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Wool Stocktake : AWI Annual Report 2009-10
AWI's mission is to invest in research, development, marketing and promotion in order to: • enhance the profitability, international competitiveness and sustainability of the Australian wool industry; and • increase demand and market access for Australian wool. 2 4 5 6 8 9 About AWI Highlights of 2009/10 Financial summary AWI Board of Directors Chairman s report CEO s report 10 18 25 Marketing & off-farm R&D On-farm R&D Support 30 33 35 36 37 38 39 65 66 Directors Report Auditor s Independence Declaration Statements of comprehensive income Balance sheets Statements of changes in equity Cash flow statements Notes to the financial statements Directors declaration Independent auditor s report 68 Project List 2009/10 Established in 2001, AWI is a not-for-profit company owned by over 29,000 wool levy payers who have registered as AWI shareholders. The company invests along the global supply chain for Australian wool -- from woolgrowers through to retailers. is for it to be a significant contributor to a vibrant, stable and profitable wool industry providing the world with the best natural fibre. is to help increase the demand for wool through investments in marketing, innovations and R&D -- from farm to fashion. In the WoolPoll conducted of woolgrowers in November 2009, our shareholders voted to continue the current wool levy at two per cent. The investment of wool levy funds and Government contribution will be allocated as follows: AWI investments are funded through a wool 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 International 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. In the most recent vote -- WoolPoll 2009 -- 73.13 per cent of votes cast were in favour of a levy of two per cent or more. 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. A new three year Statutory Funding Agreement came into effect on 1 July 2010. 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 company 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. UP FRONT
AWI Annual Report 2008-09
AWI Annual Report 2010-11