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Wool Stocktake : AWI Annual Report 2009-10
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 2010. 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: Mr W B Merriman (Chairman) Mr R J Fletcher (Deputy Chairman) Mr B P van Rooyen Mr C R Olsson Mr G B S Falkiner DrMLSheil MrDAAWebster Mr L S Modiano and Dr K J Bell were directors from the beginning of the financial year until their dates of resignation of 28 May 2010 and 1 November 2009 respectively. Australian Wool Innovation Limited is a not-for-profit company. Its principal activity 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. There has been no matter or circumstance which has arisen since 30 June 2010 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. 2009 $'000 Revenue 61,716 Profit/(loss) from continuing operations (17,393) There were no significant matters subsequent to the end of the financial year. In August 2010, AWI appointed a marketing agency to work with AWI's brand and retail partners to promote and educate consumers about the many benefits of wool. This is a significant development; expenditure by AWI on marketing will increase accordingly. Other significant marketing efforts, related to the Campaign for Wool' project in northern hemisphere markets and Merino Gold' project in China, will increase AWI's expenditure on marketing even further. As decided by woolgrowers at WoolPoll 2009, AWI will allocate half its expenditure on R&D and half on marketing. Thirty per cent of expenditure will be on on-farm R&D, twenty per cent will be on off-farm expenditure. AWI will continue its focus on reduced operating costs to enable more funding to be targeted directly to marketing. By actively and efficiently marketing wool and its attributes through investments in marketing and R&D -- from farm to fashion -- AWI aims to achieve its goal of increasing the demand for wool. FINANCIAL REPORT
AWI Annual Report 2008-09
AWI Annual Report 2010-11