Landcorp - Crown Ownership Monitoring Unit

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BALANCED SCORECARD 2010OBJECTIVE MEASURE 2009/10 2009/10 2006-2010 COMMENTARYTARGET ACTUAL AVERAGEEnvironmentalFarm withenvironmentallysound practicesFarms with nutrientbudgets prepared andimplemented100% 100% –Nutrient budgeting involves closeassessment of nutrient use and flows oneach farm, of fertiliser efficiency and ofpossible adverse environmental impacts.Budgeting facilitates investigation ofoptions for reducing the impacts, if any, onadjoining land or waterways. In 2009/10, allfarms continued their nutrient budgeting.Landcorp is implementingcomprehensive formalSustainable LandManagement Programmeson all its properties.Even though a majorityof Landcorp farms havesome form of sustainablepractice through theFarmPride TM qualityprogramme, Landcorpwants to ensure allfarms have a formalsustainability programme.In 2009/10, 14 farmshad formal SustainableLand ManagementProgrammes.The Scorecard’sEnvironmental measuresreflect sustainablepractices encompassed bythese programmes.Protect areasof specialenvironmentalvalueContractors withSpreadmarkaccreditation forfertiliser applicationFarmPride auditratings – annualaverage of all farmsfor assuranceon environmentalpracticesAdditional covenantson protectedareas registered inthe yearFarms with fencingaround riparian zones,wetlandsand waterways100% 100% –The Spreadmark code of practice givesassurance that fertiliser is applied to thehighest standards, at an even rate anddistribution pattern. Accreditation requiresindependent audit. Landcorp’s policy is touse only Spreadmark contractors.8.0 7.5 7.5 The FarmPride programme puts emphasison sound environmental practices inrelation to the storage and use of farmchemicals and fertilisers. These practicesinvolve event recording, staff training anduse of certified contractors. FarmPridealso includes the systematic monitoring ofeffluent management on dairy farms.12 30 2750% 60% –The 30 additional covenants brought thetotal at 30 June 2010 to 190 registered withthe Department of Conservation or theQE II Trust Board. These cover 5,409 ha ofland and 22.1 km of riparian strips.Landcorp has a programme to progressivelyfence off more areas for protection fromexcess run-off and for water qualityenhancement. Progress in 2009/10 wasabove target.20
OBJECTIVE MEASURE 2009/10 2009/10 2006-2010 COMMENTARYTARGET ACTUAL AVERAGEEmployeesMaintain safe andhealthy workplacesExternalAccreditation ofLandcorp’s WorkSafe programmeTertiary Tertiary TertiaryAccreditation Accreditation AccreditationLandcorp’s Health and Safety programme isexternally audited biennially under the ACC’sWorkplace Safety Management Practices(WSMP) programme. Landcorp retained itsTertiary status in the most recent audit, inNovember 2008. This means Landcorp is stilloperating at the highest level for health andsafety.Internal audit ofLandcorp’s Work Safeprogramme – annualaverage compliancerating of all farms6.9 7.0 7.0Each Landcorp workplace is subject to abiennial internal audit under the Work Safeprogramme involving external auditors. Anaudit score of 6.5 would satisfy ACC WSMPTertiary requirements.Total workdays lostdue to workplaceaccidents
Page 1 and 2: LandcorpANNUAL REPORT 2010LANDCORP
Page 3 and 4: LANDCORP FARMING STRIVES TO BETHE W
Page 5 and 6: KEY FINANCIAL DATADollars in millio
Page 7 and 8: The 450-hectare Blairs development
Page 9 and 10: We are poised to go furtherand fast
Page 11 and 12: LANDCORP FARMING LIMITED AND SUBSID
Page 13 and 14: LANDCORP FARMING LIMITED AND SUBSID
Page 15 and 16: lambs above specified meat yields i
Page 17 and 18: LANDCORP ACHIEVERS 2009/2010LANDCOR
Page 19 and 20: The Balanced Scorecard2009/10The Ba
Page 21: OBJECTIVE MEASURE 2009/10 2009/10 2
Page 25 and 26: INFORMED FARMINGLandcorp Farming ma
Page 27 and 28: Each hind on Raft Creek Farm, nearH
Page 29 and 30: Sensors on milk lines from each bai
Page 31 and 32: MilkHub’s strengths include conne
Page 33 and 34: AgResearch scientist John McEwanpla
Page 35 and 36: Our initiative includes sharing new
Page 37 and 38: Information sharing. Mararoa Farm M
Page 39 and 40: Tim and Senior Shepherd Kate Gallan
Page 41 and 42: Hon. Jim SuttonChairmanCNZM.Mr Sutt
Page 43 and 44: Subsidiary Boards,Committees andMan
Page 45 and 46: TOTAL SHAREHOLDERS’ RETURN ON AVE
Page 47 and 48: FINANCIAL STATEMENTSAND DISCLOSURE
Page 49 and 50: Statement of Comprehensive IncomeFO
Page 51 and 52: Group Group Parent ParentNote 2010
Page 57 and 58: Note 3 - Summary of Significant Acc
Page 63 and 64: Note 4 - Significant Accounting Jud
Page 65 and 66: Note 5 - Operational Management (co
Page 67 and 68: Note 5 - Operational Management (co
Page 69 and 70: Note 10 - Other Produce RevenueGrou
Page 71 and 72: Note 14 - Farm Working ExpensesGrou
Page 73 and 74:
Note 20 - Effect of DroughtDuring 2
Page 75 and 76:
Note 24 - LivestockA - NATURE OF AC
Page 77 and 78:
Note 25 - ForestsA - NATURE OF ACTI
Page 79 and 80:
Note 26 - Other Financial Assets an
Page 81 and 82:
Note 27 - Intangible AssetsGroup Gr
Page 83 and 84:
Note 28 - Property, Plant & Equipme
Page 85 and 86:
Note 29 - Accounts PayableGroup Gro
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Note 32 - DividendsParent Parent Pa
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Note 34 - Income Tax (continued)C -
Page 91 and 92:
Note 35 - Reconciliation of Profit
Page 93 and 94:
Note 36 - Risk Management (continue
Page 95 and 96:
Note 36 - Risk Management (continue
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Note 38 - Contingent Assets and Lia
Page 99 and 100:
Disclosures in Terms of the Compani
Page 101 and 102:
Share dealings (Section 148)No dire
Page 103:
QUICK FACTS 2009/10Livestock number
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