Annual Report 2010 - Christchurch City Council

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Remuneration (continued) Financial statements Annual Report Christchurch Otautahi 2010 p251. Notes to financial statements 42. Remuneration (continued) d) Elected Members Council Remuneration Jun 10 Jun 09 Directors Fees Total Council Remuneration Directors Fees Total $ $ $ $ $ $ Helen Broughton 87,604 - 87,604 86,270 - 86,270 Sally Buck 88,522 20,000 108,522 87,239 20,000 107,239 Barry Corbett 86,227 32,285 118,512 83,499 32,285 115,784 David Cox 90,583 25,000 115,583 87,355 24,219 111,574 Bob Parker 177,630 47,285 224,915 170,204 44,785 214,989 Bob Shearing 87,774 47,285 135,059 84,281 44,785 129,066 Gail Sheriff 86,227 55,000 141,227 83,499 52,400 135,899 Sue Wells 88,909 32,285 121,194 92,989 32,285 125,274 Norm Withers 99,543 12,500 112,043 96,408 12,500 108,908 Ngaire Button 89,193 - 89,193 86,461 - 86,461 Yani Johanson 86,227 - 86,227 84,723 - 84,723 Claudia Reid 86,380 12,500 98,880 84,230 11,675 95,905 Mike Wall 86,279 - 86,279 83,499 - 83,499 Chrissie Williams 87,511 28,000 115,511 83,731 26,613 110,344 1,328,609 312,140 1,640,749 1,294,388 301,547 1,595,935 See note 40 Related Parties for detail on transactions between Council and elected members and key management personnel.
p252. Annual Report Christchurch Otautahi 2010 Financial statements Business combinations Notes to financial statements 43. Business combinations CCC Two Limited On 4 August 2009 Council subsidiary company CCC Two Limited purchased certain assets and liabilities of Meta New Zealand Limited, Meta Processing Limited, Meta Transport Limited, and Reworks Limited (the ‘Meta Group’). Meta New Zealand Limited operated waste transfer stations under contract to Christchurch City Council and also ran the ‘Super Shed’ which resells items removed from the waste stream. Meta Processing Limited ran the Materials Recovery Facility recycling operation under contract to Christchurch City Council. Meta Transport Limited transported waste, primarily between Meta sites and the Living Earth composting plant. Reworks Limited operated a construction and demolition waste recycling operation. This operation was ceased prior to acquisition, with CCC Two Limited acquiring some of its assets and liabilities but not its business operations. CCC Two Limited purchased all of Meta Group’s operations, except the construction and demolition waste operations as noted above, as a going concern. CCC Two Limited did not acquire any equity instruments in any of the Meta Group of companies. To facilitate the purchase Council invested $1,100,000 in CCC Two Limited by way of fully paid $1 redeemable preference shares. Council also lent CCC Two Limited $18,000,000. CCC Two acquired the assets and liabilities of the Meta Group for $16,982,078. Costs of $75,484 were directly attributable to the acquisition, and this amount is included in the total purchase price set out below. The fair value of the assets and liabilities acquired as at 4 August 2009 were as follows: Property, plant and equipment 15,231,266 Stock 316,093 Debtors 2,060,826 Creditors and lease liabilities (4,848,555) Intangibles and Goodwill 4,222,448 Total $16,982,078 CCC Two Limited did not acquire any contingent liabilities as part of the acquisition. As part of the acquisition CCC Two Limited purchased a number of intangible assets, including registered intellectual property, business records and a number of business arrangements. At the time of issuing these financial statements CCC Two Limited has not obtained an independent valuation of those intangibles as distinct from goodwill, therefore all of the intangibles purchased have been treated as goodwill. At the time of issuing these financial statements there is no indication of impairment of any tangible or intangible assets and the price paid remains the best indicator of value. Prior to the purchase Council determined that the purchase was significant in terms of Council’s Significance Policy. However, because of the commercial sensitivity and urgency of this matter, and in accordance with its Significance Policy, Council resolved not to undertake a special consultative procedure.
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Annual Report 2010 - Christchurch City Council

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