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3 0 G r o u p S t r u c t u r e ( c on t i n u e d )
During the 2015 year the Group undertook a restructure of its subsidiaries where companies were aligned with their activity
and existing assets transferred. This resulted in five new companies, being Tainui Development Limited, TGH Direct Investments
Limited, TGH Farms and Forestry Limited, TGH Hotels Limited and TGH Primary Industries Limited. There has been no impact on
the financial statements due to this restructure.
In May 2014 the Group purchased the non-controlling interest in Hamilton Riverview Hotel Limited (see note 25).
(b) Joint venture partnership
The Group has interests in joint venture partnerships, which are all resident in New Zealand.
All joint ventures listed below have transitioned from proportional consolidation to equity accounting (see note 31). On transition
to equity accounting, the prior years carrying value has been assessed as the aggregated deemed cost for all joint venture
investments. Each joint venture has then been assessed for impairment. There has been no adjustment to the investment balances
after impairment assessment.
The interests in the joint venture partnerships are accounted for in the financial statements using equity method of accounting.
Information and the effect the joint venture interest had on the Group’s financial statements is set out below.
Joint venture
Principal
activity
Ownership interest
Consolidated
Carrying value of
investment Consolidated
2015
2014
2015
$’000
2014
$’000
Callum Brae Tainui
Property
50%
50%
186
458
Ngai Tahu Tainui Go Bus Holdings Limited
Direct investment
33%
-
24,240
-
Raukura Moana Sealord Limited Partnership
Primary Industries
50%
50%
336
435
Rotokauri Development Limited
Property
70%
70%
5,186
7,737
TAG Forestry Joint Venture
Primary Industries
50%
50%
436
370
Waikato Milking Systems Limited Partnership
Direct investment
32%
33%
14,006
13,189
44,390
22,189
In July 2014 the Group acquired 33% of the share capital of Ngai Tahu Tainui Go Bus Holdings Limited for a consideration of $25.6m.
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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