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Graincorp Limited 2011 Annual Report GrainCorp Limited GrainCorp Limited (ABN 60 057 186 035) and Controlled Entities Annual Report 30 September 2011 GrainCorp Limited Contents 2011 Annual Report Contents About GrainCorp .......................................................................................................................................................................... 1 Financial Summary ...................................................................................................................................................................... 3 Board of Directors and Executives ............................................................................................................................................ 4 Corporate Governance Statement .............................................................................................................................................. 6 Directors’ Report ........................................................................................................................................................................ 19 Directors’ Report – Remuneration Report ............................................................................................................................... 24 Auditor’s Independence Declaration ........................................................................................................................................ 43 1. Summary of significant accounting policies ....................................................................................................................... 49 2. Critical accounting estimates and judgements................................................................................................................... 62 3. Financial risk management ................................................................................................................................................... 63 4. Segment information ............................................................................................................................................................. 74 5. Revenue .................................................................................................................................................................................. 78 6. Other income .......................................................................................................................................................................... 78 7. Expenses ................................................................................................................................................................................ 79 8. Income tax expense ............................................................................................................................................................... 80 9. Cash and cash equivalents ................................................................................................................................................... 81 10. Trade and other receivables ............................................................................................................................................... 81 11. Inventories ............................................................................................................................................................................ 82 12. Derivative financial instruments ......................................................................................................................................... 82 13. Assets classified as held for sale and discontinued operations ..................................................................................... 84 14. Investments accounted for using the equity method ....................................................................................................... 86 15. Other financial assets .......................................................................................................................................................... 86 16. Deferred tax assets and liabilities ...................................................................................................................................... 86 17. Property, plant and equipment ........................................................................................................................................... 88 18. Intangible assets .................................................................................................................................................................. 90 19. Trade and other payables ................................................................................................................................................... 91 20. Borrowings ........................................................................................................................................................................... 92 21. Other financial liabilities ..................................................................................................................................................... 94 22. Provisions ............................................................................................................................................................................. 94 23. Retirement benefit obligations ........................................................................................................................................... 95 24. Contributed equity ............................................................................................................................................................... 98 25. Retained earnings and reserves ....................................................................................................................................... 100 26. Dividends ............................................................................................................................................................................ 101 27. Remuneration of auditor ................................................................................................................................................... 102 28. Contingencies .................................................................................................................................................................... 102 29. Commitments ..................................................................................................................................................................... 103 30. Key management personnel disclosures and related party transactions .................................................................... 104 31. Parent entity financial information ................................................................................................................................... 108 32. Business combinations ..................................................................................................................................................... 109 33. Subsidiaries ........................................................................................................................................................................ 112 34. Deed of cross guarantee ................................................................................................................................................... 113 35. Investments in associates ................................................................................................................................................ 115 36. Reconciliation of profit after income tax to net cash flow from operating activities .................................................. 116 37. Earnings per share ............................................................................................................................................................ 117 38. Share based payments ...................................................................................................................................................... 118 39. Events occurring after the reporting period .................................................................................................................... 121 Directors Declaration ............................................................................................................................................................... 122 Independent auditor’s report to the members of GrainCorp Limited ................................................................................. 123 Shareholder Information ......................................................................................................................................................... 125 Corporate Directory ................................................................................................................................................................. 126 These financial statements are for the consolidated entity consisting of GrainCorp Limited and its controlled entities. The financial statements are presented in Australian dollars. GrainCorp Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 26 175 Liverpool Street SYDNEY NSW 2000 A description of the nature of the consolidated entity’s principal activities
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