Landcorp - Crown Ownership Monitoring Unit

Note 10 – Other Produce RevenueGroup Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Velvet 600 450 600 450Other agricultural produce 40 143 40 143Total other agricultural Produce Revenue 640 593 640 593Refer to the Balanced Scorecard on pages 17 to 22 for velvet production information.Other agricultural produce mainly comprises skins, hides and dags as well as other miscellaneous produce.Note 11 – Equity Accounted InvestmentsThe Group has the following interests in jointly controlled entities:BalancePercentage heldJoint Ventures Principal activity date 2010 2009Wharewaka (2003) Ltd Property development 31 March 50% 50%Wharewaka East Ltd Property development 31 March 50% 50%Jointly controlled entities are equity accounted as follows:Group Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Investment in equity accounted investments comprises:Investment at beginning of year 3,043 3,911 – –Equity accounted earnings 23 382 – –Less dividends received (300) (1,250) – –Less investment realised – – – –Investment at End of Year 2,766 3,043 – –Balance sheet information for equity accounted investments:Current assets 211 268 – –Non current assets 9,502 9,085 – –Current liabilities (105) (11) – –Non current liabilities (6,842) (6,299) – –Net assets 2,766 3,043 – –Equity accounted earnings comprises:Income 120 686 – –Expenses (79) (137) – –Surplus before tax 41 549 – –Income tax (18) (167) – –Net surplus 23 382 – –Other gains and losses – – – –Total Recognised Revenues and Expenses 23 382 – –There are no contingent liabilities relating to the Group’s interest in the joint ventures, and no contingent liabilities of the ventures themselves.Transactions with jointly controlled entitiesLand sales to jointly controlled entities are recognised as they become unconditional and when significant risks and rewards of ownership havebeen transferred. During the year, no land sales to jointly controlled entities were recognised, and no land transfers (2009 $9.7 million) were madeto jointly controlled entities for development purposes.67