Meridian Annual Report - Meridian Energy
Meridian Annual Report - Meridian Energy
Meridian Annual Report - Meridian Energy
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50<br />
<strong>Meridian</strong> <strong>Energy</strong> Limited — Notes to the Financial Statements (continued)<br />
6. Income Tax Expense (continued)<br />
Group<br />
Parent<br />
b) Imputation Credits<br />
2008<br />
$’000<br />
2007<br />
$’000<br />
2008<br />
$’000<br />
2007<br />
$’000<br />
Balance at Beginning of Year 100,618 85,671 99,816 84,877<br />
Net Income Tax Paid 62,575 111,532 62,514 111,331<br />
Credits Attached to Dividends Received - - 222 193<br />
Credits Attached to Dividends Paid (130,543) (96,585) (130,543) (96,585)<br />
Balance at End of Year 32,650 100,618 32,009 99,816<br />
At balance date the imputation credits available to shareholders of the Group were:<br />
2008<br />
$’000<br />
Group<br />
2007<br />
$’000<br />
Through<br />
Shareholding in Parent Company 32,009 99,816<br />
Indirect Interest in Subsidiaries 641 802<br />
32,650 100,618<br />
7. Equity<br />
Group<br />
Share Capital<br />
$’000<br />
Revaluation<br />
Reserve<br />
$’000<br />
Foreign<br />
Currency<br />
Translation<br />
Reserve<br />
$’000<br />
Cash Flow<br />
Hedge<br />
Reserve<br />
$’000<br />
Available<br />
for Sale<br />
Reserve<br />
$’000<br />
Retained<br />
Earnings<br />
$’000<br />
Total Equity<br />
Attributable to<br />
Shareholders<br />
of the Parent<br />
$’000<br />
Minority<br />
Interest<br />
$’000<br />
Total<br />
$’000<br />
Balance at 1 July 2006 1,600,000 1,652,713 6 14,891 1,065 169,389 3,438,064 - 3,438,064<br />
Effect of Acquisition of<br />
Controlled Entities - - - - - (2,133) (2,133) 10,824 8,691<br />
Restated Equity at 1 July 2006 1,600,000 1,652,713 6 14,891 1,065 167,256 3,435,931 10,824 3,446,755<br />
Profit for the Year - - - - - 240,444 240,444 786 241,230<br />
Revaluation Increments - 1,455,000 - - - - 1,455,000 - 1,455,000<br />
Effect of Acquisition of<br />
Controlled Entities 7,006 7,006 7,006<br />
Cash Flow Hedges:<br />
Net (Loss)/Gain Taken to Equity - - - (18,944) - - (18,944) - (18,944)<br />
Available for Sale Reserve:<br />
Net Gain/(Loss) Taken to Equity - - - - 538 - 538 - 538<br />
Exchange Differences Arising from<br />
Translation of Foreign Operations - - (2) - - - (2) - (2)<br />
Movement in Deferred Tax Liability<br />
Attributable to Equity - (482,138) - 6,243 (178) - (476,073) - (476,073)<br />
Effect of Corporate Tax Rate<br />
Reduction on Deferred Tax - 113,928 - 126 119 - 114,173 - 114,173<br />
Total Recognised Income and<br />
Expenses for the Year - 1,093,796 (2) (12,575) 479 240,444 1,322,142 786 1,322,928<br />
Dividends Paid - - - - - (367,893) (367,893) - (367,893)<br />
Balance at 30 June 2007 1,600,000 2,746,509 4 2,316 1,544 39,807 4,390,180 11,610 4,401,790
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