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Wool Stocktake : AWI Annual Report 2016-17
NOTE 23: RELATED PARTY TRANSACTIONS (CONTINUED) (d) Remuneration Disclosures relating to directors and key management personnel remuneration are set out in note 20. (e) Other transactions with directors and key management personnel or entities related to them (i) Loan transactions and balances There were no loan transactions or balances with directors and key management personnel or entities related to them during the year ended 30 June 2017. (ii) Other transactions and balances No director, or director related entity entered into a contract or had any other transactions other than normal terms and conditions with Australian Wool Innovation Limited during the year ended 30 June 2017. (f) Transactions with related parties The following transactions occurred with related parties: Consolidated 2017 2016 $ $ Purchases of goods Purchases of goods and services relating to marketing and wool testing activities from key management personnel of the entity* 475,846 190,516 *For the period in which they held a key management personnel position. (g) Outstanding balances arising from sales or purchases of services The following balances are outstanding at the end of the reporting period in relation to transactions with related parties: Consolidated 2017 2016 $ $ Current receivables (sales of goods and services) Key management personnel of the entity - 6,552 Current payables (purchase of goods) Key management personnel of the entity 29,016 52,838 NOTE 24: CONTROLLED ENTITIES The consolidated financial statements incorporate the assets, liabilities and results of the following principal subsidiaries in accordance with the accounting policy described in note 1(b): Name of entity Country of incorporation Class of shares Equity holding 2017 2016 % % Subsidiaries controlled by Australian Wool Innovation Ltd: Woolmark Holdings Pty Limited Australia Ordinary 100 100 Woolshare Nominees Pty Limited Australia Ordinary 100 100 Subsidiaries controlled by Woolmark Holdings Pty Ltd: The Woolmark Company Pty Ltd Australia Ordinary 100 100 Australian Merino Pty Ltd Australia Ordinary 100 100 Digibale Pty Ltd Australia Ordinary 100 100 Subsidiaries controlled by The Woolmark Company Pty Ltd: Woolmark International Pty Ltd England Ordinary 100 100 FINANCIAL REPORT 85
AWI Annual Report 2015-16