✨ Electricity Corporation Financial Statements
28 NOVEMBER NEW ZEALAND GAZETTE 4003
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
| 1997 $M | 1996 $M | |
|---|---|---|
| 9. Fixed assets |
Generation plant (including land and buildings)
Cost | 3,279 | 3,174 |
Less: Accumulated depreciation | 176 | 50 |
Book value | 3,103 | 3,124 |
Other freehold land
Cost | 12 | 15 |
Other freehold buildings
Cost | 11 | 14 |
Less: Accumulated depreciation | 2 | 1 |
Book value | 9 | 13 |
Capital work in progress
Cost | 91 | 24 |
Other plant and equipment
Cost | 62 | 58 |
Less: Accumulated depreciation | 36 | 4 |
Book value | 26 | 54 |
Total fixed assets
Cost | 3,455 | 3,285 |
Less: Accumulated depreciation | 214 | 55 |
Total book value | 3,241 | 3,230 |
The aggregate of the latest available Government valuations of “other freehold land” is $27 million (1996 $18 million). Separate valuations of buildings are not available, but the aggregate valuation shown above would not differ materially from net current values.
10. Current liabilities
| 1997 $M | 1996 $M | |
|---|---|---|
| Subsidiary companies | - | 1 |
| Accounts payable | 148 | 126 |
| Dividend payable (note 6) | 67 | 140 |
| Taxation payable | - | 5 |
| Accrued personnel costs | 9 | 9 |
| Loans repayable within one year | 94 | 234 |
| Other current liabilities | 65 | 57 |
Total current liabilities | 383 | 572 |
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VUW Te Waharoa —
NZ Gazette 1997, No 167
NZLII —
NZ Gazette 1997, No 167
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Electricity Corporation Financial Position
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