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Wool Stocktake : Annual Report 2006-07
45 Australian Wool Innovation Limited 2006/07 note 22. Related parties (continued) Remuneration Information on remuneration of Directors is disclosed in the Directors’ Report. Directors’ interests in contracts During the year ended 30 June 2007 no Director, or Director related entity, entered into a contract or had any transactions on other than normal terms and conditions with Australian Wo ol Innovation Limited. Other transactions with Directors and Director-related parties There were no other transactions with Directors or Director-related parties during the year ended 30 June 2007. note 23. Economic dependency Australian Wo ol Innovation Limited is dependent upon receipt of Wo ol Levy through the Commonwealth Government which collects the levy and provides the funds in accordance with the Statutory Funding Agreement. note 24. Events occurring after reporting date A contract for the purchase of Australian Wo ol Services Limited assets by AWI for $15 million has been signed by the both companies in early August 2007 and has been approved by AWS on 28 August. Completion is subject to certain conditions precedent being satisﬁed. On completion, expected to be by the end of October 2007, the Woolm a rk operations will be under AWI managerial control. It is intended that business will be fully integrated at the earliest possible opportunity. note 25. Reconciliation of deﬁcit from ordinary activities to net cash inflow from operating activities Consolidated Parent entity 2007 2006 2007 2006 $’000 $’000 $’000 $’000 Deﬁcit from ordinary activities (11,489) (25,643) (11,525) (25,607) Depreciation and amortisation 1,164 1,399 1,164 1,399 (Proﬁt)/Loss on sale of property, plant and equipment 12 (157) 12 (157) Change in operating assets and liabilities Decrease (increase) in trade debtors (440) (326) (440) (326) Decrease (increase) in prepayments (151) (34) (151) (34) Decrease (increase) in other operating assets 188 (100) 188 (100) Decrease (increase) in accrued wool levy (1,451) 506 (1,451) 506 Decrease (increase) in other debtors 676 256 (201) 208 Decrease (increase) in provision of intercompany receivable –– 771 – Decrease (increase) in investment in controlled entities –– 13 – Increase (decrease) in creditors 2,463 1,272 2,463 1,272 Increase (decrease) in provisions 77 (183) 77 (183) Increase (decrease) in deferred income 15,000 –1 5 , 0 0 0 – Net cash inﬂow/(outﬂow) from operating activities 6,049 (23,010) 5,920 (23,022)
AWI Annual Report 2007-08