75
waikato-tainui
annual report 2014
Nature and purpose of reserves
Farm and other properties recognises the change in fair value of properties held in this category. Associates reserves comprises
of the Group’s share of revaluation of property, plant and equipment in associate entity, Hamilton Riverview Hotel. On October
2013, Tainui Development Limited purchased an additional 41% shares in Hamilton Riverview Hotel Limited, taking its total
shareholding to 82%, and as a result, this company has been reclassified from an associate to a subsidiary. Accordingly, the
associate reserve balance has been derecognised and transferred to retained earnings.
b) Retained earnings
Movements in retained earnings were as follows:
Consolidated
Parent
Notes
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Balance at beginning of year
678,337
568,290
260,968
185,505
Net profit for the year
69,453
110,047
35,655
75,463
Derecognition of associate reserve
27
7,222
-
-
-
Balance at end of year
755,012
678,337
296,623
260,968
Consolidated
Parent
2014
2013
2014
2013
Notes
$'000
$'000
$'000
$'000
Balance at beginning of year
10,453
11,151
-
-
Revaluation gain/(loss) during the year
18
3,070
(698)
-
-
Balance at end of year
13,523
10,453
-
-
Revaluation reserve (farm and other properties)
Consolidated
Parent
Notes
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Balance at beginning of year
7,222
7,222
-
-
Derecognition of associate reserve
27 (7,222)
-
-
-
Balance at end of year
-
7,222
-
-
Revaluation reserve (associates)
