✨ Financial Statements Notes
24 NOVEMBER NEW ZEALAND GAZETTE 4439
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
| | 1998
$M | 1997
$M |
|------------------------|----------------|
| | |
9. Fixed assets
Generation plant (including land and buildings)
Cost 3,252 3,279
Less: Accumulated depreciation 262 176
Book value 2,990 3,103
Other freehold land
Cost 15 12
Other freehold buildings
Cost 15 11
Less: Accumulated depreciation 3 2
Book value 12 9
Capital work in progress
Cost 215 91
Other plant and equipment
Cost 82 62
Less: Accumulated depreciation 51 36
Book value 31 26
Total fixed assets
Cost 3,579 3,455
Less: Accumulated depreciation 316 214
Total book value 3,263 3,241
The aggregate of the latest available Government valuations of other freehold land is $35 million (1997 $31 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
Accounts payable 116 148
Dividend payable (note 6) - 67
Taxation payable 15 -
Accrued personnel costs 7 9
Loans repayable within one year 142 94
Other current liabilities 79 65
Total current liabilities 359 383
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VUW Te Waharoa —
NZ Gazette 1998, No 189
NZLII —
NZ Gazette 1998, No 189
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Electricity Corporation of New Zealand Limited Statement of Financial Position
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