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Wool Stocktake : Annual Report 2006-07
Yo u r Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Australian Wo ol Innovation Limited and the entities it controlled during the year ended 30 June 2007. directors The following persons were Directors of Australian Wo ol Innovation Limited during the whole of the ﬁnancial year and continue to hold ofﬁce at the date of this report. The Hon. I M McLachlan AO Mr B P van Rooyen DrCJAbell DrKJBell Mr W B Merriman Mr H P Nivison MrPSSykes Information on Directors and their experience can be found on page 8. principAl Activities The principal activity of Australian Wo ol 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. To achieve that mission, the Group receives funding from the Commonwealth Government of Australia by way of a statutory levy imposed upon Australian woolgrowers and a capped matching contribution from the government on behalf of Australian taxpayers. significAnt chAnges in the stAte of AffAirs There have been no signiﬁcant changes in the state of affairs of the Group during the ﬁnancial year. revieW of operAtions And results 2007 2006 $’000 $ ’ 0 0 0 Revenue 63,964 57,035 (Deﬁcit)/Surplus from ordinary activities (11,489) (25,643) mAtters subsequent to the end of the finAnciAl yeAr A contract for the purchase of Australian Wo ol Services Limited (AWS) assets by AWI for $15 million was signed by both companies in early August 2007 and was approved by AWS on 28 August. Completion is subject to certain conditions precedent being satisﬁed. On completion, expected by the end of October 2007 or earlier if practical, the Wo olm a rk operations will be under AWI managerial control. It is intended that the business will be fully integrated at the earliest possible opportunity. likely developments And expected results of operAtions Information on likely developments in the Group’s operations and the expected results of operations have not been included in this report because the Directors believe it would be likely to result in unreasonable prejudice to the Group. compAny secretAry The Company Secretaries are Mr L Ta r g (former CEO and Senior Executive in the defence and aerospace industries with particular experience in strategic business development, ﬁnance and audit) and Mr C Chapman (Barrister and Solicitor, Dip Law, Dip CM, Dip CD, FCIS, FICD, MBA). DIRECTORS’ REpORT
AWI Annual Report 2007-08