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• Income statement for the year ended 30 June 2008
• Statement of changes in equity for the year ended 30 June 2008
• Cash flow statement for the year ended 30 June 2008
• Notes to the financial statements of Housing New Zealand Corporation for the year ended 30 June 2008
  • 2. Summary of significant accounting policies
  • 3. Revenues and expenses
  • 4. Income tax
  • 5. Dividends paid and proposed
  • 6. Categories of financial assets and liabilities
  • 7. Receivables and prepayments
  • 8. Mortgage advances
  • 9. Investments
  • 10. Properties intended for sale
  • 11. Property, plant and equipment
  • 12. Intangible assets
  • 13. Properties under development
  • 14. Accounts payable and other liabilities
  • 15. Provisions
  • 16. Financial risk management objectives and policies
  • 17. Reconciliation of net profit after tax with cash flows from operating activities
  • 18. Commitments and contingencies
  • 19. Related party disclosure
  • 20. Mortgage Insurance Scheme claim liability
  • 21. Events subsequent to balance date
  • 22. Budgeted figures
  • 23. Remuneration of employees - $100,000 and over
  • 24. Impacts of adoption of NZ IFRS

About us

13. Properties under development

Properties under development held by HNZC Property Development Limited are recognised as inventory until available for sale. The fair value of the land component is $27 million (2007, $26 million) compared with the carrying cost of $24 million (2007, $21 million).

Inventory was valued under NZ IAS 2 Inventories. The valuation was performed by Quotable Value New Zealand, a company employing Registered and Qualified Valuers, with the Principal Registered Valuer for the valuation being Kerry Stewart (PG Dip Env Audit, MBA, ANZIV, SNZPI).