GooGoondiwindindiwindi BoBoggabillaggabilla WWeemeemeelahlah NNorthorth SStartar GaGarahrah CCrooblerooble MilMilguyguy MerrMerrywineboneywinebone MMoreeoree GGravesendravesend WWaaririaldaalda DelunDelungragra CrCryonyon WalWalgettgett BBellataellata BBurrenurren JuJunctionnction MMeraherah NNorthorth WWeeee WWaaaa EdEdgeroigeroi CulCulgooragoora NNarrabriarrabri BBarrabaarraba GwabeGwabegargar BBaanaan BBaaaa BoBoggabriggabri CooCoonamblenamble BBaradinearadine MManillaanilla EmEmeralderald HilHilll 18 millionCoCombarambara tonnes storage capacityWesestdaletdale 7,000 BuBugaldiegaldie GuGunnedahnnedah GuGularlar CuCurlewisrlewis TTaamwmworthorth Nyngan ArmArmatreeatree WWaarrrrenen CuCurbanrban rrisis CCreekreek GilGilgandragandra BBalladoranalladoran NNevertireevertire MMendooranendooran EumunEumungeriegerie ElonElongg ElonElongg Tranggieie MoMogriguygriguy kilometres Muronbungof grail network support 4 seaboard TToottttenhamenham MunMungeribargeribar BiBirriwarriwa MMerriwaerriwa GulGulgonggong g KiKiacatacat MMaitlandaitland terminalsk 18 Service Centres NeNewcastlewcastle MManildraanildra MolonMolongg RReded BBendend TraTrajerejere LithLithgowgow Bur WWoodoodsstocktock TTallimballimb ra na 13 processingBriBribbareebbaree facilities and 778 permanent Koooorawatharawatha SSydneyydney WWeeedaedallionllion MMaimuruaimuru MilvMilvaleale TemoraT BBoorowaoorowa HaHardenrden CunninCunningargar Illabo PPortort KKemblaembla Marrarstaff delivering growing solutions JuneeJ eepherdspherds gga rt Milb Yeronerongg CreeCreekk CuCulcairnlcairn GrainCorp Limited 2002 Annual Report Bellata has over 100,000 tonnes of permanent storage and over 50,000 tonnes of bunker storage. Contents 2002 Financial Highlights 1 2002 Business Highlights 1 GrainCorp Products and Services 2 Our Storage Network 3 Chairman’s & Managing Director’s Report 7 Investor Information 11 Financial Performance 12 Key Business Areas 14 Review of Operations 16 Supporting Our Communities 22 Executive Management 23 Board of Directors 24 Corporate Governance Statement 26 2002 Concise Report 31 Annual General Meeting GrainCorp’s 2003 Annual General Meeting will be held at Albury, New South Wales on Friday, 28 February, 11am. GrainCorp Limited ABN 60 057 186 035 2002 Financial Highlights 2002 Business Highlights • Total revenue $700 million • 12 million tonnes of grain received with increased speed and efficiency • EBITDA $119.8 million • 6.8 million tonnes of exports • Depreciation and amortisation $41.1 million • Purchased the milling assets of Goodman Fielder in • Net profit before tax $67.8 million partnership with Cargill Australia • Net profit after tax $48.6 million • Created Bulk Terminals Australia (BTA) in partnership with • Earnings per share 121.2 cents Grainco Australia • Dividend per share 78.0 cents • Moved into rail operation through the lease of two engines and 40 wagons • Dividend yield (30/09/02) 8.0% • Expanded grain handling operations into South Australia with the opening of a grain receival facility at Naracoorte • Extracted $4 million cost saving from Vicgrain merger synergies • 1% of profit after tax dedicated to GrainCorp Foundation GrainCorp Annual Report 2002 1 GrainCorp Products and Services Storage & Handling GrainCorp’s core business. Over 300 storage facilities throughout prime grain growing regions. Four port terminals located in NSW and VIC and Bulk Terminals Australia allows access to a 5th in QLD. Trading Domestic - Grain merchants provide risk management solutions, marketing and contracting alternatives. Export - GrainCorp is now a direct exporter of barley and canola. Merchandising GrainCorp’s 18 strategically located Service Centres offer farm input needs such as fertiliser, seeds, agricultural chemicals and seasonal finance. Transport Rail - GrainCorp’s move into rail is designed to offer seamless operation and negotiate the supply chain from silo to port. Road - Extensive road operations through eastern Australia. Research & Development GrainCorp with SunPrime breeds some of the highest yielding wheat varieties in production. 