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Wool Stocktake : AWI Annual Report 2017-18
NOTE 22: COMMITMENTS (i) Research, development and marketing Consolidated 2018 2017 $'000 $'000 Commitments payable in relation to research, development and marketing 27,705 15,740 (ii) Non-cancellable operating leases Consolidated 2018 2017 $'000 $'000 Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows: Within one year 2,045 1,978 Later than one year but not later than five years 3,143 4,415 Later than five years - 17 5,188 6,410 The group leases various offices under non-cancellable operating leases expiring within two to eight years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. (iii) Forward exchange contracts Consolidated 2018 2017 $'000 $'000 Commitments payable in relation to forward exchange contracts 13,036 14,482 The group treasury policy stipulates the parameters to protect known foreign currency exposures via forward exchange contracts. NOTE 23: RELATED PARTY TRANSACTIONS (a) Parent entities The parent entity of the Group is Australian Wool Innovation Limited. (b) Directors The names of persons who were directors of the company at any time are as follows: W B Merriman, C Garnsey, P Cocking, J Laurie, D Macdonald, J Morgan, M L Sheil, and D A A Webster. (c) Subsidiaries Interests in subsidiaries are set out in note 24. (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 2018. (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 2018. FINANCIAL REPORT 93
AWI Annual Report 2016-17