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Crown Research Institute Sales Up

Crown Research Institute Statistics: Year ended 30 June 2004

2 December 2004

Crown Research Institute Sales Up

New Zealand's nine Crown Research Institutes (CRIs) earned $256.8 million in sales during the year ended 30 June 2004, Statistics New Zealand figures show. This is an increase of $22.1 million on the previous June year. The CRIs received $265.2 million in government funding for the year, a decrease of $10.7 million on the June 2003 year. Total revenue increased by 2.3 percent to $532.2 million.

CRI operating expenses increased by $9.8 million to reach $519.2 million for the year ended June 2004. Employee costs were the main contributor to the increase, rising $7.7 million to reach $264.3 million. In the year ending June 2004, the surplus before tax and non-operating items for the nine CRIs was $13 million, an increase of $2.4 million compared with the previous year. After tax and non-operating items, the CRIs recorded a $13.3 million surplus. This is an increase of $4.3 million compared with the June 2003 year.

The value of total assets at the end of June 2004 was $467.1 million, $30.8 million more than the value recorded a year earlier. This was mainly the result of a $18.9 million increase in current assets and a $14.2 million increase in fixed assets. The level of investments remained relatively unchanged. Liabilities at the end of June 2004 totalled $149.3 million, up by $10.6 million from the level at June 2003. Current liabilities were $110.8 million and long-term liabilities were $38.5 million. ƒnƒn

As a result of a $30.8 million increase in total assets and a $10.6 million increase in current and term liabilities, taxpayer equity in the CRIs rose by $20.2 million to reach $317.8 million.

Brian Pink

Government Statistician

ENDS

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