70
The subsidiaries, interest in associates and joint ventures with reporting dates other than 31 March have been included based on
their actual results and balances as at 31 March and not the results and balances at their respective reporting dates. Hamilton
Riverview Hotel Limited has a balance date of 31 December to align with its other shareholders operations.
The country of incorporation for all subsidiaries, associates and joint ventures is New Zealand.
Forty hectares of land at Rotokauri, Hamilton, was sold from Tainui Development Limited to Rotokauri Development Limited
joint venture in 2013 for the purposes of residential sub‑division. The sale transaction resulted in a gain on sale of $7m of which
$2m or 30% was recognised in 2013, representing the external joint ventures partners proportion of the gain. The balance of
$5m of the gain on sale will be recognised in future financial years when the land is sub‑divided and sold to external parties and
will be based on the proportional share of the land (see notes 11 and 14). No such gains were recognised and no sales to external
parties were made in 2014.
The Group’s interest in the joint ventures had the following effect on the financial statements:
2014
2013
$'000
$'000
Statement of financial position
Current assets
8,762
1,638
Non‑current assets
30,833
5,908
Total assets
39,595
7,546
Current liabilities
3,584
1,885
Non‑current liabilities
13,832
-
Total liabilities
17,416
1,885
Net assets
22,179
5,661
Statement of comprehensive income
Revenues
4,719
1,407
Expenses
(4,189)
(1,111)
Profit before income tax
530
296
Consolidated
Acquisition of Waikato Milking Systems Limited Partnership
On 31 March 2014, Tainui Development Limited invested $13.38m for a 33% equity share of WMS GP Limited. WMS GP Limited
acquired 100% of the shares in Waikato Milking Systems Limited. The acquisition has been classified as a joint venture and
has been proportionally consolidated. The following assets and liabilities were recognised at balance date based on the Groups
proportional share. Acquisition costs of $0.2m were incurred. Included in non‑current assets is goodwill of $24.4m (see note 17).
2014
2013
$'000
$'000
Statement of financial position
Current assets
6,100
-
Non‑current assets
25,095
-
Total assets
31,195
-
Current liabilities
4,297
-
Non‑current liabilities
13,708
-
Total liabilities
18,005
-
Net assets
13,190
-
Consolidated
The following amounts have been recognised on a provisional basis subject to determination of the fair value of the assets and
liabilities of WMS GP Limited:
3. Consolidation (continued)
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 4
