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Wool Stocktake : AWI Annual Report 2008-09
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 2009. Directors The following persons were directors of Australian Wool Innovation Limited during the whole of the financial year and up to the date of this report unless otherwise stated: Mr W B Merriman Mr R J Fletcher Mr B P van Rooyen Mr C R Olsson DrKJBell Mr W B Merriman became the Elected Chairman of the Board on 19 November 2008. Mr R J Fletcher became the Elected Deputy Chairman of the Board on 19 November 2008. Mr B P van Rooyen resigned as Chairman of the Board and was re-elected as a director on 19 November 2008. Mr G B S Falkiner, Mr L S Modiano, Dr M L Sheil and Mr D A A Webster were all appointed as directors on 19 November 2008 and remain in office at the date of this report. Dr C J Abell, Mr K A Boundy, Ms R Clubb and Dr J S Keniry were all directors from the beginning of the financial year until 19 November 2008. Principal activities The principal activity of Australian Wool Innovation Limited 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 matching fund contribution. Funding is also generated from revenue in respect of the Woolmark certification and ordinary trademark annual licence fees. Significant changes in the state of affairs There has been no matter or circumstance which has arisen since 30 June 2009 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. Review of operations and results 2008 $'000 Revenue 90,812 Profit/(Loss) from ordinary activities 5,458 $'000 Less: 2008 net government grant income (10,250) 2009 reserves drawdown (9,336) 30 June 2009 restructuring provision (3,265) The 2008 $5.458m profit included a $10.25m net government grant for the acquisition of The Woolmark Company Pty Ltd. Included in the 2009 reserves drawdown was the projected loss result of $9.278m per the 2008/09 Operational Plan. At 30 June 2009, a restructure of AWI's internal operations to reduce ongoing expenditure, resulted in the provision of $3.265m.
AWI Annual Report 2007-08
AWI Annual Report 2009-10