Rangatira Annual Report 2025 - Flipbook - Page 62
Rangatira Investments
The total amount recognised through profit or loss due to the above is $15.264 million and has been included in
the fair value gain on transition to investment entity line in the statement of comprehensive income.
Ownership interest at
Investment
Principal activities
31 Mar 2025
31 Mar 2024
Auckland Packaging Company Limited
Packaging
100%
100%
Boulcott Hold Co Limited
Private Hospital
69%
69%
Domett Properties Limited
Property
68%
68%
NZ Experience Limited
Theme park operator
100%
100%
Polynesian Spa Limited
Tourism
51%
51%
Rainbow’s End Theme Park Limited
Theme park operator
100%
100%
Rangatira Ventures Limited
Watt Land Company Limited
Special purpose investment
Trading investment
100%
100%
100%
100%
Note 19.2 Investment in associates and venture capital organisation exemption
Accounting policy
Equity accounting (applied up to 30 September 2024)
The Company has significant influence over a number of companies. These investments were accounted for using
the equity method, where the investment was initially recognised at cost and the carrying amount subsequently
increased or decreased to recognise the Company’s share of the profit or loss and other comprehensive income
after initial recognition. Distributions (e.g. dividends) received from associate companies reduce the carrying
amount of the equity accounted investments.
Significant judgement - Venture capital organisation exemption (applied from 30 September 2024)
Following the Company’s investment entity status conclusion, it has also concluded that it can apply the venture
capital organisation exemption. Under NZ IAS 28, venture capital organisations, mutual funds, unit trusts and
similar entities may elect to measure its investments in associate companies at fair value through profit or loss,
instead of applying the equity accounting method. The Company has elected to use this exemption from 30
September 2024.
Consequently, investments in associate companies were equity accounted up to 30 September 2024 and
were derecognised on that date. Those investment were then recognised at fair value on the same date under
investments. Dividends from associate companies are now recognised as revenue.
2025
$000
2024
$000
Opening balance
84,036
83,849
Additions
41,781
-
Reclassification as Associate (i)
3,240
-
Share of associate companies’ profit or loss
3,398
6,426
Share of associate companies’ other comprehensive income
Distributions
Impairment
Derecognition on application of venture capital organisation exemption
Closing balance
(9)
206
(2,421)
(4,029)
-
(2,416)
(130,025)
-
-
84,036
Following an evaluation of LP percentages and voting rights, it was deemed that Rangatira had significant influence over NZ Timber No 1 LP
at 1 April 2024. Accordingly it was recognised as an associate and equity accounted for the 6 months to 30 September 2024. Previously it had
been recognised as an unlisted investment at fair value.
(i)
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