Annual report financial statements - Meridian Energy

Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2011
13. Finance Lease Receivable
Meridian has entered into an arrangement
with New Zealand Antarctic Institute to
provide lease finance for Ross Island wind
farm. The lease is for a period of 20 years.
GROUP & PARENT
Minimum Lease Payments:
Not Later than One Year 632 683
Later than One Year and Not Greater than Five Years 2,530 2,530
Later than Five Years 8,853 9,486
12,015 12,699
Add: Unguaranteed Residual Value - -
Gross Investment in Finance Lease 12,015 12,699
Less: Unearned Finance Income (6,488) (7,032)
Present Value of Minimum Lease Payments 5,527 5,667
Analysed as:
Not Later than One Year 632 683
Later than One Year and Not Greater than Five Years 461 415
Later than Five Years 4,434 4,569
5,527 5,667
Add: Unguaranteed Residual Value - -
Total Finance Lease Receivable 5,527 5,667
Comprising
Current 632 683
Non-current 4,895 4,984
5,527 5,667
2011
$’000
2010
$’000
14. Assets and Liabilities Classified as Held for Sale
In 2011 assets classified as held for sale
are the Interruptible Load flow meters.
These assets were used in a specific
contract agreement. The assets were
sold subsequent to 30 June 2011 and
the contract has been terminated.
In 2010 assets classified held for sale
were land, buildings and land
improvements originally purchased for
anticipated hydro projects. These assets
were no longer required and Meridian
initiated a plan to locate purchasers.
The Group reclassified Right House Limited
net assets to assets held for sale due
to the sale to Mark Group Holdings Pty
Limited on 1 July 2011. The net assets were
subsequently impaired by $3.8 million.
Liabilities classified as held for sale
represent the estimated disposal costs
of the assets classified as held for sale.
24 MERIDIAN ENERGY LIMITED