Rangatira Annual Report 2023 - Flipbook - Page 72
72
R anga tira Annua l Rep or t 2 0 2 3
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 25 Associate Companies (continued)
Further investment in Mrs Higgins (2004) Limited
Before 31 May 2022, Rangatira owned 50% in Mrs Higgins (2004) Limited (‘Mrs Higgins’) and that interest was recognised as an
associate company and equity accounted. Rangatira entered a share purchase agreement providing Rangatira control over of Mrs
Higgins. From 1 June 2022, Mrs Higgins has been accounted for as a subsidiary. This has been accounted for a business combination
achieved in stages - see Note 27.
New investment in SDT and NZSG in 2023
Rangatira acquired 37% in CCA SDT on 1 April 2022, and 27% in NZSG on 1 October 2022:
• CCA SDT is a holding company structured with other investors which controls Stuart Drummond Limited, the leading provider of log
transport in the Nelson / Marlborough region
• NZSG is one of New Zealand’s largest provider of scaffolding, formwork, height access and related infrastructure services
The Group has significant influence over those entities, therefore these have been included as part of its associate companies. (2022:
BeGroup Investments LP on 30 June 2021, operating retirement villages across the North Island of New Zealand)
Impairment
No impairment has been identified for the Group’s equity accounted investments (2022: $426,500 for Mrs Higgins).
Balances with associate companies
At 31 March 2023, Rangatira has an outstanding loan receivable of $2.231m from NZPL (2022: $1m). There are no other balances
outstanding between Rangatira and its associate companies. The associates have no contingent liabilities incurred jointly with other
investors, or those which arise because of several liability (2022: $nil).
Note 26 Assets Held For Sale
On 23 December 2021 the group made an unconditional sale of its main investment property to Oyster Industrial Properties Ltd for
gross proceeds of $40,500,000 which settled on 29 April 2022. Consequently the investment property was classified as an asset held
for sale at 31 March 2022. After sales costs, the net gain from the sale of Rangatira’s 67.5% interest was $10.922m.
$000
Details of the sale
Sale price
40,500
Carrying amount of net assets as at the date of sale
23,972
Gain on sale before transaction costs
16,528
Costs of disposal
Gain on sale
The non controlling interest portion of this gain is
365
16,163
5,241
Gain on sale attributable to the Group
10,922
Gain on sale
16,163