6 66 6
7 Income tax
The taxable members of the Group have suffcient losses to carry forward to meet any potential income tax liability. The
taxable losses are not recorded in the fnancial statements due to the lack of probability that the losses will be recovered.
The approximate unrecognised tax losses carried forward are $0.9m (2011: $0.9m).
As at reporting date there is no current tax expense, tax payable or tax receivable (2011: nil).
8 Other gains ‑ net
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
Biological assets ‑ fair value gains unrealised
13
497
789
-
-
Financial liabilities designated at fair value through
proft or loss ‑ increase in investment property liability 21
(4,313)
(2,572)
(4,313)
(2,572)
Intangible asset settlement
16
-
105
-
93
Interest rate swaps ‑ fair value losses unrealised
21
(3,973)
(4,140)
(2,927)
(4,140)
Investment properties ‑ fair value gains unrealised
18
23,624
8,571
9,255
4,268
Investment properties ‑ loss on sale
-
(393)
-
-
Property, plant & equipment ‑ impairment of land at cost 17
(1,400)
(950)
-
-
Shares in listed companies ‑ fair value gains realised
4,050
-
4,050
-
Shares in listed companies ‑ fair value gains unrealised
-
6,750
-
6,750
Shares in unlisted companies ‑ fair value losses realised
(53)
-
(53)
-
Shares in unlisted companies ‑ fair value gains unrealised
673
-
763
-
19,105
8,160
6,775
4,399
9 Contributed equity
Consolidated and Parent
Consolidated and Parent
2012
2011
2012
2011
Share no.
Share no.
$’000
$’000
Share capital
Ordinary shares
Balance at beginning of year
60,000,000 60,000,000
60,000
60,000
Balance at end of year
60,000,000 60,000,000
60,000
60,000
All ordinary shares rank equally and have a par value of nil and a nominal value of $1 per share.
10 Reserves and retained earnings
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
(a) Reserves
Farm and other properties
11,151
8,279
11,151
8,279
Associates
7,222
7,222
-
-
18,373
15,501
11,151
8,279
Farm and other properties
Balance at beginning of year
8,279
10,968
8,279
10,968
Revaluation gain/(loss) during the year
17
2,872
(2,689)
2,872
(2,689)
Balance at end of year
11,151
8,279
11,151
8,279
notes to the financial Statements continued