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1 6 I n t a n g i b l e a s s e t s

Consolidated

Software

$’000

Quota

$’000

NZ Units ETS

$’000

Total

$’000

Year ended 31 March 2014

Opening net book amount

248

20,340

102

20,690

Additions

259

-

-

259

Disposals

(16)

-

-

(16)

Amortisation and impairment

(85)

-

62

(23)

Closing balance

406

20,340

164

20,910

At 31 March 2014

Cost

856

20,340

476

21,672

Accumulated amortisation and impairment

(450)

-

(312)

(762)

Net book value

406

20,340

164

20,910

Consolidated

Software

$’000

Quota

$’000

NZ Units ETS

$’000

Total

$’000

Year ended 31 March 2015

Opening net book amount

406

20,340

164

20,910

Additions

171

-

-

171

Disposals

-

-

-

-

Amortisation and impairment

(227)

-

185

(42)

Closing balance

350

20,340

349

21,039

At 31 March 2015

Cost

1,027

20,340

476

21,843

Accumulated amortisation and impairment

(677)

-

(127)

(804)

Net book value

350

20,340

349

21,039

The Group is deemed a participant in the New Zealand Emission Trading Scheme (ETS) as it is an owner of fishing quota and

forestry land. NZUs for 2015 and 2014 relate to 53,702 units that were allocated by the Ministry for the Environment. The units

were valued at $6.50 per unit (2014: $3.05) resulting in an impairment reversal of $185,272 (2014: impairment reversal of $61,758).

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 valuer’s 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.

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

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