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Wool Stocktake : AWI Annual Report 2016-17
NOTE 2: FINANCIAL RISK MANAGEMENT (CONTINUED) (b) Credit risk (continued) The Group has policies in place to ensure that customers have an appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and having funding available. Head Office Finance aims at maintaining flexibility in funding by keeping funds on call and term deposits with regular rolling maturity dates. The Group manages liquidity risk by continually monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Given the cash reserves available borrowing facilities are not required. (d) Fair value measurements The net fair value of cash and cash equivalents, other financial assets and financial liabilities approximate their carrying values. NOTE 3: REVENUE Consolidated 2017 2016 $'000 $'000 From continuing operations Operating revenue Wool levy 60, 211 50,331 Government contribution 14,742 13,424 License fees 7,611 8,063 Royalties 1,790 1,998 Sale of goods and services 1,153 2,918 Other 30 25 85,537 76,759 Other revenue Interest 2,376 2,354 Rents and sub-lease rentals 113 204 2,489 2,558 88,026 79,317 NOTE 4: OTHER LOSS Consolidated 2017 2016 $'000 $'000 Net foreign exchange loss (313) (102) FINANCIAL REPORT 75
AWI Annual Report 2015-16