Landcorp - Crown Ownership Monitoring Unit

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LANDCORP FARMING LIMITED AND SUBSIDIARIESAudit ReportTO THE READERS OF LANDCORP FARMING LIMITED AND GROUP’SFINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010The Auditor-General is the auditor of Landcorp Farming Limited (the Company) and group. The Auditor-General has appointed me, Trevor Deed,using the staff and resources of Deloitte, to carry out the audit of the financial statements of the Company and group, on her behalf, for theyear ended 30 June 2010.Unqualified opinionIn our opinion:– The financial statements of the Company and group on pages 47 to 95:– comply with generally accepted accounting practice in New Zealand;– comply with International Financial Reporting Standards; and– give a true and fair view of:– the Company and group’s financial position as at 30 June 2010; and– the results of operations and cash flows for the year ended on that date.– Based on our examination the Company and group kept proper accounting records.The audit was completed on 30 August 2010, and is the date at which our opinion is expressed.The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Directors and the Auditor, and explainour independence.Basis of opinionWe carried out the audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the New Zealand Auditing Standards.We planned and performed the audit to obtain all the information and explanations we considered necessary in order to obtain reasonableassurance that the financial statements did not have material misstatements, whether caused by fraud or error.Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of thefinancial statements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.The audit involved performing procedures to test the information presented in the financial statements. We assessed the results of thoseprocedures in forming our opinion.Audit procedures generally include:– determining whether significant financial and management controls are working and can be relied on to produce complete and accuratedata;– verifying samples of transactions and account balances;– performing analyses to identify anomalies in the reported data;– reviewing significant estimates and judgements made by the Board of Directors;– confirming year-end balances;– determining whether accounting policies are appropriate and consistently applied; and– determining whether all financial statement disclosures are adequate.We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements.We evaluated the overall adequacy of the presentation of information in the financial statements. We obtained all the information andexplanations we required to support our opinion above.Responsibilities of the Board of Directors and the AuditorThe Board of Directors is responsible for preparing the financial statements in accordance with generally accepted accounting practice inNew Zealand. The financial statements must give a true and fair view of the financial position of the Company and group as at 30 June 2010and the results of operations and cash flows for the year ended on that date. The Board of Directors’ responsibilities arise from the State-Owned Enterprises Act 1986 and the Financial Reporting Act 1993.We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you. This responsibilityarises from section 15 of the Public Audit Act 2001 and section 19(1) of the State-Owned Enterprises Act 1986.IndependenceWhen carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the independencerequirements of the New Zealand Institute of Chartered Accountants.Other than the audit, we have no relationship with or interests in the Company or any of its subsidiaries.Trevor DeedDeloitteOn behalf of the Auditor-GeneralWellington, New ZealandThis audit report relates to the financial statements of Landcorp Farming Limited and group (“Landcorp”) for the year ended30 June 2010 included on Landcorp’s website. Landcorp’s Board of Directors are responsible for the maintenance and integrity ofLandcorp’s website. We have not been engaged to report on the integrity of Landcorp’s website. We accept no responsibility for anychanges that may have occurred to the financial statements since they were initially presented on the website. The audit reportrefers only to the financial statements named above. It does not provide an opinion on any other information which may have beenhyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risks arising from electronicdata communication they should refer to the published hard copy of the audited financial statements and related audit report dated30 August 2010 to confirm the information included in the audited financial statements presented on this website. Legislation inNew Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.96
