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Crown Research Institute Expenses Increase

Embargoed until 10:45am – 7 December 2006

Crown Research Institute Expenses Increase

The increase in operating expenses for New Zealand's nine Crown Research Institutes (CRIs) exceeded that of their income in the year ended 30 June 2006, Statistics New Zealand said today. Total CRI operating costs were up $36.8 million to reach $569.4 million in the year ended 30 June 2006. The main contributor to this increase was employee costs which rose by $17.6 million (to $283.4 million). All other expenses, in particular other operating costs, increased by $15.1 million (to $241.6 million), while interest paid rose from $3.1 million to $3.5 million. Depreciation increased by $3.7 million.

Total income increased to $573.0 million in the year ended 30 June 2006. This was up $24.4 million compared with the June 2005 year. CRIs received $283.6 million in government funding for the year, representing a $12.4 million increase on the previous June year, and earned $267.7 million in sales, up $3.9 million (1.5 percent). Interest revenue also increased, by a marginal $0.4 million, and all other income was up $7.8 million.

The surplus before tax for the nine CRIs was $27.6 million for the year to 30 June 2006, a $11.6 million increase compared with the June 2005 year. After tax, the CRIs recorded a provisional $18.8 million surplus, up $5.5 million from the June 2005 year.

Taxpayers' equity in the CRIs rose to a new high of $323.7 million at 30 June 2006, up from $320.1 million at 30 June 2005. Liabilities at 30 June 2006 totalled $157.7 million, up $5.8 million from a year earlier.

Current liabilities were $121.8 million (up 7.7 percent) and long-term liabilities were $35.9 million (down 7.5 percent).

The value of total assets at 30 June 2006 was $481.4 million, $9.3 million more than the value at 30 June 2005. This was mainly the result of a $12.4 million increase in the level of fixed assets, a $9.1 million increase in other assets, and a rise in current assets of $3.1 million. This combined increase was partly offset by a $15.3 million fall in the level of investments.

Brian Pink
Government Statistician

ENDS

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