Notes to the Financial Statements
continued
62
The livestock consists of mixed age sheep, cattle and cows, which are held for dairy and dry stock farming.
M Gaustad from PGG Wrightson determined the fair value of sheep, cattle and cows at 31 March 2013 (2012:
C Heggie from PGG Wrightson). Both valuers provided valuations based on reference to market evidence of
current market prices less point‑of‑sale costs. At balance date there were 2,486 sheep, 471 cattle and 197
cows (2012: 2,864 sheep, 428 cattle and 161 cows).
The trees are comprised of a 374 hectare Pinus Radiata (2012: 374 hectares) forest planted from 1996 to
1997, 150 hectares Pinus Radiata (2012: 150 hectares) forest planted from 2001 to 2002 and 270 hectares of
Californian Coast Redwoods (2012: 270 hectares) planted from 2005 to 2007. It is expected that the rotation
age for the Pinus Radiata crop will be 27 years and 30 years for the Californian Coast Redwoods, at which time
the crop will be harvested. The 374 hectares and 150 hectares of Pinus Radiata was valued using the Crop
Expectation Value method at a 7.0% post‑tax discount rate to determine fair value, less point‑of‑sale costs. The
270 hectares of Californian Coast Redwoods was valued using current replacement cost method used for young
trees at a 7.0% compounded rate. The non‑current biological assets are held for investment. All non‑current
biological assets were valued by P Silcock from NZ Forestry Limited (2012: R H Webster from NZ Forestry
Limited valued 374 and 270 hectares and Alan Bell valued 150 hectares).
All valuers are independent registered valuers not related to the Company or Group. All valuers hold recognised
and relevant professional qualifications and have recent experience in the categories of biological assets they
have valued.
14 Biological assets
2013
2012
2013
2012
Notes
$’000
$’000
$’000
$’000
Current – livestock
Balance at beginning of year
1,082
843
1,082
843
Additions
200
160
200
160
Decreases due to sales
(566)
(614)
(566)
(614)
Changes in fair value
4
119
693
119
693
Balance at end of year
835
1,082
835
1,082
Non‑current – trees
Balance at beginning of year
3,191
2,694
-
-
Changes in fair value
8
1,276
497
-
-
Balance at end of year
4,467
3,191
-
-
Parent
Consolidated
12 Inventories
2013
2012
2013
2012
Notes
$’000
$’000
$’000
$’000
Land – sections for sale
3,905
4,159
-
-
Other inventories at cost – food and beverage
36
43
-
-
3,941
4,202
-
-
The Bank of New Zealand currently holds a registered first mortgage over property situated at Huntington/
Gordonton Road, Hamilton. This property is part of the Callum Brae Tainui joint venture.
13 Trade and other receivables (non‑current)
2013
2012
2013
2012
Notes
$’000
$’000
$’000
$’000
Other receivables
458
466
-
-
Lease fitout contribution
1,159
821
-
-
1,617
1,287
-
-
Parent
Consolidated
Parent
Consolidated
