Meridian Annual Report - Meridian Energy

54
Meridian Energy Limited — Notes to the Financial Statements (continued)
9. Cash and Cash Equivalents
Group
Parent
2008
$’000
2007
$’000
2008
$’000
2007
$’000
Current Account 10,580 6,300 4,020 2,761
Money Market Account 54,065 38,455 52,928 36,605
64,645 44,755 56,948 39,366
There are no cash and cash equivalent balances that are not available for use by the Group.
10. Accounts Receivable and Prepayments
Current
Billed and Accrued Receivables 475,849 219,208 470,306 212,596
Less: Provision for Doubtful Debts (2,839) (3,057) (2,839) (3,118)
Net Trade Receivables 473,010 216,151 467,467 209,478
Prepayments 5,221 5,551 4,954 4,827
Total Accounts Receivable and Prepayments 478,231 221,702 472,421 214,305
2008
$’000
Group
2007
$’000
2008
$’000
Parent
2007
$’000
Movement in Provision for Doubtful Debts
Opening Provision for Doubtful Debts (3,057) (3,730) (3,118) (3,730)
Provision Released During the Year 218 632 279 571
Provision Used During Year - 41 - 41
Closing Provision for Doubtful Debts (2,839) (3,057) (2,839) (3,118)
2008
$’000
Group
2007
$’000
2008
$’000
Parent
2007
$’000
Trade Receivables
Not Past Due 447,569 200,254 443,320 195,044
Past Due 1-30 days 20,518 13,708 20,180 12,327
Past Due 31-60 days 3,102 1,558 2,950 1,550
Past Due 61-90 days 876 643 456 634
Past Due > 91 days 3,784 3,045 3,400 3,041
2008
$’000
Group
2007
$’000
2008
$’000
Parent
2007
$’000
475,849 219,208 470,306 212,596
Trade receivables that are less than 90 days past due are generally not considered impaired. As at 30 June 2008 trade receivables
of $25.441 million (2007: $15.897 million) were past due but not impaired. These relate to energy sales to a number of independent customers
for whom there is no recent history of default.
Receivables more than 90 days overdue relate mainly to retail customers of which some of the balance is disputed. It is assessed that a portion
of these receivables is likely to be recovered.
Meridian maintains a doubtful debt provision that reflects the limited likelihood of payment defaults.