NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 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 2024 2023 Rp million Rp million At fair value At 1 January 764,416 769,634 Additions 268,622 273,429 Decreases due to harvest (225,824) (298,417) Gain arising from changes in fair value of biological assets 324,901 19,770 At 31 December 34(a) 1,132,115 764,416 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 10.76% (2023: 10.46%) 12.50% (2023: 13.27%) 11.10% (2023: 11.59%) Selling price of processed agriculture produce Rp813,673/tonne (2023: Rp705,776/tonne) Rp8,800 – Rp9,000/piece (2023: Rp 8,800 – Rp9,000/piece) Rp540,682 – Rp2,527,037/m3 (2023: Rp556,537 – Rp2,973,410/m3) Average production yield of agriculture produce 64 tonnes/hectare (2023: 65 tonnes/hectare) 967 pieces/bunch (2023: 942 pieces/ bunch) 119 m3/hectare (2023: 87 m3/hectare) Inflation rate 2.50% (2023: 3.00%) – 2.50% – 3.00% (2023: 2.80% – 3.00%) Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Indofood Agri Resources Ltd. 108
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