Landcorp - Crown Ownership Monitoring Unit

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BALANCED SCORECARD 2010OBJECTIVE MEASURE 2009/10 2009/10 2006-2010 COMMENTARYTARGET ACTUAL AVERAGECustomersProduce animalsand farm productsthat are “fit forpurpose” whensupplied toprocessors andend marketsAverage prime lambcarcass weight (kg)Average prime cattlecarcass weight (kg)16.8 17.1 16.7261.6 264.7 265.6Fewer lambs were finished nationallyin 2009/10 due to lower lambing rates.In order to maximise returns, a greateremphasis was placed on producingheavier lambs.Carcass weights in 2009/10 were abovetarget but slightly down from the five-yearaverage. The difference between actual andfive year average was the result of youngerand hence lighter stock being sold.Average prime deercarcass weight (kg)51.3 53.6 53.7Carcass weights in 2009/10 were higher thantarget due to different classes of deer beingsold compared with plan.Quality Assuranceon animals andfarm productsFarmPride auditratings – annualaverage for all farmsfor assuranceon quality tocustomers8.0 7.5 7.5Landcorp’s farms are audited bienniallyunder the FarmPride quality assuranceprogramme, with a score of 8 out of 10being regarded as satisfactory compliance.In 2009/10 a more analytical methodologywas introduced to score individual farmson the basis of risk. This more transparentapproach resulted in a score lower thantarget until new priorities are set inaction plans.Promote theLandcorp brandInvestment in ruralsector sponsorships(dollars)150,000 87,920 134,301Landcorp continues to support variousprogrammes of benefit to the ruralsector including, in 2009/10, a leadershipdevelopment programme run by NZRural Women, the Queen Elizabeth IINational Trust and Massey University, andscholarships at the Telford and Taratahirural polytechnics.22
INFORMED FARMINGLandcorp Farming makesincreasing use of technologyand information to promoteproductivity, profitability andsustainability.Developments in 2010 and beyond include:• stronger focus on the individual animal• measurement of performance atevery milking• more data collection andanalysis for breeding selection• research and development forpasture pest control• farming to produce foodand to protect the environment23
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 and 22: OBJECTIVE MEASURE 2009/10 2009/10 2
Page 23: OBJECTIVE MEASURE 2009/10 2009/10 2
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
Page 87 and 88:
Note 32 - DividendsParent Parent Pa
Page 89 and 90:
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
Page 97 and 98:
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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Landcorp - Crown Ownership Monitoring Unit

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