80
15 . t r a d e a nd o t h e r r e c i e va b l e s (non c u r r en t )
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Co‑Management Settlement receivable
9,455
16,647
-
-
Relativity settlement receivable
19,000
-
19,000
-
Other receivables
708
927
468
469
Provision for doubtful receivable
(450)
(450)
(450)
(450)
Lease fitout contribution
1,158
1,159
-
-
29,871
18,283
19,018
19
Other receivables is comprised of the Waikato Raupatu River Trust Co‑management settlement receivable. The Co‑Management
funding has been valued based on a discounted cash flow method using the annual swap rates for the relative term. The swap
rates applied range from 3.63% to 5.08% (2013: 3.16%). The Co‑Management funding settlement provided that an annuity of
$1m be provided for 27 years. During the 2014 year, $11m was received for the Co‑management debtor, which included the
annuity of $1m plus an advance of $10m, reducing the settlement period by 10 years.
The Crown treaty settlement allows for a special mechanism ‑ a ‘relativity settlement’ as set out in note 1 and note 29. A
relativity settlement receivable of $19m has been recognised at 31 March 2014 based on the value of Treaty settlements
confirmed by the Government on 30 June 2013. The Relatiity settlement receivable calculates an amount receivable from the
Government in 1995 dollars of $12.7m, based on the Government confirmed settlements, adjusted for inflation to present value
in accordance with the Deed of Settlement mechanism.
1 6 . o t h e r f i n a n c i a l a s s e t s
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
At fair value through profit or loss:
Call option agreement ‑ property
647
-
-
-
Listed companies
1,957
2,426
-
-
Unlisted companies
10,883
7,579
-
-
Unlisted company ‑ AFL income shares
10,521
12,935
-
-
24,008
22,940
-
-
(a) Listed companies
The fair value of shares in listed companies is the investment in Fonterra Co‑operative Group Limited.
(b) Unlisted companies
The fair value of shares in unlisted companies is represented by the investment in Pioneer Capital Partners LP.
(c) Unlisted companies ‑ Aotearoa Fisheries Limited (AFL) income shares
The fair value of the AFL income shares is based a valuation undertaken by Toroa Strategy Limited. The valuation methodology
uses a mixture of historical performance, multiple earnings over a three year period, dividend streams and liquidity. Toroa
Strategy Limited is not related to the Trust or Group and holds recognised and relevant professional qualifications having had
recent experience and knowledge in the assets they have valued.
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
