Professional Standards Legislation


Ernst & Young

Gavin A. Buckingham Partner Perth

3 February 2010

Auditor’s OpinionIn our opinion:

1. the balance sheet is properly drawn up, and exhibits a true and fair view of the Company’s financial position as at 31 October 2009 and the income statement, statement of recognised income and expense and cash flow statement are properly drawn up so as to exhibit a true and fair view of the results of the business of the Company for the year ended on that date according to the best of our information and the explanations given to us, and as shown by the books of the company;

(i) we have obtained all the information and explanations that we required;

(ii) the register of members and other records which the Company is required to keep by the Companies (Co-operative) Act 1943 or by its Articles have been properly kept; and

(iii) the amount set down for depreciation and doubtful debts is, having regard to the nature of the business, sufficient.

2. the consolidated balance sheet, income statement, statement of recognised income and expense, cash flow statement and notes are properly drawn up so as to give a true and fair view of the state of affairs of the consolidated entity as at 31 October 2009 and of the results of the consolidated entity for the year ended on that date and are in accordance with Accounting standards, and other mandatory professional reporting requirements; and

3. the financial report also complies with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Independent Audit Report continued TO MEMBERS OF CO-OPERATIVE BULK HANDLING LIMITED


Co-operative Bulk Handling Limited

Gayfer House

30 Delhi Street, West Perth

Western Australia 6005

GPO Box L886

Perth WA 6842

Freecall 1800 199 083

Tel: +61 8 9237 9600

Fax: +61 8 9322 3942

Email: [email protected]

www.cbh.com.au

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