Meridian Annual Report - Meridian Energy

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76 Meridian Energy Limited — Notes to the Financial Statements (continued) 27. Related Party Transactions (continued) Compensation of Key Management Personnel The remuneration of directors and other members of key management during the year were as follows: Group Parent 2008 $’000 2007 $’000 2008 $’000 2007 $’000 Directors’ Fees 483 341 433 305 Chief Executive Officer and Senior Management Team: Salaries & Short Term Benefits 6,239 5,294 4,909 4,173 Post Employment Benefits - - - - Termination Benefits - - - - Other Long Term Benefits - - - - 6,239 5,294 4,909 4,173 28. Subsequent Events There have been no material events subsequent to 30 June 2008. 29. Contingent Assets and Liabilities Meridian has been the subject of an Inland Revenue audit and some positions have been disputed by Inland Revenue. However, the Board is of the opinion that the approach taken in calculating the Group’s tax liability as reflected in these financial statements is acceptable. Meridian is defending the adjustments that Inland Revenue has proposed. 30. Impact of Adopting New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) As stated in Note 1 these are Meridian’s first consolidated financial statements complying with the measurement and recognition requirements of the New Zealand Equivalents to International Financial Reporting Standards “NZ IFRS” and NZ IFRS 1: First Time Adoption of New Zealand Equivalents to International Financial Reporting Standards. The accounting policies set out in Note 1 have been applied in preparing the: • Consolidated Financial Statements for the year ended 30 June 2008 and for the comparative period ended 30 June 2007 • Opening NZ IFRS Balance Sheet at 1 July 2006 (Meridian’s date of transition) • NZ IFRS Transition Balance Sheet In preparing the opening NZ IFRS Balance Sheet and the comparative NZ IFRS Financial Statements for the year ended 30 June 2008 Meridian has adjusted amounts reported under previous NZ GAAP. The impact of the transition to NZ IFRS on the Group and Parent is set out in the following tables and the explanatory Notes that accompany the tables.
77< Meridian Energy Limited — Notes to the Financial Statements (continued) Group Effect of NZIFRS at Transition Date: 1 July 2006 Note Reported Under Previous GAAP Audited $’000 Effect of Transition to NZIFRS Audited $’000 NZIFRS Audited $’000 Shareholders’ Equity Share Capital 1,600,000 - 1,600,000 Revaluation Reserve d 2,476,890 (824,177) 1,652,713 Foreign Currency Translation Reserve 6 - 6 Cash Flow Hedge Reserve c - 14,891 14,891 Available for Sale Reserve b - 1,065 1,065 Retained Earnings a,c,d 160,455 8,934 169,389 Total Equity 4,237,351 (799,287) 3,438,064 Represented by: Assets Accounts Receivable and Prepayments e 242,416 (7,994) 234,422 Derivative Financial Instruments c - 60,553 60,553 Investments a,b 22,679 (6,560) 16,119 Investment in Associates 716 - 716 Intangible Assets f 22,980 3,614 26,594 Deferred Tax Assets d - 132 132 Property, Plant and Equipment f 4,795,590 (3,614) 4,791,976 Other Assets 254,930 - 254,930 Total Assets 5,339,311 46,131 5,385,442 Liabilities Derivative Financial Instruments c - 21,004 21,004 Term Borrowings e 754,649 5,545 760,194 Deferred Tax Liability d 152,089 818,870 970,959 Other Liabilities 195,222 (1) 195,221 Total Liabilities 1,101,960 845,418 1,947,378 Net Assets 4,237,351 (799,287) 3,438,064
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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
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6 Our Operations Meridian is New Ze
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8 Our Operations cont Under Constru
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10 Generation The winter of 2008 wa
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12 Retail Transforming our customer
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Our Year in Review >14
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16 Our Year in Review cont Our Peop
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18 Our Year in Review cont Meridian
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20 Our Year in Review cont In addit
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22 Our Year in Review cont Meridian
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24 Our Year in Review cont In the M
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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
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Page 88 and 89: 84 Report from the Audit Office Aud
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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
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Meridian Annual Report - Meridian Energy

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