Notes tothe financial statements For the financial year ended 31 December 2023 13. Biological assets (cont’d) Fair values of biological assets (cont’d) Biological assets under current assets - agricultural produce of bearer plants (cont’d) The movements for agricultural produce of bearer plants, which comprise FFB, oil palm seeds, latex and sugar cane are as follows: Group Note 2023 Rp million 2022 Rp million At fair value At 1 January 769,634 873,393 Additions 273,429 217,202 Decreases due to harvest (298,417) (192,601) Gain/(loss) arising from changes in fair value of biological assets 19,770 (128,360) At 31 December 34(a) 764,416 769,634 Key inputs to valuation on biological assets The fair values of the oil palm and rubber agricultural produce are determined at Level 2 based on the applicable market prices applied to the estimated volume of the produce. Range of quantitative unobservable inputs (Level 3) used in determining the fair values of the sugar cane, oil palm seeds and timber are as follows: Inputs Sugar cane Oil palm seeds Timber Discount rate 10.46% (2022: 10.91%) 13.27% (2022: 14.21%) 11.59% (2022: 11.74%) Selling price of processed agriculture produce Rp705,776/tonne (2022: Rp624,754/ tonne) Rp8,800 – Rp9,000/ piece (2022: Rp8,800 – Rp9,000/piece) Rp556,537 – Rp2,973,410/m3 (2022 Rp561,739 – Rp3,114,976/m3) Average production yield of agriculture produce 65 tonnes/hectare (2022: 74 tonnes/ hectare) 942 pieces/bunch (2022: 871 pieces/ bunch) 87 m3/hectare (2022: 88 m3/hectare) Exchange rate Rp15,255/US$1 (2022: Rp14,800/US$1) – Rp15,255/US$1 (2022: Rp14,500 – Rp14,800/US$1) Inflation rate 3.00% (2022: 3.60%) – 2.80% – 3.00% (2022: 3.00% – 3.60%) 103 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Annual Report 2023
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