Landcorp - Crown Ownership Monitoring Unit

Group Group Parent ParentNote 2010 2009 2010 2009$000 $000 $000 $000Asset Revaluation ReservesFreehold land and improvementsBalance beginning of year 834,674 915,660 727,117 817,532Transfers to other equity on sale (25,493) (1,227) (25,493) (8,573)Net value change during year 28 (119,831) (96,316) (119,831) (98,399)Revaluation losses/(gains) recognised in profit and loss 11,196 10,199 11,196 10,199Tax effect of reserve movements 2,712 6,358 2,712 6,358Balance end of year 703,258 834,674 595,701 727,117Property held for saleBalance beginning of year 16,985 35,768 12,624 31,407Transfers to other equity on sale – (17,191) – (17,191)Value change during year (679) (1,592) (1,600) (1,592)Balance end of year 16,306 16,985 11,024 12,624Other EquityBalance beginning of year 196,621 178,203 185,262 159,498Transfers from assets revaluation reserves 25,493 18,418 25,493 25,764Balance end of year 222,114 196,621 210,755 185,262Total EquityBalance beginning of year 1,359,649 1,448,658 1,375,883 1,444,656Net profit after tax (5,841) 10,330 (18,796) 31,091Other comprehensive income:Loss on revaluation of land and improvements (120,510) (97,908) (121,431) (99,991)Revaluation losses transferred to andrecognised in 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 losson disposal of available-for-sale financial assets (20) (14) (72) (14)Income tax on income and expenserecognised in equity 2,783 8,496 2,869 7,828Dividends paid (10,000) (13,000) (10,000) (13,000)Balance end of year 1,237,171 1,359,649 1,239,543 1,375,883The accompanying notes form part of these financial statements.49