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## 15. BIOLOGICAL ASSETS — LIVESTOCK (CONTINUED) 

Unbranded calves at 31 March 2013 have been estimated at 123,692 (31 December 2012: 96,323; 31 March 2012: 131,077)� 

Disclosure of livestock assets measured at fair value and their categorisation in the fair value hierarchy can be seen below: 

## Total Herd 

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Fair Value Inputs are summarised as follows: 

Level 1 Price Inputs – are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the measurement date� 

Level 2 Price Inputs – are input prices other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (refer to note 3(g) for the accounting policy for biological assets)� 

Level 3 Price Inputs – are unobservable inputs for the asset or liability� 

During the 3 months to 31 March 2013 a cattle financing facility for $12�0 million (refer note 21) was entered into and drawn down� Cattle are provided as security for the facility and at balance date 7,071 (31 March 2012 – Nil) head were securing this facility� 

## Feedlot Cattle 

Feedlot cattle are valued internally by the Group as there is no observable market for them� The value is based on the estimated exit price per kilogram and the value changes for the weight of each animal as it progresses through the feedlot program� The key factors affecting the value of each beast are price/kg, days on feed, and the feed conversion ratio� The average daily gain of weight is in the range of 0�8kgs to 2�0kgs� The value is determined by applying the average weight gain per day by the number of days on feed from induction to exit at which point the cattle are delivered to market� Based on the mix of cattle in the feedlot program at 31 March 2013 each 100,000 kg of weight movement in the feedlot program has a value impact of $342,000� 

The value per animal is based on the breed and specifications of the animal and the market it is destined for� If the market price moves by 5% against the mix of cattle in the feedlot program at 31 March 2013 a value change of $3,500,000 would arise� 

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*These fair value adjustments are recognised in the Cattle fair value adjustments and cattle growth lines of the Consolidated Income Statement� 

