NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 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: 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 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� *These fair value adjustments are recognised in the Cattle fair value adjustments and cattle growth lines of the Consolidated Income Statement� Annual Report 2013 83 3 months to  31 Mar 13  $000 3 months to  31 Mar 13  Head 1 2 months to  31 Dec 12  $000 1 2 months to  31 Dec 12  Head 3 months to  31 Mar 12  $000  (reviewed) 3 months to  31 Mar 12  Head  (reviewed) Opening values 68,101  40,338  62,951  40,532  62,951  40,532  Inductions 17,16 4  10,182  86,369  63,044  20,591  16,148  Sales (17,923)  (11,533) (84,899)  (62,721) (21,984)  (17,603) Attritions & rations (262) (156)  (758)  (517)  (223)  (160)  Fair value adjustments recognised* 2,799 - 4,438 - (1,421) - 69,879 38,831 68,101 40,338 59,914 38,917 Average value per head $1,800 $1,688 $1,540 Fair Value Input Cattle Type 31 Mar 2013 31 Dec 2012 31 Mar 2012 $000 Head $000 Head $000  (reviewed) Head  (reviewed) Level 1 None -  - -  - - -  Level 2 All except Level 3 342,585  513,694  409,007  545,079  399,091  526,794  Level 3 Feedlots & Calves 94,483  162,523  87,487  136,661  88,152  164,890  437,068  676,217  496,494  681,740  487,243  691,684 Average value per head $646 $728 $704 Total Herd Feedlot Cattle