MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

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Financial statements Notes to the financial statements for the year ended 30 June 2011 (cont.) 17. Related party transactions The ultimate controlling party of the Group is the Crown. Equity interests in related parties Details of interests in subsidiaries and jointly controlled entities are disclosed in notes 14 and 15. Group 2011 Group 2010 Parent 2011 Parent 2010 $000s $000s $000s $000s Transfers of Software Development Metra Information Limited 1,580 844 1,580 844 Metra Information (Australia) Pty Limited 28 – 28 – 1,608 844 1,608 844 The Parent develops computer software products, some of which were acquired by its subsidiary, Metra Information Limited and Metra Information (Australia) Pty Limited. These acquisitions were made on normal commercial terms. Settlement of Liabilities Metra Information Limited – – (2,583) 1,318 Metra Information (Australia) Pty Limited – – (21) (22) Weather Commerce Limited 154 106 – – 154 106 (2,604) 1,296 During the year the Parent was reimbursed for expenses it incurred on behalf of Metra Information (Australia) Pty Limited. Due to internal restructuring in the previous three years, Metra Information Limited now provides regular funding assistance to its Parent company which is reimbursed on a regular basis. Outstanding Receivable / (Payable) at Year End Metra Information Limited – – (8,253) (8,418) Metra Information (Australia) Pty Limited – – 579 474 – – (7,674) (7,944) A dividend was paid by Weather Commerce Limited to Metra Information Limited in January 2011. Cash paid GBP20,000 ($42,052). Compensation of key management personnel Key management personnel are paid in their capacity as employees and receive salary and bonus. Key management personnel includes Directors and the Executive Team. Total Salaries 1,918 2,012 1,565 1,701 Total Profit Share 243 158 91 111 Directors’ Remuneration 158 167 158 167 2,319 2,337 1,814 1,979 Other related parties Relationship with the Crown Meteorological Service of New Zealand Limited is a limited liability company incorporated in New Zealand, under the Companies Act 1993. The shares are held equally by the Minister for State Owned Enterprises and the Minister of Finance on behalf of the Crown. The Crown does not guarantee the liabilities of Meteorological Service of New Zealand Limited. Meteorological Service of New Zealand Limited also undertakes transactions with other State-Owned Enterprises and Government Departments. All the foregoing were carried out on a commercial and arm’s length basis in the normal course of business. No amounts owed by related parties have been written off or forgiven during the year. 40 Meteorological Service of New Zealand Ltd Annual Report 2011
Group 2011 Group 2010 Parent 2011 Parent 2010 18. Other intangible assets Note $000s $000s $000s $000s Internally Developed Software Cost Balance at the Beginning of the Year 11,600 11,805 7,045 6,547 Additions – Internal Software Development 2,921 2,588 1,314 1,745 Intercompany Transfer – – – (77) Disposals – (2,793) – (1,170) Balance at the End of the Year 14,521 11,600 8,359 7,045 Accumulated Amortisation and Impairment Losses Balance at the Beginning of the Year (8,525) (9,404) (5,076) (5,101) Amortisation Expense - Internal Software Development (1,901) (1,885) (1,167) (1,168) Disposals – 2,764 – 1,157 Intercompany Transfer – – – 36 Balance at the End of the Year (10,426) (8,525) (6,243) (5,076) CARRYING Amount 4,095 3,075 2,116 1,969 Weather Commerce Intangible Assets Cost Balance at the Beginning of the Year – – – – Additions – Customer Base and Company Website 15 430 – – – Balance at the End of the Year 430 – – – Accumulated Amortisation and Impairment Losses Balance at the Beginning of the Year – – – – Amortisation Expense – Customer Base and Company Website (31) – – – Balance at the End of the Year (31) – – – CARRYING Amount 399 – – – The amortisation expense has been included in the line item ‘Depreciation and Amortisation Expense’ in the Statements of Comprehensive Income. Goodwill on Acquisition of Weather Commerce Cost Balance at the Beginning of the Year – – – – Additions 15 636 – – – CARRYING Amount 636 – – – TOTAL CARRYING Amount 5,130 3,075 2,116 1,969 Weather Commerce customer base valuation The Weather Commerce customer base is calculated on the net present value of expected revenue net of direct customer servicing costs over a five year period. The asset is to be amortised over a five year period finishing in February 2016. The carrying value of the asset as at 30 June 2011 was $361,333. Impairment tests for goodwill Goodwill is allocated to the Metra UK cash-generating unit (CGU). The recoverable amount of the Metra UK CGU has been determined based on a value-in-use calculation. The calculation used forecast cash flows to 2015 with a growth rate of 5% and a discount rate of 23%. The recoverable amount of the Metra UK CGU exceeds its carrying amount therefore no impairment loss has been recognised. Meteorological Service of New Zealand Ltd Annual Report 2011 41
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Page 3 and 4: clouds 02 ckloads of roads safer 06
Page 5 and 6: Meteorological Service of New Zeala
Page 7 and 8: We’re here to talk about... Order
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Page 11 and 12: We’re here to talk about... Backi
Page 13 and 14: We are New Zealand’s weather auth
Page 15 and 16: Energy sales Metra’s relationship
Page 17 and 18: • A devastating tornado in Albany
Page 19 and 20: Directors’ report18 Financial sta
Page 21 and 22: • an annual Business Plan and Sta
Page 23 and 24: Financial statements Statements of
Page 25 and 26: Statements of Changes in Equity for
Page 27 and 28: Statements of Cash Flows for the ye
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Page 31 and 32: Termination leave The liability for
Page 33 and 34: The only financial liabilities at F
Page 35 and 36: Group 2011 Group 2010 Parent 2011 P
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Page 53 and 54: Auditor’s report PricewaterhouseC
Page 55 and 56: Notes to the Financial Key Performa
Page 57 and 58: Notes to the Non-Financial Key Perf
Page 59 and 60: Design: Designworks. Copywriting /

MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

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