Landcorp - Crown Ownership Monitoring Unit

LANDCORP FARMING LIMITED AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTS CONTINUEDNote 22 – InventoryInventory at the end of the year comprised:Group Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Agricultural produce:Wool 167 817 167 811Velvet 1,161 849 1,161 849Harvested feeds 6,772 7,498 6,772 7,498Consumables 2,818 3,336 1,664 1,540Total Inventory 10,918 12,500 9,764 10,698Landcorp does not have systems to record on-farm production and use of harvested feeds so is unable to quantify the total amount of agriculturalproduce produced and consumed during the period. Harvested feeds are only measured at balance date. The decline in the value of harvestedfeeds reflects the decreased quantity of harvested feed at 30 June 2010, as described in Note 12.Note 23 – Property Held for SaleProperty held for sale comprises:Group Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Development land 7,550 8,145 – –Farmland 29,130 30,233 11,925 13,508Buildings 954 544 275 292Total Property Held for Sale 37,634 38,922 12,200 13,800The Parent’s property held for sale comprises farms that have been identified as either a poor strategic fit for the business, or have a higheralternative use value than farming. Sales of these farms is expected to occur within one year.Development land held for sale is land that is being developed by either jointly controlled entities (refer Note 11) or Landcorp Estates Ltddirectly. Land being developed by jointly controlled entities will be sold by the Group to the jointly controlled entity when the developmentis complete. Land being developed directly by Landcorp Estates comprises developed residential sections that are currently being marketed.72