28 OCTOBER 2004 NEW ZEALAND GAZETTE, No. 138 3439

Add/(less) items classified as investing/financing activities:
Accounts receivable amount relating to sale of asset 16,000 16,000 –
Loan repayment by way of a grant approval 43,000 43,000 616,352
59,000 59,000 616,352
Net cash from operating activities 17,926,685 17,894,177 (20,932,387)

17. Property, Plant and Equipment
    Parent:
    2004 2004 2004 2003
    Cost Accum Book Book
    Depn Value Value
    $ $ $ $
    Land – at valuation 160,000 – 160,000 457,419
    Buildings – at valuation 440,000 – 440,000 415,667
    Office equipment 184,948 136,551 48,397 60,454
    Furniture and fittings 152,991 109,355 43,636 57,704
    Motor vehicles 122,314 37,414 84,900 70,547
    Other assets – – – –
    1,060,253 283,320 776,933 1,061,791

Group:
2004 2004 2004 2003
Cost Accum Book Book
Depn Value Value
$ $ $ $
Land – at valuation 160,000 – 160,000 457,419
Buildings – at valuation 440,000 – 440,000 415,667
Office equipment 203,228 148,143 55,085 60,454
Furniture and fittings 160,367 112,369 47,998 57,704
Motor vehicles 478,004 88,767 389,237 389,237
Other assets 1,423 918 505 505
1,443,022 350,197 1,092,825 1,061,791

Land and buildings have been revalued as at 31 March 2004 and are stated at their revalued amounts as determined by
Chadderton Valuation, an independent registered valuer (a member firm of the New Zealand Institute of Valuers). The original
cost of land was $457,419 and the original cost of the building was $523,063.

18. Investments With Fund Managers
    The group has funds with five investment managers (fund managers), being Alliance Bernstein, AMP Capital, Capital
    International, ING (NZ) Limited and Tower Asset Management. Market values and asset allocations of these investments as at
    balance date were as follows:

                      Alliance    AMP       Capital     ING(NZ)     Tower Asset   2004        2003
                      Bernstein   Capital   Int’l       Limited     Management    Total       Total
                      (NZ$m)      (NZ$m)    (NZ$m)      (NZ$m)      (NZ$m)        (NZ$m)      (NZ$m)

    New Zealand equities – – – 17.33 – 17.33 16.65
    Overseas equities 30.32 – 26.32 – – 56.64 45.06
    New Zealand fixed interest – 33.92 – – – 33.92 34.20
    Overseas fixed interest – – – – 40.70 40.70 46.75
    Property – 0.50 – – – 0.50 –
    Cash – 3.67 – 10.61 – 14.28 10.48
    Totals 30.32 38.09 26.32 27.94 40.70 163.37 153.14

Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers’ management of the group’s
investments. A range of hedging policies are in place whereby the fund managers use derivative financial instruments as a
means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are
subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite
effects on the items being hedged.

19. Group Investments

Name Ownership Interest Held Balance Date Principal Activity
2004 2003

Subsidiaries
Southland Community Trust Charities Limited 100% 100% 31 March Distribution of grants to charitable
organisations.
Invest South Limited 100% 50% 31 March Debt funding and equity investment.
Invest South Asset Management Limited – – 31 March Asset management.

Associates
Back Country Foods Limited – – 31 March Manufactures freeze dried prepared meals.
Tulip International Limited – – 31 May Cultivates and sells bulbs and cut flowers
(primarily tulips) to both the domestic and
export market.