Landcorp - Crown Ownership Monitoring Unit

Note 5 – Operational Management (continued)Management monitors the operating results of functions separately for the purposes of making decisions about resources to be allocated and ofassessing performance. Performance of the different functions is evaluated based on operating profit or loss which in certain respects, as explainedbelow, is measured differently from operating profit or loss in the consolidated financial statements.All activities are undertaken in New Zealand.ProtectedPastoral Land Land All Other Inter-Function Other ConsolidatedFarming Development Management Functions Eliminations Adjustments Group2010 2010 2010 2010 2010 2010 2010Comment $000 $000 $000 $000 $000 $000 $000RevenueLivestock 83,469 – – – – – 83,469Milk 70,193 – – – – – 70,193Other revenue 9,277 – 12 – – – 9,289162,939 – 12 – – – 162,951Income from equityaccounted joint ventures – 23 – – – – 23Other income A 4,813 894 4,252 6,966 (8,427) (1,619) 6,879167,752 917 4,264 6,966 (8,427) (1,619) 169,853ExpensesFarm working expenses 62,885 – – – – – 62,885Personnel B 41,313 111 – 589 – 41 42,054Depreciation and amortisation 12,224 – 125 208 – – 12,557Other expenses 32,030 230 799 5,096 (7,136) (41) 30,978Total expenses 148,452 341 924 5,893 (7,136) – 148,474Net Profit Before Interest, PropertySales and Revaluations 19,300 576 3,340 1,073 (1,291) (1,619) 21,379Interest revenue 88 – – 3,088 (3,088) – 88Interest expense (4,557) (919) (955) (8,111) 3,088 – (11,454)Net Finance Costs (4,469) (919) (955) (5,023) – – (11,366)Net Operating Profit C 14,831 (343) 2,385 (3,950) (1,291) (1,619) 10,013AssetsLivestock 211,751 – – – – – 211,751Property, plant and equipment 1,036,442 – 117,478 2,375 1,156,295Other assets A,D 107,668 22,850 (251) 224,688 (224,951) 23,899 153,903Total assets 1,355,861 22,850 117,227 227,063 (224,951) 23,899 1,521,94963