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Wool Stocktake : AWI Annual Report 2008-09
NOTE 2: Financial risk management (continued) 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. Financial liabilities of the Group relate to trade and other payables amounting to $10,487,000 (2008: $13,467,000) all of which are payable within one year (parent entity $6,431,000 (2008: $9,096,000)). The net fair value of cash and cash equivalents, other financial assets and financial liabilities approximate their carrying values. NOTE 3: Revenue 2008 2008 $'000 $'000 Operating revenue Licence fees 7,547 - Government contributions 12,312 12,312 Sale of goods and services 4,198 376 Royalties 1,642 397 Wool levy 45,110 45,110 Other (includes an Australian Government $15 million grant received in 2008) 15,025 15,011 85,834 73,206 Other revenue Interest 4,978 4,893 90,812 78,099 NOTE 4: Expenses 2008 2008 $'000 $'000 Depreciation Buildings 279 279 Plant and equipment 885 727 Leasehold improvements 127 127 Total depreciation 1,291 1,133 Other losses Impairment -- plant and equipment 300 - Impairment -- controlled entity receivable - 1,106 Net foreign exchange losses 352 30 Net loss on property, plant & equipment disposals 26 3 Total other losses 678 1,139 Rental expense relating to operating leases Minimum lease payments 1,819 949 Defined contribution superannuation expense 1,127 661
AWI Annual Report 2007-08
AWI Annual Report 2009-10