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Wool Stocktake : AWI Annual Report 2013-14
AWI's mission is to invest in research, development, marketing and promotion in order to: enhance the profitability, international competitiveness and sustainability of the Australian wool industry; and increase demand and market access for Australian wool. 2 4 5 6 8 9 About AWI Highlights of 2013/14 Financial summary AWI Board of Directors Chairman s report CEO s report 10 22 28 34 46 52 On-farm R&D Off-farm R&D Category Management Marketing Global Business Services Good business 61 64 66 67 68 69 70 90 91 Directors report Auditor s independence declaration Consolidated statement of comprehensive income Consolidated balance sheet Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors declaration Independent auditor s report 92 94 Report on compliance with the SFA Project list 2013/14 Established in 2001, AWI is a not-for-profit company owned by more than 25,000 wool levy payers who have registered as AWI shareholders. The company invests along the global supply chain for Australian wool -- from woolgrowers through to retailers. is for it to be a significant contributor to a vibrant, stable and profitable wool industry providing the world with the best natural fibre. is to help increase stable and sustained demand for wool through investments in marketing, innovations and R&D -- from farm to fashion and interiors. In working towards this goal AWI always strives to deliver an appropriated return on woolgrowers' and government's investment of levies. AWI conducts four primary functions in order to achieve its vision: On-farm R&D Off-farm R&D Marketing Domestic and international industry services. AWI investments are funded through a wool levy paid by woolgrowers (currently two per cent of the sale price received for their shorn greasy wool) and a matching contribution from the Australian Government for eligible R&D activities, capped at 0.5 per cent of the value of gross national value of wool production. The sale of Woolmark licences is a further source of income for AWI. Woolgrowers vote every three years on the percentage of wool proceeds they would like to invest in industry research, development and marketing activities. In the most recent vote -- WoolPoll 2012 -- 60.34 per cent of votes cast were in favour of a levy of two per cent or more. In total, 60.94 per cent of all possible woolgrower votes were cast at WoolPoll 2012, the biggest return since the triennial vote began 12 years previously. The next WoolPoll vote is in 2015. An agreement exists between AWI and the Australian Government, called the Statutory Funding Agreement, which defines the conditions under which AWI may invest levy and Government- matched funds. A new three year Statutory Funding Agreement came into effect on 1 July 2013. In Wool Poll 2012, wool levy payers voted to continue the wool levy at two per cent for the three years 2013/14 to 2015/16, with the allocation of funds, from 1 July 2013, as follows: On 1 January 2001, Australian Wool Services (AWS) replaced the Australian Wool Research and Promotion Organisation (AWRAP), which had been operating since 1993. AWS was established with two subsidiaries: AWI and The Woolmark Company Pty Ltd. On 30 April 2002 AWI separated from AWS to become a fully independent public company limited by shares. In October 2007, AWI acquired The Woolmark Company Pty Ltd from AWS. Most notably, AWI became the owner of the Woolmark brand -- the world's best known textile fibre brand. UP FRONT
AWI Annual Report 2014-15
AWI Annual Report 2012-13