Surplus for Crown Research Institutes

Crown Research Institute Statistics: Year ended 30 June 2008 Highlights

Crown Research Institutes (CRIs) reported a collective operating surplus of $27.1 million in the year ended June 2008.

Total operating income increased by $48.4 million to $649.1 million.

Total operating expenses increased by $44.0 million to $622.0 million.

Total assets were valued at $672.1 million at 30 June 2008 (up from $518.8 million at 30 June 2007).

The adoption of the New Zealand equivalents to International Financial Reporting Standards in the year ended June 2008 has
impacted on these latest statistics.

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Surplus for Crown Research Institutes

The latest Crown Research Institutes (CRIs) statistics were affected by the adoption of the New Zealand International Financial Reporting Standards (NZIFRS), Statistics New Zealand said today. Care should therefore be taken when interpreting movements over time.

New Zealand's nine CRIs reported a collective operating surplus of $27.1 million in the year ended June 2008. After accounting for profit/loss on the sale of fixed assets, extraordinary items, and taxation, the CRIs collective surplus was $22.0 million (up $3.9 million on the year ended June 2007 result).

Total operating income increased $48.4 million to $649.1 million in the year ended June 2008. CRIs received $317.7 million in government funding for the year (up $14.1 million) and earned $310.3 million from sales (up $31.2 million).

Total operating expenses increased $44.0 million to reach $622.0 million in the year ended June 2008.

Employee costs totalled $313.7 million (up $23.9 million). All other expenses (excluding depreciation and interest paid) totalled $258.5 million (up $14.5 million).

Taxpayers' equity in the CRIs rose to $484.7 million at 30 June 2008, up from $343.4 million at 30 June 2007. Current liabilities totalled $128.5 million (up $4.3 million) while long-term liabilities totalled $58.9 million (up $7.8 million).

The value of total assets at 30 June 2008 was $672.1 million, $153.3 million more than the value at 30 June 2007. The value of fixed assets increased $134.7 million to $475.8 million. Much of these increases can be attributed to the adoption of NZIFRS by CRIs in the year ended June 2008 and the revaluation of certain non-current assets and financial instruments by some CRIs.

Dallas Welch (Mrs)
Acting Government Statistician

END

See also the Hot Off The Press information release Crown Research Institute Statistics: Year ended 30 June 2008 [PDF].

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