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## 15. BIOLOGICAL ASSETS — LIVESTOCK (CONTINUED) 

## Unbranded Calves 

Calves are valued internally as there is no observable market for them� The value is based on the $/head market value for older trading cattle adjusted for weight differential� A 5% movement in $/head would give rise to a value change of $1,200,000� The number of head in the calf assessment is derived from the number of productive cows, the results of pregnancy testing, and the percentage of brandings assessed each year� A 5% change in the number of calves would give rise to a value change of $1,200,000� 

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*These fair value adjustments are recognised in the Cattle fair value adjustments line of the Consolidated Income Statement� 

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