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Wool Stocktake : AWI Annual Report 2007-08
Directors’ report Your directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Australian Wool Innovation Limited and the entities it controlled at the end of, or during, 30 June 2008. Directors The following persons were directors of Australian Wool Innovation Limited during the whole of the financial year and up to the date of this report: Mr B P van Rooyen Dr C J Abell Dr K J Bell Mr W B Merriman Mr H P Nivison & Mr P S Sykes were both directors from the beginning of the financial year until 14 November 2007. Mr R J Fletcher and Mr C R Olsson were both appointed directors on 14 November 2007 and continue in office at the date of this report. Mr K A Boundy, Ms R Clubb & Dr J S Keniry were all appointed as directors on 24 April 2008 and remain in office at the date of this report. Mr I M McLachlan resigned as Chairman of the Board on 24 April 2008 and as a director on 26 June 2008. Mr B P van Rooyen became the elected Chairman of the Board on 24 April 2008. Principal activities The principal activity of Australian Wool Innovation Limited as recorded in its adopted strategic plan is to drive research, development, innovation and marketing that will increase the long term profitability of Australian wool growers and the Woolmark brands. To achieve that mission, the Group receives funding from the Commonwealth Government of Australia by way of both a statutory levy imposed upon Australian wool growers and a capped matching contribution from the Government on behalf of Australian taxpayers. Funding is also generated from revenue in respect of the Woolmark trade marks annual licence fees. Significant changes in the state of affairs On 5 October 2007 Australian Wool Innovation Limited (AWI) purchased key assets of Australian Wool Services Limited (AWS), now known as Graziers’ Investment Company Limited (GIC). Most notably, AWI became the owner of Woolmark, the world’s best known textile fibre brand. AWI is now launching a new program to support Woolmark and introduce a new premium brand to help the company position Australian Merino wool as the highest quality fibre for apparel products. Following the integration in AWI of The Woolmark Company Pty Ltd, AWI is now operating as an expanded global marketing company. At the forefront of the global wool sector, AWI intends to lead the industry into an era of reinvention with its focus on innovation and marketing, from the production of the fibre through to the retail shelf. Review of opeRations and Results 2008 $’000 Revenue Profit /(Loss) from ordinary activities Matters subsequent to the end of the financial year There were no matters subsequent to the end of the financial year. Likely developments and expected results of operations Information on likely developments in the Group’s operations and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the Group. Company secretary The company secretaries are Mr L Targ (former Director, CEO and senior executive in the defence and aerospace industries with particular experience in strategic business development, mergers and acquisitions, contracting, finance and audit ), Mr C Chapman (Barrister and Solicitor, Dip Law, Dip CM, Dip CD, FCIS, FAICD, MBA (UNE)) and Ms S Palmer (Barrister and Solicitor, Dip Law, MAICD). 90,836 5,458 2007 $’000 63,964 (11,489) 68 FINANCIALS AWI 07/08
AWI Annual Report 2008-09
Annual Report 2006-07