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Wool Stocktake : AWI Annual Report 2016-17
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, the year ended 30 June 2017. DIRECTORS The following persons were directors of Australian Wool Innovation Limited during the financial year and up to the date of this report: Mr W B Merriman (Chairman) Mr P Cocking Ms C Garnsey Mr J Laurie Mr J Morgan DrMLSheil MrDAAWebster PRINCIPAL ACTIVITIES Australian Wool Innovation Limited is a not-for-profit company. Its principal activity as recorded in its adopted strategic plan is to drive research, development, innovation and marketing that will increase the long term profitability of Australian woolgrowers and the Woolmark brands. To achieve this mission, the Group receives funding from the Commonwealth Government of Australia by way of a statutory wool levy imposed upon Australian woolgrowers and a capped research and development matching fund contribution. Funding is also generated from revenue in respect of the Woolmark certification and ordinary trademark annual licence fees. REVIEW OF OPERATIONS AND RESULTS 2017 2016 $’000 $’000 Revenue 88,026 79,317 Profit from continuing operations 17,182 2,667 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There have been no significant changes in the state of affairs of the Group during the year. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR There has been no matter or circumstance which has arisen since 30 June 2017 that has significantly affected or may significantly affect the Group's operations, the results of those operations or the Group's state of affairs in future financial years. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS By actively and efficiently marketing wool and its attributes through investments in marketing and R&D - from farm to fashion and interiors - AWI aims to achieve its goal of increasing the demand for wool. Pursuant to the result of WoolPoll 2015 and following AWI’s extensive planning and consultation cycle, AWI developed a three-year Strategic Plan in which there is a 60%:40% split in expenditure between marketing and R&D programs. AWI will continue to move the operational mode of the company as the market requires. AWI’s investments will be centred around five key portfolios: 1. Marketing - to increase demand for Australian wool 2. Sheep Production - to increase the profitability and sustainability of woolgrowing 3. Woolgrower Services - to increase woolgrower profitability and provide cost effective services to woolgrowers and other parties on their behalf 4. Processing Innovation & Education Extension - to increase the profitability and sustainability of wool processing 5. Business Services - to enable AWI to operate cost effectively through the efficient provision of a range of cross- company support services. AWI will continue to operate in a cost effective manner. 60 FINANCIAL REPORT
AWI Annual Report 2015-16