Landcorp - Crown Ownership Monitoring Unit

Statement of Comprehensive IncomeFOR THE YEAR ENDED 30 JUNE 2010Group Group Parent ParentNote 2010 2009 2010 2009$000 $000 $000 $000RevenueLivestock 6 83,469 98,464 81,604 97,369Milk 7 70,193 54,164 53,187 40,742Wool 8 5,914 6,020 5,896 6,005Forestry 9 2,735 1,096 2,723 1,153Other produce 10 640 593 640 593162,951 160,337 144,050 145,862Income from equity accounted joint ventures 11 23 382 – –Other gains and losses 12 4,963 5,142 5,076 3,026Other income 13 1,916 8,214 4,922 12,026169,853 174,075 154,048 160,914ExpensesFarm working expenses 14 62,885 68,970 55,054 59,402Personnel 15 42,054 41,501 38,515 37,549Depreciation and amortisation 16 12,557 12,235 10,713 10,275Maintenance 17 10,869 11,239 9,846 9,941Other operating expenses 18 20,109 20,532 19,564 16,647148,474 154,477 133,692 133,814Net Profit before Interest, Property Sales and Revaluations 21,379 19,598 20,356 27,100Interest income 88 89 3,174 6,625Interest expense (11,454) (12,830) (11,454) (12,842)Net Finance Costs 19 (11,366) (12,741) (8,280) (6,217)Net Operating Profit 10,013 6,857 12,076 20,883Profit on sale of land 8,721 3,819 9,643 5,902Loss on impairment of subsidiaries 40 – – (17,854) –Revaluation Gains and LossesGain/(loss) due to price changes on forests 25 55 (2,241) 64 (2,082)Gain/(loss) due to price changes on livestock 24 (4,641) 7,576 (5,807) 14,860Gain/(loss) due to price changes on financial instruments 26 (5,325) (8,049) (5,325) (8,049)Gain/(loss) on revaluation of property, plant and equipment (11,196) (10,199) (11,196) (10,199)Net Profit (Loss) before Tax 20 (2,373) (2,237) (18,399) 21,315Tax expense 34 (3,468) 12,567 (397) 9,776Net Profit (Loss) after Tax (5,841) 10,330 (18,796) 31,091Other Comprehensive IncomeGain/(loss) on revaluation of land and improvements (120,510) (97,908) (121,431) (99,991)Revaluation losses transferred to and recognisedin profit and loss 11,196 10,199 11,196 10,199Gain/(loss) on revaluation of available-for-salefinancial assets (86) (7,112) (106) (4,886)Prior year revaluations transferred to profit or loss ondisposal of available-for-sale financial assets (20) (14) (72) (14)Income tax on income and expense recognised in equity 34 2,783 8,496 2,869 7,828Total Comprehensive Income (112,478) (76,009) (126,340) (55,773)The accompanying notes form part of these financial statements.The directors note that the Net Profit (Loss) after Tax as reported under NZ IFRS includes significant revaluation gains and losses on livestock,land and buildings and financial instruments used for interest rate hedging. These gains and losses are valued at a particular point in time anddo not represent cash flows that are received in the ordinary course of business. Accordingly, Landcorp’s dividend is based on Net OperatingProfit. See Note 5 for further information.47