Meridian Annual Report - Meridian Energy

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56 Meridian Energy Limited — Notes to the Financial Statements (continued) 13 a) Investments in Subsidiaries (continued) Controlled Entities (Other Subsidiaries) Name of Entity Date 1 Principal Activity Interest Held by group 2008 2007 DamWatch Pty Limited 2 Professional Services 100% 100% MEL (Te Āpiti) Limited Electricity Generation 100% 100% MEL (West Wind) Limited Electricity Generation 100% 100% MEL (White Hill) Limited Electricity Generation 100% 100% Three River Holdings (No.1) Limited Non-Trading Entity 100% 100% Three River Holdings (No.2) Limited Non-Trading Entity 100% 100% Three River Holdings Pty Limited 2 Non-Trading Entity 100% 100% Meridian Wind Macarthur Pty Limited 2, 4 Electricity Generation 100% 100% Meridian International No 1 Limited 20/11/07 Non-Trading Entity 100% - Meridian International No 2 Limited 20/11/07 Non-Trading Entity 100% - Meridian Australia Holdings Pty Limited 20/11/07 Non-Trading Entity 100% - Meridian Wind Australia Holdings Pty Limited 20/11/07 Non-Trading Entity 100% - Meridian Wind Australia Pty Limited 20/11/07 Non-Trading Entity 100% - Meridian Wind Farm JV Pty Limited 2 21/02/08 Non-Trading Entity 50% - WhisperGen Limited 5 Non-Trading Entity 100% 100% Whisper Tech Limited 5 Technology Company 92.8% 6 75.3% WhisperGen (UK) Limited 3 Technology Company 100% 100% 13 b) Acquisition of Controlled Entities – Whisper Tech Group At 1 July 2006 the Company held a 31.3% investment in Whisper Tech Limited which was equity accounted as an associate and a 40% investment in the Whisper Tech joint venture held at fair value. On 3 July 2006 the Parent purchased the remaining 60% of the Whisper Tech joint venture from Orion NZ Limited and all but 5% of Orion NZ Limited’s interest in Whisper Tech Limited (44%) for $13.362 million. From this date equity accounting for this investment ceased and the Whisper Tech Group of companies became controlled entities of the Group. As a consequence these companies are now consolidated as part of the Group financial statements. The effect on the Group financial statements is summarised below: Summary of the Effect on Investment in Associates 2008 $’000 Group 2007 $’000 Carrying Amount at Beginning of Year - 716 Share of Total Recognised Revenues and Expenses - - Effect of Acquisition of Controlled Entities - (716) Carrying Amount at End of Year - - 1 The date the controlled entity was registered or became part of the Group during the reporting period. 2 Incorporated in Australia 3 Incorporated in United Kingdom 4 During the Reporting period Meridian Wind Macarthur Pty Limited changed it’s name from Three River Australia Pty Limited. 5 The Parent holds 18.8% of Whisper Tech Ltd with WhisperGen Ltd holding 74%.
57< Meridian Energy Limited — Notes to the Financial Statements (continued) 13 b) Acquisition of Controlled Entities — Whisper Tech Group (continued) Summary of the Effect of Acquisition of Controlled Entities 2008 $’000 Group 2007 $’000 Assets and Liabilities acquired at fair value: Cash and Bank Balances - 224 Accounts Receivable and Prepayments - 1,985 Property, Plant and Equipment - 2,027 Intangibles - Licence Agreement - 22,380 - Patents and Trademarks - 307 Inventories - 6,101 Current Tax Receivable - 1,934 Payables and Accruals - (7,404) Net Assets Acquired - 27,554 Acquisition of Control Adjustments Gain Recognised on Investment in Whisper Tech Joint Venture - (239) Investment in Associate – Whisper Tech Limited - (716) Post Acquisition Assessed Revaluation Reserve of Subsidiary - (7,005) Post Acquisition Assessed Retained Earnings of Subsidiary - 2,133 Recognition of Minority Interest - (10,824) Total Acquisition of Control Adjustments - (16,651) Goodwill Arising on Acquisition - 2,459 Total Cash Paid - 13,362 Cash Included in Net Assets Acquired - (224) Net Cash Paid on Acquisition - 13,138 On 31 March 2008 the Group increased its interest in Whisper Tech Ltd from 75.3% to 92.9% when Whisper Tech Limited issued shares under the terms of the licencing agreement. This had the impact of decreasing the minority interest of the Group by $9.138 million.
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Meridian Annual Report for the year
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1< Innovation We launched Right Hou
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2 A time of challenge and opportuni
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4 Chairman’s and Chief Executive
Page 10 and 11: 6 Our Operations Meridian is New Ze
Page 12 and 13: 8 Our Operations cont Under Constru
Page 14 and 15: 10 Generation The winter of 2008 wa
Page 16 and 17: 12 Retail Transforming our customer
Page 18 and 19: Our Year in Review >14
Page 20 and 21: 16 Our Year in Review cont Our Peop
Page 22 and 23: 18 Our Year in Review cont Meridian
Page 24 and 25: 20 Our Year in Review cont In addit
Page 26 and 27: 22 Our Year in Review cont Meridian
Page 28 and 29: 24 Our Year in Review cont In the M
Page 30 and 31: Our Subsidiaries >26
Page 32 and 33: 28 Board of Directors Wayne Boyd (C
Page 34 and 35: 30 Tim Lusk (Chief Executive) Prior
Page 36 and 37: Financials >32
Page 38 and 39: 34 Economic Overview and 2007/08 Fi
Page 40 and 41: 36 Meridian Energy Limited — Stat
Page 42 and 43: 38 Meridian Energy Limited — Inco
Page 44 and 45: 40 Meridian Energy Limited — Bala
Page 46 and 47: 42 Meridian Energy Limited — Note
Page 88 and 89: 84 Report from the Audit Office Aud
Page 90 and 91: 86 Statutory Information Group Dire
Page 92 and 93: 88 Statutory Information (continued
Page 94 and 95: 90 Meridian Energy Management’s i
Page 96 and 97: 92 Tonnes of CO2 Meridian Energy Ag
Page 98 and 99: 94 Notes on tables Notes on electri
Page 100 and 101: 96 GRI Sustainability Reporting Ind
Page 102: 98 DIRECTORY Registered Office Leve
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Meridian Annual Report - Meridian Energy

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