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Wool Stocktake : AWI Annual Report 2009-10
In 2009 an impairment write-back of $122,000 relating to the Optim machine owned by The Woolmark Company Pty Ltd was recognised in the consolidated income statement due to a recovery from its former owner, Graziers' Investment Company Limited. The asset was carried in the consolidated balance sheet at its estimated recoverable amount at 30 June 2009. 2009 2009 $'000 $'000 Investment in controlled entities - 10,013 Provision for impairment of investment in controlled entities - (13) - 10,000 Australian Wool Innovation LLC was incorporated on 13 September 2005 in the USA with an initial capital contribution of $13,000 (USD$10,000.00), which represented 100% of the equity holding. Woolmark Holdings Pty Ltd was incorporated on 28 February 2007 in Australia with an initial capital contribution of $1.00 being 100% of the equity holding. On 5 October 2007 Australian Wool Innovation Limited purchased key assets of Australian Wool Services Limited (AWS) for $10 million. At 30 June 2010 an impairment loss of $10,000,000 relating to AWI's investment in the subsidiary The Woolmark Company Pty Ltd was recognised in the parent entity income statement. The investment is considered impaired due to ongoing operating losses incurred by The Woolmark Company Pty Ltd and its controlled entities ("TWC"). As a result of changes made to the International Network operating model of the Group, TWC now incorporates activities and incurs expenses, previously undertaken by AWI, the parent entity. This has no impact on the consolidated entity's net assets or results. Opening net book amount 10,000 - 10,000 Additions - 867 867 Closing net book amount 10,000 867 10,867 Cost 10,000 867 10,867 Net book amount 10,000 867 10,867 Opening net book amount 10,000 867 10,867 Amortisation charge* - (159) (159) Closing net book amount 10,000 708 10,708 Cost 10,000 867 10,867 Accumulated amortisation and impairment - (159) (159) Net book amount 10,000 708 10,708 FINANCIAL REPORT
AWI Annual Report 2008-09
AWI Annual Report 2010-11