Rangatira Annual Report 2025 - Flipbook - Page 50
Rangatira Investments
The following table analyses the basis of the valuation classes of financial instruments at fair value in the
statement of financial position, including the valuation technique applied:
Portfolio Type
Level
Valuation
technique
Investments
Listed equities
1
Market price
2
Core direct investments
3
2025
$000
2024
$000
Listed portfolio(i)
55,214
70,860
Recent price,
External
valuation
Domett Properties, Fiordland
Lobster
21,016
19,171
DCF, EBITDA
multiples,
NAV
APC, BeGroup, Boulcott Hospital,
Magritek, Northland Waste, NZ
Pastures, NZ Scaffolding, NZ
Timber LP(ii), Polynesian Spa,
Rainbow’s End, Stuart Drummond,
Southern Cross Horticulture
294,294
21,338
AirTree, Movac and Pacific Channel
VC Funds, Rangatira Ventures, Watt
Land
14,493
14,881
BePure, Booktrack, Chitogel, Mars
Biolmaging, Reswax(iii)
2,270
3,996
387,287
130,246
2
Passive portfolio
NAV
3
Total Investments at Fair Value
The listed portfolio includes listed shares held on Rangatira’s behalf by unlisted fund managers.
At 31 March 2024, NZ Timber LP was classified as a level 2 investment. This has been reclassified for the purposes of this table, noting that
the original classification has been maintained in note 8.3.
(i)
(ii)
At 31 March 2024, These investments were classified as a level 2 investment. They have been reclassified for the purposes of this table,
noting that the original classification has been retained in note 8.3.
(iii)
Core Fair Value investments by Sector
Investment Sector
Agriculture
Scientific, Health and Eldercare
Investments
Fiordland, NZ Pastures, NZ Timber, Southern Cross
Horticulture
BePure, BeGroup, CDC shares, Magritek, Boulcott
2025
$000
2024
$000
64,811
40,492
126,834
17
Infrastructure
NZ Scaffolding, Stuart Drummond, Northland Waste
72,852
-
Tourism
Polynesian Spa, Rainbow's End
45,693
-
Other
Domett, APC
5,120
-
315,310
40,509
Total Core Fair Value Investments
50
