Rangatira Annual Report 2023 - Flipbook - Page 71
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 25 Associate Companies
Rangatira had significant influence over the following companies for the period ended 31 March 2023. Accordingly, they are
recognised as associate companies and equity accounted.
Carrying value
Interest
Associate company
Principal activities
2023
2022
2023
2022
BeGroup Investments LP
Operation of retirement villages
39,911
32,999
25%
25%
Magritek Holdings Limited
Scientific equipment manufacturing
10,926
11,907
27%
27%
NZ Pastures Limited ('NZPL')
Sheep, beef and forestry property
4,657
4,669
20%
20%
CCA SDT Limited ('CCA SDT')
Log transportation
7,901
-
37%
0%
NZ Scaffolding Group ('NZSG')
Scaffolding and related infrastructure
20,454
-
28%
0%
Mrs Higgins (2004) Limited
Manufacturing
-
4,339
100%
50%
The following is a summary of the movements in the Group’s equity accounted investments:
2023
Carrying value at 1 April
Acquisition of shares
Magritek
$000
Mrs Higgins
$000
NZPL
$000
BeGroup
$000
CCA SDT
$000
NZSG
$000
Total
$000
11,908
4,339
4,669
32,999
-
-
53,915
319
-
-
-
7,500
19,510
27,329
-
Share of associate’s:
- net profit/(loss) after tax
- other comprehensive Income
Distributions
Disposals
Carrying value as at 31 March
2022
Carrying value at 1 April
Acquisition of shares
2,341
10
(12)
3,049
401
944
6,733
112
-
-
5,462
-
-
5,574
(3,754)
(175)
-
(1,599)
-
-
(5,528)
-
(4,174)
-
-
-
-
(4,174)
10,926
-
4,657
39,911
7,901
20,454
83,849
Magritek
$000
Mrs Higgins
$000
NZPL
$000
BeGroup
$000
CCA SDT
$000
NZSG
$000
Total
$000
9,330
4,554
4,394
-
-
-
18,278
-
-
-
26,102
-
-
26,102
-
Share of associate’s:
- net profit/(loss) after tax
2,776
212
275
4,415
-
-
7,678
- other comprehensive Income
(198)
-
-
2,928
-
-
2,730
Distributions
-
-
-
(446)
-
-
(446)
Impairment
-
(427)
-
-
-
-
(427)
11,908
4,339
4,669
32,999
-
-
53,915
Carrying value as at 31 March
71