The University of Waikato - Te Whare Wananga o WaikatoThe University of Waikato - Te Whare Wananga o Waikato

2008 Annual Report

   
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Notes to the Financial Statements 

Note 6: Investments in Associates

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Investments in Associates
U Leisure Limited Investment   1,380 1,675 374 373
LCo New Zealand Limited Investment   620 654 501 501
WaikatoLink Limited Investments   593 1,542 - -
Total Investments in Associates   2,593 3,871 875 874


Associates

Ownership Balance Date
U Leisure Limited (previously known as Campus Services Limited) 50% 31 December
Principal Activity: Provision of sport & recreation facilities and food & entertainment outlets for the University students and staff.  
Consolidated
This Year Last Year
$000 $000
 
The University's share of the results of U Leisure Limited is as follows:
Share of retained surplus/(loss)     (295) 228
 
Investment in Associate
Opening Balance     1,675 1,447
Share of retained surplus/(loss)     (295) 228
Closing Balance     1,380 1,675
 
Represented by:
Share of increase in net assets of associate (Carrying Value) 1,380 1,675
 
Ownership Balance Date
LCo New Zealand Limited (LCoNZ) 24% 31 December
           
Principal Activity: A consortium of four New Zealand universities providing library solutions to those universities.


Consolidated
This Year Last Year
$000 $000
The University's share of the results of LCoNZ is as follows:
Share of retained surplus/(loss)     (34) 53
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Investment in Associate
Opening Balance     654 601
Share of retained surplus/(loss)     (34) 53
Closing Balance     620 654
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Represented by:
Share of increase in net assets of associate (Carrying Value) 620 654
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WaikatoLink Limited's share of the results of its Associates is as follows:
Share of retained surplus/(loss)     (949) (316)
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Investment in Associate
Opening Balance     1,542 957
Associate acquired during year     - 531
Gain on dilution of investment     - 370
Share of total recognised revenues and expenses   (949) (316)
Closing Balance     593 1,542
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Summarised financial Information of Associates
Current Assets   4,021 4,538
Non-Current Assets     2,417 180
6,438 4,718
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Current Liabilities     1,085 489
Non-Current Liabilities 8 0
1,093 489
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Net Assets   5,344 4,229
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Revenue     4,627 4,466
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Net Profit/(Loss)     (431) 674
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Share of Associates' surplus/(loss)   (1,278) (35)

Details of contingent liabilities arising from the group involvement in the associates are disclosed separately in Note 25.



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