Rangatira Annual Report 2025 - Flipbook - Page 52
Rangatira Investments
Value of kiwifruit land:
The value per hectare of the underlying orchards is based on prices of recent trades for limited partnership units.
For orchard owning limited partnerships that have no recent unit trades, a discount to net asset value equivalent
to that of a comparable limited partnership is used.
Value of forestry land:
Represents management’s assessment of the potential sale value of planted forests registered under the
Emissions Trading Scheme (ETS).
EBITDA growth:
Represents the company’s compound annual growth rate in EBITDA over the forecast period.
Discount rate:
Represents management’s estimate of the weighted average cost of capital (WACC) for the portfolio company.
The cost of debt is the weighted average interest rate on its debt, and the cost of equity is based on the capital
asset pricing model (CAPM). The cost of equity includes the addition of a small company risk premium.
Terminal growth rate:
Represents management’s estimate of the long-term growth rate in free cash flows following the end of the
forecast period, set at 2% (nil real growth assuming 2% inflation).
Reconciliation of investments at level 3
2025
$000
2024
$000
Opening balance
18,098
17,620
Purchases and other additions
19,627
902
Sale and other disposals
(2,320)
-
Investment in subsidiaries recognised at FVTPL
54,785
-
Investment in associate companies recognised at FVTPL
189,133
-
Reclassification between levels
4,020
-
Fair value movement
13,221
(424)
296,564
18,098
Closing balance
Note 9 Authorised, issued, and fully paid share capital
2025
Ordinary A shares
2024
no. of shares
$000
$000
no. of shares
$000
$000
9,398
51,269
9,398
51,269
Ordinary B shares
11,547
11,547
11,547
11,547
Total ordinary shares
20,945
62,816
20,945
62,816
less Treasury shares
(28)
(403)
(20)
(285)
Total share capital
20,917
62,413
20,925
62,531
The B shareholders are not entitled to participate in future cash issues unless the “A” shareholders agree. These
matters are set out in full in clause 3 of the Company’s constitution.
The shares have no par value.
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