72 / 100
1 1 I n v e n t o r i e s
Consolidated
2015
$’000
2014
$’000
Land – sections for sale
407
2,975
Inventories at cost – food and beverage
167
92
574
3,067
1 2 B i o l o g i c a l a s s e t s
Consolidated
Notes
2015
$’000
2014
$’000
Current – Livestock
Balance at beginning of year
824
835
Additions
1,844
144
Decreases due to sales
(715)
(700)
Changes in fair value
3
539
545
Balance of fair value at the end of the year
2,492
824
Non-current – forestry assets
Balance at beginning of year
4,364
4,112
Additions
105
48
Changes in fair value
5
679
204
Balance of fair value at the end of the year
5,148
4,364
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 2015 and 31 March 2014. The valuation is based on
reference to market evidence of current market prices less point-of-sale costs.
The forestry assets are comprised of Pinus Radiata forest planted from 1996 to 1997, 150 hectares Pinus Radiata forest planted
from 2001 to 2002 and Californian Coast Redwoods planted from 2005 to 2007. It is expected that the rotation age for the Pinus
Radiata crop will be 25 years and 34 years for the Californian Coast Redwoods, at which time the crop will be harvested. The
forests are valued using the Crop Expectation Value method. The non-current biological assets are held for investment. All non-
current biological assets were valued by P Silcock from NZ Forestry Limited at 31 March 2015 and 31 March 2014.
All valuers are independent registered valuers not related to the Trust or Group. All valuers hold recognised and relevant
professional qualifications and have recent experience in the categories of biological 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 5
70