Rangatira Annual Report 2025 - Flipbook - Page 63
Annual Report 2025
The following is a summary of the Company’s associate companies, interest held, and their carrying values at 30
September 2024 and 31 March 2024 under the equity accounting method:
Carrying value ($000)
Associate company
Interest
30 Sept 2024
31 Mar 2024
30 Sept 2024
31 Mar 2024
BeGroup Investments LP
43,306
41,720
25%
25%
Magritek Holdings Limited
14,099
14,089
24%
24%
NZ Pastures Limited
3,396
3,985
20%
20%
NZ Timber No 1 LP
3,466
-
18%
18%
CCA SDT limited
5,928
5,680
37%
37%
NZ Scaffolding Group
18,306
18,562
28%
28%
Quay Investments Limited (Northland Waste Ltd)
41,524
-
25%
0%
130,025
84,036
The investment in associates, using the equity accounting method at 30 September 2024 was $130.025 million.
After changing the status to a venture capital organisation the Company then recognised investments at FVTPL
of $189.134 million. The difference is recognised as a gain through profit or loss of $59.109 million.
Note 19.3 Gain on transition
Subsidiaries
$000
At 30 September 2024
Associates
$000
Total
$000
Gains from the effect of the 30 September 2024 application of:
• Investment entity status change
15,264
• Venture capital organisation exemption
15,264
15,264
59,109
59,109
59,109
74,373
Note 20 Property, plant and equipment
Accounting policy
Property, plant and equipment is measured at cost less accumulated depreciation and accumulated impairment
losses. Cost includes expenditure that is directly attributable to the acquisition of the item.
Depreciation is provided on property, plant and equipment, excluding land. Depreciation is calculated on a straight
line or diminishing value basis so as to write off the net cost of each asset over its expected useful life to its
estimated residual value.
Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is
the shorter, using the diminishing value or straight line method. The estimated useful lives, residual values and
depreciation method are reviewed at the end of each annual reporting period.
The principal rates (straight line or diminishing value) used are:
• Freehold and leasehold buildings 1–4%
• Plant and equipment 4-60%
• Furniture and leasehold improvements 4-40%
• IT hardware 40-48%
Right-of-use assets are depreciated over the term of the underlying lease.
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