Disclosures in Terms of the Companies Act 1993Interests register (Section 211(1)(e))Entries made in the interests register during the year covered particulars of directors’ interests, directors’ remuneration and directors’ andofficers’ liability insurance. Details are recorded under the separate headings below.Directors’ interests (Section 140)The following are particulars of general notices of disclosure of interest given by Landcorp directors during the year –Director Organisation PositionHon. J R Sutton CNZM Stone Hut Forest Investments Ltd Chairman and ShareholderW A Larsen CNZM Air New Zealand Ltd Director and ShareholderCentreport LtdChairmanJenkin Timber LtdDirectorLarsen Consulting LtdPrincipalFoundation for Research, Science and TechnologyDirectorA W Baylis Blackhead Quarries Ltd Chairman(Appointed 1.11.09) Blue River Dairy Products Ltd DirectorCarisbrook Stadium TrustTrusteeEdincorp Business Services LtdPrincipalHelicopters NZ LtdDirectorInstitute of Directors Accreditation BoardChairmanPort of Tauranga LtdDirector and ShareholderReal Journeys LtdChairmanScales Corporation LtdDirectorSouth Canterbury Finance LtdChairmanF R S Clouston Abacus Biotech Ltd Director and ShareholderPalliser Estate Wines of Martinborough LtdDirector and ShareholderPerpetual Funds Management LtdDirectorNZ Markets Disciplinary TribunalMemberNZICA Appeals CouncilMemberNew Zealand Red Cross FoundationTrusteeKirkcaldie & Stains LtdDirectorL B Henry Cranleigh Strategic Ltd Chairman(Retired 31.10.09) Cranleigh Capital Management Ltd ChairmanMedTech LtdDirectorAuckland University of TechnologyCouncil MemberChristchurch Arts Festival TrustTrusteeAsia New Zealand FoundationTrusteeVirtual Trade MissionTrusteeAUT Millennium Ownership TrustTrusteeMinter Ellison Rudd WattsSpecial CounselT Houpapa JP THS & Associates Ltd Director(Appointed 1.5.10) Waikato Bay of Plenty Franchise Board Director(Waikato Bay of Plenty Magic Netball)Strada Corporation LtdDirectorPemberton Construction LtdDirectorWaikato River Guardians Establishment CommitteeMember (Crown Appointee)Federation of Maori AuthoritiesChairman, Tainui DelegateTe Uranga B2 IncorporationCommittee of ManagementMaori Women’s Welfare LeagueWaiariki Regional Council MemberPuwaha Ki Te Ao TrustTrustee97
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LandcorpANNUAL REPORT 2010LANDCORP
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LANDCORP FARMING STRIVES TO BETHE W
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KEY FINANCIAL DATADollars in millio
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The 450-hectare Blairs development
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We are poised to go furtherand fast
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LANDCORP FARMING LIMITED AND SUBSID
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LANDCORP FARMING LIMITED AND SUBSID
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lambs above specified meat yields i
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LANDCORP ACHIEVERS 2009/2010LANDCOR
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The Balanced Scorecard2009/10The Ba
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OBJECTIVE MEASURE 2009/10 2009/10 2
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OBJECTIVE MEASURE 2009/10 2009/10 2
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INFORMED FARMINGLandcorp Farming ma
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Each hind on Raft Creek Farm, nearH
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Sensors on milk lines from each bai
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MilkHub’s strengths include conne
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AgResearch scientist John McEwanpla
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Our initiative includes sharing new
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Information sharing. Mararoa Farm M
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Tim and Senior Shepherd Kate Gallan
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Hon. Jim SuttonChairmanCNZM.Mr Sutt
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Subsidiary Boards,Committees andMan
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TOTAL SHAREHOLDERS’ RETURN ON AVE
Page 47 and 48: FINANCIAL STATEMENTSAND DISCLOSURE
Page 49 and 50: Statement of Comprehensive IncomeFO
Page 51 and 52: Group Group Parent ParentNote 2010
Page 57 and 58: Note 3 - Summary of Significant Acc
Page 63 and 64: Note 4 - Significant Accounting Jud
Page 65 and 66: Note 5 - Operational Management (co
Page 67 and 68: Note 5 - Operational Management (co
Page 69 and 70: Note 10 - Other Produce RevenueGrou
Page 71 and 72: Note 14 - Farm Working ExpensesGrou
Page 73 and 74: Note 20 - Effect of DroughtDuring 2
Page 75 and 76: Note 24 - LivestockA - NATURE OF AC
Page 77 and 78: Note 25 - ForestsA - NATURE OF ACTI
Page 79 and 80: Note 26 - Other Financial Assets an
Page 81 and 82: Note 27 - Intangible AssetsGroup Gr
Page 83 and 84: Note 28 - Property, Plant & Equipme
Page 85 and 86: Note 29 - Accounts PayableGroup Gro
Page 87 and 88: Note 32 - DividendsParent Parent Pa
Page 89 and 90: Note 34 - Income Tax (continued)C -
Page 91 and 92: Note 35 - Reconciliation of Profit
Page 93 and 94: Note 36 - Risk Management (continue
Page 95 and 96: Note 36 - Risk Management (continue
Page 97: Note 38 - Contingent Assets and Lia
Page 101 and 102: Share dealings (Section 148)No dire
Page 103: QUICK FACTS 2009/10Livestock number
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