Meridian Annual Report - Meridian Energy

52
Meridian Energy Limited — Notes to the Financial Statements (continued)
7. Equity (continued)
Parent
Share Capital
$’000
Revaluation
Reserve
$’000
Cash Flow
Hedge Reserve
$’000
Available for
Sale Reserve
$’000
Retained
Earnings
$’000
total
$’000
Balance at 1 July 2006 1,600,000 1,652,527 14,891 1,065 34,776 3,303,259
Effect of Acquisition of Controlled Entities - - - - 716 716
Restated Equity at 1 July 2006 1,600,000 1,652,527 14,891 1,065 35,492 3,303,975
Profit for the Year - - - - 259,628 259,628
Revaluation Increments - 1,455,000 - - - 1,455,000
Cash Flow Hedges:
Net (Loss)/Gain Taken to Equity - - (18,944) - - (18,944)
Available for Sale Reserve:
Net Gain/(Loss) Taken to Equity - - - 538 - 538
Movement in Deferred Tax Liability Attributable to Equity - (480,150) 6,243 (178) - (474,085)
Effect of Corporate Tax Rate Reduction on Deferred Tax - 113,928 126 119 - 114,173
Total Recognised Income and Expenses for the Year - 1,088,778 (12,575) 479 259,628 1,336,310
Dividends Paid - - - - (367,893) (367,893)
Balance at 30 June 2007 1,600,000 2,741,305 2,316 1,544 (72,773) 4,272,392
Balance at 1 July 2007 1,600,000 2,741,305 2,316 1,544 (72,773) 4,272,392
Profit for the Year - - - - 147,690 147,690
Revaluation Increments - - - - - -
Cash Flow Hedges:
Net (Loss)/Gain Taken to Equity - - (38,153) (2,842) - (40,995)
Available for Sale Reserve:
Gains Taken to Equity - - - - - -
Movement in Deferred Tax Liability Attributable to Equity - 28,773 12,591 748 (28,773) 13,339
Effect of Corporate Tax Rate Reduction on Deferred Tax - (2,616) (1,164) (123) 2,616 (1,287)
Asset Revaluation Reserve Transferred to Retained Earnings - (87,188) - - 87,188 -
Total Recognised Income and Expenses for the Year - (61,031) (26,726) (2,217) 208,721 118,747
Dividends Paid - - - - (297,897) (297,897)
Balance at 30 June 2008 1,600,000 2,680,274 (24,410) (673) (161,949) 4,093,242
Share Capital
The share capital is represented by 1,600,000,002 ordinary shares issued and fully paid. These are held in equal numbers by the Minister of Finance
and the Minister for State-Owned Enterprises on behalf of the Crown. There have been no movements in share capital during the year.
All shares are fully paid and have equal voting rights. All shares participate equally in any dividend distribution or any surplus on the winding up
of the Company.
Changes to the Companies Act in 1993 abolished the authorised capital and par value concept in relation to share capital from 1 July 1994.
Therefore the Company does not have a limited amount of authorised capital and issued shares do not have a par value.
Whisper Tech Limited Share Options Convertible to Ordinary Shares
Whisper Tech Limited, a subsidiary of Meridian Energy Limited, has share option schemes which entitle key management personnel and senior
employees to purchase shares in Whisper Tech Limited. Each option converts into one ordinary share on exercise, following payment of the
exercise price by the holder.