Landcorp - Crown Ownership Monitoring Unit

LANDCORP FARMING LIMITED AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTS CONTINUEDNote 12 – Other Gains and LossesGroup Group Parent Parent2010 2009 2010 2009Note $000 $000 $000 $000Gain on sale of development land 845 1,970 – –Net gain/(loss) on disposal of property, plant and equipment 1,757 (59) 1,783 (31)Impairment loss on property, plant and equipment 28 – (137) – –Gain/(loss) on disposal of available-for-salefinancial instruments:Profit/(loss) on sale over carrying value – 408 – 408Revaluation gains/(losses) previously recognised in equity 20 14 72 14Loss on disposal of held-for-trading financial instruments (569) – (569) –Reimbursement of protected land losses 38 4,505 – 4,505 –Change in harvested feeds on hand (1,619) 2,935 (737) 2,624Other gains 24 11 22 11Total Other Gains and Losses 4,963 5,142 5,076 3,026The gain on sale of development land reflects profits from the sale of land through Landcorp Estates Ltd. This has declined in 2009/10 reflecting asignificant decline in sales of developed sections.The loss on disposal of held-for-trading financial instruments arises from the close-out of interest rate hedge instruments during the year, resultingfrom lower debt levels.The reimbursement of protected land losses arises from the Crown’s obligation to reimburse Landcorp for losses arising from the management ofprotected land, as discussed in Notes 4 and 38.Harvested feeds comprises hay, silage and balage. This feed is made for internal Landcorp use and is not usually sold. Landcorp does not havesystems to record total production of this produce and considers it impracticable to do so. The reported income from produce on farm representsthe change in the total value of produce on hand from the beginning to the end of the year. The decrease in 2009/10 mainly reflects a decreasedquantity of harvested feed at 30 June 2010, reflecting both the use of feed stores to mitigate drought impacts and lower production on droughtaffected farms.Note 13 – Other IncomeGroup Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Dividends received from third parties 57 42 56 41Dividends received from subsidiaries – – 1,400 5,100Rent received 637 576 588 546Cropping and horticulture 152 188 152 188Sundry income 1,070 7,408 2,726 6,151Total Other Revenue 1,916 8,214 4,922 12,026Prior year sundry income was increased due to forfeited deposits paid for land sales that did not settle in accordance with the contracted sale.68