Notes to the Financial Statements
continued
60
7 Income tax
The taxable members of the Group have sufficient losses to carry forward to meet any potential income tax
liability. The taxable losses are not recorded in the financial statements due to the lack of probability that the
losses will be recovered. The approximate unrecognised tax losses carried forward are $0.9m (2012: $0.9m).
As at reporting date there is no current tax expense, tax payable or tax receivable (2012: nil).
8 Other gains ‑ net
2013
2012
2013
2012
Notes
$’000
$’000
$’000
$’000
Biological assets
– fair value gains unrealised
14
1,276
497
-
-
Financial liabilities designated at fair value
through profit or loss
– increase in investment property liability
(3,730)
(4,313)
(3,730)
(4,313)
Interest rate swaps
– fair value losses unrealised
(1,140)
(3,973)
(906)
(2,927)
Investment properties
– fair value gains unrealised
19
25,686
23,624
3,590
9,255
Investment properties
– realised gain on sale
28
-
-
-
Property, plant & equipment
– impairment of land at cost
18
-
(1,400)
-
-
Shares in listed companies
– fair value gains realised
-
4,050
-
4,050
Shares in listed companies
– fair value gains unrealised
964
-
964
-
Shares in unlisted companies
– fair value gains/(losses) realised
8
(53)
8
(53)
Shares in unlisted companies
– fair value gains unrealised
1,276
673
1,366
763
24,368
19,105
1,292
6,775
Consolidated
Parent
9 Contributed equity
2013
2012
2013
2012
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
Issue of shares
70,000,000
-
70,000
-
Balance at end of year
130,000,000 60,000,000
130,000
60,000
All shares rank equally with one vote attached to each fully paid ordinary share. Ordinary shares do not have a
par value. On wind‑up of the Company, all proceeds will be paid to the Shareholder.
On 21 February 2013, the Parent issued a further 70,000,000 shares at $1 per share to the Shareholder,
Waikato‑Tainui Te Kauhanganui Incorporated.
Consolidated and Parent
Consolidated and Parent
