Crown Research Institute Statistics

Crown Research Institute Statistics: Year ended 30 June 2005

10:45am — 8 December 2005

Crown Research Institute Income Increases

New Zealand's nine Crown Research Institutes (CRIs) received total income of $548.6 million in the year ended 30 June 2005, Statistics New Zealand said today. This was an increase of $16.4 million compared with the June 2004 year. The CRIs received $271.2 million in government funding for the year, an increase of $6 million on the previous June year, and earned $263.8 million in sales, an increase of $7 million (2.7 percent).

Rises were also recorded in the levels of interest revenue and all other income, which increased by $1.2 million and $2.1 million, respectively.

Total CRI operating costs increased by $13.4 million to reach $532.6 million for the year ended 30 June 2005. The main contributor to this increase was all other expenses, and in particular other operating costs, which increased $12.3 million to reach $226.5 million. Employee costs increased $1.5 million (0.6 percent) in the latest June year, while interest paid rose from $2.2 million to $3.1 million. Depreciation decreased by $1.2 million.

The surplus before tax and non-operating items for the nine CRIs was $16.0 million for the year ended 30 June 2005, an increase of $3.0 million compared with the previous year. After tax and non-operating items, the CRIs recorded a provisional $13.3 million surplus. This was equivalent to the June 2004 year. Taxpayers' equity in the CRIs rose to $320.1 million at 30 June 2005, up from $317.8 million for the previous June year. This surpasses the previous high of $319.2 million recorded for the June 2001 year. Liabilities at 30 June 2005 totalled $151.9 million, up $2.6 million from the level at 30 June 2004. Current liabilities were $113.1 million and long-term liabilities were $38.8 million. @

The value of total assets at 30 June 2005 was $472.1 million, $5 million more than the value recorded a year earlier. This was mainly the result of a $16.0 million increase in the level of investments, and current assets rising by $2.5 million. This increase was largely offset by fixed assets and other assets decreasing by $11.2 million and $2.3 million, respectively.

Brian Pink

Government Statistician

ENDS

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