Annual report financial statements - Meridian Energy

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Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2011 26. Reconciliation of Profit for the Period to Net Cash Flows from Operating Activities GROUP PARENT Profit after Tax for the Period 303,111 184,049 295,404 235,631 Adjustments for Operating Activities Non-Cash Items: Depreciation 209,283 174,318 151,681 132,983 Amortisation of Intangible Assets 15,041 13,712 12,236 10,942 Total Net Change in Fair Value of Financial Instruments Loss 103,427 71,255 108,244 69,093 Less: Cash Payments of Option Premiums (17,557) (10,686) (17,557) (10,686) Net Non Cash Movement in Fair Value of Financial Instruments 85,870 60,569 90,687 58,407 Movement in Deferred Tax (17,784) (10,726) (33,390) (30,698) Transfer of Tax Losses to Parent - - 4,591 36,282 Impairment of Inventories 1,110 - - - Share Based Payments (101) 19 - - Equity Accounted Earnings of Joint Ventures 3,382 2,012 - - 296,801 239,904 225,805 207,916 Items Classified as Investing Activities: Net Gain on Sale of Property, Plant and Equipment (174,125) (275) (174,420) (331) Impairment of Property, Plant and Equipment 6,068 1,200 5,788 1,200 Impairment of Intangibles - 17,136 - 17,136 Impairment of Investments in Subsidiaries - - 39,818 - Impairment of Advances to Subsidiaries - - 50,930 - Impairment of Held for Sale Assets 3,778 - - - (164,279) 18,061 (77,884) 18,005 Items Classified as Financing Activities: Amortisation of Prepaid Debt Facility Fees (231) (593) (231) (593) (231) (593) (231) (593) Changes in Working Capital Items (Increase) in Accounts Receivable and Prepayments (41,771) (10,958) (39,509) (6,090) Decrease in Inventory 1,586 1,270 640 582 (Decrease)/Increase in Payables and Accruals (6,833) 17,135 (18,927) 17,705 (Decrease) in Provisions (642) (636) (207) (281) Increase in Current Tax Payable 4,975 3,592 5,669 3,058 Deferred Tax Transferred to Current Tax Payable on Sale of Tekapo A and B (22,899) - (22,899) - Working Capital Items Transferred to Held for Sale (1,110) - - - Working Capital Disposed on EFI Becoming a Subsidiary - - (7,917) - Working Capital Acquired on Amalgamation - - 35,160 - (66,694) 10,403 (47,990) 14,974 Net Cash Flow from Operating Activities 368,708 451,824 395,104 475,933 2011 $’000 2010 $’000 2011 $’000 2010 $’000 56 MERIDIAN ENERGY LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2011 27. Commitments GROUP PARENT 2011 $’000 2010 $’000 2011 $’000 2010 $’000 Operating Lease Commitments Non Cancellable Operating Lease Payments are as follows: Less than One Year 3,987 4,971 3,066 3,898 Between One and Five Years 7,623 9,192 6,105 7,400 More than Five Years 904 - - - 12,514 14,163 9,171 11,298 Meridian leases office buildings with terms of the leases ranging from one to twelve years, with options to extend up to twelve years. Lease contracts contain rent review clauses including CPI increases and market rental reviews in the event Meridian exercises its options to renew. GROUP PARENT 2011 $’000 2010 $’000 2011 $’000 2010 $’000 Capital Expenditure Commitments Property, Plant and Equipment 532,944 107,375 7,729 6,322 Software 10,823 11,485 10,823 11,485 543,767 118,860 18,552 17,807 Less than One Year 474,197 113,354 9,452 12,301 Between One and Five Years 69,570 5,506 9,100 5,506 More than Five Years - - - - 543,767 118,860 18,552 17,807 Guarantees Meridian Wind Macarthur Pty Limited has various obligations arising from the joint venture with AGL Energy Limited (disclosed above). These include performance and funding obligations under the joint venture deed, obligations to contractors in relation to the construction of the wind farm, and obligations under various landowner agreements. Meridian Energy Limited has provided various guarantees and letters of comfort to the relevant parties that effectively guarantee the obligations of Meridian Wind Macarthur Pty Limited. MERIDIAN ENERGY LIMITED 57
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Meridian Energy Financial Statement
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Income Statement FOR THE YEAR ENDED
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Statement of Financial Position AS
Page 7 and 8: Statement of Changes in Equity FOR
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Page 63 and 64: Auditor’s Report Independent Audi
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Annual report financial statements - Meridian Energy

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