6 86 8
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
Non‑current
Balance at beginning of year
2,694
1,905
-
-
Changes in fair value
8
497
789
-
-
Balance at end of year
3,191
2,694
-
-
The current biological assets represent livestock consisting of mixed age sheep, cattle and cows, which are held for
dairy and dry stock farming. N Lyons and C Heggie from PGGWrightson determined the fair value of sheep, cattle and
cows at 31 March 2012 (2011: N Lyons and C Heggie from PGGWrightson). Both valuers provided valuations based on
reference to market evidence of current market prices less point‑of‑sale costs. At balance date there were 2,864 sheep,
428 cattle and 161 cows (2011: 2,729 sheep, 407 cattle and 99 cows).
The non‑current biological assets are comprised of a 374 hectare Pinus Radiata forest planted in 1996 and 1997 and 151
hectares Pinus Radiata forest planted in 2001 and 2002. It is expected that the rotation age for the forest crop will be 27 to
28 years, at which time the crop will be harvested. R HWebster NZIF Registered Valuer valued 374 hectares of the forest
crop as at 31 March 2012 (2011: 374 hectares) using the Crop Expectation Value method at a 7.0% post‑tax discount rate
to determine fair value, less point‑of‑sale costs. R HWebster also valued 270 hectares of Californian Coast Redwoods
planted from 2005 to 2007 as at 31 March 2012 (2011: nil) using current replacement cost method used for young trees
at a 7.0% compounded rate. Alan Bell NZIF Registered Valuer valued 151 hectares of the forest crop as at 31 March 2012
(2011: 151 hectares) using the discounted future value method at a 10% pre‑tax discount rate to determine fair value, less
point‑of‑sale costs. The non‑current biological assets are held for investment.
All valuers are independent registered valuers not related to the Company or Group. All valuers hold recognised and
relevant professional qualifcations and have recent experience in the categories of biological assets they have valued.
14 Related party transactions
Amounts outstanding with related parties are:
Consolidated
Parent
2012
2011
2012
2011
$’000
$’000
$’000
$’000
Advances owing by subsidiaries and related parties:
Tainui Auckland Airport Hotel LP
-
-
20,860
21,700
Tainui Development Limited
-
-
42,536
42,775
Te Rapa 2002 Limited
-
-
37,155
35,688
The Base Limited
-
- 145,340 117,225
Waikato Raupatu Lands Trust
8,400
-
8,400
-
Waikato Raupatu River Trust
23
-
23
-
Waikato‑Tainui Distributions Limited
25
-
25
-
8,448
- 254,339 217,388
Advances owing to Shareholder, subsidiaries and related parties:
Raukura Moana Seafoods Limited
-
-
6,306
4,965
Tainui Corporation Limited
-
-
45,897
37,435
TGH No. 1 Limited
-
-
5,780
5,780
Waikato Raupatu Lands Trust
74,027
74,027
49,162
49,162
Waikato‑Tainui Fisheries Limited
913
414
913
414
74,940
74,441 108,058
97,756
notes to the financial Statements continued
Note 13 continued