76 / 96
72
14 OTHER FINANCIAL ASSETS (CONTINUED)
(a) Listed companies
The shares in listed companies is the investment in Genesis Energy Limited and Fonterra Co-operative Group Limited. The fair
value is based on the share price at reporting date.
(b) Unlisted companies
The fair value of shares in unlisted companies is represented by the investment in Pioneer Capital Partners LP. The valuation
of the investment is based on the Trust’s share of the net assets in Pioneer Capital Partners LP. The fair value of the Trust’s
investment is determined using common valuation methods such as discounted cash flow and comparable trading multiple
methods as set out in the International Private Equity and Venture Capital Valuation Guidelines.
(c) Unlisted companies - Aotearoa Fisheries Limited (AFL) income shares
The fair value of the AFL income shares is based on a valuation undertaken by Ernst & Young Transaction Advisory Services
Limited. The valuation methodology considers past and present performance with reference to comparable listed companies.
Ernst & Young Transaction Advisory Services Limited is not related to the Trust and holds recognised and relevant professional
qualifications having had recent experience and knowledge in the assets they have valued.
15 INTANGIBLE ASSETS
Computer
software
$'000
Quota
$'000
NZ Units ETS
$'000
Total
$'000
Consolidated
Year ended 31 March 2015
Opening net book amount
406
20,340
164
20,910
Additions
171
-
-
171
Amortisation and impairment
(227)
-
185
(42)
Closing net book amount
350
20,340
349
21,039
At 31 March 2015
Cost
1,027
20,340
476
21,843
Accumulated amortisation and impairment
(677)
-
(127)
(804)
Net book amount
350
20,340
349
21,039
Computer
software
$'000
Quota
$'000
NZ Units ETS
$'000
Total
$'000
Year ended 31 March 2016
Opening net book amount
350
20,340
349
21,039
Additions
1,182
-
-
1,182
Disposals
-
-
-
-
Amortisation and impairment
(315)
-
250
(65)
Closing net book amount
1,217
20,340
599
22,156
At 31 March 2016
Cost
2,224
20,340
476
23,040
Accumulated amortisation and impairment
(1,007)
-
123
(884)
Net book amount
1,217
20,340
599
22,156
WAIKATO RAUPATU LANDS TRUST
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2016