82
Tainui Group Holdings Limited is deemed a participant in the New Zealand Emission Trading Scheme (ETS) as it is an owner of
fishing quota. NZUs for 2014 and 2013 relate to 4,191 units that were allocated to Tainui Group Holdings Limited by the Ministry
for the Environment as part of the fisheries allocation for quota owned. The units were valued at $3.05 per unit (2013: $1.90)
resulting in an impairment reversal of $4,820 (2013: impairment of $23,470).
The Parent is deemed a participant in the ETS as it is an owner of forestry land. NZUs relate to 49,511 units that were allocated
to the Parent by the Ministry for the Environment as part of the forestry allocation for land owned. The units were valued at
$3.05 per unit (2013: $1.90) resulting in an impairment reversal of $56,938 (2013: impairment of $277,262).
Quota Management Systems Limited were contracted as an independent valuer to perform an impairment assessment of the
quota assets. Fair value has been assessed with reference to individual fish stock, the valuers knowledge of the market and the
Ministry of Fisheries Quota Monitoring System reports.
Quota benefits are expected to be received in perpetuity, therefore the useful life has been assessed as indefinite.
The Group recognises goodwill on acquisition of Waikato Milking Systems Limited Partnership (see note 3). Management have
assessed goodwill and determined that no impairment should be recognised based on an assessment of the fair value less cost to
sell of Waikato Milking Systems Limited by reference to its acquisition by the partnership on 31 March 2014.
Software
NZ Units ETS
Total
$'000
$'000
$'000
PARENT
Year ended 31 March 2013
Opening net book amount
-
371
371
Additions
157
-
157
Amortisation and impairment
-
(277)
(277)
Closing balance
157
94
251
At 31 March 2013
Cost
157
371
528
Accumulated amortisation and impairment
-
(277)
(277)
Net book value
157
94
251
Year ended 31 March 2014
Opening net book amount
157
94
251
Additions
99
-
99
Amortisation and impairment
-
57
57
Closing value
256
151
407
Cost
256
151
407
Net book value
256
151
407
17. Intangible assets (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
