Contents

• Vision, Mission & Corporate Values
• 2004-05 Highlights

Report of Operations

• Letter of Transmittal

Part 1 - Overview

• Who we are
• Planning and reporting approach
• Overview by the Chair and the Managing Director
• Key achievements
• Significant events

Part 2 - Our Outputs

• Corporate objectives
• Output Group 1: Winter Cereals Improvement
• Output Group 2: Crop Improvement
• Output Group 3: Crop Protection
• Output Group 4: Sustainable Farming Systems
• Output Group 5: Value Chain
• Output Group 6: Product and Service Delivery
• Commercial objectives
• Environmental objectives
• Research priorities

Part 3 - Our Organisation

• Accountability
• Corporate governance
• Board
• Advisory panels and program teams
• Our people

Part 4 - Financial Statements

• Independent audit report
• Statement by directors
• Statement of financial performance
• Statement of financial position
• Statement of cash flows
• Schedule of commitments
• Schedule of contingencies
• Notes to and forming part of the financial statements
  • Note 1: Summary of Significant Accounting Policies
  • Note 1.1 Basis of Accounting
  • Note 1.2 Revenue
  • Note 1.3 Acquisition of Assets
  • Note 1.4 Property (Land and Buildings and Infrastructure), Plant and Equipment
  • Note 1.5 Employee Benefits
  • Note 1.6 Leases
  • Note 1.7 Cash
  • Note 1.8 Taxation
  • Note 1.9 Comparative Figures
  • Note 1.10 Financial Instruments
  • Note 1.11 Research and Development
  • Note 1.12 Rounding
  • Note 1.13 Insurance
  • Note 1.14 Investments - other
  • Note 2. Adoption of Australian Equivalents of International Financial Reporting Standards from 2005-06
  • Note 3: Economic Dependency
  • Note 4: Events Occurring After Reporting Date
  • Note 5: Operating Revenues
    • Note 5A: Revenues from Government
    • Note 5B: Interest
    • Note 5C: Industry contributions
    • Note 5D: Project refunds
    • Note 5E: Royalties
    • Note 5F: Reversal of previous asset write-downs
    • Note 5G: Other
  • Note 6: Operating Expenses
    • Note 6A: Research and development expenses
    • Note 6B: Employee expenses
    • Note 6C: Supplier expenses
    • Note 6D: Depreciation and amortisation
    • Note 6E: Write-down of assets
  • Note 7: Financial Assets
    • Note 7A: Cash
    • Note 7B: Receivables
    • Note 7C: Investments
    • Note 7D: Investments - other
  • Note 8: Non-Financial Assets
    • Note 8A: Land and buildings
    • Note 8B: Infrastructure, plant and equipment
    • Note 8C: Intangibles
    • Note 8D: Analysis of Property, Plant, Equipment and Intangibles
    • Note 8E: Other non-financial assets
  • Note 9: Provisions
    • Note 9A: Employees
  • Note 10: Payables
    • Note 10A: Suppliers
    • Note 10B: Research and development
    • Note 10C: Contributions not yet utilised
  • Note 11: Equity
  • Note 12: Cash Flow Reconciliation
  • Note 13: Director Remuneration
  • Note 14: Related Party Disclosures
  • Note 15: Remuneration of Officers
  • Note 16: Remuneration of Auditors
  • Note 17: Average Staffing Levels
  • Note 18: Financial Instruments
    • Note 18A: Terms, Conditions and Accounting Policies
    • Note 18B: Interest Rate Risk
    • Note 18C: Net Fair Value of Financial Assets and Liabilities
    • Note 18D: Credit Risk Exposures
  • Note 19: Reporting of Outcomes
    • Note 19A: Outcomes of the Corporation
    • Note 19B: Net Cost of Outcome Delivery
    • Note 19C: Major departmental Revenue and Expenses by Output Group
  • Note 20: Joint Venture

Appendices

1. GRDC achievements against shareholder priorities
2. GRDC project list
3. Joint R&D project list
4. Portfolio monitoring and reviews
5. Publications and products
6. Grains R&D Corporation Selection Committee

Glossary

Contact details