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Wool Stocktake : AWI Annual Report 2008-09
AWI’s mission The mission of AWI is to increase the demand for wool by actively selling Merino wool and its attributes through investments in marketing and R&D – from farm to fashion. Contents Up front 2 4 5 6 8 9 About AWI Highlights of 2008/09 Financial summary AWI Board of Directors Chairman’s report CEO’s report Operational Reports 10 18 28 Marketing and sales R&D Support Financial Report 30 34 35 36 37 38 39 40 64 65 Directors’ Report Auditor’s Independence Declaration Financial Report Income statements Balance sheets Statements of changes in equity Cash flow statements Notes to the financial statements Directors’ declaration Independent auditor’s report to the members of AWI Appendices 66 Project List 2008/09 About AWI What AWI does Established in 2001, AWI is a not-for-profit company owned by over 29,000 wool levy p ayers who have registered as AWI shareholders. AWI’s primary role is to manage innovation, marketing, sales, and research and develop ment (R&D) to increase the long term profitability of Australian woolgrowers. The company invests along the global supply chain for Australian wool – from the fibre to fashion – from woolgrowers through to retailers. 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. AWI activities include: • investing in and managing innovation, marketing, sales and R&D to increase demand for wool; • the communication and commercialisation of research results; • providing services such as education, on -farm extension and fashion forecasting; and • a network of staff in overseas markets – AWI’s Global Sales Network – working to increase the sale of wool products at retail. AWI’s offices are strategically located to develop direct business relationships with global brands/retailers, textile manufacturers and fashion designers in key markets across Asia, Europe and the Americas. From 1 July 2009, AWI has been working under a new Strategic and Operational Plan developed with input from Australian woolgrowers. The new marketing strategy aims to provide a much needed boost to wool demand across key world markets through targeted and leveraged campaigns with retail and brand partners around the globe. How AWI is funded AWI investments are funded through a 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 contributes a further source of income for AWI, directly funding AWI’s Glob al Sales Network. Woolgrowers vote every three years on the percentage of wool proceeds they would like to invest in wool innovation, marketing, sales, off-farm R&D and on-farm R&D. There is currently a vote – WoolPoll 2009 – underway. The result of the vote will be announced at the AWI Annual General Meeting on 27 November 2009. How AWI has evolved 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 comp any limited by shares. In October 2007, AWI acquired The Woolmark Company Pty Ltd from AWS. Most notably, AWI became the owner of the Woolmark – the world’s best known textile fibre brand. 2 UP FRONT
AWI Annual Report 2007-08
AWI Annual Report 2009-10