Meridian Annual Report - Meridian Energy

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Meridian Energy Limited — Notes to the Financial Statements (continued)
17. Property, Plant and Equipment (continued)
Land
The Group is not yet formally registered as proprietor under the Land Transfer Act of significant portions of its land assets. However the Group has full
beneficial ownership rights and the benefit of an obligation from the Crown to create titles under the Land Transfer Act and transfer them to the Group.
This is also the basis on which ECNZ owned these assets prior to transfer to the Group. Titles will be issued once land title processes have been completed.
18. Payables and Accruals
Group
Parent
2008
$’000
2007
$’000
2008
$’000
2007
$’000
Trade Creditors and Accruals 528,900 193,707 506,039 180,525
GST 5,510 6,478 7,432 6,964
Employee Entitlements 7,116 8,592 4,997 6,790
Unearned Income 6,038 5,603 5,215 5,215
547,564 214,380 523,683 199,494
19. Provisions
Restructuring
$’000
Group
Warranties
$’000
Total
$’000
Restructuring
$’000
Current
Balance at 1 July 2006 - - - - -
Recognised on Acquisition of Controlled Entities - 1,096 1,096 - -
Additional Provision Recognised 1,742 1,922 3,664 1,742 1,742
Amount Utilised (452) (868) (1,320) (452) (452)
Balance at 30 June 2007 1,290 2,150 3,440 1,290 1,290
Balance at 1 July 2007 1,290 2,150 3,440 1,290 1,290
Additional Provision Recognised 621 621 -
Amount Utilised (1,290) (831) (2,121) (1,290) (1,290)
Balance at 30 June 2008 - 1,940 1,940 - -
The warranty provision relates to goods sold and is estimated using historical warranty data, management estimation of return rate, and industry
information where available.
In 2007 the Parent went through a process of restructuring, impacting the Retail and Wholesale operating groups and several enabling functions
that support these groups.
Parent
Total
$’000
20. Borrowings
Group and Parent
Currency
Interest
Rate
Year of
Maturity
Face
Value 2008
$’000
Carrying
Value 2008
$’000
Face
Value 2007
$’000
Carrying
Value 2007
$’000
Current Portion of Term Borrowings
Unsecured Fixed Rate Notes NZD 7.36% 2009 50,000 49,808 - -
Unsecured Bank Funding NZD 8.90% 2008 100,000 100,000 - -
150,000 149,808 - -
Term Borrowings
Unsecured Bank Funding NZD 8.93% 2010 150,000 150,000 - -
Unsecured Fixed Rate Notes NZD - - - - 50,000 49,515
Unsecured Floating Rate Notes AUD 8.33% 2012 123,000 123,277 123,000 106,822
Fixed Rate Bond Issue USD 5.22% 2012-2019 581,649 519,949 581,649 473,370
Total Term Borrowings 854,649 793,226 754,649 629,707
Total Borrowings 1,004,649 943,034 754,649 629,707