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Wool Stocktake : AWI Annual Report 2007-08
notes to the FinAnciAl stAtements 12 non-cuRRent assets – investment incontRolled entities consoLidated 2008 $’000 investment in controlled entities Provision for impairment of investment – – – 2007 $’000 – – – 2008 $’000 10,013 (13) 10,000 Australian Wool Innovation LLC was incorporated on 13 September 2005 in the USA with an initial capital contribution of $13,000 (USD$10,000.00), which represented 100% of the equity holding. Woolmark Holdings Pty Ltd was incorporated on 28 February 2007 in Australia with an initial capital contribution of $1.00 being 100% of the equity holding. On 5 October 2007 Australian Wool Innovation Limited purchased key assets of Australian Wool Services Limited (AWS) for $10 million (refer to note 30). 13 non-cuRRent assets - intangible assets consoLidated yeaR ended 30 June 2008 opening net book amount additions closing net book amount at 30 June 2008 cost net book amount As part of the due diligence process, prior to the acquisition of The Woolmark Company Pty Ltd AWI commissioned Deloitte to undertake an independent valuation of the business. GIC separately commissioned a review by Grant Thornton. Both valuations arrived at a value in excess of $10 million. Lonergan Edwards were commissioned to determine a purchase price allocation and confirmed a value of $10 million for the Woolmark certification mark. On the basis of independent reviews and the Lonergan Edwards report, the directors consider it appropriate to allocate $10 million to the Woolmark certification mark. Further, based on a review of the current operations to date and intentions for future use, the directors are satisfied that no impairment of the carrying value has arisen since acquisition. 14 non-cuRRent assets - Receivables consoLidated 2008 $’000 net ReLated PaRty ReceivaBLes The Woolmark Company Pty Ltd – 2007 $’000 – 2008 $’000 1,652 PaRent 2007 $’000 – PaRent 2007 $’000 13 (13) – ceRtification MaRK $’000 – 10,000 10,000 10,000 10,000 AWI 07/08 FINANCIALS 93
AWI Annual Report 2008-09
Annual Report 2006-07