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Financial Position

The Statement of Financial Position recording the Crown’s assets, liabilities and net worth for the year ended 30 June 2005 was:

Table 7 – Comparison of the balance sheets
$ million 30 June 2005 Actual 30 June 2004 Actual Change
Financial assets 45,308 35,531 9,777
Property, plant and equipment 67,494 57,940 9,554
Other assets 18,029 17,201 828
Total Assets 130,831 110,672 20,159
Gross debt 36,864 36,825 39
GSF pension liability 14,952 13,542 1,410
ACC claims liability 11,384 9,347 2,037
Other liabilities 17,648 15,495 2,153
Total Liabilities 80,848 75,209 5,639
Net Worth 49,983 35,463 14,520

These results can be broken down into three institutional segments. The following table is a summary of the information shown in the Statement of Segments.

Table 8 – Balance sheet by segments
$ million Core Crown Crown entities State-owned enterprises Inter-segment eliminations Total Crown
Financial assets 33,078 15,637 3,990 (7,397) 45,308
Property, plant and equipment 21,987 32,252 13,255 - 67,494
Other assets 32,460 7,543 2,431 (24,405) 18,029
Total Assets 87,525 55,432 19,676 (31,802) 130,831
Gross debt 33,777 3,867 6,617 (7,397) 36,864
GSF pension liability 14,952 - - (14,936) 16
ACC claims liability - 11,384 - (11,367) 17
Other liabilities 10,490 5,361 2,979 25,121 43,951
Total Liabilities 59,219 20,612 9,596 (8,579) 80,848
Net Worth 28,306 34,820 10,080 (23,223) 49,983

Net worth has increased from $35.5 billion in 2004 to $50 billion in 2005. The growth in net worth was largely due to the impact of revaluations on some of the Crown’s physical asset portfolios ($8.2 billion) and the use of the operating balance to accumulated assets ($6.2 billion).

The following section discusses net worth of the Crown by segment of reported government activity (ie, core Crown, SOEs and Crown entities).

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