Notes tothe financial statements For the financial year ended 31 December 2023 13. Biological assets (cont’d) Key inputs to valuation on biological assets (cont’d) The narrative sensitivity analysis of unobservable inputs (Level 3) used in determining the fair values of the biological assets are as follows: Inputs (Hierarchy) Sensitivity of the inputs to the fair value of biological assets Discount rate An increase/(decrease) in the discount rate will cause a (decrease)/ increase in the fair value Selling price of processed agriculture produce An increase/(decrease) in the commodity prices would result in an increase/(decrease) in the fair value Average production yield An increase/(decrease) in production yields would result in an increase/(decrease) in the fair value Exchange rate An increase/(decrease) in the exchange rate would result in an increase/(decrease) in the fair value Inflation rate An increase/(decrease) in the inflation rate would result in a (decrease)/increase in the fair value. Areas of the Group’s biological assets: The Group has timber plantation concession rights which are valid until 2035 and 2049. The total area of planted timber plantations as at 31 December 2023 is 15,527 hectares (2022: 15,575 hectares). Physical quantities of agricultural produce: Agricultural produce harvested during the financial year Bearer plants from which produce harvested Unit of measurement 2023 2022 FFB Oil palm ‘000 tonnes 2,784 2,812 Oil palm seeds Mother palm in million 10.2 10.8 Latex Rubber ‘000 tonnes 5 5 Sugar cane Cane ‘000 tonnes 745 890 104 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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