80% of SunPrime’s pre-tax profits are reinvested in Research and Development. Technical Services GrainCorp provides a crop monitoring and analysis service. Processing GrainCorp entered the flour milling business through the purchase of a 60% equity share of Allied Mills. Community Development The GrainCorp Foundation - GrainCorp contributes 1% of its annual after tax profits to rural and regional communities via the GrainCorp Foundation. GrainCorp Annual Report 2002 2 Brisbane Pinkenba QLD Fisherman Islands Goondiwindi Boggabilla Weemelah North Star Garah Croppa Creek Crooble Milguy Merrywinebone Moree Biniguy Gravesend Warialda Gurley Delungra Cryon Walgett Bellata Burren Junction Merah North Wee Waa Edgeroi Culgoora Narrabri Gwabegar NSW Baan Baa Boggabri onamble Baradine Manilla Emerald Hill mbara Westdale Bugaldie Gunnedah Gular Curlewis Northern Coonabarabran Nea Warral Tamworth Armatree Ulamambri Duri Division Curban Werris Creek etaliba Spring R C Binnaway Neilrex Ta a We Premer m roon Gilgandra Conn ar Quirindi an id a Balladoran Mendooran g ge emarra Willow Tree Eumungerie Mogriguy Elong Elong Muronbungg Ballimore Birriwa rromine Dubbo Merriwa Narwonah Geurie Wyanga Combo Gulgong Tomingley West Wellington Peak Hill Mickibri QLD Maitland Parkes Cumnock Newcastle Kooragang Island Manildra Carrington Molong Boggabri NSW Western Division Coonamble Baradine Manilla Emerald Hill Combara Westda Bugaldie Gunnedah Gular Curlewis Cobar Coonabarabran Nea Warral Tamworth Armatree Nyngan Ulamambri Duri iba Warren al Werris Creek Curban Spring Ridge Binnaway Neilrex Ta Caroona Weet Premer marang Gilgandra C o Balladoran Mendooran nnemarra Nevertire Willow Tree Eumungerie Elong Elong Trangie Mogriguy Tottenham Mungeribar Albert Ballimore Birriwa Narromine Dubbo Merriwa Wongarbon Yethra Narwonah Geurie NSW Wyanga Gulgong Combo Tullamore Tomingley West Wellington Gobondery Peak Hill Kadungle Kiacatoo Mickibri Yeoval The Troffs Euabalong West Condobolin Alectown West Trundle Goonumbla nney o Parkes Cumnock Lake Cargelligo igealgeal urgoo ib otha B O Newca Tull eja Hillston W Manildra Naradhan Bogan Gate Molong Gunningbland Red Bend Youngareen Burchrcher Trajere Kikoira Back Creek VIC Girral Canowindra Lithgow Rankins Lake Cowall Wirrinyarrinya Grenfell Merriwagga Buralyang Springs West Caragabal Woodstock halle Wyalong Goolgowi Erigolia Tallimba e Cowra Weet Noonbina Tabbita Buddigower Barmedman Br Tharbogang Yenda Koorawatha Sydney Griffith Maimuru Euabalong West Condobolin Alectown West y l one g Parkes Cumnock igeagea Lake Cargelligo urgooneb B lli riwon Tu eja bland Hillston W g in Manildra Naradhan nn Molong Gu Youngareen Red Bend Trajere Kikoira Nyrang Creek Girral CanowindraCa Lithgow Rankins Lake Cowal Wirrinyaya Grenfell Merriwagga Springs Buralyang lle West Woodstock ha Wyalong Cowra Goolgowi Erigoliaeet Tallimba eenethorpe W Noonbina Tabbita Buddigower Barmedm Tharbogang Yenda Koorawatha Syd Weedallion Griffith Maimuru Milvale an l ell oo ld GaroolganBar Murrami oo marah Temora Ka rdlethanBeckomMirrool A Stockinbingal Boorowa Moomb Ariah Park cawan Pu Harden Willbriggie Yanco Coot Wa ra g llendbeen Cunningar e Ill a Coleambally d in Marrar a mun Port Kembla Gron bo g Matong d anma ra Narran G Gron Junee BrushwoodCoolamon Arajoel Downside Shepherds Morundah Wagga Boree Creek Lockhart Milbrulong Uranquinty The Rock Hills Denilniliquin NSW Yerong Creek TTocumwal Wangamam Henty Mathoura BerriganBerrigarrigag Culcairn Warragoon Central Division Picola Yarrawonga Griffith Yelta an rell ool GaroolganBa boold Murrami m Carwarp Moo QLD Yanco ur ull Willbriggie Robinvale Balranald a errim er Mering W Merrinee Coleambally Kooloonong an Narrand G Annuello Grong Grong Piangil Ouyen derbool Manangatang Downs anitya Mittyack Arajoel P Murrayville Un Moulamein Chinkapook Nyah West ita Morundah Torr Tempy Boree Creek NSW Waitchie Swan Hill Lockhart Sea Lake Urana Patchewollock Speed Ultima Wakool Pleasant Hills Berriwillock Meatian Hopetoun Culgoa Lalbert Deniliquin Lascelles Caldwell Oaklands Henty West Yaapeet Kerang Woomelang Bunnaloo Tocumwal Wangamong Rand Quambatook Mathoura Berrigan Sanger Rainbow Beulah Womboota Broocklesby Gredgwin Warragoon Yanac Kinnabulla Wycheproof Barnes Crossing Brim Birchip Picola Netherby Jeparit Lah Boort Yarrawonga Echuca Watchem Borung Mitiamo Warracknabeal Massey Charlton Antwerp ServicetonKaniva Sheep Hills Litchfield Rochester Nhill Donald St James am Dimboola Minyip Tandara llimur Cope Cope Elmore Li Mir Gerang Swanwater Raywood Colbinabbin GerungPimpinio Murtoa Carpolac Burrum Sutherland Bridgewater St Arnaud Goornong Dookie Horsham Goroke Dooen Marnoo g Murchison Natimuk East Lubeck aron M Glenorchy Dunolly Noradjuha Naracoorte Moolort Southern Willaura Ballarat Division Hamilton Skipton Westmere VIC Sunshine Melbourne Berrybank Portland Geelong VIC Our Storage Network GrainCorp’s acquisition of Allied Mills has added a truly national character to the existing unrivalled network of physical grain handling assets. Allied Mills National Business F Rockhampton F Toowoomba Brisbane S Dalby Tennyson F F Flour Milling F Tamworth Adelaide M Maize Milling North Fremantle Mile End F R Rice Milling F Sydney Albury S Soya Milling Summer Hill F R Bridgewater M Kingsgrove Industrial Mixing F Ballarat Melbourne Industrial & Retail Mixing Kensington F Packing QLD Northern Division NSW Western Division Central Division Seaboard Terminal Southern Division Service Centre Storage Site Sub Terminal