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Surplus for Crown research institutes

3 December 2007

Surplus for Crown research institutes

New Zealand's nine Crown research institutes (CRIs) reported a collective operating surplus of $16.7 million in the year ended June 2007, Statistics New Zealand said today. Lower net income from profit on sale of fixed assets and extraordinary items resulted in a decline in CRI collective surplus before taxation when compared with the year ended 30 June 2006. This surplus fell from $27.6 million to $23.3 million.

Total operating income increased $27.7 million to $600.7 million in the year to 30 June 2007. CRIs received $303.6 million in government funding for the year (representing a $20.0 million increase on the previous June year) and earned $279.1 million in sales (up $11.4 million). In contrast, interest revenue and all other income declined between 2006 and 2007.

Total CRI operating expenses increased $14.6 million to reach $584.0 million in the year ended 30 June 2007. Employee costs totalled $289.8 million (up $6.4 million) while all other expenses were $250.1 million (up $8.5 million). Depreciation and interest paid both declined marginally.

Taxpayers' equity in the CRIs rose to $346.3 million at 30 June 2007, up from $323.7 million at 30 June 2006. Current and long-term liabilities totalled $175.0 million at 30 June 2007, up $17.3 million from the previous year. Current liabilities totalled $118.1 million (down $3.7 million) while long-term liabilities totalled $56.9 million (up $21.0 million).

The value of total assets at 30 June 2007 was $521.3 million, $39.9 million more than the value at 30 June 2006. The value of fixed assets increased $25.6 million to $337.4 million, while the value of investments rose $17.3 million to $22.7 million. Geoff Bascand Government Statistician

ENDS


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