MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

Financial statements
Notes to the financial statements for the year ended 30 June 2011 (cont.)
14. Investment in jointly controlled entities
Details of the Group’s jointly controlled entities as at 30 June 2010 are as follows:
Name of Jointly Controlled Entity
Principal Activity
Place of Incorporation and Operation
Weather Commerce Limited
Tailor made on-line weather packages
England and Wales
On 31 March 2008, the Group acquired 50% of the capital of Weather Commerce Limited. On 28 February 2011, the Group acquired the remaining
50% of the share capital and obtained full control of Weather Commerce Limited, a provider of weather related services to the UK retail industry.
The Parent has provided £10,000 funding support to Weather Commerce during the year prior to full acquisition. Related party transactions are at
arm’s length.
Summarised financial information of the Group’s jointly controlled entity is set out below:
Group 2011 Group 2010
$000s $000s
Total Assets – 221
Total Liabilities – 38
Net Assets – 183
Group’s Share of Net ASSETS – 92
Total Revenue 433 667
Total Profit for the Period 31 56
Group’s Share of Profits of Jointly Controlled Entity 15 28
Movement in the Carrying Amount of the Group’s Investment in jointly controlled entity:
Group 2011 Group 2010
Note $000s $000s
Balance at Beginning of Year 733 747
Share of Profits of Jointly Controlled Entity 15 28
Dividends Received (42) (42)
Acquisition of Remainder of Weather Commerce 519 –
Weather Commerce Assets / Liability Acquired 15 (1,036) –
Fair Value Adjustment Upon Acquisition (189) –
BALANCE at End of Year – 733
Revenue and profit for the 2011 year are to the date of full acquisition.
38 Meteorological Service of New Zealand Ltd Annual Report 2011